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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-08789

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

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2019

Item 1. Reports to Stockholders

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

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

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

VALIC Company II

SEMI-ANNUAL REPORT FEBRUARY 28, 2019

TABLE OF CONTENTS

President’s Letter	1
Expense Example	3
Portfolios of Investments:
Aggressive Growth Lifestyle Fund	5
Capital Appreciation Fund	7
Conservative Growth Lifestyle Fund	10
Core Bond Fund	12
Government Money Market II Fund	34
High Yield Bond Fund	36
International Opportunities Fund	48
Large Cap Value Fund	55
Mid Cap Growth Fund	59
Mid Cap Value Fund	63
Moderate Growth Lifestyle Fund	68
Small Cap Growth Fund	70
Small Cap Value Fund	74
Socially Responsible Fund	83
Strategic Bond Fund	89
Statements of Assets and Liabilities	119
Statements of Operations	121
Statements of Changes in Net Assets	123
Notes to Financial Statements	127
Financial Highlights	145
Trustee and Officer Information	153

VALIC Company II

PRESIDENT’S LETTER(unaudited)

Dear Valued Investor:

We are pleased to provide you with the Semi-Annual Report for VALIC Company II. The report contains the investment portfolio information and the financial statements of VALIC Company II for the six-month period ended February 28, 2019. We encourage you to carefully read this report and thank you for your investment with VALIC Company II.

As anticipated, the Federal Reserve (the “Fed”) continued to raise the federal funds target rate, increasing the rate from 2.00% at the start of the period to 2.50% with two rate hikes during the reporting period. However, toward the end of the period, the Fed signaled a pause with respect to further interest rate increases, citing concern over global growth and trade policy uncertainty. The Fed reiterated that future interest rate policy would be data dependent and not run on a preordained schedule.

Domestically, the total return for the S&P 500^® Index,* widely regarded as the best single gauge of the U.S. equity market, declined 3.04% over the six-month period. The period started strong with the September jobs report showing unemployment at 3.7% in an environment of modest wage growth and stable inflation. Furthermore, consumer confidence hit an 18-year high in September, according to The Conference Board.

However, the fourth quarter hit investors hard; equity markets posted double-digit losses and saw their first annual decline since 2008. Concerns over the US-China trade disputes and impact of higher tariffs combined with worries that corporate earnings may have peaked took its toll on the equity markets. The final month of the year saw a steep decline in the markets, with the S&P 500 falling 9.03%.

Relief came in early 2019 with the 312,000 new jobs in December’s jobs report doubling expectations, wage growth increasing to 3.2% annually and the employment participation rate rising from 62.9% to 63.1%. These conditions combined with the aforementioned pause of the Fed’s interest rate increases reinvigorated the markets and the S&P 500 returned 11.48% over the first two months of 2019.

Fixed income markets benefited from the flight from equity volatility, with the Bloomberg Barclays U.S. Aggregate Bond Index,** a broad measure of the U.S. bond market, returning 1.99% for the six-month period. The treasury yield curve continued to flatten as the spread narrowed between the 2- and 10-Year Treasuries. Long Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Long Index,*** returned 0.54% for the period. Risk assets, predominantly high yield assets, also gained ground as evidenced by the 1.94% return of the FTSE High Yield Market Index. ****

The MSCI EAFE Index (net),***** designed to measure the equity market performance of developed foreign markets (Europe, Australasia, Far East), excluding the U.S. and Canada, declined 3.58%. The period began with increased tariffs on Chinese goods brought into the US, intensifying the trade war. However, these were later suspended, creating policy uncertainty. The European Union’s economic growth continued its slowdown, compounded by complications with Brexit, decreased exports to China and political tensions in Italy and France. Both the European Central Bank and the Bank of Japan maintained their negative interest rate policies. The MSCI Emerging Markets Index (net), ****** designed to measure equity market performance in global emerging markets, returned 0.33%. Currency depreciation in several emerging markets, notably Turkey, Argentina and India, increased inflation in those countries. Chinese stimulus to counteract their economic slowdown helped to lift other Asian equities; however Chinese imports and exports continued to decrease.

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

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

Sincerely,

John T. Genoy, President

VALIC Company II

Past performance is no guarantee of future results.

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

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

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

1

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

***** The MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

****** The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

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

2

VALIC Company II

EXPENSE EXAMPLE —February 28, 2019 (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 September 1, 2018 and held until February 28, 2019. 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 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 your Variable Contract, Plan or IRAs.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended February 28, 2019” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended February 28, 2019” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans and IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended February 28, 2019” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in 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 February 28, 2019” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended February 28, 2019” column would have been higher and the “Ending Account Value” column would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts, Plans or IRAs. Please refer to your Variable Contract prospectus or Plan/IRA document for more information. Therefore, the “hypothetical” example is useful in comparing ongoing costs 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.

3

VALIC Company II

EXPENSE EXAMPLE —February 28, 2019 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at September  1, 2018		Ending Account Value Using Actual Return at February  28, 2019		Expenses Paid During the Six Months Ended February  28, 2019*		Beginning Account Value at September 1, 2018		Ending Account Value Using a Hypothetical 5% Annual Return at February 28, 2019		Expenses Paid During the Six Months Ended February 28, 2019*		Annualized Expense Ratio
Aggressive Growth Lifestyle#	$	1,000.00	$	968.25	$	0.49	$	1,000.00	$	1,024.30	$	0.50		0.10	%
Capital Appreciation#	$	1,000.00	$	954.30	$	4.12	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Conservative Growth Lifestyle#	$	1,000.00	$	991.88	$	0.49	$	1,000.00	$	1,024.30	$	0.50		0.10	%
Core Bond#	$	1,000.00	$	1,017.69	$	3.85	$	1,000.00	$	1,020.98	$	3.86		0.77	%
Government Money Market II#	$	1,000.00	$	1,008.28	$	2.74	$	1,000.00	$	1,022.07	$	2.76		0.55	%
High Yield Bond#	$	1,000.00	$	1,019.92	$	4.81	$	1,000.00	$	1,020.03	$	4.81		0.96	%
International Opportunities#	$	1,000.00	$	899.58	$	4.71	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Large Cap Value#	$	1,000.00	$	949.03	$	3.91	$	1,000.00	$	1,020.78	$	4.06		0.81	%
Mid Cap Growth#	$	1,000.00	$	961.72	$	4.13	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Mid Cap Value#	$	1,000.00	$	943.97	$	5.06	$	1,000.00	$	1,019.59	$	5.26		1.05	%
Moderate Growth Lifestyle#	$	1,000.00	$	977.33	$	0.49	$	1,000.00	$	1,024.30	$	0.50		0.10	%
Small Cap Growth#	$	1,000.00	$	937.79	$	5.57	$	1,000.00	$	1,019.04	$	5.81		1.16	%
Small Cap Value#	$	1,000.00	$	902.80	$	4.48	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Socially Responsible#	$	1,000.00	$	974.45	$	2.74	$	1,000.00	$	1,022.02	$	2.81		0.56	%
Strategic Bond	$	1,000.00	$	1,023.02	$	4.36	$	1,000.00	$	1,020.48	$	4.36		0.87	%

* Expenses are equal to each Fund‘s annualized expense ratio multiplied by the average account value over the period, multiplied by 181 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 February 28, 2019” and the “Annualized Expense Ratio” would have been higher.

4

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	56.4	%
Domestic Fixed Income Investment Companies	18.3
International Equity Investment Companies	17.8
Real Estate Investment Companies	4.9
International Fixed Income Investment Companies	2.6
	100.0	%

* Calculated as a percentage of net assets

5

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(2) — 100.0%
Domestic Equity Investment Companies — 56.4%
VALIC Co. I Blue Chip Growth Fund		97,747	$	2,135,765
VALIC Co. I Dividend Value Fund		2,520,832		32,392,689
VALIC Co. I Large Cap Core Fund		730,189		8,813,381
VALIC Co. I Large Capital Growth Fund		253,088		4,175,951
VALIC Co. I Mid Cap Index Fund		893,284		24,824,372
VALIC Co. I Mid Cap Strategic Growth Fund		589,091		9,902,623
VALIC Co. INasdaq-100 Index Fund		1,250,737		17,873,028
VALIC Co. I Science & Technology Fund		832,524		26,607,456
VALIC Co. I Small Cap Index Fund		375,110		8,319,941
VALIC Co. I Small Cap Special Values Fund		759,753		10,332,646
VALIC Co. I Stock Index Fund		1,340,763		55,132,177
VALIC Co. I Value Fund		752,231		13,645,466
VALIC Co. II Capital Appreciation Fund		1,096,261		21,059,182
VALIC Co. II Large Cap Value Fund		1,647,014		35,575,511
VALIC Co. II Mid Cap Growth Fund		939,168		9,673,429
VALIC Co. II Mid Cap Value Fund		976,584		20,400,844
VALIC Co. II Small Cap Growth Fund		414,076		9,051,693
VALIC Co. II Small Cap Value Fund		1,223,956		17,392,419
Total Domestic Equity Investment Companies
(cost $303,321,673)				327,308,573
Domestic Fixed Income Investment Companies — 18.3%
VALIC Co. I Capital Conservation Fund		917,005		8,959,139
VALIC Co. I Government Securities Fund		477,900		4,998,838
VALIC Co. I Inflation Protected Fund		2,219,683		24,305,534
VALIC Co. II Core Bond Fund		1,043,387		11,404,220
VALIC Co. II High Yield Bond Fund		3,689,435		28,334,862
VALIC Co. II Strategic Bond Fund		2,517,070		27,964,643
Total Domestic Fixed Income Investment Companies
(cost $105,246,114)				105,967,236

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 17.8%
VALIC Co. I Emerging Economies Fund		3,557,570		$	29,278,799
VALIC Co. I Foreign Value Fund		3,026,952			29,845,750
VALIC Co. I International Equities Index Fund		2,026,623			14,328,227
VALIC Co. I International Growth Fund		583,000			8,412,694
VALIC Co. II International Opportunities Fund		1,115,585			21,385,773
Total International Equity Investment Companies
(cost $105,889,342)					103,251,243
International Fixed Income Investment Companies — 2.6%
VALIC Co. I International Government Bond Fund
(cost $15,297,354)		1,306,780			15,393,873
Real Estate Investment Companies — 4.9%
VALIC Co. I Global Real Estate Fund
(cost $27,561,637)		3,541,543			28,367,758
TOTAL INVESTMENTS
(cost $557,316,120)(1)		100.0	%		580,288,683
Other assets less liabilities		0.0			112,644
NET ASSETS		100.0	%	$	580,401,327

# 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 5 for cost of investments on a tax basis.

(2) See Note 3

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	580,288,683	$	—	$	—	$	580,288,683

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

See Notes to Financial Statements

6

VALIC Company II Capital Appreciation Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Finance — Credit Card	11.1	%
Applications Software	8.0
Medical — Drugs	6.8
E-Commerce/Products	5.0
Electronic Components — Semiconductors	4.9
Computers	4.6
Web Portals/ISP	4.5
Aerospace/Defense	3.3
E-Commerce/Services	2.7
Real Estate Investment Trusts	2.5
Medical — Biomedical/Gene	2.3
Oil Companies — Exploration & Production	2.2
Retail — Auto Parts	2.0
Cable/Satellite TV	2.0
Internet Security	1.9
Computer Data Security	1.9
Airlines	1.8
Containers — Paper/Plastic	1.7
Transport — Rail	1.7
Electronic Forms	1.7
Auto/Truck Parts & Equipment — Original	1.6
Building Products — Wood	1.6
Distribution/Wholesale	1.5
Computers — Memory Devices	1.5
Retail — Discount	1.5
Internet Infrastructure Software	1.4
Pharmacy Services	1.4
Insurance — Property/Casualty	1.2
Medical Instruments	1.2
Insurance — Multi-line	1.2
Retail — Apparel/Shoe	1.1
Food — Misc./Diversified	1.1
Banks — Super Regional	0.9
Internet Content — Entertainment	0.9
Food — Confectionery	0.8
Food — Wholesale/Distribution	0.8
Radio	0.8
Finance — Investment Banker/Broker	0.8
Apparel Manufacturers	0.7
Retail — Mail Order	0.7
Medical — Hospitals	0.7
Commercial Services	0.5
Chemicals — Diversified	0.5
Retail — Major Department Stores	0.5
Commercial Services — Finance	0.4
Registered Investment Companies	0.4
Enterprise Software/Service	0.3
Batteries/Battery Systems	0.3
	98.9%

* Calculated as a percentage of net assets

7

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Aerospace/Defense — 3.3%
Boeing Co.		7,710	$	3,392,092
Airlines — 1.8%
Southwest Airlines Co.		33,209		1,861,032
Apparel Manufacturers — 0.7%
Deckers Outdoor Corp.†		5,194		768,452
Applications Software — 8.0%
Microsoft Corp.		51,606		5,781,420
salesforce.com, Inc.†		15,559		2,546,231
				8,327,651
Auto/Truck Parts & Equipment-Original — 1.6%
Allison Transmission Holdings, Inc.		34,397		1,709,531
Banks - Super Regional — 0.9%
US Bancorp		18,570		959,883
Batteries/Battery Systems — 0.3%
Energizer Holdings, Inc.		7,181		329,464
Building Products - Wood — 1.6%
Masco Corp.		43,167		1,621,353
Cable/Satellite TV — 2.0%
Comcast Corp., Class A		53,611		2,073,137
Chemicals - Diversified — 0.5%
Westlake Chemical Corp.		7,159		500,199
Commercial Services — 0.5%
CoStar Group, Inc.†		1,245		569,625
Commercial Services - Finance — 0.4%
Sabre Corp.		16,573		371,732
Computer Data Security — 1.9%
Fortinet, Inc.†		22,753		1,974,733
Computers — 4.6%
Apple, Inc.		27,582		4,775,823
Computers - Memory Devices — 1.5%
NetApp, Inc.		23,754		1,548,761
Containers - Paper/Plastic — 1.7%
Berry Global Group, Inc.†		33,452		1,755,226
Distribution/Wholesale — 1.5%
WW Grainger, Inc.		5,231		1,594,252
E-Commerce/Products — 5.0%
Amazon.com, Inc.†		3,198		5,244,176
E-Commerce/Services — 2.7%
Expedia Group, Inc.		14,278		1,760,620
TripAdvisor, Inc.†#		20,668		1,098,918
				2,859,538
Electronic Components - Semiconductors — 4.9%
Intel Corp.		35,985		1,905,766
Texas Instruments, Inc.		6,781		717,294
Xilinx, Inc.		19,647		2,461,769
				5,084,829
Electronic Forms — 1.7%
Adobe, Inc.†		6,622		1,738,275
Enterprise Software/Service — 0.3%
Ultimate Software Group, Inc.†		1,092		361,998
Finance - Credit Card — 11.1%
Alliance Data Systems Corp.		7,232		1,251,136
American Express Co.		21,573		2,324,275
Discover Financial Services		13,639		976,689

Security Description	Shares		Value (Note 2)
Finance - Credit Card (continued)
Mastercard, Inc., Class A		13,654	$	3,069,010
Visa, Inc., Class A		26,318		3,898,222
				11,519,332
Finance - Investment Banker/Broker — 0.8%
Evercore, Inc., Class A		8,733		804,309
Food - Confectionery — 0.8%
Hershey Co.		7,770		859,984
Food - Misc./Diversified — 1.1%
Post Holdings, Inc.†		11,130		1,133,924
Food - Wholesale/Distribution — 0.8%
Sysco Corp.		12,709		858,493
Insurance - Multi-line — 1.2%
Allstate Corp.		13,426		1,267,146
Insurance - Property/Casualty — 1.2%
Progressive Corp.		17,745		1,293,611
Internet Content - Entertainment — 0.9%
Facebook, Inc., Class A†		5,841		943,029
Internet Infrastructure Software — 1.4%
F5 Networks, Inc.†		8,796		1,478,959
Internet Security — 1.9%
Palo Alto Networks, Inc.†		8,214		2,022,862
Medical Instruments — 1.2%
Edwards Lifesciences Corp.†		3,609		610,968
Intuitive Surgical, Inc.†		1,220		668,084
				1,279,052
Medical - Biomedical/Gene — 2.3%
Amgen, Inc.		12,869		2,446,140
Medical - Drugs — 6.8%
AbbVie, Inc.		30,943		2,451,923
Eli Lilly & Co.		20,569		2,597,659
Jazz Pharmaceuticals PLC†		6,790		950,804
Zoetis, Inc.		11,441		1,078,086
				7,078,472
Medical - Hospitals — 0.7%
HCA Healthcare, Inc.		4,939		686,719
Oil Companies - Exploration & Production — 2.2%
ConocoPhillips		21,481		1,457,486
EOG Resources, Inc.		8,510		799,940
				2,257,426
Pharmacy Services — 1.4%
Cigna Corp.		8,312		1,449,945
Radio — 0.8%
Sirius XM Holdings, Inc.#		140,822		835,074
Real Estate Investment Trusts — 2.5%
Equity LifeStyle Properties, Inc.		5,866		637,282
Essex Property Trust, Inc.		6,977		1,952,444
				2,589,726
Retail - Apparel/Shoe — 1.1%
Burlington Stores, Inc.†		6,739		1,143,878
Retail - Auto Parts — 2.0%
AutoZone, Inc.†		554		520,189
O’Reilly Automotive, Inc.†		4,284		1,593,477
				2,113,666

8

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Retail - Discount — 1.5%
Walmart, Inc.		15,533		$	1,537,612
Retail - Mail Order — 0.7%
Williams-Sonoma, Inc.#		12,539			729,268
Retail - Major Department Stores — 0.5%
Nordstrom, Inc.#		10,269			485,518
Transport - Rail — 1.7%
Genesee & Wyoming, Inc., Class A†		21,386			1,753,652
Web Portals/ISP — 4.5%
Alphabet, Inc., Class A†		1,044			1,176,118
Alphabet, Inc., Class C†		3,093			3,463,913
					4,640,031
Total Long-Term Investment Securities
(cost $89,943,260)					102,629,590
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio 2.43%(1)(2)
(cost $359,572)		359,572			359,572
TOTAL INVESTMENTS
(cost $90,302,832)(3)		98.9	%		102,989,162
Other assets less liabilities		1.1			1,183,270
NET ASSETS		100.0	%	$	104,172,432

† Non-income producing security

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

(1) The rate shown is the7-day yield as of February 28, 2019.

(2) At February 28, 2019, the Fund had loaned securities with a total value of $2,289,924. This was secured by collateral of $359,572, which was received in cash and subsequently invested in short-term investments currently valued at $359,572 as reported in the Portfolio of Investments. Additional collateral of $1,991,611 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 February 28, 2019
United States Treasury Bills	0.00%	03/28/2019 to 06/20/2019	$	62,502
United States Treasury Notes/Bonds	zero coupon to 8.75%	03/15/2019 to 11/15/2048		1,929,109

(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 February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	102,629,590	$	—	$	—	$	102,629,590
Short-Term Investment Securities		359,572		—		—		359,572
Total Investments at Value	$	102,989,162	$	—	$	—	$	102,989,162

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

See Notes to Financial Statements

9

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Domestic Fixed Income Investment Companies	55.6	%
Domestic Equity Investment Companies	28.4
International Equity Investment Companies	8.5
International Fixed Income Investment Companies	4.7
Real Estate Investment Companies	2.8
	100.0	%

* Calculated as a percentage of net assets

10

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019(unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 28.4%
VALIC Co. I Dividend Value Fund		1,035,703	$	13,308,788
VALIC Co. I Large Cap Core Fund		197,475		2,383,525
VALIC Co. I Large Capital Growth Fund		643		10,603
VALIC Co. I Mid Cap Index Fund		224,722		6,245,032
VALIC Co. I Mid Cap Strategic Growth Fund		105,040		1,765,729
VALIC Co. INasdaq-100 Index Fund		378,052		5,402,369
VALIC Co. I Science & Technology Fund		242,502		7,750,367
VALIC Co. I Small Cap Index Fund		57,677		1,279,275
VALIC Co. I Small Cap Special Values Fund		348,822		4,743,975
VALIC Co. I Stock Index Fund		374,476		15,398,470
VALIC Co. I Value Fund		177,437		3,218,710
VALIC Co. II Capital Appreciation Fund		268,561		5,159,065
VALIC Co. II Large Cap Value Fund		453,801		9,802,109
VALIC Co. II Mid Cap Growth Fund		170,377		1,754,881
VALIC Co. II Mid Cap Value Fund		317,958		6,642,146
VALIC Co. II Small Cap Growth Fund		80,930		1,769,137
VALIC Co. II Small Cap Value Fund		327,277		4,650,607
Total Domestic Equity Investment Companies
(cost $86,805,109)				91,284,788
Domestic Fixed Income Investment Companies — 55.6%
VALIC Co. I Capital Conservation Fund		1,696,012		16,570,036
VALIC Co. I Government Securities Fund		792,988		8,294,655
VALIC Co. I Inflation Protected Fund		1,242,824		13,608,920
VALIC Co. II Core Bond Fund		4,006,795		43,794,266
VALIC Co. II High Yield Bond Fund		4,473,148		34,353,774
VALIC Co. II Strategic Bond Fund		5,599,820		62,214,004
Total Domestic Fixed Income Investment Companies
(cost $177,820,082)				178,835,655

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 8.5%
VALIC Co. I Emerging Economies Fund		1,043,873		$	8,591,073
VALIC Co. I Foreign Value Fund		1,001,505			9,874,842
VALIC Co. I International Equities Index Fund		270,541			1,912,723
VALIC Co. I International Growth Fund		92,925			1,340,908
VALIC Co. II International Opportunities Fund		290,621			5,571,200
Total International Equity Investment Companies
(cost $27,811,589)					27,290,746
International Fixed Income Investment Companies — 4.7%
VALIC Co. I International Government Bond Fund (cost $15,059,039)		1,286,102			15,150,281
Real Estate Investment Companies — 2.8%
VALIC Co. I Global Real Estate Fund (cost $8,582,216)		1,114,502			8,927,164
TOTAL INVESTMENTS
(cost $316,078,035)(2)		100.0	%		321,488,634
Liabilities in excess of other assets		(0.0	)		(437	)
NET ASSETS		100.0	%	$	321,488,197

# 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 February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	321,488,634	$	—	$	—	$	321,488,634

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

See Notes to Financial Statements

11

VALIC Company II Core Bond Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	23.7	%
Federal Home Loan Mtg. Corp.	9.1
United States Treasury Notes	8.1
Registered Investment Companies	7.7
Diversified Banking Institutions	5.4
Government National Mtg. Assoc.	4.5
United States Treasury Bonds	3.2
Diversified Financial Services	2.8
Banks — Commercial	2.4
Electric — Integrated	2.4
U.S. Government Treasuries	2.2
Pipelines	1.9
Telephone — Integrated	1.5
Cable/Satellite TV	1.2
Auto — Cars/Light Trucks	1.2
Oil Companies — Exploration & Production	1.1
Real Estate Investment Trusts	1.0
Banks — Super Regional	0.8
Oil Companies — Integrated	0.8
Food — Misc./Diversified	0.7
Medical — Drugs	0.7
Diversified Manufacturing Operations	0.7
Medical Labs & Testing Services	0.6
Machinery — Farming	0.6
Cellular Telecom	0.6
Chemicals — Diversified	0.6
Medical — HMO	0.5
Aerospace/Defense — Equipment	0.5
Pharmacy Services	0.5
Retail — Restaurants	0.5
Brewery	0.5
Computer Services	0.5
Paper & Related Products	0.4
Insurance — Life/Health	0.4
Savings & Loans/Thrifts	0.4
Finance — Credit Card	0.4
Finance — Other Services	0.4
Broadcast Services/Program	0.3
Electric — Distribution	0.3
Oil — Field Services	0.3
Finance — Consumer Loans	0.3
Networking Products	0.3
Beverages —Non-alcoholic	0.3
Computers	0.3
Electronic Components — Semiconductors	0.3
Transport — Equipment & Leasing	0.3
Machinery — Construction & Mining	0.3
SupraNational Banks	0.3
Satellite Telecom	0.2
Transport — Rail	0.2
Television	0.2
Medical — Hospitals	0.2
Insurance — Mutual	0.2
Retail — Mail Order	0.2
Electronic Measurement Instruments	0.2
Enterprise Software/Service	0.2
Food — Meat Products	0.2
Trucking/Leasing	0.2
Tools — Hand Held	0.2
Banks — Special Purpose	0.2
Medical — Wholesale Drug Distribution	0.2
Retail — Discount	0.2
Insurance — Multi-line	0.2
Medical Instruments	0.2
Building & Construction Products — Misc.	0.2
Machinery — General Industrial	0.2
Agricultural Chemicals	0.2
Medical — Biomedical/Gene	0.2
Sovereign Agency	0.2

Real Estate Management/Services	0.2
Medical — Generic Drugs	0.2
Retail — Building Products	0.2
Office Supplies & Forms	0.2
Auto/Truck Parts & Equipment — Original	0.3
Sovereign	0.1
Electric — Generation	0.1
Gas — Distribution	0.1
Food — Retail	0.1
Electronic Parts Distribution	0.1
Insurance — Property/Casualty	0.1
Retail — Automobile	0.1
Machinery — Electrical	0.1
Transport — Truck	0.1
Insurance Brokers	0.1
Finance — Investment Banker/Broker	0.1
Multimedia	0.1
Semiconductor Equipment	0.1
Aerospace/Defense	0.1
Cosmetics & Toiletries	0.1
Oil Field Machinery & Equipment	0.1
Chemicals — Specialty	0.1
Building — Heavy Construction	0.1
Semiconductor Components — Integrated Circuits	0.1
Building & Construction — Misc.	0.1
Diversified Minerals	0.1
Security Services	0.1
Computers — Integrated Systems	0.1
Steel — Producers	0.1
Building — Residential/Commercial	0.1
Metal — Copper	0.1
Auto — Heavy Duty Trucks	0.1
Advertising Agencies	0.1
Hotels/Motels	0.1
Banks — Money Center	0.1
Rental Auto/Equipment	0.1
Batteries/Battery Systems	0.1
Commercial Services	0.1
Containers — Metal/Glass	0.1
Oil & Gas Drilling	0.1
Retail — Office Supplies	0.1
Transport — Marine	0.1
Transport — Services	0.1
Medical Products	0.1
Finance — Mortgage Loan/Banker	0.1
Petrochemicals	0.1
Coal	0.1
Commercial Services — Finance	0.1
E-Commerce/Products	0.1
Retail — Appliances	0.1
Energy — Alternate Sources	0.1
Internet Content — Entertainment	0.1
Poultry	0.1
Metal Processors & Fabrication	0.1
Metal — Iron	0.1
Building Societies	0.1
Real Estate Operations & Development	0.1
Casino Services	0.1
Chemicals — Fibers	0.1
Investment Companies	0.1
Containers — Paper/Plastic	0.1
Internet Connectivity Services	0.1
Retail — Drug Store	0.1
	104.9	%

* Calculated as a percentage of net assets

12

VALIC Company II Core Bond Fund

PORTFOLIO PROFILE — February 28, 2019 (unaudited) — (continued)

Credit Quality†#

Aaa	53.0	%
Aa	2.9
A	10.0
Baa	19.3
Ba	5.0
B	4.4
Caa	1.1
Not Rated@	4.3
	100.0	%

† Source: Moody's

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

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

13

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 2.8%
Diversified Financial Services — 2.8%
American Express Credit Account Master Trust Series2018-4, Class A 2.99% due 12/15/2023	$	150,000	$	150,790
American Express Credit Account Master Trust Series2018-8, Class A 3.18% due 04/15/2024		167,000		168,883
Avis Budget Rental Car Funding AESOP LLC Series2015-1A, Class A 2.50% due 07/20/2021*		850,000		844,311
BA Credit Card Trust Series2018-A2, Class A2 3.00% due 09/15/2023		1,332,000		1,340,001
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		2,377,000		2,453,564
Benchmark Mtg. Trust Series2018-B1, Class A2 3.57% due 01/15/2051(1)		1,233,000		1,255,228
Benchmark Mtg. Trust Series2019-B9, Class AAB 3.93% due 03/15/2052(1)		2,985,000		3,088,606
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 3.56% (1 ML + 1.07%) due 12/15/2037*(1)		750,000		752,347
CarMax Auto Owner Trust Series2016-4, Class A4 1.60% due 06/15/2022		1,042,000		1,020,156
CarMax Auto Owner Trust Series2018-4, Class A3 3.36% due 09/15/2023		1,000,000		1,013,617
Chase Mtg. Finance Trust VRS Series2016-2, Class M2 3.75% due 12/25/2045*(2)(3)		1,605,412		1,609,053
Citibank Credit Card Issuance Trust Series2017-A3, Class A3 1.92% due 04/07/2022		1,554,000		1,539,682
Citibank Credit Card Issuance Trust Series2018-A1, Class A1 2.49% due 01/20/2023		150,000		149,263
Citibank Credit Card Issuance Trust Series2018-A6, Class A6 3.21% due 12/07/2024		150,000		152,036
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.83% due 02/10/2036*(1)(3)		754,000		762,971
Core Industrial Trust Series 2015-CALW, Class A 3.04% due 02/10/2034*(1)		5,692		5,699
CSAIL Commercial Mtg. Trust Series2017-C8, Class A2 2.99% due 06/15/2050(1)		1,770,000		1,764,312
CSMC Trust Series 2015-GLPA, Class A 3.88% due 11/15/2037*(1)		1,447,366		1,492,238
DBCG Mtg. Trust FRS Series2017-BBG, Class A 3.19% (1 ML+0.70%) due 06/15/2034*(1)		300,000		298,310
Discover Card Execution Note Trust Series2015-A4, Class A4 2.19% due 04/17/2023		2,256,000		2,236,373
Discover Card Execution Note Trust Series2019-A1, Class A1 3.04% due 07/15/2024		500,000		503,239

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Ford Credit Auto Owner Trust Series2018-2, Class A 3.47% due 01/15/2030*	$	400,000	$	402,677
Ford Credit Floorplan Master Owner Trust Series2017-1, Class A1 2.07% due 05/15/2022		1,023,000		1,013,029
GM Financial Consumer Automobile Receivables Trust Series2017-3A, Class 4A 2.13% due 03/16/2023*		1,000,000		984,754
GS Mtg. Securities Trust Series 2015-GC28, Class A2 2.90% due 02/10/2048(1)		61,000		61,008
Honda Auto Receivables Owner Trust Series2019-1, Class A3 2.83% due 03/20/2023		700,000		700,287
JP Morgan Mtg. Trust VRS Series2018-1, Class A5 3.50% due 06/25/2048*(2)(3)		2,216,912		2,202,331
Mercedes-Benz Auto Lease Trust Series2019-A, Class A4 3.25% due 10/15/2024		188,000		188,617
Morgan Stanley Bank of America Merrill Lynch Trust Series2015-C23, Class A2 2.98% due 07/15/2050(1)		1,000,000		997,321
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(1)		2,397,000		2,351,385
MSDB Trust VRS Series 2017-712F, Class A 3.32% due 07/11/2039*(1)(3)		4,520,000		4,457,186
MTRO Commercial Mtg. Trust-TECH FRS Series 2019 -TECH, Class A 3.39% (1 ML+0.90%) due 12/15/2033*(1)		2,950,000		2,951,848
Nissan Auto Receivables Owner Trust Series2016-C, Class A3 1.18% due 01/15/2021		247,542		245,937
ShellpointCo-Originator Trust VRS Series2017-2, Class A1 3.50% due 10/25/2047*(2)(3)		1,908,998		1,867,873
Synchrony Credit Card Master Note Trust Series2016-3, Class B 1.91% due 09/15/2022		1,200,000		1,192,930
Synchrony Credit Card Master Note Trust Series2016-2, Class A 2.21% due 05/15/2024		850,000		837,558
Toyota Auto Receivables Owner Trust Series2018-C, Class A4 3.13% due 02/15/2024		125,000		126,019
Verizon Owner Trust Series2018-1A, Class C 3.20% due 09/20/2022*		300,000		299,823
Volkswagen Auto Loan Enhanced Trust Series2018-2, Class A4 3.33% due 02/20/2025		500,000		507,719
World Financial Network Credit Card Master Trust Series2017-C, Class A 2.31% due 08/15/2024		200,000		198,049
Total Asset Backed Securities
(cost $44,406,162)				44,187,030

14

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 33.7%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024	$	644,000	$	649,487
Interpublic Group of Cos., Inc. Senior Notes 5.40% due 10/01/2048		865,000		840,051
				1,489,538
Aerospace/Defense — 0.1%
General Dynamics Corp. Company Guar. Notes 2.88% due 05/11/2020		1,816,000		1,818,328
Aerospace/Defense - Equipment — 0.5%
Harris Corp. Senior Notes 4.40% due 06/15/2028		2,611,000		2,687,692
L3 Technologies, Inc. Company Guar. Notes 4.40% due 06/15/2028		970,000		996,418
Moog, Inc. Company Guar. Notes 5.25% due 12/01/2022*		459,000		466,266
Triumph Group, Inc. Company Guar. Notes 4.88% due 04/01/2021		720,000		709,200
United Technologies Corp. Senior Notes 3.95% due 08/16/2025		3,097,000		3,158,796
				8,018,372
Airlines — 0.0%
Atlas Air, Inc. Pass-Through Certs. Series1999-1, Class B 7.63% due 01/02/2020(4)(5)		37,452		37,670
United Airlines Pass-Through Trust Pass-Through Certs. Series 2014-2, Class B 4.63% due 03/03/2024		481,461		484,735
				522,405
Apparel Manufacturers — 0.0%
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		110,000		110,000
Applications Software — 0.0%
CDK Global, Inc. Senior Notes 5.88% due 06/15/2026		679,000		700,219
Auto - Cars/Light Trucks — 1.2%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		2,545,000		2,549,022
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*		1,935,000		1,873,685
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		852,000		844,030
Daimler Finance North America LLC Company Guar. Notes 3.75% due 11/05/2021*		1,574,000		1,587,080
Ford Motor Credit Co. LLC Senior Notes 3.34% due 03/18/2021		3,478,000		3,412,127

Security Description	Principal Amount		Value (Note 2)
Auto - Cars/Light Trucks (continued)
General Motors Financial Co., Inc. Company Guar. Notes 3.70% due 05/09/2023	$	1,485,000	$	1,464,193
Hyundai Capital America Senior Notes 3.95% due 02/01/2022*#		3,811,000		3,832,732
Nissan Motor Acceptance Corp. Senior Notes 2.65% due 07/13/2022*		1,655,000		1,591,792
Toyota Motor Credit Corp. Senior Notes 3.45% due 09/20/2023		2,045,000		2,073,691
				19,228,352
Auto - Heavy Duty Trucks — 0.1%
Allison Transmission, Inc. Senior Notes 5.00% due 10/01/2024*		709,000		713,431
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*		790,000		776,175
				1,489,606
Banks - Commercial — 1.0%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		6,016,000		6,142,873
Citizens Bank NA Senior Notes 3.75% due 02/18/2026		1,004,000		1,003,609
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		1,570,000		1,578,758
KeyBank NA Senior Notes 3.30% due 02/01/2022		786,000		791,170
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037(5)		4,032,000		5,201,915
SunTrust Bank Senior Notes 3.50% due 08/02/2022		1,374,000		1,383,205
				16,101,530
Banks - Super Regional — 0.7%
Bank of America NA Senior Notes 3.34% due 01/25/2023		2,372,000		2,383,984
Wells Fargo & Co. Senior Notes 3.00% due 02/19/2025		4,631,000		4,507,979
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		2,403,000		2,386,549
Wells Fargo Bank NA Senior Notes 3.55% due 08/14/2023		2,458,000		2,494,794
				11,773,306
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc. Company Guar. Notes 6.38% due 07/15/2026*#		890,000		898,900

15

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Batteries/Battery Systems (continued)
EnerSys Company Guar. Notes 5.00% due 04/30/2023*	$	528,000	$	525,360
				1,424,260
Beverages -Non-alcoholic — 0.3%
Keurig Dr Pepper, Inc. Company Guar. Notes 4.06% due 05/25/2023*		869,000		878,553
Keurig Dr Pepper, Inc. Company Guar. Notes 4.42% due 05/25/2025*		2,245,000		2,286,059
PepsiCo., Inc. Senior Notes 2.75% due 04/30/2025		1,617,000		1,592,361
				4,756,973
Brewery — 0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.65% due 02/01/2026*		36,000		35,584
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036*		1,311,000		1,265,525
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046*		1,376,000		1,320,228
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		716,000		659,401
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.55% due 01/23/2049		3,881,000		4,077,598
				7,358,336
Broadcast Services/Program — 0.3%
Fox Corp. Company Guar. Notes 4.03% due 01/25/2024*		1,998,000		2,039,301
Fox Corp. Company Guar. Notes 5.48% due 01/25/2039*		1,148,000		1,207,753
Fox Corp. Company Guar. Notes 5.58% due 01/25/2049*		1,410,000		1,486,607
Univision Communications, Inc. Senior Sec. Notes 5.13% due 05/15/2023*		1,040,000		943,800
				5,677,461
Building & Construction Products - Misc. — 0.2%
Owens Corning Senior Notes 4.30% due 07/15/2047		2,432,000		1,890,754
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*		975,000		1,017,656
				2,908,410
Building & Construction - Misc. — 0.1%
Frontdoor, Inc. Senior Notes 6.75% due 08/15/2026*#		649,000		659,546

Security Description	Principal Amount		Value (Note 2)
Building & Construction - Misc. (continued)
Weekley Homes LLC/Weekley Finance Corp. Senior Notes 6.00% due 02/01/2023	$	1,000,000	$	945,000
				1,604,546
Building - Heavy Construction — 0.1%
Great Lakes Dredge & Dock Corp. Company Guar. Notes 8.00% due 05/15/2022		630,000		660,555
Tutor Perini Corp. Company Guar. Notes 6.88% due 05/01/2025*#		985,000		985,000
				1,645,555
Building - Residential/Commercial — 0.1%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028		1,004,000		942,505
Cable/Satellite TV — 1.0%
Block Communications, Inc. Senior Notes 6.88% due 02/15/2025*		858,000		885,885
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		361,000		347,237
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 05/01/2025*		420,000		429,975
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*		302,000		308,795
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.88% due 04/01/2024*		263,000		273,849
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.05% due 03/30/2029		2,029,000		2,072,416
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		181,000		174,493
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.75% due 04/01/2048		804,000		803,828
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		689,000		737,644
Comcast Corp. Company Guar. Notes 3.60% due 03/01/2024		2,437,000		2,473,817
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		461,000		433,327
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		1,890,000		1,950,416
Comcast Corp. Company Guar. Notes 4.70% due 10/15/2048		1,477,000		1,536,688

16

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*	$	2,520,000	$	2,525,645
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023#		266,000		236,740
				15,190,755
Casino Services — 0.1%
Eldorado Resorts, Inc. Company Guar. Notes 6.00% due 09/15/2026*#		855,000		869,963
Cellular Telecom — 0.5%
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		4,175,000		4,468,335
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC Senior Sec. Notes 4.74% due 09/20/2029*		2,980,000		2,983,725
				7,452,060
Chemicals - Diversified — 0.4%
Dow Chemical Co. Senior Notes 5.55% due 11/30/2048*		1,409,000		1,482,530
DowDuPont, Inc. Senior Notes 4.73% due 11/15/2028		2,098,000		2,189,393
DowDuPont, Inc. Senior Notes 5.42% due 11/15/2048		2,069,000		2,208,215
				5,880,138
Chemicals - Fibers — 0.1%
Rayonier AM Products, Inc. Company Guar. Notes 5.50% due 06/01/2024*		935,000		864,875
Chemicals - Specialty — 0.1%
Kraton Polymers LLC/Kraton Polymers Capital Corp. Company Guar. Notes 7.00% due 04/15/2025*		1,005,000		1,016,306
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		507,000		665,891
				1,682,197
Coal — 0.1%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*		1,104,000		1,123,320
Coatings/Paint — 0.0%
RPM International, Inc. Senior Notes 4.25% due 01/15/2048		134,000		110,602
Commercial Services — 0.1%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		1,444,000		1,409,409

Security Description	Principal Amount		Value (Note 2)
Commercial Services - Finance — 0.1%
Refinitiv US Holdings, Inc. Company Guar. Notes 8.25% due 11/15/2026*	$	1,087,000	$	1,063,562
Computer Services — 0.5%
Harland Clarke Holdings Corp. Senior Sec. Notes 8.38% due 08/15/2022*		565,000		527,569
IBM Credit LLC Senior Notes 3.00% due 02/06/2023		5,574,000		5,543,058
International Business Machines Corp. Senior Notes 2.50% due 01/27/2022		1,104,000		1,089,268
				7,159,895
Computer Software — 0.0%
Rackspace Hosting, Inc. Company Guar. Notes 8.63% due 11/15/2024*#		865,000		756,875
Computers — 0.3%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		1,139,000		1,141,377
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 6.02% due 06/15/2026*		1,700,000		1,803,607
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 8.10% due 07/15/2036*		1,243,000		1,406,242
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		56,000		57,653
				4,408,879
Computers - Integrated Systems — 0.1%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024		1,054,000		895,900
Everi Payments, Inc. Company Guar. Notes 7.50% due 12/15/2025*		695,000		695,000
				1,590,900
Consumer Products - Misc. — 0.0%
Central Garden & Pet Co. Company Guar. Notes 5.13% due 02/01/2028		725,000		672,438
Containers - Metal/Glass — 0.1%
Crown Cork & Seal Co., Inc. Company Guar. Notes 7.38% due 12/15/2026		583,000		638,385
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		726,000		740,484
				1,378,869
Cosmetics & Toiletries — 0.1%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*#		1,065,000		1,026,340

17

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cosmetics & Toiletries (continued)
First Quality Finance Co., Inc. Company Guar. Notes 5.00% due 07/01/2025*	$	734,000	$	717,485
				1,743,825
Diagnostic Equipment — 0.0%
Ortho-Clinical Diagnostics, Inc. Senior Notes 6.63% due 05/15/2022*#		790,000		760,375
Dialysis Centers — 0.0%
DaVita HealthCare Partners, Inc. Company Guar. Notes 5.13% due 07/15/2024		725,000		717,750
Distribution/Wholesale — 0.0%
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025		705,000		697,950
Diversified Banking Institutions — 2.9%
Bank of America Corp. Senior Notes 3.55% due 03/05/2024		2,286,000		2,294,950
Bank of America Corp. Senior Notes 3.86% due 07/23/2024		1,949,000		1,980,869
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		3,882,000		3,865,955
Bank of America Corp. Senior Notes 4.27% due 07/23/2029		1,053,000		1,081,542
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037(5)		1,734,000		2,002,005
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		3,486,000		3,337,756
Citigroup, Inc. Senior Notes 3.30% due 04/27/2025		782,000		771,371
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		1,801,000		1,808,217
Citigroup, Inc. Senior Notes 4.65% due 07/23/2048		2,080,000		2,169,636
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033(5)		1,253,000		1,400,767
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033(5)		641,000		726,811
Goldman Sachs Group, Inc. Senior Notes 2.91% due 06/05/2023		1,702,000		1,670,567
Goldman Sachs Group, Inc. Senior Notes 3.63% due 02/20/2024#		1,996,000		1,997,803
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		1,315,000		1,214,309
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		1,940,000		1,948,956

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037(5)	$	2,373,000	$	2,821,156
JPMorgan Chase & Co. Senior Notes 2.55% due 03/01/2021		2,748,000		2,722,915
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		640,000		606,834
Morgan Stanley Senior Notes 4.43% due 01/23/2030		1,656,000		1,711,401
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		7,947,000		8,358,158
				44,491,978
Diversified Manufacturing Operations — 0.5%
3M Co. Senior Notes 3.25% due 02/14/2024		1,269,000		1,288,055
General Electric Capital Corp. Sub. Notes 5.30% due 02/11/2021		4,240,000		4,361,452
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		1,408,000		1,435,237
				7,084,744
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		934,000		1,041,429
Electric - Distribution — 0.3%
Metropolitan Edison Co. Senior Notes 4.30% due 01/15/2029*		1,667,000		1,686,517
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048*		3,187,000		3,306,721
				4,993,238
Electric - Generation — 0.0%
Basin Electric Power Cooperative 1st Mtg. Notes 4.75% due 04/26/2047*		164,000		167,370
Electric - Integrated — 2.0%
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		1,540,000		1,677,513
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		2,939,000		2,870,134
Duke Energy Progress LLC 1st Mtg. Notes 2.80% due 05/15/2022		938,000		935,008
Entergy Texas, Inc. 1st Mtg. Notes 4.50% due 03/30/2039		4,157,000		4,222,534
Exelon Generation Co. LLC Senior Notes 2.95% due 01/15/2020		723,000		722,117
FirstEnergy Corp. Senior Notes 3.90% due 07/15/2027		1,832,000		1,814,764

18

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031	$	4,183,000	$	5,394,063
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		864,000		852,416
Jersey Central Power & Light Co. Senior Notes 4.30% due 01/15/2026*		853,000		870,939
Massachusetts Electric Co. Notes 4.00% due 08/15/2046*		1,671,000		1,560,958
MidAmerican Energy Co. 1st Mtg. Notes 4.25% due 07/15/2049		2,634,000		2,690,618
Nevada Power Co. General Refunding Mtg. 2.75% due 04/15/2020		1,205,000		1,205,815
Public Service Co. of Colorado 1st Mtg. Bonds 3.70% due 06/15/2028		1,696,000		1,725,931
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		1,165,000		1,172,722
South Carolina Electric & Gas Co. 1st Mtg. Notes 4.35% due 02/01/2042		771,000		793,778
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		2,621,000		2,853,856
				31,363,166
Electronic Components - Semiconductors — 0.3%
Intel Corp. Senior Notes 2.45% due 07/29/2020		1,972,000		1,966,158
Micron Technology, Inc. Senior Notes 4.64% due 02/06/2024		597,000		601,097
Micron Technology, Inc. Senior Notes 5.33% due 02/06/2029		1,738,000		1,741,111
				4,308,366
Electronic Measurement Instruments — 0.2%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		172,000		173,126
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		3,273,000		3,251,953
				3,425,079
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		1,063,000		1,029,392
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024		1,200,000		1,177,143
				2,206,535
Energy - Alternate Sources — 0.1%
Pattern Energy Group, Inc. Company Guar. Notes 5.88% due 02/01/2024*		997,000		1,015,325

Security Description	Principal Amount		Value (Note 2)
Enterprise Software/Service — 0.2%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024	$	1,025,000	$	1,021,156
Oracle Corp. Senior Notes 2.95% due 11/15/2024		2,373,000		2,345,352
				3,366,508
Finance - Consumer Loans ��� 0.3%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		1,080,000		1,034,100
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		621,000		588,398
SLM Corp. Senior Notes 5.63% due 08/01/2033		1,133,000		875,242
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		925,000		946,969
Springleaf Finance Corp. Company Guar. Notes 7.13% due 03/15/2026		560,000		567,000
Synchrony Financial Senior Notes 4.25% due 08/15/2024		1,415,000		1,387,727
				5,399,436
Finance - Credit Card — 0.4%
Alliance Data Systems Corp. Company Guar. Notes 5.88% due 11/01/2021*		800,000		814,000
American Express Co. Senior Notes 2.50% due 08/01/2022		599,000		586,680
American Express Co. Senior Notes 3.40% due 02/22/2024		3,090,000		3,098,269
American Express Co. Senior Notes 4.20% due 11/06/2025		988,000		1,026,683
				5,525,632
Finance - Investment Banker/Broker — 0.1%
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. Senior Notes 4.15% due 01/23/2030		975,000		851,885
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(4)(5)		179,000		18
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(4)(5)		230,000		23
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*		1,085,000		1,097,206
				1,949,132
Finance - Mortgage Loan/Banker — 0.1%
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*		1,160,000		1,144,920

19

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Other Services — 0.3%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.30% due 11/01/2020	$	2,496,000	$	2,472,644
National Rural Utilities Cooperative Finance Corp. Senior Notes 2.30% due 09/15/2022		1,089,000		1,057,773
National Rural Utilities Cooperative Finance Corp. Collateral Trust Notes 2.40% due 04/25/2022		794,000		779,113
				4,309,530
Food - Meat Products — 0.1%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		565,000		536,138
Tyson Foods, Inc. Senior Notes 5.10% due 09/28/2048		1,746,000		1,692,108
				2,228,246
Food - Misc./Diversified — 0.7%
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048#		1,815,000		1,702,975
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		1,529,000		1,726,691
General Mills, Inc. Senior Notes 4.70% due 04/17/2048#		2,188,000		2,040,115
Kraft Heinz Foods Co. Sec. Notes 4.88% due 02/15/2025*		1,487,000		1,511,255
Mondelez International, Inc. Senior Notes 3.63% due 02/13/2026		1,995,000		1,968,920
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		1,771,000		1,801,123
Post Holdings, Inc. Company Guar. Notes 5.50% due 03/01/2025*		603,000		604,508
				11,355,587
Food - Retail — 0.1%
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC Company Guar. Notes 5.75% due 03/15/2025		1,102,000		1,046,900
Kroger Co. Senior Notes 5.40% due 01/15/2049		1,211,000		1,193,474
				2,240,374
Gambling(Non-Hotel) — 0.0%
Scientific Games International, Inc. Senior Sec. Notes 5.00% due 10/15/2025*		675,000		653,906
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*(4)(5)†		5,223		97
				654,003

Security Description	Principal Amount		Value (Note 2)
Gas- Distribution — 0.1%
Brooklyn Union Gas Co. Senior Notes 4.49% due 03/04/2049*	$	1,096,000	$	1,093,590
NiSource, Inc. Senior Notes 5.65% due 02/01/2045		1,083,000		1,205,416
				2,299,006
Hotels/Motels — 0.1%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024		413,000		426,423
Wyndham Worldwide Corp. Senior Sec. Notes 5.40% due 04/01/2024		316,000		317,580
Wyndham Worldwide Corp. Senior Sec. Notes 5.75% due 04/01/2027#		749,000		743,382
				1,487,385
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc. Senior Notes 4.20% due 03/01/2049		760,000		763,300
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 12/29/2020		955,000		963,917
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		1,004,000		991,698
				1,955,615
Insurance - Life/Health — 0.1%
AXA Equitable Holdings, Inc. Senior Notes 5.00% due 04/20/2048		550,000		514,114
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		1,389,000		1,099,088
				1,613,202
Insurance - Multi-line — 0.1%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		909,000		1,006,910
Insurance - Mutual — 0.2%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		908,000		886,310
New York Life Global Funding Sec. Notes 1.95% due 09/28/2020*		2,825,000		2,786,086
				3,672,396
Insurance - Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 2.88% due 11/03/2022		1,453,000		1,456,614
AmWINS Group, Inc. Company Guar. Notes 7.75% due 07/01/2026*		645,000		661,125
				2,117,739

20

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Internet Connectivity Services — 0.1%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*	$	800,000	$	814,000
Internet Content - Entertainment — 0.1%
Netflix, Inc. Senior Notes 5.88% due 02/15/2025#		939,000		995,340
Investment Companies — 0.1%
FS Energy & Power Fund Senior Sec. Notes 7.50% due 08/15/2023*		847,000		857,003
Machinery - Construction & Mining — 0.3%
Caterpillar Financial Services Corp. Senior Notes 2.55% due 11/29/2022		1,094,000		1,076,505
Caterpillar Financial Services Corp. Senior Notes 3.15% due 09/07/2021		798,000		802,976
Caterpillar Financial Services Corp. Senior Notes 3.45% due 05/15/2023		1,495,000		1,515,732
Terex Corp. Company Guar. Notes 5.63% due 02/01/2025*		757,000		736,183
				4,131,396
Machinery - Electrical — 0.1%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		1,988,000		2,000,266
Machinery - Farming — 0.4%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		2,743,000		2,741,285
John Deere Capital Corp. Senior Notes 2.35% due 01/08/2021		1,190,000		1,180,677
John Deere Capital Corp. Senior Notes 3.45% due 01/10/2024		1,954,000		1,992,072
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		866,000		893,203
				6,807,237
Machinery - General Industrial — 0.2%
Roper Technologies, Inc. Senior Notes 4.20% due 09/15/2028		2,813,000		2,830,216
Machinery - Thermal Process — 0.0%
Cleaver-Brooks, Inc. Senior Sec. Notes 7.88% due 03/01/2023*		104,000		101,660
Medical Instruments — 0.2%
Boston Scientific Corp. Senior Notes 4.70% due 03/01/2049		1,074,000		1,072,258
Medtronic, Inc. Company Guar. Notes 2.50% due 03/15/2020		1,893,000		1,888,927
				2,961,185

Security Description	Principal Amount		Value (Note 2)
Medical Labs & Testing Services — 0.6%
Laboratory Corp. of America Holdings Senior Notes 3.25% due 09/01/2024	$	1,882,000	$	1,829,128
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		1,506,000		1,413,267
MEDNAX, Inc. Company Guar. Notes 5.25% due 12/01/2023*		1,138,000		1,150,803
Roche Holdings, Inc. Company Guar. Notes 1.75% due 01/28/2022*		2,027,000		1,962,700
Roche Holdings, Inc. Company Guar. Notes 2.25% due 09/30/2019*		1,795,000		1,790,701
Roche Holdings, Inc. Company Guar. Notes 2.88% due 09/29/2021*		1,240,000		1,239,395
				9,385,994
Medical Products — 0.1%
Baxter International, Inc. Senior Notes 3.50% due 08/15/2046		1,391,000		1,149,616
Medical - Biomedical/Gene — 0.2%
Celgene Corp. Senior Notes 3.63% due 05/15/2024		1,707,000		1,704,699
Celgene Corp. Senior Notes 4.63% due 05/15/2044		995,000		928,800
				2,633,499
Medical - Drugs — 0.3%
AbbVie, Inc. Senior Notes 4.45% due 05/14/2046		1,062,000		932,782
AbbVie, Inc. Senior Notes 4.88% due 11/14/2048		1,193,000		1,120,560
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		1,284,000		1,300,069
Pfizer, Inc. Senior Notes 3.00% due 09/15/2021#		770,000		774,920
				4,128,331
Medical - Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		1,521,000		1,433,007
Medical- HMO — 0.5%
Centene Corp. Senior Notes 4.75% due 01/15/2025		375,000		377,813
UnitedHealth Group, Inc. Senior Bonds 2.38% due 10/15/2022		5,570,000		5,471,111
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		924,000		948,547
UnitedHealth Group, Inc. Senior Notes 4.45% due 12/15/2048		1,288,000		1,343,388
				8,140,859

21

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - Hospitals — 0.2%
HCA, Inc. Senior Sec. Notes 5.00% due 03/15/2024	$	1,172,000	$	1,224,361
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		513,000		541,049
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		1,325,000		1,374,277
HCA, Inc. Senior Sec. Notes 6.50% due 02/15/2020		550,000		566,456
				3,706,143
Medical - Wholesale Drug Distribution — 0.2%
Allergan Sales LLC Company Guar. Notes 4.88% due 02/15/2021*		499,000		511,072
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		2,986,000		2,622,365
				3,133,437
Metal Processors & Fabrication — 0.1%
Novelis Corp. Company Guar. Notes 5.88% due 09/30/2026*		220,000		214,500
Novelis Corp. Company Guar. Notes 6.25% due 08/15/2024*		739,000		744,542
				959,042
Metal - Copper — 0.1%
Freeport-McMoRan Copper & Gold, Inc. Company Guar. Notes 3.88% due 03/15/2023		915,000		901,714
Metal - Iron — 0.1%
Cleveland-Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025		952,000		930,580
Multimedia — 0.1%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*		937,000		901,863
Time Warner, Inc. Company Guar. Notes 4.85% due 07/15/2045		1,108,000		1,044,979
				1,946,842
Networking Products — 0.3%
Cisco Systems, Inc. Senior Notes 2.20% due 02/28/2021		4,874,000		4,825,542
Office Supplies & Forms — 0.2%
Avery Dennison Corp. Senior Notes 4.88% due 12/06/2028		2,353,000		2,434,936
Oil Companies - Exploration & Production — 0.9%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		1,674,000		1,883,777

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Apache Corp. Senior Notes 4.38% due 10/15/2028#	$	531,000	$	522,005
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026		835,000		835,000
Chaparral Energy, Inc. Senior Notes 8.75% due 07/15/2023*		965,000		607,950
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		1,753,000		1,786,637
Extraction Oil & Gas, Inc. Company Guar. Notes 5.63% due 02/01/2026*		915,000		759,450
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		1,011,000		971,824
Lonestar Resources America, Inc. Company Guar. Notes 11.25% due 01/01/2023*		865,000		843,375
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		898,000		1,035,902
Noble Energy, Inc. Senior Notes 4.95% due 08/15/2047		2,608,000		2,440,208
QEP Resources, Inc. Senior Notes 5.63% due 03/01/2026#		636,000		596,250
Sanchez Energy Corp. Company Guar. Notes 6.13% due 01/15/2023		383,000		57,929
Southwestern Energy Co. Company Guar. Notes 7.50% due 04/01/2026		650,000		674,375
WildHorse Resource Development Corp. Company Guar. Notes 6.88% due 02/01/2025(5)		889,000		901,224
				13,915,906
Oil Companies - Integrated — 0.5%
BP Capital Markets America, Inc. Company Guar. Notes 3.25% due 05/06/2022		1,041,000		1,048,845
BP Capital Markets America, Inc. Company Guar. Notes 4.23% due 11/06/2028		1,760,000		1,851,424
Chevron Corp. Senior Notes 2.36% due 12/05/2022		1,266,000		1,245,686
Chevron Corp. Senior Notes 2.90% due 03/03/2024		3,674,000		3,658,517
				7,804,472
Oil Field Machinery & Equipment — 0.1%
Forum Energy Technologies, Inc. Company Guar. Notes 6.25% due 10/01/2021		690,000		605,475
Hi-Crush Partners LP Senior Notes 9.50% due 08/01/2026*#		1,465,000		1,124,387
				1,729,862

22

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil- Field Services — 0.3%
Apergy Corp. Company Guar. Notes 6.38% due 05/01/2026	$	698,000	$	697,127
Calfrac Holdings LP Senior Notes 8.50% due 06/15/2026*		950,000		703,000
Nine Energy Service, Inc. Senior Notes 8.75% due 11/01/2023*		385,000		385,000
Pioneer Energy Services Corp. Company Guar. Notes 6.13% due 03/15/2022		1,170,000		719,550
Schlumberger Holdings Corp. Senior Notes 3.75% due 05/01/2024*		1,581,000		1,588,855
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		527,000		536,223
USA Compression Partners LP/USA Compression Finance Corp. Senior Notes 6.88% due 09/01/2027*		283,000		288,660
				4,918,415
Paper & Related Products — 0.4%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		2,536,000		2,508,758
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		2,700,000		2,729,033
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		679,000		703,606
				5,941,397
Petrochemicals — 0.1%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		1,145,000		1,140,421
Pharmacy Services — 0.5%
Cigna Corp. Company Guar. Notes 4.80% due 08/15/2038*		1,457,000		1,447,711
Cigna Corp. Company Guar. Notes 4.90% due 12/15/2048*		1,435,000		1,419,477
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		3,873,000		3,758,478
CVS Pass-Through Trust Pass-Through Certs. 4.70% due 01/10/2036*		490,181		493,073
CVS Pass-Through Trust Pass-Through Certs. 5.77% due 01/10/2033*		247,527		264,254
CVS Pass-Through Trust Pass-Through Certs. 5.93% due 01/10/2034*		484,696		524,774
				7,907,767
Pipelines — 1.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Senior Notes 5.75% due 03/01/2027*		389,000		391,917

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.88% due 03/31/2025	$	960,000	$	1,022,410
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 7.00% due 06/30/2024		231,000		255,833
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		1,116,000		1,108,512
Energy Transfer Equity LP Senior Sec. Notes 4.25% due 03/15/2023		1,530,000		1,549,431
Energy Transfer Operating LP Company Guar. Notes 4.50% due 04/15/2024		1,256,000		1,291,107
Energy Transfer Operating LP Company Guar. Notes 5.25% due 04/15/2029		1,377,000		1,436,292
Energy Transfer Operating LP Company Guar. Notes 6.25% due 04/15/2049		1,049,000		1,125,730
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026		858,000		839,767
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		213,000		179,985
Enterprise Products Operating LLC Company Guar. Notes 4.80% due 02/01/2049		1,528,000		1,553,176
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		400,000		372,004
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		500,000		501,245
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 6.00% due 08/01/2024*		677,000		693,925
Kinder Morgan Energy Partners LP Company Guar. Notes 4.30% due 05/01/2024		1,476,000		1,518,787
Kinder Morgan Energy Partners LP Company Guar. Notes 6.95% due 01/15/2038		897,000		1,072,555
Magellan Midstream Partners LP Senior Notes 4.85% due 02/01/2049		1,185,000		1,203,504
MPLX LP Senior Notes 4.00% due 03/15/2028		1,143,000		1,103,832
MPLX LP Senior Notes 4.13% due 03/01/2027		767,000		752,052
MPLX LP Senior Notes 4.80% due 02/15/2029		83,000		85,013
MPLX LP Senior Notes 5.50% due 02/15/2049		2,520,000		2,576,081
NGPL PipeCo LLC Senior Notes 4.38% due 08/15/2022*		1,267,000		1,279,670

23

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
SemGroup Corp./Rose Rock Finance Corp. Company Guar. Notes 5.63% due 07/15/2022	$	937,000	$	912,404
SemGroup Corp./Rose Rock Finance Corp. Company Guar. Notes 5.63% due 11/15/2023		217,000		202,895
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022		765,000		757,350
Western Gas Partners LP Senior Notes 4.65% due 07/01/2026		1,300,000		1,291,003
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		1,201,000		1,265,108
				26,341,588
Poultry — 0.1%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		1,000,000		982,500
Publishing - Books — 0.0%
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance Senior Notes 7.88% due 05/15/2024*#		950,000		764,750
Radio — 0.0%
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 07/15/2026*		700,000		701,750
Real Estate Investment Trusts — 1.0%
American Tower Corp. Senior Notes 4.00% due 06/01/2025		1,396,000		1,409,625
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		1,898,000		1,873,161
Crown Castle International Corp. Senior Notes 5.20% due 02/15/2049		1,486,000		1,481,768
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025		626,000		629,130
ERP Operating LP Senior Notes 4.15% due 12/01/2028		1,103,000		1,145,852
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		1,205,000		1,198,975
GEO Group, Inc. Company Guar. Notes 5.13% due 04/01/2023		650,000		617,500
GEO Group, Inc. Company Guar. Notes 5.88% due 10/15/2024		445,000		421,637
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 04/15/2026		600,000		618,216
Iron Mountain, Inc. Company Guar. Notes 4.88% due 09/15/2027*		665,000		629,256

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
iStar, Inc. Senior Notes 5.25% due 09/15/2022	$	639,000	$	626,220
iStar, Inc. Senior Notes 6.00% due 04/01/2022		289,000		288,639
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027*		305,000		312,244
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		787,000		781,097
Sabra Health Care LP Company Guar. Notes 5.13% due 08/15/2026		800,000		760,188
Simon Property Group LP Senior Notes 4.13% due 12/01/2021		1,825,000		1,872,627
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		1,220,000		1,186,816
				15,852,951
Real Estate Management/Services — 0.2%
Kennedy-Wilson, Inc. Company Guar. Notes 5.88% due 04/01/2024		1,200,000		1,173,000
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023*		674,000		677,623
Realogy Group LLC/RealogyCo-Issuer Corp. Company Guar. Notes 4.88% due 06/01/2023*#		847,000		766,535
				2,617,158
Real Estate Operations & Development — 0.1%
Greystar Real Estate Partners LLC Senior Sec. Notes 5.75% due 12/01/2025*		890,000		894,254
Rental Auto/Equipment — 0.1%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		820,000		756,450
Jurassic Holdings III, Inc. Sec. Notes 6.88% due 02/15/2021*#		718,000		669,887
				1,426,337
Retail - Appliances — 0.1%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022		1,092,000		1,026,480
Retail - Automobile — 0.1%
AutoNation, Inc. Company Guar. Notes 3.50% due 11/15/2024		1,496,000		1,402,623
Lithia Motors, Inc. Company Guar. Notes 5.25% due 08/01/2025*		675,000		668,250
				2,070,873

