VALIC Co II N-CSR Certified 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: August 31, 2019

Item 1. Reports to Stockholders

VALIC Company II

Annual Report, August 31, 2019

SAVING : INVESTING : PLANNING

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 at1-800-448-2542 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 contacting1-866-345-5954 or visiting FundReports.com and providing the20-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

ANNUAL REPORT AUGUST 31, 2019

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolios of Investments:
Aggressive Growth Lifestyle Fund	4
Capital Appreciation Fund	6
Conservative Growth Lifestyle Fund	9
Core Bond Fund	11
Government Money Market II Fund	33
High Yield Bond Fund	35
International Opportunities Fund	47
Large Cap Value Fund	54
Mid Cap Growth Fund	58
Mid Cap Value Fund	62
Moderate Growth Lifestyle Fund	67
Small Cap Growth Fund	69
Small Cap Value Fund	73
Strategic Bond Fund	81
U.S. Socially Responsible Fund	112
Statements of Assets and Liabilities	119
Statements of Operations	121
Statements of Changes in Net Assets	123
Notes to Financial Statements	127
Financial Highlights	147
Report of Independent Registered Public Accounting Firm	155
Approval of Advisory Agreements	156
Trustee and Officer Information	161
Shareholders Tax Information	163
Comparisons: Funds vs. Indexes	164
Supplements to the Prospectus	187

VALIC Company II

PRESIDENT’S LETTER

Dear Valued Investor:

We are pleased to provide you with the following Annual Report for VALIC Company II consisting of investment portfolio information and financial statements for the twelve-month period ending August 31, 2019. We encourage you to carefully read this report.

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

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

Thank you for your investment.

Sincerely,

John T. Genoy, President

VALIC Company II

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

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

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

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

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

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

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

* Not FDIC or NCUA/NCUSIF Insured

* May Lose Value * No Bank of Credit Union Guarantee

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

1

VALIC Company II

EXPENSE EXAMPLE —August 31, 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 March 1, 2019 and held until August 31, 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 August 31, 2019” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended August 31, 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 August 31, 2019” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

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

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

2

VALIC Company II

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

	Actual						Hypothetical
Fund	Beginning Account Value at March  1, 2019		Ending Account Value Using Actual Return at August  31, 2019		Expenses Paid During the Six Months Ended August  31, 2019*		Beginning Account Value at March 1, 2019		Ending Account Value Using a Hypothetical 5% Annual Return at August 31, 2019		Expenses Paid During the Six Months Ended August 31, 2019*		Annualized Expense Ratio
Aggressive Growth Lifestyle#	$	1,000.00	$	1,027.44	$	0.51	$	1,000.00	$	1,024.70	$	0.51		0.10	%
Capital Appreciation#	$	1,000.00	$	1,044.19	$	4.38	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Conservative Growth Lifestyle#	$	1,000.00	$	1,043.63	$	0.52	$	1,000.00	$	1,024.70	$	0.51		0.10	%
Core Bond#	$	1,000.00	$	1,077.31	$	4.03	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Government Money Market II#	$	1,000.00	$	1,009.10	$	2.79	$	1,000.00	$	1,022.43	$	2.80		0.55	%
High Yield Bond#	$	1,000.00	$	1,043.93	$	4.95	$	1,000.00	$	1,020.37	$	4.89		0.96	%
International Opportunities#	$	1,000.00	$	1,009.36	$	5.06	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Large Cap Value#	$	1,000.00	$	1,028.48	$	4.14	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Mid Cap Growth#	$	1,000.00	$	1,057.70	$	4.41	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Mid Cap Value#	$	1,000.00	$	1,015.51	$	5.33	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Moderate Growth Lifestyle#	$	1,000.00	$	1,040.67	$	0.51	$	1,000.00	$	1,024.70	$	0.51		0.10	%
Small Cap Growth#	$	1,000.00	$	1,008.02	$	5.87	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Small Cap Value#	$	1,000.00	$	916.76	$	4.59	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Strategic Bond	$	1,000.00	$	1,058.36	$	4.57	$	1,000.00	$	1,020.77	$	4.48		0.88	%
U.S. Socially Responsible#†	$	1,000.00	$	1,072.03	$	2.92	$	1,000.00	$	1,022.38	$	2.85		0.56	%

* Expenses are equal to each Fund‘s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days then divided by 365 days (to reflect the one-half year period) . These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA‘s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on the expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administration fees charged by your Plan sponsor.

# During the stated period, the investment adviser waived a portion of or all fees and assumed a portion of or all expenses for the Fund. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended August 31, 2019” and the “Annualized Expense Ratio” would have been higher.

† See Note 1 to Financial Statements

3

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	54.2	%
Domestic Fixed Income Investment Companies	18.4
International Equity Investment Companies	16.6
Domestic Money Market Investment Companies	4.3
Real Estate Investment Companies	3.6
International Fixed Income Investment Companies	2.9
	100.0	%

* Calculated as a percentage of net assets

4

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(2) — 100.0%
Domestic Equity Investment Companies — 54.2%
VALIC Co. I Blue Chip Growth Fund		430	$	8,736
VALIC Co. I Dividend Value Fund		2,531,299		28,578,366
VALIC Co. I Large Cap Core Fund		800,788		9,433,280
VALIC Co. I Large Capital Growth Fund		410,087		7,008,381
VALIC Co. I Mid Cap Index Fund		925,502		22,693,321
VALIC Co. I Mid Cap Strategic Growth Fund		647,715		10,777,983
VALIC Co. INasdaq-100 Index Fund		930,224		14,148,711
VALIC Co. I Science & Technology Fund		757,870		21,296,134
VALIC Co. I Small Cap Index Fund		731,251		14,025,396
VALIC Co. I Small Cap Special Values Fund		400,479		4,577,480
VALIC Co. I Stock Index Fund		1,441,266		60,403,472
VALIC Co. I Value Fund		722,583		13,230,486
VALIC Co. II Capital Appreciation Fund		1,476,808		21,989,673
VALIC Co. II Large Cap Value Fund		1,737,544		34,942,017
VALIC Co. II Mid Cap Growth Fund		972,583		10,231,569
VALIC Co. II Mid Cap Value Fund		1,342,473		23,077,118
VALIC Co. II Small Cap Growth Fund		540,215		9,124,232
VALIC Co. II Small Cap Value Fund		777,567		8,366,619
Total Domestic Equity Investment Companies
(cost $316,433,116)				313,912,974
Domestic Fixed Income Investment Companies — 18.4%
VALIC Co. I Capital Conservation Fund		939,477		9,667,217
VALIC Co. I Government Securities Fund		543,719		5,948,285
VALIC Co. I Inflation Protected Fund		2,140,159		24,440,615
VALIC Co. II Core Bond Fund		1,082,407		12,480,152
VALIC Co. II High Yield Bond Fund		3,228,774		24,732,412
VALIC Co. II Strategic Bond Fund		2,587,308		29,365,950
Total Domestic Fixed Income Investment Companies
(cost $103,768,973)				106,634,631
Domestic Money Market Investment Companies — 4.3%
VALIC Co. I Government Money Market I Fund
(cost $24,726,765)(3)		24,726,765		24,726,765

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 16.6%
VALIC Co. I Emerging Economies Fund		4,006,018		$	30,886,401
VALIC Co. I International Equities Index Fund		1,642,244			11,232,950
VALIC Co. I International Growth Fund		769,682			9,012,975
VALIC Co. I International Value Fund		2,873,275			25,859,475
VALIC Co. II International Opportunities Fund		1,049,048			19,344,439
Total International Equity Investment Companies
(cost $103,541,554)					96,336,240
International Fixed Income Investment Companies — 2.9%
VALIC Co. I International Government Bond Fund
(cost $15,551,321)		1,328,788			16,463,683
Real Estate Investment Companies — 3.6%
VALIC Co. I Global Real Estate Fund
(cost $19,486,632)		2,499,829			20,898,566
TOTAL INVESTMENTS
(cost $583,508,361)(1)		100.0	%		578,972,859
Other assets less liabilities		0.0			75,752
NET ASSETS		100.0	%	$	579,048,611

# 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

(3) The 7-day yield as of August 31, 2019 is 1.60%.

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

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	578,972,859	$	—	$	—	$	578,972,859

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

See Notes to Financial Statements

5

VALIC Company II Capital Appreciation Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Applications Software	9.2	%
Finance — Credit Card	8.7
Medical — Drugs	7.4
E-Commerce/Products	5.2
Computers	4.8
Web Portals/ISP	4.5
Internet Content — Entertainment	3.4
Retail — Restaurants	3.2
Cable/Satellite TV	2.8
E-Commerce/Services	2.4
Medical — Biomedical/Gene	2.4
Medical Products	2.0
Insurance — Multi-line	1.9
Retail — Auto Parts	1.8
Food — Confectionery	1.8
Cosmetics & Toiletries	1.8
Electronic Components — Semiconductors	1.7
Computer Data Security	1.6
Retail — Discount	1.6
Building Products — Wood	1.6
Airlines	1.6
Real Estate Investment Trusts	1.6
Enterprise Software/Service	1.5
Internet Security	1.5
Food — Misc./Diversified	1.5
Transport — Rail	1.4
Oil Companies — Exploration & Production	1.4
Insurance — Property/Casualty	1.4
Commercial Services — Finance	1.4
Auto/Truck Parts & Equipment — Original	1.4
Computer Software	1.4
Semiconductor Equipment	1.4
Computer Aided Design	1.3
Distribution/Wholesale	1.3
Electronic Forms	1.2
Containers — Paper/Plastic	1.2
Internet Infrastructure Software	1.0
Machinery — Construction & Mining	0.9
Software Tools	0.8
Medical Instruments	0.7
Apparel Manufacturers	0.7
Rental Auto/Equipment	0.6
Engines — Internal Combustion	0.5
Aerospace/Defense	0.5
Investment Management/Advisor Services	0.4
Computers — Memory Devices	0.4
	98.8	%

* Calculated as a percentage of net assets

6

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.8%
Aerospace/Defense — 0.5%
TransDigm Group, Inc.		886	$	476,952
Airlines — 1.6%
Southwest Airlines Co.		31,143		1,629,402
Apparel Manufacturers — 0.7%
Deckers Outdoor Corp.†		4,871		718,229
Applications Software — 9.2%
Microsoft Corp.		48,397		6,672,011
salesforce.com, Inc.†		9,729		1,518,405
ServiceNow, Inc.†		5,105		1,336,693
				9,527,109
Auto/Truck Parts & Equipment - Original — 1.4%
Allison Transmission Holdings, Inc.		32,259		1,433,267
Building Products - Wood — 1.6%
Masco Corp.		40,483		1,648,873
Cable/Satellite TV — 2.8%
Altice USA, Inc., Class A†		31,996		924,044
Comcast Corp., Class A		43,441		1,922,699
				2,846,743
Commercial Services - Finance — 1.4%
FleetCor Technologies, Inc.†		4,855		1,448,732
Computer Aided Design — 1.3%
Cadence Design Systems, Inc.†		20,012		1,370,422
Computer Data Security — 1.6%
Fortinet, Inc.†		21,337		1,689,464
Computer Software — 1.4%
Akamai Technologies, Inc.†		15,996		1,425,723
Computers — 4.8%
Apple, Inc.		23,807		4,969,473
Computers - Memory Devices — 0.4%
NetApp, Inc.		8,748		420,429
Containers - Paper/Plastic — 1.2%
Berry Global Group, Inc.†		31,371		1,227,861
Cosmetics & Toiletries — 1.8%
Estee Lauder Cos., Inc., Class A		9,132		1,808,045
Distribution/Wholesale — 1.3%
WW Grainger, Inc.		4,906		1,342,527
E-Commerce/Products — 5.2%
Amazon.com, Inc.†		2,998		5,325,317
E-Commerce/Services — 2.4%
Expedia Group, Inc.		13,391		1,742,169
TripAdvisor, Inc.†		19,383		736,360
				2,478,529
Electronic Components - Semiconductors — 1.7%
Broadcom, Inc.		6,292		1,778,371
Electronic Forms — 1.2%
Adobe, Inc.†		4,401		1,252,129
Engines - Internal Combustion — 0.5%
Cummins, Inc.		3,631		541,999
Enterprise Software/Service — 1.5%
Oracle Corp.		18,469		961,496
Veeva Systems, Inc., Class A†		3,794		608,482
				1,569,978

Security Description	Shares		Value (Note 2)
Finance - Credit Card — 8.7%
American Express Co.		14,316	$	1,723,217
Discover Financial Services		12,791		1,022,896
Mastercard, Inc., Class A		12,806		3,603,224
Visa, Inc., Class A		14,618		2,643,227
				8,992,564
Food - Confectionery — 1.8%
Hershey Co.		11,755		1,862,932
Food - Misc./Diversified — 1.5%
Post Holdings, Inc.†		15,336		1,528,846
Insurance - Multi-line — 1.9%
Allstate Corp.		18,721		1,916,843
Insurance - Property/Casualty — 1.4%
Progressive Corp.		19,259		1,459,832
Internet Content - Entertainment — 3.4%
Facebook, Inc., Class A†		11,211		2,081,547
Twitter, Inc.†		32,011		1,365,269
				3,446,816
Internet Infrastructure Software — 1.0%
F5 Networks, Inc.†		8,250		1,062,023
Internet Security — 1.5%
Palo Alto Networks, Inc.†		7,703		1,568,485
Investment Management/Advisor Services — 0.4%
Ameriprise Financial, Inc.		3,290		424,344
Machinery - Construction & Mining — 0.9%
Caterpillar, Inc.		7,752		922,488
Medical Instruments — 0.7%
Edwards Lifesciences Corp.†		3,385		750,928
Medical Products — 2.0%
Abbott Laboratories		9,394		801,496
Cooper Cos., Inc.		2,280		706,230
Hologic, Inc.†		10,273		507,178
				2,014,904
Medical - Biomedical/Gene — 2.4%
Amgen, Inc.		8,709		1,816,872
Exelixis, Inc.†		32,257		640,301
				2,457,173
Medical - Drugs — 7.4%
AbbVie, Inc.		18,871		1,240,580
Eli Lilly & Co.		19,291		2,179,304
Jazz Pharmaceuticals PLC†		6,368		816,059
Merck & Co., Inc.		39,273		3,395,936
				7,631,879
Oil Companies - Exploration & Production — 1.4%
ConocoPhillips		28,039		1,463,075
Real Estate Investment Trusts — 1.6%
Essex Property Trust, Inc.		3,173		1,019,358
Lamar Advertising Co., Class A		7,802		598,023
				1,617,381
Rental Auto/Equipment — 0.6%
United Rentals, Inc.†		5,440		612,326
Retail - Auto Parts — 1.8%
AutoZone, Inc.†		1,699		1,871,771
Retail - Discount — 1.6%
Walmart, Inc.		14,566		1,664,311

7

VALIC Company II Capital Appreciation Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants — 3.2%
Chipotle Mexican Grill, Inc.†		1,088	$	912,201
Starbucks Corp.		24,451		2,360,989
				3,273,190
Semiconductor Equipment — 1.4%
Lam Research Corp.		6,656		1,401,155
Software Tools — 0.8%
VMware, Inc., Class A		6,125		866,320
Transport - Rail — 1.4%
Union Pacific Corp.		9,098		1,473,512

Security Description	Shares			Value (Note 2)
Web Portals/ISP — 4.5%
Alphabet, Inc., Class A†		979		$	1,165,529
Alphabet, Inc., Class C†		2,901			3,446,678
					4,612,207
TOTAL INVESTMENTS
(cost $87,465,156)(1)		98.8	%		101,824,879
Other assets less liabilities		1.2			1,255,432
NET ASSETS		100.0	%	$	103,080,311

† Non-income producing security

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

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	101,824,879	$	—	$	—	$	101,824,879

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

See Notes to Financial Statements

8

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Domestic Fixed Income Investment Companies	54.0	%
Domestic Equity Investment Companies	27.2
International Equity Investment Companies	6.9
International Fixed Income Investment Companies	5.0
Domestic Money Market Investment Companies	4.2
Real Estate Investment Companies	2.7
	100.0	%

* Calculated as a percentage of net assets

9

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(2) — 100.0%
Domestic Equity Investment Companies — 27.2%
VALIC Co. I Dividend Value Fund		1,184,464	$	13,372,604
VALIC Co. I Large Cap Core Fund		216,568		2,551,173
VALIC Co. I Large Capital Growth Fund		692		11,827
VALIC Co. I Mid Cap Index Fund		248,758		6,099,542
VALIC Co. I Mid Cap Strategic Growth Fund		115,494		1,921,814
VALIC Co. INasdaq-100 Index Fund		287,296		4,369,772
VALIC Co. I Science & Technology Fund		235,012		6,603,825
VALIC Co. I Small Cap Index Fund		153,587		2,945,793
VALIC Co. I Small Cap Special Values Fund		191,569		2,189,629
VALIC Co. I Stock Index Fund		415,501		17,413,662
VALIC Co. I Value Fund		157,219		2,878,686
VALIC Co. II Capital Appreciation Fund		361,788		5,387,016
VALIC Co. II Large Cap Value Fund		454,980		9,149,653
VALIC Co. II Mid Cap Growth Fund		253,338		2,665,112
VALIC Co. II Mid Cap Value Fund		449,212		7,721,956
VALIC Co. II Small Cap Growth Fund		105,584		1,783,314
VALIC Co. II Small Cap Value Fund		95,931		1,032,222
Total Domestic Equity Investment Companies
(cost $90,199,691)				88,097,600
Domestic Fixed Income Investment Companies — 54.0%
VALIC Co. I Capital Conservation Fund		1,737,574		17,879,637
VALIC Co. I Government Securities Fund		841,846		9,209,796
VALIC Co. I Inflation Protected Fund		1,799,288		20,547,869
VALIC Co. II Core Bond Fund		4,712,907		54,339,812
VALIC Co. II High Yield Bond Fund		3,676,251		28,160,084
VALIC Co. II Strategic Bond Fund		3,972,827		45,091,584
Total Domestic Fixed Income Investment Companies
(cost $169,128,691)				175,228,782
Domestic Money Market Investment Companies — 4.2%
VALIC Co. I Government Money Market I Fund
(cost $13,486,882)(3)		13,486,882		13,486,882

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 6.9%
VALIC Co. I Emerging Economies Fund		1,011,372		$	7,797,679
VALIC Co. I International Equities Index Fund		1,146			7,839
VALIC Co. I International Growth Fund		122,680			1,436,588
VALIC Co. I International Value Fund		718,196			6,463,767
VALIC Co. II International Opportunities Fund		375,936			6,932,257
Total International Equity Investment Companies
(cost $24,491,264)					22,638,130
International Fixed Income Investment Companies — 5.0%
VALIC Co. I International Government Bond Fund
(cost $15,308,988)		1,307,761			16,203,162
Real Estate Investment Companies — 2.7%
VALIC Co. I Global Real Estate Fund
(cost $8,025,256)		1,054,264			8,813,645
TOTAL INVESTMENTS
(cost $320,640,772)(1)		100.0	%		324,468,201
Liabilities in excess of other assets		(0.0	)		(31,844	)
NET ASSETS		100.0	%	$	324,436,357

# 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 5 for cost of investments on a tax basis.

(2) See Note 3

(3) The 7-day yield as of August 31, 2019 is 1.60%.

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	324,468,201	$	—	$	—	$	324,468,201

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

See Notes to Financial Statements

10

VALIC Company II Core Bond Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	25.4	%
Federal Home Loan Mtg. Corp.	7.3
Diversified Banking Institutions	5.6
Government National Mtg. Assoc.	5.3
Diversified Financial Services	4.9
United States Treasury Notes	4.3
United States Treasury Bonds	3.5
Banks — Commercial	2.6
Electric — Integrated	2.5
Registered Investment Companies	2.0
Pipelines	1.7
Oil Companies — Exploration & Production	1.6
Telephone — Integrated	1.4
Real Estate Investment Trusts	1.3
Cable/Satellite TV	1.2
Auto — Cars/Light Trucks	1.0
Banks — Super Regional	1.0
Electric — Distribution	1.0
Oil Companies — Integrated	0.9
Food — Misc./Diversified	0.9
Cellular Telecom	0.8
Machinery — Farming	0.8
Medical — HMO	0.7
Medical — Drugs	0.7
Finance — Consumer Loans	0.6
Medical Labs & Testing Services	0.6
Retail — Restaurants	0.5
Pharmacy Services	0.5
Paper & Related Products	0.5
Insurance — Life/Health	0.5
Computer Services	0.4
Brewery	0.4
Electric — Generation	0.4
Insurance — Property/Casualty	0.4
Electronic Components — Semiconductors	0.3
Television	0.3
Machinery — General Industrial	0.3
Savings & Loans/Thrifts	0.3
Containers — Metal/Glass	0.3
Chemicals — Diversified	0.3
Medical — Hospitals	0.3
Aerospace/Defense	0.3
Networking Products	0.3
Computers	0.3
Diversified Manufacturing Operations	0.3
Retail — Discount	0.3
Transport — Rail	0.3
Building & Construction Products — Misc.	0.3
SupraNational Banks	0.3
Machinery — Construction & Mining	0.3
Medical — Biomedical/Gene	0.3
Beverages — Non-alcoholic	0.3
Oil — Field Services	0.3
Chemicals — Specialty	0.2
Retail — Mail Order	0.2
Energy — Alternate Sources	0.2
Multimedia	0.2
Enterprise Software/Service	0.2
Trucking/Leasing	0.2
Insurance — Mutual	0.2
Food — Meat Products	0.2
Banks — Special Purpose	0.2
Broadcast Services/Program	0.2
Insurance — Multi-line	0.2
Gas — Distribution	0.2
Beverages — Wine/Spirits	0.2
Satellite Telecom	0.2
Agricultural Chemicals	0.2
Sovereign	0.2
Security Services	0.2

Electronic Measurement Instruments	0.2
Sovereign Agency	0.2
Food — Retail	0.2
Medical — Wholesale Drug Distribution	0.2
Finance — Credit Card	0.2
Internet Content — Entertainment	0.2
Electronic Parts Distribution	0.2
Auto/Truck Parts & Equipment — Original	0.2
Transport — Equipment & Leasing	0.2
Metal — Copper	0.2
Metal — Diversified	0.1
Batteries/Battery Systems	0.1
Radio	0.1
Rental Auto/Equipment	0.1
Insurance Brokers	0.1
Machinery — Electrical	0.1
Retail — Regional Department Stores	0.1
Diversified Minerals	0.1
Transport — Truck	0.1
Cosmetics & Toiletries	0.1
Data Processing/Management	0.1
Computers — Integrated Systems	0.1
Investment Management/Advisor Services	0.1
Medical — Generic Drugs	0.1
Non-Hazardous Waste Disposal	0.1
Commercial Services	0.1
Building Products — Cement	0.1
Banks — Fiduciary	0.1
Applications Software	0.1
Distribution/Wholesale	0.1
Metal — Iron	0.1
Banks — Money Center	0.1
Coatings/Paint	0.1
Tools — Hand Held	0.1
Hotels/Motels	0.1
Finance — Leasing Companies	0.1
Casino Services	0.1
Independent Power Producers	0.1
Real Estate Operations & Development	0.1
Finance — Mortgage Loan/Banker	0.1
E-Commerce/Products	0.1
Building — Heavy Construction	0.1
Transport — Marine	0.1
Containers — Paper/Plastic	0.1
Petrochemicals	0.1
Dialysis Centers	0.1
Diagnostic Equipment	0.1
Building — Residential/Commercial	0.1
Retail — Appliances	0.1
Building Societies	0.1
Computer Software	0.1
Consumer Products — Misc.	0.1
Retail — Petroleum Products	0.1
Office Supplies & Forms	0.1
Retail — Drug Store	0.1
E-Commerce/Services	0.1
Poultry	0.1
Building & Construction — Misc.	0.1
Real Estate Management/Services	0.1
Semiconductor Components — Integrated Circuits	0.1
Oil Field Machinery & Equipment	0.1
Coal	0.1
Finance — Auto Loans	0.1
Internet Connectivity Services	0.1
Finance — Investment Banker/Broker	0.1
Retail — Automobile	0.1
	99.9	%

* Calculated as a percentage of net assets

11

VALIC Company II Core Bond Fund

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

Credit Quality†#

Aaa	49.1	%
Aa	2.6
A	10.9
Baa	21.6
Ba	6.0
B	4.3
Caa	1.0
Not Rated@	4.5
	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.

12

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 4.5%
Diversified Financial Services — 4.5%
American Express Credit Account Master Trust Series2019-2, Class A 2.67% due 11/15/2024	$	2,000,000	$	2,050,292
American Express Credit Account Master Trust Series2018-4, Class A 2.99% due 12/15/2023		150,000		153,115
American Express Credit Account Master Trust Series2018-8, Class A 3.18% due 04/15/2024		167,000		171,863
Americredit Automobile Receivables Trust Series2019-1, Class A3 2.97% due 11/20/2023		1,000,000		1,019,886
BA Credit Card Trust Series2018-A2, Class A2 3.00% due 09/15/2023		1,332,000		1,358,517
BANK Series 2019-BN19, Class A3 3.18% due 08/15/2061(1)		1,570,000		1,691,863
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		2,377,000		2,554,333
Benchmark Mtg. Trust Series2018-B1, Class A2 3.57% due 01/15/2051(1)		1,233,000		1,289,917
Benchmark Mtg. Trust Series2019-B9, Class AAB 3.93% due 03/15/2052(1)		2,985,000		3,315,880
BMW Vehicle Lease Trust Series2019-1, Class A4 2.92% due 08/22/2022		1,050,000		1,066,787
BX Commercial Mtg. Trust FRS Series2019-IMC, Class A 3.20% (1 ML+1.00%) due 04/15/2034*(1)		2,500,000		2,499,995
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 3.27% (1 ML+1.07%) due 12/15/2037*(1)		750,000		751,164
Capital One Multi-Asset Execution Trust Series2019-A2, Class A2 1.72% due 08/15/2024		1,000,000		999,748
Capital One Multi-Asset Execution Trust Series2019-A3, Class A3 2.06% due 08/15/2028		150,000		149,960
CarMax Auto Owner Trust Series2019-3, Class A3 2.18% due 08/15/2024		1,030,000		1,039,887
CarMax Auto Owner Trust Series2019-2, Class A3 2.68% due 03/15/2024		1,125,000		1,145,405
CarMax Auto Owner Trust Series2018-4, Class A3 3.36% due 09/15/2023		1,000,000		1,026,331
Chase Mtg. Finance Trust VRS Series2016-2, Class M2 3.75% due 12/25/2045*(2)(3)		1,494,766		1,566,310
Citibank Credit Card Issuance Trust Series2017-A3, Class A3 1.92% due 04/07/2022		1,554,000		1,553,286
Citibank Credit Card Issuance Trust Series2018-A1, Class A1 2.49% due 01/20/2023		150,000		151,480
Citibank Credit Card Issuance Trust Series2018-A7, Class A7 3.96% due 10/13/2030		250,000		289,046

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.96% due 02/10/2036*(1)(3)	$	1,254,000	$	1,364,629
Core Industrial Trust Series 2015-CALW, Class A 3.04% due 02/10/2034*(1)		5,692		5,839
CSAIL Commercial Mtg. Trust Series2017-C8, Class A2 2.99% due 06/15/2050(1)		1,770,000		1,810,113
CSMC Trust Series 2015-GLPA, Class A 3.88% due 11/15/2037*(1)		1,447,366		1,599,059
Discover Card Execution Note Trust Series2015-A4, Class A4 2.19% due 04/17/2023		1,256,000		1,260,361
Discover Card Execution Note Trust Series2019-A1, Class A1 3.04% due 07/15/2024		500,000		515,716
Ford Credit Auto Owner Trust Series2018-2, Class A 3.47% due 01/15/2030*		400,000		422,404
GM Financial Consumer Automobile Receivables Trust Series2017-3A, Class 4A 2.13% due 03/16/2023*		1,000,000		1,004,073
GM Financial Consumer Automobile Receivables Trust Series2019-3, Class A3 2.18% due 04/16/2024		1,075,000		1,086,073
GS Mtg. Securities Trust Series 2015-GC28, Class A2 2.90% due 02/10/2048(1)		557,331		557,471
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		700,000		714,918
ILPT Trust Series 2019-SURF, Class A 4.15% due 02/11/2041*(1)		5,570,000		6,436,613
JP Morgan Mtg. Trust VRS Series2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		2,240,454		2,232,841
JP Morgan Mtg. Trust VRS Series2018-1, Class A5 3.50% due 06/25/2048*(2)(3)		2,806,596		2,851,367
Mercedes-Benz Auto Lease Trust Series2019-A, Class A4 3.25% due 10/15/2024		188,000		191,960
Morgan Stanley Bank of America Merrill Lynch Trust Series2015-C23, Class A2 2.98% due 07/15/2050(1)		1,000,000		1,001,496
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(1)		2,397,000		2,402,645
MSDB Trust VRS Series 2017-712F, Class A 3.43% due 07/11/2039*(1)(3)		4,520,000		4,819,254
MTRO Commercial Mtg. Trust-TECH FRS Series 2019 -TECH, Class A 3.10% (1 ML+0.90%) due 12/15/2033*(1)		2,950,000		2,949,995
Nissan Auto Receivables Owner Trust Series2016-C, Class A3 1.18% due 01/15/2021		108,587		108,348
One Bryant Park Trust Series2019-OBP, Class A 2.52% due 09/13/2049*(1)		3,720,000		3,785,118

13

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
ShellpointCo-Originator Trust VRS Series2017-2, Class A1 3.50% due 10/25/2047*(2)(3)	$	1,755,168	$	1,773,611
Stonemont Portfolio Trust FRS Series 2017-MONT, Class A 3.02% (1 ML+0.85%) due 08/20/2030*(1)		966,295		965,978
Synchrony Credit Card Master Note Trust Series2016-2, Class A 2.21% due 05/15/2024		850,000		855,996
Toyota Auto Loan Extended Note Trust Series2019-1A, Class A 2.56% due 11/25/2031*		900,000		928,201
Toyota Auto Receivables Owner Trust Series2019-B, Class A3 2.57% due 08/15/2023		3,000,000		3,049,033
Toyota Auto Receivables Owner Trust Series2018-C, Class A4 3.13% due 02/15/2024		125,000		129,074
Verizon Owner Trust Series2018-1A, Class C 3.20% due 09/20/2022*		300,000		305,556
Volkswagen Auto Loan Enhanced Trust Series2018-2, Class A4 3.33% due 02/20/2025		500,000		519,542
Total Asset Backed Securities
(cost $69,255,960)				71,492,349
U.S. CORPORATE BONDS & NOTES — 37.0%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		628,000		678,719
Interpublic Group of Cos., Inc. Senior Notes 5.40% due 10/01/2048		74,000		89,818
				768,537
Aerospace/Defense — 0.3%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		2,982,000		3,157,724
General Dynamics Corp. Company Guar. Notes 2.88% due 05/11/2020		1,851,000		1,862,102
				5,019,826
Agricultural Chemicals — 0.1%
Mosaic Co. Senior Notes 5.63% due 11/15/2043		826,000		917,748
Airlines — 0.0%
Atlas Air, Inc. Pass-Through Certs. Series1999-1, Class B 7.63% due 01/02/2020(4)		23,396		23,532
United Airlines Pass-Through Trust Pass-Through Certs. Series2014-2, Class B 4.63% due 03/03/2024		450,600		465,965
				489,497

Security Description	Principal Amount		Value (Note 2)
Applications Software — 0.1%
CDK Global, Inc. Senior Notes 5.88% due 06/15/2026	$	679,000	$	721,166
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		802,000		842,100
				1,563,266
Auto - Cars/Light Trucks — 1.0%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		2,595,000		2,632,282
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*		888,000		882,436
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		702,000		703,027
Ford Motor Credit Co. LLC Senior Notes 3.10% due 05/04/2023		3,639,000		3,605,905
General Motors Financial Co., Inc. Company Guar. Notes 3.70% due 05/09/2023		2,067,000		2,120,156
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		2,705,000		2,772,025
Nissan Motor Acceptance Corp. Senior Notes 2.65% due 07/13/2022*		1,500,000		1,506,594
Toyota Motor Credit Corp. Senior Notes 3.45% due 09/20/2023		1,993,000		2,109,600
				16,332,025
Auto - Heavy Duty Trucks — 0.0%
Allison Transmission, Inc. Senior Notes 5.00% due 10/01/2024*		559,000		575,127
Auto/Truck Parts & Equipment-Original — 0.1%
Lear Corp. Senior Notes 5.25% due 05/15/2049		1,606,000		1,677,416
Banks - Commercial — 1.5%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		6,134,000		6,748,227
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		1,570,000		1,638,810
Citizens Financial Group, Inc. Sub. Notes 4.30% due 12/03/2025		1,000,000		1,080,358
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		3,140,000		4,574,960
SunTrust Bank Senior Notes 3.20% due 04/01/2024		4,415,000		4,621,774
SunTrust Bank Senior Notes 3.50% due 08/02/2022		1,401,000		1,434,114

14

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
Webster Financial Corp. Senior Notes 4.10% due 03/25/2029	$	2,871,000	$	3,100,356
				23,198,599
Banks - Fiduciary — 0.1%
Bank of New York Mellon Corp. Senior Notes 1.95% due 08/23/2022		1,565,000		1,563,674
Banks - Super Regional — 1.0%
Bank of America NA Senior Notes 3.34% due 01/25/2023		2,622,000		2,702,346
Wells Fargo & Co. Senior Notes 3.20% due 06/17/2027		3,088,000		3,216,074
Wells Fargo & Co. Senior Notes 3.55% due 09/29/2025		9,224,000		9,812,845
				15,731,265
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc. Company Guar. Notes 6.38% due 07/15/2026*		1,090,000		1,148,587
EnerSys Company Guar. Notes 5.00% due 04/30/2023*		1,150,000		1,184,500
				2,333,087
Beverages-Non-alcoholic — 0.3%
Keurig Dr Pepper, Inc. Company Guar. Notes 4.06% due 05/25/2023		40,000		42,473
Keurig Dr Pepper, Inc. Company Guar. Notes 4.42% due 05/25/2025		2,223,000		2,431,690
PepsiCo., Inc. Senior Notes 2.75% due 04/30/2025		1,649,000		1,725,308
				4,199,471
Beverages - Wine/Spirits — 0.2%
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		1,930,000		1,990,915
Constellation Brands, Inc. Company Guar. Notes 5.25% due 11/15/2048		905,000		1,147,527
				3,138,442
Brewery — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.65% due 02/01/2026		42,000		45,109
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		1,363,000		1,624,883
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		730,000		848,255

Security Description	Principal Amount		Value (Note 2)
Brewery (continued)
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.55% due 01/23/2049	$	3,179,000	$	4,175,587
				6,693,834
Broadcast Services/Program — 0.2%
Fox Corp. Senior Notes 5.48% due 01/25/2039*		1,170,000		1,464,572
Fox Corp. Senior Notes 5.58% due 01/25/2049*		1,437,000		1,871,487
				3,336,059
Building & Construction Products - Misc. — 0.3%
Owens Corning Senior Notes 3.95% due 08/15/2029		1,085,000		1,121,935
Owens Corning Senior Notes 4.30% due 07/15/2047		2,370,000		2,168,856
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*		1,100,000		1,156,375
				4,447,166
Building & Construction - Misc. — 0.1%
Frontdoor, Inc. Senior Notes 6.75% due 08/15/2026*		801,000		869,085
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc. Senior Notes 3.50% due 12/15/2027		1,533,000		1,582,596
Building - Heavy Construction — 0.1%
Tutor Perini Corp. Company Guar. Notes 6.88% due 05/01/2025*#		1,285,000		1,196,669
Building - Residential/Commercial — 0.1%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028		979,000		1,023,055
Cable/Satellite TV — 1.1%
Block Communications, Inc. Senior Notes 6.88% due 02/15/2025*		1,027,000		1,078,350
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		361,000		379,050
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 05/01/2025*		420,000		436,275
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		295,000		315,281
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*		802,000		845,108
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.88% due 04/01/2024*		263,000		273,849

15

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital FRS Senior Sec. Notes 3.90% (3 ML+1.65%) due 02/01/2024	$	821,000	$	833,711
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.05% due 03/30/2029		1,760,000		1,989,091
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		184,000		207,476
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		702,000		856,681
Comcast Corp. Company Guar. Notes 3.15% due 03/01/2026		2,661,000		2,806,450
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		469,000		525,705
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		1,928,000		2,332,787
Comcast Corp. Company Guar. Notes 4.70% due 10/15/2048		607,000		760,543
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		755,000		807,850
CSC Holdings LLC Company Guar. Notes 5.38% due 07/15/2023*		225,000		231,246
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		2,520,000		2,696,400
				17,375,853
Casino Services — 0.1%
Eldorado Resorts, Inc. Company Guar. Notes 6.00% due 09/15/2026		1,195,000		1,307,031
Cellular Telecom — 0.4%
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		4,406,000		4,956,750
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC Senior Sec. Notes 4.74% due 09/20/2029*		1,231,000		1,304,860
T-Mobile USA, Inc. Company Guar. Notes 6.38% due 03/01/2025		355,000		367,603
T-Mobile USA, Inc. Company Guar. Notes 6.50% due 01/15/2024		429,000		447,112
				7,076,325
Chemicals - Diversified — 0.2%
Dow Chemical Co. Senior Notes 4.80% due 05/15/2049*		1,202,000		1,361,334

Security Description	Principal Amount		Value (Note 2)
Chemicals - Diversified (continued)
Dow Chemical Co. Senior Notes 5.55% due 11/30/2048*	$	1,436,000	$	1,777,245
DowDuPont, Inc. Senior Notes 5.32% due 11/15/2038		62,000		76,362
DowDuPont, Inc. Senior Notes 5.42% due 11/15/2048		327,000		421,116
				3,636,057
Chemicals - Plastics — 0.0%
Neon Holdings, Inc. Senior Sec. Notes 10.13% due 04/01/2026*		685,000		671,300
Chemicals - Specialty — 0.2%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		1,476,000		1,491,247
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		1,625,000		1,730,711
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		459,000		659,244
				3,881,202
Coal — 0.1%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*		886,000		838,931
Coatings/Paint — 0.1%
RPM International, Inc. Senior Notes 4.25% due 01/15/2048		136,000		134,586
Sherwin-Williams Co. Senior Notes 2.95% due 08/15/2029		1,321,000		1,343,064
				1,477,650
Commercial Services — 0.1%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*		571,000		591,699
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.00% due 04/15/2022*		1,025,000		1,030,125
				1,621,824
Computer Services — 0.4%
IBM Credit LLC Senior Notes 3.00% due 02/06/2023		5,630,000		5,792,860
International Business Machines Corp. Senior Notes 2.50% due 01/27/2022		1,104,000		1,118,417
				6,911,277
Computer Software — 0.1%
Rackspace Hosting, Inc. Company Guar. Notes 8.63% due 11/15/2024*#		1,085,000		995,487

16

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computers — 0.3%
Apple, Inc. Senior Notes 2.85% due 05/06/2021	$	1,162,000	$	1,181,735
Dell International LLC/EMC Corp. Senior Sec. Notes 6.02% due 06/15/2026*		1,900,000		2,143,892
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*		1,268,000		1,607,489
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		58,000		67,495
				5,000,611
Computers - Integrated Systems — 0.1%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024#		1,000,000		932,500
NCR Corp. Company Guar. Notes 5.75% due 09/01/2027*		367,000		387,574
NCR Corp. Company Guar. Notes 6.13% due 09/01/2029*		587,000		623,024
				1,943,098
Consumer Products - Misc. — 0.1%
Central Garden & Pet Co. Company Guar. Notes 5.13% due 02/01/2028		975,000		979,875
Containers - Metal/Glass — 0.2%
Crown Americas LLC/Crown Americas Capital Corp. Company Guar. Notes 4.50% due 01/15/2023		150,000		157,500
Crown Cork & Seal Co., Inc. Company Guar. Notes 7.38% due 12/15/2026		583,000		708,345
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		1,126,000		1,165,410
Silgan Holdings, Inc. Senior Notes 4.75% due 03/15/2025		1,025,000		1,052,009
				3,083,264
Containers - Paper/Plastic — 0.0%
Sealed Air Corp. Company Guar. Notes 5.13% due 12/01/2024*		298,000		319,232
Cosmetics & Toiletries — 0.1%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*#		1,365,000		1,289,925
First Quality Finance Co., Inc. Company Guar. Notes 5.00% due 07/01/2025*		734,000		761,525
				2,051,450
Data Processing/Management — 0.1%
Fiserv, Inc. Senior Notes 4.40% due 07/01/2049		1,741,000		2,003,406

Security Description	Principal Amount		Value (Note 2)
Diagnostic Equipment — 0.1%
Ortho-Clinical Diagnostics, Inc. Senior Notes 6.63% due 05/15/2022*	$	1,190,000	$	1,148,350
Dialysis Centers — 0.1%
DaVita HealthCare Partners, Inc. Company Guar. Notes 5.13% due 07/15/2024		1,132,000		1,151,482
Distribution/Wholesale — 0.1%
Anixter, Inc. Company Guar. Notes 6.00% due 12/01/2025		565,000		624,325
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025		882,000		923,895
				1,548,220
Diversified Banking Institutions — 2.7%
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		2,112,000		2,278,184
Bank of America Corp. Senior Notes 3.86% due 07/23/2024		1,989,000		2,111,794
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		2,082,000		2,265,018
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		1,830,000		2,449,106
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		3,555,000		3,708,947
Citigroup, Inc. Senior Notes 3.98% due 03/20/2030		1,202,000		1,326,553
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		2,634,000		2,897,949
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		1,279,000		1,605,253
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		684,000		869,905
Goldman Sachs Group, Inc. Senior Notes 2.35% due 11/15/2021		3,306,000		3,312,120
Goldman Sachs Group, Inc. Senior Notes 3.69% due 06/05/2028		2,027,000		2,155,023
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		1,978,000		2,133,199
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		2,419,000		3,313,303
JPMorgan Chase & Co. Senior Notes 3.21% due 04/01/2023		4,922,000		5,060,236
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		653,000		731,815
Morgan Stanley Senior Notes 3.63% due 01/20/2027		4,230,000		4,524,515