24

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Building Products — 0.2%
Home Depot, Inc. Senior Notes 4.50% due 12/06/2048	$	2,379,000	$	2,516,343
Retail - Discount — 0.2%
Wal-Mart Stores, Inc. Senior Notes 2.55% due 04/11/2023		3,061,000		3,034,165
Retail - Drug Store — 0.1%
Walgreens Boots Alliance, Inc. Senior Notes 4.80% due 11/18/2044		858,000		801,255
Retail - Mail Order — 0.2%
QVC, Inc. Senior Sec. Notes 4.85% due 04/01/2024		3,528,000		3,551,711
Retail - Office Supplies — 0.1%
Staples, Inc. Company Guar. Notes 8.50% due 09/15/2025*		1,257,000		1,231,860
Retail - Pawn Shops — 0.0%
FirstCash, Inc. Company Guar. Notes 5.38% due 06/01/2024*		487,000		493,234
Retail - Restaurants — 0.5%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		653,000		628,512
Darden Restaurants, Inc. Senior Notes 4.55% due 02/15/2048		2,013,000		1,840,035
Golden Nugget, Inc. Company Guar. Notes 8.75% due 10/01/2025*		678,000		698,340
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		1,561,000		1,519,261
McDonald’s Corp. Senior Notes 4.45% due 09/01/2048		2,892,000		2,813,464
				7,499,612
Satellite Telecom — 0.0%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		781,000		768,309
Savings & Loans/Thrifts — 0.4%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		2,331,000		2,556,252
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		3,000,000		3,016,299
				5,572,551
Security Services — 0.1%
ADT Corp. Senior Sec. Notes 4.13% due 06/15/2023		964,000		945,925
Semiconductor Equipment — 0.1%
Entegris, Inc. Company Guar. Notes 4.63% due 02/10/2026*		440,000		432,300

Security Description	Principal Amount		Value (Note 2)
Semiconductor Equipment (continued)
Lam Research Corp. Senior Notes 4.00% due 03/15/2029	$	1,395,000	$	1,395,369
				1,827,669
Steel - Producers — 0.1%
Commercial Metals Co. Senior Notes 5.75% due 04/15/2026		720,000		707,400
United States Steel Corp. Senior Notes 6.88% due 08/15/2025		850,000		837,250
				1,544,650
Telecommunication Equipment — 0.0%
Anixter, Inc. Company Guar. Notes 6.00% due 12/01/2025*		465,000		481,275
Telephone - Integrated — 1.0%
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		1,397,000		1,391,393
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		3,912,000		3,684,974
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		3,434,000		3,311,618
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024#		1,700,000		1,798,281
Citizens Communications Co. Senior Notes 9.00% due 08/15/2031#		891,000		490,050
Frontier Communications Corp. Senior Notes 7.63% due 04/15/2024		1,357,000		766,705
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		516,000		516,954
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		3,440,000		3,744,752
				15,704,727
Television — 0.2%
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		799,000		868,912
CBS Corp. Company Guar. Notes 3.70% due 08/15/2024		1,678,000		1,667,973
Gray Television, Inc. Company Guar. Notes 5.13% due 10/15/2024*		552,000		549,930
Gray Television, Inc. Company Guar. Notes 5.88% due 07/15/2026*		118,000		119,180
Gray Television, Inc. Senior Notes 7.00% due 05/15/2027*		475,000		502,313
				3,708,308

25

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tools - Hand Held — 0.2%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026	$	1,993,000	$	1,986,746
Stanley Black & Decker, Inc. Senior Notes 4.85% due 11/15/2048		1,187,000		1,238,387
				3,225,133
Transport - Equipment & Leasing — 0.2%
GATX Corp. Senior Notes 4.35% due 02/15/2024		2,349,000		2,384,557
GATX Corp. Senior Notes 4.70% due 04/01/2029		756,000		765,963
				3,150,520
Transport - Marine — 0.1%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		1,223,000		1,197,098
Transport - Rail — 0.1%
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		753,000		752,378
Norfolk Southern Corp. Senior Notes 5.10% due 08/01/2118		1,435,000		1,436,371
				2,188,749
Transport - Services — 0.1%
FedEx Corp. Company Guar. Notes 4.95% due 10/17/2048#		1,191,000		1,181,691
Transport - Truck — 0.1%
JB Hunt Transport Services, Inc. Company Guar. Notes 3.88% due 03/01/2026		1,992,000		1,987,471
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.65% due 07/29/2021*		1,385,000		1,393,004
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.95% due 03/10/2025*		1,919,000		1,890,286
				3,283,290
Total U.S. Corporate Bonds & Notes
(cost $525,602,135)				525,430,762
FOREIGN CORPORATE BONDS & NOTES — 7.6%
Agricultural Chemicals — 0.2%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		960,000		936,000
Nutrien, Ltd. Senior Notes 3.63% due 03/15/2024		1,284,000		1,267,146
OCI NV Senior Sec. Notes 6.63% due 04/15/2023*		583,000		603,405
				2,806,551

Security Description	Principal Amount		Value (Note 2)
Auto/Truck Parts & Equipment - Original — 0.3%
Aptiv PLC Senior Notes 5.40% due 03/15/2049	$	822,000	$	818,367
Delphi Jersey Holdings PLC Company Guar. Notes 5.00% due 10/01/2025*		985,000		876,463
Toyota Industries Corp. Senior Notes 3.24% due 03/16/2023*		1,473,000		1,470,260
				3,165,090
Banks - Commercial — 1.2%
AIB Group PLC Senior Notes 4.75% due 10/12/2023*		2,683,000		2,693,435
Australia & New Zealand Banking Group, Ltd. Senior Notes 1.60% due 07/15/2019		728,000		725,043
Bank of Montreal Senior Notes 3.30% due 02/05/2024		2,786,000		2,778,341
Canadian Imperial Bank of Commerce Senior Notes 2.10% due 10/05/2020		2,705,000		2,670,866
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*		1,607,000		1,560,514
Danske Bank A/S Senior Notes 5.38% due 01/12/2024*		2,695,000		2,777,194
ING Groep NV Senior Notes 4.63% due 01/06/2026*		763,000		787,008
Intesa Sanpaolo SpA Sub. Notes 5.71% due 01/15/2026*		1,862,000		1,742,763
National Australia Bank, Ltd. Senior Notes 3.63% due 06/20/2023		2,263,000		2,290,063
				18,025,227
Banks - Special Purpose — 0.2%
KFW Government Guar. Notes 2.63% due 02/28/2024		3,210,000		3,205,865
Building Societies — 0.1%
Nationwide Building Society Sub. Notes 4.13% due 10/18/2032*		1,018,000		929,769
Building - Residential/Commercial — 0.0%
Mattamy Group Corp. Senior Notes 6.50% due 10/01/2025*		616,000		591,938
Cable/Satellite TV — 0.3%
Altice Financing SA Senior Sec. Notes 7.50% due 05/15/2026*		1,390,000		1,344,825
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		215,000		216,075
Altice Luxembourg SA Company Guar. Notes 7.63% due 02/15/2025*#		1,485,000		1,318,866

26

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*	$	880,000	$	863,500
UPCB Finance IV, Ltd. Senior Sec. Notes 5.38% due 01/15/2025*		701,000		716,772
				4,460,038
Cellular Telecom — 0.1%
C&W Senior Financing Designated Activity Co. Senior Notes 6.88% due 09/15/2027*		817,000		800,660
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		590,000		595,640
				1,396,300
Chemicals - Diversified — 0.2%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		971,000		954,007
NOVA Chemicals Corp. Senior Notes 5.00% due 05/01/2025*		1,085,000		1,036,175
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Company Guar. Notes 5.38% due 09/01/2025*		715,000		672,100
				2,662,282
Computers - Memory Devices — 0.0%
Seagate HDD Cayman Company Guar. Notes 4.75% due 01/01/2025		760,000		731,189
Containers - Paper/Plastic — 0.1%
Intertape Polymer Group, Inc. Senior Notes 7.00% due 10/15/2026*		823,000		829,172
Diversified Banking Institutions — 1.7%
BNP Paribas SA Senior Notes 3.80% due 01/10/2024*		1,776,000		1,773,610
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*		2,259,000		2,326,586
Deutsche Bank AG Senior Notes 4.25% due 02/04/2021		1,115,000		1,110,421
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.41% due 03/07/2024		5,310,000		5,309,548
Mizuho Financial Group, Inc. Senior Notes 3.55% due 03/05/2023		5,790,000		5,815,666
Royal Bank of Scotland Group PLC Senior Notes 3.88% due 09/12/2023		454,000		450,195
Royal Bank of Scotland Group PLC Senior Notes 4.52% due 06/25/2024		2,008,000		2,018,266
UBS Group Funding Switzerland AG Company Guar. Notes 3.49% due 05/23/2023*		2,616,000		2,609,042

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
UBS Group Funding Switzerland AG Company Guar. Notes 4.13% due 09/24/2025*	$	269,000	$	273,683
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		3,339,000		2,983,570
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		1,048,000		1,073,024
				25,743,611
Diversified Manufacturing Operations — 0.2%
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.20% due 03/16/2020*		2,424,000		2,406,224
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 4.00% due 09/11/2027*		773,000		728,409
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 5.13% due 03/15/2023*		875,000		872,812
				1,601,221
Electric - Generation — 0.1%
Electricite de France SA Senior Notes 4.88% due 09/21/2038*		1,040,000		1,024,203
Electricite de France SA Senior Notes 5.00% due 09/21/2048*#		1,233,000		1,212,914
				2,237,117
Electric - Integrated — 0.3%
EDP Finance BV Senior Notes 3.63% due 07/15/2024*		1,831,000		1,787,239
Enel Finance International NV Company Guar. Notes 3.63% due 05/25/2027*		3,226,000		2,975,371
				4,762,610
Food - Meat Products — 0.1%
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.75% due 06/15/2025*		207,000		209,587
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.88% due 07/15/2024*#		893,000		918,004
				1,127,591
Gambling(Non-Hotel) — 0.0%
LHMC Finco SARL Senior Sec. Notes 7.88% due 12/20/2023*		670,000		685,075
Insurance - Life/Health — 0.1%
Athene Holding, Ltd. Senior Notes 4.13% due 01/12/2028		1,574,000		1,470,052
Machinery - Farming — 0.2%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		1,549,000		1,436,419

27

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Machinery - Farming (continued)
CNH Industrial NV Senior Notes 4.50% due 08/15/2023	$	1,052,000	$	1,072,409
				2,508,828
Medical - Drugs — 0.4%
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		208,000		209,820
Bausch Health Cos., Inc. Company Guar. Notes 5.88% due 05/15/2023*		1,510,000		1,502,450
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		1,101,000		1,062,649
Takeda Pharmaceutical Co., Ltd. Senior Notes 4.40% due 11/26/2023*		3,280,000		3,389,444
				6,164,363
Medical - Generic Drugs — 0.1%
Actavis Funding SCS Company Guar. Notes 3.80% due 03/15/2025		1,170,000		1,155,710
Metal - Copper — 0.0%
First Quantum Minerals, Ltd. Company Guar. Notes 6.50% due 03/01/2024*		308,000		291,830
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*		320,000		314,400
				606,230
Oil & Gas Drilling — 0.1%
Noble Holding International, Ltd. Company Guar. Notes 7.88% due 02/01/2026*		702,000		656,370
Shelf Drilling Holdings, Ltd. Company Guar. Notes 8.25% due 02/15/2025*		615,000		587,325
				1,243,695
Oil Companies - Exploration & Production — 0.2%
Anadarko Finance Co. Company Guar. Notes 7.50% due 05/01/2031		642,000		781,045
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		1,039,000		1,020,818
Woodside Finance, Ltd. Company Guar. Notes 4.50% due 03/04/2029*		1,535,000		1,527,347
				3,329,210
Oil Companies - Integrated — 0.3%
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027#		1,629,000		1,552,114
Cenovus Energy, Inc. Senior Notes 5.20% due 09/15/2043		1,746,000		1,596,982
Petro-Canada Senior Notes 5.95% due 05/15/2035		828,000		931,257
				4,080,353

Security Description	Principal Amount		Value (Note 2)
Oil- Field Services — 0.0%
KCA Deutag UK Finance PLC Senior Sec. Notes 9.88% due 04/01/2022*#	$	679,000	$	541,503
Paper & Related Products — 0.0%
Cascades, Inc. Company Guar. Notes 5.50% due 07/15/2022*		425,000		426,063
Cascades, Inc. Company Guar. Notes 5.75% due 07/15/2023*		179,000		175,420
				601,483
Satellite Telecom — 0.2%
Inmarsat Finance PLC Company Guar. Notes 6.50% due 10/01/2024*#		835,000		830,825
Intelsat Jackson Holdings SA Company Guar. Notes 5.50% due 08/01/2023#		1,872,000		1,708,200
Intelsat Jackson Holdings SA Company Guar. Notes 8.50% due 10/15/2024*		357,000		360,463
Telesat Canada/Telesat LLC Company Guar. Notes 8.88% due 11/15/2024*		769,000		826,675
				3,726,163
Security Services — 0.0%
Garda World Security Corp. Senior Notes 8.75% due 05/15/2025*		675,000		646,313
Semiconductor Components - Integrated Circuits — 0.1%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		1,592,000		1,636,544
SupraNational Banks — 0.3%
European Investment Bank Senior Notes 1.63% due 08/14/2020#		2,399,000		2,364,927
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		1,680,000		1,728,085
				4,093,012
Telephone - Integrated — 0.5%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		1,280,000		1,312,000
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		2,052,000		1,878,612
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		859,000		822,742
Telefonica Emisiones SAU Company Guar. Notes 5.52% due 03/01/2049		3,070,000		3,065,402
				7,078,756
Transport - Equipment & Leasing — 0.1%
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.13% due 10/01/2023*		850,000		858,500

28

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Transport - Equipment & Leasing (continued)
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.25% due 05/15/2024*	$	205,000	$	210,125
				1,068,625
Transport - Rail — 0.1%
Canadian National Railway Co. Senior Notes 2.85% due 12/15/2021		1,087,000		1,082,431
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		657,000		763,925
				1,846,356
Total Foreign Corporate Bonds & Notes
(cost $120,457,113)				119,164,066
FOREIGN GOVERNMENT OBLIGATIONS — 0.3%
Sovereign — 0.1%
United Mexican States Senior Notes 4.50% due 04/22/2029		1,408,000		1,417,166
United Mexican States Senior Bonds 4.75% due 03/08/2044		1,104,000		1,046,603
				2,463,769
Sovereign Agency — 0.2%
Kommunalbanken AS Senior Notes 2.75% due 02/05/2024*		2,561,000		2,563,026
Total Foreign Government Obligations
(cost $5,022,774)				5,026,795
U.S. GOVERNMENT AGENCIES — 37.3%
Federal Home Loan Mtg. Corp. — 9.1%
2.50% due 01/01/2028		625,758		617,659
2.50% due 04/01/2028		1,295,836		1,279,068
2.50% due 03/01/2031		786,151		771,787
2.50% due 10/01/2032		4,233,191		4,155,842
3.00% due 08/01/2027		267,347		268,133
3.00% due 10/01/2042		1,350,152		1,327,754
3.00% due 11/01/2042		1,113,484		1,095,012
3.00% due 02/01/2043		1,398,026		1,370,465
3.00% due 04/01/2043		1,569,049		1,543,017
3.00% due 05/01/2043		566,843		557,440
3.00% due 08/01/2043		5,743,798		5,648,507
3.00% due 07/01/2045		10,162,452		9,968,675
3.00% due 10/01/2045		6,058,783		5,940,434
3.00% due 08/01/2046		10,176,732		9,970,013
3.50% due 01/01/2032		4,526,609		4,608,989
3.50% due 03/01/2042		3,926,590		3,963,160
3.50% due 04/01/2042		1,683,043		1,698,715
3.50% due 08/01/2042		1,312,992		1,325,217
3.50% due 09/01/2043		1,245,592		1,256,965
3.50% due 03/01/2045		1,202,569		1,209,490
3.50% due 07/01/2045		7,604,196		7,644,432
3.50% due 08/01/2045		2,205,498		2,217,167
3.50% due 11/01/2045		4,215,212		4,237,517
3.50% due 01/01/2046		2,545,947		2,559,156
3.50% due 03/01/2046		6,406,711		6,439,950
3.50% due 11/01/2047		13,118,780		13,140,297
3.50% due 03/01/2048		9,843,553		9,880,397
4.00% due 03/01/2023		35,041		36,013
4.00% due 09/01/2040		1,294,394		1,332,003

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
4.00% due 07/01/2044	$	92,960	$	95,203
4.00% due 10/01/2045		3,363,620		3,444,746
4.00% due 01/01/2046		709,068		729,457
4.50% due 12/01/2039		495,978		522,520
4.50% due 07/01/2044		1,261,369		1,314,343
4.50% due 05/01/2048		6,783,722		7,033,370
5.00% due 10/01/2033		975		1,033
5.00% due 07/01/2040		545,101		584,344
5.00% due 11/01/2043		2,809,258		3,005,084
5.50% due 11/01/2032		6,993		7,555
5.50% due 07/01/2034		26,168		28,423
5.50% due 02/01/2035		35,429		37,585
5.50% due 07/01/2035		981		1,067
5.50% due 01/01/2036		158,872		172,682
5.50% due 05/01/2037		29,426		31,974
6.00% due 07/01/2035		79,443		85,624
6.00% due 03/01/2040		141,696		155,683
6.50% due 02/01/2036		11,944		13,445
6.50% due 09/01/2036		313		344
6.50% due 05/01/2037		33,994		38,452
Federal Home Loan Mtg. Corp. FRS 4.33% (6 ML+1.49%) due 02/01/2037		134,804		138,690
4.38% (12 ML+1.88%) due 11/01/2037		1,262,970		1,328,697
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(2)		3,747,167		3,733,299
Series 4800, Class KG 3.50% due 11/15/2045(2)		4,000,000		3,987,138
Series 3820, Class DA 4.00% due 11/15/2035(2)		1,762,807		1,773,064
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 4.31%(6.80%-1 ML) due 09/15/2039(2)(6)(7)		855,898		96,688
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS
Series 2017-HQA1, Class M1 3.69% (1 ML+1.20%) due 08/25/2029(2)		1,884,930		1,890,571
Series 2015-DNA1, Class M2 4.34% (1 ML+1.85%) due 10/25/2027(2)		761,787		770,178
Series2014-DN1, Class M2 4.69% (1 ML+2.20%) due 02/25/2024(2)		1,101,966		1,124,231
Series2014-HQ2, Class M2 4.69% (1 ML+2.20%) due 09/25/2024(2)		2,603,993		2,654,843
Series2015-HQ1, Class M2 4.69% (1 ML+2.20%) due 03/25/2025(2)		27		27
Series 2015-HQA1, Class M2 5.14% (1 ML+2.65%) due 03/25/2028(2)		342,141		346,885
Series 2016-HQA1, Class M2 5.24% (1 ML+2.75%) due 09/25/2028(2)		787,587		799,120
Series 2015-HQA2, Class M2 5.29% (1 ML+2.80%) due 05/25/2028(2)		511,698		522,346
				142,531,985

29

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. — 23.7%
2.50% due 02/01/2028	$	1,328,312	$	1,310,467
2.50% due 04/01/2028		330,608		326,168
2.50% due 08/01/2031		13,939,609		13,691,790
2.50% due 01/01/2032		2,421,915		2,376,960
3.00% due 04/01/2027		897,582		899,904
3.00% due 10/01/2027		150,161		150,549
3.00% due 01/01/2028		1,364,325		1,367,877
3.00% due 03/01/2030		2,550,008		2,548,004
3.00% due 10/01/2030		2,534,058		2,530,952
3.00% due 10/01/2032		7,709,553		7,703,508
3.00% due 03/01/2042		2,721,780		2,674,583
3.00% due 12/01/2042		2,535,484		2,491,516
3.00% due 02/01/2043		5,778,615		5,678,395
3.00% due 05/01/2043		3,018,555		2,966,205
3.00% due 05/01/2046		3,602,285		3,524,173
3.00% due 08/01/2046		7,212,397		7,062,703
3.00% due 09/01/2046		1,644,669		1,609,005
3.00% due 04/01/2047		10,144,132		9,923,611
3.00% due 09/01/2048		7,755,590		7,587,263
3.50% due 08/01/2026		957,312		973,141
3.50% due 09/01/2026		876,408		891,074
3.50% due 08/01/2027		109,095		110,899
3.50% due 10/01/2028		2,048,039		2,088,891
3.50% due 03/01/2033		1,763,500		1,792,658
3.50% due 08/01/2033		5,118,957		5,203,594
3.50% due 12/01/2041		407,399		410,933
3.50% due 03/01/2042		557,724		562,563
3.50% due 08/01/2042		3,796,043		3,828,980
3.50% due 09/01/2042		533,284		537,912
3.50% due 02/01/2043		2,655,310		2,683,683
3.50% due 07/01/2045		1,657,332		1,665,047
3.50% due 08/01/2045		2,224,357		2,234,713
3.50% due 09/01/2045		485,024		487,282
3.50% due 10/01/2045		3,044,420		3,058,593
3.50% due 11/01/2045		6,925,520		6,952,407
3.50% due 12/01/2045		12,068,055		12,124,241
3.50% due 02/01/2046		2,039,875		2,049,371
3.50% due 03/01/2046		9,598,094		9,627,030
3.50% due 07/01/2046		6,172,568		6,201,302
3.50% due 01/01/2047		5,568,511		5,586,399
3.50% due 12/01/2047		15,540,211		15,566,553
3.50% due 04/01/2048		28,433,644		28,474,535
3.50% due March 15 TBA		3,170,000		3,220,708
3.50% due March 30 TBA		6,100,000		6,102,859
4.00% due 11/01/2025		69,792		71,847
4.00% due 03/01/2039		6,100,000		6,263,877
4.00% due 09/01/2040		106,960		110,017
4.00% due 10/01/2040		216,276		222,471
4.00% due 12/01/2040		1,803,175		1,854,618
4.00% due 10/01/2041		1,147,006		1,179,831
4.00% due 11/01/2041		1,181,312		1,215,551
4.00% due 01/01/2043		2,075,037		2,139,543
4.00% due 10/01/2043		2,807,005		2,886,021
4.00% due 10/01/2044		3,631,815		3,721,624
4.00% due 02/01/2045		3,796,307		3,908,861
4.00% due 02/01/2046		2,641,576		2,703,860
4.00% due 06/01/2046		737,394		754,636
4.00% due 01/01/2047		4,393,730		4,494,773
4.00% due 05/01/2047		4,471,090		4,573,372
4.00% due 07/01/2047		11,740,302		12,007,980
4.00% due 08/01/2047		6,597,726		6,747,645
4.00% due 06/01/2048		12,982,784		13,294,772
4.00% due 09/01/2048		5,874,002		5,993,250

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
4.00% due 01/01/2049	$	5,482,999	$	5,593,053
4.00% due 03/01/2049		5,500,000		5,610,396
4.50% due 10/01/2024		310,258		318,773
4.50% due 03/01/2025		470,205		483,225
4.50% due 02/01/2040		1,048,267		1,109,925
4.50% due 05/01/2040		303,700		320,498
4.50% due 11/01/2040		309,682		325,416
4.50% due 12/01/2040		288,401		303,054
4.50% due 05/01/2041		521,622		542,396
4.50% due 03/01/2042		2,978,115		3,120,274
4.50% due 08/01/2045		7,836,261		8,286,490
4.50% due 11/01/2047		4,862,093		5,036,739
4.50% due 06/01/2048		13,463,293		13,945,129
4.50% due 10/01/2048		5,823,578		6,030,050
4.50% due 11/01/2048		6,861,780		7,107,017
4.50% due 12/01/2048		2,656,775		2,750,898
5.00% due 03/01/2020		738		753
5.00% due 06/01/2022		31,775		32,482
5.00% due 10/01/2024		169,642		173,015
5.00% due 09/01/2033		531,442		567,717
5.00% due 04/01/2040		285,557		299,556
5.00% due 05/01/2040		599,014		641,376
5.00% due 06/01/2040		2,546,594		2,726,676
5.00% due 07/01/2040		651,216		694,457
5.00% due 02/01/2045		1,540,437		1,649,454
5.50% due 12/01/2029		133,987		142,096
5.50% due 12/01/2033		26,555		28,893
5.50% due 07/01/2037		30,512		32,850
5.50% due 08/01/2037		1,249,987		1,359,858
5.50% due 06/01/2038		150,387		162,811
5.50% due 09/01/2039		501,816		539,101
6.00% due 08/01/2034		22,968		25,298
6.00% due 11/01/2035		24,940		26,815
6.00% due 06/01/2036		52,819		58,088
6.00% due 12/01/2036		91,254		100,519
6.00% due 07/01/2038		442,057		486,947
6.00% due 09/01/2038		242,509		266,930
6.00% due 11/01/2038		142,349		156,796
Federal National Mtg. Assoc. FRS 4.12% (6 ML+1.54%) due 09/01/2035		1,033,679		1,068,630
4.20% (12 ML+1.66%) due 07/01/2039		777,071		809,263
4.27% (12 ML+1.57%) due 05/01/2037 .		227,234		236,545
4.29% (1 Yr USTYCR+2.26%) due 11/01/2036		405,144		426,308
4.52% (1 Yr USTYCR+2.22%) due 10/01/2035		1,087,963		1,142,660
4.55% (12 ML+1.91%) due 08/01/2035		708,917		745,582
4.57% (12 ML+1.82%) due 10/01/2040		244,681		255,774
4.63% (12 ML+1.76%) due 05/01/2040		1,068,996		1,118,604
4.67% (12 ML+1.83%) due 10/01/2040		609,809		636,536
Federal National Mtg. Assoc. REMIC Series2017-94, Class DA 3.00% due 06/25/2045(2)		5,627,449		5,588,946
Series2017-100, Class NP 3.00% due 12/25/2047(2)		4,715,574		4,603,721
Series2018-27, Class EA 3.00% due 05/25/2048(2)		4,133,687		4,041,238

30

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series2018-35, Class CD 3.00% due 05/25/2048(2)	$	4,837,168	$	4,702,563
Fannie Mae Connecticut Avenue Securities FRS Series2014-C01, Class M1 4.09% (1 ML+1.60%) due 01/25/2024(2)		128,965		129,254
				369,564,995
Government National Mtg. Assoc. — 4.5%
3.00% due 02/20/2045		5,832,697		5,804,403
3.00% due 05/20/2045		1,440,223		1,427,301
3.00% due 07/20/2045		363,253		359,917
3.00% due 11/20/2045		3,088,610		3,059,292
3.00% due 12/20/2045		2,471,391		2,447,424
3.00% due 05/20/2046		7,600,175		7,522,913
3.00% due 09/20/2047		4,531,917		4,477,472
3.50% due 03/20/2045		1,237,291		1,250,573
3.50% due 07/20/2045		609,984		616,538
3.50% due 03/20/2047		4,037,586		4,078,169
4.00% due 03/20/2044		766,542		792,924
4.00% due 07/20/2045		2,157,636		2,226,174
4.00% due 10/20/2045		7,686,430		7,920,567
4.00% due 11/20/2045		4,505,595		4,660,445
4.00% due 05/20/2048		14,338,583		14,730,223
4.50% due 05/15/2039		547,806		576,168
4.50% due 04/20/2047		5,143,132		5,351,800
5.00% due 05/15/2034		171,885		184,119
5.00% due 01/15/2040		520,659		554,564
5.50% due 12/15/2039		691,435		752,201
6.00% due 10/15/2039		455,866		489,174
Government National Mtg. Assoc. REMIC VRS Series2013-118, Class B 2.50% due 10/16/2043(1)(3)		1,700,000		1,588,454
				70,870,815
Total U.S. Government Agencies
(cost $589,314,724)				582,967,795
U.S. GOVERNMENT TREASURIES — 13.5%
United States Treasury Notes — 10.3%
0.13% due 04/15/2019 TIPS(8)		297,027		297,166
0.13% due 04/15/2020 TIPS(8)		289,694		287,453
1.00% due 06/30/2019		32,500,000		32,340,039
1.63% due 12/31/2019#		584,000		579,574
1.63% due 08/31/2022		5,000,000		4,853,516
1.88% due 01/31/2022		2,587,000		2,541,829
2.00% due 11/15/2021		238,000		235,006
2.00% due 07/31/2022		492,000		483,947
2.00% due 11/15/2026		7,000,000		6,686,367
2.13% due 12/31/2021		473,000		468,307
2.25% due 12/31/2024		4,800,000		4,716,375
2.25% due 08/15/2027		4,202,000		4,066,748
2.25% due 11/15/2027		11,770,000		11,371,383
2.38% due 02/29/2024		25,000,000		24,842,773
2.50% due 01/31/2024#		4,140,000		4,137,413
2.50% due 02/28/2026		10,000,000		9,927,344
2.63% due 06/30/2023		2,100,000		2,109,352
2.63% due 12/31/2023		1,000,000		1,004,570
2.63% due 12/31/2025		3,000,000		3,003,398
2.63% due 02/15/2029		10,000,000		9,923,828
2.75% due 06/30/2025		773,000		779,945
2.75% due 02/15/2028		1,250,000		1,255,371
2.88% due 10/31/2023		5,000,000		5,077,149
2.88% due 04/30/2025		5,800,000		5,894,250
2.88% due 07/31/2025		2,104,000		2,138,354

Security Description	Shares/ Principal Amount		Value (Note 2)
United States Treasury Notes (continued)
2.88% due 11/30/2025	$	10,000,000	$	10,162,891
2.88% due 08/15/2028		3,000,000		3,040,664
3.00% due 10/31/2025		3,300,000		3,378,504
3.13% due 11/15/2028		5,974,000		6,181,690
3.38% due 11/15/2019		262,000		263,464
				162,048,670
United States Treasury Bonds — 3.2%
2.50% due 02/15/2045		1,189,000		1,064,155
2.50% due 05/15/2046		1,426,000		1,270,477
2.75% due 08/15/2047#		1,300,000		1,216,211
3.00% due 05/15/2045		595,000		586,493
3.00% due 11/15/2045		3,015,000		2,971,070
3.00% due 05/15/2047		13,750,000		13,533,545
3.00% due 08/15/2048		3,643,000		3,579,817
3.13% due 11/15/2041		815,000		826,111
3.13% due 02/15/2042		1,908,000		1,932,074
3.13% due 08/15/2044		310,000		312,301
3.38% due 11/15/2048		15,000,000		15,855,469
3.63% due 08/15/2043		476,000		521,090
3.75% due 08/15/2041		37,000		41,320
3.88% due 08/15/2040		140,000		159,348
4.25% due 11/15/2040		713,000		854,040
4.38% due 05/15/2040		2,990,000		3,640,909
4.38% due 05/15/2041		452,000		551,193
4.63% due 02/15/2040		68,000		85,510
5.25% due 11/15/2028		375,000		455,376
				49,456,509
Total U.S. Government Treasuries
(cost $212,573,103)				211,505,179
COMMON STOCKS — 0.1%
Television — 0.1%
ION Media Networks, Inc.†(4)(5)(9) (cost $1)		79		65,087
PREFERRED SECURITIES — 0.0%
Electric-Distribution — 0.0%
Entergy Louisiana LLC 4.70%		22,875		555,176
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. Series Z 8.38%†#		6,900		65,274
Total Preferred Securities
(cost $678,289)				620,450
PREFERRED SECURITIES/CAPITAL SECURITIES — 2.0%
Banks-Commercial — 0.2%
Cooperatieve Rabobank UA 11.00% due 06/30/2019*(10)		2,748,000		2,809,830
Banks-Money Center — 0.1%
BBVA Bancomer SA 5.13% due 01/18/2033*		1,607,000		1,438,249
Banks-Super Regional — 0.1%
Huntington Bancshares, Inc. Series E 5.70% due 04/15/2023(10)		997,000		959,612
Wells Fargo Capital X 5.95% due 12/01/2086(5)		437,000		470,868
				1,430,480

31

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Diversified Banking Institutions — 0.9%
Bank of Nova Scotia 4.65% due 10/12/2022(10)	$	2,845,000	$	2,599,619
HSBC Holdings PLC 6.00% due 05/22/2027(10)		1,763,000		1,716,721
HSBC Holdings PLC 6.25% due 03/23/2023(10)		1,925,000		1,920,187
JPMorgan Chase & Co. Series CC 4.63% due 11/01/2022(10)		2,565,000		2,377,883
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024#(10)		1,855,000		1,929,200
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(10)		425,000		451,563
Societe Generale SA 7.88% due 12/18/2023*#(10)		993,000		1,027,755
UBS Group Funding Switzerland AG 7.00% due 01/31/2024*(10)		1,691,000		1,702,837
				13,725,765
Electric - Integrated — 0.1%
Dominion Resources, Inc. 5.75% due 10/01/2054		795,000		795,199
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(4)(5)		148,000		15
Finance - Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		862,000		834,106
Food - Dairy Products — 0.0%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		603,000		643,702
Insurance - Life/Health — 0.2%
Prudential Financial, Inc. 5.63% due 06/15/2043		950,000		985,625
Prudential Financial, Inc. 5.70% due 09/15/2048		2,021,000		1,979,327
				2,964,952
Insurance - Multi-line — 0.1%
Assurant, Inc. 7.00% due 03/27/2048		2,050,000		2,009,000
Pipelines — 0.2%
Energy Transfer Partners LP 6.25% due 02/15/2023(10)		1,086,000		990,975
EnLink Midstream Partners LP 6.00% due 12/15/2022(10)		926,000		752,375
Enterprise Products Operating LLC 5.25% due 08/16/2077		763,000		699,665
TransCanada Trust 5.30% due 03/15/2077		809,000		752,370
TransCanada Trust 5.63% due 05/20/2075		517,000		498,905
				3,694,290
Total Preferred Securities/Capital Securities
(cost $31,139,259)				30,345,588
Total Long-Term Investment Securities
(cost $1,529,193,560)				1,519,312,752

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 7.7%
Registered Investment Companies — 7.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.35%(11)		101,593,129		$	101,593,129
State Street Navigator Securities Lending Government Money Market Portfolio 2.43%(11)(13)		18,909,203			18,909,203
Total Short-Term Investment Securities
(cost $120,502,332)					120,502,332
TOTAL INVESTMENTS
(cost $1,649,695,892)(12)		104.9	%		1,639,815,084
Liabilities in excess of other assets		(4.9	)		(76,720,177	)
NET ASSETS		100.0	%	$	1,563,094,907

* 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 February 28, 2019, the aggregate value of these securities was $220,386,905 representing 14.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

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

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

(5) Illiquid security. At February 28, 2019, the aggregate value of these securities was $13,627,656 representing 0.9% of net assets.

(6) Interest Only

(7) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at February 28, 2019.

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

(9) 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 February 28, 2019, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.		03/05/2014		79	$	1	$	65,087	$	823.89		0.00	%

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

(11) The rate shown is the7-day yield as of February 28, 2019.

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

(13) At February 28, 2019, the Fund had loaned securities with a total value of $35,166,107. This was secured by collateral of $18,909,203, which was received in cash and subsequently invested in short-term investments currently valued at $18,909,203 as reported in the Portfolio of Investments. Additional collateral of $17,154,993 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.

32

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

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

Securities	Coupon Range	Maturity Date Range	Value as of February 28, 2019
Federal Home Loan Mtg. Corp.	1.09% to 15.07%	10/25/2025 to 04/15/2051	$	599,693
Federal National Mtg. Assoc.	2.41% to 16.44%	05/25/2023 to 07/25/2054		429,387
Government National Mtg. Assoc.	2.25% to 24.63%	01/16/2034 to 08/16/2059		221,493
United States Treasury Notes/Bonds	0.13% to 8.75%	07/15/2019 to 11/15/2045		15,904,420

REMIC—Real Estate Mortgage Investment Conduit

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

TIPS—Treasury Inflation Protected Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at February 28, 2019 and unless noted otherwise, the dates are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	44,187,030	$	—	$	44,187,030
U.S. Corporate Bonds & Notes:
Airlines		—		484,735		37,670		522,405
Finance - Investment Banker/Broker		—		1,949,091		41		1,949,132
Gambling(Non-Hotel)		—		653,906		97		654,003
Other Industries		—		522,305,222		—		522,305,222
Foreign Corporate Bonds & Notes		—		119,164,066		—		119,164,066
Foreign Government Obligations		—		5,026,795		—		5,026,795
U.S. Government Agencies		—		582,967,795		—		582,967,795
U.S. Government Treasuries		—		211,505,179		—		211,505,179
Common Stocks		—		—		65,087		65,087
Preferred Securities		620,450		—		—		620,450
Preferred Securities/Capital Securities:
Finance - Investment Banker/Broker		—		—		15		15
Other Industries		—		30,345,573		—		30,345,573
Short-Term Investments		120,502,332		—		—		120,502,332
Total Investments at Value	$	121,122,782	$	1,518,589,392	$	102,910	$	1,639,815,084

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

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

See Notes to Financial Statements

33

VALIC Company II Government Money Market II Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

U.S. Government Agencies	76.3	%
U.S. Government Treasuries	25.3
	101.6	%

Credit Quality@#

A-1+ 100.0 % 

* Calculated as a percentage of net assets

@ Source: Standards & Poor’s

# Calculated as a percentage of total debt issues

Weighted Average days to Maturity — 27.0 days

34

VALIC Company II Government Money Market II Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 101.6%
U.S. Government Agencies — 76.3%
Federal Home Loan Bank
2.40% due 03/04/2019	$	4,000,000	$	3,999,212
2.40% due 03/13/2019		6,900,000		6,894,560
2.41% due 03/04/2019		2,000,000		1,999,605
2.41% due 03/21/2019		4,000,000		3,994,722
2.41% due 04/01/2019		7,200,000		7,185,275
2.42% due 03/06/2019		900,000		899,702
2.42% due 04/09/2019		4,000,000		3,989,687
2.43% due 03/13/2019		5,100,000		5,095,937
2.43% due 04/01/2019		6,000,000		5,987,652
2.43% due 04/10/2019		5,000,000		4,986,750
2.44% due 04/09/2019		3,000,000		2,992,200
2.44% due 05/01/2019		2,000,000		1,991,884
2.45% due 04/16/2019		7,000,000		6,978,444
2.46% due 05/01/2019		2,000,000		1,991,816
2.47% due 03/05/2019		2,500,000		2,499,325
Federal Home Loan Bank FRS
2.38% (1 ML - 0.13%) due 03/01/2019		1,000,000		1,000,000
2.44% (1 ML - 0.06%) due 01/14/2020		2,000,000		1,999,609
2.49% (3 ML- 0.16%) due 05/24/2019		2,000,000		2,000,207
Federal Home Loan Mtg. Corp.
1.13% due 04/15/2019		1,057,000		1,055,373
2.43% due 04/17/2019		4,000,000		3,987,571
Federal Home Loan Mtg. Corp. FRS 2.39% (SOFR + 0.01%) due 07/09/2019		1,000,000		1,000,000
Federal National Mtg. Assoc. 2.31% due 03/01/2019		15,000,000		15,000,000
Federal National Mtg. Assoc. FRS 2.51% (1 ML+0.00%) due 03/08/2019		3,000,000		3,000,043
Total U.S. Government Agencies
(amortized cost $90,529,574)				90,529,574

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries — 25.3%
United States Treasury Bills
2.35% due 03/05/2019	$	1,000,000		$	998,829
2.35% due 03/19/2019		3,000,000			2,999,219
2.37% due 03/26/2019		5,100,000			5,091,610
2.39% due 04/04/2019		4,000,000			3,991,062
2.40% due 04/04/2019		7,000,000			6,984,289
2.51% due 06/06/2019		2,000,000			1,986,635
United States Treasury Notes
1.25% due 03/31/2019		4,000,000			3,996,165
1.63% due 03/31/2019		4,000,000			3,997,163
Total U.S. Government Treasuries
(amortized cost $30,044,972)					30,044,972
TOTAL INVESTMENTS
(amortized cost $120,574,546)(1)		101.6	%		120,574,546
Liabilities in excess of other assets		(1.6	)		(1,943,818	)
NET ASSETS		100.0	%	$	118,630,728

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

FRS — Floating Rate Security

The rates shown on FRS are the current interest rates at February 28, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

3 ML—3 Month USD LIBOR

SOFR—Secured Overnight Financing Rate

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Short-Term Investment Securities	$	—		120,574,546	$	—	$	120,574,546

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

See Notes to Financial Statements

35

VALIC Company II High Yield Bond Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Repurchase Agreements	9.0	%
Oil Companies — Exploration & Production	7.8
Cable/Satellite TV	6.9
Registered Investment Companies	5.7
Pipelines	4.2
Finance — Consumer Loans	4.1
Medical — Drugs	4.0
Television	3.3
Medical — Hospitals	2.8
Building — Residential/Commercial	2.7
Cellular Telecom	2.6
Containers — Paper/Plastic	2.5
Telephone — Integrated	2.4
Casino Hotels	2.3
Rental Auto/Equipment	2.2
Diversified Banking Institutions	2.0
Food — Misc./Diversified	1.9
Banks — Commercial	1.7
Gambling(Non-Hotel)	1.6
Electronic Components — Semiconductors	1.5
Data Processing/Management	1.5
Aerospace/Defense	1.2
Medical Labs & Testing Services	1.2
Retail — Restaurants	1.1
Security Services	1.0
Steel — Producers	1.0
Insurance — Multi-line	1.0
Diagnostic Equipment	0.9
Hazardous Waste Disposal	0.9
Finance — Other Services	0.9
Aerospace/Defense — Equipment	0.9
Transport — Equipment & Leasing	0.8
Office Automation & Equipment	0.8
Enterprise Software/Service	0.8
Metal — Aluminum	0.8
Disposable Medical Products	0.8
Real Estate Investment Trusts	0.8
Chemicals — Specialty	0.8
Electric — Integrated	0.7
Gas — Distribution	0.7
Coal	0.7
Racetracks	0.7
Metal Processors & Fabrication	0.7
Containers — Metal/Glass	0.6
Insurance — Property/Casualty	0.6
Retail — Propane Distribution	0.6
Soap & Cleaning Preparation	0.5
Commercial Services — Finance	0.5
Casino Services	0.5
Retail — Apparel/Shoe	0.5
Electronic Components — Misc.	0.5
Retail — Leisure Products	0.5
Banks — Mortgage	0.5
Machinery — General Industrial	0.5
Commercial Services	0.4
Metal Products — Fasteners	0.4
Textile — Products	0.4
Machinery — Material Handling	0.4
Internet Connectivity Services	0.4
Cosmetics & Toiletries	0.4
Building & Construction Products — Misc.	0.4
Building — Heavy Construction	0.4
Agricultural Chemicals	0.4
Retail — Office Supplies	0.4
Computers — Memory Devices	0.4
Telecom Services	0.4
Music	0.3
E-Commerce/Services	0.3
Broadcast Services/Program	0.3

Applications Software	0.3
Retail — Pet Food & Supplies	0.3
Advertising Services	0.3
Retail — Building Products	0.3
Medical Information Systems	0.3
Oil — Field Services	0.3
Medical — Generic Drugs	0.3
Insurance Brokers	0.3
Theaters	0.3
Finance — Credit Card	0.2
Semiconductor Equipment	0.2
Distribution/Wholesale	0.2
Financial Guarantee Insurance	0.2
Non-Hazardous Waste Disposal	0.2
Oil Refining & Marketing	0.2
E-Commerce/Products	0.2
Medical — Biomedical/Gene	0.1
Funeral Services & Related Items	0.1
Industrial Gases	0.1
Food — Flour & Grain	0.1
Building Products — Doors & Windows	0.1
	108.0	%

Credit Quality†#

Baa	1.1	%
Ba	27.7
B	49.9
Caa	14.6
Ca	0.5
Not Rated@	6.2
	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.

36

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited)

Security Description	Principal Amount(14)		Value (Note 2)
CONVERTIBLE BONDS & NOTES — 1.1%
Cable/Satellite TV — 0.2%
DISH Network Corp. Senior Notes 3.38% due 08/15/2026	$	1,520,000	$	1,305,528
Casino Hotels — 0.2%
Caesars Entertainment Corp. Senior Notes 5.00% due 10/01/2024		720,000		1,024,927
Commercial Services - Finance — 0.2%
Cardtronics, Inc. Company Guar. Notes 1.00% due 12/01/2020		1,360,000		1,304,674
Computers - Memory Devices — 0.3%
Western Digital Corp. Company Guar. Notes 1.50% due 02/01/2024*		2,015,000		1,776,003
Electronic Components - Semiconductors — 0.2%
Microchip Technology, Inc. Senior Sub. Notes 1.63% due 02/15/2027		643,000		738,922
Microchip Technology, Inc. Junior Sub. Notes 2.25% due 02/15/2037		663,000		770,675
				1,509,597
Total Convertible Bonds & Notes
(cost $8,160,740)				6,920,729
U.S. CORPORATE BONDS & NOTES — 67.4%
Advertising Services — 0.3%
Lamar Media Corp. Company Guar. Notes 5.75% due 02/01/2026*		1,785,000		1,867,556
Aerospace/Defense - Equipment — 0.9%
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		5,240,000		5,357,900
Agricultural Chemicals — 0.4%
CF Industries, Inc. Company Guar. Notes 4.95% due 06/01/2043		325,000		271,781
CF Industries, Inc. Company Guar. Notes 5.15% due 03/15/2034		1,793,000		1,685,349
CF Industries, Inc. Company Guar. Notes 5.38% due 03/15/2044		515,000		449,981
				2,407,111
Banks - Mortgage — 0.5%
Freedom Mtg. Corp. Senior Notes 8.13% due 11/15/2024*		3,045,000		2,854,688
Broadcast Services/Program — 0.3%
Liberty Interactive LLC Senior Notes 8.25% due 02/01/2030		1,991,000		2,035,798
Building & Construction Products - Misc. — 0.4%
Standard Industries, Inc. Senior Notes 5.38% due 11/15/2024*		2,465,000		2,501,975

Security Description	Principal Amount(14)		Value (Note 2)
Building Products - Doors & Windows — 0.1%
Jeld-Wen, Inc. Company Guar. Notes 4.63% due 12/15/2025*	$	170,000	$	160,013
Jeld-Wen, Inc. Company Guar. Notes 4.88% due 12/15/2027*#		270,000		250,087
				410,100
Building - Heavy Construction — 0.4%
Brand Industrial Services, Inc. Senior Notes 8.50% due 07/15/2025*		2,727,000		2,461,118
Building - Residential/Commercial — 2.7%
AV Homes, Inc. Company Guar. Notes 6.63% due 05/15/2022		3,215,000		3,315,469
Beazer Homes USA, Inc. Company Guar. Notes 5.88% due 10/15/2027#		1,560,000		1,361,100
Beazer Homes USA, Inc. Company Guar. Notes 6.75% due 03/15/2025		1,145,000		1,067,713
KB Home Company Guar. Notes 7.00% due 12/15/2021		2,905,000		3,072,037
KB Home Company Guar. Notes 8.00% due 03/15/2020		1,461,000		1,524,919
M/I Homes, Inc. Company Guar. Notes 5.63% due 08/01/2025		1,750,000		1,640,625
M/I Homes, Inc. Company Guar. Notes 6.75% due 01/15/2021		3,295,000		3,344,425
TRI Pointe Group Inc./TRI Pointe Homes Inc. Company Guar. Notes 5.88% due 06/15/2024		1,460,000		1,429,431
				16,755,719
Cable/Satellite TV — 5.0%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.13% due 02/15/2023		150,000		152,438
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.13% due 05/01/2023*		3,695,000		3,760,032
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 09/01/2023		715,000		728,406
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 01/15/2024		360,000		368,775
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 02/15/2026*		3,740,000		3,851,041
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.88% due 04/01/2024*		1,490,000		1,551,463
CSC Holdings LLC Senior Notes 5.13% due 12/15/2021*		1,730,000		1,735,432
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		1,900,000		1,899,354

37

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*	$	825,000	$	826,848
CSC Holdings LLC Company Guar. Notes 6.50% due 02/01/2029*		7,250,000		7,585,385
CSC Holdings LLC Senior Notes 10.88% due 10/15/2025*		886,000		1,027,760
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023#		1,695,000		1,508,550
DISH DBS Corp. Company Guar. Notes 6.75% due 06/01/2021		5,951,000		6,084,897
				31,080,381
Casino Hotels — 2.1%
Boyd Gaming Corp. Company Guar. Notes 6.00% due 08/15/2026		960,000		984,600
Boyd Gaming Corp. Company Guar. Notes 6.38% due 04/01/2026		3,425,000		3,570,563
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. Senior Sec. Notes 6.75% due 11/15/2021*		3,015,000		3,105,450
Station Casinos LLC Company Guar. Notes 5.00% due 10/01/2025*		2,125,000		2,063,906
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. Senior Sec. Notes 5.88% due 05/15/2025*		3,020,000		2,982,250
				12,706,769
Casino Services — 0.5%
Eldorado Resorts, Inc. Company Guar. Notes 6.00% due 04/01/2025		2,695,000		2,742,432
Eldorado Resorts, Inc. Company Guar. Notes 6.00% due 09/15/2026*		450,000		457,875
				3,200,307
Cellular Telecom — 2.6%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		4,189,000		4,314,670
Sprint Corp. Company Guar. Notes 7.25% due 09/15/2021		4,340,000		4,584,125
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025		2,125,000		2,225,937
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		4,576,000		4,897,510
				16,022,242
Chemicals - Specialty — 0.5%
Chemours Co. Company Guar. Notes 6.63% due 05/15/2023		2,260,000		2,344,863

Security Description	Principal Amount(14)		Value (Note 2)
Chemicals - Specialty (continued)
Chemours Co. Company Guar. Notes 7.00% due 05/15/2025	$	455,000	$	474,338
				2,819,201
Coal — 0.7%
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. Sec. Notes 12.00% due 11/01/2021		2,605,000		1,250,400
Foresight Energy LLC/Foresight Energy Finance Corp. Sec. Notes 11.50% due 04/01/2023*		3,410,000		2,830,300
Peabody Energy Corp. Senior Sec. Notes 6.38% due 03/31/2025*		390,000		383,955
				4,464,655
Commercial Services - Finance — 0.1%
ACE Cash Express, Inc. Senior Sec. Notes 12.00% due 12/15/2022*		620,000		586,675
Computers - Memory Devices — 0.1%
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026		449,000		424,305
Containers - Paper/Plastic — 2.1%
Berry Plastics Corp. Sec. Notes 6.00% due 10/15/2022		2,760,000		2,835,900
Crown Americas LLC/Crown Americas Capital Corp. Company Guar. Notes 4.75% due 02/01/2026		2,005,000		2,011,266
Flex Acquisition Co., Inc. Senior Notes 6.88% due 01/15/2025*		3,720,000		3,515,400
Flex Acquisition Co., Inc. Senior Notes 7.88% due 07/15/2026*		1,340,000		1,283,050
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC Senior Sec. Notes 5.13% due 07/15/2023*		3,080,000		3,080,000
				12,725,616
Cosmetics & Toiletries — 0.4%
Revlon Consumer Products Corp. Company Guar. Notes 6.25% due 08/01/2024		4,530,000		2,616,075
Data Processing/Management — 0.9%
First Data Corp. Senior Sec. Notes 5.38% due 08/15/2023*		3,305,000		3,381,444
First Data Corp. Sec. Notes 5.75% due 01/15/2024*		2,415,000		2,486,122
				5,867,566
Diagnostic Equipment — 0.9%
Avantor, Inc. Senior Sec. Notes 6.00% due 10/01/2024*		5,630,000		5,746,119
Disposable Medical Products — 0.8%
Sotera Health Holdings LLC Senior Notes 6.50% due 05/15/2023*		5,015,000		5,052,612

38

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Distribution/Wholesale — 0.2%
American Builders & Contractors Supply Co., Inc. Senior Notes 5.75% due 12/15/2023*	$	1,370,000	$	1,404,250
Electric - Integrated — 0.7%
AES Corp. Senior Notes 5.13% due 09/01/2027		4,355,000		4,474,762
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc. Escrow Notes 11.50% due 10/01/2020†(1)		3,873,748		21,306
				4,496,068
Electronic Components - Semiconductors — 1.2%
Micron Technology, Inc. Senior Notes 4.64% due 02/06/2024		785,000		790,387
Micron Technology, Inc. Senior Notes 4.98% due 02/06/2026		2,050,000		2,043,978
Micron Technology, Inc. Senior Notes 5.50% due 02/01/2025		1,490,000		1,530,900
Qorvo, Inc. Company Guar. Notes 5.50% due 07/15/2026*		2,850,000		2,899,875
				7,265,140
Enterprise Software/Service — 0.8%
Infor Software Parent LLC/Infor Software Parent, Inc. Senior Notes 7.13% due 05/01/2021*(2)		595,000		597,380
Infor US, Inc. Company Guar. Notes 6.50% due 05/15/2022		4,478,000		4,566,530
				5,163,910
Finance - Consumer Loans — 3.6%
Navient Corp. Senior Notes 5.88% due 10/25/2024		2,816,000		2,699,840
Navient Corp. Senior Notes 6.50% due 06/15/2022		2,629,000		2,701,297
Navient Corp. Senior Notes 7.25% due 09/25/2023		1,460,000		1,505,625
SLM Corp. Senior Notes 5.50% due 01/25/2023		1,707,000		1,685,662
SLM Corp. Senior Notes 5.63% due 08/01/2033		350,000		270,375
SLM Corp. Senior Notes 6.13% due 03/25/2024		3,270,000		3,188,250
Springleaf Finance Corp. Company Guar. Notes 5.25% due 12/15/2019		970,000		984,550
Springleaf Finance Corp. Company Guar. Notes 6.13% due 05/15/2022		165,000		171,188
Springleaf Finance Corp. Company Guar. Notes 6.13% due 03/15/2024		485,000		490,456

Security Description	Principal Amount(14)		Value (Note 2)
Finance - Consumer Loans (continued)
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025	$	1,120,000	$	1,146,600
Springleaf Finance Corp. Company Guar. Notes 7.13% due 03/15/2026		2,710,000		2,743,875
Springleaf Finance Corp. Company Guar. Notes 7.75% due 10/01/2021		2,585,000		2,774,765
Springleaf Finance Corp. Company Guar. Notes 8.25% due 12/15/2020		1,845,000		1,975,534
				22,338,017
Finance - Other Services — 0.9%
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*		4,240,000		4,282,400
Vantiv LLC/Vanity Issuer Corp. Company Guar. Notes 4.38% due 11/15/2025*		1,250,000		1,206,250
				5,488,650
Financial Guarantee Insurance — 0.2%
Radian Group, Inc. Senior Notes 4.50% due 10/01/2024		1,270,000		1,235,075
Food - Misc./Diversified — 1.9%
Post Holdings, Inc. Company Guar. Notes 5.00% due 08/15/2026*		4,040,000		3,883,450
Post Holdings, Inc. Company Guar. Notes 5.63% due 01/15/2028*		2,974,000		2,873,627
Post Holdings, Inc. Company Guar. Notes 5.75% due 03/01/2027*		1,440,000		1,416,600
TreeHouse Foods, Inc. Company Guar. Notes 4.88% due 03/15/2022		2,405,000		2,414,861
TreeHouse Foods, Inc. Company Guar. Notes 6.00% due 02/15/2024*#		1,230,000		1,266,900
				11,855,438
Funeral Services & Related Items — 0.1%
Service Corp. International Senior Notes 4.63% due 12/15/2027		735,000		725,813
Gambling(Non-Hotel) — 1.0%
Caesars Resort Collection LLC/CRC Finco, Inc. Company Guar. Notes 5.25% due 10/15/2025*		3,025,000		2,869,969
Jacobs Entertainment, Inc. Sec. Notes 7.88% due 02/01/2024*		3,285,000		3,441,037
				6,311,006
Gas- Distribution — 0.7%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.50% due 05/20/2025		731,000		723,690
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.75% due 05/20/2027		875,000		857,500

39

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Gas- Distribution (continued)
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.88% due 08/20/2026	$	2,904,000	$	2,910,389
				4,491,579
Hazardous Waste Disposal — 0.2%
Clean Harbors, Inc. Company Guar. Notes 5.13% due 06/01/2021		1,320,000		1,320,000
Insurance - Multi-line — 0.9%
Acrisure LLC/Acrisure Finance, Inc. Senior Sec. Notes 8.13% due 02/15/2024*		2,744,000		2,809,170
Genworth Holdings, Inc. Company Guar. Notes 4.80% due 02/15/2024		260,000		214,500
Genworth Holdings, Inc. Company Guar. Notes 4.90% due 08/15/2023		1,215,000		1,025,095
Genworth Holdings, Inc. Company Guar. Notes 7.20% due 02/15/2021		990,000		970,200
Genworth Holdings, Inc. Company Guar. Notes 7.63% due 09/24/2021		539,000		525,660
Genworth Holdings, Inc. Company Guar. Notes 7.70% due 06/15/2020#		86,000		85,570
				5,630,195
Internet Connectivity Services — 0.4%
Zayo Group LLC/Zayo Capital, Inc. Company Guar. Notes 6.00% due 04/01/2023		2,680,000		2,713,500
Machinery - General Industrial — 0.3%
Stevens Holding Co, Inc. Company Guar. Notes 6.13% due 10/01/2026*		1,665,000		1,698,300
Machinery - Material Handling — 0.4%
Cloud Crane LLC Sec. Notes 10.13% due 08/01/2024*		2,570,000		2,737,050
Medical Information Systems — 0.3%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. Senior Notes 5.75% due 03/01/2025*		1,890,000		1,844,546
Medical Labs & Testing Services — 0.9%
Catalent Pharma Solutions, Inc. Company Guar. Notes 4.88% due 01/15/2026*		520,000		514,800
West Street Merger Sub, Inc. Senior Notes 6.38% due 09/01/2025*		5,180,000		4,830,350
				5,345,150
Medical - Biomedical/Gene — 0.1%
Sterigenics-Nordion Topco LLC Senior Notes 8.13% due 11/01/2021*(2)		745,000		733,825
Medical - Drugs — 0.0%
Valeant Pharmaceuticals International Company Guar. Notes 8.50% due 01/31/2027*		20,000		20,775

Security Description	Principal Amount(14)		Value (Note 2)
Medical - Generic Drugs — 0.3%
Teva Pharmaceutical Finance IV LLC Company Guar. Notes 2.25% due 03/18/2020	$	1,725,000	$	1,699,127
Medical - Hospitals — 2.2%
CHS/Community Health Systems, Inc. Sec. Notes 8.13% due 06/30/2024*#		1,810,000		1,520,400
HCA Healthcare, Inc. Senior Notes 6.25% due 02/15/2021		5,000,000		5,239,200
HCA, Inc. Company Guar. Notes 5.38% due 09/01/2026		4,590,000		4,704,750
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		105,000		108,543
HCA, Inc. Company Guar. Notes 5.88% due 02/01/2029		85,000		89,144
HCA, Inc. Company Guar. Notes 7.50% due 11/15/2095		1,820,000		1,829,100
				13,491,137
Metal Processors & Fabrication — 0.7%
Novelis Corp. Company Guar. Notes 5.88% due 09/30/2026*		1,145,000		1,116,375
Novelis Corp. Company Guar. Notes 6.25% due 08/15/2024*		2,920,000		2,941,900
				4,058,275
Metal Products - Fasteners — 0.4%
TriMas Corp. Company Guar. Notes 4.88% due 10/15/2025*		2,825,000		2,775,563
Metal - Aluminum — 0.3%
Kaiser Aluminum Corp. Company Guar. Notes 5.88% due 05/15/2024		1,940,000		1,983,650
Music — 0.3%
WMG Acquisition Corp. Senior Sec. Notes 5.00% due 08/01/2023*		555,000		556,388
WMG Acquisition Corp. Company Guar. Notes 5.50% due 04/15/2026*		1,578,000		1,587,862
				2,144,250
Non-Hazardous Waste Disposal — 0.2%
Waste Pro USA, Inc. Senior Notes 5.50% due 02/15/2026*		1,095,000		1,062,150
Office Automation & Equipment — 0.8%
Pitney Bowes, Inc. Senior Notes 4.63% due 03/15/2024#		570,000		521,550
Pitney Bowes, Inc. Senior Notes 4.95% due 04/01/2023		795,000		747,300
Xerox Corp. Senior Notes 3.63% due 03/15/2023		4,060,000		3,968,650
				5,237,500

40

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production — 6.9%
California Resources Corp. Sec. Notes 8.00% due 12/15/2022*#	$	1,845,000	$	1,473,694
Centennial Resource Production LLC Company Guar. Notes 5.38% due 01/15/2026*		1,635,000		1,561,425
Chesapeake Energy Corp. Company Guar. Notes 7.00% due 10/01/2024#		3,200,000		3,160,000
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 10/01/2026#		2,075,000		2,043,875
Chesapeake Energy Corp. Company Guar. Notes 8.00% due 06/15/2027#		2,650,000		2,623,500
Continental Resources, Inc. Company Guar. Notes 5.00% due 09/15/2022		425,000		429,395
Energen Corp. Senior Notes 4.63% due 09/01/2021		2,170,000		2,186,275
Jagged Peak Energy LLC Company Guar. Notes 5.88% due 05/01/2026*		3,615,000		3,652,280
Laredo Petroleum, Inc. Company Guar. Notes 5.63% due 01/15/2022#		3,216,000		3,046,420
Matador Resources Co. Company Guar. Notes 5.88% due 09/15/2026#		2,400,000		2,388,000
QEP Resources, Inc. Senior Notes 5.25% due 05/01/2023		2,516,000		2,421,650
QEP Resources, Inc. Senior Notes 5.38% due 10/01/2022		206,000		202,395
QEP Resources, Inc. Senior Notes 5.63% due 03/01/2026#		2,810,000		2,634,375
QEP Resources, Inc. Senior Notes 6.80% due 03/01/2020		245,000		251,431
SM Energy Co. Senior Notes 5.00% due 01/15/2024		3,150,000		2,964,937
SM Energy Co. Senior Notes 5.63% due 06/01/2025#		1,100,000		1,028,500
SM Energy Co. Senior Notes 6.13% due 11/15/2022		365,000		363,175
SM Energy Co. Senior Notes 6.63% due 01/15/2027#		1,275,000		1,214,438
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. Company Guar. Notes 8.75% due 04/15/2023*		4,000,000		3,230,000
WPX Energy, Inc. Senior Notes 5.25% due 09/15/2024		2,870,000		2,859,237
WPX Energy, Inc. Senior Notes 5.75% due 06/01/2026		740,000		744,625
WPX Energy, Inc. Senior Notes 6.00% due 01/15/2022		841,000		868,333