17

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 5.50% due 07/24/2020	$	2,640,000	$	2,718,261
				43,461,181
Diversified Financial Services — 0.1%
USAA Capital Corp. Senior Notes 2.63% due 06/01/2021*		1,719,000		1,739,304
Diversified Manufacturing Operations — 0.1%
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		1,435,000		1,519,224
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		951,000		1,207,627
E-Commerce/Services — 0.1%
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		848,000		886,160
Electric - Distribution — 0.9%
CenterPoint Energy, Inc. Senior Notes 2.95% due 03/01/2030		1,149,000		1,163,942
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		5,354,000		5,549,311
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*		875,000		899,062
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048		3,164,000		3,942,585
Sempra Energy Senior Notes 3.40% due 02/01/2028		2,456,000		2,559,081
				14,113,981
Electric - Generation — 0.2%
Basin Electric Power Cooperative 1st Mtg. Notes 4.75% due 04/26/2047*		157,000		188,608
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		1,522,000		1,803,505
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		880,000		908,600
				2,900,713
Electric - Integrated — 2.4%
AEP Texas, Inc. Senior Notes 4.15% due 05/01/2049		731,000		867,631
Consolidated Edison Co. of New York, Inc. Senior Notes 4.45% due 06/15/2020		1,814,000		1,845,322
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		1,645,000		2,031,289
DPL, Inc. Senior Notes 4.35% due 04/15/2029*		542,000		541,208

Security Description	Principal Amount		Value (Note 2)
Electric - Integrated (continued)
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049	$	2,864,000	$	3,436,294
DTE Energy Co. Senior Notes 3.40% due 06/15/2029		1,116,000		1,180,868
Duke Energy Progress LLC 1st Mtg. Notes 2.80% due 05/15/2022		957,000		977,339
Edison International Senior Notes 4.13% due 03/15/2028		1,618,000		1,688,256
Edison International Senior Notes 5.75% due 06/15/2027		316,000		358,554
Entergy Texas, Inc. 1st Mtg. Notes 4.50% due 03/30/2039		3,143,000		3,781,685
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		4,265,000		6,113,571
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		881,000		881,266
Mississippi Power Co. Senior Notes 4.25% due 03/15/2042		1,746,000		1,930,542
Nevada Power Co. General Refunding Mtg. 2.75% due 04/15/2020		1,228,000		1,233,315
Public Service Co. of Colorado 1st Mtg. Bonds 3.70% due 06/15/2028		1,537,000		1,717,054
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		1,136,000		1,365,199
Puget Sound Energy, Inc. Senior Sec. Notes 3.25% due 09/15/2049		398,000		410,824
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		1,689,000		2,296,258
Southern California Edison Co. 1st Mtg. Notes Class C 4.13% due 03/01/2048		817,000		913,436
Southern California Edison Co. 1st Mtg. Notes 4.65% due 10/01/2043		798,000		945,383
Southern California Edison Co. 1st Mtg. Bonds 4.88% due 03/01/2049		2,171,000		2,696,620
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*		335,000		324,113
Talen Energy Supply LLC Senior Sec. Notes 7.25% due 05/15/2027*		382,000		379,135
				37,915,162
Electronic Components - Semiconductors — 0.2%
Amkor Technology, Inc. Senior Notes 6.63% due 09/15/2027*		857,000		933,042

18

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Components - Semiconductors (continued)
Intel Corp. Senior Notes 2.45% due 07/29/2020	$	2,012,000	$	2,021,119
Texas Instruments, Inc. Senior Notes 2.25% due 09/04/2029		767,000		769,583
				3,723,744
Electronic Measurement Instruments — 0.2%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		168,000		181,581
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		2,503,000		2,743,190
				2,924,771
Electronic Parts Distribution — 0.2%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		1,008,000		1,053,662
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024		1,425,000		1,473,695
				2,527,357
Energy - Alternate Sources — 0.2%
Hanwha Energy USA Holdings Corp. Company Guar. Notes 2.38% due 07/30/2022*		2,335,000		2,347,192
Pattern Energy Group, Inc. Company Guar. Notes 5.88% due 02/01/2024*		1,297,000		1,342,395
				3,689,587
Enterprise Software/Service — 0.2%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024		1,025,000		1,060,875
Oracle Corp. Senior Notes 2.95% due 11/15/2024		2,419,000		2,532,986
				3,593,861
Finance - Auto Loans — 0.1%
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026*		770,000		833,048
Finance - Consumer Loans — 0.6%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		1,080,000		1,039,500
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		621,000		596,160
SLM Corp. Senior Notes 5.63% due 08/01/2033		970,000		819,650
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		1,225,000		1,388,844
Synchrony Financial Senior Notes 2.85% due 07/25/2022		645,000		653,703

Security Description	Principal Amount		Value (Note 2)
Finance - Consumer Loans (continued)
Synchrony Financial Senior Notes 4.25% due 08/15/2024	$	3,804,000	$	4,044,778
Synchrony Financial Senior Notes 4.38% due 03/19/2024		1,035,000		1,105,404
				9,648,039
Finance - Credit Card — 0.2%
American Express Co. Senior Notes 3.40% due 02/22/2024		1,443,000		1,521,827
American Express Co. Senior Notes 4.20% due 11/06/2025		979,000		1,087,636
				2,609,463
Finance - Investment Banker/Broker — 0.1%
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(4)		179,000		18
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(4)		230,000		23
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*		782,000		823,055
				823,096
Finance - Mortgage Loan/Banker — 0.1%
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*		1,160,000		1,209,300
Food - Dairy Products — 0.0%
Land O’ Lakes, Inc. Junior Sub. Notes 7.00% due 09/18/2028*(5)		250,000		237,500
Food - Meat Products — 0.1%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		550,000		544,160
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		676,000		756,279
Tyson Foods, Inc. Senior Notes 5.10% due 09/28/2048		673,000		837,945
				2,138,384
Food - Misc./Diversified — 0.9%
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		2,006,000		2,387,388
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		1,447,000		1,830,680
General Mills, Inc. Senior Notes 4.55% due 04/17/2038		818,000		944,122
General Mills, Inc. Senior Notes 4.70% due 04/17/2048		1,550,000		1,834,387
Kraft Heinz Foods Co. Sec. Notes 4.88% due 02/15/2025*		1,449,000		1,495,337

19

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food - Misc./Diversified (continued)
Lamb Weston Holdings, Inc. Company Guar. Notes 4.63% due 11/01/2024*	$	585,000	$	611,565
Mondelez International, Inc. Senior Notes 3.63% due 02/13/2026		2,035,000		2,191,978
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		1,921,000		2,077,064
Post Holdings, Inc. Company Guar. Notes 5.50% due 03/01/2025*		850,000		889,312
				14,261,833
Food - Retail — 0.2%
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC Company Guar. Notes 5.75% due 03/15/2025		802,000		822,050
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC Company Guar. Notes 5.88% due 02/15/2028*		522,000		550,115
Kroger Co. Senior Notes 5.40% due 01/15/2049		1,234,000		1,472,397
				2,844,562
Gambling (Non-Hotel) — 0.0%
Twin River Worldwide Holdings, Inc. Senior Notes 6.75% due 06/01/2027*		509,000		536,359
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(4)		5,223		302
				536,661
Gas - Distribution — 0.2%
NiSource, Inc. Senior Notes 2.95% due 09/01/2029		1,757,000		1,798,872
NiSource, Inc. Senior Notes 5.65% due 02/01/2045		1,075,000		1,423,979
				3,222,851
Hazardous Waste Disposal — 0.0%
Clean Harbors, Inc. Senior Notes 4.88% due 07/15/2027*		572,000		604,890
Hotels/Motels — 0.1%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024		538,000		571,625
Wyndham Worldwide Corp. Senior Sec. Notes 5.40% due 04/01/2024		316,000		331,701
Wyndham Worldwide Corp. Senior Sec. Notes 5.75% due 04/01/2027		509,000		543,358
				1,446,684

Security Description	Principal Amount		Value (Note 2)
Independent Power Producers — 0.1%
Clearway Energy Operating LLC Company Guar. Notes 5.75% due 10/15/2025*	$	757,000	$	789,188
NRG Yield Operating LLC Company Guar. Notes 5.00% due 09/15/2026		488,000		494,100
				1,283,288
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 12/29/2020		929,000		945,783
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		979,000		1,182,135
				2,127,918
Insurance - Life/Health — 0.1%
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		1,418,000		1,276,351
Insurance - Multi-line — 0.1%
Assurant, Inc. Senior Notes 3.70% due 02/22/2030		1,918,000		1,928,109
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		154,000		193,554
				2,121,663
Insurance - Mutual — 0.2%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		908,000		935,265
New York Life Global Funding Sec. Notes 1.95% due 09/28/2020*		2,560,000		2,560,560
				3,495,825
Insurance - Property/Casualty — 0.2%
ACE INA Holdings, Inc. Company Guar. Notes 2.88% due 11/03/2022		1,481,000		1,524,884
AmWINS Group, Inc. Company Guar. Notes 7.75% due 07/01/2026*		845,000		887,250
				2,412,134
Internet Connectivity Services — 0.1%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		800,000		830,000
Internet Content - Entertainment — 0.2%
Netflix, Inc. Senior Notes 4.38% due 11/15/2026		1,431,000		1,464,986
Netflix, Inc. Senior Notes 5.88% due 02/15/2025		1,019,000		1,124,721
				2,589,707
Investment Companies — 0.0%
FS Energy & Power Fund Senior Sec. Notes 7.50% due 08/15/2023*		627,000		622,297

20

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022	$	1,643,000	$	1,678,667
Machinery - Construction & Mining — 0.3%
Caterpillar Financial Services Corp. Senior Notes 2.55% due 11/29/2022		1,116,000		1,135,393
Caterpillar Financial Services Corp. Senior Notes 3.15% due 09/07/2021		814,000		835,253
Caterpillar Financial Services Corp. Senior Notes 3.45% due 05/15/2023#		1,524,000		1,602,265
Terex Corp. Company Guar. Notes 5.63% due 02/01/2025*		666,000		677,702
				4,250,613
Machinery - Electrical — 0.1%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		2,026,000		2,118,316
Machinery - Farming — 0.7%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		2,596,000		2,738,921
John Deere Capital Corp. Senior Notes 2.35% due 01/08/2021		1,212,000		1,219,663
John Deere Capital Corp. Senior Notes 2.80% due 07/18/2029		1,053,000		1,094,117
John Deere Capital Corp. Senior Notes 2.95% due 04/01/2022		3,045,000		3,117,162
John Deere Capital Corp. Senior Notes 3.45% due 01/10/2024		1,993,000		2,112,662
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		883,000		943,462
				11,225,987
Machinery - General Industrial — 0.3%
Roper Technologies, Inc. Senior Notes 2.95% due 09/15/2029		788,000		799,138
Roper Technologies, Inc. Senior Notes 4.20% due 09/15/2028		2,870,000		3,186,541
Wabtec Corp. Company Guar. Notes 4.95% due 09/15/2028		1,236,000		1,379,448
				5,365,127
Medical Labs & Testing Services — 0.6%
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		446,000		467,234
Laboratory Corp. of America Holdings Senior Notes 3.25% due 09/01/2024		1,864,000		1,940,584
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		883,000		1,003,285

Security Description	Principal Amount		Value (Note 2)
Medical Labs & Testing Services (continued)
Roche Holdings, Inc. Company Guar. Notes 1.75% due 01/28/2022*	$	2,427,000	$	2,416,003
Roche Holdings, Inc. Company Guar. Notes 2.25% due 09/30/2019*		1,795,000		1,795,117
Roche Holdings, Inc. Company Guar. Notes 2.88% due 09/29/2021*		1,440,000		1,466,595
				9,088,818
Medical Products — 0.0%
Hologic, Inc. Company Guar. Notes 4.38% due 10/15/2025*		625,000		639,062
Medical - Biomedical/Gene — 0.3%
Amgen, Inc. Senior Notes 4.66% due 06/15/2051		791,000		940,824
Celgene Corp. Senior Notes 3.63% due 05/15/2024		1,865,000		1,975,343
Celgene Corp. Senior Notes 4.63% due 05/15/2044		1,087,000		1,323,208
				4,239,375
Medical - Drugs — 0.2%
Bristol-Myers Squibb Co. Senior Notes 4.13% due 06/15/2039*		1,098,000		1,279,648
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		1,310,000		1,373,101
				2,652,749
Medical - Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		1,551,000		1,669,317
Medical - HMO — 0.7%
Humana, Inc. Senior Notes 3.95% due 08/15/2049		982,000		1,024,937
MPH Acquisition Holdings LLC Company Guar. Notes 7.13% due 06/01/2024*		1,125,000		1,005,536
UnitedHealth Group, Inc. Senior Bonds 2.38% due 10/15/2022		5,428,000		5,499,877
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		1,094,000		1,167,267
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		943,000		1,025,760
UnitedHealth Group, Inc. Senior Notes 3.88% due 08/15/2059		1,204,000		1,332,255
				11,055,632
Medical - Hospitals — 0.3%
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		1,281,000		1,445,648

21

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - Hospitals (continued)
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2049	$	879,000	$	981,309
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		2,350,000		2,608,500
				5,035,457
Medical - Wholesale Drug Distribution — 0.2%
Allergan Sales LLC Company Guar. Notes 4.88% due 02/15/2021*		509,000		524,144
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		2,201,000		2,143,555
				2,667,699
Metal - Copper — 0.1%
Freeport-McMoRan Copper & Gold, Inc. Company Guar. Notes 3.88% due 03/15/2023		1,065,000		1,076,076
Freeport-McMoRan, Inc. Company Guar. Notes 5.25% due 09/01/2029		527,000		522,526
				1,598,602
Metal - Diversified — 0.1%
Glencore Funding LLC Company Guar. Notes 4.13% due 03/12/2024*		2,249,000		2,367,578
Metal - Iron — 0.0%
Cleveland-Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025		699,000		700,747
Multimedia — 0.2%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*		1,394,000		1,404,455
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		2,120,000		2,247,544
				3,651,999
Networking Products — 0.3%
Cisco Systems, Inc. Senior Notes 2.20% due 02/28/2021		4,969,000		5,001,657
Non-Hazardous Waste Disposal — 0.1%
Waste Management, Inc. Company Guar. Notes 4.15% due 07/15/2049		1,375,000		1,636,430
Office Supplies & Forms — 0.1%
Avery Dennison Corp. Senior Notes 4.88% due 12/06/2028		788,000		898,141
Oil Companies - Exploration & Production — 1.4%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		1,787,000		2,248,512
Apache Corp. Senior Notes 4.75% due 04/15/2043		3,427,000		3,311,806

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Brazos Valley Longhorn LLC/Brazos Valley Longhorn Finance Corp. Company Guar. Notes 6.88% due 02/01/2025	$	1,189,000	$	1,058,210
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026		835,000		809,950
Centennial Resource Production LLC Company Guar. Notes 6.88% due 04/01/2027*		825,000		825,000
Chaparral Energy, Inc. Senior Notes 8.75% due 07/15/2023*#		1,630,000		709,865
Cimarex Energy Co. Senior Notes 4.38% due 03/15/2029		1,658,000		1,761,981
Concho Resources, Inc. Company Guar. Notes 4.85% due 08/15/2048		835,000		970,019
Extraction Oil & Gas, Inc. Company Guar. Notes 5.63% due 02/01/2026*		965,000		636,900
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		1,494,000		1,378,215
Lonestar Resources America, Inc. Company Guar. Notes 11.25% due 01/01/2023*		1,165,000		1,001,900
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		916,000		1,151,714
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		1,146,000		1,445,014
Noble Energy, Inc. Senior Notes 4.95% due 08/15/2047		1,781,000		1,980,751
Occidental Petroleum Corp. Senior Notes 4.30% due 08/15/2039		1,197,000		1,254,501
Occidental Petroleum Corp. Senior Notes 4.40% due 08/15/2049		1,141,000		1,189,111
Southwestern Energy Co. Company Guar. Notes 7.50% due 04/01/2026		650,000		568,880
				22,302,329
Oil Companies - Integrated — 0.3%
Chevron Corp. Senior Notes 2.36% due 12/05/2022		1,292,000		1,314,647
Chevron Corp. Senior Notes 2.90% due 03/03/2024		3,747,000		3,908,208
				5,222,855
Oil Field Machinery & Equipment — 0.1%
Forum Energy Technologies, Inc. Company Guar. Notes 6.25% due 10/01/2021		46,000		37,865
Hi-Crush Partners LP Company Guar. Notes 9.50% due 08/01/2026*		1,315,000		802,150
				840,015

22

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Refining & Marketing — 0.0%
Valero Energy Corp. Senior Notes 4.00% due 04/01/2029	$	658,000	$	701,940
Oil- Field Services — 0.3%
Calfrac Holdings LP Company Guar. Notes 8.50% due 06/15/2026*		950,000		598,500
Nine Energy Service, Inc. Senior Notes 8.75% due 11/01/2023*		385,000		347,462
Pioneer Energy Services Corp. Company Guar. Notes 6.13% due 03/15/2022		1,209,000		427,684
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		1,514,000		1,625,052
SESI LLC Company Guar. Notes 7.75% due 09/15/2024		1,174,000		704,400
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		461,000		472,525
				4,175,623
Paper & Related Products — 0.4%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		2,401,000		2,703,076
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		2,447,000		2,588,706
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		694,000		719,606
				6,011,388
Petrochemicals — 0.1%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		1,135,000		1,174,590
Pharmacy Services — 0.5%
Cigna Corp. Company Guar. Notes 4.80% due 08/15/2038		1,556,000		1,798,395
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		5,553,000		6,212,010
				8,010,405
Pipelines — 1.5%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 03/01/2027*		389,000		356,908
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.88% due 03/31/2025		1,260,000		1,404,900
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 7.00% due 06/30/2024		231,000		266,516
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025		617,000		637,824

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028	$	1,105,000	$	1,172,663
Energy Transfer Operating LP Company Guar. Notes 4.25% due 03/15/2023		952,000		999,774
Energy Transfer Operating LP Company Guar. Notes 4.50% due 04/15/2024		1,280,000		1,372,123
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035		1,054,000		1,103,147
Energy Transfer Operating LP Company Guar. Notes 5.25% due 04/15/2029		1,404,000		1,606,728
EnLink Midstream LLC Company Guar. Notes 5.38% due 06/01/2029		1,200,000		1,174,200
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026		875,000		857,500
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		207,000		170,775
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		900,000		859,500
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		500,000		496,250
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 6.00% due 08/01/2024*		677,000		709,496
MPLX LP Senior Notes 4.00% due 03/15/2028		1,165,000		1,221,314
MPLX LP Senior Notes 4.80% due 02/15/2029		91,000		101,196
MPLX LP Senior Notes 5.50% due 02/15/2049		1,070,000		1,226,000
NGPL PipeCo LLC Senior Notes 4.38% due 08/15/2022*		1,234,000		1,271,020
SemGroup Corp./Rose Rock Finance Corp. Company Guar. Notes 5.63% due 07/15/2022		458,000		441,288
SemGroup Corp./Rose Rock Finance Corp. Company Guar. Notes 5.63% due 11/15/2023		1,132,000		1,069,740
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022		1,315,000		1,236,100
Western Midstream Operating LP Senior Notes 5.50% due 08/15/2048		1,078,000		1,006,644
Williams Cos., Inc. Senior Notes 4.85% due 03/01/2048		1,249,000		1,365,912
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		1,170,000		1,401,574
				23,529,092

23

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Poultry — 0.1%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*	$	820,000	$	883,550
Radio — 0.1%
Sirius XM Radio, Inc. Company Guar. Notes 4.63% due 07/15/2024*		1,750,000		1,826,563
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 07/15/2026*		473,000		499,606
				2,326,169
Real Estate Investment Trusts — 1.3%
American Tower Corp. Senior Notes 4.00% due 06/01/2025		1,423,000		1,530,655
AvalonBay Communities, Inc. Senior Notes 3.30% due 06/01/2029		1,045,000		1,123,897
Boston Properties LP Senior Notes 3.40% due 06/21/2029		778,000		824,678
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		2,211,000		2,317,080
Crown Castle International Corp. Senior Notes 5.20% due 02/15/2049#		1,515,000		1,919,183
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025		1,051,000		1,082,719
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		792,000		818,730
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 04/15/2026		600,000		658,596
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 5.25% due 07/15/2024*		521,000		548,873
HCP, Inc. Senior Notes 3.50% due 07/15/2029		758,000		800,503
Iron Mountain, Inc. Company Guar. Notes 4.88% due 09/15/2027*		815,000		836,907
iStar, Inc. Senior Notes 5.25% due 09/15/2022		1,039,000		1,064,975
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027*		764,000		843,418
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		787,000		840,122
Sabra Health Care LP Company Guar. Notes 5.13% due 08/15/2026		1,206,000		1,301,873
Sabra Health Care LP/Sabra Capital Corp. Company Guar. Notes 4.80% due 06/01/2024		1,064,000		1,115,529
Simon Property Group LP Senior Notes 4.13% due 12/01/2021		1,778,000		1,851,151