Security Description	Principal Amount(14)		Value (Note 2)
Oil Companies - Exploration & Production (continued)
WPX Energy, Inc. Senior Notes 8.25% due 08/01/2023	$	970,000	$	1,087,613
				42,435,573
Oil Refining & Marketing — 0.2%
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.50% due 02/15/2026		600,000		595,980
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.88% due 03/15/2028		375,000		369,375
				965,355
Pipelines — 4.2%
Blue Racer Midstream LLC/Blue Racer Finance Corp. Company Guar. Notes 6.13% due 11/15/2022*		4,060,000		4,115,825
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.13% due 06/30/2027		2,585,000		2,636,700
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.88% due 03/31/2025		1,830,000		1,948,968
DCP Midstream Operating LP Company Guar. Notes 5.38% due 07/15/2025		3,790,000		3,941,600
Energy Transfer Equity LP Senior Sec. Notes 5.50% due 06/01/2027		3,605,000		3,785,250
Energy Transfer Equity LP Senior Sec. Notes 7.50% due 10/15/2020		1,350,000		1,434,375
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 4.75% due 10/01/2023*		1,980,000		1,975,050
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.50% due 07/15/2027*		4,360,000		4,610,700
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.75% due 03/15/2024#		1,650,000		1,728,375
				26,176,843
Racetracks — 0.7%
Penn National Gaming, Inc. Senior Notes 5.63% due 01/15/2027*		4,555,000		4,352,849
Real Estate Investment Trusts — 0.8%
FelCor Lodging LP Company Guar. Notes 6.00% due 06/01/2025		4,775,000		4,959,983
Rental Auto/Equipment — 2.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.50% due 04/01/2023#		2,060,000		2,083,175
Herc Rentals, Inc. Sec. Notes 7.50% due 06/01/2022*		1,372,000		1,430,310
Herc Rentals, Inc. Sec. Notes 7.75% due 06/01/2024*#		2,114,000		2,254,687

41

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Rental Auto/Equipment (continued)
United Rentals North America, Inc. Company Guar. Notes 4.63% due 10/15/2025	$	970,000	$	943,325
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		6,370,000		6,075,387
United Rentals North America, Inc. Company Guar. Notes 5.88% due 09/15/2026		1,025,000		1,048,063
				13,834,947
Retail - Apparel/Shoe — 0.5%
L Brands, Inc. Company Guar. Notes 5.25% due 02/01/2028		2,895,000		2,504,175
L Brands, Inc. Company Guar. Notes 6.75% due 07/01/2036		465,000		392,925
L Brands, Inc. Company Guar. Notes 6.88% due 11/01/2035		205,000		176,812
				3,073,912
Retail - Building Products — 0.3%
Beacon Roofing Supply, Inc. Company Guar. Notes 4.88% due 11/01/2025*#		1,995,000		1,857,220
Retail - Leisure Products — 0.5%
Party City Holdings, Inc. Company Guar. Notes 6.13% due 08/15/2023*#		2,830,000		2,868,912
Retail - Office Supplies — 0.4%
Staples, Inc. Company Guar. Notes 8.50% due 09/15/2025*#		2,280,000		2,234,400
Retail- Pet Food & Supplies — 0.3%
PetSmart, Inc. Senior Sec. Notes 5.88% due 06/01/2025*		2,365,000		1,880,175
Retail - Propane Distribution — 0.6%
Ferrellgas LP/Ferrellgas Finance Corp. Senior Notes 6.50% due 05/01/2021		1,323,000		1,184,085
Ferrellgas LP/Ferrellgas Finance Corp. Senior Notes 6.75% due 01/15/2022		1,271,000		1,131,190
Ferrellgas LP/Ferrellgas Finance Corp. Company Guar. Notes 6.75% due 06/15/2023		1,242,000		1,111,590
				3,426,865
Rubber/Plastic Products — 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(1)(3)(4)(5)		50,000		0
Security Services — 0.6%
APX Group, Inc. Company Guar. Notes 7.63% due 09/01/2023#		2,155,000		1,899,094
APX Group, Inc. Senior Sec. Notes 7.88% due 12/01/2022		2,065,000		2,049,512
				3,948,606

Security Description	Principal Amount(14)		Value (Note 2)
Semiconductor Equipment — 0.2%
Entegris, Inc. Company Guar. Notes 4.63% due 02/10/2026*	$	1,500,000	$	1,473,750
Steel - Producers — 1.0%
AK Steel Corp. Company Guar. Notes 7.00% due 03/15/2027#		2,400,000		2,016,000
Steel Dynamics, Inc. Company Guar. Notes 4.13% due 09/15/2025		2,170,000		2,109,978
Steel Dynamics, Inc. Company Guar. Notes 5.13% due 10/01/2021		915,000		920,147
Steel Dynamics, Inc. Company Guar. Notes 5.50% due 10/01/2024		1,130,000		1,161,075
				6,207,200
Telecom Services — 0.4%
Embarq Corp. Senior Notes 8.00% due 06/01/2036		2,240,000		2,161,600
Telephone - Integrated — 1.9%
CenturyLink, Inc. Senior Notes 5.63% due 04/01/2025#		5,380,000		5,129,615
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024#		890,000		941,453
Frontier Communications Corp. Senior Notes 6.88% due 01/15/2025		2,690,000		1,452,600
Frontier Communications Corp. Sec. Notes 8.50% due 04/01/2026*		2,920,000		2,715,600
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/2028		1,700,000		1,677,687
				11,916,955
Television — 2.7%
Gray Television, Inc. Company Guar. Notes 5.13% due 10/15/2024*		2,490,000		2,480,662
Gray Television, Inc. Company Guar. Notes 5.88% due 07/15/2026*		1,060,000		1,070,600
Sinclair Television Group, Inc. Company Guar. Notes 5.13% due 02/15/2027*		1,015,000		951,563
Sinclair Television Group, Inc. Company Guar. Notes 5.63% due 08/01/2024*		1,120,000		1,129,800
Sinclair Television Group, Inc. Company Guar. Notes 5.88% due 03/15/2026*		1,585,000		1,561,225
Sinclair Television Group, Inc. Company Guar. Notes 6.13% due 10/01/2022		600,000		613,320
TEGNA, Inc. Company Guar. Notes 4.88% due 09/15/2021*		2,990,000		3,004,950
TEGNA, Inc. Company Guar. Notes 5.13% due 10/15/2019		2,380,000		2,385,950

42

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Television (continued)
Tribune Media Co. Company Guar. Notes 5.88% due 07/15/2022	$	3,153,000	$	3,208,177
				16,406,247
Transport - Equipment & Leasing — 0.3%
DAE Funding LLC Company Guar. Notes 4.50% due 08/01/2022*#		675,000		668,250
DAE Funding LLC Company Guar. Notes 5.00% due 08/01/2024*		1,345,000		1,333,231
				2,001,481
Total U.S. Corporate Bonds & Notes
(cost $420,477,896)				417,417,300
FOREIGN CORPORATE BONDS & NOTES — 16.0%
Aerospace/Defense — 1.2%
Bombardier, Inc. Senior Notes 6.13% due 01/15/2023*		4,605,000		4,639,538
Bombardier, Inc. Senior Notes 7.88% due 04/15/2027*		2,755,000		2,734,227
				7,373,765
Cable/Satellite TV — 1.7%
Altice Financing SA Senior Sec. Notes 6.63% due 02/15/2023*		600,000		613,500
Altice Financing SA Senior Sec. Notes 7.50% due 05/15/2026*		2,210,000		2,138,175
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		4,115,000		4,135,575
Altice Luxembourg SA Company Guar. Notes 7.75% due 05/15/2022*#		1,430,000		1,421,062
Quebecor Media, Inc. Senior Notes 5.75% due 01/15/2023		1,415,000		1,465,852
Ziggo Secured Finance BV Senior Sec. Notes 5.50% due 01/15/2027*		835,000		805,775
				10,579,939
Chemicals - Specialty — 0.2%
Starfruit Finco BV/Starfruit US Holdco LLC Senior Notes 8.00% due 10/01/2026*#		950,000		942,875
Containers - Metal/Glass — 0.6%
ARD Finance SA Senior Sec. Notes 7.13% due 09/15/2023(2)		3,055,000		3,062,638
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 7.25% due 05/15/2024*		845,000		877,490
				3,940,128
Containers - Paper/Plastic — 0.4%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC Company Guar. Notes 7.00% due 07/15/2024*		2,320,000		2,372,200

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Banking Institutions — 0.1%
UniCredit SpA Senior Notes 6.57% due 01/14/2022*	$	665,000	$	680,879
Electronic Components - Misc. — 0.5%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		1,435,000		1,449,350
Sensata Technologies BV Company Guar. Notes 5.63% due 11/01/2024*		1,430,000		1,501,500
				2,950,850
Finance - Consumer Loans — 0.5%
goeasy, Ltd. Company Guar. Notes 7.88% due 11/01/2022*		2,885,000		3,029,250
Hazardous Waste Disposal — 0.7%
Tervita Escrow Corp. Sec. Notes 7.63% due 12/01/2021*		4,285,000		4,274,287
Medical - Drugs — 4.0%
Bausch Health Cos., Inc. Company Guar. Notes 5.88% due 05/15/2023*		11,800,000		11,741,000
Bausch Health Cos., Inc. Company Guar. Notes 6.13% due 04/15/2025*		2,035,000		1,958,688
Bausch Health Cos., Inc. Senior Sec. Notes 7.00% due 03/15/2024*		455,000		479,456
Bausch Health Cos., Inc. Company Guar. Notes 9.00% due 12/15/2025*		445,000		476,706
Endo, Ltd./Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 07/15/2023*		3,995,000		3,310,856
Endo, Ltd./Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 02/01/2025*		925,000		712,250
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026		2,220,000		1,837,591
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 6.75% due 03/01/2028#		1,350,000		1,380,784
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.50% due 03/01/2023*		2,990,000		2,975,050
				24,872,381
Medical - Hospitals — 0.6%
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		3,520,000		3,650,909
Metal - Aluminum — 0.5%
Alcoa Nederland Holding BV Company Guar. Notes 6.13% due 05/15/2028*		345,000		353,194
Constellium NV Company Guar. Notes 5.88% due 02/15/2026*		2,870,000		2,791,075
				3,144,269

43

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(14)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production — 0.9%
MEG Energy Corp. Company Guar. Notes 6.38% due 01/30/2023*	$	1,680,000	$	1,533,000
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		1,490,000		1,463,925
MEG Energy Corp. Company Guar. Notes 7.00% due 03/31/2024*		1,190,000		1,088,850
Tullow Oil PLC Company Guar. Notes 6.25% due 04/15/2022*#		1,745,000		1,745,872
				5,831,647
Oil- Field Services — 0.3%
Weatherford International, Ltd. Company Guar. Notes 5.95% due 04/15/2042		640,000		379,200
Weatherford International, Ltd. Company Guar. Notes 6.50% due 08/01/2036		1,700,000		1,011,500
Weatherford International, Ltd. Company Guar. Notes 7.00% due 03/15/2038		640,000		382,400
				1,773,100
Retail - Restaurants — 1.1%
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 5.00% due 10/15/2025*		7,185,000		6,955,978
Security Services — 0.4%
Garda World Security Corp. Senior Notes 8.75% due 05/15/2025*		2,855,000		2,733,662
Soap & Cleaning Preparation — 0.4%
Diamond BC BV Senior Notes 5.63% due 08/15/2025*	EUR	2,385,000		2,448,860
Special Purpose Entity — 0.0%
Hellas Telecommunications Luxembourg II SCA Sub. Notes 8.46% due 01/15/2015†*(1)(3)(4)(5)		925,000		0
Telephone - Integrated — 0.5%
Telecom Italia SpA Senior Notes 5.30% due 05/30/2024*		2,890,000		2,824,975
Television — 0.5%
Videotron, Ltd. Company Guar. Notes 5.00% due 07/15/2022		2,720,000		2,781,200
Textile - Products — 0.4%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC Senior Sec. Notes 7.50% due 05/01/2025*		2,830,000		2,746,515
Transport - Equipment & Leasing — 0.5%
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.25% due 05/15/2024*		2,125,000		2,178,125
Fly Leasing, Ltd. Senior Notes 5.25% due 10/15/2024		1,140,000		1,083,000
				3,261,125
Total Foreign Corporate Bonds & Notes
(cost $99,881,640)				99,168,794

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(6)(7)(8) — 5.1%
Applications Software — 0.3%
SS&C European Holdings SARL FRS BTL-B4 4.74% (1 ML+2.25%) due 04/16/2025	$	450,278	$	448,188
SS&C Technologies, Inc. FRS BTL-B3 4.74% (1 ML+2.25%) due 04/16/2025		1,175,463		1,170,005
SS&C Technologies, Inc. FRS BTL-B5 4.74% (1 ML+2.25%) due 04/16/2025		364,082		362,444
				1,980,637
Building - Residential/Commercial — 0.0%
TOUSA, Inc. Escrow Loans 12.25% due 08/15/2011†(1)(5)		2,037,810		0
Chemicals - Specialty — 0.1%
Starfruit US HoldCo. LLC FRS BTL-B 5.76% (1 ML+3.25%) due 10/01/2025		505,000		502,475
Commercial Services — 0.4%
AVSC Holding Corp. FRS BTL-B 5.75% (1 ML+3.25%) due 03/01/2025		1,364,531		1,344,063
AVSC Holding Corp. FRS BTL-B 5.88%-6.05% (3 ML+3.25%) due 03/01/2025		1,469,056		1,447,021
				2,791,084
Commercial Services - Finance — 0.2%
Trans Union LLC FRS BTL-B4 4.49% (1 ML+2.00%) due 06/19/2025		1,323,350		1,314,748
Data Processing/Management — 0.6%
Dun & Bradstreet Corp. FRS BTL 7.48% (1 ML+5.00%) due 02/08/2026		1,580,000		1,581,975
Dun & Bradstreet Corp. FRS BTL coupon TBD due 02/08/2026		1,960,000		1,962,450
				3,544,425
E-Commerce/Products — 0.2%
Lands’ End, Inc. FRS BTL-B 5.76% (1 ML+3.25%) due 04/04/2021		989,927		940,430
E-Commerce/Services — 0.3%
Shutterfly, Inc. FRS BTL-B2 5.25% (1ML+2.75%) due 08/17/2024		2,130,414		2,101,121
Electronic Components - Semiconductors — 0.1%
Microchip Technology, Inc. FRS BTL-B 4.49% (1ML+2.00%) due 05/29/2025		921,920		918,750

44

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS (continued)
Finance - Credit Card — 0.2%
Blackhawk Network Holdings LLC FRS 1st Lien 5.49% (1 ML+3.00%) due 06/15/2025	$	1,567,125	$	1,549,887
Food - Flour & Grain — 0.1%
C.H. Guenther & Son, Inc. FRS 1st Lein 5.24% (1 ML+2.75%) due 03/31/2025		492,525		487,600
Gambling(Non-Hotel) — 0.6%
Golden Entertainment, Inc. FRS BTL-B 5.50% (1 ML+3.00%) due 10/20/2024		3,514,500		3,488,141
Industrial Gases — 0.1%
Messer Industries USA, Inc. FRS BTL coupon TBD due 10/02/2025		575,000		571,047
Insurance Brokers — 0.3%
HUB International, Ltd. FRS BTL-B1 5.38% (2 ML+2.75%) due 04/25/2025		4,275		4,237
HUB International, Ltd. FRS BTL-B1 5.51% (3 ML+2.75%) due 04/25/2025		1,697,175		1,681,900
				1,686,137
Insurance - Multi-line — 0.1%
Genworth Holdings, Inc. FRS BTL 6.98% (1 ML+4.50%) due 03/07/2023		347,375		347,375
Insurance - Property/Casualty — 0.6%
Asurion LLC FRS BTL-B7 5.49% (1 ML+ 3.00%) due 11/03/2024		3,681,500		3,679,199
Machinery - General Industrial — 0.2%
Gardner Denver, Inc. FRS BTL-B1 5.24% (1 ML+2.75%) due 07/30/2024		948,327		947,537
Medical Labs & Testing Services — 0.3%
Syneos Health, Inc. FRS BTL-B 4.49% (1ML+2.00%) due 08/01/2024		1,637,025		1,596,099
Soap & Cleaning Preparation — 0.1%
Diamond BC BV FRS BTL 5.63% (2 ML+3.00%) due 09/06/2024		2,163		2,083
Diamond BC BV FRS BTL 5.74% (3 ML+3.00%) due 09/06/2024		854,188		822,867
				824,950

Security Description	Principal Amount(14)			Value (Note 2)
Theaters — 0.3%
Cineworld, Ltd. FRS BTL 4.99% (1 ML+2.50%) due 02/28/2025	$	2,374,553		$	2,356,744
Total Loans
(cost $31,848,531)					31,628,386
COMMON STOCKS — 0.1%
Multimedia — 0.0%
Haights Cross Communication, Inc.†(1)(5)(9)		10,439			0
Television — 0.1%
ION Media Networks, Inc.†(1)(5)(9)		616			507,514
Total Common Stocks
(cost $82,165)					507,514
PREFERRED SECURITIES/CAPITAL SECURITIES — 3.6%
Banks - Commercial — 1.7%
Banco Bilbao Vizcaya Argentaria SA 6.13% due 11/16/2027#(10)	$	2,400,000			2,163,000
Banco Bilbao Vizcaya Argentaria SA 8.88% due 04/14/2021(10)	EUR	1,800,000			2,305,894
Banco de Sabadell SA 6.50% due 05/18/2022(10)	EUR	4,400,000			4,732,317
Intesa Sanpaolo SpA 7.70% due 09/17/2025*#(10)		1,435,000			1,330,963
					10,532,174
Diversified Banking Institutions — 1.9%
BNP Paribas SA 5.13% due 11/15/2027*(10)		1,855,000			1,637,037
BNP Paribas SA 7.63% due 03/30/2021*(10)		1,040,000			1,095,900
Credit Agricole SA 8.13% due 12/23/2025*(10)		2,520,000			2,810,506
Credit Suisse Group AG 6.25% due 12/18/2024(10)		4,435,000			4,443,870
UniCredit SpA 8.00% due 06/03/2024(10)		1,949,000			1,812,570
					11,799,883
Total Preferred Securities/Capital Securities
(cost $22,986,539)					22,332,057
Total Long-Term Investment Securities
(cost $583,437,511)					577,974,780
SHORT-TERM INVESTMENT SECURITIES — 5.7%
Registered Investment Companies — 5.7%
State Street Navigator Securities Lending Government Money Market Portfolio 2.43%(11)(12) (cost $35,206,758)		35,206,758			35,206,758
REPURCHASE AGREEMENTS — 9.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 02/28/2019 to be repurchased 03/01/2019 in the Amount of $55,862,776 and collateralized by $56,785,000 of United States Treasury Notes, bearing interest at 2.50%, due 01/15/2022 and having an approximate value of $56,979,773 (cost $55,862,000)	$	55,862,000			55,862,000
TOTAL INVESTMENTS
(cost $674,506,269)(13)		108.0	%		669,043,538
Liabilities in excess of other assets		(8.0	)		(49,606,753	)
NET ASSETS		100.0	%	$	619,436,785

45

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

* 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 February 28, 2019, the aggregate value of these securities was $270,308,935 representing 43.6% 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) Illiquid security. At February 28, 2019, the aggregate value of these securities was $528,820 representing 0.1% of net assets.

(2) 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.

(3) Company has filed for bankruptcy protection.

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

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

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

(7) All loans in the Fund were purchased through assignment agreements unless otherwise indicated.

(8) 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.

(9) 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 February 28, 2019, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Haights Cross Communications, Inc.		08/07/2003		2,983	$	23,474
		01/27/2004		4,474		35,211
		06/06/2005		2,982		23,474
				10,439		82,159	$	0	$	0.00		0.00	%
ION Media Networks, Inc.		12/21/2016		616		6		507,514		823.89		0.08
							$	507,514				0.08	%

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

(11) The rate shown is the7-day yield as of February 28, 2019.

(12) At February 28, 2019, the Fund had loaned securities with a total value of $42,844,791. This was secured by collateral of $35,206,758, which was received in cash and subsequently invested in short-term investments currently valued at $35,206,758 as reported in the Portfolio of Investments. Additional collateral of $8,497,726 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 February 28, 2019
United States Treasury Notes/Bonds	0.13% to 8.75%	07/15/2019 to 11/15/2045	$	8,497,726

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

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

BTL—Bank Term Loan

TBD—Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to the settlement.

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at February 28, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Currency Legend

EUR—Euro Currency

Index Legend

1 ML—1 Month USD Libor

2 ML—2 Month USD Libor

3 ML—3 Month USD Libor

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
BNP Paribas SA		USD	1,761,405		EUR	1,548,000		03/29/2019	$	3,081	$	–
HSBC Bank USA		EUR	9,727,000		USD	11,056,535		03/29/2019		–		(30,771	)
Net Unrealized Appreciation/(Depreciation)									$	3,081	$	(30,771	)

EUR—Euro Currency

USD—United States Dollar

46

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2019 (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	$	—	$	6,920,729	$	—	$	6,920,729
U.S. Corporate Bonds & Notes:
Rubber/Plastic Products		—		—		0		0
Other Industries		—		417,417,300		—		417,417,300
Foreign Corporate Bonds & Notes:
Special Purpose Entity		—		—		0		0
Other Industries		—		99,168,794		—		99,168,794
Loans:
Building-Residential/Commercial		—		—		0		0
Other Industries		—		31,628,386		—		31,628,386
Common Stocks		—		—		507,514		507,514
Preferred Securities/Capital Securities		—		22,332,057		—		22,332,057
Short-Term Investment Securities		35,206,758		—		—		35,206,758
Repurchase Agreements		—		55,862,000		—		55,862,000
Total Investments at Value	$	35,206,758	$	633,329,266	$	507,514	$	669,043,538
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	3,081	$	—	$	3,081
LIABILITIES
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	30,771	$	—	$	30,771

* 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.

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

See Notes to Portfolio of Investments

47

VALIC Company II International Opportunities Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Real Estate Operations & Development	3.4	%
Banks — Commercial	2.8
Machinery — General Industrial	2.5
E-Commerce/Services	2.5
Registered Investment Companies	2.4
Building Products — Cement	2.2
Computers — Integrated Systems	2.0
Electronic Components — Misc.	2.0
Cosmetics & Toiletries	1.9
Retail — Drug Store	1.8
Chemicals — Diversified	1.8
Applications Software	1.7
Commercial Services	1.7
Beverages — Wine/Spirits	1.6
Finance — Commercial	1.6
Insurance — Property/Casualty	1.6
Fisheries	1.6
Brewery	1.5
Auto/Truck Parts & Equipment — Original	1.5
Hotels/Motels	1.5
Beverages —Non-alcoholic	1.5
Engineering/R&D Services	1.4
Medical — Biomedical/Gene	1.3
Oil Companies — Exploration & Production	1.2
Chemicals — Specialty	1.2
Medical Labs & Testing Services	1.2
Finance — Credit Card	1.2
Gambling (Non-Hotel)	1.2
Medical — Drugs	1.2
Multimedia	1.2
Computer Services	1.1
Electric — Generation	1.1
Real Estate Investment Trusts	1.1
Transport — Services	1.0
Food — Retail	1.0
Transactional Software	1.0
Textile — Products	1.0
Retail — Discount	0.9
U.S. Government Agencies	0.9
Commercial Services — Finance	0.9
Machinery — Material Handling	0.9
Machinery — Construction & Mining	0.8
Investment Management/Advisor Services	0.8
Electronic Components — Semiconductors	0.8
Building & Construction Products — Misc.	0.8
Hazardous Waste Disposal	0.8
Food — Catering	0.8
Medical Products	0.8
Containers — Paper/Plastic	0.8
Human Resources	0.8
Food — Dairy Products	0.7
Oil — Field Services	0.7
Apparel Manufacturers	0.7
Transport — Truck	0.7
Food — Confectionery	0.7
Distribution/Wholesale	0.6
Building & Construction — Misc.	0.6
Cable/Satellite TV	0.6
Chemicals — Other	0.6
Power Converter/Supply Equipment	0.6
Computers — Periphery Equipment	0.6
Veterinary Products	0.6
E-Services/Consulting	0.6
Precious Metals	0.6
Leisure Products	0.6
Insurance Brokers	0.6
Transport — Marine	0.6
Aerospace/Defense	0.6
Diversified Financial Services	0.5

Food — Misc./Diversified	0.5
Machine Tools & Related Products	0.5
Dental Supplies & Equipment	0.5
Building — Residential/Commercial	0.5
Energy — Alternate Sources	0.5
Miscellaneous Manufacturing	0.5
Transport — Rail	0.5
Consulting Services	0.5
Instruments — Controls	0.5
Retail — Misc./Diversified	0.5
Retirement/Aged Care	0.4
Finance — Other Services	0.4
Internet Financial Services	0.4
Retail — Consumer Electronics	0.4
Repurchase Agreements	0.4
Internet Content — Entertainment	0.4
Retail — Restaurants	0.3
Retail — Apparel/Shoe	0.3
Electric Products — Misc.	0.3
Insurance — Multi-line	0.3
Retail — Automobile	0.3
Coatings/Paint	0.3
Airport Development/Maintenance	0.3
Metal Processors & Fabrication	0.3
Oil Refining & Marketing	0.3
Audio/Video Products	0.3
Casino Hotels	0.3
Appliances	0.3
Satellite Telecom	0.3
Aerospace/Defense — Equipment	0.3
Computer Software	0.2
Enterprise Software/Service	0.2
E-Marketing/Info	0.2
Electronic Measurement Instruments	0.2
Telephone — Integrated	0.2
Rental Auto/Equipment	0.2
Diversified Operations	0.2
E-Commerce/Products	0.2
Real Estate Management/Services	0.2
Building — Maintenance & Services	0.2
Medical Instruments	0.2
Gold Mining	0.2
Rubber/Plastic Products	0.2
Gas — Distribution	0.2
Food — Flour & Grain	0.2
Diversified Manufacturing Operations	0.2
Electric — Integrated	0.2
Web Portals/ISP	0.2
MRI/Medical Diagnostic Imaging	0.2
Schools	0.2
Electronic Connectors	0.2
Semiconductor Equipment	0.2
Tobacco	0.1
Theaters	0.1
Paper & Related Products	0.1
Soap & Cleaning Preparation	0.1
Insurance — Life/Health	0.1
Medical — Hospitals	0.1
Food — Meat Products	0.1
Resorts/Theme Parks	0.1
Water	0.1
Finance — Consumer Loans	0.1
Retail — Home Furnishings	0.1
Agricultural Operations	0.1
Internet Content — Information/News	0.1
Explosives	0.1
Industrial Automated/Robotic	0.1

48

VALIC Company II International Opportunities Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited) — (continued)

Industry Allocation* (continued)

Diversified Minerals	0.1	%
Auto — Heavy Duty Trucks	0.1
Home Furnishings	0.1
Wireless Equipment	0.1
Finance — Investment Banker/Broker	0.1
Metal — Iron	0.1
Television	0.1
Footwear & Related Apparel	0.1
Security Services	0.1
Machinery — Thermal Process	0.1
Consumer Products — Misc.	0.1
Instruments — Scientific	0.1
Medical — HMO	0.1
Diagnostic Equipment	0.1
Therapeutics	0.1
Retail — Auto Parts	0.1
Computers	0.1
Electric — Distribution	0.1
Steel — Producers	0.1
Medical Information Systems	0.1
Oil Companies — Integrated	0.1
Industrial Gases	0.1
Building Products — Air & Heating	0.1
	101.9	%

Country Allocation*

Japan	22.0	%
United Kingdom	14.9
Canada	6.1
Germany	5.6
Cayman Islands	4.6
Australia	4.2
United States	3.8
Ireland	3.6
France	3.6
Bermuda	3.2
Brazil	2.4
Norway	2.4
Switzerland	2.1
Spain	1.9
Italy	1.8
Denmark	1.7
South Korea	1.6
Netherlands	1.5
Sweden	1.4
Guernsey	1.4
India	1.3
Israel	1.2
Taiwan	1.1
Singapore	1.0
Austria	1.0
Indonesia	0.8
Hong Kong	0.7
Finland	0.7
Portugal	0.7
Mexico	0.6
Luxembourg	0.5
Belgium	0.5
Faroe Islands	0.3
Mauritius	0.2
Thailand	0.2
Philippines	0.2
South Africa	0.2
Chile	0.2
Malaysia	0.2
Greece	0.2
New Zealand	0.1

Czech Republic	0.1
China	0.1
	101.9	%

* Calculated as a percentage of net assets

49

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.2%
Australia — 4.2%
Afterpay Touch Group, Ltd.†#		485,262	$	6,347,429
Ansell, Ltd.		62,512		1,091,722
ARB Corp, Ltd.		31,272		375,333
ASX, Ltd.		8,484		419,885
AUB Group, Ltd.		114,315		1,004,697
Bapcor, Ltd.#		85,687		367,124
Cleanaway Waste Management, Ltd.		2,413,309		3,714,782
Computershare, Ltd.		43,525		532,585
Crown Resorts, Ltd.		64,842		527,111
DuluxGroup, Ltd.		124,611		643,500
Iluka Resources, Ltd.		99,282		645,804
IPH, Ltd.		210,365		904,288
Orica, Ltd.		52,930		662,685
Ramsay Health Care, Ltd.#		16,536		759,857
Reliance Worldwide Corp., Ltd.#		301,357		964,092
Ridley Corp., Ltd.		510,294		506,768
Sonic Healthcare, Ltd.#		58,582		1,002,310
Steadfast Group, Ltd.		219,324		485,402
Technology One, Ltd.		591,878		3,098,484
Webjet, Ltd.		38,384		426,113
WiseTech Global, Ltd.		52,519		717,519
				25,197,490
Austria — 1.0%
CA Immobilien Anlagen AG		83,310		2,812,504
Mayr-Melnhof Karton AG		6,715		904,336
Vienna Insurance Group AG Wiener Versicherung Gruppe		81,336		1,961,330
				5,678,170
Belgium — 0.5%
Fagron		152,233		2,820,733
Bermuda — 3.2%
BW Offshore, Ltd.†		596,945		2,717,303
Cafe de Coral Holdings, Ltd.		776,000		2,056,218
Credicorp, Ltd.		5,483		1,332,863
Dairy Farm International Holdings, Ltd.		198,600		1,775,484
Esprit Holdings, Ltd.†#		289,650		67,895
Geopark, Ltd.†#		215,327		4,132,125
Hiscox, Ltd.		176,264		3,738,265
Midland Holdings, Ltd.		2,020,000		476,066
Peace Mark Holdings, Ltd.†(1)(2)		686,000		0
Shangri-La Asia, Ltd.		800,000		1,137,361
VTech Holdings, Ltd.		161,049		1,687,478
				19,121,058
Brazil — 2.4%
Anima Holding SA		132,744		661,573
BRF SA†		40,600		222,340
Cia de Saneamento Basico do Estado de Sao Paulo		24,200		253,523
Construtora Tenda SA		299,000		2,666,693
Cyrela Brazil Realty SA Empreendimentos e Participacoes		72,500		330,059
Embraer SA ADR		14,721		302,075
Equatorial Energia SA		16,100		352,034
Fleury SA		59,438		316,484
Gerdau SA (Preference Shares)		86,300		347,851
Instituto Hermes Pardini SA		55,300		282,084
Kroton Educacional SA		114,788		335,243
Linx SA		115,500		876,978
Localiza Rent a Car SA		70,633		649,700
Lojas Americanas SA (Preference Shares)		129,500		686,433
Lojas Renner SA		62,100		715,543
Magazine Luiza SA		5,600		258,610
Multiplan Empreendimentos Imobiliarios SA		154,501		1,035,313
Notre Dame Intermedica Participacoes SA†		44,288		391,690

Security Description	Shares		Value (Note 2)
Brazil (continued)
Rumo SA†		485,600	$	2,515,814
Suzano Papel e Celulose SA		67,800		860,282
				14,060,322
Canada — 6.1%
Agnico Eagle Mines, Ltd.#		28,141		1,196,893
ATS Automation Tooling Systems, Inc.†		220,100		3,099,246
Canada Goose Holdings, Inc.†#		61,800		3,520,292
Capital Power Corp.		131,100		3,009,636
Descartes Systems Group, Inc.†		178,097		6,151,076
Dollarama, Inc.		125,666		3,401,514
Enerplus Corp.#		317,500		2,798,739
Finning International, Inc.		75,400		1,405,496
Quebecor, Inc., Class B		281,900		6,848,545
Seven Generations Energy, Ltd., Class A†		32,874		240,319
SSR Mining, Inc.†		240,000		3,330,218
TMX Group, Ltd.		22,464		1,410,370
TORC Oil & Gas, Ltd.		37,166		130,764
				36,543,108
Cayman Islands — 4.6%
51job, Inc. ADR†		17,502		1,264,695
Airtac International Group		185,535		2,308,902
Ajisen China Holdings, Ltd.		493,078		140,076
China Resources Cement Holdings, Ltd.		8,320,000		8,860,817
CIFI Holdings Group Co., Ltd.		4,548,000		2,966,433
Haitian International Holdings, Ltd.		603,000		1,318,192
Lonking Holdings, Ltd.		11,277,000		3,778,275
Midland IC&I, Ltd.†		1,016,000		29,510
Pacific Textiles Holdings, Ltd.		1,821,000		1,702,747
Shenguan Holdings Group, Ltd.		596,000		33,408
Silicon Motion Technology Corp. ADR		28,863		1,185,692
Stella International Holdings, Ltd.		332,000		446,628
Tingyi Cayman Islands Holding Corp.		798,000		1,108,086
YY, Inc. ADR†		29,400		2,072,700
				27,216,161
Chile — 0.2%
Aguas Andinas SA, Class A		800,417		468,662
Compania Cervecerias Unidas SA ADR		24,691		709,125
				1,177,787
China — 0.1%
Yunnan Baiyao Group Co., Ltd.(2)		30,100		383,014
Czech Republic — 0.1%
Komercni banka AS		13,132		551,312
Denmark — 1.7%
Carlsberg A/S, Class B		7,094		859,367
Dfds A/S#		9,479		433,245
DSV A/S		8,329		692,798
Jyske Bank A/S		31,411		1,230,226
Royal Unibrew A/S		83,512		6,174,898
Sydbank A/S		15,677		373,322
William Demant Holding A/S†		14,550		436,987
				10,200,843
Faroe Islands — 0.3%
Bakkafrost P/F		39,100		2,003,289
Finland — 0.7%
Tikkurila Oyj		7,037		116,061
Valmet Oyj		159,439		3,971,648
				4,087,709

50

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France — 3.6%
Alten SA		60,353	$	6,222,985
Edenred		9,778		433,980
Elior Group SA*		37,534		541,347
Legrand SA		25,858		1,705,906
LISI		30,322		931,223
Plastic Omnium SA		18,009		505,553
Remy Cointreau SA		36,607		4,767,621
SEB SA		6,266		1,079,067
Sodexo SA		10,078		1,107,117
SOITEC†		37,826		3,018,215
Somfy SA		3,126		257,430
Virbac SA†		5,090		669,280
				21,239,724
Germany — 5.6%
Amadeus Fire AG		8,855		929,656
Beiersdorf AG		9,358		868,145
Brenntag AG		21,454		1,063,964
CTS Eventim AG & Co. KGaA		61,101		2,745,222
Deutsche Wohnen SE		14,964		697,852
Evotec AG†		279,893		6,577,403
Fuchs Petrolub SE (Preference Shares)		30,052		1,343,377
GEA Group AG		55,266		1,324,508
Hella GmbH & Co. KGaA		23,993		1,086,175
Henkel AG & Co. KGaA (Preference Shares)		8,297		828,983
Infineon Technologies AG		26,034		571,667
LEG Immobilien AG		28,036		3,130,276
MTU Aero Engines AG		7,514		1,611,071
Rocket Internet SE†*		23,110		543,604
Scout24 AG*		10,199		537,119
Symrise AG		48,343		4,260,448
TAG Immobilien AG		235,864		5,499,809
				33,619,279
Greece — 0.2%
Hellenic Telecommunications Organization SA		83,874		1,063,737
Guernsey — 1.4%
Burford Capital, Ltd.		364,520		8,557,613
Hong Kong — 0.7%
China Resources Beer Holdings Co., Ltd.		690,000		2,571,101
Techtronic Industries Co., Ltd.		282,500		1,887,592
				4,458,693
India — 1.3%
Bharat Heavy Electricals, Ltd.		673,738		611,445
CESC, Ltd.		112,332		1,062,575
CESC Ventures, Ltd.†		12,032		83,829
Dabur India, Ltd.		161,324		997,186
Federal Bank, Ltd.		1,091,315		1,291,910
Mahindra & Mahindra, Ltd.		69,515		630,926
MOIL, Ltd.		286,075		579,179
PVR, Ltd.		42,720		897,960
RP-SG Retail, Ltd.†		36,098		72,042
Shriram Transport Finance Co., Ltd.		68,758		1,103,976
Tata Global Beverages, Ltd.		192,396		524,633
				7,855,661
Indonesia — 0.8%
Ace Hardware Indonesia Tbk PT		11,725,700		1,462,847
Astra Agro Lestari Tbk PT		756,200		666,563
Indocement Tunggal Prakarsa Tbk PT		943,000		1,288,728
Kalbe Farma Tbk PT		13,131,800		1,395,560
				4,813,698

Security Description	Shares		Value (Note 2)
Ireland — 3.6%
Bank of Ireland Group PLC		47,781	$	310,602
C&C Group PLC		977,519		3,402,348
Dalata Hotel Group PLC		762,066		5,261,546
DCC PLC		19,732		1,707,692
Glanbia PLC		206,921		4,196,507
Greencore Group PLC		60,618		157,585
Hibernia REIT PLC		2,359,823		3,446,486
Kerry Group PLC, Class A		11,071		1,139,640
Paddy Power Betfair PLC		23,387		1,870,466
				21,492,872
Israel — 1.2%
Bezeq The Israeli Telecommunication Corp., Ltd.		292,726		256,672
Israel Discount Bank, Ltd., Class A		2,031,507		7,180,114
				7,436,786
Italy — 1.8%
Cerved Group SpA		240,409		2,216,337
Davide Campari-Milano SpA		99,523		949,202
Enav SpA*		130,322		670,021
FinecoBank Banca Fineco SpA		123,874		1,539,337
Infrastrutture Wireless Italiane SpA*		66,888		589,633
Italgas SpA		191,097		1,157,676
Reply SpA		57,441		3,446,486
				10,568,692
Japan — 22.0%
ABC-Mart, Inc.#		17,400		995,936
Aeon Delight Co., Ltd.#		13,700		508,841
AEON Financial Service Co., Ltd.		47,300		928,899
Air Water, Inc.		18,300		291,579
Amano Corp.		32,141		681,661
Anritsu Corp.		277,500		5,482,035
As One Corp.		5,800		451,137
Asante, Inc.		8,000		158,400
Bic Camera, Inc.		192,600		2,184,061
Chiba Bank, Ltd.		121,300		735,646
Cosmos Pharmaceutical Corp.		2,600		475,844
Daifuku Co., Ltd.		105,700		5,177,607
Daikyonishikawa Corp.		15,787		175,482
Daiseki Co., Ltd.		37,900		935,047
Daiwa Securities Group, Inc.		114,400		580,390
Doshisha Co., Ltd.		6,800		109,322
Ezaki Glico Co., Ltd.		21,000		1,062,576
Fancl Corp.		198,200		4,489,795
Fuji Seal International, Inc.		78,500		2,936,751
Fujitsu General, Ltd.#		24,700		330,175
GMO Payment Gateway, Inc.#		89,500		5,315,480
Hamakyorex Co., Ltd.		6,100		248,181
Heian Ceremony Service Co., Ltd.		18,200		151,687
Hirose Electric Co., Ltd.		4,300		441,708
Hogy Medical Co., Ltd.		3,900		134,181
Iriso Electronics Co., Ltd.		10,200		450,680
Japan Elevator Service Holdings Co., Ltd.		166,000		3,124,461
Japan Exchange Group, Inc.		7,000		123,402
Japan Meat Co, Ltd.#		11,800		188,224
Japan Pure Chemical Co., Ltd.#		1,900		39,853
Jeol, Ltd.		24,200		396,440
JGC Corp.		12,260		178,073
Kakaku.com, Inc.		13,700		263,147
Kansai Paint Co., Ltd.		49,600		910,880
Kikkoman Corp.		12,300		611,331
Kintetsu World Express, Inc.		13,200		208,898
Kobayashi Pharmaceutical Co., Ltd.		12,600		1,015,099
Koito Manufacturing Co., Ltd.		30,300		1,750,612

51

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Kusuri no Aoki Holdings Co., Ltd.#		72,500	$	5,027,811
Lion Corp.		49,800		1,019,992
Maeda Corp.		360,300		3,807,773
Matsumotokiyoshi Holdings Co., Ltd.		142,100		4,869,887
Meitec Corp.		14,900		681,739
Milbon Co., Ltd.		14,500		649,778
Miraca Holdings, Inc.		4,700		125,696
Mitsubishi Pencil Co., Ltd.		10,800		217,715
MonotaRO Co., Ltd.		27,600		650,227
Morinaga & Co., Ltd.		20,300		908,779
Nabtesco Corp.		22,800		601,168
Nakanishi, Inc.		59,000		1,054,394
Net One Systems Co., Ltd.		158,500		3,702,813	��
NGK Spark Plug Co., Ltd.#		40,100		851,178
Nihon Kohden Corp.		24,900		747,235
Nihon Parkerizing Co., Ltd.		48,100		634,774
Nippon Television Holdings, Inc.		29,200		458,178
Nissei ASB Machine Co., Ltd.#		11,400		409,608
Nitori Holdings Co., Ltd.		5,400		672,669
NOF Corp.		4,100		141,062
Nomura Research Institute, Ltd.		42,900		1,743,480
NS Solutions Corp.		30,900		815,573
Obara Group, Inc.		5,900		197,170
OBIC Business Consultants Co., Ltd.		17,300		667,384
OBIC Co., Ltd.		80,700		7,696,057
Omron Corp.		9,500		409,523
Park24 Co., Ltd.		16,400		393,429
Persol Holdings Co., Ltd.		203,300		3,479,984
Proto Corp.		27,300		399,709
Rakuten, Inc.		5,700		44,796
Rinnai Corp.		4,300		288,943
Ryohin Keikaku Co., Ltd.#		2,600		616,265
S Foods, Inc.		13,000		503,252
Sagami Rubber Industries Co., Ltd.		6,000		97,430
San-A Co, Ltd.		4,200		167,488
Sankyu, Inc.		8,700		425,380
Santen Pharmaceutical Co., Ltd.		96,800		1,506,733
Seino Holdings Co., Ltd.		261,500		3,685,610
Senko Group Holdings Co., Ltd.		43,900		365,095
Seria Co., Ltd.#		19,300		652,770
SG Holdings Co., Ltd.		89,100		2,605,894
Shima Seiki Manufacturing, Ltd.#		8,700		284,107
Shimamura Co., Ltd.		2,500		211,053
Shimano, Inc.		1,500		227,560
Shizuoka Bank, Ltd.		48,700		384,043
SK Kaken Co., Ltd.		600		254,609
SMS Co., Ltd.		228,600		4,044,312
Sohgo Security Services Co., Ltd.		9,800		422,895
Solasto Corp.		247,400		2,581,314
Sony Financial Holdings, Inc.		41,800		789,387
Stanley Electric Co., Ltd.		40,900		1,174,180
Sundrug Co., Ltd.		26,900		822,940
Taisei Lamick Co, Ltd.		10,800		275,269
Taiyo Yuden Co., Ltd.#		154,200		3,032,399
TechnoPro Holdings, Inc.		120,300		6,486,368
Terumo Corp.		17,600		1,076,858
THK Co., Ltd.		16,700		409,915
Tokai Carbon Co., Ltd.#		268,400		3,717,845
Toshiba Plant Systems & Services Corp.		13,800		249,840
TOTO, Ltd.		6,900		260,920
Unicharm Corp.		55,900		1,777,827
USS Co., Ltd.		106,200		1,932,208
Yamato Holdings Co., Ltd.		81,400		2,117,065
Zojirushi Corp.#		34,800		371,213
				131,142,089

Security Description	Shares		Value (Note 2)
Luxembourg — 0.5%
B&M European Value Retail SA		157,822	$	739,972
Globant SA†		3,363		231,677
Solutions 30 SE†		170,257		2,114,753
				3,086,402
Malaysia — 0.2%
Genting Bhd		603,100		1,093,040
Mauritius — 0.2%
MakeMyTrip, Ltd.†#		51,649		1,458,051
Mexico — 0.6%
Arca Continental SAB de CV		70,413		398,090
Concentradora Fibra Danhos SA de CV		305,146		434,897
Concentradora Fibra Hotelera Mexicana SA de CV*		62,873		33,358
Genomma Lab Internacional SAB de CV, Class B†#		482,069		319,773
GMexico Transportes SAB de CV#*		250,600		334,672
Grupo Aeroportuario del Sureste SAB de CV ADR		3,869		654,944
Grupo Financiero Inbursa SAB de CV, Class O		260,947		389,768
Grupo Lala SAB de CV#		241,985		292,419
Mexichem SAB de CV		82,741		201,216
Prologis Property Mexico SA de CV		217,591		405,132
				3,464,269
Netherlands — 1.5%
Aalberts Industries NV		13,387		494,726
ASM International NV		13,815		753,323
Euronext NV*		2,096		127,907
IMCD NV		61,783		4,848,977
Takeaway.com NV†*		33,331		2,441,554
				8,666,487
New Zealand — 0.1%
Fletcher Building, Ltd.†		90,419		301,103
Freightways, Ltd.		27,268		146,513
Mainfreight, Ltd.		6,799		151,220
				598,836
Norway — 2.4%
Aker Solutions ASA†		141,428		676,674
Leroy Seafood Group ASA		577,988		4,356,872
Mowi ASA#		35,073		809,126
Norway Royal Salmon ASA		90,338		2,127,364
Scatec Solar ASA*		309,242		3,003,279
TGS NOPEC Geophysical Co. ASA		112,707		3,065,092
				14,038,407
Philippines — 0.2%
Metropolitan Bank & Trust Co.		934,940		1,373,848
Portugal — 0.7%
Galp Energia SGPS SA		19,285		316,532
NOS SGPS SA		626,489		3,741,148
				4,057,680
Singapore — 1.0%
Ascendas India Trust		1,494,900		1,249,436
City Developments, Ltd.		201,300		1,328,103
Singapore Technologies Engineering, Ltd.		574,100		1,588,117
Venture Corp., Ltd.		131,963		1,737,383
				5,903,039
South Africa — 0.2%
AVI, Ltd.		196,764		1,250,075
South Korea — 1.6%
Dentium Co., Ltd.†		35,560		1,969,759

52

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
South Korea (continued)
Doosan Bobcat, Inc.		49,619	$	1,407,350
DuzonBizon Co, Ltd.		38,406		1,451,280
Lock&Lock Co., Ltd.		23,829		402,553
LS Industrial Systems Co., Ltd.		31,673		1,492,548
Orion Corp.		15,174		1,504,313
Samsung Fire & Marine Insurance Co., Ltd.		4,118		1,103,919
TK Corp.		38,780		358,595
				9,690,317
Spain — 1.9%
Aena SME SA*		2,882		514,338
Amadeus IT Group SA		78,332		5,898,333
Cellnex Telecom SA#*		54,031		1,396,930
CEMEX Latam Holdings SA†		92,490		150,073
CIE Automotive SA		89,944		2,557,669
Viscofan SA#		11,774		687,696
				11,205,039
Sweden — 1.4%
Essity AB, Class B		44,195		1,233,115
Evolution Gaming Group AB*		71,298		5,322,648
Saab AB, Series B		12,015		411,991
Swedish Match AB		23,218		1,088,501
Thule Group AB*		25,746		572,567
				8,628,822
Switzerland — 2.1%
Coca-Cola HBC AG		15,435		519,175
DKSH Holding AG		2,455		144,021
Dufry AG#		5,109		518,041
Geberit AG		1,727		689,381
Julius Baer Group, Ltd.		17,703		773,181
Kardex AG		1,859		246,985
Logitech International SA		91,991		3,459,168
Lonza Group AG		1,402		389,815
Sika AG		24,251		3,280,282
Sonova Holding AG		6,084		1,137,797
Temenos AG		4,738		686,928
VAT Group AG*		3,800		395,211
				12,239,985
Taiwan — 1.1%
Advantech Co., Ltd.		47,256		360,832
E.Sun Financial Holding Co., Ltd.		2,805,194		2,014,355
PChome Online, Inc.†		230,932		1,057,996
Voltronic Power Technology Corp.		81,950		1,525,753
Yuanta Financial Holding Co., Ltd.		2,443,807		1,385,617
				6,344,553
Thailand — 0.2%
AEON Thana Sinsap Thailand PCL(2)		125,300		713,728
PTT Global Chemical PCL		292,800		668,992
				1,382,720
United Kingdom — 14.9%
Abcam PLC		440,504		7,507,771
Admiral Group PLC		17,107		495,093
Ashtead Group PLC		25,144		667,995
Auto Trader Group PLC*		282,714		1,783,768
Babcock International Group PLC		74,651		535,662
Beazley PLC		592,866		4,305,253
Bellway PLC		7,687		308,418
Britvic PLC		35,105		427,900
Bunzl PLC		118,205		3,720,417
Burberry Group PLC		29,078		728,735

Security Description	Shares/ Principal Amount		Value (Note 2)
United Kingdom (continued)
Cairn Energy PLC†		33,158	$	89,278
Coats Group PLC		3,519,341		4,135,739
Cobham PLC†		264,195		412,263
Compass Group PLC		134,577		2,971,961
Countryside Properties PLC*		626,022		2,706,856
Croda International PLC		80,412		5,131,144
Dechra Pharmaceuticals PLC		84,710		2,777,417
Drax Group PLC		701,480		3,394,127
Elementis PLC		44,949		107,014
EMIS Group PLC		26,199		330,116
Essentra PLC		98,596		492,752
Fevertree Drinks PLC		186,238		6,615,107
Forterra PLC*		40,664		152,365
GB Group PLC		297,327		1,930,390
Greggs PLC		79,443		1,886,109
Halma PLC		66,745		1,375,713
Hargreaves Lansdown PLC		41,251		953,105
Howden Joinery Group PLC		95,953		627,046
Ibstock PLC*		846,722		2,832,331
IG Group Holdings PLC		66,508		497,962
IMI PLC		46,259		580,424
Intertek Group PLC		26,740		1,803,831
Jardine Lloyd Thompson Group PLC		71,257		1,803,283
Just Eat PLC†		309,743		3,066,417
Keywords Studios PLC		187,241		2,781,487
Meggitt PLC		77,396		553,511
Merlin Entertainments PLC*		155,220		744,448
Moneysupermarket.com Group PLC		307,089		1,403,989
PZ Cussons PLC		19,515		49,334
Rathbone Brothers PLC		45,326		1,385,122
Rightmove PLC		365,451		2,336,815
Rotork PLC		719,765		2,716,008
Schroders PLC		55,763		2,022,840
Shaftesbury PLC		46,646		544,756
Smith & Nephew PLC		90,134		1,717,324
Spectris PLC		16,378		573,269
Spirax-Sarco Engineering PLC		13,428		1,187,051
Stagecoach Group PLC		122,943		259,926
Tate & Lyle PLC		23,554		217,124
TechnipFMC PLC		23,184		510,535
UNITE Group PLC		93,096		1,130,440
Weir Group PLC		11,108		241,623
Whitbread PLC		14,670		944,275
				88,473,639
United States — 0.1%
Autoliv, Inc. SDR		3,889		316,981
Gran Tierra Energy, Inc.†		120,154		271,179
				588,160
Total Long-Term Investment Securities
(cost $496,784,495)				584,833,209
SHORT-TERM INVESTMENT SECURITIES — 3.3%
Registered Investment Companies — 2.4%
State Street Navigator Securities Lending Government Money Market Portfolio 2.43%(3)(4)		14,063,361		14,063,361
U.S. Government Agencies — 0.9%
Federal Home Loan Bank Disc. Notes 2.23% due 03/01/2019	$	5,655,000		5,655,000
Total Short-Term Investment Securities
(cost $19,718,361)				19,718,361

53

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 02/28/2019, to be repurchased 03/01/2019 in the amount of $2,161,030 and collateralized by $2,240,000 of United States Treasury Notes, bearing interest at 1.88%, due 01/31/2022 and having an approximate value of $2,204,859 (cost $2,161,000)	$	2,161,000		$	2,161,000
TOTAL INVESTMENTS
(cost $518,663,856)(5)		101.9	%		606,712,570
Liabilities in excess of other assets		(1.9	)		(11,364,722	)
NET ASSETS		100.0	%	$	595,347,848

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At February 28, 2019, the aggregate value of these securities was $25,243,956 representing 4.2% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

(2) Illiquid security. At February 28, 2019, the aggregate value of these securities was $1,096,742 representing 0.2% of net assets.

(3) The rate shown is the7-day yield as of February 28, 2019.

(4) At February 28, 2019, the Fund had loaned securities with a total value of $26,882,974. This was secured by collateral of $14,063,361, which was received in cash and subsequently invested in short-term investments currently valued at $14,063,361 as reported in the Portfolio of Investments. Additional collateral of $14,582,603 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 February 28, 2019
United States Treasury Bills	0.00%	02/28/2019 to 06/20/2019	$	256,905
United States Treasury Notes/Bonds	zero coupon to 8.75%	03/15/2019 to 11/15/2048		14,325,698

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

ADR—American Depositary Receipt

SDR—Swedish Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Bermuda	$	19,121,058	$	—	$	0	$	19,121,058
China		—		383,014		—		383,014
Other Countries		565,329,137		—		—		565,329,137
Short Term Investment Securities:
Registered Investment Companies		14,063,361		—		—		14,063,361
U.S. Government Agencies		—		5,655,000		—		5,655,000
Repurchase Agreements		—		2,161,000		—		2,161,000
Total Investments at Value	$	598,513,556	$	8,199,014	$	0	$	606,712,570

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

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

See Notes to Financial Statements

54

VALIC Company II Large Cap Value Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Diversified Banking Institutions	9.8	%
Medical — Drugs	5.5
Insurance — Multi-line	4.8
Oil Companies — Exploration & Production	4.6
Banks — Super Regional	4.6
Telephone — Integrated	4.1
Insurance — Property/Casualty	4.0
Oil Refining & Marketing	3.5
Agricultural Chemicals	2.7
Cosmetics & Toiletries	2.7
Aerospace/Defense — Equipment	2.6
Networking Products	2.5
Building Products — Cement	2.3
Computer Services	2.1
Medical Instruments	2.0
Food — Misc./Diversified	1.9
Enterprise Software/Service	1.8
Electronic Components — Semiconductors	1.7
Banks — Commercial	1.7
Instruments — Controls	1.6
Investment Management/Advisor Services	1.6
Beverages — Non-alcoholic	1.6
Electric — Integrated	1.6
Real Estate Investment Trusts	1.5
Oil Companies — Integrated	1.1
Medical Products	1.1
Cable/Satellite TV	1.1
Web Portals/ISP	1.1
Commercial Paper	1.1
Chemicals — Diversified	1.0
Medical — HMO	1.0
Pharmacy Services	1.0
Finance — Credit Card	1.0
Electronic Components — Misc.	1.0
Semiconductor Components — Integrated Circuits	0.9
Oil — Field Services	0.9
Diversified Manufacturing Operations	0.9
Airlines	0.9
Medical — Biomedical/Gene	0.8
Advertising Agencies	0.8
Transport — Rail	0.8
Casino Hotels	0.7
Exchange-Traded Funds	0.7
Containers — Metal/Glass	0.7
Medical Labs & Testing Services	0.6
Auto — Cars/Light Trucks	0.6
Insurance — Reinsurance	0.6
Data Processing/Management	0.6
Multimedia	0.5
Banks — Fiduciary	0.5
Gold Mining	0.5
Metal — Copper	0.5
Internet Security	0.4
Aerospace/Defense	0.4
Cellular Telecom	0.4
Commercial Services	0.4
Medical — Hospitals	0.4
Transport — Truck	0.3
Retail — Discount	0.3
Computer Data Security	0.3
Auto/Truck Parts & Equipment — Original	0.3
Commercial Services — Finance	0.3
Retail — Drug Store	0.2
Non-Hazardous Waste Disposal	0.2
	99.7	%

* Calculated as a percentage of net assets

55

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.9%
Advertising Agencies — 0.8%
Omnicom Group, Inc.		29,557	$	2,237,465
Aerospace/Defense — 0.4%
Raytheon Co.		5,274		983,601
Aerospace/Defense - Equipment — 2.6%
Harris Corp.		14,423		2,378,785
United Technologies Corp.		36,610		4,600,779
				6,979,564
Agricultural Chemicals — 2.7%
CF Industries Holdings, Inc.		90,827		3,832,899
Mosaic Co.		85,964		2,688,094
Nutrien, Ltd.		15,497		843,657
				7,364,650
Airlines — 0.9%
Delta Air Lines, Inc.		47,191		2,339,730
Auto - Cars/Light Trucks — 0.6%
General Motors Co.		43,642		1,722,986
Auto/Truck Parts & Equipment - Original — 0.3%
Aptiv PLC		10,881		904,320
Banks - Commercial — 1.7%
BB&T Corp.		23,062		1,175,470
Citizens Financial Group, Inc.		39,988		1,477,157
M&T Bank Corp.		10,891		1,884,796
				4,537,423
Banks - Fiduciary — 0.5%
Bank of New York Mellon Corp.		27,400		1,437,952
Banks - Super Regional — 4.6%
PNC Financial Services Group, Inc.		4,390		553,228
SunTrust Banks, Inc.		15,174		984,337
US Bancorp		136,801		7,071,244
Wells Fargo & Co.		76,987		3,840,881
				12,449,690
Beverages-Non-alcoholic — 1.6%
Coca-Cola European Partners PLC		18,951		893,350
PepsiCo, Inc.		29,111		3,366,396
				4,259,746
Building Products - Cement — 2.3%
Martin Marietta Materials, Inc.		14,963		2,810,052
Vulcan Materials Co.		30,531		3,402,985
				6,213,037
Cable/Satellite TV — 1.1%
Comcast Corp., Class A		76,451		2,956,360
Casino Hotels — 0.7%
Las Vegas Sands Corp.		31,367		1,926,875
Cellular Telecom — 0.4%
Vodafone Group PLC ADR		55,077		983,124
Chemicals - Diversified — 1.0%
DowDuPont, Inc.		53,742		2,860,687
Commercial Services — 0.4%
Quanta Services, Inc.		27,324		973,827
Commercial Services - Finance — 0.3%
Total System Services, Inc.		9,376		885,094

Security Description	Shares		Value (Note 2)
Computer Data Security — 0.3%
Check Point Software Technologies, Ltd.†		7,575	$	926,423
Computer Services — 2.1%
Cognizant Technology Solutions Corp., Class A		11,551		819,890
International Business Machines Corp.		24,615		3,400,070
Teradata Corp.†		31,193		1,508,805
				5,728,765
Containers - Metal/Glass — 0.7%
Crown Holdings, Inc.†		32,745		1,777,726
Cosmetics & Toiletries — 2.7%
Colgate-Palmolive Co.		54,868		3,614,155
Procter & Gamble Co.		20,594		2,029,539
Unilever PLC ADR		31,501		1,676,798
				7,320,492
Data Processing/Management — 0.6%
First Data Corp., Class A†		30,366		763,401
Fiserv, Inc.†#		8,980		760,516
				1,523,917
Diversified Banking Institutions — 9.8%
Bank of America Corp.		219,384		6,379,687
Citigroup, Inc.		106,006		6,782,264
Goldman Sachs Group, Inc.		10,018		1,970,540
JPMorgan Chase & Co.		82,842		8,645,391
Morgan Stanley		69,898		2,934,318
				26,712,200
Diversified Manufacturing Operations — 0.9%
Carlisle Cos., Inc.		7,476		920,146
General Electric Co.		138,082		1,434,672
				2,354,818
Electric - Integrated — 1.6%
Entergy Corp.		5,840		545,047
Evergy, Inc.		37,462		2,094,500
PPL Corp.		50,350		1,619,760
				4,259,307
Electronic Components - Misc. — 1.0%
Corning, Inc.		76,726		2,670,832
Electronic Components - Semiconductors — 1.7%
Broadcom, Inc.		6,860		1,888,969
Microchip Technology, Inc.#		10,732		932,289
Texas Instruments, Inc.		18,269		1,932,495
				4,753,753
Enterprise Software/Service — 1.8%
Oracle Corp.		94,124		4,906,684
Finance - Credit Card — 1.0%
American Express Co.		13,359		1,439,299
Discover Financial Services		17,680		1,266,065
				2,705,364
Food - Misc./Diversified — 1.9%
Conagra Brands, Inc.#		158,376		3,701,247
Kraft Heinz Co.		18,057		599,312
Mondelez International, Inc., Class A		21,089		994,557
				5,295,116

56

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) —(continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Gold Mining — 0.5%
Newmont Mining Corp.		41,232	$	1,406,836
Instruments - Controls — 1.6%
Honeywell International, Inc.		29,168		4,493,914
Insurance - Multi-line — 4.8%
Assurant, Inc.		13,733		1,414,362
Chubb, Ltd.		16,200		2,169,180
Hartford Financial Services Group, Inc.		131,773		6,504,315
Voya Financial, Inc.		58,832		2,975,134
				13,062,991
Insurance - Property/Casualty — 4.0%
Berkshire Hathaway, Inc., Class B†		53,788		10,827,524
Insurance - Reinsurance — 0.6%
RenaissanceRe Holdings, Ltd.		10,648		1,565,788
Internet Security — 0.4%
Palo Alto Networks, Inc.†		4,288		1,056,006
Investment Management/Advisor Services — 1.6%
Ameriprise Financial, Inc.		15,219		2,003,277
LPL Financial Holdings, Inc.		18,479		1,393,501
Raymond James Financial, Inc.		11,517		951,074
				4,347,852
Machinery - General Industrial — 0.0%
Wabtec Corp.		742		54,332
Medical Instruments — 2.0%
Boston Scientific Corp.†		24,376		977,965
Medtronic PLC		49,403		4,470,972
				5,448,937
Medical Labs & Testing Services — 0.6%
Laboratory Corp. of America Holdings†		11,786		1,747,157
Medical Products — 1.1%
Abbott Laboratories		38,347		2,976,494
Medical - Biomedical/Gene — 0.8%
Biogen, Inc.†		3,011		987,638
Gilead Sciences, Inc.		19,895		1,293,573
				2,281,211
Medical - Drugs — 5.5%
Bristol-Myers Squibb Co.		18,705		966,301
Johnson & Johnson		17,727		2,422,217
Merck & Co., Inc.		67,757		5,507,967
Novartis AG ADR		11,749		1,071,861
Pfizer, Inc.		113,226		4,908,347
				14,876,693
Medical- HMO — 1.0%
Anthem, Inc.		3,173		954,216
Centene Corp.†		14,828		902,877
Humana, Inc.		3,362		958,305
				2,815,398
Medical - Hospitals — 0.4%
HCA Healthcare, Inc.		6,876		956,039
Metal - Copper — 0.5%
Freeport-McMoRan, Inc.		103,784		1,338,814
Multimedia — 0.5%
Twenty-First Century Fox, Inc., Class B		29,007		1,454,991