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025	$	870,000	$	891,750
				20,370,639
Real Estate Management/Services — 0.1%
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023		777,000		843,742
Real Estate Operations & Development — 0.1%
Kennedy-Wilson, Inc. Company Guar. Notes 5.88% due 04/01/2024		1,200,000		1,228,500
Rental Auto/Equipment — 0.1%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		1,145,000		987,562
Capitol Investment Merger Sub 2 LLC Sec. Notes 10.00% due 08/01/2024*		630,000		653,625
Herc Holdings, Inc. Company Guar. Notes 5.50% due 07/15/2027*		632,000		654,120
				2,295,307
Retail - Appliances — 0.1%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022		1,024,000		1,018,880
Retail - Automobile — 0.1%
Lithia Motors, Inc. Company Guar. Notes 5.25% due 08/01/2025*		785,000		812,475
Retail - Building Products — 0.0%
Home Depot, Inc. Senior Notes 4.50% due 12/06/2048		62,000		78,862
Retail - Discount — 0.3%
Walmart, Inc. Senior Notes 2.55% due 04/11/2023		2,493,000		2,555,493
Walmart, Inc. Senior Notes 3.05% due 07/08/2026		2,166,000		2,316,708
				4,872,201
Retail - Drug Store — 0.1%
Walgreens Boots Alliance, Inc. Senior Notes 4.80% due 11/18/2044		836,000		886,474
Retail - Mail Order — 0.2%
QVC, Inc. Senior Sec. Notes 4.85% due 04/01/2024		3,598,000		3,821,990
Retail - Regional Department Stores — 0.1%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		2,014,000		2,099,376
Retail - Restaurants — 0.5%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		1,012,000		1,042,360

24

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Restaurants (continued)
Darden Restaurants, Inc. Senior Notes 4.55% due 02/15/2048	$	2,744,000	$	2,945,151
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049		1,536,000		1,588,932
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		2,557,000		3,003,440
				8,579,883
Satellite Telecom — 0.1%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		1,024,000		1,103,360
Savings & Loans/Thrifts — 0.3%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		2,158,000		2,388,322
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		2,719,000		2,864,818
				5,253,140
Security Services — 0.1%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.25% due 04/15/2024*		1,102,000		1,138,267
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*		653,000		680,752
				1,819,019
Semiconductor Components - Integrated Circuits — 0.1%
QUALCOMM, Inc. Senior Notes 4.30% due 05/20/2047		742,000		840,853
Steel - Producers — 0.0%
Commercial Metals Co. Senior Notes 5.75% due 04/15/2026		720,000		738,000
Telephone - Integrated — 1.2%
AT&T, Inc. Senior Notes 4.30% due 02/15/2030		1,478,000		1,642,705
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		4,574,000		5,088,602
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		1,079,000		1,235,138
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		2,569,000		2,948,824
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024		2,025,000		2,247,710
Frontier Communications Corp. Senior Notes 7.63% due 04/15/2024		1,357,000		678,907
Frontier Communications Corp. Senior Notes 8.75% due 04/15/2022		1,605,000		834,600

Security Description	Principal Amount		Value (Note 2)
Telephone - Integrated (continued)
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036	$	819,000	$	938,481
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		488,000		565,060
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		2,624,000		3,318,688
				19,498,715
Television — 0.3%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027		460,000		510,600
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		1,110,000		1,248,750
CBS Corp. Company Guar. Notes 3.70% due 06/01/2028		2,211,000		2,342,283
Gray Television, Inc. Company Guar. Notes 5.13% due 10/15/2024*		606,000		625,695
Tribune Media Co. Company Guar. Notes 5.88% due 07/15/2022		840,000		852,340
				5,579,668
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026		1,356,000		1,454,318
Transport - Equipment & Leasing — 0.2%
GATX Corp. Senior Notes 4.35% due 02/15/2024		2,289,000		2,467,105
Transport - Marine — 0.1%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		1,108,000		1,196,649
Transport - Rail — 0.2%
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		746,000		914,580
Norfolk Southern Corp. Senior Notes 5.10% due 08/01/2118		1,463,000		1,873,681
				2,788,261
Transport - Services — 0.0%
United Parcel Service, Inc. Senior Notes 3.40% due 09/01/2049		635,000		663,781
Transport - Truck — 0.1%
JB Hunt Transport Services, Inc. Company Guar. Notes 3.88% due 03/01/2026		1,940,000		2,087,633
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		1,479,000		1,524,592

25

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Trucking/Leasing (continued)
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.95% due 03/10/2025*	$	1,869,000	$	1,988,636
				3,513,228
Total U.S. Corporate Bonds & Notes
(cost $554,794,631)				587,688,523
FOREIGN CORPORATE BONDS & NOTES — 9.0%
Agricultural Chemicals — 0.1%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		1,110,000		1,132,200
OCI NV Senior Sec. Notes 6.63% due 04/15/2023*		883,000		931,565
				2,063,765
Auto/Truck Parts & Equipment-Original — 0.1%
Delphi Jersey Holdings PLC Company Guar. Notes 5.00% due 10/01/2025*		985,000		849,563
Banks - Commercial — 1.1%
Canadian Imperial Bank of Commerce Senior Notes 2.10% due 10/05/2020		2,680,000		2,684,924
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*		1,607,000		1,669,600
Danske Bank A/S Senior Notes 5.38% due 01/12/2024*		2,695,000		2,971,811
DBS Group Holdings, Ltd. Senior Notes 2.85% due 04/16/2022*		1,572,000		1,598,270
ING Groep NV Senior Notes 4.63% due 01/06/2026*		763,000		849,227
Intesa Sanpaolo SpA Sub. Notes 5.71% due 01/15/2026*		3,012,000		3,177,277
National Australia Bank, Ltd. Sub. Notes 3.93% due 08/02/2034*		844,000		872,185
Shinhan Bank Co., Ltd. Sub. Notes 4.00% due 04/23/2029*		1,286,000		1,389,553
Westpac Banking Corp. Sub. Notes 4.11% due 07/24/2034		1,172,000		1,235,135
Westpac Banking Corp. Sub. Notes 4.42% due 07/24/2039		989,000		1,108,036
				17,556,018
Banks - Special Purpose — 0.2%
Kreditanstalt fuer Wiederaufbau Government Guar. Notes 1.63% due 03/15/2021		3,391,000		3,390,593
Building Societies — 0.1%
Nationwide Building Society Sub. Notes 4.13% due 10/18/2032*		1,018,000		1,011,495

Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV — 0.1%
Altice Financing SA Senior Sec. Notes 7.50% due 05/15/2026*	$	665,000	$	708,225
Altice Luxembourg SA Company Guar. Notes 7.63% due 02/15/2025*#		1,130,000		1,168,137
UPCB Finance IV, Ltd. Senior Sec. Notes 5.38% due 01/15/2025*		551,000		567,117
				2,443,479
Cellular Telecom — 0.4%
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		215,000		237,037
C&W Senior Financing Designated Activity Co. Senior Notes 6.88% due 09/15/2027*		1,067,000		1,136,238
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*		1,434,000		1,530,795
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		590,000		618,631
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		1,471,000		1,698,407
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		1,429,000		1,709,835
				6,930,943
Chemicals - Diversified — 0.1%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		971,000		969,252
NOVA Chemicals Corp. Senior Notes 5.00% due 05/01/2025*		471,000		481,598
				1,450,850
Computers - Memory Devices — 0.0%
Seagate HDD Cayman Company Guar. Notes 4.75% due 01/01/2025#		760,000		791,035
Containers - Metal/Glass — 0.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 5.25% due 08/15/2027*		825,000		833,250
Trivium Packaging Finance BV Senior Sec. Notes 5.50% due 08/15/2026*		416,000		439,920
Trivium Packaging Finance BV Company Guar. Notes 8.50% due 08/15/2027*		825,000		886,875
				2,160,045
Containers - Paper/Plastic — 0.1%
Intertape Polymer Group, Inc. Company Guar. Notes 7.00% due 10/15/2026*		838,000		869,425
Diversified Banking Institutions — 2.4%
Banco Santander SA Senior Notes 3.31% due 06/27/2029		1,800,000		1,884,382

26

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Barclays PLC Sub. Notes 5.09% due 06/20/2030	$	1,226,000	$	1,273,151
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*		4,234,000		4,587,558
Deutsche Bank AG Senior Notes 4.25% due 02/04/2021		965,000		975,835
HSBC Holdings PLC Senior Notes 3.40% due 03/08/2021		2,323,000		2,360,092
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.41% due 03/07/2024		5,415,000		5,691,385
Mizuho Financial Group, Inc. Senior Notes 3.15% due 07/16/2030		1,751,000		1,824,359
Mizuho Financial Group, Inc. Senior Notes 3.92% due 09/11/2024		2,945,000		3,121,715
NatWest Markets PLC Senior Notes 3.63% due 09/29/2022*		2,117,000		2,166,134
Royal Bank of Scotland Group PLC Senior Notes 4.27% due 03/22/2025		2,457,000		2,566,309
Royal Bank of Scotland Group PLC Senior Notes 4.52% due 06/25/2024		2,008,000		2,107,724
UBS Group Funding Switzerland AG Company Guar. Notes 3.49% due 05/23/2023*		1,016,000		1,046,774
UBS Group Funding Switzerland AG Company Guar. Notes 4.13% due 09/24/2025*		269,000		292,704
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		3,339,000		3,410,228
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		1,048,000		1,126,901
UniCredit SpA Sub. Notes 7.30% due 04/02/2034*		2,850,000		3,217,706
				37,652,957
Diversified Financial Services — 0.3%
Fairstone Financial, Inc. Senior Notes 7.88% due 07/15/2024*		715,000		745,388
GE Capital International Funding Co. ULC Company Guar. Notes 3.37% due 11/15/2025		4,527,000		4,585,618
				5,331,006
Diversified Manufacturing Operations — 0.2%
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		3,222,000		3,396,500
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 4.00% due 09/11/2027*		1,173,000		1,210,040

Security Description	Principal Amount		Value (Note 2)
Diversified Minerals (continued)
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 5.13% due 03/15/2023*	$	845,000	$	878,800
				2,088,840
Electric - Generation — 0.2%
Electricite de France SA Senior Notes 4.50% due 09/21/2028*		1,140,000		1,281,935
Electricite de France SA Senior Notes 5.00% due 09/21/2048*		1,433,000		1,750,345
				3,032,280
Electric - Integrated — 0.1%
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*		1,490,000		1,622,565
Electronic Components - Semiconductors — 0.1%
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 4.30% due 06/18/2029*		1,866,000		2,001,097
Finance - Leasing Companies — 0.1%
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.13% due 10/01/2023*		850,000		902,445
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.25% due 05/15/2024*		405,000		434,443
				1,336,888
Food - Meat Products — 0.1%
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.75% due 06/15/2025*		347,000		360,883
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.88% due 07/15/2024*		893,000		919,790
				1,280,673
Insurance - Life/Health — 0.2%
Athene Holding, Ltd. Senior Notes 4.13% due 01/12/2028		1,605,000		1,641,633
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		980,000		1,031,237
				2,672,870
Insurance - Property/Casualty — 0.2%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		2,930,000		3,100,001
Machinery - Farming — 0.1%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		983,000		1,023,023
CNH Industrial NV Senior Notes 4.50% due 08/15/2023		1,024,000		1,093,294
				2,116,317

27

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical - Drugs — 0.5%
Bausch Health Cos., Inc. Company Guar. Notes 6.13% due 04/15/2025*	$	2,040,000	$	2,101,200
GlaxoSmithKline Capital PLC Company Guar. Notes 3.13% due 05/14/2021		2,077,000		2,114,342
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		3,400,000		3,535,553
				7,751,095
Metal - Copper — 0.1%
First Quantum Minerals, Ltd. Company Guar. Notes 6.50% due 03/01/2024*		308,000		279,510
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*		620,000		582,800
				862,310
Metal - Iron — 0.1%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		824,000		841,510
Oil & Gas Drilling — 0.0%
Noble Holding International, Ltd. Company Guar. Notes 7.88% due 02/01/2026*		329,000		265,668
Oil Companies - Exploration & Production — 0.2%
Anadarko Finance Co. Company Guar. Notes 7.50% due 05/01/2031		685,000		912,206
Canadian Natural Resources, Ltd. Senior Notes 3.90% due 02/01/2025		1,564,000		1,648,223
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		1,039,000		1,044,195
				3,604,624
Oil Companies - Integrated — 0.6%
BP Capital Markets PLC Company Guar. Notes 3.51% due 03/17/2025		4,677,000		4,986,417
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027#		1,662,000		1,735,135
Petro-Canada Senior Notes 5.95% due 05/15/2035		751,000		977,844
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049		1,656,000		1,786,425
				9,485,821
Paper & Related Products — 0.1%
Cascades, Inc. Company Guar. Notes 5.50% due 07/15/2022*		425,000		428,188
Cascades, Inc. Company Guar. Notes 5.75% due 07/15/2023*		679,000		687,487
				1,115,675

Security Description	Principal Amount		Value (Note 2)
Retail - Petroleum Products — 0.1%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*	$	955,000	$	921,575
Satellite Telecom — 0.1%
Intelsat Jackson Holdings SA Company Guar. Notes 5.50% due 08/01/2023		1,244,000		1,132,040
Telesat Canada/Telesat LLC Company Guar. Notes 8.88% due 11/15/2024*		708,000		765,964
				1,898,004
Security Services — 0.1%
Garda World Security Corp. Senior Notes 8.75% due 05/15/2025*		1,080,000		1,114,063
SupraNational Banks — 0.3%
European Investment Bank Senior Notes 1.63% due 08/14/2020		2,445,000		2,440,728
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		1,664,000		1,822,902
				4,263,630
Telephone - Integrated — 0.2%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		1,247,000		1,440,285
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		2,202,000		2,434,371
				3,874,656
Transport - Rail — 0.1%
Canadian National Railway Co. Senior Notes 2.85% due 12/15/2021		1,058,000		1,074,789
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		622,000		939,282
				2,014,071
Total Foreign Corporate Bonds & Notes
(cost $136,206,943)				143,161,907
FOREIGN GOVERNMENT OBLIGATIONS — 0.4%
Sovereign — 0.2%
United Mexican States Senior Notes 4.50% due 04/22/2029		1,608,000		1,774,846
United Mexican States Senior Bonds 4.75% due 03/08/2044		1,092,000		1,206,333
				2,981,179
Sovereign Agency — 0.2%
Kommunalbanken AS Senior Notes 1.75% due 09/15/2020*		2,832,000		2,831,490
Total Foreign Government Obligations
(cost $5,475,179)				5,812,669

28

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 38.0%
Federal Home Loan Mtg. Corp. — 7.3%
2.50% due 01/01/2028	$	565,496	$	575,633
2.50% due 04/01/2028		1,148,120		1,168,716
2.50% due 03/01/2031		716,434		726,967
2.50% due 10/01/2032		3,896,359		3,953,787
3.00% due 08/01/2027		250,502		258,105
3.00% due 10/01/2042		1,289,497		1,340,243
3.00% due 11/01/2042		1,062,188		1,098,734
3.00% due 02/01/2043		1,378,778		1,416,006
3.00% due 04/01/2043		1,545,624		1,603,115
3.00% due 05/01/2043		522,384		542,944
3.00% due 08/01/2043		5,410,183		5,594,928
3.00% due 10/01/2045		5,704,749		5,883,149
3.50% due 01/01/2032		4,119,937		4,282,584
3.50% due 03/01/2042		3,584,969		3,751,750
3.50% due 04/01/2042		1,583,623		1,657,287
3.50% due 08/01/2042		1,238,678		1,302,794
3.50% due 09/01/2043		1,141,930		1,201,035
3.50% due 03/01/2045		1,117,319		1,167,594
3.50% due 07/01/2045		7,084,415		7,402,779
3.50% due 08/01/2045		2,063,661		2,162,046
3.50% due 11/01/2045		3,964,695		4,142,394
3.50% due 01/01/2046		2,514,593		2,627,244
3.50% due 03/01/2046		5,939,663		6,202,003
3.50% due 11/01/2047		12,315,533		12,746,886
3.50% due 03/01/2048		9,299,403		9,741,636
4.00% due 03/01/2023		16,785		17,469
4.00% due 09/01/2040		1,196,350		1,278,940
4.00% due 07/01/2044		88,654		93,793
4.00% due 10/01/2045		3,051,248		3,221,872
4.00% due 01/01/2046		657,117		698,799
4.50% due 12/01/2039		485,635		530,410
4.50% due 07/01/2044		1,346,825		1,458,086
4.50% due 05/01/2048		5,973,906		6,317,188
5.00% due 10/01/2033		844		930
5.00% due 07/01/2040		537,875		591,243
5.00% due 11/01/2043		2,615,741		2,912,112
5.50% due 11/01/2032		6,319		7,056
5.50% due 07/01/2034		24,405		27,546
5.50% due 02/01/2035		34,737		37,514
5.50% due 07/01/2035		914		1,034
5.50% due 01/01/2036		148,277		167,607
5.50% due 05/01/2037		26,972		30,342
6.00% due 07/01/2035		76,757		84,842
6.00% due 03/01/2040		132,516		151,950
6.50% due 02/01/2036		10,835		12,719
6.50% due 09/01/2036		166		184
6.50% due 05/01/2037		30,883		36,293
Federal Home Loan Mtg. Corp. FRS 4.02% (6 ML+1.49%) due 02/01/2037		114,343		118,201
4.83% (12 ML+1.88%) due 11/01/2037		1,098,267		1,162,885
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(2)		3,529,341		3,644,444
Series 4800, Class KG 3.50% due 11/15/2045(2)		4,000,000		4,152,439
Series 3820, Class DA 4.00% due 11/15/2035(2)		685,734		686,622
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 4.60%(6.80%-1 ML) due 09/15/2039(2)(6)(7)		732,877		103,704

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS
Series 2017-HQA1, Class M1 3.35% (1 ML+1.20%) due 08/25/2029(2)	$	1,112,620	$	1,114,428
Series 2015-DNA1, Class M2 4.00% (1 ML+1.85%) due 10/25/2027(2)		592,407		596,968
Series2014-DN1, Class M2 4.35% (1 ML+2.20%) due 02/25/2024(2)		896,084		906,229
Series2014-HQ2, Class M2 4.35% (1 ML+2.20%) due 09/25/2024(2)		2,086,859		2,114,792
Series 2015-HQA1, Class M2 4.80% (1 ML+2.65%) due 03/25/2028(2)		215,759		216,625
Series 2016-HQA1, Class M2 4.90% (1 ML+2.75%) due 09/25/2028(2)		456,077		458,459
Series 2015-HQA2, Class M2 4.95% (1 ML+2.80%) due 05/25/2028(2)		353,516		355,882
				115,859,966
Federal National Mtg. Assoc. — 25.4%
2.50% due 02/01/2028		1,147,032		1,167,090
2.50% due 04/01/2028		300,538		305,792
2.50% due 08/01/2031		14,315,766		14,519,797
2.50% due 01/01/2032		2,227,227		2,259,046
3.00% due 10/01/2027		138,464		142,610
3.00% due 01/01/2028		1,284,654		1,323,290
3.00% due 10/01/2030		2,291,178		2,358,296
3.00% due 10/01/2032		7,204,097		7,400,158
3.00% due 02/01/2033		11,722,817		12,049,391
3.00% due 03/01/2042		2,635,516		2,724,847
3.00% due 12/01/2042		2,351,249		2,431,984
3.00% due 02/01/2043		5,522,382		5,708,182
3.00% due 05/01/2043		2,819,349		2,914,758
3.00% due 05/01/2046		3,394,464		3,497,953
3.00% due 08/01/2046		6,757,945		6,974,491
3.00% due 09/01/2046		1,548,395		1,592,894
3.00% due 09/01/2048		7,323,740		7,525,650
3.50% due 08/01/2026		823,097		852,585
3.50% due 09/01/2026		799,294		832,311
3.50% due 08/01/2027		103,152		106,866
3.50% due 10/01/2028		1,855,974		1,931,645
3.50% due 03/01/2033		1,612,718		1,675,604
3.50% due 12/01/2041		386,705		406,519
3.50% due 03/01/2042		523,097		547,153
3.50% due 08/01/2042		3,636,473		3,812,319
3.50% due 09/01/2042		464,707		486,082
3.50% due 02/01/2043		2,465,395		2,616,432
3.50% due 07/01/2045		1,524,352		1,590,890
3.50% due 08/01/2045		2,069,237		2,161,517
3.50% due 09/01/2045		459,014		479,107
3.50% due 10/01/2045		2,848,680		2,995,353
3.50% due 11/01/2045		6,256,188		6,543,175
3.50% due 12/01/2045		11,366,814		11,862,130
3.50% due 02/01/2046		1,899,821		1,982,563
3.50% due 03/01/2046		8,874,600		9,246,806
3.50% due 07/01/2046		5,677,517		5,944,922
3.50% due 01/01/2047		5,195,655		5,400,865
3.50% due 12/01/2047		14,642,040		15,228,452
3.50% due 04/01/2048		27,044,376		28,081,102
3.50% due 04/01/2049		7,684,676		7,907,577

29

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
3.50% due 05/01/2049	$	6,355,723	$	6,529,702
4.00% due 11/01/2025		58,982		61,514
4.00% due 03/01/2039		5,625,730		5,884,879
4.00% due 09/01/2040		98,572		105,350
4.00% due 10/01/2040		195,819		209,250
4.00% due 12/01/2040		1,651,052		1,764,648
4.00% due 10/01/2041		1,079,030		1,153,235
4.00% due 11/01/2041		1,079,274		1,153,498
4.00% due 01/01/2043		1,947,502		2,083,675
4.00% due 10/01/2043		2,689,634		2,872,291
4.00% due 10/01/2044		3,475,759		3,673,981
4.00% due 02/01/2045		3,475,492		3,708,913
4.00% due 02/01/2046		2,284,207		2,408,951
4.00% due 06/01/2046		675,268		711,005
4.00% due 01/01/2047		3,985,748		4,185,781
4.00% due 05/01/2047		4,160,106		4,362,798
4.00% due 06/01/2047		4,958,953		5,270,443
4.00% due 07/01/2047		11,036,767		11,532,534
4.00% due 08/01/2047		6,051,467		6,340,662
4.00% due 06/01/2048		12,223,708		12,915,183
4.00% due 09/01/2048		11,567,467		12,074,877
4.00% due 11/01/2048		5,227,872		5,436,694
4.00% due 01/01/2049		13,298,355		13,878,096
4.00% due 03/01/2049		15,743,720		16,333,564
4.50% due 10/01/2024		265,822		276,202
4.50% due 03/01/2025		412,809		434,678
4.50% due 02/01/2040		963,931		1,065,852
4.50% due 05/01/2040		297,774		326,897
4.50% due 08/01/2045		7,187,787		7,942,281
4.50% due 06/01/2048		11,844,811		12,518,582
4.50% due 10/01/2048		10,635,828		11,219,462
4.50% due 11/01/2048		9,510,007		10,025,459
4.50% due 12/01/2048		16,552,282		17,434,311
5.00% due 03/01/2020		248		256
5.00% due 06/01/2022		22,602		23,297
5.00% due 10/01/2024		149,542		154,142
5.00% due 09/01/2033		486,228		541,016
5.00% due 04/01/2040		281,906		300,876
5.00% due 05/01/2040		551,739		605,348
5.00% due 06/01/2040		2,399,262		2,644,938
5.00% due 07/01/2040		238,123		258,318
5.00% due 02/01/2045		1,442,748		1,582,716
5.50% due 12/01/2029		119,725		129,236
5.50% due 12/01/2033		25,743		29,103
5.50% due 07/01/2037		28,060		31,528
5.50% due 08/01/2037		1,223,085		1,379,280
5.50% due 06/01/2038		137,256		154,438
5.50% due 09/01/2039		457,679		515,118
6.00% due 08/01/2034		21,123		24,214
6.00% due 11/01/2035		24,492		27,002
6.00% due 06/01/2036		47,328		54,229
6.00% due 12/01/2036		83,948		96,208
6.00% due 07/01/2038		406,700		465,993
6.00% due 09/01/2038		218,984		250,704
6.00% due 11/01/2038		129,999		148,836
Federal National Mtg. Assoc. FRS 4.28% (6 ML+1.54%) due 09/01/2035		977,529		1,011,018
4.44% (12 ML+1.57%) due 05/01/2037		198,444		207,424
4.56% (12 ML+1.66%) due 07/01/2039		690,715		723,827
4.57% (12 ML+1.82%) due 10/01/2040		217,851		228,742

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
4.63% (1 Yr USTYCR+2.21%) due 10/01/2035	$	921,500	$	972,678
4.67% (12 ML+1.83%) due 10/01/2040		493,982		517,110
4.71% (1 Yr USTYCR+2.26%) due 11/01/2036		348,704		368,830
4.71% (12 ML+1.77%) due 05/01/2040		928,390		977,543
4.73% (12 ML+1.91%) due 08/01/2035		626,815		662,270
Federal National Mtg. Assoc. REMIC
Series2017-100, Class NP 3.00% due 12/25/2047(2)		4,485,102		4,627,952
Series2018-27, Class EA 3.00% due 05/25/2048(2)		3,940,684		4,075,501
Series2018-35, Class CD 3.00% due 05/25/2048(2)		6,422,012		6,558,412
Fannie Mae Connecticut Avenue Securities FRS Series2014-C01, Class M1 3.75% (1 ML+1.60%) due 01/25/2024(2)		12,847		12,854
				403,844,409
Government National Mtg. Assoc. — 5.3%
3.00% due 02/20/2045		5,298,928		5,507,966
3.00% due 05/20/2045		1,308,613		1,355,463
3.00% due 07/20/2045		331,240		343,103
3.00% due 11/20/2045		2,834,226		2,935,834
3.00% due 12/20/2045		2,252,874		2,333,592
3.00% due 01/20/2046		5,329,069		5,526,571
3.00% due 05/20/2046		14,210,953		14,693,519
3.00% due 09/20/2047		10,397,450		10,732,192
3.50% due 03/20/2045		1,117,467		1,169,038
3.50% due 07/20/2045		550,601		575,355
3.50% due 03/20/2047		3,671,903		3,832,228
4.00% due 03/20/2044		696,508		744,063
4.00% due 07/20/2045		1,940,566		2,066,273
4.00% due 05/20/2048		22,884,647		23,875,451
4.50% due 05/15/2039		537,366		592,443
4.50% due 04/20/2047		4,492,453		4,732,502
5.00% due 05/15/2034		155,703		171,999
5.00% due 01/15/2040		513,301		574,633
5.50% due 12/15/2039		641,294		719,856
6.00% due 10/15/2039		324,134		356,331
Government National Mtg. Assoc. REMIC VRS Series2013-118, Class B 2.50% due 10/16/2043(1)(3)		1,700,000		1,704,513
				84,542,925
Total U.S. Government Agencies
(cost $591,925,128)				604,247,300
U.S. GOVERNMENT TREASURIES — 7.8%
United States Treasury Bonds — 3.5%
2.50% due 02/15/2045		1,189,000		1,318,908
2.50% due 05/15/2046		1,426,000		1,584,531
2.75% due 08/15/2047#		1,300,000		1,518,664
2.88% due 05/15/2049		2,524,000		3,039,744
3.00% due 05/15/2045		595,000		721,135
3.00% due 05/15/2047		13,750,000		16,801,318
3.00% due 02/15/2049		165,000		203,176
3.13% due 11/15/2041		815,000		996,560
3.13% due 02/15/2042		1,908,000		2,335,884
3.13% due 08/15/2044		281,000		346,409
3.38% due 11/15/2048		15,000,000		19,722,070
3.63% due 08/15/2043		476,000		631,016

30

VALIC Company II Core Bond Fund

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

Security Description	Shares/ Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Bonds (continued)
3.75% due 08/15/2041	$	37,000	$	49,418
3.88% due 08/15/2040		140,000		189,536
4.25% due 11/15/2040		713,000		1,013,017
4.38% due 05/15/2040		2,990,000		4,304,199
4.38% due 05/15/2041		452,000		654,500
4.63% due 02/15/2040		68,000		100,733
5.25% due 11/15/2028		375,000		495,806
				56,026,624
United States Treasury Notes — 4.3%
0.13% due 04/15/2020 TIPS(8)		295,321		292,523
1.25% due 08/31/2024		4,000,000		3,972,969
1.63% due 08/15/2029		12,526,000		12,663,982
1.75% due 07/31/2021		1,830,000		1,837,506
1.88% due 01/31/2022		2,087,000		2,106,158
2.25% due 08/15/2027#		4,202,000		4,446,405
2.25% due 11/15/2027		5,770,000		6,111,467
2.50% due 02/28/2026		10,000,000		10,644,922
2.63% due 12/31/2025		2,719,000		2,910,604
2.63% due 02/15/2029#		5,000,000		5,489,648
2.75% due 02/15/2028		1,250,000		1,375,000
2.88% due 04/30/2025		5,600,000		6,035,531
2.88% due 11/30/2025		3,932,000		4,264,838
2.88% due 08/15/2028		3,000,000		3,343,477
3.00% due 10/31/2025		1,558,000		1,699,559
	��			67,194,589
Total U.S. Government Treasuries
(cost $110,415,544)				123,221,213
COMMON STOCKS — 0.0%
Television — 0.0%
ION Media Networks, Inc.†(4)(9) (cost $1)		79		70,744
PREFERRED SECURITIES — 0.0%
Electric - Distribution — 0.0%
Entergy Louisiana LLC 4.70%		22,875		583,770
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. Series Z 8.38%†		6,900		83,076
Total Preferred Securities
(cost $678,289)				666,846
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.2%
Banks - Money Center — 0.1%
BBVA Bancomer SA 5.13% due 01/18/2033*	$	1,607,000		1,538,703
Banks - Super Regional — 0.0%
Wells Fargo Capital X 5.95% due 12/01/2086		445,000		554,786
Diversified Banking Institutions — 0.5%
Bank of Nova Scotia 4.65% due 10/12/2022(5)		2,897,000		2,852,444
HSBC Holdings PLC 6.00% due 05/22/2027(5)		1,963,000		1,967,907
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(5)		1,891,000		2,035,189
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(5)		425,000		452,413

Security Description	Shares/ Principal Amount			Value (Note 2)
Diversified Banking Institutions (continued)
Societe Generale SA 7.88% due 12/18/2023*(5)	$	993,000		$	1,071,199
					8,379,152
Electric - Distribution — 0.1%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		840,000			850,348
Electric - Integrated — 0.0%
Dominion Resources, Inc. 5.75% due 10/01/2054		720,000			762,811
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(4)		148,000			15
Food - Dairy Products — 0.0%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		603,000			662,546
Insurance - Life/Health — 0.2%
Prudential Financial, Inc. 5.63% due 06/15/2043		926,000			992,302
Prudential Financial, Inc. 5.70% due 09/15/2048		1,970,000			2,151,161
					3,143,463
Insurance - Multi-line — 0.1%
Voya Financial, Inc. Company Guar. Notes 4.70% due 01/23/2048		1,193,000			1,113,069
Pipelines — 0.2%
EnLink Midstream Partners LP 6.00% due 12/15/2022(5)		926,000			694,500
Enterprise Products Operating LLC 5.25% due 08/16/2077		744,000			734,700
TransCanada Trust 5.30% due 03/15/2077		788,000			782,090
TransCanada Trust 5.63% due 05/20/2075		503,000			516,832
					2,728,122
Total Preferred Securities/Capital Securities
(cost $19,232,439)					19,733,015
Total Long-Term Investment Securities
(cost $1,487,984,114)					1,556,094,566
SHORT-TERM INVESTMENT SECURITIES — 2.0%
Registered Investment Companies — 2.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class  2.07%(10)		27,060,254			27,060,254
State Street Navigator Securities Lending Government Money Market Portfolio 2.12%(10)(12)		4,651,380			4,651,380
Total Short-Term Investment Securities
(cost $31,711,634)					31,711,634
TOTAL INVESTMENTS
(cost $1,519,695,748)(11)		99.9	%		1,587,806,200
Other assets less liabilities		0.1			1,411,352
NET ASSETS		100.0	%	$	1,589,217,552

31

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019 — (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 August 31, 2019, the aggregate value of these securities was $234,998,093 representing 14.8% of net assets.

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

† Non-income producing security

(1) Commercial Mortgage Backed Security

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

(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 August 31, 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 August 31, 2019, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.		03/05/2014		79	$	1	$	70,744	$	895.50		0.00	%

(10) The rate shown is the7-day yield as of August 31, 2019.

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

(12) At August 31, 2019, the Fund had loaned securities with a total value of $18,414,166. This was secured by collateral of $4,651,380, which was received in cash and subsequently invested in short-term investments currently valued at $4,651,380 as reported in the Portfolio of Investments. Additional collateral of $14,330,939 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2019
Federal Home Loan Mtg. Corp.	zero coupon to 16.77%	02/01/2021 to 08/25/2056	$	1,922,069
Federal National Mtg. Assoc.	0.90% to 31.90%	07/01/2020 to 05/25/2059		3,048,956
Government National Mtg. Assoc.	2.00% to 26.51%	07/15/2020 to 07/20/2069		1,257,633
United States Treasury Bills	0.00%	11/07/2019 to 01/09/2020		75,566
United States Treasury Notes/Bonds	zero coupon to 8.75%	09/30/2019 to 02/15/2049		8,026,715

REMIC—Real Estate Mortgage Investment Conduit

TIPS—Treasury Inflation Protected Securities

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 August 31, 2019 and unless noted otherwise, the dates are the original maturity dates.

Index Legend

1 ML—1 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

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

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	71,492,349	$	—	$	71,492,349
U.S. Corporate Bonds & Notes:
Airlines		—		465,965		23,532		489,497
Finance - Investment Banker/Broker		—		823,055		41		823,096
Gambling(Non-Hotel)		—		536,359		302		536,661
Other Industries		—		585,839,269		—		585,839,269
Foreign Corporate Bonds & Notes		—		143,161,907		—		143,161,907
Foreign Government Obligations		—		5,812,669		—		5,812,669
U.S. Government Agencies		—		604,247,300		—		604,247,300
U.S. Government Treasuries		—		123,221,213		—		123,221,213
Common Stocks		—		—		70,744		70,744
Preferred Securities		666,846		—		—		666,846
Preferred Securities/Capital Securities:
Finance - Investment Banker/Broker		—		—		15		15
Other Industries		—		19,733,000		—		19,733,000
Short-Term Investment Securities		31,711,634		—		—		31,711,634
Total Investments at Value	$	32,378,480	$	1,555,333,086	$	94,634	$	1,587,806,200

* 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

32

VALIC Company II Government Money Market II Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

U.S. Government Agencies	64.2	%
U.S. Government Treasuries	34.0
	98.2	%

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 — 15.9 days

33

VALIC Company II Government Money Market II Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 98.2%
U.S. Government Agencies — 64.2%
Federal Farm Credit Bank FRS 2.38% (1 ML+0.18%) due 10/11/2019	$	2,000,000	$	2,000,462
Federal Home Loan Bank 1.93% due 09/03/2019		3,500,000		3,499,631
2.03% due 09/04/2019		1,100,000		1,099,817
2.05% due 09/20/2019		3,000,000		2,996,802
2.06% due 10/01/2019		3,000,000		2,994,937
2.06% due 10/10/2019		1,000,000		997,806
2.06% due 09/26/2019		3,000,000		2,995,771
2.07% due 10/01/2019		3,000,000		2,994,912
2.07% due 09/25/2019		3,100,000		3,095,784
2.15% due 09/05/2019		2,500,000		2,499,411
2.18% due 09/10/2019		1,000,000		999,465
2.25% due 09/04/2019		3,000,000		2,999,446
Federal Home Loan Bank FRS 2.13% (SOFR + 0.01%) due 11/13/2019		1,500,000		1,499,997
2.14% (1 ML - 0.06%) due 01/14/2020		2,000,000		1,999,835
2.14% (SOFR + 0.02%) due 05/22/2020		3,000,000		3,000,000
Federal Home Loan Mtg. Corp. FRS 2.12% (SOFR + 0.00%) due 04/13/2020		3,000,000		3,000,000
2.13% (SOFR + 0.01%) due 09/05/2019		2,000,000		2,000,000
2.13% (SOFR + 0.01%) due 05/20/2020		3,000,000		3,000,000
2.13% (SOFR + 0.01%) due 08/07/2020		3,000,000		3,000,000
2.13% (SOFR + 0.01%) due 02/21/2020		3,000,000		3,000,000
2.13% (SOFR + 0.01%) due 07/22/2020		3,000,000		3,000,000
2.14% (SOFR + 0.02%) due 06/05/2020		2,000,000		2,000,000
2.15% (SOFR + 0.03%) due 10/01/2019		3,000,000		3,000,000
2.19% (SOFR + 0.03%) due 06/02/2020		2,000,000		2,000,000
Federal National Mtg. Assoc. 1.97% due 09/03/2019		15,000,000		14,998,383
2.34% due 09/04/2019		2,000,000		1,999,618
Total U.S. Government Agencies
(amortized cost $76,672,077)				76,672,077

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries — 34.0%
United States Cash Management Bill 2.03% due 09/16/2019	$	3,000,000		$	2,997,463
United States Treasury Bills 1.94% due 09/24/2019		2,500,000			2,496,899
1.96% due 09/10/2019		4,000,000			3,998,476
1.98% due 10/03/2019		4,000,000			3,993,400
1.98% due 10/08/2019		2,000,000			1,996,164
1.99% due 10/01/2019		4,000,000			3,993,824
2.00% due 09/17/2019		2,500,000			2,497,778
2.13% due 09/03/2019		2,000,000			1,999,765
United States Treasury Notes 0.88% due 09/15/2019		1,000,000			999,534
1.00% due 09/30/2019		2,000,000			1,998,366
1.00% due 11/30/2019		6,200,000			6,180,232
1.25% due 10/31/2019		2,400,000			2,396,698
1.38% due 09/30/2019		4,000,000			3,996,701
1.50% due 11/30/2019		1,000,000			997,642
Total U.S. Government Treasuries
(amortized cost $40,542,942)					40,542,942
TOTAL INVESTMENTS
(amortized cost $117,215,019)(1)		98.2	%		117,215,019
Other assets less liabilities		1.8			2,151,403
NET ASSETS		100.0	%	$	119,366,422

(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 August 31, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 month USD LIBOR

SOFR—Secured Overnight Financing Rate

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Short-Term Investment Securities	$	—	$	117,215,019	$	—	$	117,215,019

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

See Notes to Financial Statements

34

VALIC Company II High Yield Bond Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Oil Companies — Exploration & Production	6.8	%
Cable/Satellite TV	6.7
Pipelines	4.5
Registered Investment Companies	3.8
Cellular Telecom	3.4
Finance — Consumer Loans	3.3
Medical — Hospitals	3.0
Containers — Paper/Plastic	2.9
Casino Hotels	2.9
Television	2.7
Telephone — Integrated	2.7
Repurchase Agreements	2.6
Gambling(Non-Hotel)	2.2
Containers — Metal/Glass	2.2
Food — Misc./Diversified	2.1
Medical — Drugs	2.1
Rental Auto/Equipment	2.0
Building — Residential/Commercial	1.8
Retail — Restaurants	1.8
Hazardous Waste Disposal	1.7
Insurance — Multi-line	1.7
Electronic Components — Semiconductors	1.6
Metal — Aluminum	1.5
Diversified Banking Institutions	1.3
Aerospace/Defense	1.2
Applications Software	1.1
Aerospace/Defense — Equipment	1.1
Banks — Commercial	1.1
Office Automation & Equipment	1.0
Diagnostic Equipment	1.0
Data Processing/Management	0.9
Auto/Truck Parts & Equipment — Original	0.9
Real Estate Investment Trusts	0.8
Computer Services	0.8
Electric — Integrated	0.8
Finance — Auto Loans	0.8
Medical Information Systems	0.8
Medical Labs & Testing Services	0.8
Radio	0.8
Soap & Cleaning Preparation	0.8
Music	0.8
Gas — Distribution	0.7
Racetracks	0.7
Enterprise Software/Service	0.7
Hotels/Motels	0.7
Distribution/Wholesale	0.7
Casino Services	0.7
Steel — Producers	0.7
Retail — Propane Distribution	0.6
Commercial Services	0.6
Disposable Medical Products	0.6
Insurance — Property/Casualty	0.6
Semiconductor Equipment	0.6
Finance — Leasing Companies	0.5
Security Services	0.5
Toys	0.5
Transport — Equipment & Leasing	0.5
Retail — Apparel/Shoe	0.5
Electronic Components — Misc.	0.5
Medical — Generic Drugs	0.5
Oil Refining & Marketing	0.5
Commercial Services — Finance	0.4
Metal Products — Fasteners	0.4
Retail — Leisure Products	0.4
Computers — Memory Devices	0.4
Agricultural Chemicals	0.4
Machinery — Material Handling	0.4
Banks — Mortgage	0.4
Cosmetics & Toiletries	0.4

Building & Construction Products — Misc.	0.4
Telecom Services	0.3
E-Commerce/Services	0.3
Theaters	0.3
Retail — Building Products	0.3
Electric — Distribution	0.3
Broadcast Services/Program	0.3
Advertising Services	0.3
Insurance Brokers	0.2
Building Products — Wood	0.2
Finance — Credit Card	0.2
Funeral Services & Related Items	0.2
Building — Heavy Construction	0.2
Non-Hazardous Waste Disposal	0.2
Coal	0.2
Insurance — Life/Health	0.2
Machinery — General Industrial	0.1
E-Commerce/Products	0.1
Industrial Gases	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Food — Flour & Grain	0.1
	102.5	%

Credit Quality†#

Baa	2.9	%
Ba	35.4
B	48.0
Caa	10.9
Ca	0.2
Not Rated@	2.6
	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.