Security Description	Shares		Value (Note 2)
Networking Products — 2.5%
Cisco Systems, Inc.		130,997	$	6,781,715
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		7,551		592,225
Oil Companies - Exploration & Production — 4.6%
Anadarko Petroleum Corp.		22,733		988,885
Cimarex Energy Co.		12,345		887,729
ConocoPhillips		41,679		2,827,920
Hess Corp.		68,143		3,942,073
Occidental Petroleum Corp.		60,506		4,002,472
				12,649,079
Oil Companies - Integrated — 1.1%
Chevron Corp.		16,834		2,013,010
Royal Dutch Shell PLC, Class A ADR		15,843		985,593
				2,998,603
Oil Refining & Marketing — 3.5%
Marathon Petroleum Corp.		70,811		4,390,990
Phillips 66		45,122		4,347,956
Valero Energy Corp.		10,910		889,820
				9,628,766
Oil- Field Services — 0.9%
Apergy Corp.†		39,367		1,652,627
Schlumberger, Ltd.		18,283		805,549
				2,458,176
Pharmacy Services — 1.0%
Cigna Corp.		5,045		880,050
CVS Health Corp.		32,378		1,872,420
				2,752,470
Real Estate Investment Trusts — 1.5%
Equity Residential		34,923		2,573,476
Public Storage		2,077		439,264
Weyerhaeuser Co.		42,866		1,066,935
				4,079,675
Retail - Discount — 0.3%
Target Corp.		12,852		933,569
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		8,588		611,380
Semiconductor Components - Integrated Circuits — 0.9%
QUALCOMM, Inc.		47,380		2,529,618
Telephone - Integrated — 4.1%
AT&T, Inc.		174,544		5,431,809
Verizon Communications, Inc.		99,848		5,683,348
				11,115,157
Transport - Rail — 0.8%
Union Pacific Corp.		13,221		2,217,162
Transport - Truck — 0.3%
Knight - Swift Transportation Holdings, Inc.#		28,189		947,996
Web Portals/ISP — 1.1%
Alphabet, Inc., Class A†		2,619		2,950,435
Total Common Stocks
(cost $256,228,077)				266,908,531

57

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 0.7%
iShares Russell 1000 Value ETF (cost $2,005,135)		16,209		$	1,999,380
Total Long-Term Investment Securities
(cost $258,233,212)					268,907,911
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Commercial Paper — 1.1%
Credit Agricole Corporate and Investment Bank 2.37% due 03/01/2019 (cost $2,900,000)	$	2,900,000			2,899,808
TOTAL INVESTMENTS
(cost $261,133,212)(1)		99.7	%		271,807,719
Other assets less liabilities		0.3			829,346
NET ASSETS		100.0	%	$	272,637,065

† Non-income producing security

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

At February 28, 2019, the Fund had loaned securities with a total value of $6,342,048. This was secured by collateral of $6,527,054 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 February 28, 2019
United States Treasury Bills	0.00%	03/07/2019 to 06/20/2019	$	42,507
United States Treasury Notes/Bonds	zero coupon to 8.75%	03/15/2019 to 11/15/2048		6,484,547

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

ADR— American Depositary Receipt

ETF— Exchange-Traded Funds

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	266,908,531	$	—	$	—	$	266,908,531
Exchange-Traded Funds		1,999,380		—		—		1,999,380
Short-Term Investment Securities		—		2,899,808		—		2,899,808
Total Investments at Value	$	268,907,911	$	2,899,808	$	—	$	271,807,719

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

See Notes to Financial Statements

58

VALIC Company II Mid Cap Growth Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	6.4	%
Commercial Services — Finance	6.3
Banks — Commercial	6.0
Computer Services	5.2
Medical Instruments	4.5
Insurance — Property/Casualty	4.4
Enterprise Software/Service	4.3
Oil Companies — Exploration & Production	2.7
Medical — Drugs	2.6
E-Commerce/Services	2.6
Medical Products	2.3
Machinery — General Industrial	2.2
Commercial Services	2.2
Electronic Measurement Instruments	2.2
Containers — Metal/Glass	2.1
Web Hosting/Design	2.0
Distribution/Wholesale	2.0
Building Products — Air & Heating	1.9
Gas — Distribution	1.8
Apparel Manufacturers	1.7
E-Services/Consulting	1.7
Electronic Components — Semiconductors	1.6
Building — Residential/Commercial	1.3
Lasers — System/Components	1.3
Transport — Rail	1.3
Data Processing/Management	1.2
Airlines	1.1
Hotels/Motels	1.1
Applications Software	1.1
Finance — Auto Loans	1.1
Multimedia	1.1
Disposable Medical Products	1.1
Non-Hazardous Waste Disposal	1.0
Rental Auto/Equipment	1.0
Instruments — Controls	1.0
Telecommunication Equipment	1.0
Machine Tools & Related Products	0.9
Internet Infrastructure Software	0.9
Semiconductor Equipment	0.9
Computer Software	0.9
Auto — Heavy Duty Trucks	0.9
Aerospace/Defense — Equipment	0.9
Banks — Fiduciary	0.8
Therapeutics	0.8
Real Estate Investment Trusts	0.8
Retail — Automobile	0.8
Schools	0.8
E-Commerce/Products	0.7
Containers — Paper/Plastic	0.7
Real Estate Management/Services	0.6
Food — Catering	0.6
Insurance — Reinsurance	0.6
Electric — Integrated	0.6
Registered Investment Companies	0.6
Diagnostic Equipment	0.5
Printing — Commercial	0.5
Audio/Video Products	0.4
Funeral Services & Related Items	0.3
Machinery — Pumps	0.2
Medical — HMO	0.2
Linen Supply & Related Items	0.2
	100.5	%

* Calculated as a percentage of net assets

59

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.9%
Aerospace/Defense - Equipment — 0.9%
HEICO Corp., Class A		24,781	$	1,982,232
Airlines — 1.1%
JetBlue Airways Corp.†		96,426		1,610,314
Spirit Airlines, Inc.†		18,300		1,029,375
				2,639,689
Apparel Manufacturers — 1.7%
Carter’s, Inc.		23,617		2,301,241
Under Armour, Inc., Class C†#		79,041		1,587,143
				3,888,384
Applications Software — 1.1%
PTC, Inc.†		27,514		2,553,849
Audio/Video Products — 0.4%
Roku, Inc.†		14,416		955,637
Auto - Heavy Duty Trucks — 0.9%
PACCAR, Inc.		29,608		2,007,422
Banks - Commercial — 6.0%
Cullen/Frost Bankers, Inc.#		22,389		2,321,291
First Citizens BancShares, Inc., Class A		3,845		1,678,650
First Republic Bank		27,649		2,902,592
M&T Bank Corp.		15,583		2,696,794
Pinnacle Financial Partners, Inc.		16,345		959,288
Prosperity Bancshares, Inc.#		26,868		2,000,323
South State Corp.		18,673		1,326,530
				13,885,468
Banks - Fiduciary — 0.8%
Northern Trust Corp.		20,852		1,943,406
Building Products- Air & Heating — 1.9%
Lennox International, Inc.		17,431		4,274,953
Building - Residential/Commercial — 1.3%
NVR, Inc.†		1,173		3,073,260
Commercial Services — 2.2%
Cintas Corp.		11,553		2,386,850
CoStar Group, Inc.†		5,899		2,698,969
				5,085,819
Commercial Services - Finance — 6.3%
Global Payments, Inc.		26,244		3,421,693
Total System Services, Inc.		22,585		2,132,024
TransUnion		60,247		3,889,546
WEX, Inc.†		28,628		5,097,502
				14,540,765
Computer Services — 5.2%
EPAM Systems, Inc.†		14,287		2,311,351
Genpact, Ltd.		169,959		5,646,038
Teradata Corp.†		83,550		4,041,313
				11,998,702
Computer Software — 0.9%
Akamai Technologies, Inc.†		30,339		2,113,415
Containers - Metal/Glass — 2.1%
Ball Corp.		66,787		3,658,592
Silgan Holdings, Inc.		39,057		1,105,704
				4,764,296
Containers - Paper/Plastic — 0.7%
Packaging Corp. of America		17,212		1,645,295

Security Description	Shares		Value (Note 2)
Data Processing/Management — 1.2%
Fair Isaac Corp.†		11,254	$	2,788,966
Diagnostic Equipment — 0.5%
Repligen Corp.†#		20,220		1,203,494
Disposable Medical Products — 1.1%
STERIS PLC		20,340		2,460,326
Distribution/Wholesale — 2.0%
Fastenal Co.#		37,576		2,365,034
KAR Auction Services, Inc.		45,154		2,129,011
				4,494,045
E-Commerce/Products — 0.7%
Etsy, Inc.†		24,224		1,726,444
E-Commerce/Services — 2.6%
Cargurus, Inc.†#		30,763		1,314,503
GrubHub, Inc.†		1,200		97,896
TripAdvisor, Inc.†		46,215		2,457,252
Zillow Group, Inc., Class A†#		12,440		515,389
Zillow Group, Inc., Class C†#		36,345		1,519,221
				5,904,261
E-Services/Consulting — 1.7%
CDW Corp.		40,738		3,824,891
Electric - Integrated — 0.6%
Black Hills Corp.		18,408		1,306,600
Electronic Components - Semiconductors — 1.6%
Monolithic Power Systems, Inc.		14,938		2,003,335
Silicon Laboratories, Inc.†		22,134		1,793,297
				3,796,632
Electronic Measurement Instruments — 2.2%
Keysight Technologies, Inc.†		31,514		2,660,097
National Instruments Corp.		51,449		2,404,726
				5,064,823
Enterprise Software/Service — 4.3%
Black Knight, Inc.†		32,745		1,710,926
Blackbaud, Inc.		35,083		2,709,811
Guidewire Software, Inc.†		27,995		2,568,262
Veeva Systems, Inc., Class A†		24,099		2,841,513
				9,830,512
Finance - Auto Loans — 1.1%
Credit Acceptance Corp.†#		5,798		2,550,308
Food - Catering — 0.6%
Aramark		45,916		1,391,255
Funeral Services & Related Items — 0.3%
Service Corp. International		17,708		732,049
Gas- Distribution — 1.8%
NiSource, Inc.		36,426		982,774
UGI Corp.		55,666		3,056,063
				4,038,837
Hotels/Motels — 1.1%
Choice Hotels International, Inc.		32,619		2,604,301
Instruments - Controls — 1.0%
Mettler-Toledo International, Inc.†		3,325		2,264,026
Insurance - Property/Casualty — 4.4%
Alleghany Corp.†		2,697		1,734,063
Fidelity National Financial, Inc.		35,123		1,232,466
Markel Corp.†		3,622		3,639,675

60

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty (continued)
White Mountains Insurance Group, Ltd.		1,899	$	1,783,902
WR Berkley Corp.		19,564		1,636,724
				10,026,830
Insurance - Reinsurance — 0.6%
Fairfax Financial Holdings, Ltd.		2,723		1,348,164
Internet Infrastructure Software — 0.9%
F5 Networks, Inc.†		12,816		2,154,882
Lasers - System/Components — 1.3%
II-VI, Inc.†#		70,249		2,984,178
Linen Supply & Related Items — 0.2%
UniFirst Corp.		2,403		345,599
Machine Tools & Related Products — 0.9%
Lincoln Electric Holdings, Inc.		25,223		2,179,772
Machinery - General Industrial — 2.2%
IDEX Corp.		25,527		3,678,441
Middleby Corp.†#		11,501		1,409,907
				5,088,348
Machinery - Pumps — 0.2%
Gardner Denver Holdings, Inc.†		18,248		489,959
Medical Instruments — 4.5%
Bio-Techne Corp.		12,181		2,361,896
Integra LifeSciences Holdings Corp.†#		41,027		2,260,177
NuVasive, Inc.†		43,019		2,533,819
Teleflex, Inc.		11,170		3,237,513
				10,393,405
Medical Products — 2.3%
Hill-Rom Holdings, Inc.		23,605		2,503,310
Varian Medical Systems, Inc.†		19,995		2,686,528
				5,189,838
Medical - Biomedical/Gene — 6.4%
Alnylam Pharmaceuticals, Inc.†#		21,790		1,852,150
Bluebird Bio, Inc.†#		15,498		2,405,600
Ionis Pharmaceuticals, Inc.†#		36,679		2,603,842
Sage Therapeutics, Inc.†#		16,771		2,670,782
Seattle Genetics, Inc.†#		41,596		3,089,751
Ultragenyx Pharmaceutical, Inc.†#		33,353		2,139,261
				14,761,386
Medical - Drugs — 2.6%
Aerie Pharmaceuticals, Inc.†#		41,438		1,933,911
Alkermes PLC†#		55,225		1,837,336
PRA Health Sciences, Inc.†		21,119		2,259,311
				6,030,558
Medical- HMO — 0.2%
Molina Healthcare, Inc.†		3,198		430,547
Multimedia — 1.1%
FactSet Research Systems, Inc.#		10,500		2,469,285
Non-Hazardous Waste Disposal — 1.0%
Waste Connections, Inc.		28,764		2,398,918
Oil Companies - Exploration & Production — 2.7%
Diamondback Energy, Inc.		18,054		1,858,298
Encana Corp.		234,614		1,700,952
WPX Energy, Inc.†		215,451		2,658,665
				6,217,915

Security Description	Shares			Value (Note 2)
Printing - Commercial — 0.5%
Cimpress NV†		13,764		$	1,135,530
Real Estate Investment Trusts — 0.8%
Equity Commonwealth		57,391			1,873,816
Real Estate Management/Services — 0.6%
Redfin Corp.†#		74,341			1,484,590
Rental Auto/Equipment — 1.0%
AMERCO		6,020			2,315,232
Retail - Automobile — 0.8%
CarMax, Inc.†#		29,159			1,810,774
Schools — 0.8%
2U, Inc.†#		23,635			1,741,899
Semiconductor Equipment — 0.9%
MKS Instruments, Inc.		25,818			2,139,538
Telecommunication Equipment — 1.0%
CommScope Holding Co., Inc.†		96,203			2,242,492
Therapeutics — 0.8%
Agios Pharmaceuticals, Inc.†#		29,051			1,884,538
Transport - Rail — 1.3%
Genesee & Wyoming, Inc., Class A†		36,149			2,964,218
Web Hosting/Design — 2.0%
VeriSign, Inc.†		25,693			4,574,382
Total Long-Term Investment Securities
(cost $205,875,216)					230,010,955
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio 2.43%(1)(2) (cost $1,232,672)		1,232,672			1,232,672
TOTAL INVESTMENTS
(cost $207,107,888)(3)		100.5	%		231,243,627
Liabilities in excess of other assets		(0.5	)		(1,046,829	)
NET ASSETS		100.0	%	$	230,196,798

† Non-income producing security

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

(1) At February 28, 2019, the Fund had loaned securities with a total value of $44,572,459. This was secured by collateral of $1,232,672, which was received in cash and subsequently invested in short-term investments currently valued at $1,232,672 as reported in the Portfolio of Investments. Additional collateral of $44,340,238 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of February 28, 2019
Federal Home Loan Mtg. Corp.	3.00% to 3.50%	12/15/2040 to 12/01/2047	$	1,854,937
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2041 to 05/01/2048		1,256,433
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		1,020,424
United States Treasury Bills	0.00%	03/07/2019 to 06/20/2019		1,626,937
United States Treasury Notes/Bonds	zero coupon to 8.75%	03/15/2019 to 11/15/2048		38,581,507

(2) The rate shown is the7-day yield as of February 28, 2019.

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

61

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	230,010,955	$	—	$	—	$	230,010,955
Short-Term Investment Securities		1,232,672		—		—		1,232,672
Total Investments at Value	$	231,243,627	$	—	$	—	$	231,243,627

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

See Notes to Financial Statements

62

VALIC Company II Mid Cap Value Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	10.1	%
Electric — Integrated	4.9
Banks — Commercial	4.8
Oil Companies — Exploration & Production	4.8
Banks — Super Regional	3.3
Insurance — Property/Casualty	3.3
Aerospace/Defense — Equipment	2.5
Computer Services	2.2
Insurance — Reinsurance	2.1
Chemicals — Diversified	2.1
Diversified Manufacturing Operations	1.7
Insurance — Life/Health	1.7
Finance — Credit Card	1.5
Insurance — Multi-line	1.5
Registered Investment Companies	1.4
Steel — Producers	1.4
Airlines	1.4
Medical Products	1.4
Medical Labs & Testing Services	1.4
Electronic Parts Distribution	1.4
Finance — Investment Banker/Broker	1.3
Insurance Brokers	1.2
Finance — Consumer Loans	1.1
Gas — Distribution	1.0
Data Processing/Management	1.0
Auto/Truck Parts & Equipment — Original	1.0
Food — Misc./Diversified	0.9
Chemicals — Specialty	0.9
Agricultural Chemicals	0.9
Electronic Components — Semiconductors	0.9
Electric Products — Misc.	0.9
Medical — Wholesale Drug Distribution	0.9
Electronic Measurement Instruments	0.9
Distribution/Wholesale	0.8
Computer Software	0.8
Human Resources	0.8
Computers	0.8
Electronic Components — Misc.	0.8
Building Products — Doors & Windows	0.8
Hazardous Waste Disposal	0.8
Electronic Connectors	0.8
Commercial Services — Finance	0.7
Food — Wholesale/Distribution	0.7
Transport — Rail	0.7
Building & Construction Products — Misc.	0.7
Retail — Apparel/Shoe	0.7
Machinery — Material Handling	0.7
Hotels/Motels	0.7
Batteries/Battery Systems	0.6
Power Converter/Supply Equipment	0.6
Repurchase Agreements	0.6
Medical — Hospitals	0.6
Savings & Loans/Thrifts	0.6
Semiconductor Equipment	0.6
Machine Tools & Related Products	0.6
E-Commerce/Products	0.6
Cellular Telecom	0.5
Oil Refining & Marketing	0.5
Disposable Medical Products	0.5
E-Commerce/Services	0.5
Medical — HMO	0.5
Semiconductor Components — Integrated Circuits	0.5
Cruise Lines	0.5
Industrial Automated/Robotic	0.4
Building — Residential/Commercial	0.4
Office Supplies & Forms	0.4
Entertainment Software	0.4
Metal — Aluminum	0.4
Home Decoration Products	0.4

Beverages —Non-alcoholic	0.4	%
Web Hosting/Design	0.4
Containers — Paper/Plastic	0.4
Office Automation & Equipment	0.4
Building Products — Cement	0.4
Lasers — System/Components	0.4
Computers — Memory Devices	0.3
Television	0.3
Applications Software	0.3
Investment Management/Advisor Services	0.3
Transport — Truck	0.3
Building Products — Wood	0.3
Shipbuilding	0.3
Consulting Services	0.3
Building — Heavy Construction	0.3
Oil — Field Services	0.3
Rubber — Tires	0.3
Capacitors	0.3
Medical — Drugs	0.3
Independent Power Producers	0.3
Auto — Heavy Duty Trucks	0.3
Retail — Discount	0.3
Toys	0.3
Medical Instruments	0.3
Finance — Leasing Companies	0.2
Telecom Equipment — Fiber Optics	0.2
Aerospace/Defense	0.2
Cable/Satellite TV	0.2
Banks — Fiduciary	0.2
Dialysis Centers	0.2
Metal Processors & Fabrication	0.2
Food — Meat Products	0.2
Engines — Internal Combustion	0.2
Containers — Metal/Glass	0.2
Rubber/Plastic Products	0.2
Advertising Agencies	0.1
Retail — Major Department Stores	0.1
Commercial Services	0.1
	100.1	%

* Calculated as a percentage of net assets

63

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Advertising Agencies — 0.1%
Omnicom Group, Inc.#		15,092	$	1,142,464
Aerospace/Defense — 0.2%
Spirit AeroSystems Holdings, Inc., Class A		16,209		1,601,449
Aerospace/Defense - Equipment — 2.5%
Curtiss-Wright Corp.		25,011		3,083,606
Harris Corp.		72,879		12,019,934
Moog, Inc., Class A		43,869		4,121,931
				19,225,471
Agricultural Chemicals — 0.9%
Mosaic Co.		99,362		3,107,050
Nutrien, Ltd.		71,574		3,896,488
				7,003,538
Airlines — 1.4%
Delta Air Lines, Inc.		65,351		3,240,103
JetBlue Airways Corp.†		216,945		3,622,982
Southwest Airlines Co.		67,486		3,781,915
				10,645,000
Applications Software — 0.3%
CDK Global, Inc.		41,291		2,395,291
Auto - Heavy Duty Trucks — 0.3%
PACCAR, Inc.		28,948		1,962,674
Auto/Truck Parts & Equipment - Original — 1.0%
BorgWarner, Inc.		39,879		1,619,486
Lear Corp.		15,439		2,347,809
WABCO Holdings, Inc.†		24,891		3,423,259
				7,390,554
Banks - Commercial — 4.8%
BancorpSouth Bank		95,671		3,117,918
Bank OZK#		82,679		2,711,871
East West Bancorp, Inc.		88,406		4,827,852
First Midwest Bancorp, Inc.		144,126		3,336,517
IBERIABANK Corp.		59,544		4,658,127
Pinnacle Financial Partners, Inc.		29,459		1,728,949
Regions Financial Corp.		230,807		3,785,235
South State Corp.		43,080		3,060,403
Western Alliance Bancorp†		81,695		3,780,027
Zions Bancorporation#		114,488		5,850,337
				36,857,236
Banks - Fiduciary — 0.2%
State Street Corp.		20,429		1,468,232
Banks - Super Regional — 3.3%
Comerica, Inc.		69,548		6,058,326
Fifth Third Bancorp		163,636		4,513,081
Huntington Bancshares, Inc.		387,780		5,587,910
KeyCorp		168,689		2,979,048
SunTrust Banks, Inc.		89,490		5,805,216
				24,943,581
Batteries/Battery Systems — 0.6%
EnerSys		65,625		4,844,437
Beverages-Non-alcoholic — 0.4%
Coca-Cola European Partners PLC		61,918		2,918,815
Building & Construction Products - Misc. — 0.7%
Fortune Brands Home & Security, Inc.		79,233		3,733,459
Owens Corning		33,795		1,687,384
				5,420,843

Security Description	Shares		Value (Note 2)
Building Products - Cement — 0.4%
Buzzi Unicem SpA#		139,822	$	2,735,496
Building Products - Doors & Windows — 0.8%
JELD-WEN Holding, Inc.†#		113,685		2,297,574
Sanwa Holdings Corp.		330,626		3,829,347
				6,126,921
Building Products - Wood — 0.3%
Masco Corp.		60,712		2,280,343
Building - Heavy Construction — 0.3%
Granite Construction, Inc.		47,545		2,213,695
Building - Residential/Commercial — 0.4%
Lennar Corp., Class A		70,146		3,365,605
Cable/Satellite TV — 0.2%
Liberty Global PLC, Class C†		59,626		1,513,904
Capacitors — 0.3%
KEMET Corp.		107,567		2,038,395
Cellular Telecom — 0.5%
Millicom International Cellular SA SDR		69,138		4,162,054
Chemicals - Diversified — 2.1%
Celanese Corp.		58,648		5,999,104
FMC Corp.		112,519		10,070,450
				16,069,554
Chemicals - Specialty — 0.9%
Cabot Corp.		95,860		4,493,917
Versum Materials, Inc.		51,436		2,520,364
				7,014,281
Commercial Services — 0.1%
Atento SA†		243,822		970,412
Commercial Services - Finance — 0.7%
Global Payments, Inc.		26,659		3,475,800
Moody’s Corp.		12,307		2,130,588
				5,606,388
Computer Services — 2.2%
Amdocs, Ltd.		103,845		5,770,667
Cognizant Technology Solutions Corp., Class A		13,744		975,549
Leidos Holdings, Inc.		150,989		9,752,379
				16,498,595
Computer Software — 0.8%
SS&C Technologies Holdings, Inc.		103,772		6,390,280
Computers — 0.8%
Hewlett Packard Enterprise Co.		132,726		2,174,052
HP, Inc.		212,305		4,188,778
				6,362,830
Computers - Memory Devices — 0.3%
NetApp, Inc.		24,699		1,610,375
Western Digital Corp.		17,704		890,511
				2,500,886
Consulting Services — 0.3%
Booz Allen Hamilton Holding Corp.		42,121		2,226,516
Containers - Metal/Glass — 0.2%
Crown Holdings, Inc.†		21,285		1,155,563
Containers - Paper/Plastic — 0.4%
Berry Global Group, Inc.†		20,804		1,091,586

64

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Containers - Paper/Plastic (continued)
Graphic Packaging Holding Co.#		137,785	$	1,678,221
				2,769,807
Cruise Lines — 0.5%
Norwegian Cruise Line Holdings, Ltd.†		61,889		3,436,696
Data Processing/Management — 1.0%
Fidelity National Information Services, Inc.		47,175		5,101,976
First Data Corp., Class A†		97,349		2,447,354
				7,549,330
Dialysis Centers — 0.2%
DaVita, Inc.†		25,078		1,426,938
Disposable Medical Products — 0.5%
STERIS PLC		34,275		4,145,904
Distribution/Wholesale — 0.8%
HD Supply Holdings, Inc.†		70,950		3,051,559
KAR Auction Services, Inc.		47,412		2,235,476
WESCO International, Inc.†		21,513		1,171,383
				6,458,418
Diversified Manufacturing Operations — 1.7%
Eaton Corp. PLC		46,452		3,705,476
ITT, Inc.		43,228		2,496,849
Parker-Hannifin Corp.		31,766		5,595,898
Textron, Inc.		23,032		1,250,638
				13,048,861
E-Commerce/Products — 0.6%
eBay, Inc.		115,677		4,297,401
E-Commerce/Services — 0.5%
Expedia Group, Inc.		31,614		3,898,322
Electric Products - Misc. — 0.9%
AMETEK, Inc.		83,698		6,660,687
Electric - Integrated — 4.9%
Alliant Energy Corp.		151,227		6,936,783
American Electric Power Co., Inc.		21,300		1,728,495
DTE Energy Co.		36,855		4,553,804
Edison International		27,219		1,630,146
Entergy Corp.		45,903		4,284,127
Evergy, Inc.		83,779		4,684,084
Pinnacle West Capital Corp.		74,206		6,956,070
Xcel Energy, Inc.		120,613		6,616,829
				37,390,338
Electronic Components - Misc. — 0.8%
Flex, Ltd.†		126,981		1,338,380
Gentex Corp.		53,586		1,089,939
Sensata Technologies Holding PLC†		73,205		3,713,690
				6,142,009
Electronic Components - Semiconductors — 0.9%
Qorvo, Inc.†		40,826		2,863,536
Silicon Motion Technology Corp. ADR		97,441		4,002,876
				6,866,412
Electronic Connectors — 0.8%
TE Connectivity, Ltd.		72,518		5,953,003
Electronic Measurement Instruments — 0.9%
Itron, Inc.†		74,425		3,945,269
Keysight Technologies, Inc.†		30,323		2,559,565
				6,504,834

Security Description	Shares		Value (Note 2)
Electronic Parts Distribution — 1.4%
Arrow Electronics, Inc.†		132,108	$	10,529,008
Engines - Internal Combustion — 0.2%
Cummins, Inc.		8,341		1,285,265
Entertainment Software — 0.4%
Activision Blizzard, Inc.		34,244		1,443,042
NetEase, Inc. ADR		7,995		1,784,644
				3,227,686
Finance - Consumer Loans — 1.1%
Navient Corp.		107,763		1,316,864
SLM Corp.		528,196		5,836,566
Synchrony Financial		46,058		1,501,951
				8,655,381
Finance - Credit Card — 1.5%
Alliance Data Systems Corp.		11,496		1,988,808
Discover Financial Services		135,382		9,694,705
				11,683,513
Finance - Investment Banker/Broker — 1.3%
E*TRADE Financial Corp.		78,478		3,844,637
TD Ameritrade Holding Corp.		113,671		6,403,088
				10,247,725
Finance - Leasing Companies — 0.2%
Air Lease Corp.		45,853		1,713,068
Food - Meat Products — 0.2%
Tyson Foods, Inc., Class A		21,200		1,307,192
Food - Misc./Diversified — 0.9%
Ingredion, Inc.		19,045		1,760,710
Nomad Foods, Ltd.†		124,994		2,512,380
Post Holdings, Inc.†		27,766		2,828,800
				7,101,890
Food - Wholesale/Distribution — 0.7%
US Foods Holding Corp.†		156,456		5,513,509
Gas- Distribution — 1.0%
UGI Corp.		143,225		7,863,052
Hazardous Waste Disposal — 0.8%
Clean Harbors, Inc.†		88,757		6,035,476
Home Decoration Products — 0.4%
Newell Brands, Inc.#		181,556		2,946,654
Hotels/Motels — 0.7%
Wyndham Destinations, Inc.		43,011		1,936,786
Wyndham Hotels & Resorts, Inc.		59,211		3,112,722
				5,049,508
Human Resources — 0.8%
ManpowerGroup, Inc.		23,534		1,982,739
Robert Half International, Inc.		64,520		4,399,619
				6,382,358
Independent Power Producers — 0.3%
Vistra Energy Corp.†		75,931		1,977,243
Industrial Automated/Robotic — 0.4%
Ichor Holdings, Ltd.†#		163,155		3,421,360
Insurance Brokers — 1.2%
Aon PLC		38,556		6,613,511
Marsh & McLennan Cos., Inc.		26,663		2,480,192
				9,093,703

65

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Life/Health — 1.7%
Aflac, Inc.		30,141	$	1,481,129
CNO Financial Group, Inc.		292,047		4,973,560
Torchmark Corp.		19,828		1,637,000
Unum Group		120,331		4,495,566
				12,587,255
Insurance - Multi-line — 1.5%
Allstate Corp.		43,898		4,143,093
Assurant, Inc.		48,714		5,017,055
Loews Corp.		45,395		2,161,710
				11,321,858
Insurance - Property/Casualty — 3.3%
Alleghany Corp.†		12,638		8,125,728
Hanover Insurance Group, Inc.		44,809		5,319,276
Lancashire Holdings, Ltd.		525,448		4,617,147
Travelers Cos., Inc.		19,758		2,626,036
WR Berkley Corp.		49,853		4,170,702
				24,858,889
Insurance - Reinsurance — 2.1%
Everest Re Group, Ltd.		18,259		4,128,542
Reinsurance Group of America, Inc.		84,161		12,160,423
				16,288,965
Investment Management/Advisor Services — 0.3%
Raymond James Financial, Inc.		27,918		2,305,468
Lasers - System/Components — 0.4%
Coherent, Inc.†#		20,524		2,731,334
Machine Tools & Related Products — 0.6%
Milacron Holdings Corp.†		307,323		4,299,449
Machinery - Material Handling — 0.7%
Dover Corp.		56,481		5,113,225
Medical Instruments — 0.3%
Boston Scientific Corp.†		48,127		1,930,855
Medical Labs & Testing Services — 1.4%
ICON PLC†		24,693		3,456,526
IQVIA Holdings, Inc.†		27,149		3,803,575
Laboratory Corp. of America Holdings†		22,109		3,277,438
				10,537,539
Medical Products — 1.4%
Henry Schein, Inc.†		23,551		1,396,574
Hill-Rom Holdings, Inc.		55,937		5,932,119
Zimmer Biomet Holdings, Inc.		26,571		3,297,993
				10,626,686
Medical - Drugs — 0.3%
Jazz Pharmaceuticals PLC†		14,502		2,030,715
Medical- HMO — 0.5%
Centene Corp.†		50,608		3,081,521
Humana, Inc.		2,606		742,814
				3,824,335
Medical - Hospitals — 0.6%
Acadia Healthcare Co., Inc.†#		62,852		1,652,379
Universal Health Services, Inc., Class B		21,075		2,925,842
				4,578,221
Medical - Wholesale Drug Distribution — 0.9%
AmerisourceBergen Corp.		32,580		2,713,914
McKesson Corp.		30,772		3,912,968
				6,626,882

Security Description	Shares		Value (Note 2)
Metal Processors & Fabrication — 0.2%
Timken Co.		32,775	$	1,422,107
Metal - Aluminum — 0.4%
Alcoa Corp.†		106,460		3,140,570
Office Automation & Equipment — 0.4%
Xerox Corp.		88,649		2,739,254
Office Supplies & Forms — 0.4%
Avery Dennison Corp.		30,267		3,270,047
Oil Companies - Exploration & Production — 4.8%
Canadian Natural Resources, Ltd.		53,540		1,520,536
Cimarex Energy Co.		46,996		3,379,482
Diamondback Energy, Inc.		130,560		13,438,541
Encana Corp.		696,466		5,049,379
Laredo Petroleum, Inc.†		310,973		1,066,637
Noble Energy, Inc.		130,162		2,883,088
Pioneer Natural Resources Co.		27,048		3,812,416
Viper Energy Partners LP		74,524		2,452,585
WPX Energy, Inc.†		219,836		2,712,776
				36,315,440
Oil Refining & Marketing — 0.5%
Delek US Holdings, Inc.		52,799		1,868,029
Marathon Petroleum Corp.		36,916		2,289,161
				4,157,190
Oil- Field Services — 0.3%
Apergy Corp.†		51,449		2,159,829
Power Converter/Supply Equipment — 0.6%
Hubbell, Inc.		39,381		4,648,927
Real Estate Investment Trusts — 10.1%
American Assets Trust, Inc.		45,241		1,965,269
American Homes 4 Rent, Class A		66,611		1,454,784
Boston Properties, Inc.		51,831		6,877,456
Brixmor Property Group, Inc.		298,468		5,211,251
Corporate Office Properties Trust		181,474		4,716,509
Douglas Emmett, Inc.		108,782		4,198,985
Duke Realty Corp.		118,966		3,517,825
Equity LifeStyle Properties, Inc.		28,550		3,101,672
Equity Residential		67,684		4,987,634
Kilroy Realty Corp.		25,538		1,882,406
Life Storage, Inc.		31,678		3,091,773
Park Hotels & Resorts, Inc.		162,079		5,063,348
Physicians Realty Trust		279,464		5,049,915
Prologis, Inc.		45,972		3,220,798
PS Business Parks, Inc.		30,025		4,418,779
Regency Centers Corp.		61,789		4,031,732
Retail Properties of America, Inc., Class A		124,823		1,555,295
SL Green Realty Corp.		60,328		5,472,956
STORE Capital Corp.		220,196		7,149,764
				76,968,151
Retail - Apparel/Shoe — 0.7%
Caleres, Inc.		102,765		3,195,992
Ross Stores, Inc.		21,840		2,071,087
				5,267,079
Retail - Discount — 0.3%
Dollar Tree, Inc.†		20,315		1,956,944
Retail - Major Department Stores — 0.1%
Nordstrom, Inc.#		22,937		1,084,461
Rubber - Tires — 0.3%
Goodyear Tire & Rubber Co.		107,430		2,124,965

66

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Rubber/Plastic Products — 0.2%
Trinseo SA		22,935	$	1,151,108
Savings & Loans/Thrifts — 0.6%
Sterling Bancorp		218,830		4,448,814
Semiconductor Components - Integrated Circuits — 0.5%
Marvell Technology Group, Ltd.		184,684		3,684,446
Semiconductor Equipment — 0.6%
Axcelis Technologies, Inc.†		124,553		2,618,104
KLA-Tencor Corp.		15,103		1,744,246
				4,362,350
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		10,711		2,242,990
Steel - Producers — 1.4%
Carpenter Technology Corp.		65,389		3,069,360
Commercial Metals Co.		137,088		2,268,806
Reliance Steel & Aluminum Co.		59,806		5,337,686
				10,675,852
Telecom Equipment - Fiber Optics — 0.2%
Acacia Communications, Inc.†		30,321		1,617,625
Television — 0.3%
TEGNA, Inc.		187,306		2,466,820
Toys — 0.3%
Hasbro, Inc.#		23,004		1,953,040
Transport - Rail — 0.7%
Genesee & Wyoming, Inc., Class A†		66,188		5,427,416
Transport - Truck — 0.3%
Knight-Swift Transportation Holdings, Inc.#		67,840		2,281,459
Web Hosting/Design — 0.4%
VeriSign, Inc.†		16,080		2,862,884
Total Long-Term Investment Securities
(cost $691,869,184)				745,725,298
SHORT-TERM INVESTMENT SECURITIES — 1.4%
Registered Investment Companies — 1.4%
State Street Institutional Liquid Reserves Fund, Administration Class  2.10%(3)		9,527,130		9,528,082

Security Description	Shares/ Principal Amount			Value (Note 2)
Registered Investment Companies (continued)
State Street Navigator Securities Lending Government Money Market Portfolio 2.43%(1)(3)		1,417,878		$	1,417,878
Total Short-Term Investment Securities
(cost $10,945,960)					10,945,960
REPURCHASE AGREEMENTS — 0.6%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 02/28/2019, to be repurchased 03/01/2019 in the amount of $4,623,064 collateralized by $4,840,000 of United States Treasury Notes, bearing interest at 1.88% due 01/31/2022 and having an approximate value of $4,764,070 (cost $4,623,000)	$	4,623,000			4,623,000
TOTAL INVESTMENTS
(cost $707,438,144)(2)		100.1	%		761,294,258
Liabilities in excess of other assets		(0.1	)		(798,650	)
NET ASSETS		100.0	%	$	760,495,608

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

† Non-income producing security

(1) At February 28, 2019, the Fund had loaned securities with a total value of $19,769,233. This was secured by collateral of $1,417,878, which was received in cash and subsequently invested in short-term investments currently value at $1,417,878 as reported in the portfolio of investments. The remaining collateral of $19,084,895 was received in the form of short-term 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 February 28, 2019
United States Treasury Bills	0.00%	03/07/2019 to 06/20/2019	$	879,749
United States Treasury Notes/Bonds	zero coupon to 8.75%	03/15/2019 to 11/15/2048		18,205,146

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

(3) The rate shown is the7-day yield as of February 28, 2019.

ADR—American Depositary Receipt

SDR—Swedish Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	745,725,298	$	—	$	—	$	745,725,298
Short-Term Investment Securities		10,945,960		—		—		10,945,960
Repurchase Agreements		—		4,623,000		—		4,623,000
Total Investments at Value	$	756,671,258	$	4,623,000	$	—	$	761,294,258

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

See Notes to Financial Statements

67

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	48.2	%
Domestic Fixed Income Investment Companies	35.4
International Equity Investment Companies	10.1
International Fixed Income Investment Companies	3.4
Real Estate Investment Companies	2.9
	100.0	%

* Calculated as a percentage of net assets

68

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 48.2%
VALIC Co. I Blue Chip Growth Fund		344,842	$	7,534,798
VALIC Co. I Dividend Value Fund		3,787,660		48,671,436
VALIC Co. I Large Cap Core Fund		766,716		9,254,257
VALIC Co. I Large Capital Growth Fund		416,753		6,876,418
VALIC Co. I Mid Cap Index Fund		1,029,369		28,606,161
VALIC Co. I Mid Cap Strategic Growth Fund		645,314		10,847,731
VALIC Co. INasdaq-100 Index Fund		1,915,724		27,375,700
VALIC Co. I Science & Technology Fund		1,260,457		40,284,221
VALIC Co. I Small Cap Index Fund		330,822		7,337,639
VALIC Co. I Small Cap Special Values Fund		1,049,218		14,269,368
VALIC Co. I Stock Index Fund		2,067,714		85,024,393
VALIC Co. I Value Fund		1,030,982		18,702,012
VALIC Co. II Capital Appreciation Fund		1,322,330		25,401,965
VALIC Co. II Large Cap Value Fund		2,416,653		52,199,695
VALIC Co. II Mid Cap Growth Fund		1,040,371		10,715,826
VALIC Co. II Mid Cap Value Fund		1,264,399		26,413,288
VALIC Co. II Small Cap Growth Fund		388,733		8,497,706
VALIC Co. II Small Cap Value Fund		1,380,220		19,612,932
Total Domestic Equity Investment Companies
(cost $415,660,953)				447,625,546
Domestic Fixed Income Investment Companies — 35.4%
VALIC Co. I Capital Conservation Fund		3,080,448		30,095,982
VALIC Co. I Government Securities Fund		1,215,480		12,713,924
VALIC Co. I Inflation Protected Fund		3,529,464		38,647,634
VALIC Co. II Core Bond Fund		7,180,115		78,478,652
VALIC Co. II High Yield Bond Fund		6,300,162		48,385,242
VALIC Co. II Strategic Bond Fund		10,856,150		120,611,828
Total Domestic Fixed Income Investment Companies
(cost $327,436,265)				328,933,262

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 10.1%
VALIC Co. I Emerging Economies Fund		3,605,328		$	29,671,852
VALIC Co. I Foreign Value Fund		2,620,576			25,838,881
VALIC Co. I International Equities Index Fund		1,480,885			10,469,855
VALIC Co. I International Growth Fund		429,157			6,192,730
VALIC Co. II International Opportunities Fund		1,114,280			21,360,751
Total International Equity Investment Companies
(cost $93,875,446)					93,534,069
International Fixed Income Investment Companies — 3.4%
VALIC Co. I International Government Bond Fund
(cost $31,942,701)		2,716,853			32,004,531
Real Estate Investment Companies — 2.9%
VALIC Co. I Global Real Estate Fund
(cost $26,347,106)		3,344,659			26,790,719
TOTAL INVESTMENTS
(cost $895,262,471)(2)		100.0	%		928,888,127
Liabilities in excess of other assets		(0.0	)		(138,789	)
NET ASSETS		100.0	%	$	928,749,338

# 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 of 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 February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	928,888,127	$	—	$	—	$	928,888,127

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

See Notes to Financial Statements

69

VALIC Company II Small Cap Growth Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	9.2	%
Medical — Drugs	6.0
Enterprise Software/Service	4.7
Computer Software	3.3
Electronic Components — Semiconductors	2.8
Semiconductor Equipment	2.7
Internet Application Software	2.6
Distribution/Wholesale	2.6
Retail — Automobile	2.2
Building & Construction Products — Misc.	2.2
Applications Software	2.0
Medical Products	1.9
Internet Security	1.9
Schools	1.8
Registered Investment Companies	1.8
Non-Hazardous Waste Disposal	1.8
Retail — Discount	1.7
Food — Wholesale/Distribution	1.7
Footwear & Related Apparel	1.6
Banks — Commercial	1.5
Retail — Vision Service Center	1.5
Medical Labs & Testing Services	1.5
Casino Hotels	1.4
Television	1.4
Medical — Outpatient/Home Medical	1.3
Finance — Investment Banker/Broker	1.3
Diversified Manufacturing Operations	1.2
Building Products — Air & Heating	1.2
E-Commerce/Products	1.2
Transport — Truck	1.1
Miscellaneous Manufacturing	1.1
Internet Telephone	1.0
Retail — Restaurants	1.0
Machinery — General Industrial	1.0
Telecom Equipment — Fiber Optics	1.0
Medical Instruments	1.0
Steel Pipe & Tube	1.0
Recreational Centers	1.0
Real Estate Investment Trusts	1.0
Electric Products — Misc.	1.0
Patient Monitoring Equipment	1.0
Gambling (Non-Hotel)	1.0
Publishing — Newspapers	1.0
Advanced Materials	0.9
Chemicals — Specialty	0.9
Drug Delivery Systems	0.9
Web Hosting/Design	0.9
Telecommunication Equipment	0.9
Retail — Pet Food & Supplies	0.8
Retail — Misc./Diversified	0.8
Machinery — Pumps	0.8
Machinery — Construction & Mining	0.8
Entertainment Software	0.8
Aerospace/Defense — Equipment	0.8
Therapeutics	0.8
Aerospace/Defense	0.8
Building — Mobile Home/Manufactured Housing	0.6
Educational Software	0.6
Transport — Marine	0.6
Real Estate Management/Services	0.6
Beverages —Non-alcoholic	0.6
Oil Companies — Exploration & Production	0.5
Investment Companies	0.5
Computer Services	0.5
Building — Residential/Commercial	0.5
Retail — Floor Coverings	0.5
Medical — Hospitals	0.4
Computers	0.4
Savings & Loans/Thrifts	0.4

E-Commerce/Services	0.4
Diagnostic Equipment	0.2
	100.4	%

* Calculated as a percentage of net assets

70

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.6%
Advanced Materials — 0.9%
Hexcel Corp.		26,101	$	1,882,926
Aerospace/Defense — 0.8%
MSA Safety, Inc.		15,090		1,560,155
Aerospace/Defense - Equipment — 0.8%
HEICO Corp.		17,409		1,631,746
Applications Software — 2.0%
HubSpot, Inc.†		13,717		2,309,668
Smartsheet, Inc., Class A†#		45,765		1,750,054
				4,059,722
Banks - Commercial — 1.5%
First Financial Bankshares, Inc.		9,377		608,098
Signature Bank		10,297		1,397,921
Webster Financial Corp.		18,635		1,070,022
				3,076,041
Beverages - Non-alcoholic — 0.6%
Primo Water Corp.†		74,368		1,090,979
Building & Construction Products - Misc. — 2.2%
Simpson Manufacturing Co., Inc.		17,151		1,027,859
Trex Co., Inc.†		44,129		3,307,469
				4,335,328
Building Products- Air & Heating — 1.2%
Lennox International, Inc.		9,747		2,390,452
Building - Mobile Home/Manufactured Housing — 0.6%
Winnebago Industries, Inc.#		39,267		1,281,282
Building - Residential/Commercial — 0.5%
TRI Pointe Group, Inc.†#		72,448		912,845
Casino Hotels — 1.4%
Boyd Gaming Corp.		95,615		2,845,502
Chemicals - Specialty — 0.9%
Ferro Corp.†		95,819		1,857,930
Computer Services — 0.5%
Elastic NV†		10,601		960,027
Computer Software — 3.3%
Cloudera, Inc.†		142,934		2,082,548
Envestnet, Inc.†		62,775		3,829,903
MongoDB, Inc.†#		7,063		717,318
				6,629,769
Computers — 0.4%
Nutanix, Inc., Class A†		17,214		862,249
Diagnostic Equipment — 0.2%
GenMark Diagnostics, Inc.†#		56,810		436,869
Distribution/Wholesale — 2.6%
H&E Equipment Services, Inc.		48,003		1,382,007
Pool Corp.		15,589		2,487,069
SiteOne Landscape Supply, Inc.†#		26,044		1,398,823
				5,267,899
Diversified Manufacturing Operations — 1.2%
ITT, Inc.		42,266		2,441,284
Drug Delivery Systems — 0.9%
Heron Therapeutics, Inc.†#		28,872		764,242
Revance Therapeutics, Inc.†		62,447		1,057,852
				1,822,094
E-Commerce/Products — 1.2%
Etsy, Inc.†		13,690		975,686

Security Description	Shares		Value (Note 2)
E-Commerce/Products (continued)
Farfetch, Ltd., Class A†		57,541	$	1,409,755
				2,385,441
E-Commerce/Services — 0.4%
GrubHub, Inc.†#		9,126		744,499
Educational Software — 0.6%
Instructure, Inc.†#		25,241		1,179,512
Electric Products - Misc. — 1.0%
Littelfuse, Inc.		10,167		1,963,146
Electronic Components - Semiconductors — 2.8%
Inphi Corp.†#		69,378		2,998,517
Monolithic Power Systems, Inc.		18,906		2,535,484
				5,534,001
Enterprise Software/Service — 4.7%
Evolent Health, Inc., Class A†#		96,820		1,277,056
ManTech International Corp., Class A		22,082		1,200,157
New Relic, Inc.†		8,122		858,901
Paycom Software, Inc.†#		10,726		1,949,236
Pluralsight, Inc., Class A†#		50,858		1,653,393
SailPoint Technologies Holding, Inc.†		77,765		2,398,273
				9,337,016
Entertainment Software — 0.8%
Glu Mobile, Inc.†		182,647		1,640,170
Finance - Investment Banker/Broker — 1.3%
Evercore, Inc., Class A		27,608		2,542,697
Food - Wholesale/Distribution — 1.7%
Performance Food Group Co.†		86,698		3,340,474
Footwear & Related Apparel — 1.6%
Wolverine World Wide, Inc.		89,208		3,190,078
Gambling(Non-Hotel) — 1.0%
Red Rock Resorts, Inc., Class A		68,239		1,918,881
Internet Application Software — 2.6%
Anaplan, Inc.†#		40,483		1,518,517
Okta, Inc.†		18,443		1,565,442
Zendesk, Inc.†		28,051		2,216,590
				5,300,549
Internet Security — 1.9%
Proofpoint, Inc.†		18,831		2,223,753
Zscaler, Inc.†#		30,385		1,509,527
				3,733,280
Internet Telephone — 1.0%
RingCentral, Inc., Class A†		19,813		2,086,111
Investment Companies — 0.5%
PennantPark Investment Corp.		136,539		973,523
Machinery - Construction & Mining — 0.8%
Oshkosh Corp.		21,615		1,681,863
Machinery - General Industrial — 1.0%
Applied Industrial Technologies, Inc.		35,562		2,067,575
Machinery - Pumps — 0.8%
Graco, Inc.		35,859		1,683,939
Medical Instruments — 1.0%
LivaNova PLC†		16,976		1,582,163
TransEnterix, Inc.†#		170,747		425,160
				2,007,323

71

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services — 1.5%
Teladoc Health, Inc.†#		46,206	$	2,973,818
Medical Products — 1.9%
iRhythm Technologies, Inc.†		26,350		2,524,066
Nevro Corp.†		27,900		1,285,353
				3,809,419
Medical - Biomedical/Gene — 9.2%
ACADIA Pharmaceuticals, Inc.†#		23,191		614,562
Adverum Biotechnologies, Inc.†#		139,507		565,003
Atara Biotherapeutics, Inc.†#		41,351		1,480,779
Avrobio, Inc.†#		41,143		685,442
Biohaven Pharmaceutical Holding Co., Ltd.†#		40,871		1,797,507
Exact Sciences Corp.†#		18,584		1,691,144
FibroGen, Inc.†		31,996		1,849,369
Halozyme Therapeutics, Inc.†#		120,344		2,075,934
Homology Medicines, Inc.†#		50,966		1,502,478
Intercept Pharmaceuticals, Inc.†#		7,451		743,163
REGENXBIO, Inc.†#		27,086		1,401,159
Rubius Therapeutics, Inc.†		25,131		399,080
Sage Therapeutics, Inc.†#		6,966		1,109,335
Spark Therapeutics, Inc.†#		14,753		1,671,515
Twist Bioscience Corp.†#		37,512		816,636
				18,403,106
Medical - Drugs — 6.0%
Array BioPharma, Inc.†#		50,137		1,150,143
Bellicum Pharmaceuticals, Inc.†		95,512		306,594
Clementia Pharmaceuticals, Inc.†		70,624		1,824,218
Coherus Biosciences, Inc.†#		112,839		1,618,111
Global Blood Therapeutics, Inc.†#		9,812		515,130
Horizon Pharma PLC†		97,192		2,819,540
Nektar Therapeutics†		16,168		655,451
Optinose, Inc.†#		63,165		468,684
TherapeuticsMD, Inc.†#		274,346		1,569,259
Tricida, Inc.†#		42,908		992,462
				11,919,592
Medical - Hospitals — 0.4%
Acadia Healthcare Co., Inc.†#		33,151		871,540
Medical - Outpatient/Home Medical — 1.3%
Amedisys, Inc.†		20,888		2,596,378
Miscellaneous Manufacturing — 1.1%
John Bean Technologies Corp.		22,608		2,118,370
Non-Hazardous Waste Disposal — 1.8%
Advanced Disposal Services, Inc.†		134,485		3,566,542
Oil Companies - Exploration & Production — 0.5%
Centennial Resource Development, Inc., Class A†#		109,553		993,646
Patient Monitoring Equipment — 1.0%
Insulet Corp.†#		20,785		1,951,919
Publishing - Newspapers — 1.0%
New York Times Co., Class A#		58,292		1,914,892
Real Estate Investment Trusts — 1.0%
CubeSmart		31,697		971,196
Highwoods Properties, Inc.		22,025		1,019,978
				1,991,174
Real Estate Management/Services — 0.6%
RE/MAX Holdings, Inc., Class A		28,331		1,111,425
Recreational Centers — 1.0%
Planet Fitness, Inc., Class A†		34,048		2,001,341

Security Description	Shares			Value (Note 2)
Retail - Automobile — 2.2%
Lithia Motors, Inc., Class A#		20,607		$	1,860,194
Rush Enterprises, Inc., Class A		62,627			2,625,324
					4,485,518
Retail - Discount — 1.7%
Ollie’s Bargain Outlet Holdings, Inc.†		39,295			3,466,605
Retail - Floor Coverings — 0.5%
Floor & Decor Holdings, Inc., Class A†#		24,051			894,216
Retail - Misc./Diversified — 0.8%
Hudson, Ltd., Class A†		113,460			1,690,554
Retail- Pet Food & Supplies — 0.8%
Freshpet, Inc.†		41,052			1,692,163
Retail - Restaurants — 1.0%
Texas Roadhouse, Inc.		32,845			2,079,417
Retail - Vision Service Center — 1.5%
National Vision Holdings, Inc.†		91,184			3,063,782
Savings & Loans/Thrifts — 0.4%
Axos Financial, Inc.†		26,215			846,220
Schools — 1.8%
2U, Inc.†#		19,062			1,404,869
Bright Horizons Family Solutions, Inc.†		18,431			2,285,444
					3,690,313
Semiconductor Equipment — 2.7%
Entegris, Inc.#		87,620			3,095,615
MKS Instruments, Inc.		28,673			2,376,131
					5,471,746
Steel Pipe & Tube — 1.0%
Advanced Drainage Systems, Inc.		78,921			2,006,172
Telecom Equipment - Fiber Optics — 1.0%
Ciena Corp.†		47,771			2,037,911
Telecommunication Equipment — 0.9%
Quantenna Communications, Inc.†		99,258			1,801,533
Television — 1.4%
World Wrestling Entertainment, Inc., Class A#		32,287			2,702,422
Therapeutics — 0.8%
G1 Therapeutics, Inc.†#		31,647			584,204
Portola Pharmaceuticals, Inc.†#		31,968			981,737
					1,565,941
Transport - Marine — 0.6%
Kirby Corp.†		15,262			1,132,746
Transport - Truck — 1.1%
Saia, Inc.†		34,332			2,271,405
Web Hosting/Design — 0.9%
Wix.com, Ltd.†		16,553			1,808,415
Total Long-Term Investment Securities
(cost $173,094,654)					197,585,418
SHORT-TERM INVESTMENT SECURITIES — 1.8%
Registered Investment Companies — 1.8%
State Street Navigator Securities Lending Government Money Market Portfolio 2.43%(1)(2) (cost $3,650,424)		3,650,424			3,650,424
TOTAL INVESTMENTS
(cost $176,745,078)(3)		100.4	%		201,235,842
Liabilities in excess of other assets		(0.4	)		(752,914	)
NET ASSETS		100.0	%	$	200,482,928

72

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

† Non-income producing security

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

(1) At February 28, 2019, the Fund had loaned securities with a total value of $42,011,720. This was secured by collateral of $3,650,424, which was received in cash and subsequently invested in short-term investments currently valued at $3,650,424 as reported in the Portfolio of Investments. Additional collateral of $39,918,823 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 February 28, 2019
Federal Home Loan Mtg. Corp.	3.00% to 3.50%	12/15/2040 to 12/01/2047	$	365,799
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2041 to 05/01/2048		247,772
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		201,231
United States Treasury Bills	0.00%	03/07/2019 to 06/20/2019		760,931
United States Treasury Notes/Bonds	zero coupon to 8.75%	03/15/2019 to 11/15/2048		38,343,090

(2) The rate shown is the7-day yield as of February 28, 2019.