35

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Principal Amount(13)		Value (Note 2)
CONVERTIBLE BONDS & NOTES — 0.7%
Casino Hotels — 0.2%
Caesars Entertainment Corp. Senior Notes 5.00% due 10/01/2024	$	660,000	$	1,111,366
Commercial Services - Finance — 0.2%
Cardtronics, Inc. Company Guar. Notes 1.00% due 12/01/2020		1,360,000		1,324,817
Computers - Memory Devices — 0.3%
Western Digital Corp. Company Guar. Notes 1.50% due 02/01/2024*		2,015,000		1,898,325
Total Convertible Bonds & Notes
(cost $4,957,339)				4,334,508
U.S. CORPORATE BONDS & NOTES — 72.9%
Advertising Services — 0.3%
Lamar Media Corp. Company Guar. Notes 5.75% due 02/01/2026		1,785,000		1,892,100
Aerospace/Defense - Equipment — 1.1%
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		6,910,000		7,454,024
Agricultural Chemicals — 0.4%
CF Industries, Inc. Company Guar. Notes 4.95% due 06/01/2043		325,000		319,312
CF Industries, Inc. Company Guar. Notes 5.15% due 03/15/2034		1,793,000		1,837,825
CF Industries, Inc. Company Guar. Notes 5.38% due 03/15/2044		515,000		520,449
				2,677,586
Applications Software — 0.9%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		1,620,000		1,672,650
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		4,215,000		4,425,750
				6,098,400
Auto/Truck Parts & Equipment - Replacement — 0.1%
Adient US LLC Senior Sec. Notes 7.00% due 05/15/2026*		505,000		516,363
Banks - Mortgage — 0.4%
Freedom Mtg. Corp. Senior Notes 8.13% due 11/15/2024*		3,045,000		2,649,150
Broadcast Services/Program — 0.3%
iHeartCommunications, Inc. Senior Sec. Notes 5.25% due 08/15/2027*		1,810,000		1,903,088
Building & Construction Products - Misc. — 0.4%
Standard Industries, Inc. Senior Notes 5.38% due 11/15/2024*		2,465,000		2,535,869

Security Description	Principal Amount(13)		Value (Note 2)
Building - Heavy Construction — 0.2%
Brand Industrial Services, Inc. Senior Notes 8.50% due 07/15/2025*#	$	1,677,000	$	1,477,856
Building - Residential/Commercial — 1.8%
KB Home Company Guar. Notes 7.00% due 12/15/2021		2,905,000		3,150,850
M/I Homes, Inc. Company Guar. Notes 5.63% due 08/01/2025		1,750,000		1,811,250
M/I Homes, Inc. Company Guar. Notes 6.75% due 01/15/2021		3,295,000		3,340,306
Taylor Morrison Communities, Inc. Company Guar. Notes 5.75% due 01/15/2028*		3,460,000		3,676,250
				11,978,656
Cable/Satellite TV — 5.3%
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		3,779,985
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 01/15/2024		360,000		368,100
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 02/15/2026*		3,740,000		3,959,725
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		1,732,162
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		1,900,000		2,033,000
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		825,000		882,750
CSC Holdings LLC Company Guar. Notes 6.50% due 02/01/2029*		7,250,000		8,124,531
CSC Holdings LLC Senior Notes 10.88% due 10/15/2025*		886,000		1,005,610
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		2,345,000		2,301,031
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		1,120,000		1,065,456
DISH DBS Corp. Company Guar. Notes 6.75% due 06/01/2021		7,536,000		7,937,669
				34,893,920
Casino Hotels — 2.7%
Boyd Gaming Corp. Company Guar. Notes 6.00% due 08/15/2026		960,000		1,014,000

36

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Casino Hotels (continued)
Boyd Gaming Corp. Company Guar. Notes 6.38% due 04/01/2026	$	4,505,000	$	4,775,300
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. Senior Sec. Notes 6.75% due 11/15/2021*		3,015,000		3,082,837
MGM Resorts International Company Guar. Notes 5.50% due 04/15/2027		1,890,000		2,048,288
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. Senior Sec. Notes 5.88% due 05/15/2025*		3,020,000		2,989,800
Wynn Las Vegas LLC Company Guar. Notes 5.50% due 03/01/2025*		3,650,000		3,850,750
				17,760,975
Casino Services — 0.7%
Eldorado Resorts, Inc. Company Guar. Notes 6.00% due 04/01/2025		2,695,000		2,856,700
Eldorado Resorts, Inc. Company Guar. Notes 6.00% due 09/15/2026		1,370,000		1,498,438
				4,355,138
Cellular Telecom — 2.6%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		4,189,000		4,630,772
Sprint Corp. Company Guar. Notes 7.25% due 09/15/2021		4,340,000		4,668,538
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025		2,125,000		2,377,344
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		4,576,000		5,148,000
				16,824,654
Coal — 0.2%
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. Sec. Notes 12.00% due 11/01/2021†(1)(2)		525,000		147,000
Foresight Energy LLC/Foresight Energy Finance Corp. Sec. Notes 11.50% due 04/01/2023*		3,395,000		882,700
				1,029,700
Commercial Services - Finance — 0.0%
Cardtronics, Inc./Cardtronics USA, Inc. Company Guar. Notes 5.50% due 05/01/2025*		260,000		260,000
Computer Services — 0.8%
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*		5,310,000		5,454,963
Computers - Memory Devices — 0.1%
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026		794,000		812,619

Security Description	Principal Amount(13)		Value (Note 2)
Containers - Metal/Glass — 0.5%
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*	$	3,090,000	$	3,198,150
Containers - Paper/Plastic — 2.4%
Berry Global Escrow Corp. Sec. Notes 5.63% due 07/15/2027*		1,010,000		1,060,500
Berry Plastics Corp. Sec. Notes 6.00% due 10/15/2022		2,760,000		2,811,750
Crown Americas LLC/Crown Americas Capital Corp. Company Guar. Notes 4.75% due 02/01/2026		3,195,000		3,354,750
Flex Acquisition Co., Inc. Senior Notes 6.88% due 01/15/2025*		4,620,000		4,158,000
Flex Acquisition Co., Inc. Senior Notes 7.88% due 07/15/2026*		1,340,000		1,212,700
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC Senior Sec. Notes 5.13% due 07/15/2023*		3,080,000		3,166,394
				15,764,094
Cosmetics & Toiletries — 0.4%
Revlon Consumer Products Corp. Company Guar. Notes 6.25% due 08/01/2024		4,530,000		2,604,750
Diagnostic Equipment — 1.0%
Avantor, Inc. Senior Sec. Notes 6.00% due 10/01/2024*		6,050,000		6,488,625
Disposable Medical Products — 0.6%
Sotera Health Holdings LLC Senior Notes 6.50% due 05/15/2023*		3,665,000		3,729,138
Distribution/Wholesale — 0.7%
American Builders & Contractors Supply Co., Inc. Senior Notes 5.75% due 12/15/2023*		3,070,000		3,181,287
IAA Spinco, Inc. Senior Notes 5.50% due 06/15/2027*		1,185,000		1,262,025
				4,443,312
Electric - Distribution — 0.3%
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*		1,865,000		1,916,288
Electric - Integrated — 0.8%
AES Corp. Senior Notes 5.13% due 09/01/2027		4,925,000		5,279,748
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc. Escrow Notes 11.50% due 10/01/2020†		3,873,748		5,810
				5,285,558

37

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Components - Semiconductors — 1.5%
Micron Technology, Inc. Senior Notes 4.64% due 02/06/2024	$	785,000	$	836,791
Micron Technology, Inc. Senior Notes 4.98% due 02/06/2026		2,050,000		2,208,155
Micron Technology, Inc. Senior Notes 5.50% due 02/01/2025		1,490,000		1,521,029
Qorvo, Inc. Company Guar. Notes 5.50% due 07/15/2026		4,870,000		5,198,822
				9,764,797
Enterprise Software/Service — 0.7%
Infor US, Inc. Company Guar. Notes 6.50% due 05/15/2022		4,478,000		4,550,767
Finance - Auto Loans — 0.8%
Ally Financial, Inc. Senior Notes 3.88% due 05/21/2024		3,365,000		3,545,869
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026*		1,565,000		1,693,142
				5,239,011
Finance - Consumer Loans — 2.8%
Navient Corp. Senior Notes 5.88% due 10/25/2024		1,446,000		1,521,178
Navient Corp. Senior Notes 6.50% due 06/15/2022		2,629,000		2,845,892
Navient Corp. Senior Notes 7.25% due 09/25/2023		1,460,000		1,620,600
SLM Corp. Senior Notes 5.50% due 01/25/2023		1,707,000		1,792,862
SLM Corp. Senior Notes 5.63% due 08/01/2033		350,000		295,750
SLM Corp. Senior Notes 6.13% due 03/25/2024		740,000		785,325
Springleaf Finance Corp. Company Guar. Notes 6.13% due 05/15/2022		165,000		177,788
Springleaf Finance Corp. Company Guar. Notes 6.13% due 03/15/2024		485,000		528,650
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		1,120,000		1,269,800
Springleaf Finance Corp. Company Guar. Notes 7.13% due 03/15/2026		2,710,000		3,090,755
Springleaf Finance Corp. Company Guar. Notes 7.75% due 10/01/2021#		2,585,000		2,824,112
Springleaf Finance Corp. Company Guar. Notes 8.25% due 12/15/2020		1,845,000		1,973,873
				18,726,585

Security Description	Principal Amount(13)		Value (Note 2)
Food - Misc./Diversified — 2.1%
Post Holdings, Inc. Company Guar. Notes 5.00% due 08/15/2026*	$	4,710,000	$	4,910,175
Post Holdings, Inc. Company Guar. Notes 5.50% due 03/01/2025		715,000		748,069
Post Holdings, Inc. Company Guar. Notes 5.63% due 01/15/2028*		2,974,000		3,167,310
Post Holdings, Inc. Company Guar. Notes 5.75% due 03/01/2027*		1,440,000		1,530,000
TreeHouse Foods, Inc. Company Guar. Notes 4.88% due 03/15/2022		2,405,000		2,420,031
TreeHouse Foods, Inc. Company Guar. Notes 6.00% due 02/15/2024*		1,230,000		1,277,662
				14,053,247
Funeral Services & Related Items — 0.2%
Service Corp. International Senior Notes 4.63% due 12/15/2027		735,000		766,238
Service Corp. International Senior Notes 5.13% due 06/01/2029		725,000		775,750
				1,541,988
Gambling(Non-Hotel) — 1.7%
Caesars Resort Collection LLC/CRC Finco, Inc. Company Guar. Notes 5.25% due 10/15/2025*		4,875,000		4,960,312
Golden Entertainment, Inc. Senior Notes 7.63% due 04/15/2026*		1,630,000		1,695,363
Jacobs Entertainment, Inc. Sec. Notes 7.88% due 02/01/2024*		4,420,000		4,696,250
				11,351,925
Gas- Distribution — 0.7%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.50% due 05/20/2025		731,000		773,033
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.75% due 05/20/2027		875,000		925,837
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.88% due 08/20/2026		2,904,000		3,153,599
				4,852,469
Hazardous Waste Disposal — 0.9%
Clean Harbors, Inc. Senior Notes 4.88% due 07/15/2027*		2,609,000		2,759,017
Clean Harbors, Inc. Senior Notes 5.13% due 07/15/2029*		1,157,000		1,232,205
Stericycle, Inc. Company Guar. Notes 5.38% due 07/15/2024*		1,925,000		1,973,125
				5,964,347

38

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Hotels/Motels — 0.7%
Hilton Domestic Operating Co., Inc. Company Guar. Notes 4.25% due 09/01/2024	$	4,416,000	$	4,504,320
Insurance - Life/Health — 0.2%
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2029		925,000		1,022,125
Insurance - Multi-line — 1.6%
Acrisure LLC/Acrisure Finance, Inc. Senior Sec. Notes 8.13% due 02/15/2024*		4,030,000		4,342,325
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 10.13% due 08/01/2026*		1,675,000		1,721,062
Genworth Holdings, Inc. Company Guar. Notes 4.80% due 02/15/2024		260,000		246,350
Genworth Holdings, Inc. Company Guar. Notes 4.90% due 08/15/2023#		1,215,000		1,157,288
Genworth Holdings, Inc. Company Guar. Notes 7.20% due 02/15/2021#		2,345,000		2,409,487
Genworth Holdings, Inc. Company Guar. Notes 7.63% due 09/24/2021#		539,000		561,908
Genworth Holdings, Inc. Company Guar. Notes 7.70% due 06/15/2020#		86,000		88,498
				10,526,918
Machinery - Material Handling — 0.4%
Cloud Crane LLC Sec. Notes 10.13% due 08/01/2024*		2,466,000		2,650,950
Medical Information Systems — 0.8%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. Senior Notes 5.75% due 03/01/2025*		1,890,000		1,902,209
IQVIA, Inc. Company Guar. Notes 2.25% due 01/15/2028*	EUR	1,120,000		1,280,173
IQVIA, Inc. Company Guar. Notes 5.00% due 05/15/2027*		1,840,000		1,943,500
				5,125,882
Medical Labs & Testing Services — 0.6%
Catalent Pharma Solutions, Inc. Company Guar. Notes 4.88% due 01/15/2026*		520,000		527,800
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		545,000		570,947
West Street Merger Sub, Inc. Senior Notes 6.38% due 09/01/2025*		3,140,000		2,795,542
				3,894,289

Security Description	Principal Amount(13)		Value (Note 2)
Medical - Drugs — 0.0%
Bausch Health Americas, Inc. Company Guar. Notes 8.50% due 01/31/2027*	$	20,000	$	22,200
Medical - Generic Drugs — 0.5%
Teva Pharmaceutical Finance IV LLC Company Guar. Notes 2.25% due 03/18/2020		3,085,000		3,061,863
Medical - Hospitals — 3.0%
CHS/Community Health Systems, Inc. Sec. Notes 8.13% due 06/30/2024*		1,810,000		1,375,600
HCA Healthcare, Inc. Senior Notes 6.25% due 02/15/2021		5,000,000		5,252,000
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		3,520,000		3,907,200
HCA, Inc. Company Guar. Notes 5.38% due 09/01/2026		4,065,000		4,532,475
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		105,000		119,470
HCA, Inc. Company Guar. Notes 5.88% due 05/01/2023		1,535,000		1,695,216
HCA, Inc. Company Guar. Notes 5.88% due 02/01/2029		905,000		1,041,881
HCA, Inc. Company Guar. Notes 7.50% due 11/15/2095		1,820,000		2,002,000
				19,925,842
Metal Products - Fasteners — 0.4%
TriMas Corp. Company Guar. Notes 4.88% due 10/15/2025*		2,825,000		2,860,313
Metal - Aluminum — 1.0%
Novelis Corp. Company Guar. Notes 5.88% due 09/30/2026*		3,315,000		3,501,469
Novelis Corp. Company Guar. Notes 6.25% due 08/15/2024*		2,920,000		3,058,700
				6,560,169
Music — 0.8%
WMG Acquisition Corp. Senior Sec. Notes 5.00% due 08/01/2023*		555,000		568,875
WMG Acquisition Corp. Company Guar. Notes 5.50% due 04/15/2026*		4,278,000		4,481,205
				5,050,080
Non-Hazardous Waste Disposal — 0.2%
Waste Pro USA, Inc. Senior Notes 5.50% due 02/15/2026*		1,095,000		1,138,800

39

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Office Automation & Equipment — 1.0%
Pitney Bowes, Inc. Senior Notes 4.63% due 03/15/2024#	$	570,000	$	520,125
Pitney Bowes, Inc. Senior Notes 4.70% due 04/01/2023		2,270,000		2,156,500
Xerox Corp. Senior Notes 4.13% due 03/15/2023		4,060,000		4,131,050
				6,807,675
Oil Companies - Exploration & Production — 6.1%
California Resources Corp. Sec. Notes 8.00% due 12/15/2022*#		1,845,000		1,060,875
Centennial Resource Production LLC Company Guar. Notes 5.38% due 01/15/2026*		1,635,000		1,557,338
Chesapeake Energy Corp. Company Guar. Notes 7.00% due 10/01/2024		3,970,000		3,027,125
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 10/01/2026		2,545,000		1,743,325
Chesapeake Energy Corp. Company Guar. Notes 8.00% due 06/15/2027#		2,650,000		1,914,651
Energen Corp. Senior Notes 4.63% due 09/01/2021		2,170,000		2,240,916
EP Energy LLC/Everest Acquisition Finance, Inc. Senior Sec. Notes 7.75% due 05/15/2026*		640,000		534,400
Jagged Peak Energy LLC Company Guar. Notes 5.88% due 05/01/2026		3,615,000		3,627,652
Laredo Petroleum, Inc. Company Guar. Notes 5.63% due 01/15/2022#		3,216,000		3,015,000
Matador Resources Co. Company Guar. Notes 5.88% due 09/15/2026		2,400,000		2,325,000
QEP Resources, Inc. Senior Notes 5.25% due 05/01/2023		2,516,000		2,201,500
QEP Resources, Inc. Senior Notes 5.38% due 10/01/2022		206,000		185,400
QEP Resources, Inc. Senior Notes 5.63% due 03/01/2026#		2,810,000		2,276,100
QEP Resources, Inc. Senior Notes 6.80% due 03/01/2020		245,000		245,000
SM Energy Co. Senior Notes 5.00% due 01/15/2024		3,860,000		3,377,500
SM Energy Co. Senior Notes 5.63% due 06/01/2025		1,100,000		935,000
SM Energy Co. Senior Notes 6.13% due 11/15/2022		365,000		339,450

Security Description	Principal Amount(13)		Value (Note 2)
Oil Companies - Exploration & Production (continued)
SM Energy Co. Senior Notes 6.63% due 01/15/2027#	$	1,275,000	$	1,083,750
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. Company Guar. Notes 8.75% due 04/15/2023*		3,340,000		1,803,600
WPX Energy, Inc. Senior Notes 5.25% due 09/15/2024		3,540,000		3,593,100
WPX Energy, Inc. Senior Notes 5.75% due 06/01/2026		740,000		767,750
WPX Energy, Inc. Senior Notes 6.00% due 01/15/2022		841,000		864,128
WPX Energy, Inc. Senior Notes 8.25% due 08/01/2023		970,000		1,079,125
				39,797,685
Oil Refining & Marketing — 0.5%
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.50% due 02/15/2026		600,000		622,500
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.88% due 03/15/2028		375,000		390,000
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 6.00% due 04/15/2027		1,900,000		1,999,750
				3,012,250
Pipelines — 4.5%
Blue Racer Midstream LLC/Blue Racer Finance Corp. Company Guar. Notes 6.13% due 11/15/2022*		4,950,000		4,974,750
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.13% due 06/30/2027		4,102,000		4,527,582
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.88% due 03/31/2025		1,830,000		2,040,450
DCP Midstream Operating LP Company Guar. Notes 5.38% due 07/15/2025		3,790,000		4,007,925
Energy Transfer Operating LP Company Guar. Notes 5.50% due 06/01/2027		3,605,000		4,142,452
Energy Transfer Operating LP Company Guar. Notes 7.50% due 10/15/2020		1,350,000		1,422,810
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 4.75% due 10/01/2023*		1,980,000		1,962,675
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.50% due 07/15/2027*		4,360,000		4,730,600
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.75% due 03/15/2024		1,650,000		1,713,938
				29,523,182

40

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Racetracks — 0.7%
Penn National Gaming, Inc. Senior Notes 5.63% due 01/15/2027*#	$	4,555,000	$	4,675,024
Radio — 0.8%
Sirius XM Radio, Inc. Company Guar. Notes 4.63% due 07/15/2024*		1,435,000		1,497,781
Sirius XM Radio, Inc. Company Guar. Notes 5.50% due 07/01/2029*		3,285,000		3,579,698
				5,077,479
Real Estate Investment Trusts — 0.8%
FelCor Lodging LP Company Guar. Notes 6.00% due 06/01/2025		5,360,000		5,574,400
Rental Auto/Equipment — 2.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.50% due 04/01/2023		839,000		856,829
Herc Holdings, Inc. Company Guar. Notes 5.50% due 07/15/2027*		3,230,000		3,343,050
United Rentals North America, Inc. Company Guar. Notes 4.63% due 10/15/2025		970,000		997,597
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		6,370,000		6,680,537
United Rentals North America, Inc. Company Guar. Notes 5.88% due 09/15/2026		1,025,000		1,099,312
				12,977,325
Retail - Apparel/Shoe — 0.5%
L Brands, Inc. Company Guar. Notes 5.25% due 02/01/2028		2,895,000		2,641,688
L Brands, Inc. Company Guar. Notes 6.75% due 07/01/2036		465,000		390,600
L Brands, Inc. Company Guar. Notes 6.88% due 11/01/2035		205,000		173,225
				3,205,513
Retail - Building Products — 0.3%
Beacon Roofing Supply, Inc. Company Guar. Notes 4.88% due 11/01/2025*		1,995,000		1,967,569
Retail - Leisure Products — 0.4%
Party City Holdings, Inc. Company Guar. Notes 6.13% due 08/15/2023*#		2,830,000		2,830,000
Retail - Propane Distribution — 0.6%
Ferrellgas LP/Ferrellgas Finance Corp. Senior Notes 6.50% due 05/01/2021		1,323,000		1,124,550
Ferrellgas LP/Ferrellgas Finance Corp. Senior Notes 6.75% due 01/15/2022		2,181,000		1,842,945