(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 February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	197,585,418	$	—	$	—	$	197,585,418
Short-Term Investment Securities		3,650,424		—		—		3,650,424
Total Investments at Value	$	201,235,842	$	—	$	—	$	201,235,842

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

See Notes to Financial Statements

73

VALIC Company II Small Cap Value Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Banks — Commercial	15.1	%
Real Estate Investment Trusts	12.6
Savings & Loans/Thrifts	3.4
Repurchase Agreements	2.8
Electronic Components — Semiconductors	2.2
Auto/Truck Parts & Equipment — Original	1.9
Gas — Distribution	1.8
Oil — Field Services	1.7
Coal	1.6
Electric — Integrated	1.6
Consulting Services	1.6
Insurance — Life/Health	1.5
Electronic Components — Misc.	1.5
Computer Services	1.4
Registered Investment Companies	1.3
Electronic Parts Distribution	1.3
Medical — Biomedical/Gene	1.2
Building — Residential/Commercial	1.2
Transport — Truck	1.2
Medical — HMO	1.1
Financial Guarantee Insurance	1.1
Independent Power Producers	1.1
Retail — Apparel/Shoe	1.1
Oil Companies — Exploration & Production	1.1
Electric — Distribution	1.1
Insurance — Property/Casualty	1.1
Medical — Drugs	1.1
Building & Construction — Misc.	1.1
Distribution/Wholesale	1.0
Paper & Related Products	1.0
Human Resources	0.9
Energy — Alternate Sources	0.9
Consumer Products — Misc.	0.8
Diversified Manufacturing Operations	0.8
Engineering/R&D Services	0.8
E-Commerce/Services	0.8
Office Supplies & Forms	0.8
Investment Management/Advisor Services	0.7
Retail — Restaurants	0.7
Enterprise Software/Service	0.7
Oil Refining & Marketing	0.7
Schools	0.7
Rubber/Plastic Products	0.6
Dental Supplies & Equipment	0.6
Insurance — Reinsurance	0.6
Semiconductor Components — Integrated Circuits	0.6
Semiconductor Equipment	0.6
Retail — Office Supplies	0.6
Retail — Misc./Diversified	0.6
Publishing — Newspapers	0.5
Aerospace/Defense — Equipment	0.5
Networking Products	0.5
Medical — Generic Drugs	0.5
Building — Maintenance & Services	0.5
Auto — Truck Trailers	0.5
Metal Processors & Fabrication	0.4
Retail — Sporting Goods	0.4
Cosmetics & Toiletries	0.4
Food — Misc./Diversified	0.4
Television	0.4
Printing — Commercial	0.4
Medical — Wholesale Drug Distribution	0.4
Building — Heavy Construction	0.4
Airlines	0.3
Transport — Marine	0.3
Telecom Equipment — Fiber Optics	0.3
Retail — Bookstores	0.3
Apparel Manufacturers	0.3
Building & Construction Products — Misc.	0.3
Racetracks	0.3

Transactional Software	0.3
Metal Products — Distribution	0.3
Retail — Drug Store	0.3
Commercial Services — Finance	0.3
Finance — Investment Banker/Broker	0.3
Computers — Integrated Systems	0.3
Food — Wholesale/Distribution	0.3
Audio/Video Products	0.3
Finance — Mortgage Loan/Banker	0.2
Retail — Discount	0.2
Building Products — Wood	0.2
Publishing — Books	0.2
Communications Software	0.2
Electric — Generation	0.2
Machinery — Farming	0.2
Retail — Automobile	0.2
Auto/Truck Parts & Equipment — Replacement	0.2
Machinery — General Industrial	0.2
Computers — Other	0.2
Chemicals — Specialty	0.2
E-Services/Consulting	0.2
Electronic Measurement Instruments	0.2
Medical Information Systems	0.2
Dialysis Centers	0.2
Wireless Equipment	0.2
Rental Auto/Equipment	0.2
Oil & Gas Drilling	0.2
Retail — Jewelry	0.2
Water	0.2
Finance — Consumer Loans	0.2
Medical — Hospitals	0.2
Computer Software	0.1
Data Processing/Management	0.1
Transport — Services	0.1
Industrial Automated/Robotic	0.1
Steel — Producers	0.1
Broadcast Services/Program	0.1
Telephone — Integrated	0.1
Telecommunication Equipment	0.1
Capacitors	0.1
Retail — Appliances	0.1
Multimedia	0.1
Telecom Services	0.1
Power Converter/Supply Equipment	0.1
Banks — Mortgage	0.1
Travel Services	0.1
E-Marketing/Info	0.1
Internet Content — Entertainment	0.1
Medical Instruments	0.1
Machinery — Pumps	0.1
Linen Supply & Related Items	0.1
Oil Field Machinery & Equipment	0.1
Insurance — Multi-line	0.1
Medical Labs & Testing Services	0.1
Commercial Services	0.1
Metal — Iron	0.1
Tobacco	0.1
Cable/Satellite TV	0.1
Retirement/Aged Care	0.1
Machine Tools & Related Products	0.1
Machinery — Construction & Mining	0.1
Home Furnishings	0.1
Appliances	0.1
Containers — Paper/Plastic	0.1
Finance — Commercial	0.1
Disposable Medical Products	0.1
Hotels/Motels	0.1
	101.2	%

* Calculated as a percentage of net assets

74

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.1%
Aerospace/Defense - Equipment — 0.5%
Moog, Inc., Class A		21,600	$	2,029,536
Airlines — 0.3%
SkyWest, Inc.		25,000		1,351,000
Apparel Manufacturers — 0.3%
Deckers Outdoor Corp.†		8,400		1,242,780
Appliances — 0.1%
Hamilton Beach Brands Holding Co., Class A#		10,200		247,554
Audio/Video Products — 0.3%
Sonos, Inc.†		96,100		992,713
Auto - Truck Trailers — 0.5%
Wabash National Corp.		128,300		1,903,972
Auto/Truck Parts & Equipment - Original — 1.9%
American Axle & Manufacturing Holdings, Inc.†#		27,400		441,140
Cooper - Standard Holdings, Inc.†		14,600		877,606
Dana, Inc.		53,600		1,058,600
Meritor, Inc.†		63,900		1,423,692
Methode Electronics, Inc.		9,300		260,958
Modine Manufacturing Co.†		4,900		73,647
Tenneco, Inc., Class A		83,000		2,871,800
Tower International, Inc.		14,100		361,665
				7,369,108
Auto/Truck Parts & Equipment - Replacement — 0.2%
Douglas Dynamics, Inc.		18,900		797,202
Banks - Commercial — 15.1%
1st Source Corp.		14,920		709,446
Allegiance Bancshares, Inc.†		4,000		153,040
American National Bankshares, Inc.		800		28,640
BancFirst Corp.		15,680		884,038
Bancorp, Inc.†		75,100		681,157
BancorpSouth Bank		9,700		316,123
Bank of Commerce Holdings		3,000		34,050
Bank of Marin Bancorp		1,000		44,500
Banner Corp.		23,900		1,484,907
Bryn Mawr Bank Corp.		3,900		158,964
Cadence BanCorp		2,100		41,979
Cathay General Bancorp		32,390		1,258,028
CenterState Bank Corp.		7,113		188,210
Central Pacific Financial Corp.		56,000		1,634,080
Central Valley Community Bancorp		6,100		118,767
Century Bancorp, Inc., Class A		518		40,067
Chemung Financial Corp.		700		32,606
Citizens & Northern Corp.		2,400		62,976
City Holding Co.		18,100		1,450,534
Columbia Banking System, Inc.		38,300		1,450,804
Community Bank System, Inc.#		16,980		1,100,134
Community Trust Bancorp, Inc.		20,418		873,482
ConnectOne Bancorp, Inc.		27,900		601,803
Customers Bancorp, Inc.†		62,200		1,330,458
East West Bancorp, Inc.		6,373		348,030
Enterprise Financial Services Corp.		26,500		1,197,270
Farmers National Banc Corp.		11,100		163,392
Fidelity Southern Corp.		30,500		993,690
Financial Institutions, Inc.		26,100		786,654
First Bancorp, Inc./North Carolina		8,600		337,034
First BanCorp./Puerto Rico		339,700		3,909,947
First Business Financial Services, Inc.		6,800		150,008

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
First Citizens BancShares, Inc., Class A		1,740	$	759,649
First Commonwealth Financial Corp.		163,800		2,303,028
First Community Bancshares, Inc.		7,500		268,875
First Financial Bancorp		8,200		227,386
First Financial Corp.		12,300		545,874
First Hawaiian, Inc.		18,000		485,280
First Interstate BancSystem, Inc., Class A		12,370		515,087
First Midwest Bancorp, Inc.		11,000		254,650
Franklin Financial Network, Inc.#		1,900		62,320
Fulton Financial Corp.		21,500		369,370
Glacier Bancorp, Inc.		26,500		1,161,230
Great Southern Bancorp, Inc.		11,800		668,234
Great Western Bancorp, Inc.		12,800		480,640
Hancock Whitney Corp.		48,721		2,128,133
Hanmi Financial Corp.		52,000		1,200,160
Heartland Financial USA, Inc.		10,100		490,759
Heritage Commerce Corp.		6,700		93,599
Hilltop Holdings, Inc.		49,400		949,468
HomeStreet, Inc.†		8,000		223,200
Hope Bancorp, Inc.		80,227		1,169,710
IBERIABANK Corp.		26,100		2,041,803
Independent Bank Corp./Michigan		23,900		555,675
Lakeland Financial Corp.		5,170		249,814
MB Financial, Inc.		2,100		95,067
Mercantile Bank Corp.		2,400		83,112
Midland States Bancorp, Inc.		3,700		94,350
Northrim BanCorp, Inc.		3,100		116,281
OFG Bancorp		60,500		1,251,745
Old Second Bancorp, Inc.		12,400		177,072
Pacific Mercantile Bancorp†		11,700		96,525
PacWest Bancorp		5,835		239,352
Peoples Bancorp, Inc.		9,700		323,398
Preferred Bank		2,200		112,684
Premier Financial Bancorp, Inc.		2,325		38,525
Republic Bancorp, Inc., Class A		5,200		235,248
S&T Bancorp, Inc.		2,780		115,036
Shore Bancshares, Inc.		2,900		45,675
Sierra Bancorp		4,200		113,190
Simmons First National Corp., Class A		4,478		120,145
South State Corp.		21,870		1,553,645
Stock Yards Bancorp, Inc.		2,350		83,707
Tompkins Financial Corp.		2,748		220,967
Towne Bank		2,500		68,925
TriCo Bancshares		26,700		1,073,874
TriState Capital Holdings, Inc.†		6,200		140,182
TrustCo Bank Corp.		29,000		245,630
Trustmark Corp.		48,200		1,710,136
UMB Financial Corp.		27,860		1,917,047
Umpqua Holdings Corp.		112,114		2,038,232
Union Bankshares Corp.		13,000		462,410
United Community Banks, Inc.		55,400		1,534,026
Veritex Holdings, Inc.		22,622		633,642
Washington Trust Bancorp, Inc.		4,780		250,472
Webster Financial Corp.		14,000		803,880
West Bancorporation, Inc.		4,830		111,670
Westamerica Bancorporation		39,424		2,534,175
Wintrust Financial Corp.		19,700		1,451,299
				59,860,086

75

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) —(continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Mortgage — 0.1%
Walker & Dunlop, Inc.		8,500	$	474,300
Broadcast Services/Program — 0.1%
Hemisphere Media Group, Inc.†		37,500		521,250
Building & Construction Products - Misc. — 0.3%
Armstrong Flooring, Inc.†		17,700		253,818
Louisiana-Pacific Corp.		38,200		965,314
				1,219,132
Building & Construction - Misc. — 1.1%
EMCOR Group, Inc.		47,998		3,462,096
MYR Group, Inc.†		21,600		724,464
				4,186,560
Building Products - Doors & Windows — 0.0%
Masonite International Corp.†		2,300		127,535
Building Products - Wood — 0.2%
Boise Cascade Co.		32,000		892,480
Universal Forest Products, Inc.		800		24,776
				917,256
Building - Heavy Construction — 0.4%
Sterling Construction Co., Inc.†		36,100		527,421
Tutor Perini Corp.†#		46,100		867,602
				1,395,023
Building - Maintenance & Services — 0.5%
ABM Industries, Inc.		53,800		1,918,508
Building - Residential/Commercial — 1.2%
Hovnanian Enterprises, Inc., Class A†#		76,071		51,508
KB Home		156,700		3,574,327
Taylor Morrison Home Corp., Class A†		16,500		276,705
TRI Pointe Group, Inc.†#		60,700		764,820
				4,667,360
Cable/Satellite TV — 0.1%
Liberty Latin America, Ltd., Class A†		7,200		141,264
WideOpenWest, Inc.†		18,000		147,960
				289,224
Capacitors — 0.1%
KEMET Corp.		26,600		504,070
Chemicals - Diversified — 0.0%
AdvanSix, Inc.†		5,800		189,950
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.#		3,400		47,906
Chemicals - Specialty — 0.2%
Minerals Technologies, Inc.		7,460		441,632
Stepan Co.		2,300		216,430
Valhi, Inc.#		27,900		112,995
				771,057
Coal — 1.6%
Arch Coal, Inc., Class A#		32,300		3,009,068
NACCO Industries, Inc., Class A		7,200		263,304
Peabody Energy Corp.		47,000		1,449,950
Ramaco Resources, Inc.†		19,600		104,468
SunCoke Energy, Inc.†		29,900		296,608
Warrior Met Coal, Inc.		45,800		1,341,024
				6,464,422

Security Description	Shares		Value (Note 2)
Commercial Services — 0.1%
Acacia Research Corp.†		114,272	$	348,530
Commercial Services - Finance — 0.3%
CBIZ, Inc.†		22,700		468,301
EVERTEC, Inc.		4,100		117,342
Green Dot Corp., Class A†		2,300		148,465
Travelport Worldwide, Ltd.		22,400		352,128
				1,086,236
Communications Software — 0.2%
Avaya Holdings Corp.†		54,900		850,401
Computer Services — 1.4%
CACI International, Inc., Class A†		2,300		419,198
Insight Enterprises, Inc.†		28,900		1,613,198
Perspecta, Inc.		76,300		1,609,930
Unisys Corp.†#		111,350		1,504,338
Virtusa Corp.†		7,200		363,384
				5,510,048
Computer Software — 0.1%
TiVo Corp.		55,300		554,659
Computers - Integrated Systems — 0.3%
NetScout Systems, Inc.†		38,400		1,051,008
Computers - Other — 0.2%
Lumentum Holdings, Inc.†		15,600		776,100
Consulting Services — 1.6%
CRA International, Inc.		7,600		379,696
FTI Consulting, Inc.†		21,500		1,594,440
Huron Consulting Group, Inc.†		23,200		1,063,024
Kelly Services, Inc., Class A		35,000		844,550
Navigant Consulting, Inc.		78,200		1,610,138
Vectrus, Inc.†		32,000		862,720
				6,354,568
Consumer Products - Misc. — 0.8%
Central Garden & Pet Co., Class A†		47,700		1,328,445
Helen of Troy, Ltd.†		17,500		1,961,925
				3,290,370
Containers - Paper/Plastic — 0.1%
Graphic Packaging Holding Co.		18,310		223,016
Cosmetics & Toiletries — 0.4%
Edgewell Personal Care Co.†		38,400		1,703,424
Data Processing/Management — 0.1%
Fair Isaac Corp.†		2,220		550,160
Dental Supplies & Equipment — 0.6%
Patterson Cos., Inc.#		108,800		2,453,440
Dialysis Centers — 0.2%
American Renal Associates Holdings, Inc.†		54,800		684,452
Disposable Medical Products — 0.1%
CONMED Corp.		2,500		192,250
Distribution/Wholesale — 1.0%
Anixter International, Inc.†		3,400		199,512
Core-Mark Holding Co., Inc.		52,000		1,638,520
Fossil Group, Inc.†#		33,500		523,940
Nexeo Solutions, Inc.†#		13,800		137,034
Titan Machinery, Inc.†		46,700		897,107

76

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) —(continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Distribution/Wholesale (continued)
Veritiv Corp.†		23,100	$	667,359
				4,063,472
Diversified Manufacturing Operations — 0.8%
EnPro Industries, Inc.		2,600		178,334
Fabrinet†		48,200		2,819,700
Harsco Corp.†		12,800		286,464
				3,284,498
E-Commerce/Services — 0.8%
Liberty Expedia Holdings, Inc., Class A†		72,300		3,202,890
E-Marketing/Info — 0.1%
New Media Investment Group, Inc.		33,900		451,548
E-Services/Consulting — 0.2%
Perficient, Inc.†		26,900		769,609
Electric Products - Misc. — 0.0%
Graham Corp.		6,900		156,285
Electric - Distribution — 1.1%
Portland General Electric Co.		72,100		3,615,094
Spark Energy, Inc., Class A#		38,500		384,615
Unitil Corp.		5,900		323,969
				4,323,678
Electric - Generation — 0.2%
Atlantic Power Corp.†#		298,700		803,503
Electric - Integrated — 1.6%
Avista Corp.#		30,980		1,251,902
El Paso Electric Co.		40,500		2,178,900
IDACORP, Inc.		12,100		1,190,761
MGE Energy, Inc.		3,900		249,288
NorthWestern Corp.		21,318		1,461,135
PNM Resources, Inc.		1,200		52,416
				6,384,402
Electronic Components - Misc. — 1.5%
Bel Fuse, Inc., Class B		24,700		603,915
Benchmark Electronics, Inc.		66,621		1,825,415
Comtech Telecommunications Corp.		4,400		116,600
Kimball Electronics, Inc.†		19,300		299,150
OSI Systems, Inc.†		9,100		790,335
Sanmina Corp.†		56,400		1,801,416
Vishay Intertechnology, Inc.		10,400		227,968
Vishay Precision Group, Inc.†		2,400		83,664
				5,748,463
Electronic Components - Semiconductors — 2.2%
Alpha & Omega Semiconductor, Ltd.†		47,800		514,328
Amkor Technology, Inc.†		157,100		1,379,338
Photronics, Inc.†		36,100		354,141
Electronic Components - Semiconductors (continued)
Rambus, Inc.†		287,600		2,953,652
Synaptics, Inc.†#		34,500		1,444,515
Xperi Corp.		78,800		1,891,200
				8,537,174
Electronic Measurement Instruments — 0.2%
Stoneridge, Inc.†		25,600		756,992

Security Description	Shares		Value (Note 2)
Electronic Parts Distribution — 1.3%
Tech Data Corp.†		49,950	$	5,105,889
Energy - Alternate Sources — 0.9%
FutureFuel Corp.		34,000		626,960
Renewable Energy Group, Inc.†#		61,900		1,644,683
REX American Resources Corp.†		13,800		1,099,998
				3,371,641
Engineering/R&D Services — 0.8%
Argan, Inc.		4,400		204,600
KBR, Inc.		116,100		2,294,136
VSE Corp.		20,500		724,675
				3,223,411
Enterprise Software/Service — 0.7%
Donnelley Financial Solutions, Inc.†		22,600		321,146
MicroStrategy, Inc., Class A†		13,000		1,839,500
Progress Software Corp.		4,300		158,154
Verint Systems, Inc.†		6,600		351,450
				2,670,250
Finance - Commercial — 0.1%
Marlin Business Services Corp.		9,100		214,214
Finance - Consumer Loans — 0.2%
Nelnet, Inc., Class A		11,300		619,466
Finance - Investment Banker/Broker — 0.3%
Arlington Asset Investment Corp., Class A#		5,400		44,766
GAIN Capital Holdings, Inc.#		48,800		336,720
Houlihan Lokey, Inc.		3,900		179,322
Oppenheimer Holdings, Inc., Class A		12,300		347,106
Piper Jaffray Cos.		2,200		153,912
				1,061,826
Finance - Mortgage Loan/Banker — 0.2%
PennyMac Financial Services, Inc.		41,900		977,108
Finance - Other Services — 0.0%
BGC Partners, Inc., Class A		30,200		185,126
Financial Guarantee Insurance — 1.1%
MBIA, Inc.†		147,700		1,466,661
MGIC Investment Corp.†		119,800		1,555,004
Radian Group, Inc.		71,300		1,451,668
				4,473,333
Food - Dairy Products — 0.0%
Dean Foods Co.#		35,800		143,558
Food - Misc./Diversified — 0.4%
Darling Ingredients, Inc.†		68,200		1,499,036
Food - Wholesale/Distribution — 0.3%
Fresh Del Monte Produce, Inc.		10,250		283,720
SpartanNash Co.		40,300		764,894
				1,048,614
Footwear & Related Apparel — 0.0%
Weyco Group, Inc.		800		24,256
Gas- Distribution — 1.8%
New Jersey Resources Corp.		24,300		1,176,120
Northwest Natural Holding Co.		27,900		1,791,738
Southwest Gas Holdings, Inc.		33,640		2,756,462

77

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) —(continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Gas- Distribution (continued)
Spire, Inc.		17,600	$	1,396,032
				7,120,352
Home Furnishings — 0.1%
Hooker Furniture Corp.		8,400		263,760
Hotels/Motels — 0.1%
Red Lion Hotels Corp.†		23,900		190,722
Housewares — 0.0%
Lifetime Brands, Inc.		17,500		183,050
Human Resources — 0.9%
Barrett Business Services, Inc.		14,000		1,099,560
Cross Country Healthcare, Inc.†		71,400		624,036
Heidrick & Struggles International, Inc.		6,600		284,526
Korn Ferry		3,800		185,402
TrueBlue, Inc.†		55,000		1,266,100
				3,459,624
Independent Power Producers — 1.1%
Clearway Energy, Inc., Class A		99,000		1,461,240
Clearway Energy, Inc., Class C		107,700		1,614,423
Vistra Energy Corp.†		52,529		1,367,855
				4,443,518
Industrial Automated/Robotic — 0.1%
Hurco Cos., Inc.		12,500		536,000
Insurance - Life/Health — 1.5%
American Equity Investment Life Holding Co.		98,700		3,123,855
CNO Financial Group, Inc.		153,509		2,614,258
Primerica, Inc.		1,400		175,056
				5,913,169
Insurance - Multi-line — 0.1%
Horace Mann Educators Corp.		9,380		367,602
Insurance - Property/Casualty — 1.1%
Ambac Financial Group, Inc.†		33,800		668,226
FedNat Holding Co.		12,100		220,825
First American Financial Corp.		13,900		705,981
Hallmark Financial Services, Inc.†		9,100		95,095
Heritage Insurance Holdings, Inc.#		81,200		1,211,504
National General Holdings Corp.		3,500		90,335
ProAssurance Corp.		15,980		648,788
Stewart Information Services Corp.		14,600		626,778
				4,267,532
Insurance - Reinsurance — 0.6%
Argo Group International Holdings, Ltd.		9,375		651,656
Essent Group, Ltd.†		15,600		672,984
Global Indemnity, Ltd.		1,400		54,012
Third Point Reinsurance, Ltd.†		91,400		977,066
				2,355,718
Internet Content - Entertainment — 0.1%
Limelight Networks, Inc.†		142,900		417,268
Investment Management/Advisor Services — 0.7%
Associated Capital Group, Inc., Class A#		1,400		59,542
Boston Private Financial Holdings, Inc.		59,800		711,022
Stifel Financial Corp.		28,700		1,562,141
Virtus Investment Partners, Inc.#		4,800		491,088
				2,823,793

Security Description	Shares			Value (Note 2)
Linen Supply & Related Items — 0.1%
UniFirst Corp.		2,600		$	373,932
Machine Tools & Related Products — 0.1%
Milacron Holdings Corp.†		20,000			279,800
Machinery - Construction & Mining — 0.1%
Hyster-Yale Materials Handling, Inc.		4,000			270,640
Machinery - Electrical — 0.0%
Bloom Energy Corp. Class A†#		1,800			26,046
Machinery - Farming — 0.2%
AGCO Corp.		11,860			801,499
Machinery - General Industrial — 0.2%
Applied Industrial Technologies, Inc.		1,000			58,140
DXP Enterprises, Inc.†		20,300			718,011
					776,151
Machinery - Pumps — 0.1%
SPX FLOW, Inc.†		12,000			414,240
Medical Imaging Systems — 0.0%
Lantheus Holdings, Inc.†		4,200			95,970
Medical Information Systems — 0.2%
Allscripts Healthcare Solutions, Inc.†		63,400			679,648
NantHealth, Inc.†#		31,267			21,418
					701,066
Medical Instruments — 0.1%
AngioDynamics, Inc.†		18,500			414,585
Medical Labs & Testing Services — 0.1%
SI-BONE, Inc.†		17,600			364,672
Medical Products — 0.0%
FONAR Corp.†		8,700			188,355
Medical - Biomedical/Gene — 1.2%
Acceleron Pharma, Inc.†#		7,200			317,088
Acorda Therapeutics, Inc.†		9,600			141,504
AMAG Pharmaceuticals, Inc.†#		7,100	��		105,719
Arbutus Biopharma Corp.†		64,900			284,911
Arcus Biosciences, Inc.†		41,365			487,694
BioCryst Pharmaceuticals, Inc.†#		43,900			362,614
Epizyme, Inc.†		37,400			484,704
Fate Therapeutics, Inc.†#		21,700			340,907
Five Prime Therapeutics, Inc.†#		20,100			232,758
Iovance Biotherapeutics, Inc.†#		36,000			369,720
Karyopharm Therapeutics, Inc.†#		32,300			133,399
Medicines Co.†#		26,400			651,288
Scholar Rock Holding Corp.†#		24,300			452,466
Tocagen, Inc.†#		39,935			436,090
					4,800,862
Medical - Drugs — 1.1%
Corvus Pharmaceuticals, Inc.†#		16,700			80,828
Enanta Pharmaceuticals, Inc.†		4,400			451,176
Intra-Cellular Therapies, Inc.†		16,500			224,730
Kala Pharmaceuticals, Inc.†		41,000			343,990
Lannett Co., Inc.†		100,100			941,941
Mallinckrodt PLC†#		30,200			753,792
Minerva Neurosciences, Inc.†		48,800			386,984
Prestige Consumer Healthcare, Inc.†#		20,200			591,052
Spero Therapeutics, Inc.†#		23,400			276,120

78

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) —(continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Zogenix, Inc.†#		3,800	$	200,374
				4,250,987
Medical - Generic Drugs — 0.5%
Endo International PLC†		178,500		1,961,715
Medical- HMO — 1.1%
Magellan Health, Inc.†		10,900		742,399
Molina Healthcare, Inc.†		2,600		350,038
Triple-S Management Corp., Class B†		113,520		2,887,949
WellCare Health Plans, Inc.†		2,100		532,518
				4,512,904
Medical - Hospitals — 0.2%
Community Health Systems, Inc.†#		120,200		594,990
Medical - Outpatient/Home Medical — 0.0%
Civitas Solutions, Inc.†		5,600		99,456
Medical - Wholesale Drug Distribution — 0.4%
Owens & Minor, Inc.#		234,550		1,463,592
Metal Processors & Fabrication — 0.4%
Global Brass & Copper Holdings, Inc.		48,200		1,626,750
LB Foster Co., Class A†		7,300		126,363
				1,753,113
Metal Products - Distribution — 0.3%
Worthington Industries, Inc.		29,140		1,145,493
Metal - Iron — 0.1%
Cleveland-Cliffs, Inc.#		27,700		307,193
Multimedia — 0.1%
Entravision Communications Corp., Class A		125,600		496,120
Networking Products — 0.5%
Infinera Corp.†		166,800		852,348
NeoPhotonics Corp.†		36,200		289,600
NETGEAR, Inc.†		23,800		853,230
				1,995,178
Office Furnishings - Original — 0.0%
Kimball International, Inc., Class B		6,900		108,261
Office Supplies & Forms — 0.8%
ACCO Brands Corp.		322,400		2,998,320
Oil & Gas Drilling — 0.2%
Diamond Offshore Drilling, Inc.†#		15,700		149,935
Noble Corp. PLC†		161,400		485,814
				635,749
Oil Companies - Exploration & Production — 1.1%
Abraxas Petroleum Corp.†		148,000		185,000
Denbury Resources, Inc.†#		419,700		805,824
EP Energy Corp., Class A†#		78,028		41,753
Gulfport Energy Corp.†		9,300		71,238
Midstates Petroleum Co., Inc.†		84,600		730,944
Southwestern Energy Co.†#		197,000		833,310
Unit Corp.†		22,700		352,985
W&T Offshore, Inc.†#		265,700		1,384,297
				4,405,351

Security Description	Shares		Value (Note 2)
Oil Field Machinery & Equipment — 0.1%
Exterran Corp.†		18,300	$	312,381
Natural Gas Services Group, Inc.†		3,100		57,288
				369,669
Oil Refining & Marketing — 0.7%
CVR Energy, Inc.#		32,300		1,309,442
Delek US Holdings, Inc.		36,800		1,301,984
				2,611,426
Oil- Field Services — 1.7%
FTS International, Inc.†		113,300		1,165,857
Matrix Service Co.†		82,900		1,731,781
McDermott International, Inc.†#		49,133		416,648
MRC Global, Inc.†#		105,000		1,770,300
Nine Energy Service, Inc.†		32,000		839,040
NOW, Inc.†		63,600		917,748
				6,841,374
Paper & Related Products — 1.0%
Domtar Corp.		12,340		628,229
Schweitzer-Mauduit International, Inc.		61,100		2,356,016
Verso Corp., Class A†		40,600		797,790
				3,782,035
Poultry — 0.0%
Sanderson Farms, Inc.#		1,000		115,200
Power Converter/Supply Equipment — 0.1%
Powell Industries, Inc.		14,900		478,141
Printing - Commercial — 0.4%
Ennis, Inc.		10,400		220,480
LSC Communications, Inc.		73,700		623,502
Quad/Graphics, Inc.#		39,300		573,387
RR Donnelley & Sons Co.		12,600		67,788
				1,485,157
Publishing - Books — 0.2%
Houghton Mifflin Harcourt Co.†		68,500		541,835
Tribune Publishing Co.†		29,100		350,946
				892,781
Publishing - Newspapers — 0.5%
Gannett Co., Inc.#		178,800		2,099,112
Racetracks — 0.3%
Penn National Gaming, Inc.†		48,026		1,193,446
Radio — 0.0%
Beasley Broadcast Group, Inc., Class A		7,000		28,770
Real Estate Investment Trusts — 12.6%
AG Mtg. Investment Trust, Inc.		49,900		887,222
Alexander & Baldwin, Inc.†		24,875		570,384
American Assets Trust, Inc.		29,600		1,285,824
Armada Hoffler Properties, Inc.		53,600		820,080
ARMOUR Residential REIT, Inc.		14,700		294,735
Ashford Hospitality Trust, Inc.		220,880		1,183,917
Braemar Hotels & Resorts, Inc.		76,800		999,936
Capstead Mtg. Corp.		100,000		830,000
CBL & Associates Properties, Inc.#		31,040		66,426

79

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) —(continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Cedar Realty Trust, Inc.		47,900	$	166,692
Cherry Hill Mtg. Investment Corp.#		37,500		695,250
City Office REIT, Inc.		10,400		114,400
CoreCivic, Inc.		97,000		2,054,460
CorEnergy Infrastructure Trust, Inc.#		9,608		350,308
CorePoint Lodging, Inc.		57,700		806,069
CoreSite Realty Corp.		13,800		1,411,050
Cousins Properties, Inc.		242,760		2,311,075
DiamondRock Hospitality Co.		237,334		2,537,100
Dynex Capital, Inc.		70,700		431,270
Easterly Government Properties, Inc.		34,000		611,320
First Industrial Realty Trust, Inc.		28,200		945,264
Franklin Street Properties Corp.		41,300		299,012
GEO Group, Inc.		178,950		4,065,744
Getty Realty Corp.		35,846		1,181,126
Gladstone Commercial Corp.		9,100		187,824
Global Medical REIT, Inc.		15,400		158,620
Hersha Hospitality Trust		7,700		145,145
Highwoods Properties, Inc.		12,300		569,613
Hospitality Properties Trust		19,840		537,069
Hudson Pacific Properties, Inc.		5,700		189,354
Industrial Logistics Properties Trust		4,574		95,414
InfraREIT, Inc.†		23,900		510,265
Invesco Mtg. Capital, Inc.		111,200		1,770,304
Jernigan Capital, Inc.		10,100		216,645
Kite Realty Group Trust		33,900		533,586
KKR Real Estate Finance Trust, Inc.		30,100		613,137
Mack-Cali Realty Corp.		52,800		1,109,328
New Senior Investment Group, Inc.		99,600		513,936
Office Properties Income Trust		2,322		70,844
Pebblebrook Hotel Trust		96,893		3,101,545
Pennsylvania Real Estate Investment Trust#		39,080		240,342
Piedmont Office Realty Trust, Inc., Class A		28,300		579,301
PotlatchDeltic Corp.#		60,400		2,173,796
Preferred Apartment Communities, Inc., Class A		52,740		803,757
PS Business Parks, Inc.		5,300		780,001
Redwood Trust, Inc.		50,100		766,530
RLJ Lodging Trust		47,526		882,558
Saul Centers, Inc.		1,500		85,005
STAG Industrial, Inc.		8,700		240,816
Sun Communities, Inc.		3,900		442,923
Sunstone Hotel Investors, Inc.		125,572		1,889,858
Tier REIT, Inc.		8,800		213,400
Two Harbors Investment Corp.		85,405		1,184,567
Urban Edge Properties		62,400		1,211,808
Urstadt Biddle Properties, Inc., Class A		14,800		309,616
Washington Prime Group, Inc.#		81,453		470,798
Washington Real Estate Investment Trust		1,100		29,139
Xenia Hotels & Resorts, Inc.		115,900		2,263,527
				49,809,035
Real Estate Management/Services — 0.0%
Newmark Group, Inc., Class A		14,329		132,686
Rental Auto/Equipment — 0.2%
Rent-A-Center, Inc.†		36,200		673,682
Retail - Apparel/Shoe — 1.1%
Abercrombie & Fitch Co., Class A		110,700		2,429,865

Security Description	Shares		Value (Note 2)
Retail - Apparel/Shoe (continued)
Caleres, Inc.		13,900	$	432,290
Cato Corp., Class A		37,400		588,676
Chico’s FAS, Inc.		23,400		136,656
DSW, Inc., Class A		2,700		79,947
Express, Inc.†#		68,700		357,240
Genesco, Inc.†		3,500		168,945
Tilly’s, Inc., Class A		20,000		242,600
				4,436,219
Retail - Appliances — 0.1%
Conn’s, Inc.†#		21,100		497,749
Retail - Automobile — 0.2%
Rush Enterprises, Inc., Class A		19,100		800,672
Retail - Bookstores — 0.3%
Barnes & Noble Education, Inc.†		181,400		1,249,846
Retail - Building Products — 0.0%
BMC Stock Holdings, Inc.†		7,300		139,649
Retail - Discount — 0.2%
BJ’s Wholesale Club Holdings, Inc.†		28,600		724,152
Citi Trends, Inc.		10,500		227,220
				951,372
Retail - Drug Store — 0.3%
Rite Aid Corp.†#		1,534,600		1,135,604
Retail - Home Furnishings — 0.0%
Bassett Furniture Industries, Inc.		7,000		138,250
Retail - Jewelry — 0.2%
Movado Group, Inc.		15,100		528,953
Signet Jewelers, Ltd.		3,700		104,007
				632,960
Retail - Misc./Diversified — 0.6%
GameStop Corp., Class A#		185,400		2,169,180
Sally Beauty Holdings, Inc.†#		4,300		77,701
				2,246,881
Retail - Office Supplies — 0.6%
Office Depot, Inc.		649,200		2,252,724
Retail - Pawn Shops — 0.0%
FirstCash, Inc.		200		17,532
Retail - Restaurants — 0.7%
Brinker International, Inc.		50,300		2,302,231
Cannae Holdings, Inc.†		17,200		394,224
				2,696,455
Retail - Sporting Goods — 0.4%
Hibbett Sports, Inc.†		78,600		1,457,244
Zumiez, Inc.†		11,700		288,990
				1,746,234
Retirement/Aged Care — 0.1%
Brookdale Senior Living, Inc.†		41,800		282,568
Rubber/Plastic Products — 0.6%
Myers Industries, Inc.		6,858		130,851
Trinseo SA		48,300		2,424,177
				2,555,028

80

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) —(continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts — 3.4%
BankFinancial Corp.		22,700	$	355,028
Beneficial Bancorp, Inc.		142,658		2,299,647
Berkshire Hills Bancorp, Inc.		800		25,056
BSB Bancorp, Inc.†		2,700		95,310
Dime Community Bancshares, Inc.		18,000		359,640
First Defiance Financial Corp.		16,000		495,040
Flushing Financial Corp.		23,500		545,435
HomeTrust Bancshares, Inc.		3,800		103,474
Investors Bancorp, Inc.		293,200		3,685,524
Meridian Bancorp, Inc.		38,700		630,423
Northfield Bancorp, Inc.		77,800		1,159,998
Oritani Financial Corp.#		3,400		61,030
Pacific Premier Bancorp, Inc.		23,200		692,520
Riverview Bancorp, Inc.		10,100		78,174
Territorial Bancorp, Inc.		3,200		89,920
United Community Financial Corp.		14,900		149,298
United Financial Bancorp, Inc.		12,100		187,913
Washington Federal, Inc.		74,400		2,282,592
Waterstone Financial, Inc.		11,000		185,240
WSFS Financial Corp.		3,574		154,683
				13,635,945
Schools — 0.7%
American Public Education, Inc.†		10,500		339,255
K12, Inc.†		70,600		2,262,024
				2,601,279
Seismic Data Collection — 0.0%
Dawson Geophysical Co.†		29,596		106,842
Semiconductor Components - Integrated Circuits — 0.6%
Cirrus Logic, Inc.†		57,500		2,307,475
Semiconductor Equipment — 0.6%
Cohu, Inc.		37,700		674,453
Ultra Clean Holdings, Inc.†#		96,000		1,022,400
Veeco Instruments, Inc.†		51,000		582,420
				2,279,273
Steel - Producers — 0.1%
Commercial Metals Co.		31,800		526,290
Telecom Equipment - Fiber Optics — 0.3%
Ciena Corp.†		31,100		1,326,726
Telecom Services — 0.1%
Consolidated Communications Holdings, Inc.#		34,300		340,599
HC2 Holdings, Inc.†#		35,500		111,825
Spok Holdings, Inc.		2,700		37,287
				489,711
Telecommunication Equipment — 0.1%
ADTRAN, Inc.		33,600		504,672
Telephone - Integrated — 0.1%
Frontier Communications Corp.†#		170,650		520,482
Television — 0.4%
Gray Television, Inc.†		14,400		315,504
Sinclair Broadcast Group, Inc., Class A		25,300		913,330
TEGNA, Inc.		19,500		256,815
				1,485,649

Security Description	Shares		Value (Note 2)
Textile - Products — 0.0%
Culp, Inc.		4,400	$	81,620
Theaters — 0.0%
National CineMedia, Inc.		12,800		99,072
Tobacco — 0.1%
Vector Group, Ltd.#		25,915		303,724
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		15,236		65,972
Transactional Software — 0.3%
ACI Worldwide, Inc.†		31,400		1,000,718
Synchronoss Technologies, Inc.†		22,600		181,930
				1,182,648
Transport - Marine — 0.3%
Costamare, Inc.		54,798		284,950
SEACOR Holdings, Inc.†		23,400		1,045,044
				1,329,994
Transport - Services — 0.1%
Echo Global Logistics, Inc.†		22,400		538,048
Transport - Truck — 1.2%
ArcBest Corp.		76,420		2,661,708
Covenant Transportation Group, Inc., Class A†		9,200		209,852
USA Truck, Inc.†		5,200		89,440
YRC Worldwide, Inc.†		207,728		1,593,274
				4,554,274
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		30,100		454,209
Water — 0.2%
American States Water Co.		5,600		398,328
Artesian Resources Corp., Class A		1,400		54,936
Consolidated Water Co., Ltd.		13,100		173,051
��				626,315
Wireless Equipment — 0.2%
InterDigital, Inc.		5,600		390,488
Ribbon Communications, Inc.†		56,300		289,945
				680,433
Total Common Stocks
(cost $359,098,732)				384,787,666
WARRANTS — 0.0%
Finance - Other Services—0.0%
Emergent Capital, Inc. Expires 10/01/2019 (strike price $10.75) (cost $0)†(4)		994		0
Total Long-Term Investment Securities
(cost $357,513,086)				384,787,666
SHORT-TERM INVESTMENT SECURITIES — 1.3%
Registered Investment Companies — 1.3%
State Street Navigator Securities Lending Government Money Market Portfolio 2.43%(1)(3) (cost $5,185,970)		5,185,970		5,185,970

81

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) —(continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 02/28/2019, to be repurchased 03/01/2019 in the amount of $11,041,153 collateralized by $10,295,000 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2022 and having an approximate value of $11,268,341 (cost $11,041,000)	$	11,041,000		$	11,041,000
TOTAL INVESTMENTS
(cost $373,740,056)(2)		101.2	%		401,014,636
Liabilities in excess of other assets		(1.2	)		(4,710,496	)
NET ASSETS		100.0	%	$	396,304,140

† Non-income producing security

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

(1) At February 28, 2019, the Fund had loaned securities with a total value of $38,303,319. This was secured by collateral of $5,185,970, which was received in cash and subsequently invested in short-term investments currently valued at $5,185,970 as reported in the Portfolio of Investments. Additional collateral of $34,433,581 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 February 28, 2019
Federal Home Loan Mtg. Corp.	3.00% to 3.50%	12/15/2040 to 12/01/2047	$	463,616
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2041 to 05/01/2048		314,029
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		255,041
United States Treasury Bills	0.00%	03/07/2019 to 06/20/2019		930,149
United States Treasury Notes/Bonds	zero coupon to 8.75%	03/15/2019 to 11/15/2048		32,470,746

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

(3) The rate shown is the 7-day yield as of February 28, 2019.

(4) Illiquid security. At February 28, 2019 the aggregate value of these securities was $0 representing 0.0% of net assets.

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	139	Long	Russell 2000E-Mini Index		March 2019	$	10,835,247	$	10,949,725	$	114,478

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

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	384,787,666	$	—	$	—	$	384,787,666
Warrants		—		0		—		0
Short-Term Investment Securities		5,185,970		—		—		5,185,970
Repurchase Agreements		—		11,041,000		—		11,041,000
Total Investments at Value	$	389,973,636	$	11,041,000	$	—	$	401,014,636
Other Financial Instruments:+
Futures Contracts	$	114,478	$	—	$	—	$	114,478

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

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

See Notes to Financial Statements

82

VALIC Company II Socially Responsible Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Applications Software	5.6	%
Repurchase Agreements	4.1
Computers	3.9
Finance — Credit Card	3.9
Web Portals/ISP	3.8
Medical — Biomedical/Gene	3.6
Banks — Super Regional	3.1
Real Estate Investment Trusts	3.0
Electronic Components — Semiconductors	2.9
Cosmetics & Toiletries	2.7
Electric — Integrated	2.6
Oil Companies — Exploration & Production	2.6
Medical Products	2.4
Diagnostic Equipment	2.1
Beverages — Non-alcoholic	2.0
Telephone — Integrated	1.9
Retail — Building Products	1.9
Commercial Services — Finance	1.8
Networking Products	1.5
Medical — Drugs	1.5
Banks — Commercial	1.4
Retail — Restaurants	1.4
Multimedia	1.3
E-Commerce/Services	1.3
Insurance — Multi-line	1.3
Medical — HMO	1.2
Transport — Rail	1.1
Aerospace/Defense	1.1
Diversified Manufacturing Operations	1.1
Internet Content — Entertainment	1.0
Insurance — Life/Health	1.0
Cable/Satellite TV	1.0
Computer Services	1.0
Food — Misc./Diversified	0.9
Banks — Fiduciary	0.9
Finance — Other Services	0.9
Pipelines	0.9
Industrial Gases	0.9
Medical Labs & Testing Services	0.9
Enterprise Software/Service	0.8
Investment Management/Advisor Services	0.8
Airlines	0.8
Electronic Forms	0.7
Oil — Field Services	0.7
Insurance Brokers	0.7
Water	0.7
Electric Products — Misc.	0.7
Insurance — Property/Casualty	0.6
Retail — Drug Store	0.6
Machinery — General Industrial	0.6
Machinery — Construction & Mining	0.6
Chemicals — Diversified	0.5
Auto — Cars/Light Trucks	0.5
Commercial Services	0.5
Retail — Major Department Stores	0.5
Electronic Measurement Instruments	0.5
Finance — Investment Banker/Broker	0.5
Medical — Hospitals	0.5
Steel — Producers	0.4
Non-Hazardous Waste Disposal	0.4
Semiconductor Components — Integrated Circuits	0.4
Transport — Services	0.4
Apparel Manufacturers	0.4
Oil Refining & Marketing	0.4
Data Processing/Management	0.3
U.S. Government Treasuries	0.3
Machinery — Farming	0.3
Retail — Apparel/Shoe	0.3
Retail — Auto Parts	0.3

Consumer Products — Misc.	0.3	%
E-Commerce/Products	0.3
Entertainment Software	0.3
Web Hosting/Design	0.3
Building Products — Cement	0.2
Food — Retail	0.2
Distribution/Wholesale	0.2
Instruments — Scientific	0.2
Medical Instruments	0.2
Retail — Discount	0.2
Industrial Automated/Robotic	0.2
Retail — Regional Department Stores	0.2
Computers — Memory Devices	0.2
Medical — Generic Drugs	0.2
Building Products — Air & Heating	0.2
Medical Information Systems	0.2
Semiconductor Equipment	0.1
Dental Supplies & Equipment	0.1
Computer Aided Design	0.1
Engines — Internal Combustion	0.1
Paper & Related Products	0.1
Food — Meat Products	0.1
Instruments — Controls	0.1
Auto — Heavy Duty Trucks	0.1
Advertising Agencies	0.1
Tools — Hand Held	0.1
Auto/Truck Parts & Equipment — Original	0.1
Agricultural Chemicals	0.1
Containers — Metal/Glass	0.1
Food — Confectionery	0.1
Diagnostic Kits	0.1
Containers — Paper/Plastic	0.1
Toys	0.1
Electric — Distribution	0.1
Gas — Distribution	0.1
Computer Software	0.1
Wireless Equipment	0.1
Decision Support Software	0.1
Oil Field Machinery & Equipment	0.1
Electronic Components — Misc.	0.1
Respiratory Products	0.1
Retail — Consumer Electronics	0.1
Registered Investment Companies	0.1
Retail — Perfume & Cosmetics	0.1
Consulting Services	0.1
Broadcast Services/Program	0.1
Electronic Connectors	0.1
Chemicals — Specialty	0.1
	100.0	%

* Calculated as a percentage of net assets

83

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.5%
Advertising Agencies — 0.1%
Omnicom Group, Inc.		11,052	$	836,636
Aerospace/Defense — 1.1%
TransDigm Group, Inc.†		18,481		8,022,417
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		6,923		292,151
Mosaic Co.		15,461		483,465
				775,616
Airlines — 0.8%
American Airlines Group, Inc.		12,910		459,983
Delta Air Lines, Inc.		49,445		2,451,483
Southwest Airlines Co.		28,427		1,593,049
United Continental Holdings, Inc.†		10,775		946,153
				5,450,668
Apparel Manufacturers — 0.4%
Capri Holdings, Ltd.†		10,414		474,878
Hanesbrands, Inc.#		27,796		516,728
PVH Corp.		9,020		1,035,857
Ralph Lauren Corp.		6,830		854,911
Under Armour, Inc., Class C†		12		241
				2,882,615
Applications Software — 5.6%
Intuit, Inc.		9,671		2,389,994
Microsoft Corp.		279,100		31,267,573
Red Hat, Inc.†		1,210		220,946
salesforce.com, Inc.†		35,670		5,837,396
				39,715,909
Auto - Cars/Light Trucks — 0.5%
Ford Motor Co.		397,406		3,485,251
Auto - Heavy Duty Trucks — 0.1%
PACCAR, Inc.		12,959		878,620
Auto/Truck Parts & Equipment-Original — 0.1%
Aptiv PLC		9,373		778,990
Banks - Commercial — 1.4%
BB&T Corp.		74,383		3,791,301
Citizens Financial Group, Inc.		47,718		1,762,703
M&T Bank Corp.		13,066		2,261,202
Regions Financial Corp.		94,954		1,557,246
Zions Bancorporation		8,027		410,180
				9,782,632
Banks - Fiduciary — 0.9%
Bank of New York Mellon Corp.		72,771		3,819,022
Northern Trust Corp.		12,208		1,137,785
State Street Corp.		23,264		1,671,984
				6,628,791
Banks - Super Regional — 3.1%
Comerica, Inc.		9,086		791,481
Fifth Third Bancorp		51,422		1,418,219
Huntington Bancshares, Inc.		125,888		1,814,046
KeyCorp		80,910		1,428,871
PNC Financial Services Group, Inc.		46,295		5,834,096
SunTrust Banks, Inc.		38,298		2,484,391
US Bancorp		153,692		7,944,340
				21,715,444

Security Description	Shares		Value (Note 2)
Beverages-Non-alcoholic — 2.0%
Monster Beverage Corp.†		25,257	$	1,612,154
PepsiCo, Inc.		106,521		12,318,089
				13,930,243
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†		13,534		391,133
Building Products- Air & Heating — 0.2%
Johnson Controls International PLC		31,887		1,124,654
Building Products - Cement — 0.2%
Martin Marietta Materials, Inc.		4,626		868,763
Vulcan Materials Co.		7,853		875,295
				1,744,058
Cable/Satellite TV — 1.0%
Comcast Corp., Class A		182,197		7,045,558
Chemicals - Diversified — 0.5%
Eastman Chemical Co.		4,865		402,287
LyondellBasell Industries NV, Class A		16,839		1,440,071
PPG Industries, Inc.		15,472		1,732,400
				3,574,758
Chemicals - Specialty — 0.1%
International Flavors & Fragrances, Inc.		2,821		359,678
Commercial Services — 0.5%
Cintas Corp.		90		18,594
Ecolab, Inc.		18,285		3,088,519
Nielsen Holdings PLC		11,699		306,514
				3,413,627
Commercial Services - Finance — 1.8%
Automatic Data Processing, Inc.		19,111		2,924,556
H&R Block, Inc.		2,176		52,551
IHS Markit, Ltd.†		16,877		897,350
Moody’s Corp.		8,453		1,463,383
PayPal Holdings, Inc.†		41,742		4,093,638
S&P Global, Inc.		17,433		3,493,050
				12,924,528
Computer Aided Design — 0.1%
Autodesk, Inc.†		5,914		964,041
Computer Services — 1.0%
Accenture PLC, Class A		30,108		4,858,829
Cognizant Technology Solutions Corp., Class A		22,285		1,581,789
DXC Technology Co.		6,465		425,785
				6,866,403
Computer Software — 0.1%
Akamai Technologies, Inc.†		7,891		549,687
Computers — 3.9%
Apple, Inc.		147,355		25,514,518
Hewlett Packard Enterprise Co.		65,965		1,080,507
HP, Inc.		52,981		1,045,315
				27,640,340
Computers - Memory Devices — 0.2%
NetApp, Inc.		6,491		423,213
Seagate Technology PLC		5,843		272,050
Western Digital Corp.		10,824		544,447
				1,239,710
Consulting Services — 0.1%
Verisk Analytics, Inc.†		3,265		412,794

84

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consumer Products - Misc. — 0.3%
Kimberly - Clark Corp.		17,437	$	2,037,165
Containers - Metal/Glass — 0.1%
Ball Corp.		13,967		765,112
Containers - Paper/Plastic — 0.1%
WestRock Co.		18,046		674,559
Cosmetics & Toiletries — 2.7%
Colgate-Palmolive Co.		54,097		3,563,369
Estee Lauder Cos., Inc., Class A		12,867		2,019,347
Procter & Gamble Co.		138,847		13,683,372
				19,266,088
Data Processing/Management — 0.3%
Fidelity National Information Services, Inc.		13,611		1,472,030
Fiserv, Inc.†#		10,243		867,480
Paychex, Inc.		861		66,314
				2,405,824
Decision Support Software — 0.1%
MSCI, Inc.		2,759		509,642
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		2,260		585,272
DENTSPLY SIRONA, Inc.		10,902		455,268
				1,040,540
Diagnostic Equipment — 2.1%
Danaher Corp.		58,075		7,376,687
Thermo Fisher Scientific, Inc.		27,451		7,125,456
				14,502,143
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		3,384		714,126
Distribution/Wholesale — 0.2%
Fastenal Co.		8,346		525,298
LKQ Corp.†		17,173		475,692
WW Grainger, Inc.		1,760		536,395
				1,537,385
Diversified Manufacturing Operations — 1.1%
Eaton Corp. PLC		38,539		3,074,256
Illinois Tool Works, Inc.		18,533		2,670,235
Ingersoll - Rand PLC		10,410		1,098,880
Parker - Hannifin Corp.		5,078		894,540
				7,737,911
E-Commerce/Products — 0.3%
eBay, Inc.		54,036		2,007,437
E-Commerce/Services — 1.3%
Booking Holdings, Inc.†		3,671		6,229,834
Expedia Group, Inc.		16,028		1,976,412
TripAdvisor, Inc.†		15,293		813,129
				9,019,375
Electric Products - Misc. — 0.7%
AMETEK, Inc.		15,508		1,234,127
Emerson Electric Co.		49,047		3,342,553
				4,576,680
Electric - Distribution — 0.1%
CenterPoint Energy, Inc.		20,325		612,595
Electric - Integrated — 2.6%
AES Corp.		79,569		1,370,974
CMS Energy Corp.		29,428		1,600,883

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
Consolidated Edison, Inc.		81,065	$	6,683,809
Eversource Energy		26,645		1,860,087
PPL Corp.		54,806		1,763,109
WEC Energy Group, Inc.		66,541		5,075,748
				18,354,610
Electronic Components - Misc. — 0.1%
Corning, Inc.		14,457		503,248
Electronic Components - Semiconductors — 2.9%
Advanced Micro Devices, Inc.†		23,560		554,367
Broadcom, Inc.		13,763		3,789,780
Intel Corp.		152,914		8,098,325
Micron Technology, Inc.†		36,234		1,481,246
NVIDIA Corp.		20,169		3,111,270
Texas Instruments, Inc.		34,179		3,615,454
				20,650,442
Electronic Connectors — 0.1%
TE Connectivity, Ltd.		4,734		388,614
Electronic Forms — 0.7%
Adobe, Inc.†		19,766		5,188,575
Electronic Measurement Instruments — 0.5%
Agilent Technologies, Inc.		21,961		1,744,582
Fortive Corp.		19,156		1,562,555
				3,307,137
Engines - Internal Combustion — 0.1%
Cummins, Inc.		6,249		962,908
Enterprise Software/Service — 0.8%
Oracle Corp.		112,814		5,880,994
Entertainment Software — 0.3%
Activision Blizzard, Inc.		25,193		1,061,633
Electronic Arts, Inc.†		9,818		940,368
				2,002,001
Finance - Credit Card — 3.9%
American Express Co.		22,084		2,379,330
Capital One Financial Corp.		13,167		1,100,498
Mastercard, Inc., Class A		42,682		9,593,633
Visa, Inc., Class A#		96,650		14,315,798
				27,389,259
Finance - Investment Banker/Broker — 0.5%
Charles Schwab Corp.		61,770		2,842,038
Jefferies Financial Group, Inc.		19,378		392,792
				3,234,830
Finance - Other Services — 0.9%
CME Group, Inc.		21,056		3,830,297
Intercontinental Exchange, Inc.		35,493		2,738,285
				6,568,582
Food - Confectionery — 0.1%
J.M. Smucker Co.		7,210		763,611
Food - Meat Products — 0.1%
Hormel Foods Corp.#		21,132		916,284
Food - Misc./Diversified — 0.9%
Campbell Soup Co.#		12,530		451,331
General Mills, Inc.		40,475		1,907,587
Kellogg Co.		22,919		1,289,423
Kraft Heinz Co.		63,765		2,116,360
McCormick & Co., Inc.		6,434		874,895
				6,639,596

85

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Retail — 0.2%
Kroger Co.		58,169	$	1,706,097
Gas - Distribution — 0.1%
NiSource, Inc.		21,672		584,711
Home Decoration Products — 0.0%
Newell Brands, Inc.#		6,146		99,750
Industrial Automated/Robotic — 0.2%
Rockwell Automation, Inc.		7,177		1,281,525
Industrial Gases — 0.9%
Air Products & Chemicals, Inc.		19,422		3,518,878
Linde PLC		16,012		2,773,919
				6,292,797
Instruments - Controls — 0.1%
Mettler - Toledo International, Inc.†		1,320		898,801
Instruments - Scientific — 0.2%
PerkinElmer, Inc.		6,112		575,506
Waters Corp.†		3,852		933,031
				1,508,537
Insurance Brokers — 0.7%
Aon PLC		10,227		1,754,237
Marsh & McLennan Cos., Inc.		26,685		2,482,239
Willis Towers Watson PLC		2,359		405,795
				4,642,271
Insurance - Life/Health — 1.0%
Aflac, Inc.		70,131		3,446,237
Lincoln National Corp.		4,667		291,781
Principal Financial Group, Inc.		2,195		115,545
Prudential Financial, Inc.		34,163		3,274,524
				7,128,087
Insurance - Multi-line — 1.3%
Allstate Corp.		25,001		2,359,594
Chubb, Ltd.		41,760		5,591,664
Loews Corp.		18,961		902,923
				8,854,181
Insurance - Property/Casualty — 0.6%
Progressive Corp.		27,591		2,011,384
Travelers Cos., Inc.		18,754		2,492,594
				4,503,978
Internet Content - Entertainment — 1.0%
Netflix, Inc.†		18,195		6,515,629
Twitter, Inc.†		26,247		807,883
				7,323,512
Investment Management/Advisor Services — 0.8%
Ameriprise Financial, Inc.		2,918		384,096
BlackRock, Inc.		9,007		3,992,083
Franklin Resources, Inc.		7,521		245,260
Invesco, Ltd.		22,647		438,219
T. Rowe Price Group, Inc.		6,933		696,281
				5,755,939
Machinery - Construction & Mining — 0.6%
Caterpillar, Inc.		29,313		4,025,847
Machinery - Farming — 0.3%
Deere & Co.		14,389		2,360,372
Machinery - General Industrial — 0.6%
Roper Technologies, Inc.		12,465		4,034,297

Security Description	Shares		Value (Note 2)
Medical Information Systems — 0.2%
Cerner Corp.†		19,428	$	1,086,997
Medical Instruments — 0.2%
Edwards Lifesciences Corp.†		8,660		1,466,051
Medical Labs & Testing Services — 0.9%
IQVIA Holdings, Inc.†		11,033		1,545,723
Laboratory Corp. of America Holdings†		16,337		2,421,797
Quest Diagnostics, Inc.		26,053		2,254,887
				6,222,407
Medical Products — 2.4%
Abbott Laboratories		105,118		8,159,259
ABIOMED, Inc.†		1,269		424,481
Baxter International, Inc.		39,184		2,928,220
Cooper Cos., Inc.		2,398		685,804
Henry Schein, Inc.†		16,711		990,962
Hologic, Inc.†		10,838		511,012
Stryker Corp.		18,325		3,454,446
				17,154,184
Medical - Biomedical/Gene — 3.6%
Alexion Pharmaceuticals, Inc.†		9,932		1,344,098
Amgen, Inc.		38,054		7,233,304
Biogen, Inc.†		8,809		2,889,440
Celgene Corp.†		33,566		2,790,006
Gilead Sciences, Inc.		65,520		4,260,110
Illumina, Inc.†		6,735		2,106,506
Incyte Corp.†		7,150		616,544
Regeneron Pharmaceuticals, Inc.†		4,154		1,789,294
Vertex Pharmaceuticals, Inc.†		13,073		2,467,529
				25,496,831
Medical - Drugs — 1.5%
AbbVie, Inc.		57,806		4,580,547
Nektar Therapeutics†		9,089		368,468
Zoetis, Inc.		57,355		5,404,562
				10,353,577
Medical - Generic Drugs — 0.2%
Perrigo Co. PLC		24,678		1,201,819
Medical - HMO — 1.2%
Centene Corp.†		41,328		2,516,462
Humana, Inc.		16,496		4,702,020
WellCare Health Plans, Inc.†		5,205		1,319,884
				8,538,366
Medical - Hospitals — 0.5%
HCA Healthcare, Inc.		23,079		3,208,904
Multimedia — 1.3%
Viacom, Inc., Class B		13,635		398,415
Walt Disney Co.		77,284		8,720,726
				9,119,141
Networking Products — 1.5%
Cisco Systems, Inc.		207,275		10,730,627
Non - Hazardous Waste Disposal — 0.4%
Republic Services, Inc.		9,541		748,301
Waste Management, Inc.		23,165		2,345,456
				3,093,757
Office Automation & Equipment — 0.0%
Xerox Corp.		1,950		60,255

86

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production — 2.6%
Anadarko Petroleum Corp.		35,719	$	1,553,777
Apache Corp.		20,278		672,824
Cabot Oil & Gas Corp.		29,204		719,002
Concho Resources, Inc.		10,550		1,160,500
Devon Energy Corp.		34,997		1,032,761
EOG Resources, Inc.		41,636		3,913,784
Hess Corp.		19,171		1,109,042
Marathon Oil Corp.		59,008		979,533
Noble Energy, Inc.		34,305		759,856
Occidental Petroleum Corp.		62,010		4,101,962
Pioneer Natural Resources Co.		14,113		1,989,227
				17,992,268
Oil Field Machinery & Equipment — 0.1%
National Oilwell Varco, Inc.		17,948		505,057
Oil Refining & Marketing — 0.4%
HollyFrontier Corp.		10,542		539,750
Valero Energy Corp.		27,544		2,246,489
				2,786,239
Oil - Field Services — 0.7%
Baker Hughes a GE Co., LLC		17,288		456,058
Schlumberger, Ltd.		87,337		3,848,068
TechnipFMC PLC		18,060		402,557
				4,706,683
Paper & Related Products — 0.1%
International Paper Co.		20,681		947,603
Pipelines — 0.9%
Kinder Morgan, Inc.		193,349		3,704,567
ONEOK, Inc.		42,365	��	2,722,375
				6,426,942
Real Estate Investment Trusts — 3.0%
American Tower Corp.		21,585		3,802,198
AvalonBay Communities, Inc.		6,291		1,224,417
Crown Castle International Corp.		19,264		2,287,600
Digital Realty Trust, Inc.		7,268		822,156
Equinix, Inc.		3,254		1,378,069
Equity Residential		12,765		940,653
HCP, Inc.		6,226		191,574
Host Hotels & Resorts, Inc.		7,543		147,918
Prologis, Inc.		30,915		2,165,905
Public Storage		6,488		1,372,147
SBA Communications Corp.†		2,446		441,650
Simon Property Group, Inc.		19,855		3,596,932
Ventas, Inc.		13,573		851,706
Welltower, Inc.		18,605		1,382,537
Weyerhaeuser Co.		21,113		525,503
				21,130,965
Respiratory Products — 0.1%
ResMed, Inc.		4,856		497,400
Retail - Apparel/Shoe — 0.3%
L Brands, Inc.		4,451		116,349
Ross Stores, Inc.		13,459		1,276,317
Tapestry, Inc.		25,288		883,563
				2,276,229
Retail - Auto Parts — 0.3%
Genuine Parts Co.		9,359		1,018,072
O’Reilly Automotive, Inc.†		2,883		1,072,361
				2,090,433

Security Description	Shares		Value (Note 2)
Retail - Automobile — 0.0%
CarMax, Inc.†		1,599	$	99,298
Retail - Building Products — 1.9%
Home Depot, Inc.		54,087		10,013,667
Lowe’s Cos., Inc.		31,301		3,289,422
				13,303,089
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		6,713		462,123
Retail - Discount — 0.2%
Dollar Tree, Inc.†		14,975		1,442,542
Retail - Drug Store — 0.6%
Walgreens Boots Alliance, Inc.		60,248		4,289,055
Retail - Jewelry — 0.0%
Tiffany & Co.		1,709		162,423
Retail - Major Department Stores — 0.5%
Nordstrom, Inc.#		7,241		342,355
TJX Cos., Inc.		58,528		3,001,901
				3,344,256
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		1,363		425,924
Retail - Regional Department Stores — 0.2%
Kohl’s Corp.		12,123		818,666
Macy’s, Inc.		18,583		460,673
				1,279,339
Retail - Restaurants — 1.4%
Chipotle Mexican Grill, Inc.†		911		553,460
Darden Restaurants, Inc.		6,198		694,858
Starbucks Corp.		77,383		5,436,930
Yum! Brands, Inc.		30,747		2,905,591
				9,590,839
Semiconductor Components - Integrated Circuits — 0.4%
Analog Devices, Inc.		5,034		538,437
QUALCOMM, Inc.#		47,250		2,522,677
				3,061,114
Semiconductor Equipment — 0.1%
Applied Materials, Inc.		21,354		818,712
Lam Research Corp.		1,330		234,200
				1,052,912
Steel - Producers — 0.4%
Nucor Corp.		51,635		3,127,532
Telephone - Integrated — 1.9%
CenturyLink, Inc.		53,371		703,964
Verizon Communications, Inc.		224,670		12,788,216
				13,492,180
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc.		6,292		833,250
Toys — 0.1%
Hasbro, Inc.		6,458		548,284
Mattel, Inc.†		4,565		65,827
				614,111
Transport - Rail — 1.1%
CSX Corp.		24,450		1,776,782
Norfolk Southern Corp.		7,461		1,337,757
Union Pacific Corp.		29,492		4,945,808
				8,060,347

87

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Transport - Services — 0.4%
United Parcel Service, Inc., Class B		27,258	$	3,003,832
Water — 0.7%
American Water Works Co., Inc.		45,331		4,606,536
Web Hosting/Design — 0.3%
VeriSign, Inc.†		10,218		1,819,213
Web Portals/ISP — 3.8%
Alphabet, Inc., Class A†		23,579		26,562,922
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		3,732		534,124
Total Long-Term Investment Securities
(cost $501,381,342)				672,552,472
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 2.43%(1)(2)		458,964		458,964
U.S. Government Treasuries — 0.3%
United States Treasury Bills 2.40% due 06/20/2019(4)	$	2,400,000		2,382,268
Total Short-Term Investment Securities
(cost $2,841,348)				2,841,232

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 4.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 02/28/2019, to be repurchased 03/01/2019 in the amount of $29,150,405 collateralized by $30,210,000 of United States Treasury Notes, bearing interest at 1.88% due 01/31/2022 and having an approximate value of $29,736,066 (cost $29,150,000)	$	29,150,000		$	29,150,000
TOTAL INVESTMENTS
(cost $533,372,690)(3)		100.0	%		704,543,704
Liabilities in excess of other assets		(0.0	)		(53,741	)
NET ASSETS		100.0	%	$	704,489,963

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of February 28, 2019.