Security Description	Principal Amount(13)		Value (Note 2)
Retail - Propane Distribution (continued)
Ferrellgas LP/Ferrellgas Finance Corp. Company Guar. Notes 6.75% due 06/15/2023	$	1,242,000	$	1,043,280
				4,010,775
Retail - Restaurants — 0.7%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 4.75% due 06/01/2027*		1,830,000		1,916,925
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 5.25% due 06/01/2026*		2,225,000		2,352,938
				4,269,863
Rubber/Plastic Products — 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(1)(3)(4)		50,000		0
Security Services — 0.5%
APX Group, Inc. Company Guar. Notes 7.63% due 09/01/2023#		2,155,000		1,605,475
APX Group, Inc. Senior Sec. Notes 7.88% due 12/01/2022		2,065,000		1,964,331
				3,569,806
Semiconductor Equipment — 0.6%
Entegris, Inc. Company Guar. Notes 4.63% due 02/10/2026*		3,550,000		3,656,500
Steel - Producers — 0.7%
Steel Dynamics, Inc. Company Guar. Notes 4.13% due 09/15/2025		2,170,000		2,186,275
Steel Dynamics, Inc. Company Guar. Notes 5.13% due 10/01/2021		915,000		917,553
Steel Dynamics, Inc. Company Guar. Notes 5.50% due 10/01/2024		1,130,000		1,164,465
				4,268,293
Telecom Services — 0.3%
Embarq Corp. Senior Notes 8.00% due 06/01/2036		2,240,000		2,196,006
Telephone - Integrated — 2.2%
CenturyLink, Inc. Senior Notes 5.63% due 04/01/2025#		5,880,000		6,012,300
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024#		890,000		987,882
Frontier Communications Corp. Senior Notes 6.88% due 01/15/2025		2,690,000		1,371,900
Frontier Communications Corp. Sec. Notes 8.50% due 04/01/2026*		3,685,000		3,583,663

41

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone - Integrated (continued)
Frontier Communications Corp. Senior Notes 10.50% due 09/15/2022#	$	1,800,000	$	936,000
Sprint Capital Corp. Company Guar. Notes 8.75% due 03/15/2032		1,425,000		1,784,784
				14,676,529
Television — 2.3%
Gray Television, Inc. Company Guar. Notes 5.13% due 10/15/2024*		2,490,000		2,570,925
Gray Television, Inc. Company Guar. Notes 5.88% due 07/15/2026*		1,060,000		1,107,700
Nexstar Escrow, Inc. Senior Sec. Notes 5.63% due 07/15/2027*		2,020,000		2,105,850
Scripps Escrow, Inc. Senior Notes 5.88% due 07/15/2027*		1,820,000		1,835,925
Sinclair Television Group, Inc. Company Guar. Notes 5.13% due 02/15/2027*		1,015,000		1,014,797
Sinclair Television Group, Inc. Company Guar. Notes 5.63% due 08/01/2024*		1,130,000		1,163,900
Sinclair Television Group, Inc. Company Guar. Notes 5.88% due 03/15/2026*		1,585,000		1,660,287
Sinclair Television Group, Inc. Company Guar. Notes 6.13% due 10/01/2022		600,000		608,250
Tribune Media Co. Company Guar. Notes 5.88% due 07/15/2022		3,153,000		3,199,318
				15,266,952
Toys — 0.5%
Mattel, Inc. Company Guar. Notes 6.75% due 12/31/2025*		3,220,000		3,308,550
Transport - Equipment & Leasing — 0.3%
DAE Funding LLC Company Guar. Notes 4.50% due 08/01/2022*		675,000		688,500
DAE Funding LLC Company Guar. Notes 5.00% due 08/01/2024*		1,345,000		1,407,543
				2,096,043
Total U.S. Corporate Bonds & Notes
(cost $473,013,179)				479,161,282
FOREIGN CORPORATE BONDS & NOTES — 14.9%
Aerospace/Defense — 1.2%
Bombardier, Inc. Senior Notes 6.13% due 01/15/2023*		4,605,000		4,581,975
Bombardier, Inc. Senior Notes 7.88% due 04/15/2027*		3,205,000		3,104,844
				7,686,819

Security Description	Principal Amount(13)		Value (Note 2)
Auto/Truck Parts & Equipment - Original — 0.6%
Adient Global Holdings, Ltd. Company Guar. Notes 3.50% due 08/15/2024	EUR	2,360,000	$	2,115,588
Panther BF Aggregator 2 LP/Panther Finance Co, Inc. Company Guar. Notes 8.50% due 05/15/2027*		1,630,000		1,589,250
				3,704,838
Building Products - Wood — 0.2%
Norbord, Inc. Senior Sec. Notes 5.75% due 07/15/2027*		1,620,000		1,648,350
Cable/Satellite TV — 1.4%
Altice Financing SA Senior Sec. Notes 6.63% due 02/15/2023*		600,000		618,750
Altice Financing SA Senior Sec. Notes 7.50% due 05/15/2026*		2,210,000		2,353,650
Altice Luxembourg SA Company Guar. Notes 7.63% due 02/15/2025*		1,320,000		1,364,550
Altice Luxembourg SA Senior Sec. Notes 8.00% due 05/15/2027	EUR	1,680,000		1,980,895
Quebecor Media, Inc. Senior Notes 5.75% due 01/15/2023		1,415,000		1,532,205
Ziggo BV Senior Sec. Notes 5.50% due 01/15/2027*		1,585,000		1,672,096
				9,522,146
Cellular Telecom — 0.8%
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		4,775,000		5,264,437
Containers - Metal/Glass — 1.7%
ARD Finance SA Senior Sec. Notes 7.13% due 09/15/2023(5)		5,095,000		5,228,744
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 4.13% due 08/15/2026*		650,000		657,300
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 6.00% due 02/15/2025*		1,315,000		1,373,353
OI European Group BV Company Guar. Notes 4.00% due 03/15/2023*		3,579,000		3,605,842
Trivium Packaging Finance BV Senior Sec. Notes 5.50% due 08/15/2026*		520,000		549,900
				11,415,139
Containers - Paper/Plastic — 0.5%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC Company Guar. Notes 7.00% due 07/15/2024*		3,080,000		3,183,950

42

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(13)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Electronic Components - Misc. — 0.5%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*	$	1,435,000	$	1,521,100
Sensata Technologies BV Company Guar. Notes 5.63% due 11/01/2024*		1,430,000		1,551,550
				3,072,650
Finance - Consumer Loans — 0.5%
goeasy, Ltd. Company Guar. Notes 7.88% due 11/01/2022*		2,885,000		3,007,613
Finance - Leasing Companies — 0.5%
Avolon Holdings Funding, Ltd. Company Guar. Notes 3.95% due 07/01/2024*		910,000		936,572
Avolon Holdings Funding, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		380,000		394,554
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.25% due 05/15/2024*		2,125,000		2,279,487
				3,610,613
Hazardous Waste Disposal — 0.8%
Tervita Escrow Corp. Sec. Notes 7.63% due 12/01/2021*		5,195,000		5,272,925
Medical - Drugs — 2.1%
Bausch Health Cos., Inc. Company Guar. Notes 5.88% due 05/15/2023*		4,875,000		4,935,937
Bausch Health Cos., Inc. Company Guar. Notes 6.13% due 04/15/2025*		2,035,000		2,096,050
Bausch Health Cos., Inc. Senior Sec. Notes 7.00% due 03/15/2024*		455,000		480,553
Bausch Health Cos., Inc. Company Guar. Notes 9.00% due 12/15/2025*		445,000		498,956
Endo, Ltd./Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 07/15/2023*		2,301,000		1,518,660
Endo, Ltd./Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 02/01/2025*		925,000		578,125
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026		1,750,000		1,289,715
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 6.75% due 03/01/2028#		1,350,000		1,136,228
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.50% due 03/01/2023*		1,236,000		1,248,360
				13,782,584
Metal - Aluminum — 0.5%
Constellium NV Company Guar. Notes 5.88% due 02/15/2026*#		3,240,000		3,377,700

Security Description	Principal Amount(13)		Value (Note 2)
Oil Companies - Exploration & Production — 0.7%
MEG Energy Corp. Company Guar. Notes 6.38% due 01/30/2023*	$	1,680,000	$	1,587,600
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		2,135,000		2,145,675
MEG Energy Corp. Company Guar. Notes 7.00% due 03/31/2024*		1,190,000		1,131,987
				4,865,262
Retail - Restaurants — 1.1%
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 5.00% due 10/15/2025*		7,185,000		7,418,512
Soap & Cleaning Preparation — 0.7%
Diamond BC BV Senior Notes 5.63% due 08/15/2025	EUR	4,595,000		4,287,654
Special Purpose Entity — 0.0%
Hellas Telecommunications Luxembourg II SCA Sub. Notes 8.46% due 01/15/2015*†(1)(3)(4)		925,000		0
Telephone - Integrated — 0.5%
Telecom Italia SpA Senior Notes 5.30% due 05/30/2024*		2,890,000		3,092,300
Television — 0.4%
Videotron, Ltd. Company Guar. Notes 5.00% due 07/15/2022		2,720,000		2,852,600
Transport-Equipment & Leasing — 0.2%
Fly Leasing, Ltd. Senior Notes 5.25% due 10/15/2024		1,140,000		1,171,350
Total Foreign Corporate Bonds & Notes
(cost $97,560,131)				98,237,442
LOANS(6)(7)(8) — 5.2%
Applications Software — 0.2%
SS&C European Holdings SARL FRS BTL-B4 4.36% (1 ML+2.25%) due 04/16/2025		416,828		416,977
SS&C Technologies, Inc. FRS BTL-B3 4.36% (1 ML+2.25%) due 04/16/2025		616,841		617,061
SS&C Technologies, Inc. FRS BTL-B5 4.36% (1 ML+ 2.25%) due 04/16/2025		362,227		362,379
				1,396,417
Auto/Truck Parts & Equipment - Original — 0.3%
Panther BF Aggregator 2 LP FRS BTL-B 5.61% (1 ML+3.50%) due 04/30/2026		1,860,000		1,825,125

43

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(13)		Value (Note 2)
LOANS (continued)
Commercial Services — 0.6%
AVSC Holding Corp. FRS 1st Lien 5.39% (1 WL+3.25%) due 03/01/2025	$	1,977,253	$	1,915,465
AVSC Holding Corp. FRS 1st Lien 5.48% (1 ML+3.25%) due 03/01/2025		1,967,997		1,906,496
AVSC Holding Corp. FRS 1st Lien 5.58% (3 ML+3.25%) due 03/01/2025		120,906		117,127
				3,939,088
Commercial Services - Finance — 0.2%
Trans Union LLC FRS BTL-B4 4.11% (1 ML+2.00%) due 06/19/2025		1,316,700		1,317,797
Data Processing/Management — 0.9%
Dun & Bradstreet Corp. FRS BTL 7.15% (1 ML+5.00%) due 02/08/2026		5,610,000		5,624,025
E-Commerce/Products — 0.1%
Lands’ End, Inc. FRS BTL-B 5.36% (1 ML+3.25%) due 04/04/2021		782,926		756,175
E-Commerce/Services — 0.3%
Shutterfly, Inc. FRS BTL-B2 4.87% (1 ML+ 2.75%) due 08/17/2024		2,119,775		2,117,621
Electronic Components - Semiconductors — 0.1%
Microchip Technology, Inc. FRS BTL-B 4.12% (1 ML+ 2.00%) due 05/29/2025		741,610		742,228
Finance - Credit Card — 0.2%
Blackhawk Network Holdings, Inc. FRS 1st Lien 5.11% (1 ML+3.00%) due 06/15/2025		1,559,250		1,544,493
Food - Flour & Grain — 0.1%
CHG PPC Parent LLC FRS BTL-B 4.86% (1 ML+2.75%) due 03/31/2025		490,050		486,068
Gambling(Non-Hotel) — 0.5%
Golden Entertainment, Inc. FRS 1st Lien 5.14% (1 ML+ 3.00%) due 10/21/2024		3,425,750		3,417,186
Industrial Gases — 0.1%
Messer Industries USA, Inc. FRS BTL 4.83% (3 ML+ 2.50%) due 03/01/2026		573,563		569,440

Security Description	Shares/ Principal Amount(13)		Value (Note 2)
Insurance Brokers — 0.2%
HUB International, Ltd. FRS BTL-B 5.27%-5.28% (3 ML+3.00%) due 04/25/2025	$	1,692,900	$	1,658,438
Insurance - Multi-line — 0.1%
Genworth Holdings, Inc. FRS 1st Lien 6.67% (2 ML+4.50%) due 03/07/2023		345,625		346,921
Insurance - Property/Casualty — 0.6%
Asurion LLC FRS BTL-B7 5.11% (1 ML+3.00%) due 11/03/2024		3,663,000		3,663,916
Machinery - General Industrial — 0.1%
Gardner Denver, Inc. FRS BTL-B 4.86% (1 ML+2.75%) due 07/30/2024		923,439		924,321
Medical Labs & Testing Services — 0.2%
Syneos Health, Inc. FRS BTL-B 4.11% (1 ML+ 2.00%) due 08/01/2024		1,208,010		1,202,221
Soap & Cleaning Preparation — 0.1%
Diamond BC BV FRS BTL 5.26% (2 ML+3.00%) due 09/06/2024		2,162		1,973
Diamond BC BV FRS BTL 5.26% (3 ML+3.00%) due 09/06/2024		849,863		775,500
				777,473
Theaters — 0.3%
Cineworld, Ltd. FRS BTL 4.36% (1 ML+2.25%) due 02/28/2025		2,060,497		2,044,400
Total Loans
(cost $34,588,265)				34,353,353
COMMON STOCKS — 0.0%
Television — 0.0%
ION Media Networks, Inc.(4)(9) (cost $6)		616		164,792
PREFERRED SECURITIES/CAPITAL SECURITIES — 2.4%
Banks - Commercial — 1.1%
Banco Bilbao Vizcaya Argentaria SA 8.88% due 04/14/2021(10)	EUR	1,800,000		2,195,861
Banco de Sabadell SA 6.50% due 05/18/2022(10)	EUR	4,400,000		4,794,134
				6,989,995
Diversified Banking Institutions — 1.3%
BNP Paribas SA 7.63% due 03/30/2021*(10)		1,040,000		1,099,800
Credit Agricole SA 8.13% due 12/23/2025*(10)		2,520,000		2,938,123

44

VALIC Company II High Yield Bond Fund

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

Security Description	Shares/ Principal Amount(13)			Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Diversified Banking Institutions (continued)
Credit Suisse Group AG 6.25% due 12/18/2024(10)	$	4,435,000		$	4,680,123
					8,718,046
Total Preferred Securities/Capital Securities
(cost $15,243,677)					15,708,041
Total Long-Term Investment Securities
(cost $625,362,597)					631,959,418
SHORT-TERM INVESTMENT SECURITIES — 3.8%
Registered Investment Companies — 3.8%
State Street Navigator Securities Lending Government Money Market Portfolio 2.12%(11)(12) (cost $24,944,623)		24,944,623			24,944,623
REPURCHASE AGREEMENTS — 2.6%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 08/30/2019 to be repurchased 09/03/2019 in the amount of $16,751,782, and collateralized by $16,540,000 of United States Treasury Notes, bearing interest at 2.38%, due 03/15/2022 and having an approximate value of $17,088,202 (cost $16,751,000)	$	16,751,000			16,751,000
TOTAL INVESTMENTS
(cost $667,058,220)(14)		102.5	%		673,655,041
Liabilities in excess of other assets		(2.5	)		(16,290,629	)
NET ASSETS		100.0	%	$	657,364,412

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At August 31, 2019, the aggregate value of these securities was $303,347,688 representing 46.1% of net assets.

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

† Non-income producing security

(1) Company has filed for bankruptcy protection.

(2) Security in default of interest.

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

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

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

(6) 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 August 31, 2019, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.		12/21/2016		616	$	6	$	164,792	$	267.52		0.03	%

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

(11) The rate shown is the7-day yield as of August 31, 2019.

(12) At August 31, 2019, the Fund had loaned securities with a total value of $26,840,167. This was secured by collateral of $24,944,623, which was received in cash and subsequently invested in short-term investments currently valued at $24,944,623 as reported in the Portfolio of Investments. Additional collateral of $2,473,957 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2019
United States Treasury Bills	0.00%	01/09/2020 to 04/23/2020	$	32,234
United States Treasury Notes/Bonds	zero coupon to 8.75%	09/30/2019 to 02/15/2049		2,441,723

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

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

BTL—Bank Term Loan

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at August 31, 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

1 WL—1 Week USD Libor

Forward Foreign Currency Contracts

Counterparty

Contract to Deliver

In Exchange For

Delivery Date

Unrealized Appreciation

Unrealized Depreciation

JPMorgan Chase Bank N.A

EUR

15,100,000

USD

16,739,981

09/30/2019

$

110,259

$

–

45

VALIC Company II High Yield Bond Fund

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

Centrally Cleared Credit Default Swaps on Corporate Issues — Buy Protection(1)
													Value(4)
Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Implied Credit Spread at August 31, 2019(2)			Notional Amount(3) (000)		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Dell, Inc. 7.10% due 04/15/2028		(1.0000	)%		Quarterly		06/20/2024		1.8871	%	$	1,800	$	131,053	$	(59,214	)

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

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

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

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

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 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	$	—	$	4,334,508	$	—	$	4,334,508
U.S. Corporate Bonds & Notes:
Rubber/Plastic Products		—		—		0		0
Other Industries		—		479,161,282		—		479,161,282
Foreign Corporate Bonds & Notes:
Special Purpose Entity		—		—		0		0
Other Industries		—		98,237,442		—		98,237,442
Loans		—		34,353,353		—		34,353,353
Common Stocks		—		—		164,792		164,792
Preferred Securities/Capital Securities		—		15,708,041		—		15,708,041
Short-Term Investment Securities		24,944,623		—		—		24,944,623
Repurchase Agreements		—		16,751,000		—		16,751,000
Total Investments at Value	$	24,944,623	$	648,545,626	$	164,792	$	673,655,041
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	110,259	$	—	$	110,259
LIABILITIES:
Other Financial Instruments:+
Centrally Cleared Credit Default Swaps on Corporate Inssues - Buy Protection	$	—	$	59,214	$	—	$	59,214

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

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

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

See Notes to Financial Statements

46

VALIC Company II International Opportunities Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Real Estate Operations & Development	3.9	%
Banks — Commercial	2.9
Commercial Services	2.9
E-Commerce/Services	2.6
Registered Investment Companies	2.5
Computers — Integrated Systems	2.5
Real Estate Investment Trusts	2.5
Repurchase Agreements	2.4
Machinery — General Industrial	2.3
Cosmetics & Toiletries	2.0
Electronic Components — Misc.	1.9
Retail — Drug Store	1.8
Brewery	1.7
Chemicals — Diversified	1.7
Beverages — Wine/Spirits	1.6
Computer Services	1.5
Medical — Drugs	1.5
Engineering/R&D Services	1.4
Insurance — Property/Casualty	1.4
Applications Software	1.3
Apparel Manufacturers	1.3
Building & Construction Products — Misc.	1.2
Commercial Services — Finance	1.2
Fisheries	1.2
Precious Metals	1.2
Gambling (Non-Hotel)	1.2
Auto/Truck Parts & Equipment — Original	1.2
Medical Labs & Testing Services	1.1
Food — Retail	1.0
Chemicals — Specialty	1.0
Machinery — Material Handling	1.0
Gold Mining	1.0
Retail — Discount	1.0
Electronic Components — Semiconductors	1.0
Finance — Credit Card	0.9
Medical — Biomedical/Gene	0.9
Medical Products	0.9
Energy — Alternate Sources	0.8
Food — Catering	0.8
Electric — Generation	0.8
Building Products — Cement	0.8
Consulting Services	0.8
U.S. Government Agencies	0.8
Hazardous Waste Disposal	0.8
Transport — Marine	0.8
Beverages —Non-alcoholic	0.8
Investment Management/Advisor Services	0.7
Textile — Products	0.7
Entertainment Software	0.7
Leisure Products	0.7
Cable/Satellite TV	0.7
Oil — Field Services	0.7
Human Resources	0.7
Hotels/Motels	0.7
Airport Development/Maintenance	0.7
Transport — Services	0.6
Oil Companies — Exploration & Production	0.6
Containers — Paper/Plastic	0.6
Veterinary Products	0.6
Computers — Periphery Equipment	0.6
Recycling	0.6
Food — Misc./Diversified	0.6
Motion Pictures & Services	0.6
Multimedia	0.6
Finance — Other Services	0.6
E-Services/Consulting	0.6
Publishing — Periodicals	0.6
Dental Supplies & Equipment	0.6
Building — Heavy Construction	0.6

Power Converter/Supply Equipment	0.6
Food — Meat Products	0.6
Food — Confectionery	0.6
Medical — Nursing Homes	0.5
Building — Residential/Commercial	0.5
Aerospace/Defense	0.5
Instruments — Controls	0.5
Transport — Rail	0.5
Retail — Misc./Diversified	0.4
Distribution/Wholesale	0.4
Enterprise Software/Service	0.4
Insurance — Multi-line	0.4
Metal Processors & Fabrication	0.4
Machinery — Construction & Mining	0.3
Electric Products — Misc.	0.3
Retail — Apparel/Shoe	0.3
Diversified Financial Services	0.3
Drug Delivery Systems	0.3
Retail — Automobile	0.3
Computer Software	0.3
Semiconductor Equipment	0.3
Oil Refining & Marketing	0.3
Internet Financial Services	0.3
Medical Instruments	0.3
Retail — Restaurants	0.3
Appliances	0.3
Silver Mining	0.3
Transport — Truck	0.3
Diversified Manufacturing Operations	0.3
Machine Tools & Related Products	0.3
Insurance Brokers	0.2
Industrial Automated/Robotic	0.2
Rental Auto/Equipment	0.2
E-Marketing/Info	0.2
Athletic Equipment	0.2
Audio/Video Products	0.2
Coatings/Paint	0.2
Telephone — Integrated	0.2
Rubber/Plastic Products	0.2
Gas — Distribution	0.2
Aerospace/Defense — Equipment	0.2
Electronic Measurement Instruments	0.2
Food — Flour & Grain	0.2
Tobacco	0.2
Finance — Commercial	0.2
Electric — Integrated	0.2
MRI/Medical Diagnostic Imaging	0.2
Diversified Operations	0.2
Building — Maintenance & Services	0.2
Electronic Connectors	0.2
Insurance — Life/Health	0.2
Internet Content — Information/News	0.2
Web Portals/ISP	0.2
Home Furnishings	0.2
Real Estate Management/Services	0.1
Schools	0.1
E-Commerce/Products	0.1
Finance — Consumer Loans	0.1
Theaters	0.1
Resorts/Theme Parks	0.1
Casino Hotels	0.1
Electronic Parts Distribution	0.1
Soap & Cleaning Preparation	0.1
Computers	0.1
Containers — Metal/Glass	0.1
Water	0.1
Explosives	0.1
Medical — Hospitals	0.1
Motorcycle/Motor Scooter	0.1