(2) At February 28, 2019, the Fund had loaned securities with a total value of $19,379,197. This was secured by collateral of $458,964, which was received in cash and subsequently invested in short-term investments currently valued at $458,964 as reported in the Portfolio of Investments. Additional collateral of $19,251,451 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 February 28, 2019
United States Treasury Bills	0.00%	03/07/2019 to 06/20/2019	$	1,300,970
United States Treasury Notes/Bonds	zero coupon to 8.75%	03/15/2019 to 11/15/2048		17,950,481

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

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	231	Long	S&P 500E-Mini Index		March 2019	$	29,195,196	$	32,163,285	$	2,968,089

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

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	672,552,472	$	—	$	—	$	672,552,472
Short Term Investment Securities:
Registered Investment Companies		458,964		—		—		458,964
U.S. Government Treasuries		—		2,382,268		—		2,382,268
Repurchase Agreements		—		29,150,000		—		29,150,000
Total Investments at Value	$	673,011,436	$	31,532,268	$	—	$	704,543,704
Other Financial Instruments:+
Futures Contracts	$	2,968,089	$	—	$	—	$	2,968,089

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

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

See Notes to Financial Statements

88

VALIC Company II Strategic Bond Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	16.6	%
Sovereign	10.9
Registered Investment Companies	9.8
United States Treasury Notes	4.7
Federal Home Loan Mtg. Corp.	4.6
Diversified Banking Institutions	3.0
Cable/Satellite TV	2.3
Government National Mtg. Assoc.	2.2
Pipelines	2.2
Diversified Financial Services	2.0
Oil Companies — Exploration & Production	2.0
Real Estate Investment Trusts	2.0
Banks — Commercial	1.6
Telephone — Integrated	1.5
Cellular Telecom	1.4
Electric — Integrated	1.4
Satellite Telecom	1.1
Chemicals — Diversified	1.0
Medical — Drugs	1.0
U.S. Government Treasuries	1.0
Oil — Field Services	0.9
Oil Companies — Integrated	0.8
Finance — Consumer Loans	0.8
Auto — Cars/Light Trucks	0.6
Real Estate Management/Services	0.5
Television	0.5
Enterprise Software/Service	0.5
Cosmetics & Toiletries	0.5
Medical — Hospitals	0.5
Metal Processors & Fabrication	0.5
Aerospace/Defense — Equipment	0.5
Retail — Restaurants	0.5
Computer Services	0.5
Electric — Generation	0.4
Computers	0.4
Insurance — Life/Health	0.4
Broadcast Services/Program	0.4
Oil Field Machinery & Equipment	0.4
Building — Heavy Construction	0.4
Metal — Copper	0.4
Food — Misc./Diversified	0.4
Transport — Equipment & Leasing	0.4
Building & Construction Products — Misc.	0.4
Computers — Integrated Systems	0.4
Agricultural Chemicals	0.4
Medical Labs & Testing Services	0.4
Chemicals — Specialty	0.4
Containers — Metal/Glass	0.4
Finance — Credit Card	0.4
Metal — Diversified	0.4
Transport — Rail	0.4
Diversified Manufacturing Operations	0.3
Security Services	0.3
Insurance — Property/Casualty	0.3
Banks — Super Regional	0.3
Auto — Heavy Duty Trucks	0.3
Batteries/Battery Systems	0.3
Building & Construction — Misc.	0.3
Commercial Services — Finance	0.3
Rental Auto/Equipment	0.3
Oil & Gas Drilling	0.3
Steel — Producers	0.3
Hotels/Motels	0.3
Diversified Minerals	0.3
Food — Meat Products	0.3
Paper & Related Products	0.3
Medical — HMO	0.3
Applications Software	0.3
Electronic Parts Distribution	0.3

Retail — Office Supplies	0.3
Computer Software	0.3
Gambling (Non-Hotel)	0.3
Containers — Paper/Plastic	0.3
Distribution/Wholesale	0.3
Transport — Marine	0.2
Machinery — Farming	0.2
Finance — Investment Banker/Broker	0.2
Multimedia	0.2
Food — Retail	0.2
Auto/Truck Parts & Equipment — Original	0.2
Casino Services	0.2
Insurance Brokers	0.2
Diagnostic Equipment	0.2
Coal	0.2
Poultry	0.2
Energy — Alternate Sources	0.2
Consumer Products — Misc.	0.2
Machinery — Construction & Mining	0.2
Retail — Appliances	0.2
Internet Content — Entertainment	0.2
Finance — Mortgage Loan/Banker	0.2
Retail — Automobile	0.2
Chemicals — Fibers	0.2
Metal — Iron	0.2
Building — Residential/Commercial	0.2
Machinery — General Industrial	0.2
Beverages —Non-alcoholic	0.2
Dialysis Centers	0.2
Investment Companies	0.2
Savings & Loans/Thrifts	0.2
Internet Connectivity Services	0.2
Publishing — Books	0.2
Computers — Memory Devices	0.2
Real Estate Operations & Development	0.2
Brewery	0.2
Radio	0.2
Pharmacy Services	0.1
Medical — Generic Drugs	0.1
Insurance — Multi-line	0.1
Retail — Vitamins & Nutrition Supplements	0.1
Finance — Other Services	0.1
Telecom Services	0.1
Airport Development/Maintenance	0.1
Food — Dairy Products	0.1
Transport — Truck	0.1
Retail — Pawn Shops	0.1
Water	0.1
Human Resources	0.1
Transport — Services	0.1
Telecommunication Equipment	0.1
Electronic Components — Semiconductors	0.1
Electric — Distribution	0.1
Building Societies	0.1
Medical Products	0.1
Semiconductor Equipment	0.1
Finance — Commercial	0.1
Finance — Leasing Companies	0.1
Leisure Products	0.1
Insurance — Mutual	0.1
Airlines	0.1
Machinery — Pumps	0.1
United States Treasury Bonds	0.1
Theaters	0.1
Retail — Sporting Goods	0.1
Building Products — Doors & Windows	0.1
Retail — Petroleum Products	0.1
Retail — Hypermarkets	0.1
Diversified Operations	0.1

89

VALIC Company II Strategic Bond Fund

PORTFOLIO PROFILE —February 28, 2019 (unaudited) — (continued)

Industry Allocation* (continued)

Retail — Discount	0.1	%
Trucking/Leasing	0.1
Retail — Mail Order	0.1
Electronic Measurement Instruments	0.1
E-Commerce/Services	0.1
Medical Instruments	0.1
Marine Services	0.1
Banks — Special Purpose	0.1
Medical — Wholesale Drug Distribution	0.1
Tools — Hand Held	0.1
Electronic Components — Misc.	0.1
Auto Repair Centers	0.1
Platinum	0.1
Diamonds/Precious Stones	0.1
Sovereign Agency	0.1
Quarrying	0.1
Retail — Building Products	0.1
Retail — Major Department Stores	0.1
Soap & Cleaning Preparation	0.1
Internet Financial Services	0.1
Office Supplies & Forms	0.1
	105.7	%

Credit Quality†#

Aaa	31.5	%
Aa	1.7
A	5.7
Baa	14.3
Ba	14.1
B	22.8
Caa	4.6
Not Rated@	5.3
	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

90

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS —February 28, 2019 (unaudited)

Security Description	Principal Amount(9)		Value (Note 2)
ASSET BACKED SECURITIES — 2.0%
Diversified Financial Services — 2.0%
American Express Credit Account Master Trust Series2018-4, Class A 2.99% due 12/15/2023	$	225,000	$	226,184
American Express Credit Account Master Trust Series2018-8, Class A 3.18% due 04/15/2024		303,000		306,416
Avis Budget Rental Car Funding AESOP LLC Series2015-1A, Class A 2.50% due 07/20/2021*		400,000		397,323
BA Credit Card Trust Series2018-A2, Class A2 3.00% due 09/15/2023		318,000		319,910
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		680,000		701,903
Benchmark Mtg. Trust Series2019-B9, Class AAB 3.93% due 03/15/2052(1)		850,000		879,503
Benchmark Mtg. Trust Series2018-B7, Class A4 4.51% due 05/15/2053(1)		2,000,000		2,153,289
BX Trust FRS Series 2018-MCSF, Class A 3.07% (1 ML+0.58%) due 04/15/2035*(1)		1,235,000		1,215,660
CarMax Auto Owner Trust Series2016-4, Class A4 1.60% due 06/15/2022		175,000		171,331
CarMax Auto Owner Trust Series2018-4, Class A3 3.36% due 09/15/2023		400,000		405,447
Chase Mtg. Finance Trust VRS Series2016-2, Class M2 3.75% due 12/25/2045*(2)(19)		786,266		788,049
Citibank Credit Card Issuance Trust Series2018-A1, Class A1 2.49% due 01/20/2023		100,000		99,509
Citibank Credit Card Issuance Trust Series2018-A6, Class A6 3.21% due 12/07/2024		100,000		101,358
Citigroup Commercial Mtg. Trust Series2018-C5, Class A4 4.23% due 06/10/2051(1)		1,000,000		1,051,752
COMM Mtg. Trust VRS Series 2015-CR22, Class XA 0.95% due 03/10/2048(1)(4)(19)		4,868,055		184,436
COMM Mtg. Trust Series 2018-COR3, Class A3 4.23% due 05/10/2051(1)		1,000,000		1,046,030
CSAIL Commercial Mtg. Trust Series2017-C8, Class A2 2.99% due 06/15/2050(1)		150,000		149,518
CSAIL Commercial Mtg. Trust Series2015-C1, Class A4 3.51% due 04/15/2050(1)		490,000		495,036
DBCG Mtg. Trust FRS Series2017-BBG, Class A 3.19% (1 ML+0.70%) due 06/15/2034*(1)		1,000,000		994,367
Discover Card Execution Note Trust Series2015-A4, Class A4 2.19% due 04/17/2023		100,000		99,130
Discover Card Execution Note Trust Series2019-A1, Class A1 3.04% due 07/15/2024		220,000		221,425

Security Description	Principal Amount(9)		Value (Note 2)
Diversified Financial Services (continued)
Ford Credit Auto Owner Trust Series2016-C, Class B 1.73% due 03/15/2022	$	115,000	$	113,050
Ford Credit Auto Owner Trust Series2018-2, Class A 3.47% due 01/15/2030*		100,000		100,669
Ford Credit Floorplan Master Owner Trust Series2017-1, Class A1 2.07% due 05/15/2022		129,000		127,743
Ford Credit Floorplan Master Owner Trust Series2017-3, Class A 2.48% due 09/15/2024		250,000		246,443
GM Financial Consumer Automobile Receivables Trust Series2017-3A, Class 4A 2.13% due 03/16/2023*		200,000		196,951
GS Mtg. Securities Trust Series 2015-GC28, Class A2 2.90% due 02/10/2048(1)		75,000		75,010
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		233,000		233,096
JP Morgan Mtg. Trust VRS Series2018-1, Class A5 3.50% due 06/25/2048*(2)(19)		1,755,970		1,744,421
Mercedes-Benz Auto Lease Trust Series2019-A, Class A4 3.25% due 10/15/2024		62,000		62,203
Mercedes-Benz Auto Lease Trust Series2018-B, Class A4 3.31% due 07/15/2024		367,000		370,292
MTRO Commercial Mtg. Trust-TECH FRS Series 2019 -TECH, Class A 3.39% (1 ML+0.90%) due 12/15/2033*(1)		550,000		550,344
ShellpointCo-Originator Trust VRS Series2017-2, Class A1 3.50% due 10/25/2047*(2)(19)		915,587		895,862
Synchrony Credit Card Master Note Trust Series2016-2, Class A 2.21% due 05/15/2024		100,000		98,536
Toyota Auto Receivables Owner Trust Series2018-C, Class A4 3.13% due 02/15/2024		200,000		201,631
Verizon Owner Trust Series2017-3A, Class A1A 2.06% due 04/20/2022*		250,000		247,811
Verizon Owner Trust Series2018-1A, Class C 3.20% due 09/20/2022*		100,000		99,941
Volkswagen Auto Loan Enhanced Trust Series2018-2, Class A4 3.33% due 02/20/2025		150,000		152,316
World Financial Network Credit Card Master Trust Series2017-C, Class A 2.31% due 08/15/2024		200,000		198,049
Total Asset Backed Securities
(cost $17,542,834)				17,721,944
U.S. CORPORATE BONDS & NOTES — 32.7%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		108,000		108,920

91

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Advertising Agencies (continued)
Interpublic Group of Cos., Inc. Senior Notes 5.40% due 10/01/2048	$	155,000	$	150,530
				259,450
Aerospace/Defense — 0.0%
General Dynamics Corp. Company Guar. Notes 2.88% due 05/11/2020		248,000		248,318
Aerospace/Defense - Equipment — 0.4%
Harris Corp. Senior Notes 4.40% due 06/15/2028		398,000		409,691
L3 Technologies, Inc. Company Guar. Notes 4.40% due 06/15/2028		179,000		183,875
Triumph Group, Inc. Company Guar. Notes 4.88% due 04/01/2021		1,347,000		1,326,795
United Technologies Corp. Senior Notes 1.15% due 05/18/2024	EUR	825,000		945,881
United Technologies Corp. Senior Notes 3.95% due 08/16/2025		539,000		549,755
				3,415,997
Airlines — 0.1%
Atlas Air, Inc. Pass-Through Certs. Series1999-1, Class B 7.63% due 01/02/2020(5)(6)		47,508		47,784
United Airlines Pass-Through Trust Pass-Through Certs. Series2014-2, Class B 4.63% due 03/03/2024		862,319		868,183
				915,967
Apparel Manufacturers — 0.0%
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		181,000		181,000
Applications Software — 0.3%
CDK Global, Inc. Senior Notes 5.88% due 06/15/2026		1,266,000		1,305,563
Microsoft Corp. Senior Notes 3.13% due 12/06/2028	EUR	750,000		1,028,692
				2,334,255
Auto - Cars/Light Trucks — 0.6%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		408,000		408,645
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*		273,000		264,349
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		518,000		513,154
Daimler Finance North America LLC Company Guar. Notes 3.75% due 11/05/2021*		278,000		280,310

Security Description	Principal Amount(9)		Value (Note 2)
Auto - Cars/Light Trucks (continued)
Ford Motor Credit Co. LLC Senior Notes 3.02% due 03/06/2024	EUR	600,000	$	682,470
Ford Motor Credit Co. LLC Senior Notes 3.34% due 03/18/2021		489,000		479,738
General Motors Financial Co, Inc. Company Guar. Notes 1.69% due 03/26/2025	EUR	600,000		658,231
General Motors Financial Co., Inc. Company Guar. Notes 3.70% due 05/09/2023		270,000		266,217
Hyundai Capital America Senior Notes 3.95% due 02/01/2022*		659,000		662,758
Nissan Motor Acceptance Corp. Senior Notes 2.65% due 07/13/2022*		412,000		396,265
Toyota Motor Credit Corp. Senior Notes 3.45% due 09/20/2023		364,000		369,107
				4,981,244
Auto - Heavy Duty Trucks — 0.3%
Allison Transmission, Inc. Senior Notes 5.00% due 10/01/2024*		1,329,000		1,337,306
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*		1,434,000		1,408,905
				2,746,211
Banks - Commercial — 0.3%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		1,140,000		1,164,042
Citizens Bank NA Senior Notes 3.75% due 02/18/2026		257,000		256,900
KeyBank NA Senior Notes 3.30% due 02/01/2022		302,000		303,986
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037(6)		700,000		903,110
SunTrust Bank Senior Notes 3.50% due 08/02/2022		308,000		310,064
				2,938,102
Banks - Super Regional — 0.3%
Bank of America NA Senior Notes 3.34% due 01/25/2023		426,000		428,152
Wells Fargo & Co. Senior Notes 1.00% due 02/02/2027	EUR	1,000,000		1,111,193
Wells Fargo & Co. Senior Notes 3.00% due 02/19/2025		705,000		686,272
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		327,000		324,761

92

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Super Regional (continued)
Wells Fargo Bank NA Senior Notes 3.55% due 08/14/2023	$	382,000	$	387,718
				2,938,096
Batteries/Battery Systems — 0.3%
Energizer Holdings, Inc. Company Guar. Notes 6.38% due 07/15/2026*		1,580,000		1,595,800
EnerSys Company Guar. Notes 5.00% due 04/30/2023*		1,293,000		1,286,535
				2,882,335
Beverages-Non-alcoholic — 0.2%
Coca-Cola Co. Senior Notes 1.25% due 03/08/2031	EUR	470,000		530,297
Keurig Dr Pepper, Inc. Company Guar. Notes 4.06% due 05/25/2023*		194,000		196,132
Keurig Dr Pepper, Inc. Company Guar. Notes 4.42% due 05/25/2025*		513,000		522,382
PepsiCo., Inc. Senior Notes 2.75% due 04/30/2025		288,000		283,612
				1,532,423
Brewery — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036*		243,000		234,571
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046*		222,000		213,002
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		124,000		114,198
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.55% due 01/23/2049		701,000		736,510
				1,298,281
Broadcast Services/Program — 0.3%
Fox Corp. Company Guar. Notes 5.48% due 01/25/2039*		203,000		213,566
Fox Corp. Company Guar. Notes 5.58% due 01/25/2049*		257,000		270,963
Univision Communications, Inc. Senior Sec. Notes 5.13% due 05/15/2023*		1,985,000		1,801,388
				2,285,917
Building & Construction Products - Misc. — 0.3%
Owens Corning Senior Notes 4.30% due 07/15/2047		483,000		375,507

Security Description	Principal Amount(9)		Value (Note 2)
Building & Construction Products - Misc. (continued)
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*	$	1,800,000	$	1,878,750
				2,254,257
Building & Construction - Misc. — 0.3%
Frontdoor, Inc. Senior Notes 6.75% due 08/15/2026*#		1,246,000		1,266,248
Weekley Homes LLC/Weekley Finance Corp. Senior Notes 6.00% due 02/01/2023		1,253,000		1,184,085
				2,450,333
Building - Heavy Construction — 0.4%
Great Lakes Dredge & Dock Corp. Company Guar. Notes 8.00% due 05/15/2022		1,256,000		1,316,916
Tutor Perini Corp. Company Guar. Notes 6.88% due 05/01/2025*#		1,900,000		1,900,000
				3,216,916
Building - Residential/Commercial — 0.0%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028		226,000		212,158
Cable/Satellite TV — 1.1%
Block Communications, Inc. Senior Notes 6.88% due 02/15/2025*		1,486,000		1,534,295
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		556,000		534,802
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 05/01/2025*		980,000		1,003,275
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*		394,000		402,865
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.88% due 04/01/2024*		472,000		491,470
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		29,000		27,958
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.75% due 04/01/2048		112,000		111,976
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		101,000		108,131
Comcast Corp. Company Guar. Notes 3.60% due 03/01/2024		350,000		355,288
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		62,000		58,278
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		351,000		362,220

93

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*	$	4,095,000	$	4,104,173
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023#		394,000		350,660
				9,445,391
Casino Services — 0.2%
Eldorado Resorts, Inc. Company Guar. Notes 6.00% due 09/15/2026*#		1,660,000		1,689,050
Cellular Telecom — 1.0%
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		7,670,000		8,208,894
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC Senior Sec. Notes 4.74% due 09/20/2029*		730,000		730,913
				8,939,807
Chemicals - Diversified — 0.2%
Dow Chemical Co. Senior Notes 5.55% due 11/30/2048*		251,000		264,099
DowDuPont, Inc. Senior Notes 4.73% due 11/15/2028		370,000		386,118
DowDuPont, Inc. Senior Notes 5.42% due 11/15/2048		353,000		376,752
Eastman Chemical Co. Senior Notes 1.50% due 05/26/2023	EUR	575,000		676,268
				1,703,237
Chemicals - Fibers — 0.2%
Rayonier AM Products, Inc. Company Guar. Notes 5.50% due 06/01/2024*		1,720,000		1,591,000
Chemicals - Specialty — 0.3%
Kraton Polymers LLC/Kraton Polymers Capital Corp. Company Guar. Notes 7.00% due 04/15/2025*		1,915,000		1,936,544
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		155,000		203,576
				2,140,120
Coal — 0.2%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*		1,954,000		1,988,195
Coatings/Paint — 0.0%
RPM International, Inc. Senior Notes 4.25% due 01/15/2048		29,000		23,936
Commercial Services — 0.0%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		228,000		222,538

Security Description	Principal Amount(9)		Value (Note 2)
Commercial Services - Finance — 0.2%
Refinitiv US Holdings, Inc. Company Guar. Notes 8.25% due 11/15/2026*	$	1,985,000	$	1,942,198
Computer Services — 0.4%
Harland Clarke Holdings Corp. Senior Sec. Notes 8.38% due 08/15/2022*		1,021,000		953,359
IBM Credit LLC Senior Notes 3.00% due 02/06/2023		796,000		791,581
International Business Machines Corp. Senior Notes 1.75% due 01/31/2031	EUR	375,000		428,686
International Business Machines Corp. Senior Notes 1.75% due 01/31/2031	EUR	525,000		598,952
International Business Machines Corp. Senior Notes 2.50% due 01/27/2022		329,000		324,609
				3,097,187
Computer Software — 0.2%
Rackspace Hosting, Inc. Company Guar. Notes 8.63% due 11/15/2024*#		1,565,000		1,369,375
Computers — 0.4%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		189,000		189,394
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 6.02% due 06/15/2026*		3,115,000		3,304,844
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 8.10% due 07/15/2036*		249,000		281,701
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		59,000		60,741
				3,836,680
Computers - Integrated Systems — 0.4%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024		2,107,000		1,790,950
Everi Payments, Inc. Company Guar. Notes 7.50% due 12/15/2025*		1,265,000		1,265,000
				3,055,950
Consumer Products - Misc. — 0.1%
Central Garden & Pet Co. Company Guar. Notes 5.13% due 02/01/2028		1,350,000		1,252,125
Containers - Metal/Glass — 0.3%
Crown Cork & Seal Co., Inc. Company Guar. Notes 7.38% due 12/15/2026		854,000		935,130
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		1,584,000		1,615,601
				2,550,731

94

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cosmetics & Toiletries — 0.5%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*#	$	1,875,000	$	1,806,938
First Quality Finance Co., Inc. Company Guar. Notes 5.00% due 07/01/2025*		1,328,000		1,298,120
Procter & Gamble Co. Senior Notes 1.88% due 10/30/2038	EUR	550,000		659,924
Procter & Gamble Co. Senior Notes 1.88% due 10/30/2038	EUR	250,000		299,965
				4,064,947
Diagnostic Equipment — 0.2%
Ortho-Clinical Diagnostics, Inc. Senior Notes 6.63% due 05/15/2022*#		1,482,000		1,426,425
Thermo Fisher Scientific, Inc. Senior Notes 2.88% due 07/24/2037	EUR	480,000		575,992
				2,002,417
Distribution/Wholesale — 0.2%
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025		1,290,000		1,277,100
Diversified Banking Institutions — 1.5%
Bank of America Corp. Senior Notes 0.75% due 07/26/2023#	EUR	1,125,000		1,287,490
Bank of America Corp. Senior Notes 2.38% due 06/19/2024	EUR	1,100,000		1,353,292
Bank of America Corp. Senior Notes 3.55% due 03/05/2024		313,000		314,225
Bank of America Corp. Senior Notes 3.86% due 07/23/2024		277,000		281,529
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		784,000		780,760
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037(6)		296,000		341,749
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		858,000		821,513
Citigroup, Inc. Senior Notes 3.30% due 04/27/2025		142,000		140,070
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		387,000		388,551
Citigroup, Inc. Senior Notes 4.65% due 07/23/2048		378,000		394,290
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033(6)		269,000		300,723
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033(6)		107,000		121,324

Security Description	Principal Amount(9)		Value (Note 2)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 1.25% due 05/01/2025	EUR	900,000	$	1,022,649
Goldman Sachs Group, Inc. Senior Notes 2.00% due 11/01/2028	EUR	600,000		689,664
Goldman Sachs Group, Inc. Senior Notes 2.91% due 06/05/2023		325,000		318,998
Goldman Sachs Group, Inc. Senior Notes 3.63% due 02/20/2024		357,000		357,322
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		359,000		331,511
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		341,000		342,574
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037(6)		232,000		275,815
JPMorgan Chase & Co. Senior Notes 2.55% due 03/01/2021		882,000		873,949
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		222,000		210,495
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		1,610,000		1,693,298
Woori Bank Sub. Notes 4.75% due 04/30/2024		550,000		564,095
				13,205,886
Diversified Manufacturing Operations — 0.1%
3M Co. Senior Notes 3.25% due 02/14/2024		227,000		230,409
General Electric Capital Corp. Sub. Notes 5.30% due 02/11/2021		728,000		748,853
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		244,000		248,720
				1,227,982
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		161,000		179,518
Electric - Distribution — 0.1%
Metropolitan Edison Co. Senior Notes 4.30% due 01/15/2029*		303,000		306,548
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048*		584,000		605,938
				912,486
Electric - Generation — 0.0%
Basin Electric Power Cooperative 1st Mtg. Notes 4.75% due 04/26/2047*		19,000		19,390

95

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated — 0.7%
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033	$	280,000	$	305,002
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		524,000		511,722
Duke Energy Progress LLC 1st Mtg. Notes 2.80% due 05/15/2022		165,000		164,474
Entergy Texas, Inc. 1st Mtg. Notes 4.50% due 03/30/2039		747,000		758,776
FirstEnergy Corp. Senior Notes 3.90% due 07/15/2027		78,000		77,266
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		959,000		1,236,650
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		224,000		220,997
Jersey Central Power & Light Co. Senior Notes 4.30% due 01/15/2026*		148,000		151,112
Massachusetts Electric Co. Notes 4.00% due 08/15/2046*		445,000		415,695
MidAmerican Energy Co. 1st Mtg. Notes 4.25% due 07/15/2049		478,000		488,275
Nevada Power Co. General Refunding Mtg. 2.75% due 04/15/2020		167,000		167,113
Public Service Co. of Colorado 1st Mtg. Bonds 3.70% due 06/15/2028		366,000		372,459
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		259,000		260,717
South Carolina Electric & Gas Co. 1st Mtg. Notes 4.35% due 02/01/2042		166,000		170,904
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		570,000		620,640
				5,921,802
Electronic Components - Semiconductors — 0.1%
Intel Corp. Senior Notes 2.45% due 07/29/2020		333,000		332,014
Micron Technology, Inc. Senior Notes 4.64% due 02/06/2024		106,000		106,727
Micron Technology, Inc. Senior Notes 5.33% due 02/06/2029		310,000		310,555
				749,296
Electronic Measurement Instruments — 0.1%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		32,000		32,210

Security Description	Principal Amount(9)		Value (Note 2)
Electronic Measurement Instruments (continued)
Trimble, Inc. Senior Notes 4.90% due 06/15/2028	$	631,000	$	626,942
				659,152
Electronic Parts Distribution — 0.3%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		183,000		177,214
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024		2,149,000		2,108,066
				2,285,280
Energy - Alternate Sources — 0.2%
Pattern Energy Group, Inc. Company Guar. Notes 5.88% due 02/01/2024*		1,869,000		1,903,352
Enterprise Software/Service — 0.3%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024		1,709,000		1,702,591
Oracle Corp. Senior Notes 2.95% due 11/15/2024		535,000		528,767
				2,231,358
Finance - Consumer Loans — 0.8%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		1,753,000		1,678,497
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		1,079,000		1,022,353
SLM Corp. Senior Notes 5.63% due 08/01/2033		2,289,000		1,768,252
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		1,850,000		1,893,937
Springleaf Finance Corp. Company Guar. Notes 7.13% due 03/15/2026		549,000		555,863
Synchrony Financial Senior Notes 4.25% due 08/15/2024		249,000		244,201
				7,163,103
Finance - Credit Card — 0.3%
Alliance Data Systems Corp. Company Guar. Notes 5.88% due 11/01/2021*		1,730,000		1,760,275
American Express Co. Senior Notes 2.50% due 08/01/2022		30,000		29,383
American Express Co. Senior Notes 3.40% due 02/22/2024		550,000		551,472
American Express Co. Senior Notes 4.20% due 11/06/2025		176,000		182,891
				2,524,021

96

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Investment Banker/Broker — 0.2%
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. Senior Notes 4.15% due 01/23/2030	$	217,000	$	189,599
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016(6)†		97,000		1,892
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017(5)(6)†		111,000		11
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038(5)(6)†		143,000		14
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*		1,730,000		1,749,462
				1,940,978
Finance - Mortgage Loan/Banker — 0.2%
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*		1,775,000		1,751,925
Finance - Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.30% due 11/01/2020		471,000		466,593
National Rural Utilities Cooperative Finance Corp. Senior Notes 2.30% due 09/15/2022		256,000		248,659
National Rural Utilities Cooperative Finance Corp. Collateral Trust Notes 2.40% due 04/25/2022		173,000		169,756
				885,008
Food - Meat Products — 0.1%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		140,000		132,848
Tyson Foods, Inc. Senior Notes 5.10% due 09/28/2048		302,000		292,679
				425,527
Food - Misc./Diversified — 0.4%
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048#		339,000		318,076
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		280,000		316,203
General Mills, Inc. Senior Notes 4.70% due 04/17/2048#		418,000		389,748
Kraft Heinz Foods Co. Sec. Notes 4.88% due 02/15/2025*		360,000		365,872
Mondelez International, Inc. Senior Notes 3.63% due 02/13/2026		355,000		350,359
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		335,000		340,698

Security Description	Principal Amount(9)		Value (Note 2)
Food - Misc./Diversified (continued)
Post Holdings, Inc. Company Guar. Notes 5.50% due 03/01/2025*	$	1,072,000	$	1,074,680
				3,155,636
Food - Retail — 0.2%
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC Company Guar. Notes 5.75% due 03/15/2025		2,025,000		1,923,750
Kroger Co. Senior Notes 5.40% due 01/15/2049		215,000		211,888
				2,135,638
Gambling(Non-Hotel) — 0.2%
Scientific Games International, Inc. Senior Sec. Notes 5.00% due 10/15/2025*#		1,325,000		1,283,594
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(5)(6)		272,905		5,076
				1,288,670
Gas- Distribution — 0.0%
Brooklyn Union Gas Co. Senior Notes 4.49% due 03/04/2049*		195,000		194,571
NiSource, Inc. Senior Notes 5.65% due 02/01/2045		185,000		205,911
				400,482
Hotels/Motels — 0.3%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024		761,000		785,733
Wyndham Worldwide Corp. Senior Sec. Notes 5.40% due 04/01/2024		671,000		674,355
Wyndham Worldwide Corp. Senior Sec. Notes 5.75% due 04/01/2027#		1,195,000		1,186,037
				2,646,125
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc. Senior Notes 4.20% due 03/01/2049		131,000		131,569
Insurance Brokers — 0.0%
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 12/29/2020		172,000		173,606
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		186,000		183,721
				357,327
Insurance - Life/Health — 0.0%
AXA Equitable Holdings, Inc. Senior Notes 5.00% due 04/20/2048		78,000		72,911

97

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance - Life/Health (continued)
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047	$	272,000	$	215,228
				288,139
Insurance - Multi-line — 0.0%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		144,000		159,511
Insurance - Mutual — 0.1%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		287,000		280,144
New York Life Global Funding Sec. Notes 1.95% due 09/28/2020*		647,000		638,088
				918,232
Insurance - Property/Casualty — 0.2%
ACE INA Holdings, Inc. Company Guar. Notes 2.88% due 11/03/2022		239,000		239,595
AmWINS Group, Inc. Company Guar. Notes 7.75% due 07/01/2026*		1,265,000		1,296,625
Chubb INA Holdings, Inc. Company Guar. Notes 2.50% due 03/15/2038	EUR	500,000		578,386
				2,114,606
Internet Connectivity Services — 0.2%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		1,359,000		1,382,783
Internet Content - Entertainment — 0.2%
Netflix, Inc. Senior Notes 5.88% due 02/15/2025#		1,667,000		1,767,020
Investment Companies — 0.2%
FS Energy & Power Fund Senior Sec. Notes 7.50% due 08/15/2023*		1,495,000		1,512,656
Machinery - Construction & Mining — 0.2%
Caterpillar Financial Services Corp. Senior Notes 2.55% due 11/29/2022		150,000		147,601
Caterpillar Financial Services Corp. Senior Notes 3.15% due 09/07/2021		151,000		151,942
Caterpillar Financial Services Corp. Senior Notes 3.45% due 05/15/2023		228,000		231,162
Terex Corp. Company Guar. Notes 5.63% due 02/01/2025*		1,341,000		1,304,122
				1,834,827
Machinery - Electrical — 0.0%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		284,000		285,752

Security Description	Principal Amount(9)		Value (Note 2)
Machinery - Farming — 0.1%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024	$	463,000	$	462,710
John Deere Capital Corp. Senior Notes 2.35% due 01/08/2021		180,000		178,590
John Deere Capital Corp. Senior Notes 3.45% due 01/10/2024		344,000		350,703
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		159,000		163,994
				1,155,997
Machinery - General Industrial — 0.1%
Roper Technologies, Inc. Senior Notes 4.20% due 09/15/2028		549,000		552,360
Machinery - Thermal Process — 0.0%
Cleaver-Brooks, Inc. Senior Sec. Notes 7.88% due 03/01/2023*		209,000		204,298
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 4.70% due 03/01/2049		186,000		185,698
Medtronic, Inc. Company Guar. Notes 2.50% due 03/15/2020		433,000		432,069
				617,767
Medical Labs & Testing Services — 0.4%
Laboratory Corp. of America Holdings Senior Notes 3.25% due 09/01/2024		418,000		406,257
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		269,000		252,436
MEDNAX, Inc. Company Guar. Notes 5.25% due 12/01/2023*		2,144,000		2,168,120
Roche Holdings, Inc. Company Guar. Notes 1.75% due 01/28/2022*		226,000		218,831
				3,045,644
Medical Products — 0.0%
Baxter International, Inc. Senior Notes 3.50% due 08/15/2046		272,000		224,799
Medical - Biomedical/Gene — 0.0%
Celgene Corp. Senior Notes 3.63% due 05/15/2024		279,000		278,624
Celgene Corp. Senior Notes 4.63% due 05/15/2044		130,000		121,351
				399,975
Medical - Drugs — 0.1%
AbbVie, Inc. Senior Notes 4.45% due 05/14/2046		190,000		166,882

98

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - Drugs (continued)
AbbVie, Inc. Senior Notes 4.88% due 11/14/2048	$	215,000	$	201,945
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		175,000		177,190
Pfizer, Inc. Senior Notes 3.00% due 09/15/2021#		168,000		169,073
				715,090
Medical - Generic Drugs — 0.0%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		271,000		255,322
Medical- HMO — 0.2%
UnitedHealth Group, Inc. Senior Bonds 2.38% due 10/15/2022		1,280,000		1,257,275
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		231,000		237,137
UnitedHealth Group, Inc. Senior Notes 4.45% due 12/15/2048		220,000		229,461
				1,723,873
Medical - Hospitals — 0.2%
HCA, Inc. Senior Sec. Notes 5.00% due 03/15/2024		209,000		218,337
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		1,039,000		1,095,810
				1,314,147
Medical - Wholesale Drug Distribution — 0.1%
Allergan Sales LLC Company Guar. Notes 4.88% due 02/15/2021*		102,000		104,468
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		533,000		468,091
				572,559
Metal Processors & Fabrication — 0.2%
Novelis Corp. Company Guar. Notes 6.25% due 08/15/2024*		1,508,000		1,519,310
Metal - Copper — 0.2%
Freeport-McMoRan Copper & Gold, Inc. Company Guar. Notes 3.88% due 03/15/2023		1,708,000		1,683,200
Metal - Iron — 0.2%
Cleveland-Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025		1,624,000		1,587,460
Multimedia — 0.2%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*		1,315,000		1,265,687

Security Description	Principal Amount(9)		Value (Note 2)
Multimedia (continued)
Time Warner, Inc. Company Guar. Notes 4.85% due 07/15/2045	$	236,000	$	222,577
Warner Media LLC Company Guar. Notes 1.95% due 09/15/2023	EUR	550,000		648,882
				2,137,146
Networking Products — 0.0%
Cisco Systems, Inc. Senior Notes 2.20% due 02/28/2021		382,000		378,202
Office Supplies & Forms — 0.1%
Avery Dennison Corp. Senior Notes 4.88% due 12/06/2028		401,000		414,964
Oil Companies - Exploration & Production — 1.4%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		231,000		259,948
Apache Corp. Senior Notes 4.38% due 10/15/2028		96,000		94,374
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026		1,460,000		1,460,000
Chaparral Energy, Inc. Senior Notes 8.75% due 07/15/2023*		1,725,000		1,086,750
Extraction Oil & Gas, Inc. Company Guar. Notes 5.63% due 02/01/2026*		1,700,000		1,411,000
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		1,929,000		1,854,251
Lonestar Resources America, Inc. Company Guar. Notes 11.25% due 01/01/2023*		1,498,000		1,460,550
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		147,000		169,574
Noble Energy, Inc. Senior Notes 4.95% due 08/15/2047		466,000		436,019
QEP Resources, Inc. Senior Notes 5.63% due 03/01/2026#		1,169,000		1,095,937
Sanchez Energy Corp. Company Guar. Notes 6.13% due 01/15/2023		782,000		118,278
Southwestern Energy Co. Company Guar. Notes 7.50% due 04/01/2026		1,250,000		1,296,875
WildHorse Resource Development Corp. Company Guar. Notes 6.88% due 02/01/2025(6)		1,574,000		1,595,642
				12,339,198
Oil Companies - Integrated — 0.1%
BP Capital Markets America, Inc. Company Guar. Notes 3.25% due 05/06/2022		265,000		266,997

99

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Integrated (continued)
BP Capital Markets America, Inc. Company Guar. Notes 4.23% due 11/06/2028	$	314,000	$	330,311
Chevron Corp. Senior Notes 2.90% due 03/03/2024		367,000		365,453
				962,761
Oil Field Machinery & Equipment — 0.4%
Forum Energy Technologies, Inc. Company Guar. Notes 6.25% due 10/01/2021		1,409,000		1,236,398
Hi-Crush Partners LP Senior Notes 9.50% due 08/01/2026*#		2,620,000		2,010,850
				3,247,248
Oil- Field Services — 0.6%
Apergy Corp. Company Guar. Notes 6.38% due 05/01/2026		1,016,000		1,014,730
Calfrac Holdings LP Senior Notes 8.50% due 06/15/2026*		1,455,000		1,076,700
Nine Energy Service, Inc. Senior Notes 8.75% due 11/01/2023*		745,000		745,000
Pioneer Energy Services Corp. Company Guar. Notes 6.13% due 03/15/2022		1,322,000		813,030
Schlumberger Holdings Corp. Senior Notes 3.75% due 05/01/2024*		282,000		283,401
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		1,230,000		1,251,525
USA Compression Partners LP/USA Compression Finance Corp. Senior Notes 6.88% due 09/01/2027*		312,000		318,240
				5,502,626
Paper & Related Products — 0.1%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		515,000		509,468
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		473,000		478,086
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		139,000		144,037
				1,131,591
Petrochemicals — 0.0%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		157,000		156,372
Pharmacy Services — 0.1%
Cigna Corp. Company Guar. Notes 4.80% due 08/15/2038*		277,000		275,234

Security Description	Principal Amount(9)		Value (Note 2)
Pharmacy Services (continued)
CVS Health Corp. Senior Notes 4.78% due 03/25/2038	$	495,000	$	480,363
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		143,000		141,400
CVS Pass-Through Trust Pass-Through Certs. 4.70% due 01/10/2036*		99,568		100,155
CVS Pass-Through Trust Pass-Through Certs. 5.77% due 01/10/2033*		62,073		66,268
CVS Pass-Through Trust Pass-Through Certs. 5.93% due 01/10/2034*		134,459		145,577
				1,208,997
Pipelines — 1.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Senior Notes 5.75% due 03/01/2027*		756,000		761,670
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.88% due 03/31/2025		60,000		63,901
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 7.00% due 06/30/2024		1,955,000		2,165,162
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		230,000		228,457
Energy Transfer Equity LP Senior Sec. Notes 4.25% due 03/15/2023		1,489,000		1,507,910
Energy Transfer Operating LP Company Guar. Notes 4.50% due 04/15/2024		228,000		234,373
Energy Transfer Operating LP Company Guar. Notes 5.25% due 04/15/2029		250,000		260,765
Energy Transfer Operating LP Company Guar. Notes 6.25% due 04/15/2049		191,000		204,971
Energy Transfer Partners LP Company Guar. Notes 4.90% due 03/15/2035		72,000		67,131
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026		107,000		104,726
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		18,000		15,210
Enterprise Products Operating LLC Company Guar. Notes 4.80% due 02/01/2049		267,000		271,399
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		1,403,000		1,304,804
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		678,000		679,688
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 6.00% due 08/01/2024*		1,252,000		1,283,300

100

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Kinder Morgan Energy Partners LP Company Guar. Notes 4.30% due 05/01/2024	$	288,000	$	296,349
Kinder Morgan Energy Partners LP Company Guar. Notes 6.95% due 01/15/2038		113,000		135,115
Kinder Morgan, Inc. Company Guar. Notes 1.50% due 03/16/2022	EUR	1,090,000		1,275,403
Magellan Midstream Partners LP Senior Notes 4.85% due 02/01/2049		215,000		218,357
MPLX LP Senior Notes 4.00% due 03/15/2028		274,000		264,611
MPLX LP Senior Notes 4.13% due 03/01/2027		146,000		143,155
MPLX LP Senior Notes 5.50% due 02/15/2049		455,000		465,126
NGPL PipeCo LLC Senior Notes 4.38% due 08/15/2022*		297,000		299,970
SemGroup Corp./Rose Rock Finance Corp. Company Guar. Notes 5.63% due 07/15/2022		2,179,000		2,121,801
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022		1,743,000		1,725,570
Western Gas Partners LP Senior Notes 4.65% due 07/01/2026		254,000		252,242
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		273,000		287,572
				16,638,738
Platinum — 0.1%
Stillwater Mining Co. Company Guar. Notes 7.13% due 06/27/2025		530,000		504,740
Poultry — 0.2%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*#		1,990,000		1,955,175
Publishing - Books — 0.2%
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance Senior Notes 7.88% due 05/15/2024*#		1,680,000		1,352,400
Radio — 0.2%
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 07/15/2026*		1,280,000		1,283,200
Real Estate Investment Trusts — 2.0%
American Tower Corp. Senior Notes 1.95% due 05/22/2026	EUR	400,000		460,121
American Tower Corp. Senior Notes 4.00% due 06/01/2025		249,000		251,430

Security Description	Principal Amount(9)		Value (Note 2)
Real Estate Investment Trusts (continued)
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025	$	335,000	$	330,616
Crown Castle International Corp. Senior Notes 5.20% due 02/15/2049		257,000		256,268
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025		1,362,000		1,368,810
ERP Operating LP Senior Notes 4.15% due 12/01/2028		194,000		201,537
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		1,990,000		1,980,050
GEO Group, Inc. Company Guar. Notes 5.13% due 04/01/2023		1,045,000		992,750
GEO Group, Inc. Company Guar. Notes 5.88% due 10/15/2024		1,020,000		966,450
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 04/15/2026		1,035,000		1,066,423
Iron Mountain, Inc. Company Guar. Notes 4.88% due 09/15/2027*		1,290,000		1,220,663
iStar, Inc. Senior Notes 5.25% due 09/15/2022		1,385,000		1,357,300
iStar, Inc. Senior Notes 6.00% due 04/01/2022		616,000		615,230
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027*		555,000		568,181
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		1,364,000		1,353,770
Sabra Health Care LP Company Guar. Notes 5.13% due 08/15/2026		1,575,000		1,496,619
Simon Property Group LP Senior Notes 4.13% due 12/01/2021		327,000		335,534
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		2,250,000		2,188,800
				17,010,552
Real Estate Management/Services — 0.5%
Kennedy-Wilson, Inc. Company Guar. Notes 5.88% due 04/01/2024		2,006,000		1,960,865
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023*		1,269,000		1,275,821
Realogy Group LLC/RealogyCo-Issuer Corp. Company Guar. Notes 4.88% due 06/01/2023*#		1,554,000		1,406,370
				4,643,056

101

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Operations & Development — 0.2%
Greystar Real Estate Partners LLC Senior Sec. Notes 5.75% due 12/01/2025*	$	1,310,000	$	1,316,262
Rental Auto/Equipment — 0.3%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		1,469,000		1,355,153
Jurassic Holdings III, Inc. Sec. Notes 6.88% due 02/15/2021*#		1,479,000		1,379,892
				2,735,045
Retail - Appliances — 0.2%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022		1,917,000		1,801,980
Retail - Automobile — 0.2%
AutoNation, Inc. Company Guar. Notes 3.50% due 11/15/2024		308,000		288,775
Lithia Motors, Inc. Company Guar. Notes 5.25% due 08/01/2025*		1,325,000		1,311,750
				1,600,525
Retail - Building Products — 0.1%
Home Depot, Inc. Senior Notes 4.50% due 12/06/2048		419,000		443,189
Retail - Discount — 0.1%
Wal-Mart Stores, Inc. Senior Notes 2.55% due 04/11/2023		701,000		694,854
Retail - Drug Store — 0.0%
Walgreens Boots Alliance, Inc. Senior Notes 4.80% due 11/18/2044		154,000		143,815
Retail - Mail Order — 0.1%
QVC, Inc. Senior Sec. Notes 4.85% due 04/01/2024		672,000		676,516
Retail - Office Supplies — 0.3%
Staples, Inc. Company Guar. Notes 8.50% due 09/15/2025*		2,315,000		2,268,700
Retail - Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 5.38% due 06/01/2024*		1,163,000		1,177,886
Retail - Restaurants — 0.4%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		1,208,000		1,162,700
Darden Restaurants, Inc. Senior Notes 4.55% due 02/15/2048		351,000		320,841
Golden Nugget, Inc. Company Guar. Notes 8.75% due 10/01/2025*		1,236,000		1,273,080

Security Description	Principal Amount(9)		Value (Note 2)
Retail - Restaurants (continued)
McDonald’s Corp. Senior Notes 4.45% due 09/01/2048	$	542,000	$	527,281
				3,283,902
Rubber/Plastic Products — 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(5)(6)(7)(8)		25,000		0
Satellite Telecom — 0.2%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		1,684,000		1,656,635
Savings & Loans/Thrifts — 0.2%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		849,000		931,042
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		532,000		534,890
				1,465,932
Security Services — 0.2%
ADT Corp. Senior Sec. Notes 4.13% due 06/15/2023		1,701,000		1,669,106
Semiconductor Equipment — 0.1%
Entegris, Inc. Company Guar. Notes 4.63% due 02/10/2026*		806,000		791,895
Lam Research Corp. Senior Notes 4.00% due 03/15/2029		248,000		248,066
				1,039,961
Steel - Producers — 0.3%
Commercial Metals Co. Senior Notes 5.75% due 04/15/2026		1,169,000		1,148,543
United States Steel Corp. Senior Notes 6.88% due 08/15/2025		1,560,000		1,536,600
				2,685,143
Telecommunication Equipment — 0.1%
Anixter, Inc. Company Guar. Notes 6.00% due 12/01/2025*		879,000		909,765
Telephone - Integrated — 1.0%
AT&T, Inc. Senior Notes 3.15% due 09/04/2036	EUR	625,000		705,061
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		249,000		248,001
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		911,000		858,132
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		527,000		508,219

102

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone - Integrated (continued)
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024#	$	3,000,000	$	3,173,437
Citizens Communications Co. Senior Notes 9.00% due 08/15/2031#		1,835,000		1,009,250
Frontier Communications Corp. Senior Notes 7.63% due 04/15/2024		2,350,000		1,327,750
Verizon Communications, Inc. Senior Bonds 2.88% due 01/15/2038	EUR	330,000		392,103
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		157,000		157,290
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		563,000		612,876
				8,992,119
Television — 0.5%
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		1,530,000		1,663,875
CBS Corp. Company Guar. Notes 3.70% due 08/15/2024		238,000		236,578
Gray Television, Inc. Company Guar. Notes 5.13% due 10/15/2024*		1,100,000		1,095,875
Gray Television, Inc. Company Guar. Notes 5.88% due 07/15/2026*		273,000		275,730
Gray Television, Inc. Senior Notes 7.00% due 05/15/2027*		895,000		946,462
				4,218,520
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026		354,000		352,889
Stanley Black & Decker, Inc. Senior Notes 4.85% due 11/15/2048		209,000		218,048
				570,937
Transport - Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 4.35% due 02/15/2024		407,000		413,161
GATX Corp. Senior Notes 4.70% due 04/01/2029		135,000		136,779
				549,940
Transport - Marine — 0.0%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		261,000		255,472
Transport - Rail — 0.1%
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		220,000		219,818

Security Description	Principal Amount(9)		Value (Note 2)
Transport - Rail (continued)
Norfolk Southern Corp. Senior Notes 5.10% due 08/01/2118	$	348,000	$	348,333
				568,151
Transport - Services — 0.0%
FedEx Corp. Company Guar. Notes 4.95% due 10/17/2048		215,000		213,320
Transport - Truck — 0.0%
JB Hunt Transport Services, Inc. Company Guar. Notes 3.88% due 03/01/2026		354,000		353,195
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.65% due 07/29/2021*		257,000		258,485
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.95% due 03/10/2025*		435,000		428,491
				686,976
Total U.S. Corporate Bonds & Notes
(cost $286,779,290)				282,064,894
FOREIGN CORPORATE BONDS & NOTES — 14.1%
Agricultural Chemicals — 0.4%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		1,540,000		1,501,500
Nutrien, Ltd. Senior Notes 3.63% due 03/15/2024		231,000		227,968
OCI NV Senior Sec. Notes 6.63% due 04/15/2023*		1,279,000		1,323,765
				3,053,233
Airport Development/Maintenance — 0.1%
Mexico City Airport Trust Senior Sec. Notes 4.25% due 10/31/2026		1,300,000		1,191,138
Auto/Truck Parts & Equipment-Original — 0.2%
Aptiv PLC Aptive PLC 5.40% due 03/15/2049		142,000		141,373
Delphi Jersey Holdings PLC Company Guar. Notes 5.00% due 10/01/2025*		1,810,000		1,610,556
Toyota Industries Corp. Senior Notes 3.24% due 03/16/2023*		523,000		522,027
				2,273,956
Banks - Commercial — 1.2%
AIB Group PLC Senior Notes 4.75% due 10/12/2023*		497,000		498,933
Banco Bilbao Vizcaya Argentaria SA Senior Notes 1.38% due 05/14/2025	EUR	800,000		908,461
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		970,000		914,235
Banco Internacional del Peru SAA Interbank Senior Notes 3.38% due 01/18/2023		1,000,000		979,000

103

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
Bank of Montreal Senior Notes 3.30% due 02/05/2024	$	497,000	$	495,634
BPCE SA Sub. Notes 4.63% due 07/18/2023	EUR	1,100,000		1,431,784
Canadian Imperial Bank of Commerce Senior Notes 2.10% due 10/05/2020		381,000		376,192
Credit Suisse AG Sub. Notes 5.75% due 09/18/2025	EUR	1,145,000		1,399,928
Danske Bank A/S Senior Notes 0.88% due 05/22/2023	EUR	650,000		718,919
Danske Bank A/S Senior Notes 5.38% due 01/12/2024*		522,000		537,920
ING Groep NV Senior Notes 4.63% due 01/06/2026*		220,000		226,922
Intesa Sanpaolo SpA Sub. Notes 5.71% due 01/15/2026*		307,000		287,341
Malayan Banking Bhd Sub. Notes 3.91% due 10/29/2026		550,000		545,380
National Australia Bank, Ltd. Senior Notes 3.63% due 06/20/2023		456,000		461,453
Standard Chartered PLC Senior Notes 1.63% due 10/03/2027	EUR	650,000		743,841
				10,525,943
Banks - Special Purpose — 0.1%
KFW Government Guar. Notes 2.63% due 02/28/2024		584,000		583,248
Broadcast Services/Program — 0.0%
Fox Corp. Company Guar. Notes 4.03% due 01/25/2024*		353,000		360,297
Building Societies — 0.1%
Nationwide Building Society Senior Notes 1.50% due 03/08/2026	EUR	725,000		816,854
Nationwide Building Society Sub. Notes 4.13% due 10/18/2032*		279,000		254,818
				1,071,672
Building - Residential/Commercial — 0.2%
Mattamy Group Corp. Senior Notes 6.50% due 10/01/2025*		1,431,000		1,375,102
Cable/Satellite TV — 1.0%
Altice Financing SA Senior Sec. Notes 7.50% due 05/15/2026*		2,170,000		2,099,475
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		419,000		421,095

Security Description	Principal Amount(9)		Value (Note 2)
Cable/Satellite TV (continued)
Altice Luxembourg SA Company Guar. Notes 7.63% due 02/15/2025*#	$	2,665,000	$	2,366,853
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.05% due 03/30/2029		369,000		376,896
Comcast Corp. Company Guar. Notes 4.70% due 10/15/2048		264,000		274,669
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*		1,470,000		1,442,437
UPCB Finance IV, Ltd. Senior Sec. Notes 5.38% due 01/15/2025*		1,279,000		1,307,778
				8,289,203
Cellular Telecom — 0.3%
C&W Senior Financing Designated Activity Co. Senior Notes 6.88% due 09/15/2027*		1,654,000		1,620,920
Millicom International Cellular SA Senior Notes 6.00% due 03/15/2025		510,000		518,287
Millicom International Cellular SA Senior Notes 6.63% due 10/15/2026*		200,000		207,450
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		200,000		201,912
				2,548,569
Chemicals - Diversified — 0.8%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		290,000		284,925
CNAC HK Finbridge Co., Ltd. Company Guar. Notes 4.88% due 03/14/2025		1,300,000		1,348,572
NOVA Chemicals Corp. Senior Notes 5.00% due 05/01/2025*		1,955,000		1,867,025
Petkim Petrokimya Holding AS Senior Notes 5.88% due 01/26/2023*		930,000		883,500
Solvay SA Senior Notes 1.63% due 12/02/2022	EUR	1,000,000		1,187,030
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Company Guar. Notes 5.38% due 09/01/2025*		1,415,000		1,330,100
				6,901,152
Computers - Memory Devices — 0.2%
Seagate HDD Cayman Company Guar. Notes 4.75% due 01/01/2025		1,385,000		1,332,496
Consumer Products - Misc. — 0.1%
Controladora Mabe SA de CV Company Guar. Notes 5.60% due 10/23/2028		655,000		649,269

104

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Containers - Paper/Plastic — 0.2%
Intertape Polymer Group, Inc. Senior Notes 7.00% due 10/15/2026*	$	1,490,000	$	1,501,175
Dialysis Centers — 0.2%
DaVita HealthCare Partners, Inc. Company Guar. Notes 5.13% due 07/15/2024		1,325,000		1,311,750
Diamonds/Precious Stones — 0.1%
Petra Diamonds US Treasury PLC Sec. Notes 7.25% due 05/01/2022		520,000		483,600
Diversified Banking Institutions — 1.2%
Bank of America Corp. Senior Notes 4.27% due 07/23/2029		196,000		201,313
BNP Paribas SA Senior Notes 3.80% due 01/10/2024*		271,000		270,635
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*		405,000		417,117
Credit Suisse Group AG Senior Notes 1.25% due 07/17/2025	EUR	750,000		850,041
Deutsche Bank AG Senior Notes 4.25% due 02/04/2021		201,000		200,175
Lloyds Banking Group PLC Senior Notes 0.63% due 01/15/2024	EUR	650,000		720,243
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.41% due 03/07/2024		945,000		944,920
Mizuho Financial Group, Inc. Senior Notes 3.55% due 03/05/2023		979,000		983,340
Morgan Stanley Senior Notes 4.43% due 01/23/2030		301,000		311,070
Royal Bank of Scotland Group PLC Senior Notes 1.75% due 03/02/2026	EUR	675,000		764,326
Royal Bank of Scotland Group PLC Senior Notes 2.50% due 03/22/2023	EUR	750,000		889,937
Royal Bank of Scotland Group PLC Senior Notes 4.52% due 06/25/2024		260,000		261,329
UBS AG Sub. Notes 4.75% due 02/12/2026	EUR	875,000		1,060,255
UBS Group Funding Switzerland AG Company Guar. Bonds 1.25% due 09/01/2026	EUR	850,000		966,601
UBS Group Funding Switzerland AG Company Guar. Notes 3.49% due 05/23/2023*		828,000		825,798
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		606,000		541,492

Security Description	Principal Amount(9)		Value (Note 2)
Diversified Banking Institutions (continued)
UniCredit SpA Senior Notes 6.57% due 01/14/2022*	$	377,000	$	386,002
				10,594,594
Diversified Manufacturing Operations — 0.2%
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.20% due 03/16/2020*		783,000		777,258
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.88% due 03/10/2028#	EUR	1,000,000		1,327,282
				2,104,540
Diversified Minerals — 0.3%
Anglo American Capital PLC Company Guar. Notes 3.25% due 04/03/2023	EUR	835,000		1,028,708
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 5.13% due 03/15/2023*		1,550,000		1,546,125
				2,574,833
Diversified Operations — 0.1%
Grupo KUO SAB De CV Senior Notes 5.75% due 07/07/2027		720,000		699,674
Electric - Generation — 0.3%
Electricite de France SA Senior Notes 1.00% due 10/13/2026	EUR	700,000		793,759
Electricite de France SA Senior Notes 4.88% due 09/21/2038*		245,000		241,279
Electricite de France SA Senior Notes 5.00% due 09/21/2048*#		200,000		196,742
Greenko Investment Co. Senior Sec. Notes 4.88% due 08/16/2023		470,000		443,656
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL Company Guar. Notes 4.65% due 10/30/2023		1,300,000		1,326,099
				3,001,535
Electric - Integrated — 0.6%
Capex SA Senior Notes 6.88% due 05/15/2024		900,000		794,250
EDP Finance BV Senior Notes 2.00% due 04/22/2025	EUR	1,175,000		1,391,540
EDP Finance BV Senior Notes 3.63% due 07/15/2024*		207,000		202,053
Enel Finance International NV Company Guar. Notes 3.63% due 05/25/2027*		639,000		589,356
Gas Natural Fenosa Finance BV Company Guar. Notes 1.38% due 01/21/2025	EUR	700,000		819,782
Iberdrola Finanzas SA Company Guar. Notes 1.00% due 03/07/2025	EUR	1,100,000		1,269,474
				5,066,455

105

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Finance - Commercial — 0.1%
Azure Orbit IV International Finance, Ltd. Company Guar. Notes 3.75% due 01/25/2023	$	500,000	$	494,443
Unifin Financiera SAB de CV Company Guar. Notes 7.25% due 09/27/2023		520,000		514,805
				1,009,248
Finance - Leasing Companies — 0.1%
CDBL Funding 1 Company Guar. Notes 3.00% due 04/24/2023		500,000		480,374
ICBCIL Finance Co., Ltd. Senior Notes 3.63% due 11/15/2027		500,000		471,066
				951,440
Food - Meat Products — 0.2%
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.88% due 07/15/2024*		2,059,000		2,116,652
Gambling(Non-Hotel) — 0.1%
LHMC Finco SARL Senior Sec. Notes 7.88% due 12/20/2023*		870,000		889,575
Insurance - Life/Health — 0.0%
Athene Holding, Ltd. Senior Notes 4.13% due 01/12/2028		303,000		282,990
Machinery - Farming — 0.1%
CNH Industrial Finance Europe SA Company Guar. Notes 1.88% due 01/19/2026	EUR	600,000		680,811
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		305,000		282,833
CNH Industrial NV Senior Notes 4.50% due 08/15/2023		222,000		226,307
				1,189,951
Medical - Drugs — 0.7%
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		371,000		374,246
Bausch Health Cos., Inc. Company Guar. Notes 5.88% due 05/15/2023*		2,636,000		2,622,820
Bayer Capital Corp BV Company Guar. Notes 1.50% due 06/26/2026	EUR	700,000		800,723
Novartis Finance SA Company Guar. Notes 1.63% due 11/09/2026	EUR	900,000		1,096,694
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		251,000		242,257
Takeda Pharmaceutical Co., Ltd. Senior Notes 4.40% due 11/26/2023*		572,000		591,086
				5,727,826

Security Description	Principal Amount(9)		Value (Note 2)
Medical - Generic Drugs — 0.0%
Actavis Funding SCS Company Guar. Notes 3.80% due 03/15/2025	$	209,000	$	206,447
Medical - Hospitals — 0.3%
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		2,500,000		2,592,975
Metal - Copper — 0.2%
First Quantum Minerals, Ltd. Company Guar. Notes 6.50% due 03/01/2024*		725,000		686,937
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*		814,000		799,755
				1,486,692
Metal - Diversified — 0.2%
Chinalco Capital Holdings, Ltd. Company Guar. Notes 4.25% due 04/21/2022		1,300,000		1,261,862
Glencore Canada Financial Corp. Company Guar. Notes 7.38% due 05/27/2020	GBP	300,000		423,488
				1,685,350
Oil & Gas Drilling — 0.3%
Noble Holding International, Ltd. Company Guar. Notes 7.88% due 02/01/2026*		1,007,000		941,545
Shelf Drilling Holdings, Ltd. Company Guar. Notes 8.25% due 02/15/2025*		1,400,000		1,337,000
				2,278,545
Oil Companies - Exploration & Production — 0.5%
Anadarko Finance Co. Company Guar. Notes 7.50% due 05/01/2031		194,000		236,017
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		257,000		261,931
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		1,979,000		1,944,368
Nostrum Oil & Gas Finance BV Company Guar. Notes 7.00% due 02/16/2025*		1,040,000		609,357
Tengizchevroil Finance Co. International, Ltd. Senior Sec. Notes 4.00% due 08/15/2026		880,000		847,482
Woodside Finance, Ltd. Company Guar. Notes 4.50% due 03/04/2029*		273,000		271,639
				4,170,794
Oil Companies - Integrated — 0.7%
BP Capital Markets PLC Company Guar. Notes 2.97% due 02/27/2026	EUR	1,200,000		1,554,417
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027#		239,000		227,719

106

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies - Integrated (continued)
Cenovus Energy, Inc. Senior Notes 5.20% due 09/15/2043	$	302,000	$	276,225
Pertamina Persero PT Senior Notes 4.88% due 05/03/2022*		600,000		617,480
Petro-Canada Senior Notes 5.95% due 05/15/2035		154,000		173,205
Petrobras Global Finance BV Company Guar. Notes 6.00% due 01/27/2028		470,000		476,815
Petroleos Mexicanos Company Guar. Notes 6.50% due 01/23/2029		1,000,000		951,400
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		2,200,000		1,991,000
				6,268,261
Oil- Field Services — 0.2%
KCA Deutag UK Finance PLC Senior Sec. Notes 9.88% due 04/01/2022*		1,793,000		1,429,917
Paper & Related Products — 0.2%
Cascades, Inc. Company Guar. Notes 5.50% due 07/15/2022*		535,000		536,337
Cascades, Inc. Company Guar. Notes 5.75% due 07/15/2023*		868,000		850,640
				1,386,977
Pharmacy Services — 0.0%
Cigna Corp. Company Guar. Notes 4.90% due 12/15/2048*		273,000		270,047
Pipelines — 0.1%
Transportadora de Gas del Peru SA Senior Notes 4.25% due 04/30/2028		690,000		691,725
Satellite Telecom — 0.8%
Inmarsat Finance PLC Company Guar. Notes 6.50% due 10/01/2024*		1,570,000		1,562,150
Intelsat Jackson Holdings SA Company Guar. Notes 5.50% due 08/01/2023#		3,482,000		3,177,325
Intelsat Jackson Holdings SA Company Guar. Notes 8.50% due 10/15/2024*		685,000		691,644
Telesat Canada/Telesat LLC Company Guar. Notes 8.88% due 11/15/2024*		1,457,000		1,566,275
				6,997,394
Security Services — 0.1%
Garda World Security Corp. Senior Notes 8.75% due 05/15/2025*		1,275,000		1,220,813

Security Description	Principal Amount(9)		Value (Note 2)
Semiconductor Components - Integrated Circuits — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*	$	283,000	$	290,918
Special Purpose Entity — 0.0%
Hellas Telecommunications Luxembourg II SCA Sub. Notes 8.46% due 01/15/2015*†(5)(6)(7)(8)		560,000		0
SupraNational Banks — 0.0%
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		332,000		341,503
Telephone - Integrated — 0.4%
Orange SA Senior Notes 1.38% due 03/20/2028	EUR	400,000		454,488
Orange SA Senior Notes 1.88% due 09/12/2030	EUR	600,000		695,846
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		231,000		236,775
Telefonica Emisiones SA Company Guar. Notes 5.52% due 03/01/2049		530,000		529,206
Telefonica Emisiones SAU Company Guar. Notes 2.93% due 10/17/2029	EUR	700,000		874,156
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		562,000		514,513
				3,304,984
Transport - Equipment & Leasing — 0.3%
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.13% due 10/01/2023*		1,775,000		1,792,750
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.25% due 05/15/2024*		374,000		383,350
				2,176,100
Transport - Marine — 0.2%
PT Pelabuhan Indonesia II Senior Notes 4.25% due 05/05/2025#*		475,000		470,511
PT Pelabuhan Indonesia II Senior Notes 4.25% due 05/05/2025		1,650,000		1,634,408
				2,104,919
Transport - Rail — 0.3%
Canadian National Railway Co. Senior Notes 2.85% due 12/15/2021		173,000		172,273
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		177,000		205,806
Kazakhstan Temir Zholy Finance BV Company Guar. Notes 6.95% due 07/10/2042		1,700,000		1,946,595
				2,324,674

107

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Transport - Services — 0.1%
Rumo Luxembourg SARL Company Guar. Notes 7.38% due 02/09/2024	$	870,000	$	933,771
Total Foreign Corporate Bonds & Notes
(cost $124,305,008)				121,823,922
FOREIGN GOVERNMENT OBLIGATIONS — 11.0%
Sovereign — 10.9%
Abu Dhabi Government Senior Notes 3.13% due 10/11/2027		2,900,000		2,823,933
Arab Republic of Egypt Senior Notes 7.60% due 03/01/2029*		1,200,000		1,229,400
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		4,750,000		4,859,744
Dominican Republic Senior Bonds 6.85% due 01/27/2045#		3,600,000		3,744,000
Dominican Republic Senior Bonds 6.88% due 01/29/2026*		400,000		433,500
Federal Republic of Nigeria Senior Notes 7.14% due 02/23/2030*		1,300,000		1,295,177
Federal Republic of Nigeria Senior Notes 7.63% due 11/28/2047		1,650,000		1,600,500
Gabonese Republic Bonds 6.38% due 12/12/2024		1,000,000		963,920
Government of Jamaica Senior Notes 6.75% due 04/28/2028		1,650,000		1,826,270
Government of Mongolia Senior Notes 5.63% due 05/01/2023		1,000,000		1,008,622
Government of Ukraine Senior Notes 7.38% due 09/25/2032*		2,150,000		1,851,842
Government of Ukraine Senior Notes 7.75% due 09/01/2022		700,000		680,750
Government of Ukraine Senior Notes 7.75% due 09/01/2023		1,200,000		1,150,375
Government of Ukraine Senior Notes 7.75% due 09/01/2025		700,000		651,686
Kingdom of Jordan Senior Notes 5.75% due 01/31/2027*#		900,000	��	878,652
Kingdom of Saudi Arabia Senior Notes 4.38% due 04/16/2029*		1,800,000		1,835,964
Kingdom of Spain Bonds 5.15% due 10/31/2044*	EUR	350,000		619,753
Oriental Republic of Uruguay Senior Notes 4.38% due 01/23/2031		3,621,999		3,692,628
Republic of Argentina Senior Notes 5.88% due 01/11/2028#		1,995,000		1,556,100

Security Description	Principal Amount(9)		Value (Note 2)
Sovereign (continued)
Republic of Argentina Senior Notes 6.88% due 01/26/2027	$	1,500,000	$	1,245,000
Republic of Argentina Senior Notes 8.28% due 12/31/2033		3,785,503		3,240,428
Republic of Belarus Senior Notes 6.88% due 02/28/2023		1,000,000		1,041,620
Republic of Belarus Senior Notes 7.63% due 06/29/2027		1,900,000		2,043,868
Republic of Colombia Senior Notes 4.38% due 07/12/2021		500,000		511,250
Republic of Colombia Senior Notes 8.13% due 05/21/2024		2,050,000		2,439,500
Republic of Costa Rica Senior Bonds 7.16% due 03/12/2045		1,300,000		1,239,875
Republic of El Salvador Senior Notes 6.38% due 01/18/2027		2,500,000		2,443,750
Republic of El Salvador Senior Notes 7.63% due 02/01/2041		1,250,000		1,270,625
Republic of Ghana Senior Notes 7.63% due 05/16/2029		1,400,000		1,355,936
Republic of Ghana Senior Notes 8.63% due 06/16/2049		1,800,000		1,705,500
Republic of Guatemala Senior Notes 4.88% due 02/13/2028		1,795,000		1,762,905
Republic of Honduras Senior Notes 6.25% due 01/19/2027		2,800,000		2,894,556
Republic of Hungary Senior Notes 7.63% due 03/29/2041		900,000		1,311,773
Republic of Indonesia Senior Notes 3.70% due 01/08/2022		1,500,000		1,506,063
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033*		1,900,000		1,762,250
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		1,300,000		1,205,750
Republic of Kazakhstan Senior Notes 3.88% due 10/14/2024		1,800,000		1,838,304
Republic of Kenya Senior Notes 6.88% due 06/24/2024		900,000		923,850
Republic of Panama Senior Notes 6.70% due 01/26/2036		1,180,000		1,495,650
Republic of Paraguay Senior Notes 5.00% due 04/15/2026		1,200,000		1,246,188

108

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Paraguay Senior Notes 6.10% due 08/11/2044	$	1,500,000	$	1,645,470
Republic of Senegal Bonds 6.25% due 05/23/2033		2,200,000		2,090,000
Republic of Senegal Senior Notes 6.75% due 03/13/2048*		1,700,000		1,548,020
Republic of Sri Lanka Senior Notes 6.83% due 07/18/2026*		550,000		536,911
Republic of Sri Lanka Senior Notes 6.83% due 07/18/2026		2,800,000		2,733,363
Republic of Turkey Senior Notes 6.88% due 03/17/2036		1,570,000		1,507,200
Republic of Turkey Senior Notes 7.00% due 06/05/2020		1,000,000		1,026,772
Republic of Turkey Senior Notes 7.38% due 02/05/2025		1,000,000		1,046,000
Republic of Turkey Senior Notes 11.88% due 01/15/2030		588,000		801,985
State of Kuwait Senior Notes 2.75% due 03/20/2022		2,400,000		2,377,411
State of Qatar Senior Notes 4.50% due 04/23/2028		3,000,000		3,168,750
Sultanate of Oman Senior Notes 6.75% due 01/17/2048		5,700,000		5,145,333
United Kingdom Gilt Treasury Bonds 2.00% due 07/22/2020	GBP	600,000		808,815
United Kingdom Gilt Treasury Bonds 3.50% due 01/22/2045	GBP	250,000		444,679
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/2034	GBP	1,185,000		2,188,988
United Mexican States Senior Notes 4.50% due 04/22/2029		255,000		256,660
United Mexican States Senior Bonds 4.75% due 03/08/2044		216,000		204,770
				94,718,584
Sovereign Agency — 0.1%
Kommunalbanken AS Senior Notes 2.75% due 02/05/2024*		447,000		447,353
Total Foreign Government Obligations
(cost $95,530,549)				95,165,937
U.S. GOVERNMENT AGENCIES — 23.4%
Federal Home Loan Mtg. Corp. — 4.6%
2.50% due 01/01/2028		194,310		191,795
2.50% due 04/01/2028		417,348		411,948

Security Description	Principal Amount(9)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
2.50% due 03/01/2031	$	270,538	$	265,595
2.50% due 10/01/2032		3,661,584		3,594,679
2.50% due 11/01/2032		1,671,400		1,644,380
3.00% due 04/01/2043		420,606		413,628
3.00% due 11/01/2046		10,017,031		9,816,663
3.50% due 03/01/2042		280,776		283,391
3.50% due 04/01/2042		536,154		541,147
3.50% due 08/01/2042		469,093		473,461
3.50% due 09/01/2043		43,600		43,998
3.50% due 07/01/2045		4,844,601		4,870,234
3.50% due 11/01/2047		2,277,982		2,281,719
3.50% due 03/01/2048		12,443,737		12,490,313
4.00% due 01/01/2046		310,995		319,937
4.00% due 01/01/2047		75,197		77,568
4.50% due 02/01/2020		1,057		1,074
4.50% due 08/01/2020		1,290		1,311
4.50% due 03/01/2023		15,854		16,110
5.00% due 05/01/2034		56,974		61,189
5.00% due 11/01/2043		45,756		48,946
5.50% due 06/01/2022		12,290		12,623
5.50% due 07/01/2035		16,592		18,048
6.00% due 03/01/2040		45,406		49,888
6.50% due 02/01/2036		8,843		9,954
Federal Home Loan Mtg. Corp. FRS
4.33% (6 ML+1.49%) due 02/01/2037		14,781		15,207
4.52% (12 ML+1.89%) due 11/01/2037		135,391		142,437
Federal Home Loan Mtg. Corp. REMIC
Series 4800, Class KG 3.50% due 11/15/2045(2)		200,000		199,357
Series 3820, Class DA 4.00% due 11/15/2035(2)		844,551		849,465
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 4.31%(6.80%-1 ML) due 09/15/2039(2)(4)(10)		142,254		16,070
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2015-HQA2, Class M2 5.29% (1 ML+2.80%) due 05/25/2028(2)		98,403		100,451
Federal Home Loan Mtg. Corp., REMIC Series 4740, Class BA 3.00% due 09/15/2045(2)		487,242		485,439
				39,748,025
Federal National Mtg. Assoc. — 16.6%
2.50% due 12/01/2026		630,462		622,027
2.50% due 08/01/2031		3,223,535		3,166,226
2.50% due 02/01/2032		1,223,365		1,201,212
3.00% due 10/01/2027		187,825		187,761
3.00% due 12/01/2027		221,320		221,419
3.00% due 03/01/2030		2,630,156		2,628,089
3.00% due 10/01/2030		339,156		338,740
3.00% due 12/01/2042		150,024		147,422
3.00% due 08/01/2046		10,048,732		9,840,170
3.00% due 01/01/2047		3,162,862		3,094,195
3.00% due 04/01/2047		4,285,021		4,191,870
3.00% due 09/01/2048		5,369,254		5,252,721
3.50% due 09/01/2026		175,282		178,215
3.50% due 08/01/2027		46,883		47,659
3.50% due 10/01/2028		193,942		197,819
3.50% due 03/01/2033		1,797,888		1,827,614

109

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
3.50% due 08/01/2033	$	3,881,307	$	3,945,481
3.50% due 08/01/2042		256,725		255,376
3.50% due 10/01/2045		483,280		485,530
3.50% due 11/01/2045		395,258		396,792
3.50% due 07/01/2046		5,004,978		5,028,277
3.50% due 01/01/2047		831,121		833,791
3.50% due 12/01/2047		22,568,147		22,615,142
3.50% due 04/01/2048		10,626,416		10,641,642
3.50% due March 15 TBA		2,420,000		2,458,710
3.50% due March 30 TBA		3,080,000		3,081,444
4.00% due 11/01/2025		90,639		93,307
4.00% due 03/01/2039		4,200,000		4,312,833
4.00% due 12/01/2040		32,056		32,971
4.00% due 01/01/2043		1,972,366		2,033,680
4.00% due 10/01/2043		525,476		540,268
4.00% due 10/01/2044		263,283		269,794
4.00% due 02/01/2045		2,878,061		2,970,247
4.00% due 06/01/2046		611,437		625,734
4.00% due 01/01/2047		24,643		25,210
4.00% due 05/01/2047		635,700		650,242
4.00% due 07/01/2047		4,314,457		4,412,826
4.00% due 08/01/2047		7,803,692		7,981,015
4.00% due 06/01/2048		4,109,383		4,208,135
4.00% due 01/01/2049		3,987,636		4,067,675
4.00% due 03/01/2049		4,000,000		4,080,288
4.50% due 06/01/2019		552		561
4.50% due 03/01/2042		249,611		261,526
4.50% due 08/01/2045		3,962,154		4,189,798
4.50% due 11/01/2047		2,455,357		2,543,553
4.50% due 10/01/2048		2,289,167		2,370,328
4.50% due 11/01/2048		4,901,271		5,076,441
5.00% due 01/01/2023		21,339		21,745
5.00% due 04/01/2023		21,917		22,442
5.00% due 03/01/2037		7,005		7,349
5.00% due 05/01/2040		180,880		193,671
5.00% due 06/01/2040		55,810		59,756
5.00% due 07/01/2040		19,637		21,019
5.00% due 02/01/2045		528,150		565,527
5.50% due 08/01/2037		214,026		232,839
5.50% due 06/01/2038		28,051		30,369
6.00% due 02/01/2032		3,077		3,308
6.00% due 10/01/2034		118		127
6.00% due 09/01/2038		52,729		58,013
6.00% due 11/01/2038		15,473		17,043
6.00% due 06/01/2040		13,027		14,350
6.50% due 11/01/2037		40,259		45,744
Federal National Mtg. Assoc. FRS
4.27% (6 ML+1.54%) due 09/01/2035		108,459		112,126
4.31% (12 ML+1.66%) due 07/01/2039		90,255		93,994
4.31% (1 Yr USTYCR+2.26%) due 11/01/2036		47,591		50,077
4.34% (12 ML+1.57%) due 05/01/2037		24,963		25,986
4.53% (1 Yr USTYCR+2.21%) due 10/01/2035		113,826		119,549
4.57% (12 ML+1.82%) due 10/01/2040		26,790		28,004
4.58% (12 ML+1.91%) due 08/01/2035		80,516		84,681
4.66% (12 ML+1.76%) due 05/01/2040		114,600		119,918

Security Description	Principal Amount(9)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
4.67% (12 ML+1.83%) due 10/01/2040	$	67,114	$	70,056
Federal National Mtg. Assoc. REMIC Series2017-100, Class NP 3.00% due 12/25/2047(2)		1,156,650		1,129,215
Series2017-94, Class DA 3.00% due 06/25/2045(2)		2,083,234		2,068,981
Series2018-27, Class EA 3.00% due 05/25/2048(2)		2,786,755		2,724,430
Series2018-35, Class CD 3.00% due 05/25/2048(2)		1,419,912		1,380,400
				142,932,495
Government National Mtg. Assoc. — 2.2%
3.00% due 03/20/2046		385,162		381,309
3.00% due 05/20/2046		5,527,400		5,471,210
3.50% due 03/20/2047		440,492		444,920
4.00% due 05/20/2048		4,664,819		4,792,233
4.50% due 10/20/2045		4,292,094		4,503,428
4.50% due 04/20/2047		3,363,467		3,499,930
				19,093,030
Total U.S. Government Agencies
(cost $202,673,983)				201,773,550
U.S. GOVERNMENT TREASURIES — 5.4%
United States Treasury Bonds — 0.1%
3.00% due 08/15/2048		200,000		196,531
3.38% due 11/15/2048		660,000		697,641
				894,172
United States Treasury Notes — 5.3%
1.38% due 08/31/2020		282,000		277,153
1.63% due 08/31/2019		1,000,000		995,430
2.25% due 02/29/2020		620,000		618,159
2.25% due 11/15/2027		10,000,000		9,661,328
2.38% due 02/29/2024		4,670,000		4,640,630
2.38% due 04/30/2020		1,000,000		997,969
2.50% due 05/31/2020		13,000,000		12,990,859
2.50% due 01/31/2024#		1,771,000		1,769,893
2.63% due 02/15/2029		670,000		664,897
2.88% due 10/31/2020		12,000,000		12,062,813
2.88% due 11/30/2025		500,000		508,145
3.13% due 11/15/2028		169,000		174,875
				45,362,151
Total U.S. Government Treasuries
(cost $46,247,237)				46,256,323
LOANS(11)(12)(13) — 5.4%
Aerospace/Defense - Equipment — 0.1%
TransDigm, Inc. FRS BTL-F 4.99% (1 ML+2.50%) due 06/09/2023		433,907		428,122
Auto Repair Centers — 0.1%
Mavis Tire Express Services Corp. FRS Delayed Draw 5.74% (3ML+3.25%) due 03/20/2025(18)		51,217		49,936
Mavis Tire Express Services Corp. FRS Delayed Draw 5.74% (1ML+3.25%) due 03/20/2025		683		666

110

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description		Principal Amount(9)		Value (Note 2)
LOANS (continued)
Auto Repair Centers (continued)
Mavis Tire Express Services Corp. FRS 1st Lien 5.74% (1 ML+3.25%) due 03/20/2025		$	387,125	$	377,447
Wand NewCo 3, Inc. FRS 1st Lien 6.01% (3 ML+3.50%) due 02/05/2026			102,777		102,938
					530,987
Auto - Heavy Duty Trucks — 0.0%
Navistar Financial Corp. FRS BTL-B coupon TBD due 07/30/2025			84,444		84,127
Navistar Financial Corp. FRS 6.25% (1 ML+3.75%) due 07/30/2025			232,154		231,284
					315,411
Broadcast Services/Program — 0.1%
NEP Group, Inc. FRS BTL coupon TBD due 10/20/2025			435,000		435,000
Univision Communications, Inc. FRS 1st Lein 5.24% (1 ML+2.75%) due 03/15/2024			440,692		409,292
					844,292
Building & Construction Products - Misc. — 0.1%
Forterra Finance LLC FRS BTL-B 5.49% (1 ML+3.00%) due 10/25/2023			905,734		838,559
Building & Construction - Misc. — 0.0%
Verra Mobility Corp. FRS 1st Lien 6.24% (1 ML+3.75%) due 02/28/2025			417,880		419,447
	��
Building Products - Air & Heating — 0.0%
API Heat Transfer ThermaSys Corp. FRS 1st Lien 8.50% (USFRBPLR+3.00%) due 05/03/2019			382,225		344,002
Building Products - Doors & Windows — 0.1%
CHI Doors Holding Corp. FRS 1st Lien 5.74% (1 ML+3.25%) due 07/29/2022			836,379		833,242
Building - Maintenance & Services — 0.0%
Allied Universal Holdco LLC FRS 1st Lein 6.74% (1 ML+4.25%) due 07/28/2022			430,000		423,335
Cable/Satellite TV — 0.2%
Altice France SA FRS BTL-B13 6.49% (1 ML+4.00%) due 08/14/2026			443,888		431,681

Security Description	Principal Amount(9)		Value (Note 2)
Cable/Satellite TV (continued)
CSC Holdings LLC FRS BTL-B 4.99% (1 ML+2.50%) due 01/25/2026	$	838,663	$	831,674
Unitymedia Finance LLC FRS BTL-B 4.74% (1 ML+2.25%) due 09/30/2025		205,550		204,265
Unitymedia Finance LLC FRS coupon TBD due 09/30/2025		224,450		223,047
				1,690,667
Casino Services — 0.0%
Stars Group Holdings FRS BTL 6.30% (3ML+3.50%) due 07/10/2025		141,806		141,857
Stars Group Holdings FRS BTL coupon TBD due 07/10/2025		276,988		277,087
				418,944
Cellular Telecom — 0.1%
Sprint Communications, Inc. FRS BTL-B 5.50% (1 ML+3.00%) due 02/02/2024		370,477		366,772
Sprint Communicatons, Inc. FRS BTL coupon TBD due 02/02/2024		65,000		64,350
				431,122
Chemicals - Specialty — 0.1%
LTI Holdings, Inc. FRS 1st Lien 5.99% (1 ML+3.50%) due 09/06/2025		93,271		91,172
LTI Holdings, Inc. FRS BTL coupon TBD due 09/06/2025		195,000		190,613
LTI Holdings, Inc. FRS 2nd Lien 9.24% (1 ML+6.75%) due 09/06/2026		16,595		15,848
LTI Holdings, Inc. FRS BTL coupon TBD due 09/06/2026		145,000		138,475
Starfruit US HoldCo. LLC FRS BTL-B 5.76% (1 ML+3.25%) due 10/01/2025		436,588		434,406
				870,514
Commercial Services - Finance — 0.1%
Financial & Risk US Holdings, Inc. FRS BTL 6.24% (1 ML+3.75%) due 10/01/2025		442,159		435,066
MoneyGram International, Inc. FRS BTL-B 5.74% (1 ML+3.25%) due 03/27/2020		349,930		322,810

111

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
LOANS (continued)
Commercial Services - Finance (continued)
Verscend Holding Corp. FRS BTL-B 6.99% (1 ML+4.50%) due 08/24/2025	$	86,701	$	86,539
				844,415
Computer Data Security — 0.0%
McAfee LLC FRS BTL-B1 6.24% (1 ML+3.75%) due 09/30/2024		425,000		425,664
Computer Services — 0.1%
Alion Science & Tech Corp. FRS BTL-B 6.99% (1 ML+4.50%) due 08/19/2021		460,658		459,218
Computer Software — 0.1%
Rackspace Hosting, Inc. FRS 1st Lien 5.63% (3 ML+3.00%) due 11/03/2023		1,146		1,090
Rackspace Hosting, Inc. FRS 1st Lien 5.74% (3 ML+3.00%) due 11/03/2023		450,362		428,407
Vertafore, Inc. FRS 1st Lein 6.05% (3 ML+3.25%) due 07/02/2025		225,000		222,234
Vertafore, Inc. FRS 2nd Lien 10.05% (3 ML+7.25%) due 07/02/2026		216,071		213,370
				865,101
Consulting Services — 0.0%
AlixPartners LLP FRS BTL 5.24% (1 ML+2.75%) due 04/04/2024		219,442		218,893
Stiphout Finance LLC FRS 1st Lien 5.49% (1 ML+3.00%) due 10/26/2022		78,148		76,195
				295,088
Containers - Metal/Glass — 0.1%
BWAY Corp. FRS BTL coupon TBD due 04/03/2024		446,000		436,968
Containers - Paper/Plastic — 0.1%
Charter NEX US, Inc. FRS 1st Lien coupon TBD due 05/16/2024		445,000		434,709
Dialysis Centers — 0.0%
U.S. Renal Care, Inc. FRS 1st Lien 7.05% (3 ML+4.25%) due 12/30/2022		206,097		205,582

Security Description	Principal Amount(9)		Value (Note 2)
Disposable Medical Products — 0.0%
Sterigenics-Nordion Holdings LLC FRS BTL 5.49% (1 ML+3.00%) due 05/15/2022	$	428,909	$	419,794
Distribution/Wholesale — 0.1%
Univar USA, Inc. FRS BTL-B3 4.74% (1 ML+2.25%) due 07/01/2024		336,115		335,359
Univar USA, Inc. FRS BTL coupon TBD due 07/01/2024		98,600		98,378
				433,737
E-Commerce/Services — 0.1%
RentPath LLC FRS 2nd Lien 11.50% (1 ML+9.00%) due 12/17/2022		2,178,597		653,579
Electronic Components - Misc. — 0.1%
AI Ladder Luxembourg Subco SARL FRS BTL coupon TBD due 07/09/2025		62,069		53,603
Al Ladder Luxembourg Subco SARL FRS BTL 7.24% (3 ML+4.50%) due 07/09/2025		373,722		374,561
				428,164
Electronic Components - Semiconductors — 0.0%
Bright Bidco BV FRS BTL-B 5.99% (1 ML+3.50%) due 06/30/2024		136,061		110,663
Bright Bidco BV FRS BTL-B 6.30% (3 ML+3.50%) due 06/30/2024		283,939		230,937
				341,600
Enterprise Software/Service — 0.2%
Almonde, Inc. FRS BTL-B 6.30% (3 ML+3.50%) due 06/13/2024		448,801		444,394
Applied Systems, Inc. FRS 1st Lein 5.49% (1 ML+3.00%) due 09/19/2024		430,000		426,345
Epicor Software Corp. FRS 1st Lien coupon TBD due 06/01/2022		430,000		425,162
Focus Financial Partners LLC FRS BTL 5.74% (1 ML+3.25%) due 08/05/2022		406,526		406,425
Sophia LP FRS BTL-B coupon TBD due 09/30/2022		430,000		428,387
				2,130,713

112

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
LOANS (continued)
Finance - Credit Card — 0.1%
Pi US Mergerco, Inc. FRS 1st Lien 5.99% (1 ML+3.50%) due 12/20/2024	$	435,550	$	430,650
Finance - Investment Banker/Broker — 0.0%
Advisor Group, Inc. FRS BTL 6.24% (1 ML+3.75%) due 08/15/2025		67,418		67,418
Deerfield Holdings Corp. Acquisition FRS BTL-B 5.74% (1 ML+3.25%) due 02/13/2025		283,985		278,660
				346,078
Human Resources — 0.1%
Team Health Holdings, Inc. FRS 1st Lien 5.24% (1 ML+2.75%) due 02/06/2024		1,271,764		1,150,946
Insurance Brokers — 0.2%
Alliant Holdings Intermediate LLC FRS BTL-B1 5.23% (1 ML+2.75%) due 05/09/2025		450,000		444,515
HUB International, Ltd. FRS BTL-B 5.38% (2 ML+2.75%) due 04/25/2025		1,121		1,111
HUB International, Ltd. FRS BTL-B 5.51% (3 ML+2.75%) due 04/25/2025		412,750		409,035
HUB International, Ltd. FRS BTL coupon TBD due 04/25/2025		32,256		31,966
USI, Inc. FRS BTL 5.80% (3 ML+3.00%) due 05/16/2024		836,529		828,164
				1,714,791
Insurance - Multi-line — 0.1%
York Risk Services Holdings Corp. FRS BTL-B 6.24% (1 ML+3.75%) due 10/01/2021		836,266		791,666
Insurance - Property/Casualty — 0.1%
Asurion LLC FRS BTL-B6 5.49% (1 ML+3.00%) due 11/03/2023		811,978		811,724
Asurion LLC FRS 2nd Lien 8.99% (1 ML+6.50%) due 08/04/2025		16,737		16,995
Sedgwick Claims Management Services, Inc. FRS BTL 5.74% (1 ML+3.25%) due 12/31/2025		324,536		322,913
				1,151,632

Security Description	Principal Amount(9)		Value (Note 2)
Internet Financial Services — 0.1%
ION Trading Finance, Ltd. FRS BTL 6.63% (2 ML+4.00%) due 11/21/2024	$	451,566	$	426,730
Leisure Products — 0.1%
Hayward Industries, Inc. FRS 1st Lien 5.99% (1 ML+3.50%) due 08/05/2024		955,961		942,518
Machinery - General Industrial — 0.1%
Duravant LLC FRS 1st Lien 6.05% (3 ML+3.25%) due 07/19/2024		836,550		803,088
Shape Technologies Group, Inc. FRS BTL 5.78% (3 ML+3.00%) due 04/21/2025		224,406		222,162
				1,025,250
Machinery - Pumps — 0.1%
STS Operating, Inc. FRS BTL 6.74% (1 ML+4.25%) due 12/11/2024		464,830		457,858
Titan Acquisition, Ltd. FRS BTL 5.49% (1 ML+3.00%) due 03/28/2025		457,210		438,007
				895,865
Marine Services — 0.1%
Drew Marine Group, Inc. FRS 1st Lien 5.74% (1 ML+3.25%) due 11/19/2020		602,636		590,583
Medical Products — 0.1%
Auris Luxembourg III SARL FRS BTL coupon TBD due 02/27/2026		51,251		51,230
Greatbatch, Ltd. FRS BTL-B 5.51% (1 ML+3.00%) due 10/27/2022		627,208		625,770
VVC Holding Corp. FRS BTL-B 7.20% (3 ML+4.50%) due 02/11/2026		141,234		139,556
				816,556
Medical - Drugs — 0.2%
Akorn, Inc. FRS BTL-B 8.00% (1 ML+5.50%) due 04/16/2021		845,000		667,550
Alphabet Holding Co., Inc. FRS 1st Lien 5.99% (1 ML+3.50%) due 09/26/2024		447,733		427,305
Bausch Health Companies, Inc. FRS BTL 5.26% (1 ML+2.75%) due 11/27/2025		241,591		240,505

113

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
LOANS (continued)
Medical - Drugs (continued)
Valeant Pharmaceuticals International, Inc. FRS BTL 5.51% (1 ML+3.00%) due 06/02/2025	$	54,595	$	54,622
				1,389,982
Medical - Generic Drugs — 0.1%
Alvogen Pharma US, Inc. FRS BTL-B 7.24% (1 ML+4.75%) due 04/02/2022		421,933		416,131
Amneal Pharmaceuticals LLC FRS BTL-B coupon TBD due 05/04/2025		434,000		433,458
				849,589
Medical - HMO — 0.1%
MultiPlan, Inc. FRS BTL-B 5.55% (3 ML+2.75%) due 06/07/2023		777,234		768,814
Metal Processors & Fabrication — 0.3%
CIRCOR International, Inc. FRS 1st Lien 6.00% (1 ML+3.50%) due 12/11/2024		797,798		779,183
Crosby US Acquisition Corp. FRS 1st Lien 5.48% (1 ML+3.00%) due 11/23/2020		836,198		797,873
Doncasters Group, Ltd. FRS BTL 6.30% (3 ML+3.50%) due 04/09/2020		606,105		560,647
Dynacast International LLC FRS BTL coupon TBD due 01/28/2022		196,444		193,498
				2,331,201
Oil & Gas Drilling — 0.0%
Seadrill Operating LP FRS BTL 8.80% (3 ML+6.00%) due 02/21/2021		498,628		416,105
Oil Companies - Exploration & Production — 0.1%
Osum Production Corp. FRS BTL 8.30% (3 ML+5.50%) due 07/28/2020(5)		974,819		857,841
Oil - Field Services — 0.1%
Lucid Energy Group II Borrower LLC FRS 1st Lien coupon TBD due 02/17/2025		466,000		433,380
Pipelines — 0.1%
Medallion Midland Acquisition LLC FRS BTL 5.74% (1 ML+3.25%) due 10/30/2024		431,550		418,873
Medallion Midland Acquisition LLC FRS BTL coupon TBD due 10/30/2024		10,968		10,646
				429,519

Security Description	Principal Amount(9)		Value (Note 2)
Publishing - Periodicals — 0.0%
Meredith Corp. FRS BTL-B1 5.24% (1 ML+2.75%) due 01/31/2025	$	211,556	$	211,159
Meredith Corp. FRS coupon TBD due 01/31/2025		206,415		206,028
				417,187
Quarrying — 0.1%
US Silica Co. FRS BTL-B 6.50% (1 ML+4.00%) due 05/01/2025		477,419		451,558
Real Estate Management/Services — 0.0%
DTZ U. S. Borrower LLC FRS BTL-B 5.74% (1 ML+3.25%) due 08/21/2025		257,789		255,856
Resort/Theme Parks — 0.0%
SW Acquisitions Co., Inc. FRS BTL-B5 5.49% (1 ML+3.00%) due 03/31/2024		430,486		426,397
Retail - Hypermarkets — 0.1%
Smart & Final Stores LLC FRS 1st Lien 6.13% (3 ML+3.50%) due 11/15/2022		845,000		801,694
Retail - Major Department Stores — 0.1%
Hudson’s Bay Co. FRS BTL-B 5.75% (1 ML+3.25%) due 09/30/2022		130,007		127,326
Hudson's Bay Co. FRS coupon TBD due 019/30/2022		310,000		303,606
				430,932
Retail - Petroleum Products — 0.1%
EG America LLC FRS BTL 6.81% (3 ML+4.00%) due 02/07/2025		838,664		812,980
Retail - Restaurants — 0.1%
IRB Holding Corp. FRS BTL-B coupon TBD due 02/05/2025		445,000		441,106
Retail - Sporting Goods — 0.1%
Bass Pro Group LLC FRS BTL 7.49% (1 ML+5.00%) due 09/25/2024		836,529		833,915
Retail - Vitamins & Nutrition Supplements — 0.1%
JP Intermediate B LLC FRS BTL 8.24% (3 ML+5.50%) due 11/20/2025		1,297,633		1,235,995

114

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
LOANS (continued)
Satellite Telecom — 0.1%
Intelsat Jackson Holdings SA FRS BTL-B3 6.23% (1 ML+3.75%) due 11/27/2023	$	435,000	$	434,184
Security Services — 0.0%
Prime Security Services Borrower LLC FRS BTL-B1 5.24% (1 ML+2.75%) due 05/02/2022		420,896		419,406
Soap & Cleaning Preparation — 0.1%
Diamond BC BV FRS BTL 5.63% (2 ML+3.00%) due 09/06/2024		446,550		430,176
Telecom Services — 0.1%
GTT Communications, Inc. FRS BTL-B 5.24% (1 ML+2.75%) due 05/31/2025		422,875		402,965
Sable International Finance, Ltd. FRS BTL-B4 5.74% (1 ML+3.25%) due 01/30/2026		435,000		432,747
West Corp. FRS BTL-B1 5.99% (1 ML+3.50%) due 10/10/2024		996		937
West Corp. FRS BTL-B1 6.13% (3 ML+3.50%) due 10/10/2024		395,596		371,859
				1,208,508
Telecommunication Equipment — 0.0%
CommScope, Inc. FRS BTL-B coupon TBD due 02/06/2026		221,774		222,606
Telephone - Integrated — 0.1%
CenturyLink, Inc. FRS BTL-B 5.24% (1 ML+2.75%) due 01/31/2025		441,550		434,596
Level 3 Financing, Inc. FRS BTL-B 4.73% (1 ML+2.25%) due 02/22/2024		435,000		433,504
				868,100
Theaters — 0.1%
Cineworld, Ltd. FRS BTL 4.99% (1 ML+2.50%) due 02/28/2025		418,724		415,583
William Morris Endeavor Entertainment LLC FRS BTL-B1 5.25% (1 ML+2.75%) due 05/18/2025		460,000		445,625
				861,208

Security Description		Shares/ Principal Amount(9)		Value (Note 2)
Transport - Equipment & Leasing — 0.0%
IBC Capital, Ltd. FRS 1st Lien 6.55% (3 ML+3.75%) due 09/11/2023		$	428,587	$	419,480
Transport - Truck — 0.1%
Pods LLC FRS 1st Lien 5.27% (1 ML+2.75%) due 12/06/2024			836,531		830,257
Total Loans
(cost $48,713,429)					46,324,217
COMMON STOCKS — 0.0%
Building Products- Air & Heating — 0.0%
API Heat Transfer, Inc.†(5)(6)(14)			407,576		134,500
Television — 0.0%
ION Media Networks, Inc.†(5)(6)(14)			316		260,348
Total Common Stocks
(cost $134,503)					394,848
PREFERRED SECURITIES — 0.0%
Building Products- Air & Heating — 0.0%
API Heat Transfer, Inc. Class A 8.63%(5)(6)(14)			86,869		86,869
Electric - Distribution — 0.0%
Entergy Louisiana LLC 4.70%			7,075		171,710
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. Series Z 7.88%			2,642		24,994
Total Preferred Securities
(cost $304,537)					283,573
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.5%
Banks - Commercial — 0.1%
Cooperatieve Rabobank UA 11.00% due 06/30/2019*(15)			461,000		471,373
Banks - Super Regional — 0.0%
Huntington Bancshares, Inc. Series E 5.70% due 04/15/2023(15)			154,000		148,225
Wells Fargo Capital X 5.95% due 12/01/2086(6)			138,000		148,695
	��				296,920
Diversified Banking Institutions — 0.3%
Bank of Nova Scotia 4.65% due 10/12/2022(15)			440,000		402,050
HSBC Holdings PLC 6.00% due 05/22/2027(15)			349,000		339,839
HSBC Holdings PLC 6.25% due 03/23/2023(15)			470,000		468,825
JPMorgan Chase & Co. Series CC 4.63% due 11/01/2022#(15)			7,000		6,489
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(15)			502,000		522,080
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(15)			245,000		260,313
Societe Generale SA 7.88% due 12/18/2023*#(15)			551,000		570,285

115

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Diversified Banking Institutions (continued)
UBS Group Funding Switzerland AG 7.00% due 01/31/2024*(15)	$	277,000	$	278,939
				2,848,820
Electric - Generation — 0.1%
Electricite de France SA 4.25% due 01/29/2020(15)	EUR	700,000		820,340
Electric - Integrated — 0.1%
Dominion Resources, Inc. 5.75% due 10/01/2054		139,000		139,035
Gas Natural Fenosa Finance BV 3.38% due 04/24/2024(15)	EUR	400,000		457,759
				596,794
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(5)(6)		101,000		10
Finance - Other Services — 0.0%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		341,000		329,965
Food - Dairy Products — 0.1%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		1,115,000		1,190,263
Insurance - Life/Health — 0.4%
AG Insurance SA 6.75% due 03/21/2019(15)		2,200,000		2,203,080
Aviva PLC 6.13% due 07/05/2043	EUR	400,000		522,817
Prudential Financial, Inc. 5.63% due 06/15/2043		357,000		370,387
Prudential Financial, Inc. 5.70% due 09/15/2048		149,000		145,928
				3,242,212
Insurance - Multi-line — 0.0%
Assurant, Inc. 7.00% due 03/27/2048		342,000		335,160
Metal - Diversified — 0.2%
China Minmetals Corp. 3.75% due 11/13/2022(15)		1,300,000		1,234,845
Pipelines — 0.1%
Energy Transfer Partners LP 6.25% due 02/15/2023(15)		152,000		138,700
EnLink Midstream Partners LP 6.00% due 12/15/2022(15)		149,000		121,063
Enterprise Products Operating LLC 5.25% due 08/16/2077		110,000		100,869
TransCanada Trust 5.30% due 03/15/2077		198,000		184,140
TransCanada Trust 5.63% due 05/20/2075		139,000		134,135
				678,907
Water — 0.1%
Suez 3.00% due 06/23/2020(15)	EUR	1,000,000		1,163,906
Total Preferred Securities/Capital Securities
(cost $13,323,820)				13,209,515
Total Long-Term Investment Securities
(cost $835,555,190)				825,018,723

Security Description	Shares/ Principal Amount(9)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 10.2%
Registered Investment Companies — 9.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class  2.35%(17)		68,361,036		$	68,361,036
State Street Navigator Securities Lending Government Money Market Portfolio 2.43%(16)(17)		16,668,518			16,668,518
					85,029,554
U.S. Government Treasuries — 0.4%
United States Treasury Bills 2.37% due 03/21/2019	$	3,000,000			2,996,090
Total Short-Term Investment Securities
(cost $88,025,634)					88,025,644
TOTAL INVESTMENTS
(cost $923,580,824)(3)		105.7	%		913,044,367
Liabilities in excess of other assets		(5.7	)		(49,501,103	)
NET ASSETS		100.0	%	$	863,543,264

* 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 February 28, 2019, the aggregate value of these securities was $193,051,261 representing 22.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

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

(4) Interest Only

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

(6) Illiquid security. At February 28, 2019, the aggregate value of these securities was $4,223,562 representing 0.5% of net assets.

(7) Company has filed for bankruptcy protection.

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

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

(10) 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 February 28, 2019.

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

(13) All loans in the Fund were purchased through assignment agreements unless otherwise indicated.

(14) 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

116

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

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 February 28, 2019, the Fund held the following restricted securities:

Name	Acquisition Date		Shares		Acquisition Cost		Value		Value per Share		% of Net Assets
Common Stock
ION Media Networks, Inc.		3/5/2014		316	$	3	$	260,348	$	823.89		0.03	%
API Heat Transfer, Inc.		12/31/2018		407,576		134,500		134,500		0.33		0.02	%
Preferred Securities
API Heat Transfer, Inc. Class A		12/31/2018		86,869		86,869		86,869		1.00		0.01	%
							$	481,717				0.06	%

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

(16) At February 28, 2019, the Fund had loaned securities with a total value of $27,578,448. This was secured by collateral of $16,668,518, which was received in cash and subsequently invested in short-term investments currently valued at $16,668,518 as reported in the Portfolio of Investments. Additional collateral of $11,570,630 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 February 28, 2019
United States Treasury Notes/Bonds	0.13% to 8.75%	07/15/2019 to 11/15/2045	$	11,570,630

(17) The rate shown is the7-day yield as of February 28, 2019.

(18) All or a portion of this holding is subject to unfunded loan commitments (See Note 12).

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

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.

TBD—Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to the settlement.

ULC—Unlimited Liability Corp.

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at February 28, 2018 and unless noted otherwise, the dates are the original maturity dates.

Currency Legend

EUR—Euro Currency

GBP—British Pound

Index Legend

1 ML—1 Month USD LIBOR

2 ML—2 Month USD LIBOR

3 ML—3 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

USFRBPLR—US Federal Reserve Bank Prime Loan Rate Bank Term Loan

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank N.A		EUR	32,257,600		USD	37,187,666		03/15/2019	$	462,479	$	–
		EUR	6,730,000		USD	7,695,357		05/09/2019		–		(2,117	)
		GBP	3,360,000		USD	4,320,043		03/15/2019		–		(139,000	)
		USD	2,029,388		EUR	1,776,000		03/15/2019		–		(7,420	)
		USD	496,681		GBP	380,000		03/15/2019		7,615		–
Net Unrealized Appreciation/(Depreciation)									$	470,094	$	(148,537	)

EUR—Euro Currency

GBP—Britisth Pound

USD—United States Dollar

117

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2019 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	17,721,944	$	—	$	17,721,944
U.S. Corporate Bonds & Notes:
Airlines		—		868,183		47,784		915,967
Finance - Investment Banker/Broker		—		1,940,953		25		1,940,978
Gambling(Non-Hotel)		—		1,283,594		5,076		1,288,670
Rubber/Plastic Products		—		—		0		0
Other Industries		—		277,919,279		—		277,919,279
Foreign Corporate Bonds & Notes:
Special Purpose Entity		—		—		0		0
Other Industries		—		121,823,922		—		121,823,922
Foreign Government Obligations		—		95,165,937		—		95,165,937
U.S. Government Agencies		—		201,773,550		—		201,773,550
U.S. Government Treasuries		—		46,256,323		—		46,256,323
Loans:
Oil Companies - Exploration & Production		—		—		857,841		857,841
Other Industries		—		45,466,376		—		45,466,376
Common Stocks		—		—		394,848		394,848
Preferred Securities:
Building Products- Air & Heating		—		—		86,869		86,869
Others		196,704		—		—		196,704
Preferred Securities/Capital Securities:
Finance Investment Banker/Broker		—		—		10		10
Other Industries		—		13,209,505		—		13,209,505
Short-Term Investment Securities:
Registered Investment Companies		85,029,554		—		—		85,029,554
U.S. Government Treasuries		—		2,996,090		—		2,996,090
Total Investments at Value	$	85,226,258	$	826,425,656	$	1,392,453	$	913,044,367
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	470,094	$	—	$	470,094
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	148,537	$	—	$	148,537

* 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 investment.

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

See Notes to Financial Statements

118

VALIC Company II

STATEMENTS OF ASSETS AND LIABILITIES —February 28, 2019 (unaudited)

	AGGRESSIVE GROWTH LIFESTYLE FUND		CAPITAL APPRECIATION FUND		CONSERVATIVE GROWTH LIFESTYLE FUND		CORE BOND FUND		GOVERNMENT MONEY MARKET II FUND			HIGH YIELD BOND FUND		INTERNATIONAL OPPORTUNITIES FUND
ASSETS:
Investment at value (unaffiliated)*†	$	–	$	102,989,162	$	–	$	1,639,815,084	$	120,574,546		$	613,181,538	$	604,551,570
Investment at value (affiliated)*†		580,288,683		–		321,488,634		–		–			–		–
Repurchase agreements (cost equals market value)		–		–		–		–		–			55,862,000		2,161,000
Cash		207,420		1,469,391		62,634		–		54,986			448,562		51,172
Foreign cash*		–		–		–		–		–			–		3,390,409
Cash collateral for futures contracts		–		–		–		–		–			–		–
Due from broker		–		–		–		–		–			–		–
Receivable for:
Fund shares sold		195,579		32,707		24,853		569,667		14,858			41,562		7,888
Dividends and interest		–		138,770		–		10,992,918		77,546			8,956,034		848,956
Investments sold		–		–		–		12,762,009		–			1,848,805		2,125,137
Investments sold on an extended settlement basis		–		–		–		59,088,941		–			–		–
Securities lending income		–		1,071		–		14,253		–			29,153		22,184
Prepaid expenses and other assets		22,204		12,340		15,758		45,755		25,491			29,240		49,930
Due from investment adviser for expense reimbursements/fee waivers		17,708		12,179		12,751		6,984		11,237			5,870		100,950
Variation margin on futures contracts		–		–		–		–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–			3,081		–
TOTAL ASSETS		580,731,594		104,655,620		321,604,630		1,723,295,611		120,758,664			680,405,845		613,309,196
LIABILITIES:
Payable for:
Fund shares reacquired		66,075		9,429		6,388		411,253		9,251			106,090		114,961
Investments purchased		128,824		–		18,078		55,326,922		2,001,642			15,803,992		2,748,576
Investments purchased on an extended settlement basis		–		–		–		84,165,233		–			9,279,205		191,570
Investment advisory and management fees		44,050		43,184		24,556		488,365		22,923			270,653		369,105
Administrative service fees		–		5,237		–		76,958		6,116			29,799		30,135
Shareholder services		–		19,629		–		288,447		22,922			111,692		112,948
Transfer agent fees and expenses		213		428		213		428		161			428		371
Trustees’ fees and expenses		16,126		6,485		10,726		27,322		18,480			21,055		43,212
Other accrued expenses		74,979		39,224		56,472		181,142		46,441			108,617		216,381
Accrued foreign tax on capital gains		–		–		–		–		–			–		70,728
Collateral upon return of securities loaned		–		359,572		–		18,909,203		–			35,206,758		14,063,361
Variation margin on futures contracts		–		–		–		–		–			–		–
Due to custodian		–		–		–		325,431		–			–		–
Due to broker		–		–		–		–		–			–		–
Commitments (Note 12)		–		–		–		–		–			–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–			30,771		–
TOTAL LIABILITIES		330,267		483,188		116,433		160,200,704		2,127,936			60,969,060		17,961,348
NET ASSETS	$	580,401,327	$	104,172,432	$	321,488,197	$	1,563,094,907	$	118,630,728		$	619,436,785	$	595,347,848
NET ASSETS REPRESENTED BY:
Trust shares at par value of $0.01 per share	$	528,614	$	54,241	$	263,403	$	1,429,481	$	1,186,101		$	806,543	$	310,491
Additional paid in capital		499,291,760		64,880,799		300,646,753		1,534,543,926		117,453,256			593,737,868		490,908,579
Total distributable earnings (loss)		80,580,953		39,237,392		20,578,041		27,121,500		(8,629	)		24,892,374		104,128,778
NET ASSETS	$	580,401,327	$	104,172,432	$	321,488,197	$	1,563,094,907	$	118,630,728		$	619,436,785	$	595,347,848
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			1,000,000,000		1,000,000,000
Outstanding		52,861,384		5,424,104		26,340,258		142,948,085		118,610,136			80,654,278		31,049,099
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.98	$	19.21	$	12.21	$	10.93	$	1.00		$	7.68	$	19.17
* Cost
Investments (unaffiliated)	$	–	$	90,302,832	$	–	$	1,649,695,892	$	120,574,546		$	618,644,269	$	516,502,856
Investments (affiliated)	$	557,316,120	$	–	$	316,078,035	$	–	$	–		$	–	$	–
Foreign cash	$	–	$	–	$	–	$	–	$	–		$	–	$	3,384,416
† Including securities on loan	$	–	$	2,289,924	$	–	$	35,166,107	$	–		$	42,844,791	$	26,882,974

See Notes to Financial Statements

119

VALIC Company II

STATEMENTS OF ASSETS AND LIABILITIES —February 28, 2019 (unaudited) — (continued)

	LARGE CAP VALUE FUND		MID CAP GROWTH FUND		MID CAP VALUE FUND		MODERATE GROWTH LIFESTYLE FUND		SMALL CAP GROWTH FUND		SMALL CAP VALUE FUND		SOCIALLY RESPONSIBLE FUND		STRATEGIC BOND FUND
ASSETS:
Investment at value (unaffiliated)*†	$	271,807,719	$	231,243,627	$	756,671,258	$	–	$	201,235,842	$	389,973,636	$	675,393,704	$	913,044,367
Investment at value (affiliated)*†		–		–		–		928,888,127		–		–		–		–
Repurchase agreements (cost equals market value)		–		–		4,623,000		–		–		11,041,000		29,150,000		–
Cash		293,204		299,302		645		–		1,804,721		1,273		895		2,771,961
Foreign cash*		–		152		29		–		–		–		–		6,873
Cash collateral for futures contracts		–		–		–		–		–		753,700		–		–
Due from broker		–		–		–		–		–		–		–		–
Receivable for:
Fund shares sold		68,786		104,185		22,459		96,714		48,275		32,271		30,970		272,926
Dividends and interest		645,590		100,526		893,153		–		72,972		283,220		1,056,820		9,105,242
Investments sold		2,196,403		260,527		2,174,510		–		1,334,483		1,331,237		–		3,035,499
Investments sold on an extended settlement basis		–		–		–		–		–		–		–		44,876,706
Securities lending income		301		8,225		3,125		–		16,149		17,277		1,799		14,292
Prepaid expenses and other assets		23,279		17,651		61,745		32,379		13,296		36,319		54,700		43,467
Due from investment adviser for expense reimbursements/fee waivers		16,226		46,071		8,010		24,312		11,970		39,249		27,217		–
Variation margin on futures contracts		–		–		–		–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–		–		470,094
TOTAL ASSETS		275,051,508		232,080,266		764,457,934		929,041,532		204,537,708		403,509,182		705,716,105		973,641,427
LIABILITIES:
Payable for:
Fund shares reacquired		7,018		116,833		293,107		51,199		138,925		138,230		182,202		17,291
Investments purchased		2,167,705		284,178		1,426,167		44,417		43,825		1,380,893		–		32,790,995
Investments purchased on an extended settlement basis		–		–		–		–		–		–		–		59,716,487
Investment advisory and management fees		102,374		126,198		402,380		70,633		122,708		208,189		133,473		329,029
Administrative service fees		13,657		11,477		38,158		–		9,911		20,970		35,611		43,653
Shareholder services		51,187		43,016		143,023		–		37,148		78,597		133,473		163,616
Transfer agent fees and expenses		353		374		481		213		428		374		213		588
Trustees’ fees and expenses		15,238		9,522		58,583		24,339		5,913		30,434		46,294		30,969
Other accrued expenses		56,911		59,198		182,549		101,393		45,498		113,106		115,743		137,263
Accrued foreign tax on capital gains		–		–		–		–		–		–		–		–
Collateral upon return of securities loaned		–		1,232,672		1,417,878		–		3,650,424		5,185,970		458,964		16,668,518
Variation margin on futures contracts		–		–		–		–		–		45,870		120,120		–
Due to custodian		–		–		–		–		–		–		–		–
Due to broker		–		–		–		–		–		2,409		49		–
Commitments (Note 12)		–		–		–		–		–		–		–		51,217
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–		–		148,537
TOTAL LIABILITIES		2,414,443		1,883,468		3,962,326		292,194		4,054,780		7,205,042		1,226,142		110,098,163
NET ASSETS	$	272,637,065	$	230,196,798	$	760,495,608	$	928,749,338	$	200,482,928	$	396,304,140	$	704,489,963	$	863,543,264
NET ASSETS REPRESENTED BY:
Trust shares at par value of $0.01 per share	$	126,205	$	223,561	$	364,079	$	633,580	$	91,721	$	278,822	$	313,126	$	777,305
Additional paid in capital		233,735,198		195,782,225		546,929,571		818,881,051		124,204,115		296,250,587		373,313,310		858,584,631
Total distributable earnings (loss)		38,775,662		34,191,012		213,201,958		109,234,707		76,187,092		99,774,731		330,863,527		4,181,328
NET ASSETS	$	272,637,065	$	230,196,798	$	760,495,608	$	928,749,338	$	200,482,928	$	396,304,140	$	704,489,963	$	863,543,264
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		1,000,000,000		1,000,000,000		1,000,000,000
Outstanding		12,620,508		22,356,149		36,407,903		63,358,039		9,172,113		27,882,211		31,312,573		77,730,482
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	21.60	$	10.30	$	20.89	$	14.66	$	21.86	$	14.21	$	22.50	$	11.11
*  Cost
Investments (unaffiliated)	$	261,133,212	$	207,107,888	$	702,815,144	$	–	$	176,745,078	$	362,699,056	$	504,222,690	$	923,580,824
Investments (affiliated)	$	–	$	–	$	–	$	895,262,471	$	–	$	–	$	–	$	–
Foreign cash	$	–	$	150	$	29	$	–	$	–	$	–	$	–	$	7,223
† Including securities on loan	$	6,342,048	$	44,572,459	$	19,769,233	$	–	$	42,011,720	$	38,303,319	$	19,379,197	$	27,578,448

See Notes to Financial Statements

120

VALIC Company II

STATEMENTS OF OPERATIONS —For the Six Months Ended February 28, 2019 (unaudited)

	AGGRESSIVE GROWTH LIFESTYLE FUND			CAPITAL APPRECIATION FUND			CONSERVATIVE GROWTH LIFESTYLE FUND			CORE BOND FUND			GOVERNMENT MONEY MARKET II FUND			HIGH YIELD BOND FUND			INTERNATIONAL OPPORTUNITIES FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	–		$	629,187		$	–		$	31,696		$	–		$	64,983		$	2,943,884
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		–			12,222			–			86,246			–			214,374			182,187
Interest (unaffiliated)		–			–			–			26,538,580			1,317,629			17,695,051			102,212
Total investment income*		–			641,409			–			26,656,522			1,317,629			17,974,408			3,228,283
EXPENSES:
Investment advisory and management fees		281,987			275,730			159,421			2,905,819			149,131			1,689,042			2,443,869
Administrative service fee		–			33,436			–			455,572			39,784			185,271			199,595
Shareholder services fee		–			125,332			–			1,707,661			149,131			694,490			748,213
Transfer agent fees and expenses		821			1,644			821			1,644			616			1,644			1,435
Custodian and accounting fees		6,187			8,840			6,187			54,602			7,824			25,838			112,694
Reports to shareholders		34,532			6,714			19,443			69,908			7,435			32,443			42,166
Audit and tax fees		16,345			19,351			16,133			23,000			20,988			22,372			31,645
Legal fees		21,998			12,067			16,014			38,132			11,023			21,418			25,062
Trustees’ fees and expenses		18,362			3,195			10,457			39,366			4,014			17,657			22,167
Interest expense		–			–			–			–			–			97			206
Other expenses		9,721			11,974			8,475			18,893			6,406			16,288			23,238
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		389,953			498,283			236,951			5,314,597			396,352			2,706,560			3,650,290
Fees waived and expenses reimbursed by investment adviser (Note 3)		(107,966	)		(72,156	)		(77,530	)		(55,000	)		(68,264	)		(39,720	)		(657,440	)
Fees paid indirectly (Note 7)		–			(254	)		–			–			–			–			–
Net expenses		281,987			425,873			159,421			5,259,597			328,088			2,666,840			2,992,850
Net investment income (loss)		(281,987	)		215,536			(159,421	)		21,396,925			989,541			15,307,568			235,433
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		–			(203,040	)		–			(7,944,205	)		(297	)		(3,300,224	)		(8,184,726	)
Investments (affiliated)		(1,401,809	)		–			(5,996,529	)		–			–			–			–
Futures contracts		–			–			–			–			–			–			–
Forward contracts		–			–			–			–			–			495,762			–
Swap contracts		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–			(14,294	)		(265,497	)
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		(1,401,809	)		(203,040	)		(5,996,529	)		(7,944,205	)		(297	)		(2,818,756	)		(8,450,223	)
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		–			(5,096,819	)		–			14,167,771			–			(668,692	)		(62,441,422	)
Investments (affiliated)		(18,151,878	)		–			2,743,436			–			–			–			–
Futures contracts		–			–			–			–			–			–			–
Forward contracts		–			–			–			–			–			(7,094	)		–
Swap contracts		–			–			–			–			–			–			–
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–			(303	)		6,485
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			46,434
Net unrealized gain (loss) on investments and foreign currencies		(18,151,878	)		(5,096,819	)		2,743,436			14,167,771			–			(676,089	)		(62,388,503	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(19,553,687	)		(5,299,859	)		(3,253,093	)		6,223,566			(297	)		(3,494,845	)		(70,838,726	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(19,835,674	)	$	(5,084,323	)	$	(3,412,514	)	$	27,620,491		$	989,244		$	11,812,723		$	(70,603,293	)
*  Net of foreign withholding taxes on interest and dividends of	$	–		$	–		$	–		$	179		$	–		$	–		$	227,988
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	16,452

See Notes to Financial Statements

121

VALIC Company II

STATEMENTS OF OPERATIONS —For the Six Months Ended February 28, 2019 (unaudited) — (continued)

	LARGE CAP VALUE FUND			MID CAP GROWTH FUND			MID CAP VALUE FUND			MODERATE GROWTH LIFESTYLE FUND			SMALL CAP GROWTH FUND			SMALL CAP VALUE FUND			SOCIALLY RESPONSIBLE FUND			STRATEGIC BOND FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	3,312,198		$	852,681		$	7,291,313		$	–		$	420,007		$	4,524,377		$	6,938,411		$	38,893
Dividends (affiliated)		–			–			–			–			–			–			–			–
Securities lending income		7,087			55,903			33,597			–			108,212			101,851			18,416			133,028
Interest (unaffiliated)		27,491			–			11,129			–			5,724			23,885			68,736			20,815,278
Total investment income*		3,346,776			908,584			7,336,039			–			533,943			4,650,113			7,025,563			20,987,199
EXPENSES:
Investment advisory and management fees		657,557			771,586			2,677,393			452,696			771,535			1,425,167			873,082			2,117,066
Administrative service fee		87,711			69,972			254,620			–			62,254			143,681			232,912			280,694
Shareholder services fee		328,779			262,284			954,465			–			233,356			538,605			873,082			1,052,175
Transfer agent fees and expenses		1,447			1,438			1,848			821			1,644			1,438			821			2,259
Custodian and accounting fees		9,519			8,709			47,567			6,183			9,962			51,404			20,316			60,518
Reports to shareholders		15,686			9,205			55,029			54,204			9,885			31,482			43,900			43,732
Audit and tax fees		18,249			18,898			18,853			16,794			17,884			20,472			19,278			24,168
Legal fees		14,180			12,990			27,991			30,180			12,764			19,731			25,457			28,296
Trustees’ fees and expenses		8,014			5,628			28,744			28,949			5,779			16,161			23,652			25,300
Interest expense		508			61			14			285			291			10			7,316			–
Other expenses		14,454			12,720			19,422			10,927			12,901			19,210			17,521			18,423
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		1,156,104			1,173,491			4,085,946			601,039			1,138,255			2,267,361			2,137,337			3,652,631
Fees waived and expenses reimbursed by investment adviser (Note 3)		(90,861	)		(281,726	)		(77,191	)		(148,344	)		(55,484	)		(220,663	)		(181,634	)		–
Fees paid indirectly (Note 7)		(8,803	)		(159	)		(1,490	)		–			(8,363	)		(30,112	)		–			–
Net expenses		1,056,440			891,606			4,007,265			452,695			1,074,408			2,016,586			1,955,703			3,652,631
Net investment income (loss)		2,290,336			16,978			3,328,774			(452,695	)		(540,465	)		2,633,527			5,069,860			17,334,568
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		1,337,783			2,234,726			19,499,960			–			9,090,857			14,955,671			94,040,688			(10,035,849	)
Investments (affiliated)		–			–			–			(4,404,263	)		–			–			–			–
Futures contracts		–			–			–			–			–			(343,569	)		(3,356,036	)		–
Forward contracts		–			–			–			–			–			–			–			1,436,472
Swap contracts		–			–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			20			(1,984	)		–			–			–			–			31,072
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		–			–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		1,337,783			2,234,746			19,497,976			(4,404,263	)		9,090,857			14,612,102			90,684,652			(8,568,305	)
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(17,911,373	)		(9,652,699	)		(75,529,323	)		–			(22,518,221	)		(69,051,237	)		(119,212,092	)		10,203,058
Investments (affiliated)		–			–			–			(17,860,719	)		–			–			–			–
Futures contracts		–			–			–			–			–			(179,140	)		2,615,678			–
Forward contracts		–			–			–			–			–			–			–			27,186
Swap contracts		–			–			–			–			–			–			–			–
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		–			2			(1,071	)		–			–			–			–			8,060
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(17,911,373	)		(9,652,697	)		(75,530,394	)		(17,860,719	)		(22,518,221	)		(69,230,377	)		(116,596,414	)		10,238,304
Net realized and unrealized gain (loss) on investments and foreign currencies		(16,573,590	)		(7,417,951	)		(56,032,418	)		(22,264,982	)		(13,427,364	)		(54,618,275	)		(25,911,762	)		1,669,999
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,283,254	)	$	(7,400,973	)	$	(52,703,644	)	$	(22,717,677	)	$	(13,967,829	)	$	(51,984,748	)	$	(20,841,902	)	$	19,004,567
*  Net of foreign withholding taxes on interest and dividends of	$	3,505		$	5,494		$	31,526		$	–		$	–		$	3,138		$	19		$	(538)
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

122

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 Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	(281,987	)	$	8,857,344		$	215,536		$	219,346		$	(159,421	)	$	8,383,703		$	21,396,925		$	33,581,505
Net realized gain (loss) on investments and foreign currencies		(1,401,809	)		53,602,115			(203,040	)		26,494,594			(5,996,529	)		14,267,169			(7,944,205	)		(7,802,673	)
Net unrealized gain (loss) on investments and foreign currencies		(18,151,878	)		1,524,189			(5,096,819	)		(2,110,223	)		2,743,436			(6,137,864	)		14,167,771			(41,645,334	)
Net increase (decrease) in net assets resulting from operations		(19,835,674	)		63,983,648			(5,084,323	)		24,603,717			(3,412,514	)		16,513,008			27,620,491			(15,866,502	)
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings		–			(28,418,172	)		–			(5,084,499	)		–			(9,573,695	)		–			(29,745,347	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(8,472,000	)		5,300,297			(439,952	)		(1,401,691	)		(13,892,188	)		(2,053,403	)		252,888,661			212,261,412
TOTAL INCREASE (DECREASE) IN NET ASSETS		(28,307,674	)		40,865,773			(5,524,275	)		18,117,527			(17,304,702	)		4,885,910			280,509,152			166,649,563
NET ASSETS:
Beginning of period		608,709,001			567,843,228			109,696,707			91,579,180			338,792,899			333,906,989			1,282,585,755			1,115,936,192
End of period	$	580,401,327		$	608,709,001		$	104,172,432		$	109,696,707		$	321,488,197		$	338,792,899		$	1,563,094,907		$	1,282,585,755

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the August 31, 2018 annual report.

Distributions to shareholders from:
Net investment income	$	(8,100,720	)	$	(434,154	)	$	(7,646,556	)	$	(29,295,082	)
Net realized gain on securities		(20,317,452	)		(4,650,345	)		(1,927,139	)		(450,265	)
Total distributions to shareholders	$	(28,418,172	)	$	(5,084,499	)	$	(9,573,695	)	$	(29,745,347	)

See Notes to Financial Statements

123

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS —(continued)

	GOVERNMENT MONEY MARKET II FUND						HIGH YIELD BOND FUND						INTERNATIONAL OPPORTUNITIES FUND						LARGE CAP VALUE FUND
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	989,541		$	1,175,020		$	15,307,568		$	29,649,641		$	235,433		$	4,501,228		$	2,290,336		$	3,420,241
Net realized gain (loss) on investments and foreign currencies		(297	)		(7,492	)		(2,818,756	)		4,441,845			(8,450,223	)		82,165,251			1,337,783			22,214,795
Net unrealized gain (loss) on investments and foreign currencies		–			–			(676,089	)		(17,327,317	)		(62,388,503	)		(12,601,347	)		(17,911,373	)		9,558,207
Net increase (decrease) in net assets resulting from operations		989,244			1,167,528			11,812,723			16,764,169			(70,603,293	)		74,065,132			(14,283,254	)		35,193,243
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings		(989,541	)		(1,175,020	)		–			(32,204,893	)		–			(5,841,813	)		–			(11,232,389	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(18,355,845	)		4,050,214			31,070,986			30,514,165			(58,076,243	)		(15,293,377	)		2,833,852			33,499,196
TOTAL INCREASE (DECREASE) IN NET ASSETS		(18,356,142	)		4,042,722			42,883,709			15,073,441			(128,679,536	)		52,929,942			(11,449,402	)		57,460,050
NET ASSETS:
Beginning of period		136,986,870			132,944,148			576,553,076			561,479,635			724,027,384			671,097,442			284,086,467			226,626,417
End of period	$	118,630,728		$	136,986,870		$	619,436,785		$	576,553,076		$	595,347,848		$	724,027,384		$	272,637,065		$	284,086,467

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the August 31, 2018 annual report.

Distributions to shareholders from:
Net investment income	$	(1,175,020	)	$	(32,204,893	)	$	(5,841,813	)	$	(2,959,420	)
Net realized gain on securities		–			–			–			(8,272,969	)
Total distributions to shareholders	$	(1,175,020	)	$	(32,204,893	)	$	(5,841,813	)	$	(11,232,389	)

See Notes to Financial Statements

124

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS —(continued)

	MID CAP GROWTH FUND						MID CAP VALUE FUND						MODERATE GROWTH LIFESTYLE FUND						SMALL CAP GROWTH FUND
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	16,978		$	(303,012	)	$	3,328,774		$	4,045,936		$	(452,695	)	$	16,403,626		$	(540,465	)	$	(1,078,825	)
Net realized gain (loss) on investments and foreign currencies		2,234,746			8,380,845			19,497,976			139,462,749			(4,404,263	)		69,662,433			9,090,857			45,046,628
Net unrealized gain (loss) on investments and foreign currencies		(9,652,697	)		28,304,073			(75,530,394	)		(17,892,671	)		(17,860,719	)		(1,720,543	)		(22,518,221	)		17,234,244
Net increase (decrease) in net assets resulting from operations		(7,400,973	)		36,381,906			(52,703,644	)		125,616,014			(22,717,677	)		84,345,516			(13,967,829	)		61,202,047
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings		–			(26,389,601	)		–			(71,757,096	)		–			(35,064,153	)		–			(6,146,636	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		17,153,956			76,463,063			(103,085,025	)		(183,620,229	)		(13,140,460	)		18,980,604			(932,980	)		22,997,976
TOTAL INCREASE (DECREASE) IN NET ASSETS		9,752,983			86,455,368			(155,788,669	)		(129,761,311	)		(35,858,137	)		68,261,967			(14,900,809	)		78,053,387
NET ASSETS:
Beginning of period		220,443,815			133,988,447			916,284,277			1,046,045,588			964,607,475			896,345,508			215,383,737			137,330,350
End of period	$	230,196,798		$	220,443,815		$	760,495,608		$	916,284,277		$	928,749,338		$	964,607,475		$	200,482,928		$	215,383,737

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the August 31, 2018 annual report.

Distributions to shareholders from:
Net investment income	$	(219,879	)	$	(3,732,456	)	$	(14,676,075	)	$	–
Net realized gain on securities		(26,169,722	)		(68,024,640	)		(20,388,078	)		(6,146,636	)
Total distributions to shareholders	$	(26,389,601	)	$	(71,757,096	)	$	(35,064,153	)	$	(6,146,636	)

See Notes to Financial Statements

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STATEMENTS OF CHANGES IN NET ASSETS —(continued)

	SMALL CAP VALUE FUND						SOCIALLY RESPONSIBLE FUND						STRATEGIC BOND FUND
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Year Ended August 31, 2018
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	2,633,527		$	5,331,667		$	5,069,860		$	10,863,154		$	17,334,568		$	29,863,580
Net realized gain (loss) on investments and foreign currencies		14,612,102			52,025,949			90,684,652			51,589,236			(8,568,305	)		(3,504,948	)
Net unrealized gain (loss) on investments and foreign currencies		(69,230,377	)		30,354,684			(116,596,414	)		72,482,641			10,238,304			(33,808,260	)
Net increase (decrease) in net assets resulting from operations		(51,984,748	)		87,712,300			(20,841,902	)		134,935,031			19,004,567			(7,449,628	)
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings		–			(40,911,561	)		–			(25,957,719	)		–			(30,340,988	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(86,259,057	)		(41,757,567	)		(63,786,275	)		(119,757,020	)		(8,862,877	)		142,137,238
TOTAL INCREASE (DECREASE) IN NET ASSETS		(138,243,805	)		5,043,172			(84,628,177	)		(10,779,708	)		10,141,690			104,346,622
NET ASSETS:
Beginning of period		534,547,945			529,504,773			789,118,140			799,897,848			853,401,574			749,054,952
End of period	$	396,304,140		$	534,547,945		$	704,489,963		$	789,118,140		$	863,543,264		$	853,401,574

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the August 31, 2018 annual report.

Distributions to shareholders from:
Net investment income	$	(4,198,015	)	$	(12,121,511	)	$	(30,340,988	)
Net realized gain on securities		(36,713,546	)		(13,836,208	)		–
Total distributions to shareholders	$	(40,911,561	)	$	(25,957,719	)	$	(30,340,988	)

See Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS(unaudited)

Note 1 — Organization

VALIC Company II (the “Series” or “VC II”) was organized as a Delaware statutory 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 Growth Fund
Capital Appreciation Fund	Mid Cap Value Fund
Conservative Growth Lifestyle Fund*	Moderate Growth Lifestyle Fund*
Core Bond Fund	Small Cap Growth Fund
Government Money Market II Fund	Small Cap Value Fund
High Yield Bond Fund	Socially Responsible Fund
International Opportunities Fund	Strategic Bond Fund
Large Cap Value 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 Funds are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Series in the preparation of its financial statements:

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 February 28, 2019, is reported on a schedule at the end of each Fund’s Portfolio of Investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the

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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund’s shares, and a Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds, debentures and other debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, 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. Investments in 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 Government 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 withRule 2a-7 under the 1940 Act, the Board has adopted procedures intended to stabilize the Government 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 Government 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: During the period, the High Yield Bond Fund and Strategic Bond Fund used forward contracts to attempt to protect the value of securities and related receivables and payables against changes in future foreign exchange rates.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to 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

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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

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.

Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.

Futures: During the period, the Small Cap Value Fund and Socially Responsible Fund used equity futures contracts to equitize cash, providing exposure to equity markets.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by 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 cash collateral for futures contracts 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 or securities. 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.

Futures contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.

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 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.

129

VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

The following tables represent the value of derivatives held as of February 28, 2019, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the six months ended February 28, 2019. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of February 28, 2019, please refer to the schedule at the end of each Fund’s Portfolio of Investments.

	Asset Derivatives
	Equity Contracts		Foreign Exchange Contracts		Total
Fund	Futures Contracts(1)(4)		Forward Foreign Currency Contracts(2)
High Yield Bond	$	—	$	3,081	$	3,081
Small Cap Value		—		—		—
Socially Responsible		—		—		—
Strategic Bond		—		470,094		470,094
	Liability Derivatives
	Equity Contracts		Foreign Exchange Contracts		Total
Fund	Futures Contracts(1)(4)		Forward Foreign Currency Contracts(3)
High Yield Bond	$	—	$	30,771	$	30,771
Small Cap Value		45,870		—		45,870
Socially Responsible		120,120		—		120,120
Strategic Bond		—		148,537		148,537

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Unrealized appreciation on forward foreign currency contracts

(3) Unrealized depreciation on forward foreign currency contracts

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

Fund	Cumulative Appreciation (Depreciation)
Small Cap Value	$	114,478
Socially Responsible		2,968,089

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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Equity Contracts			Foreign Exchange Contracts		Total
Fund	Futures Contracts(1)			Forward Foreign Currency Contracts(2)
High Yield Bond	$	—		$	495,762	$	495,762
Small Cap Value		(343,569	)		—		(343,569	)
Socially Responsible		(3,356,036	)		—		(3,356,036	)
Strategic Bond		—			1,436,472		1,436,472

	Change in Unrealized Appreciation (Depreciation) on Derivatives        Recognized in Statement of Operations
	Equity Contracts			Foreign Exchange Contracts			Total
Fund	Futures Contracts(3)			Forward Foreign Currency Contracts(4)
High Yield Bond	$	—		$	(7,094	)	$	(7,094	)
Small Cap Value		(179,140	)		—			(179,140	)
Socially Responsible		2,615,678			—			2,615,678
Strategic Bond		—			27,186			27,186

Statement of Operations Location:

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

(2) Net realized gain (loss) on forward contracts

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

(4) Change in unrealized appreciation (depreciation) on forward contracts

The following table represents the average monthly balances of derivatives held during the six months ended February 28, 2019.

	Average Amount Outstanding During the Year
Fund	Futures Contracts(1)		Foreign Exchange Contracts(1)
High Yield Bond	$	—	$	13,171,858
Small Cap Value		9,519,169		—
Socially Responsible		22,706,639		—
Strategic Bond		—		54,667,894

(1) Amounts represent notional amounts in U.S. dollars.

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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

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 February 28, 2019. The repurchase agreements held by the Funds and securities on loan as of February 28, 2019, 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.

	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)
BNP Paribas SA	$	3,081	$	—	$	—	$	3,081	$	—	$	—	$	—	$	—	$	3,081		$	—	$	3,081
HSBC Bank USA		—		—		—		—		30,771		—		—		30,771		(30,771	)		—		(30,771	)
Total	$	3,081	$	—	$	—	$	3,081	$	30,771	$	—	$	—	$	30,771	$	(27,690	)	$	—	$	(27,690	)

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

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

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

Certain Funds may enter 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. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund‘s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund‘s obligation to repurchase the securities. Mortgage-Backed Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

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. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

F. Loans

The Fund invests in senior loans which generally consist of direct debt obligations of companies (collectively, “Borrowers”), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower’s business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis. Unsettled loans at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

G. 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,

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VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

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.

H. 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.

I. 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 Government 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 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.

J. 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.

133

VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

Dividends from net investment income, if any, are normally paid annually, except for the Government 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 2015 — 2017 or expected to be taken in each Fund’s 2018 tax return. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2015.

K. 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.

L. New Accounting Pronouncements

In August 2018, the SEC adopted amendments to certain financial statement disclosure requirements of Regulation S-X to conform them to GAAP for investment companies. The final rule became effective on November 5, 2018. All required changes have been made in accordance with Regulation S-X.

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13 “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The ASU allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to early adopt the provisions that eliminate disclosure requirements and is still evaluating the impact of applying the rest of the ASU.

Note 3— Advisory Fees and Other Transactions with Affiliates

VALIC serves as investment adviser to VC 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
Government Money Market II Fund	0.25%
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

134

VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

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%
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 subadvisory agreements with the following:

BMO Asset Management Corp. (“BMO AM”)—subadvisor for the Capital Appreciation Fund.

Delaware Investments Fund Advisers (“Delaware Investments”)—subadviser for a portion of the International Opportunities Fund.

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

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

Boston Partners Global Investors, Inc. d/b/a Boston Partners (“Boston Partners”)—subadviser for a portion of the Mid Cap Value Fund.

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

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

Wellington Management Company LLP—subadviser for the High Yield Bond Fund, Mid Cap Growth Fund and a portion 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, 2019. For the purposes of waived fee and/or reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Fund’s business. The contractual expense waivers and fee reimbursements will continue until December 31, 2019, subject to termination by the Board, including a majority of the Trustees who are not interested persons of the Fund or VALIC as defined by Section 2(a)(19) of the 1940 Act (the “Disinterested Trustees”).

Fund	Expense Limitation
Aggressive Growth Lifestyle		0.10	%
Capital Appreciation		0.85	%
Conservative Growth Lifestyle		0.10	%
Core Bond		0.77	%
Government Money Market II		0.55	%
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	%
Small Cap Growth		1.16	%
Small Cap Value		0.95	%
Socially Responsible		0.56	%
Strategic Bond		0.89	%

135

VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

For the six months ended February 28, 2019, pursuant to the contractual expense limitations in the above table, VALIC waived fees and/or reimbursed expenses as follows:

Fund	Amount
Aggressive Growth Lifestyle	$	107,966
Capital Appreciation		72,156
Conservative Growth Lifestyle		77,530
Core Bond		55,000
Government Money Market II		68,264
High Yield Bond		39,720
International Opportunities		657,440
Large Cap Value		90,861
Mid Cap Growth		281,726
Mid Cap Value		77,191
Moderate Growth Lifestyle		148,344
Small Cap Growth		55,484
Small Cap Value		220,663
Socially Responsible		181,634

VALIC may also voluntarily waive fees and/or reimburse expenses to avoid a negative yield on the Government 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 Government Money Market II Fund will be able to avoid a negative yield. For the six months ended February 28, 2019, VALIC did not voluntarily waive expenses to avoid a negative yield for the Government 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 VALIC. SunAmerica receives from each Fund in the Series, 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†: 0.0061% on the first $25 billion; 0.0070% on the next $75 billion; and 0.0050% in excess of $100 billion. Pursuant to the Administrative Services Agreement, 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 six months ended February 28, 2019, the Administrator earned fees as reflected in the Statements of Operations based upon the aforementioned rate.

VC II, on behalf of each Fund, entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC 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 life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the six months ended February 28, 2019, 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 six months ended February 28, 2019, 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 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 six months ended February 28, 2019, VC II has deferred $16,418 of trustee compensation.

136

† 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(unaudited) —(continued)

At February 28, 2019, the following affiliates owned outstanding shares of the following Funds:

	Holder
Fund	American General Life Insurance Co.			The United States Life Insurance Co.			VALIC			VALIC Co. I Dynamic Allocation Fund			VCII Aggressive Growth Lifestyle			VCII Conservative Growth Lifestyle			VCII Moderate Growth Lifestyle
Aggressive Growth Lifestyle		—	%		—	%		100.00	%		—	%		—	%		—	%		—	%
Capital Appreciation		—			—			44.31			6.15			20.21			4.95			24.38
Conservative Growth Lifestyle		—			—			100.00			—			—			—			—
Core Bond		—			—			90.67			0.78			0.73			2.80			5.02
Government Money Market II		—			—			100.00			—			—			—			—
High Yield Bond		0.01			—			81.76			0.30			4.57			5.55			7.81
International Opportunities		—			—			91.64			0.24			3.59			0.94			3.59
Large Cap Value		—			—			62.91			1.29			13.05			3.60			19.15
Mid Cap Growth		—			—			89.17			1.21			4.20			0.76			4.66
Mid Cap Value		0.30			—			92.32			0.36			2.68			0.87			3.47
Moderate Growth Lifestyle		—			—			100.00			—			—			—			—
Small Cap Growth		—			—			88.24			2.12			4.52			0.88			4.24
Small Cap Value		—			—			88.44			1.04			4.39			1.18			4.95
Socially Responsible		0.01			—			99.99			—			—			—			—
Strategic Bond		0.05			0.01			75.16			0.37			3.24			7.20			13.97

The VC I Dynamic Allocation Fund and the VC II Lifestyle Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the VC I Dynamic Allocation Fund and the VC II Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.

As disclosed in the Portfolio of Investments, certain Funds own shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the six months ended February 28, 2019, transactions in these securities were as follows:

Aggressive Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2018		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 02/28/2019
VALIC Co. I Blue Chip Growth Fund	$	—	$	—	$	11,369,749	$	1,250,107	$	9,146,233	$	1,725,285		$	(3,063,143	)	$	2,135,765
VALIC Co. I Capital Conservation Fund		—		—		10,920,916		1,155,328		3,360,496		(48,059	)		291,450			8,959,139
VALIC Co. I Dividend Value Fund		—		—		30,651,225		2,364,554		—		—			(623,090	)		32,392,689
VALIC Co. I Emerging Economies Fund		—		—		16,083,395		15,901,619		3,632,121		(1,081,669	)		2,007,575			29,278,799
VALIC Co. I Foreign Value Fund		—		—		29,258,337		7,792,437		5,457,470		(833,979	)		(913,575	)		29,845,750
VALIC Co. I Global Real Estate Fund		—		—		42,476,598		—		14,450,949		(468,472	)		810,581			28,367,758
VALIC Co. I Government Securities Fund		—		—		—		5,621,879		808,037		22,510			162,486			4,998,838
VALIC Co. I Inflation Protected Fund		—		—		27,168,351		—		2,962,985		(16,994	)		117,162			24,305,534
VALIC Co. I International Equities Index Fund		—		—		29,235,953		6,072,176		19,114,858		(2,591,619	)		726,575			14,328,227
VALIC Co. I International Government Bond Fund		—		—		14,790,122		1,765,813		1,616,075		(34,709	)		488,722			15,393,873
VALIC Co. I International Growth Fund		—		—		12,180,810		207,201		3,553,372		404,210			(826,155	)		8,412,694
VALIC Co. I Large Cap Core Fund		—		—		6,400,013		2,765,200		—		—			(351,832	)		8,813,381
VALIC Co. I Large Capital Growth Fund		—		—		3,070,439		7,150,664		5,625,657		(625,571	)		206,076			4,175,951
VALIC Co. I Mid Cap Index Fund		—		—		23,358,328		8,742,337		6,217,451		277,708			(1,336,550	)		24,824,372
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		10,038,114		—		—		—			(135,491	)		9,902,623
VALIC Co. INasdaq-100® Index Fund		—		—		15,941,576		2,918,499		—		—			(987,047	)		17,873,028
VALIC Co. I Science & Technology Fund		—		—		22,147,228		4,928,134		—		—			(467,906	)		26,607,456
VALIC Co. I Small Cap Index Fund		—		—		7,771,408		7,730,258		7,140,001		444,131			(485,855	)		8,319,941
VALIC Co. I Small Cap Special Values Fund		—		—		20,114,463		—		7,948,187		461,878			(2,295,508	)		10,332,646
VALIC Co. I Stock Index Fund		—		—		51,100,555		9,024,513		3,510,009		51,956			(1,534,838	)		55,132,177
VALIC Co. I Value Fund		—		—		12,120,568		2,734,587		925,360		383,261			(667,590	)		13,645,466
VALIC Co. II Capital Appreciation Fund		—		—		22,388,386		—		317,458		217,444			(1,229,190	)		21,059,182
VALIC Co. II Core Bond Fund		—		—		10,606,501		8,027,813		7,593,203		(148,204	)		511,313			11,404,220
VALIC Co. II High Yield Bond Fund		—		—		16,835,780		11,124,701		375,066		516			748,931			28,334,862
VALIC Co. II International Opportunities Fund		—		—		20,935,917		4,788,341		2,145,242		321,620			(2,514,863	)		21,385,773
VALIC Co. II Large Cap Value Fund		—		—		30,522,454		6,440,289		—		—			(1,387,232	)		35,575,511
VALIC Co. II Mid Cap Growth Fund		—		—		10,058,488		—		—		—			(385,059	)		9,673,429
VALIC Co. II Mid Cap Value Fund		—		—		24,113,525		1,712,335		4,287,303		(27,898	)		(1,109,815	)		20,400,844
VALIC Co. II Small Cap Growth Fund		—		—		12,585,346		98,740		2,860,308		788,554			(1,560,639	)		9,051,693
VALIC Co. II Small Cap Value Fund		—		—		34,936,655		—		13,954,687		(452,214	)		(3,137,335	)		17,392,419
VALIC Co. II Strategic Bond Fund		—		—		29,613,913		1,276,712		3,544,452		(171,494	)		789,964			27,964,643
	$	—	$	—	$	608,795,113	$	121,594,237	$	130,546,980	$	(1,401,809	)	$	(18,151,878	)	$	580,288,683

† Includes reinvestment of distributions paid.

137

VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

Conservative Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2018		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 02/28/2019
VALIC Co. I Blue Chip Growth Fund	$	—	$	—	$	355,523	$	1,343,674	$	1,479,692	$	(198,846	)	$	(20,659	)	$	—
VALIC Co. I Capital Conservation Fund		—		—		14,999,827		1,232,335		—		—			337,874			16,570,036
VALIC Co. I Dividend Value Fund		—		—		12,063,106		1,520,797		—		—			(275,115.00	)		13,308,788
VALIC Co. I Emerging Economies Fund		—		—		3,858,220		6,340,067		1,978,275		(587,693	)		958,754.00			8,591,073
VALIC Co. I Foreign Value Fund		—		—		12,351,492		4,153,898		5,897,570		(682,781	)		(50,197	)		9,874,842
VALIC Co. I Global Real Estate Fund		—		—		6,846,871		2,401,589		639,061		(35,635	)		353,400			8,927,164
VALIC Co. I Government Securities Fund		—		—		—		8,025,039		—		—			269,616			8,294,655
VALIC Co. I Inflation Protected Fund		—		—		15,263,733		—		1,710,325		(9,528	)		65,040			13,608,920
VALIC Co. I International Equities Index Fund		—		—		13,236,917		7,125,370		17,517,744		(1,994,909	)		1,063,089			1,912,723
VALIC Co. I International Government Bond Fund		—		—		15,035,233		1,830,873		2,164,552		(36,840	)		485,567			15,150,281
VALIC Co. I International Growth Fund		—		—		3,425,602		43,048		1,979,904		(43,884	)		(103,954	)		1,340,908
VALIC Co. I Large Cap Core Fund		—		—		2,912,942		—		420,058		43,856			(153,215	)		2,383,525
VALIC Co. I Large Capital Growth Fund		—		—		862,699		1,003,050		1,672,901		(166,498	)		(15,747	)		10,603
VALIC Co. I Mid Cap Index Fund		—		—		7,392,919		7,477,839		8,478,297		(2,217	)		(145,212	)		6,245,032
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		893,003		802,144		—		—			70,582			1,765,729
VALIC Co. INasdaq-100® Index Fund		—		—		6,176,313		798,622		1,082,276		(65,764	)		(424,526	)		5,402,369
VALIC Co. I Science & Technology Fund		—		—		7,061,333		1,894,028		1,095,529		(111,640	)		2,175			7,750,367
VALIC Co. I Small Cap Index Fund		—		—		1,935,641		1,278,122		1,778,375		(2,383	)		(153,730	)		1,279,275
VALIC Co. I Small Cap Special Values Fund		—		—		9,715,985		—		4,055,914		(60,114	)		(855,982	)		4,743,975
VALIC Co. I Stock Index Fund		—		—		15,695,830		1,317,374		1,109,819		(7,990	)		(496,925	)		15,398,470
VALIC Co. I Value Fund		—		—		3,405,935		—		84,853		35,144			(137,516	)		3,218,710
VALIC Co. II Capital Appreciation Fund		—		—		5,505,327		—		96,945		69,845			(319,162	)		5,159,065
VALIC Co. II Core Bond Fund		—		—		23,123,524		20,428,502		685,408		(12,507	)		940,155			43,794,266
VALIC Co. II High Yield Bond Fund		—		—		44,929,098		7,553,434		18,913,839		(602,123	)		1,387,204			34,353,774
VALIC Co. II International Opportunities Fund		—		—		6,722,148		1,278,122		1,687,961		245,588			(986,697	)		5,571,200
VALIC Co. II Large Cap Value Fund		—		—		8,575,886		1,675,861		—		—			(449,638	)		9,802,109
VALIC Co. II Mid Cap Growth Fund		—		—		880,603		831,295		—		—			42,983			1,754,881
VALIC Co. II Mid Cap Value Fund		—		—		7,089,162		2,791,798		2,990,440		16,605			(264,979	)		6,642,146
VALIC Co. II Small Cap Growth Fund		—		—		3,738,931		—		1,627,132		45,679			(388,341	)		1,769,137
VALIC Co. II Small Cap Value Fund		—		—		10,879,821		—		5,025,934		(326,110	)		(877,170	)		4,650,607
VALIC Co. II Strategic Bond Fund		—		—		73,917,970		9,485,478		22,569,422		(1,505,784	)		2,885,762			62,214,004
	$	—	$	—	$	338,851,594	$	92,632,359	$	106,742,226	$	(5,996,529	)	$	2,743,436		$	321,488,634

† Includes reinvestment of distributions paid.

Moderate Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2018		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 02/28/2019
VALIC Co. I Blue Chip Growth Fund	$	—	$	—	$	17,529,694	$	1,852,154	$	10,395,376	$	1,550,869		$	(3,002,543	)	$	7,534,798
VALIC Co. I Capital Conservation Fund		—		—		28,866,538		2,345,884		1,744,135		(88,562	)		716,257			30,095,982
VALIC Co. I Dividend Value Fund		—		—		39,505,611		10,124,911		—		—			(959,086	)		48,671,436
VALIC Co. I Emerging Economies Fund		—		—		12,758,533		20,718,098		4,997,303		(1,545,035	)		2,737,559			29,671,852
VALIC Co. I Foreign Value Fund		—		—		37,671,537		4,581,889		14,383,475		(1,921,024	)		(110,046	)		25,838,881
VALIC Co. I Global Real Estate Fund		—		—		38,517,791		—		12,099,745		(179,012	)		551,685			26,790,719
VALIC Co. I Government Securities Fund		—		—		—		13,572,321		1,308,101		36,441			413,263			12,713,924
VALIC Co. I Inflation Protected Fund		—		—		43,099,943		—		4,612,682		(28,554	)		188,927			38,647,634
VALIC Co. I International Equities Index Fund		—		—		42,099,317		7,485,769		36,134,186		(3,689,870	)		708,825			10,469,855
VALIC Co. I International Government Bond Fund		—		—		25,791,156		5,330,103		—		—			883,272			32,004,531
VALIC Co. I International Growth Fund		—		—		14,466,933		304,297		7,867,147		1,155,835			(1,867,188	)		6,192,730
VALIC Co. I Large Cap Core Fund		—		—		9,048,778		586,027		—		—			(380,548	)		9,254,257
VALIC Co. I Large Capital Growth Fund		—		—		3,895,884		10,197,996		6,820,230		(717,569	)		320,337			6,876,418
VALIC Co. I Mid Cap Index Fund		—		—		35,954,768		12,147,441		18,057,526		239,351			(1,677,873	)		28,606,161
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		10,996,154		—		—		—			(148,423	)		10,847,731
VALIC Co. INasdaq-100® Index Fund		—		—		20,275,685		8,404,419		—		—			(1,304,404	)		27,375,700
VALIC Co. I Science & Technology Fund		—		—		30,167,305		10,577,113		—		—			(460,197	)		40,284,221
VALIC Co. I Small Cap Index Fund		—		—		7,400,536		7,331,023		6,799,261		388,065			(982,724	)		7,337,639

138

VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

Moderate Growth Lifestyle Fund (continued)

Security	Income		Capital Gain Distribution Received		Value at 08/31/2018		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 02/28/2019
VALIC Co. I Small Cap Special Values Fund	$	—	$	—	$	29,403,393	$	—	$	12,463,846	$	139,021		$	(2,809,200	)	$	14,269,368
VALIC Co. I Stock Index Fund		—		—		61,363,473		25,302,757		—		—			(1,641,837	)		85,024,393
VALIC Co. I Value Fund		—		—		14,423,156		4,609,204		—		—			(330,348	)		18,702,012
VALIC Co. II Capital Appreciation Fund		—		—		26,863,489		—		242,546		168,390			(1,387,368	)		25,401,965
VALIC Co. II Core Bond Fund		—		—		56,324,113		28,553,504		8,163,630		(266,794	)		2,031,459			78,478,652
VALIC Co. II High Yield Bond Fund		—		—		43,007,529		10,526,101		6,373,184		277,546			947,250			48,385,242
VALIC Co. II International Opportunities Fund		—		—		26,109,153		3,665,512		5,572,733		910,117			(3,751,298	)		21,360,751
VALIC Co. II Large Cap Value Fund		—		—		46,001,586		8,469,627		—		—			(2,271,518	)		52,199,695
VALIC Co. II Mid Cap Growth Fund		—		—		11,142,378		—		—		—			(426,552	)		10,715,826
VALIC Co. II Mid Cap Value Fund		—		—		30,856,167		5,498,267		8,644,479		(8,126	)		(1,288,541	)		26,413,288
VALIC Co. II Small Cap Growth Fund		—		—		15,825,486		—		6,011,790		1,695,321			(3,011,311	)		8,497,706
VALIC Co. II Small Cap Value Fund		—		—		46,506,035		—		22,125,886		(1,912,139	)		(2,855,078	)		19,612,932
VALIC Co. II Strategic Bond Fund		—		—		138,878,160		10,332,029		31,296,357		(608,534	)		3,306,530			120,611,828
	$	—	$	—	$	964,750,281	$	212,516,446	$	226,113,618	$	(4,404,263	)	$	(17,860,719	)	$	928,888,127

† 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 six months ended February 28, 2019 were as follows:

Fund	Purchases of Investment Securities (Excluding U.S. Government Securities)		Sales of Investment Securities (Excluding U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Aggressive Growth Lifestyle	$	121,594,237	$	130,546,980	$	—	$	—
Capital Appreciation		23,014,949		23,309,141		—		—
Conservative Growth Lifestyle		92,632,359		106,742,226		—		—
Core Bond		495,645,291		413,650,952		365,377,426		183,016,770
Government Money Market II		—		—		—		—
High Yield Bond		125,028,271		91,879,446		—		—
International Opportunities		139,170,366		176,571,141		—		—
Large Cap Value		119,824,122		114,756,699		—		—
Mid Cap Growth		44,808,712		27,123,790		—		—
Mid Cap Value		158,389,724		252,806,777		—		—
Moderate Growth Lifestyle		212,516,446		226,113,618		—		—
Small Cap Growth		54,956,366		55,308,391		—		—
Small Cap Value		129,968,437		204,387,123		—		—
Socially Responsible		181,843,859		263,725,293		—		—
Strategic Bond		317,093,814		365,791,249		84,372,775		33,188,882

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, 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 February 28, 2019.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
Aggressive Growth Lifestyle	$	559,575,300	$	29,324,940	$	(8,611,557	)	$	20,713,383
Capital Appreciation		90,306,272		15,660,646		(2,977,756	)		12,682,890
Conservative Growth Lifestyle		317,488,271		7,013,627		(3,013,264	)		4,000,363
Core Bond		1,649,799,836		10,487,237		(20,471,989	)		(9,984,752	)
Government Money Market II		120,574,546		—		—			—

139

VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
High Yield Bond	$	674,801,280	$	11,335,698	$	(17,100,534	)	$	(5,764,836	)
International Opportunities		522,580,757		112,603,164		(28,471,302	)		84,131,862
Large Cap Value		262,935,184		21,077,825		(12,205,290	)		8,872,535
Mid Cap Growth		207,249,403		31,871,643		(7,877,419	)		23,994,224
Mid Cap Value		712,965,408		89,023,664		(40,694,814	)		48,328,850
Moderate Growth Lifestyle		899,548,413		38,480,840		(9,141,126	)		29,339,714
Small Cap Growth		177,963,470		36,022,408		(12,750,036	)		23,272,372
Small Cap Value		377,437,923		50,140,281		(26,742,708	)		23,397,573
Socially Responsible		534,716,798		210,149,398		(37,706,815	)		172,442,583
Strategic Bond		923,989,678		6,946,057		(17,864,182	)		(10,918,125	)

@ Unrealized appreciation (depreciation) includes amounts for derivatives.

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 distributable earnings at August 31, 2018 and the tax character of distributions paid during the year ended August 31, 2018 were as follows:

	Distributable Earnings								Tax Distributions
	For the year ended August 31, 2018
Fund	Ordinary Income		Long-term Capital Gains and  Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Aggressive Growth Lifestyle	$	11,408,394	$	50,153,748		$	38,865,261		$	9,804,295	$	18,613,877
Capital Appreciation		4,245,900		22,299,719			17,779,709			434,154		4,650,345
Conservative Growth Lifestyle		10,490,382		12,250,183			1,256,927			8,269,513		1,304,182
Core Bond		36,081,103		(471,632	)		(24,152,523	)		29,745,347		—
Government Money Market II		7,922		—			—			1,175,017		3
High Yield Bond		29,483,669		(11,302,652	)		(5,088,671	)		32,204,893		—
International Opportunities		5,797,758		22,610,854			146,441,422			5,841,813		—
Large Cap Value		7,370,515		18,912,710			26,783,908			2,959,420		8,272,969
Mid Cap Growth		2,607,082		5,580,867			33,646,923			3,368,041		23,021,560
Mid Cap Value		10,149,977		132,034,978			123,859,244			3,732,456		68,024,640
Moderate Growth Lifestyle		20,315,546		64,453,213			47,200,433			16,737,065		18,327,088
Small Cap Growth		6,683,473		38,487,003			45,790,593			—		6,146,636
Small Cap Value		11,991,137		47,156,311			92,627,950			17,762,025		23,149,536
Socially Responsible		12,859,450		49,830,219			289,038,997			13,352,654		12,605,065
Strategic Bond		29,934,832		(12,755,986	)		(21,161,249	)		30,340,988		—

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

As of August 31, 2018, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:

	Unlimited
Fund	ST		LT
Aggressive Growth Lifestyle	$	—	$	—
Capital Appreciation		—		—
Conservative Growth Lifestyle		—		—
Core Bond		471,632		—
Government Money Market II		—		—
High Yield Bond		2,050,851		9,251,801
International Opportunities		—		—
Large Cap Value		—		—
Mid Cap Growth		—		—
Mid Cap Value		—		—
Moderate Growth Lifestyle		—		—
Small Cap Growth		—		—
Small Cap Value		—		—

140

VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

	Unlimited
Fund	ST		LT
Socially Responsible	$	—	$	—
Strategic Bond		—		12,755,986

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, 2018, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital  Loss		Deferred Post-October Long-Term Capital  Loss
Aggressive Growth Lifestyle	$	—	$	—	$	—
Capital Appreciation		—		—		—
Conservative Growth Lifestyle		—		—		—
Core Bond		—		8,192,783		3,680,765
Government Money Market II		—		7,492		—
High Yield Bond		—		—		—
International Opportunities		—		—		—
Large Cap Value		—		—		—
Mid Cap Growth		236,748		—		—
Mid Cap Value		110,267		—		—
Moderate Growth Lifestyle		—		—		—
Small Cap Growth		801,899		—		—
Small Cap Value		—		—		—
Socially Responsible		—		—		—
Strategic Bond		—		9,210,959		1,568,953

On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. All required changes have been made in accordance with the Act.

Note 6— Capital Share Transactions

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

	Aggressive Growth Lifestyle												Capital Appreciation
	For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018						For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,219,118		$	12,948,442			2,261,629		$	25,539,244			270,571		$	5,080,005			333,830		$	6,131,430
Reinvested dividends		—			—			2,530,559			28,418,172			—			—			270,452			5,084,499
Shares redeemed		(2,017,658	)		(21,420,442	)		(4,299,771	)		(48,657,119	)		(295,743	)		(5,519,957	)		(689,625	)		(12,617,620	)
Net increase (decrease)		(798,540	)	$	(8,472,000	)		492,417		$	5,300,297			(25,172	)	$	(439,952	)		(85,343	)	$	(1,401,691	)
	Conservative Growth Lifestyle												Core Bond
	For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018						For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		599,932		$	7,163,232			2,377,368		$	29,437,020			31,124,009		$	334,653,859			29,511,097		$	323,398,151
Reinvested dividends		—			—			784,086			9,573,695			—			—			2,798,245			29,745,347
Shares redeemed		(1,776,082	)		(21,055,420	)		(3,319,276	)		(41,064,118	)		(7,607,396	)		(81,765,198	)		(12,929,573	)		(140,882,086	)
Net increase (decrease)		(1,176,150	)	$	(13,892,188	)		(157,822	)	$	(2,053,403	)		23,516,613		$	252,888,661			19,379,769		$	212,261,412

141

VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

	Government Money Market II												High Yield Bond
	For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018						For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		24,834,613		$	24,834,613			68,624,800		$	68,624,800			12,169,129		$	91,131,664			11,100,701		$	86,814,583
Reinvested dividends		989,541			989,541			1,175,020			1,175,020			—			—			4,322,804			32,204,893
Shares redeemed		(44,179,999	)		(44,179,999	)		(65,749,606	)		(65,749,606	)		(8,039,732	)		(60,060,678	)		(11,359,541	)		(88,505,311	)
Net increase (decrease)		(18,355,845	)	$	(18,355,845	)		4,050,214		$	4,050,214			4,129,397		$	31,070,986			4,063,964		$	30,514,165
	International Opportunities												Large Cap Value
	For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018						For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,972,348		$	36,778,421			3,699,729		$	76,917,051			851,953		$	18,140,860			2,543,267		$	56,659,816
Reinvested dividends		—			—			265,537			5,841,813			—			—			505,508			11,232,389
Shares redeemed		(4,906,779	)		(94,854,664	)		(4,618,761	)		(98,052,241	)		(711,301	)		(15,307,010	)		(1,537,976	)		(34,393,009	)
Net increase (decrease)		(2,934,431	)	$	(58,076,243	)		(653,495	)	$	(15,293,377	)		140,652		$	2,833,852			1,510,799		$	33,499,196
	Mid Cap Growth												Mid Cap Value
	For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018						For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,060,844		$	29,590,710			6,349,160		$	67,710,409			1,150,829		$	23,420,824			2,219,283		$	48,598,719
Reinvested dividends		—			—			2,513,295			26,389,601			—			—			3,290,101			71,757,096
Shares redeemed		(1,288,929	)		(12,436,754	)		(1,591,525	)		(17,636,947	)		(6,154,195	)		(126,505,849	)		(13,359,809	)		(303,976,044	)
Net increase (decrease)		1,771,915		$	17,153,956			7,270,930		$	76,463,063			(5,003,366	)	$	(103,085,025	)		(7,850,425	)	$	(183,620,229	)
	Moderate Growth Lifestyle												Small Cap Growth
	For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018						For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,521,924		$	21,817,454			3,727,590		$	55,563,392			1,261,096		$	26,068,771			3,205,402		$	65,066,801
Reinvested dividends		—			—			2,364,407			35,064,153			—			—			275,881			6,146,636
Shares redeemed		(2,460,915	)		(34,957,914	)		(4,798,128	)		(71,646,941	)		(1,328,205	)		(27,001,751	)		(2,330,204	)		(48,215,461	)
Net increase (decrease)		(938,991	)	$	(13,140,460	)		1,293,869		$	18,980,604			(67,109	)	$	(932,980	)		1,151,079		$	22,997,976
	Small Cap Value												Socially Responsible
	For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018						For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,064,858		$	28,381,109			2,328,908		$	35,596,185			440,779		$	9,273,534			742,747		$	16,277,508
Reinvested dividends		—			—			2,630,969			40,911,561			—			—			1,164,545			25,957,719
Shares redeemed		(8,153,372	)		(114,640,166	)		(7,571,033	)		(118,265,313	)		(3,302,785	)		(73,059,809	)		(7,434,125	)		(161,992,247	)
Net increase (decrease)		(6,088,514	)	$	(86,259,057	)		(2,611,156	)	$	(41,757,567	)		(2,862,006	)	$	(63,786,275	)		(5,526,833	)	$	(119,757,020	)
	Strategic Bond
	For the six months ended February 28,  2019 (unaudited)						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		8,337,981		$	90,640,623			17,840,623		$	200,318,993
Reinvested dividends		—			—			2,814,563			30,340,988
Shares redeemed		(9,181,447	)		(99,503,500	)		(7,925,949	)		(88,522,743	)
Net increase (decrease)		(843,466	)	$	(8,862,877	)		12,729,237		$	142,137,238

142

VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the six months ended February 28, 2019, the amount of expense reductions received by each Fund used to offset non-affiliated expenses are reflected as Fees paid indirectly in the Statement of Operations.

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, and if the issuer defaults, a 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, Government Money Market II Fund and Strategic Bond Fund’s concentration in such investments, these funds may be subject to risks associated with the U.S. Government agencies or instrumentalities.

The International Opportunities Fund invests internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility.

Each Fund, except the Government 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.

Note 9— Line of Credit

The Series, along with certain other funds managed by the Adviser, has access to a $85 million committed unsecured line of credit and a $40 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Series’ custodian. Interest is currently payable under the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Series, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted lines of credit made available by State Street to the Series and certain other funds managed by the Adviser, which are also party to the uncommitted lines of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. For the six months ended February 28, 2019, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
High Yield Bond		1	$	97	$	958,295		3.63	%
International Opportunities		2		206		1,047,303		3.56	%
Large Cap Value		13		508		407,310		3.56	%
Mid Cap Growth		1		61		579,213		3.76	%
Mid Cap Value		1		14		133,974		3.63	%
Moderate Growth Lifestyle		5		285		580,165		3.53	%
Small Cap Growth		1		291		2,941,773		3.56	%
Small Cap Value		1		10		103,358		3.63	%
Socially Responsible		18		7,316		4,175,655		3.48	%

At February 28, 2019, 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 six months ended February 28, 2019, none of the Funds participated in this program.

143

VALIC Company II

NOTES TO FINANCIAL STATEMENTS(unaudited) —(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 six months ended February 28, 2019, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain/ (Loss)
International Opportunities	$	24,007	$	406,687	$	42,918
Mid Cap Growth		145,726		309,287		(12,801	)
Mid Cap Value		524,566		200,753		(43,172	)

Note 12— Unfunded Loan Commitments

At February 28, 2019, Strategic Bond Fund had the following unfunded loan commitments which could be extended at the option of the Borrower:

Borrower	Type		Maturity Date		Principal Amount		Value
Mavis Tire Express Services Corp., Inc.		Delayed Draw		03/20/2025	$	51,217	$	49,936

144

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
	Six Months Ended February  28, 2019(f)			Year Ended August 31,															Six Months Ended February  28, 2019(f)			Year Ended August 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	11.34		$	10.68		$	10.41		$	10.67		$	12.04		$	10.30		$	20.13		$	16.55		$	15.99		$	16.35		$	15.88		$	12.82
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		0.17			0.16			0.19			0.20			0.18			0.04			0.04			0.08			0.09			0.06			0.05
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.35	)		1.04			0.93			0.56			(0.52	)		1.77			(0.96	)		4.51			2.12			1.20			0.46			3.08
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(0.36	)		1.21			1.09			0.75			(0.32	)		1.95			(0.92	)		4.55			2.20			1.29			0.52			3.13
Distributions from:
Net investment income		–			(0.16	)		(0.21	)		(0.23	)		(0.19	)		(0.11	)		–			(0.08	)		(0.08	)		(0.06	)		(0.05	)		(0.07	)
Net realized gain on securities		–			(0.39	)		(0.61	)		(0.78	)		(0.86	)		(0.10	)		–			(0.89	)		(1.56	)		(1.59	)		–			–
Total distributions		–			(0.55	)		(0.82	)		(1.01	)		(1.05	)		(0.21	)		–			(0.97	)		(1.64	)		(1.65	)		(0.05	)		(0.07	)
Net asset value at end of period	$	10.98		$	11.34		$	10.68		$	10.41		$	10.67		$	12.04		$	19.21		$	20.13		$	16.55		$	15.99		$	16.35		$	15.88
TOTAL RETURN(a)		(3.17	)%		11.39	%		10.61	%		7.53	%		(3.17	)%		19.03	%		(4.57	)%		27.94	%		14.13	%		8.33	%		3.28	%		24.43	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)(g)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.85	%(g)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.14	%(e)(g)		0.14	%(e)		0.14	%(e)		0.15	%(e)		0.14	%(e)		0.14	%(e)		0.99	%(g)		0.99	%		0.99	%		1.00	%		0.98	%		0.99	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.00	%(g)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		(0.10	)%(e)(g)		1.49	%(e)		1.47	%(e)		1.78	%(e)		1.71	%(e)		1.56	%(e)		0.43	%(g)		0.22	%		0.50	%		0.52	%		0.36	%		0.31	%
Ratio of net investment income (loss) to average net assets(c)		(0.14	)%(e)(g)		1.45	%(e)		1.44	%(e)		1.73	%(e)		1.67	%(e)		1.52	%(e)		0.29	%(g)		0.08	%		0.36	%		0.37	%		0.23	%		0.17	%
Portfolio turnover rate		21	%		49	%		36	%		24	%		31	%		32	%		23	%		124	%		66	%		54	%		44	%		44	%
Number of shares outstanding at end of period (000’s)		52,861			53,660			53,168			51,410			47,707			42,546			5,424			5,449			5,535			5,313			5,014			5,491
Net assets at the end of period (000’s)	$	580,401		$	608,709		$	567,843		$	535,245		$	508,890		$	512,113		$	104,172		$	109,697		$	91,579		$	84,946		$	81,961		$	87,214

^(a)   Total return is not annualized and 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.

^(f)  Unaudited

^(g)  Annualized

See Notes to Financial Statements

145

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
	Six Months Ended February  28, 2019(f)			Year Ended August 31,															Six Months Ended February  28, 2019(f)			Year Ended August 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	12.31		$	12.07		$	11.82		$	11.95		$	13.12		$	12.13		$	10.74		$	11.15		$	11.30		$	10.93		$	11.09		$	10.69
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		0.31			0.28			0.30			0.31			0.29			0.16			0.30			0.27			0.24			0.23			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.09	)		0.28			0.39			0.41			(0.62	)		1.31			0.03			(0.45	)		(0.12	)		0.38			(0.16	)		0.44
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(0.10	)		0.59			0.67			0.71			(0.31	)		1.60			0.19			(0.15	)		0.15			0.62			0.07			0.68
Distributions from:
Net investment income		–			(0.28	)		(0.32	)		(0.34	)		(0.29	)		(0.26	)		–			(0.26	)		(0.30	)		(0.22	)		(0.23	)		(0.20	)
Net realized gain on securities		–			(0.07	)		(0.10	)		(0.50	)		(0.57	)		(0.35	)		–			(0.00	)		–			(0.03	)		–			(0.08	)
Total distributions		–			(0.35	)		(0.42	)		(0.84	)		(0.86	)		(0.61	)		–			(0.26	)		(0.30	)		(0.25	)		(0.23	)		(0.28	)
Net asset value at end of period	$	12.21		$	12.31		$	12.07		$	11.82		$	11.95		$	13.12		$	10.93		$	10.74		$	11.15		$	11.30		$	10.93		$	11.09
TOTAL RETURN(a)		(0.81	)%		4.94	%		5.76	%		6.19	%		(2.65	)%		13.34	%		1.77	%		(1.32	)%		1.37	%		5.78	%		0.62	%		6.44	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)(g)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.77	%(g)		0.77	%		0.77	%		0.77	%		0.77	%		0.77	%
Ratio of expenses to average net assets(c)		0.15	%(e)(g)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.14	%(e)		0.15	%(e)		0.78	%(g)		0.78	%		0.80	%		0.79	%		0.79	%		0.80	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.10	)%(e)(g)		2.47	%(e)		2.31	%(e)		2.51	%(e)		2.45	%(e)		2.26	%(e)		3.13	%(g)		2.80	%		2.40	%		2.16	%		2.10	%		2.24	%
Ratio of net investment income (loss) to average net assets(c)		(0.15	)%(e)(g)		2.43	%(e)		2.27	%(e)		2.46	%(e)		2.40	%(e)		2.22	%(e)		3.12	%(g)		2.78	%		2.37	%		2.15	%		2.08	%		2.21	%
Portfolio turnover rate		29	%		44	%		38	%		27	%		33	%		31	%		44	%		73	%		76	%		139	%		153	%		169	%
Number of shares outstanding at end of period (000’s)		26,340			27,516			27,674			27,779			27,270			24,601			142,948			119,431			100,052			106,434			97,489			85,364
Net assets at the end of period (000’s)	$	321,488		$	338,793		$	333,907		$	328,390		$	325,797		$	322,764		$	1,563,095		$	1,282,586		$	1,115,936		$	1,202,915		$	1,065,803		$	946,699

^(a)   Total return is not annualized and 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.

^(f)  Unaudited

^(g)  Annualized

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.

	Government Money Market II Fund																		High Yield Bond Fund
	Six Months Ended February  28, 2019(f)			Year Ended August 31,															Six Months Ended February  28, 2019(f)			Year Ended August 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	7.53		$	7.75		$	7.56		$	7.40		$	7.93		$	7.63
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			0.01			0.00			0.00			0.00			0.00			0.20			0.40			0.41			0.37			0.38			0.41
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.00	)		(0.00	)		0.00			0.00			0.00			0.00			(0.05	)		(0.18	)		0.15			0.13			(0.53	)		0.28
Net increase from payments by affiliates		–			–			–			–			0.00			–			–			–			–			–			–			–
Total income (loss) from investment operations		0.01			0.01			0.00			0.00			0.00			0.00			0.15			0.22			0.56			0.50			(0.15	)		0.69
Distributions from:
Net investment income		(0.01	)		(0.01	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		–			(0.44	)		(0.37	)		(0.34	)		(0.38	)		(0.39	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		(0.01	)		(0.01	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		–			(0.44	)		(0.37	)		(0.34	)		(0.38	)		(0.39	)
Net asset value at end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	7.68		$	7.53		$	7.75		$	7.56		$	7.40		$	7.93
TOTAL RETURN(a)		0.83	%		0.91	%		0.16	%		0.01	%		0.01	%(e)		0.01	%		1.99	%		2.89	%		7.54	%		7.07	%		(2.02	)%		9.10	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.55	%(g)		0.55	%		0.50	%		0.32	%		0.15	%		0.15	%		0.96	%(g)		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Ratio of expenses to average net assets(c)		0.66	%(g)		0.65	%		0.70	%		0.66	%		0.64	%		0.63	%		0.97	%(g)		0.97	%		0.97	%		0.99	%		0.98	%		0.99	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.66	%(g)		0.91	%		0.16	%		0.01	%		0.01	%		0.01	%		5.51	%(g)		5.16	%		5.27	%		5.16	%		5.00	%		5.25	%
Ratio of net investment income (loss) to average net assets(c)		1.54	%(g)		0.81	%		(0.04	)%		(0.33	)%		(0.48	)%		(0.47	)%		5.50	%(g)		5.15	%		5.26	%		5.13	%		4.97	%		5.22	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A			N/A			17	%		26	%		52	%		36	%		36	%		37	%
Number of shares outstanding at end of period (000’s)		118,610			136,966			132,916			141,263			159,882			170,830			80,654			76,525			72,461			78,148			63,332			53,018
Net assets at the end of period (000’s)	$	118,631		$	136,987		$	132,944		$	141,291		$	159,905		$	170,575		$	619,440		$	576,553		$	561,480		$	590,679		$	468,855		$	420,459

^(a)   Total return is not annualized and 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)  Unaudited

^(g)  Annualized

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.

	International Opportunities Fund																		Large Cap Value Fund
	Six Months Ended February  28, 2019(e)			Year Ended August 31,															Six Months Ended February  28, 2019(e)			Year Ended August 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	21.31		$	19.38		$	16.00		$	15.08		$	15.50		$	13.78		$	22.76		$	20.66		$	18.41		$	17.08		$	17.58		$	14.51
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			0.13			0.14			0.14			0.16			0.16			0.18			0.30			0.24			0.27			0.20			0.22
Net realized and unrealized gain (loss) on investments and foreign currencies		(2.15	)		1.97			3.49			0.94			(0.38	)		1.75			(1.34	)		2.80			2.27			1.27			(0.46	)		3.04
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(2.14	)		2.10			3.63			1.08			(0.22	)		1.91			(1.16	)		3.10			2.51			1.54			(0.26	)		3.26
Distributions from:
Net investment income		–			(0.17	)		(0.25	)		(0.16	)		(0.20	)		(0.19	)		–			(0.26	)		(0.26	)		(0.21	)		(0.24	)		(0.19	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.74	)		–			–			–			–
Total distributions		–			(0.17	)		(0.25	)		(0.16	)		(0.20	)		(0.19	)		–			(1.00	)		(0.26	)		(0.21	)		(0.24	)		(0.19	)
Net asset value at end of period	$	19.17		$	21.31		$	19.38		$	16.00		$	15.08		$	15.50		$	21.60		$	22.76		$	20.66		$	18.41		$	17.08		$	17.58
TOTAL RETURN(a)		(10.04	)%		10.81	%		22.81	%		7.23	%		(1.50	)%		13.88	%		(5.10	)%		15.12	%		13.66	%		9.09	%		(1.56	)%		22.55	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.00	%(f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		0.81	%(f)		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%
Ratio of expenses to average net assets(c)		1.22	%(f)		1.20	%		1.22	%		1.21	%		1.21	%		1.21	%		0.88	%(f)		0.88	%		0.88	%		0.89	%		0.88	%		0.88	%
Ratio of expense reductions to average net assets		–			–			–			0.00	%		0.01	%		0.00	%		0.01	%(f)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		0.08	%(f)		0.61	%		0.82	%		0.91	%		1.02	%		1.05	%		1.73	%(f)		1.35	%		1.21	%		1.59	%		1.11	%		1.31	%
Ratio of net investment income (loss) to average net assets(c)		(0.14	)%(f)		0.41	%		0.60	%		0.70	%		0.81	%		0.84	%		1.67	%(f)		1.27	%		1.14	%		1.51	%		1.04	%		1.24	%
Portfolio turnover rate		23	%		46	%		62	%		58	%		59	%		72	%		43	%		90	%		77	%		71	%		72	%		54	%
Number of shares outstanding at end of period (000’s)		31,049			33,984			34,637			37,260			39,548			37,851			12,621			12,480			10,969			12,540			11,333			12,597
Net assets at the end of period (000’s)	$	595,348		$	724,027		$	671,097		$	596,055		$	596,301		$	586,631		$	272,637		$	284,086		$	226,626		$	230,844		$	193,602		$	221,453

^(a)   Total return is not annualized and 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)  Unaudited

^(f)  Annualized

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.

	Mid Cap Growth Fund																		Mid Cap Value Fund
	Six Months Ended February  28, 2019(e)			Year Ended August 31,															Six Months Ended February  28, 2019(e)			Year Ended August 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	10.71		$	10.06		$	8.42		$	8.81		$	10.13		$	9.76		$	22.13		$	21.23		$	20.45		$	21.82		$	25.15		$	21.66
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			(0.02	)		0.00			(0.02	)		(0.02	)		(0.05	)		0.09			0.09			0.07			0.14			0.07			0.05
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.41	)		2.56			1.64			0.24			0.27			1.33			(1.33	)		2.62			2.17			1.73			(0.82	)		5.06
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(0.41	)		2.54			1.64			0.22			0.25			1.28			(1.24	)		2.71			2.24			1.87			(0.75	)		5.11
Distributions from:
Net investment income		–			(0.02	)		–			–			–			(0.01	)		–			(0.09	)		(0.13	)		(0.06	)		(0.05	)		(0.08	)
Net realized gain on securities		–			(1.87	)		–			(0.61	)		(1.57	)		(0.90	)		–			(1.72	)		(1.33	)		(3.18	)		(2.53	)		(1.54	)
Total distributions		–			(1.89	)		–			(0.61	)		(1.57	)		(0.91	)		–			(1.81	)		(1.46	)		(3.24	)		(2.58	)		(1.62	)
Net asset value at end of period	$	10.30		$	10.71		$	10.06		$	8.42		$	8.81		$	10.13		$	20.89		$	22.13		$	21.23		$	20.45		$	21.82		$	25.15
TOTAL RETURN(a)		(3.83	)%		25.54	%		19.48	%		3.01	%		1.66	%		13.86	%		(5.60	)%		12.90	%		11.02	%		9.62	%		(3.61	)%		23.97	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%(f)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.05	%(f)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of expenses to average net assets(c)		1.12	%(f)		1.15	%		1.17	%		1.17	%		1.14	%		1.17	%		1.07	%(f)		1.05	%		1.05	%		1.06	%		1.06	%		1.05	%
Ratio of expense reductions to average net assets		0.00	%(f)		0.00	%		0.00	%		0.01	%		0.01	%		0.01	%		0.00	%(f)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		0.02	%(f)		(0.18	)%		0.04	%		(0.27	)%		(0.26	)%		(0.47	)%		0.87	%(f)		0.40	%		0.32	%		0.65	%		0.28	%		0.22	%
Ratio of net investment income (loss) to average net assets(c)		(0.25	)%(f)		(0.49	)%		(0.28	)%		(0.59	)%		(0.54	)%		(0.79	)%		0.85	%(f)		0.40	%		0.32	%		0.64	%		0.27	%		0.22	%
Portfolio turnover rate		13	%		35	%		162	%		92	%		102	%		175	%		21	%		44	%		44	%		44	%		56	%		29	%
Number of shares outstanding at end of period (000’s)		22,356			20,584			13,313			14,338			17,507			16,118			36,408			41,411			49,262			48,776			42,460			38,551
Net assets at the end of period (000’s)	$	230,197		$	220,444		$	133,988		$	120,774		$	154,291		$	163,273		$	760,496		$	916,284		$	1,046,046		$	997,576		$	926,580		$	969,591

^(a)   Total return is not annualized and 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)  Unaudited

^(f)  Annualized

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.

	Moderate Growth Lifestyle Fund																		Small Cap Growth Fund
	Six Months Ended February 28, 2019(f)			Year Ended August 31,															Six Months Ended February  28, 2019(f)			Year Ended August 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	15.00		$	14.23		$	13.98		$	14.09		$	15.61		$	13.93		$	23.31		$	16.98		$	14.20		$	15.31		$	16.27		$	16.11
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		0.26			0.24			0.30			0.29			0.28			(0.06	)		(0.12	)		(0.08	)		(0.03	)		(0.04	)		(0.14	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.33	)		1.08			0.92			0.70			(0.65	)		1.99			(1.39	)		7.14			3.72			0.42			0.97			1.68
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(0.34	)		1.34			1.16			1.00			(0.36	)		2.27			(1.45	)		7.02			3.64			0.39			0.93			1.54
Distributions from:
Net investment income		–			(0.24	)		(0.32	)		(0.32	)		(0.28	)		(0.20	)		–			–			–			–			–			–
Net realized gain on securities		–			(0.33	)		(0.59	)		(0.79	)		(0.88	)		(0.39	)		–			(0.69	)		(0.86	)		(1.50	)		(1.89	)		(1.38	)
Total distributions		–			(0.57	)		(0.91	)		(1.11	)		(1.16	)		(0.59	)		–			(0.69	)		(0.86	)		(1.50	)		(1.89	)		(1.38	)
Net asset value at end of period	$	14.66		$	15.00		$	14.23		$	13.98		$	14.09		$	15.61		$	21.86		$	23.31		$	16.98		$	14.20		$	15.31		$	16.27
TOTAL RETURN(a)		(2.27	)%		9.44	%		8.42	%		7.48	%		(2.68	)%		16.46	%		(6.22	)%		41.51	%		26.05	%		4.40	%		5.26	%		10.33	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)(g)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		1.16	%(g)		1.16	%		1.16	%		1.16	%		1.16	%		1.16	%
Ratio of expenses to average net assets(c)		0.13	%(e)(g)		0.13	%(e)		0.14	%(e)		0.14	%(e)		0.13	%(e)		0.13	%(e)		1.22	%(g)		1.22	%		1.25	%		1.29	%		1.25	%		1.26	%
Ratio of expense reduction to average net assets		–			–			–			–			–			–			0.01	%(g)		0.00	%		0.00	%		0.01	%		0.01	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		(0.10	)%(e)(g)		1.75	%(e)		1.68	%(e)		2.15	%(e)		1.92	%(e)		1.84	%(e)		(0.59	)%(g)		(0.61	)%		(0.53	)%		(0.22	)%		(0.25	)%		(0.83	)%
Ratio of net investment income (loss) to average net assets(c)		(0.13	)%(e)(g)		1.72	%(e)		1.65	%(e)		2.11	%(e)		1.89	%(e)		1.81	%(e)		(0.65	)%(g)		(0.67	)%		(0.62	)%		(0.35	)%		(0.34	)%		(0.93	)%
Portfolio turnover rate		23	%		47	%		36	%		33	%		30	%		27	%		29	%		63	%		40	%		39	%		49	%		63	%
Number of shares outstanding at end of period (000’s)		63,358			64,297			63,003			60,581			56,655			51,152			9,172			9,239			8,088			7,035			7,185			7,001
Net assets at the end of period (000’s)	$	928,749		$	964,607		$	896,346		$	846,974		$	798,444		$	798,521		$	200,483		$	215,384		$	137,330		$	99,884		$	110,029		$	113,907

^(a)   Total return is not annualized and 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.

^(f)  Unaudited

^(g)  Annualized

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.

	Small Cap Value Fund																		Socially Responsible Fund
	Six Months Ended February  28, 2019(e)			Year Ended August 31,															Six Months Ended February  28, 2019(e)			Year Ended August 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	15.74		$	14.47		$	13.57		$	14.01		$	16.65		$	15.83		$	23.09		$	20.15		$	19.23		$	18.55		$	18.56		$	14.84
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.15			0.11			0.13			0.17			0.09			0.16			0.30			0.29			0.28			0.26			0.22
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.62	)		2.36			1.48			1.27			(0.56	)		2.70			(0.75	)		3.39			2.33			1.89			(0.05	)		3.74
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(1.53	)		2.51			1.59			1.40			(0.39	)		2.79			(0.59	)		3.69			2.62			2.17			0.21			3.96
Distributions from:
Net investment income		–			(0.13	)		(0.14	)		(0.17	)		(0.10	)		(0.17	)		–			(0.35	)		(0.29	)		(0.28	)		(0.22	)		(0.24	)
Net realized gain on securities		–			(1.11	)		(0.55	)		(1.67	)		(2.15	)		(1.80	)		–			(0.40	)		(1.41	)		(1.21	)		–			–
Total distributions		–			(1.24	)		(0.69	)		(1.84	)		(2.25	)		(1.97	)		–			(0.75	)		(1.70	)		(1.49	)		(0.22	)		(0.24	)
Net asset value at end of period	$	14.21		$	15.74		$	14.47		$	13.57		$	14.01		$	16.65		$	22.50		$	23.09		$	20.15		$	19.23		$	18.55		$	18.56
TOTAL RETURN(a)		(9.72	)%		17.40	%		11.61	%		11.27	%		(3.38	)%		18.39	%		(2.56	)%		18.49	%		13.90	%		12.16	%		1.06	%		26.82	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.95	%(f)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.56	%(f)		0.56	%		0.56	%		0.56	%		0.56	%		0.56	%
Ratio of expenses to average net assets(c)		1.05	%(f)		1.03	%		1.03	%		1.04	%		1.03	%		1.03	%		0.61	%(f)		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Ratio of expense reductions to average net assets		0.01	%(f)		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.21	%(f)		0.96	%		0.71	%		0.98	%		1.02	%		0.54	%		1.45	%(f)		1.37	%		1.46	%		1.47	%		1.35	%		1.29	%
Ratio of net investment income (loss) to average net assets(c)		1.11	%(f)		0.88	%		0.62	%		0.89	%		0.95	%		0.46	%		1.40	%(f)		1.33	%		1.41	%		1.42	%		1.31	%		1.25	%
Portfolio turnover rate		30	%		46	%		79	%		59	%		50	%		47	%		26	%		5	%		0	%		25	%		31	%		26	%
Number of shares outstanding at end of period (000’s)		27,882			33,971			36,582			37,866			34,784			33,516			31,313			34,175			39,701			39,360			39,153			36,604
Net assets at the end of period (000’s)	$	396,304		$	534,548		$	529,505		$	513,783		$	487,157		$	558,170		$	704,490		$	789,118		$	799,898		$	756,821		$	726,460		$	679,235

^(a)   Total return is not annualized and 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)  Unaudited

^(f)  Annualized

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.

	Strategic Bond Fund
	Six Months Ended February  28, 2019(c)			Year Ended August 31,
				2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	10.86		$	11.38		$	11.28		$	11.00		$	11.77		$	11.23
Income (loss) from investment operations:
Net investment income (loss)(b)		0.22			0.42			0.39			0.38			0.42			0.48
Net realized and unrealized gain (loss) on investments and foreign currencies		0.03			(0.53	)		0.13			0.39			(0.68	)		0.62
Net increase from payments by affiliates		–			–			–			–			–			–
Total income (loss) from investment operations		0.25			(0.11	)		0.52			0.77			(0.26	)		1.10
Distributions from:
Net investment income		–			(0.41	)		(0.42	)		(0.45	)		(0.41	)		(0.44	)
Net realized gain on securities		–			–			–			(0.04	)		(0.10	)		(0.12	)
Total distributions		–			(0.41	)		(0.42	)		(0.49	)		(0.51	)		(0.56	)
Net asset value at end of period	$	11.11		$	10.86		$	11.38		$	11.28		$	11.00		$	11.77
TOTAL RETURN(a)		2.30	%		(0.96	)%		4.75	%		7.15	%		(2.32	)%		9.89	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets		0.87	%(d)		0.87	%		0.88	%		0.88	%		0.87	%		0.88	%
Ratio of expenses to average net assets		0.87	%(d)		0.87	%		0.88	%		0.88	%		0.87	%		0.88	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets		4.12	%(d)		3.73	%		3.48	%		3.51	%		3.67	%		4.11	%
Ratio of net investment income (loss) to average net assets		4.12	%(d)		3.73	%		3.48	%		3.51	%		3.67	%		4.11	%
Portfolio turnover rate		49	%		133	%		118	%		162	%		132	%		150	%
Number of shares outstanding at end of period (000’s)		77,730			78,574			65,845			72,983			71,428			64,149
Net assets at the end of period (000’s)	$	863,543		$	853,401		$	749,055		$	823,464		$	785,635		$	755,092

^(a)   Total return is not annualized and 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)  The per share amounts are calculated using the average share method.

^(c) Unaudited

^(d) Annualized

See Notes to Financial Statements

152

VALIC Company II

BOARD OF TRUSTEES

Thomas J. Brown

Judith L. Craven

Timothy J. Ebner

Gustavo E. Gonzales, Jr.

Peter A. Harbeck

Kenneth J. Lavery

Eric S. Levy

John E. Maupin, Jr.

CUSTODIAN

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

INVESTMENT ADVISER

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

INVESTMENT SUBADVISERS

BMO Asset Management Corp.

115 S. LaSalle Street

Chicago, Illinois 60603

Delaware Investments Fund Advisers

2005 Market Street

Philadelphia, PA 19103

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

PineBridge Investments, LLC

399 Park Avenue

New York, New York 10022

Boston Partners Global Investors, Inc. d/b/a Boston Partners

909 Third Avenue, 32nd Floor

New York, New York 10022

SunAmerica Asset Management, LLC

Haborside 5

185 Hudson Street, Suite 3300

Jersey City, New Jersey 07311

The Boston Company Asset Management, LLC

One Boston Place

Boston, Massachusetts 02108

Wellington Management Company LLP

280 Congress Street

Boston, Massachusetts 02210

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

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

Thomas M. Ward,

Vice President

Shawn Parry,

Vice President and Assistant Treasurer

Donna McManus,

Vice President and Assistant Treasurer

Christopher C. Joe,

Chief Compliance Officer

Matthew J. Hackethal,

Anti-Money Laundering Compliance Officer

Christopher J. Tafone,

Assistant Secretary

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 onForm 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.

The accompanying report has not been audited by Independent accountants and accordingly no opinion has been expressed thereon.

153

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CLICKVALIC.com     CALL1-800-448-2542      VISITyourfinancial advisor

Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (“VFA”), member FINRA, SIPC and an SEC-registered investment advisor. VFA registered representatives offer securities and other products under retirement plans and IRAs, and to clients outside of such arrangements.

Annuities issued by The Variable Annuity Life Insurance Company (“VALIC”). Variable annuities distributed by its affiliate, AIG Capital Services, Inc. (“ACS”), member FINRA. VALIC, VFA and ACS are members of American International Group, Inc. (“AIG”).

Copyright_© The Variable Annuity Life Insurance Company. All rights reserved.

VC 23800 (06/2017) J102011   EE

VALIC Company II P.O. Box 3206 Houston, TX 77253-3206 PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765

VC 11387   (02/2019)   J55301

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-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 RegulationS-K (17 CFR 229.407)(as required by 22(b)(15)) of Schedule 14A (17 CFR240.14a-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 Rule30a-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 Rule30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Not applicable.

(2) Certification pursuant to Rule30a-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 Rule30a-2 (b) under the Investment Company Act of 1940 (17 CFR270.30a-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: May 8, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: May 8, 2019

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: May 8, 2019