47

VALIC Company II International Opportunities Fund

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

Industry Allocation* (continued)

Airlines	0.1	%
Medical — HMO	0.1
Retail — Home Furnishings	0.1
Machinery — Pumps	0.1
Instruments — Scientific	0.1
Agricultural Operations	0.1
Auto — Heavy Duty Trucks	0.1
Footwear & Related Apparel	0.1
Security Services	0.1
Finance — Investment Banker/Broker	0.1
Metal — Iron	0.1
Paper & Related Products	0.1
Diversified Minerals	0.1
Circuit Boards	0.1
Miscellaneous Manufacturing	0.1
Retail — Auto Parts	0.1
Television	0.1
Electric — Distribution	0.1
Medical Information Systems	0.1
Machinery — Thermal Process	0.1
Medical — Wholesale Drug Distribution	0.1
Industrial Gases	0.1
	102.4	%

Country Allocation*

Japan	21.2	%
United Kingdom	13.8
Canada	6.6
Germany	6.0
United States	5.8
France	4.7
Australia	4.3
Brazil	3.4
Bermuda	2.9
Norway	2.8
Sweden	2.3
Switzerland	2.2
Cayman Islands	2.2
Ireland	2.0
Spain	1.8
Italy	1.8
Taiwan	1.7
Denmark	1.6
South Korea	1.6
India	1.5
Israel	1.5
Austria	1.3
Netherlands	1.3
Indonesia	1.0
Singapore	1.0
Hong Kong	0.8
Portugal	0.7
Luxembourg	0.6
Belgium	0.6
Jersey	0.5
Mexico	0.5
Faroe Islands	0.4
Finland	0.3
Philippines	0.2
Thailand	0.2
Greece	0.2
Mauritius	0.2
South Africa	0.2
Chile	0.2
Malaysia	0.1
Czech Republic	0.1
New Zealand	0.1

Colombia	0.1
China	0.1
	102.4	%

* Calculated as a percentage of net assets

48

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.7%
Argentina — 0.0%
Banco Macro SA ADR		1,341	$	31,259
Australia — 4.3%
Afterpay Touch Group, Ltd.†		262,016		5,466,567
Ansell, Ltd.		55,708		1,022,326
ARB Corp, Ltd.#		37,777		478,798
ASX, Ltd.		11,454		665,769
AUB Group, Ltd.		115,773		870,116
Bapcor, Ltd.#		80,081		359,717
Caltex Australia, Ltd.		18,248		294,447
Cleanaway Waste Management, Ltd.		2,444,701		3,408,015
Iluka Resources, Ltd.		87,703		422,305
IPH, Ltd.		289,841		1,815,299
Orica, Ltd.		45,840		664,652
Ramsay Health Care, Ltd.		14,933		660,117
Reliance Worldwide Corp., Ltd.#		409,870		1,057,183
Ridley Corp., Ltd.#		472,940		343,982
Sonic Healthcare, Ltd.		52,760		1,046,395
Steadfast Group, Ltd.		234,181		591,410
Tabcorp Holdings, Ltd.		100,223		317,902
Technology One, Ltd.		412,271		2,104,541
Webjet, Ltd.#		33,659		280,399
Westgold Resources, Ltd.†		1,180,231		1,859,894
WiseTech Global, Ltd.		47,164		1,172,993
				24,902,827
Austria — 1.3%
CA Immobilien Anlagen AG		136,087		4,816,037
Mayr-Melnhof Karton AG		6,407		759,086
Vienna Insurance Group AG Wiener Versicherung Gruppe		82,394		2,028,434
				7,603,557
Belgium — 0.6%
Fagron		193,604		3,470,448
Bermuda — 2.9%
BW Offshore, Ltd.†		604,710		3,925,353
Cafe de Coral Holdings, Ltd.		518,000		1,651,702
Credicorp, Ltd.		5,201		1,077,231
Dairy Farm International Holdings, Ltd.		221,600		1,586,656
Esprit Holdings, Ltd.†#		258,550		38,912
Geopark, Ltd.†#		218,128		3,738,714
Hiscox, Ltd.		124,983		2,357,229
Midland Holdings, Ltd.		1,802,000		250,520
Peace Mark Holdings, Ltd.†(1)		686,000		0
Shangri-La Asia, Ltd.		920,000		961,022
VTech Holdings, Ltd.		159,949		1,264,838
				16,852,177
Brazil — 3.4%
Anima Holding SA		122,795		622,723
BRF SA†		34,100		314,072
Cia de Saneamento Basico do Estado de Sao Paulo		21,800		272,171
Construtora Tenda SA		605,779		3,706,940
Cyrela Brazil Realty SA Empreendimentos e Participacoes		486,436		2,959,025
Embraer SA ADR		13,592		238,268
Equatorial Energia SA		14,400		333,033
Fleury SA		57,226		331,665
Gerdau SA (Preference Shares)		80,200		249,257
Instituto Hermes Pardini SA		51,800		300,217
Kroton Educacional SA		103,388		251,666
Linx SA		105,400		811,435
Localiza Rent a Car SA		64,633		734,203
Lojas Americanas SA (Preference Shares)		119,400		540,054
Lojas Renner SA		63,410		774,058
Magazine Luiza SA		42,400		371,576

Security Description	Shares		Value (Note 2)
Brazil (continued)
Minerva SA†		996,143	$	2,042,322
Multiplan Empreendimentos Imobiliarios SA		144,609		907,604
Notre Dame Intermedica Participacoes SA		41,515		562,222
Rumo SA†		491,917		2,625,300
Suzano SA		61,800		433,988
				19,381,799
Canada — 6.6%
Agnico Eagle Mines, Ltd.#		25,805		1,613,346
ATS Automation Tooling Systems, Inc.†		272,735		3,763,063
Capital Power Corp.		196,339		4,502,200
Descartes Systems Group, Inc.†		116,630		4,136,449
Dollarama, Inc.		87,947		3,365,555
Entertainment One, Ltd.		497,355		3,540,311
Fortuna Silver Mines, Inc.†#		357,562		1,477,085
Granite Real Estate Investment Trust		67,459		3,228,040
Quebecor, Inc., Class B#		154,079		3,470,654
Seven Generations Energy, Ltd., Class A†		30,776		166,432
SSR Mining, Inc.†		411,166		6,753,944
TMX Group, Ltd.		21,442		1,857,050
TORC Oil & Gas, Ltd.#		33,268		82,708
				37,956,837
Cayman Islands — 2.2%
51job, Inc. ADR†		18,228		1,311,140
ASM Pacific Technology, Ltd.		66,300		759,790
China Literature, Ltd.†#*		64,800		199,184
China Resources Cement Holdings, Ltd.		3,092,000		2,740,855
Endeavour Mining Corp.†		113,975		2,221,460
Haitian International Holdings, Ltd.		690,000		1,298,964
Lonking Holdings, Ltd.		2,934,000		699,783
Midland IC&I, Ltd.†		906,000		14,329
Pacific Textiles Holdings, Ltd.		1,622,000		1,094,380
Shenguan Holdings Group, Ltd.		552,000		21,825
Silicon Motion Technology Corp. ADR		26,291		848,411
Stella International Holdings, Ltd.		273,500		449,299
Tingyi Cayman Islands Holding Corp.		812,000		1,118,514
				12,777,934
Chile — 0.2%
Aguas Andinas SA, Class A		732,153		402,806
Compania Cervecerias Unidas SA ADR		23,543		532,072
				934,878
China — 0.1%
Yunnan Baiyao Group Co., Ltd.		27,000		289,827
Colombia — 0.1%
Bancolombia SA ADR		8,460		421,308
Czech Republic — 0.1%
Komercni banka AS		15,466		549,017
Denmark — 1.6%
Carlsberg A/S, Class B		6,351		937,502
Demant A/S†#		13,024		394,489
Dfds A/S#		8,692		299,020
DSV A/S		7,957		788,599
Jyske Bank A/S†		29,560		829,129
Royal Unibrew A/S		69,319		6,001,574
Sydbank A/S		14,034		196,199
				9,446,512
Faroe Islands — 0.4%
Bakkafrost P/F		34,999		2,056,799
Finland — 0.3%
Tikkurila Oyj		6,298		89,015

49

VALIC Company II International Opportunities Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finland (continued)
Valmet Oyj		87,954	$	1,591,119
				1,680,134
France — 4.7%
Alten SA		61,138		7,297,236
Cie Plastic Omnium SA		22,193		537,582
Edenred		8,754		426,214
Elior Group SA*		33,083		421,047
Korian SA		77,024		3,071,218
Legrand SA		25,290		1,784,993
LISI		27,338		730,113
Remy Cointreau SA†#		37,083		5,599,882
SEB SA		7,734		1,202,757
Sodexo SA		9,405		1,065,700
SOITEC†		38,318		3,863,903
Somfy SA		2,799		245,484
Virbac SA†		4,741		878,506
				27,124,635
Germany — 6.0%
Amadeus Fire AG		7,927		925,232
Beiersdorf AG		8,421		1,059,709
Brenntag AG		19,203		925,035
CTS Eventim AG & Co. KGaA		60,917		3,334,150
Deutsche Wohnen SE		23,859		845,929
Evotec SE†		212,087		4,687,523
Fuchs Petrolub SE (Preference Shares)		44,343		1,548,803
GEA Group AG		74,436		2,006,771
Gerresheimer AG		9,229		696,326
Hella GmbH & Co. KGaA		22,821		950,084
Henkel AG & Co. KGaA (Preference Shares)		7,466		747,522
Infineon Technologies AG		23,916		413,934
LEG Immobilien AG		29,509		3,463,722
MTU Aero Engines AG		6,725		1,835,212
Scout24 AG*		22,409		1,325,019
Symrise AG		44,437		4,147,363
TAG Immobilien AG		237,835		5,551,976
				34,464,310
Greece — 0.2%
Hellenic Telecommunications Organization SA		80,208		1,070,172
Hong Kong — 0.8%
China Resources Beer Holdings Co., Ltd.		522,000		2,962,732
Techtronic Industries Co., Ltd.		207,500		1,434,429
				4,397,161
India — 1.5%
Bharat Heavy Electricals, Ltd.		604,029		428,866
CESC, Ltd.		99,957		1,089,753
Dabur India, Ltd.		143,842		902,645
Embassy Office Parks REIT		103,200		566,529
Federal Bank, Ltd.		1,106,672		1,284,008
Hero MotoCorp, Ltd.		17,734		635,091
Mahindra & Mahindra, Ltd.		60,971		452,367
MOIL, Ltd.		254,536		445,748
PVR, Ltd.		38,090		816,955
Shriram Transport Finance Co., Ltd.		80,731		1,092,128
Spencer’s Retail, Ltd.†		30,235		31,968
Tata Global Beverages, Ltd.		271,670		1,057,842
				8,803,900
Indonesia — 1.0%
Ace Hardware Indonesia Tbk PT		11,878,200		1,444,476
Astra Agro Lestari Tbk PT		641,600		474,924
Indocement Tunggal Prakarsa Tbk PT		842,300		1,290,023

Security Description	Shares		Value (Note 2)
Indonesia (continued)
Kalbe Farma Tbk PT		13,955,601	$	1,662,669
United Tractors Tbk PT		653,000		963,273
				5,835,365
Ireland — 2.0%
Bank of Ireland Group PLC		46,500		176,928
C&C Group PLC		488,851		2,138,341
Dalata Hotel Group PLC		103,931		497,451
DCC PLC		17,664		1,501,109
Flutter Entertainment PLC		21,456		1,766,444
Greencore Group PLC		56,749		144,941
Hibernia REIT PLC		2,372,547		3,827,879
Kerry Group PLC, Class A		9,910		1,179,558
Ryanair Holdings PLC ADR†		9,900		567,270
				11,799,921
Israel — 1.5%
Bezeq The Israeli Telecommunication Corp., Ltd.		262,028		164,566
Israel Discount Bank, Ltd., Class A		2,057,933		8,567,076
				8,731,642
Italy — 1.8%
Cembre SpA#		17,947		394,493
Cerved Group SpA		220,914		1,778,477
Davide Campari-Milano SpA		91,427		856,616
Enav SpA*		187,783		1,060,808
FinecoBank Banca Fineco SpA		107,963		1,112,762
Infrastrutture Wireless Italiane SpA*		59,873		598,153
Italgas SpA		185,298		1,201,545
Reply SpA		58,188		3,437,393
				10,440,247
Japan — 21.2%
ABC-Mart, Inc.#		15,700		1,003,464
Aeon Delight Co., Ltd.		12,900		398,287
AEON Financial Service Co., Ltd.#		57,000		834,866
Air Water, Inc.		16,300		276,947
Amano Corp.		12,441		371,819
Anritsu Corp.#		321,900		6,026,819
Ariake Japan Co., Ltd.		6,200		469,807
As One Corp.#		5,400		480,858
Asante, Inc.#		7,400		138,826
Chiba Bank, Ltd.		110,300		550,280
Comture Corp.		10,500		373,606
Cosmos Pharmaceutical Corp.#		2,400		489,782
Daifuku Co., Ltd.		121,200		5,727,152
Daikyonishikawa Corp.		14,487		99,412
Daiseki Co., Ltd.		37,700		920,187
Daiwa Securities Group, Inc.		103,800		447,307
Doshisha Co., Ltd.		6,200		100,323
Eiken Chemical Co., Ltd.		25,400		381,831
Ezaki Glico Co., Ltd.#		19,700		854,869
Fancl Corp.		200,800		4,876,585
Fuji Seal International, Inc.		72,200		1,962,758
Fuji Soft, Inc.		5,500		236,339
Fujitsu General, Ltd.#		22,800		366,998
GMO Payment Gateway, Inc.#		90,700		7,026,507
Hamakyorex Co., Ltd.		6,100		209,870
Heian Ceremony Service Co., Ltd.#		15,800		123,443
Hirose Electric Co., Ltd.		3,800		431,741
Hogy Medical Co., Ltd.		3,500		95,510
Iriso Electronics Co., Ltd.#		9,500		455,170
Japan Elevator Service Holdings Co., Ltd.		168,200		4,038,953
Japan Exchange Group, Inc.		6,300		99,747
Japan Meat Co, Ltd.		11,000		215,268
Japan Pure Chemical Co., Ltd.#		1,800		40,715

50

VALIC Company II International Opportunities Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Jeol, Ltd.		21,900	$	481,971
JGC Corp.#		11,160		129,737
Kakaku.com, Inc.		12,600		315,608
Kansai Paint Co., Ltd.		45,100		938,637
Katitas Co., Ltd.		78,300		2,996,089
Kikkoman Corp.#		11,500		517,438
Kintetsu World Express, Inc.		12,000		160,399
Kobayashi Pharmaceutical Co., Ltd.#		11,900		891,646
Koito Manufacturing Co., Ltd.		28,100		1,319,895
Kusuri no Aoki Holdings Co., Ltd.		48,900		3,756,050
Lion Corp.		47,000		913,588
Matsumotokiyoshi Holdings Co., Ltd.		143,400		5,318,360
Meitec Corp.		16,200		835,657
Milbon Co., Ltd.		12,400		606,956
Miraca Holdings, Inc.		4,300		94,836
MISUMI Group, Inc.		9,900		224,401
Mitsubishi Pencil Co., Ltd.		10,100		157,059
MonotaRO Co., Ltd.#		25,300		621,813
Morinaga & Co., Ltd.		19,200		948,840
Nabtesco Corp.		21,000		603,897
Nakanishi, Inc.		72,800		1,195,802
Net One Systems Co., Ltd.		160,600		4,305,444
NGK Spark Plug Co., Ltd.		36,400		628,396
Nihon Kohden Corp.		22,700		629,920
Nihon Parkerizing Co., Ltd.		45,600		504,783
Nippon Television Holdings, Inc.		26,500		349,475
Nissei ASB Machine Co., Ltd.#		10,100		290,446
Nitori Holdings Co., Ltd.		3,500		504,895
NOF Corp.		3,600		116,741
Nohmi Bosai, Ltd.		12,800		260,494
Nomura Research Institute, Ltd.		117,000		2,327,114
NS Solutions Corp.		31,400		1,049,278
Obara Group, Inc.		5,600		180,280
OBIC Business Consultants Co., Ltd.		15,900		666,772
OBIC Co., Ltd.		73,400		8,394,691
Omron Corp.		9,000		445,616
Oracle Corp. Japan		4,300		370,358
Park24 Co., Ltd.		15,600		319,974
Persol Holdings Co., Ltd.		140,000		2,842,566
Proto Corp.		49,400		560,798
Rakuten, Inc.		5,200		48,997
Rinnai Corp.		3,900		244,863
Ryohin Keikaku Co., Ltd.#		43,000		741,121
S Foods, Inc.#		21,700		615,856
Sagami Rubber Industries Co., Ltd.#		12,200		182,825
San-A Co, Ltd.#		3,800		157,923
San-Ai Oil Co., Ltd.		18,900		175,239
Sankyu, Inc.		12,000		607,709
Santen Pharmaceutical Co., Ltd.		88,800		1,555,578
SCSK Corp.		11,600		572,165
Seino Holdings Co., Ltd.		54,900		706,953
Senko Group Holdings Co., Ltd.		40,700		323,347
Seria Co., Ltd.#		26,700		655,216
SG Holdings Co., Ltd.		44,100		1,180,179
Shima Seiki Manufacturing, Ltd.		8,300		199,619
Shimadzu Corp.		22,700		564,535
Shimamura Co., Ltd.		2,300		179,696
Shimano, Inc.		1,500		215,607
Shizuoka Bank, Ltd.		44,500		300,758
SK Kaken Co., Ltd.		500		210,383
SMS Co., Ltd.		231,600		5,173,312
Sohgo Security Services Co., Ltd.		8,900		449,042
Sony Financial Holdings, Inc.		38,100		880,100
Stanley Electric Co., Ltd.		37,900		942,193
Sundrug Co., Ltd.		24,300		755,980

Security Description	Shares		Value (Note 2)
Japan (continued)
T Hasegawa Co., Ltd.#		36,600	$	697,651
Taisei Lamick Co, Ltd.		9,600		250,313
Taiyo Yuden Co., Ltd.#		95,700		1,800,765
Takasago International Corp.		7,100		171,026
TechnoPro Holdings, Inc.		121,900		7,079,804
Terumo Corp.		31,900		926,957
THK Co., Ltd.		9,900		229,992
Toshiba Plant Systems & Services Corp.		12,600		204,712
TOTO, Ltd.#		6,300		228,018
Trancom Co., Ltd.		2,600		138,523
Unicharm Corp.		50,800		1,561,275
USS Co., Ltd.		99,100		1,873,138
Yamato Holdings Co., Ltd.		60,100		1,040,372
Zojirushi Corp.#		32,700		399,535
				122,144,043
Jersey — 0.5%
boohoo Group PLC†		1,004,852		2,951,606
Luxembourg — 0.6%
B&M European Value Retail SA		146,722		638,785
Globant SA†		2,200		208,846
Solutions 30 SE†#		289,023		2,800,090
				3,647,721
Malaysia — 0.1%
Genting Bhd		546,100		779,123
Mauritius — 0.2%
MakeMyTrip, Ltd.†#		44,697		1,026,690
Mexico — 0.5%
Arca Continental SAB de CV		58,459		305,778
Concentradora Fibra Danhos SA de CV		302,077		401,684
Genomma Lab Internacional SAB de CV, Class B†#		438,119		367,258
Grupo Aeroportuario del Pacifico SAB de CV, Class B		20,477		194,660
Grupo Aeroportuario del Sureste SAB de CV ADR		2,205		324,995
Grupo Financiero Inbursa SAB de CV, Class O		237,547		292,763
Grupo Lala SAB de CV#		230,257		240,580
Mexichem SAB de CV		112,280		205,607
Prologis Property Mexico SA de CV		199,499		388,417
				2,721,742
Netherlands — 1.3%
Aalberts NV		24,500		925,202
ASM International NV		12,821		1,077,110
Euronext NV*		5,819		456,310
IMCD NV		34,492		2,418,557
Takeaway.com NV†*		26,319		2,512,213
				7,389,392
New Zealand — 0.1%
Freightways, Ltd.		48,868		245,410
Mainfreight, Ltd.		11,323		293,590
				539,000
Norway — 2.8%
Aker Solutions ASA†		158,761		474,774
Leroy Seafood Group ASA		472,295		3,097,424
Mowi ASA#		21,068		504,030
Norway Royal Salmon ASA		64,283		1,314,979
Scatec Solar ASA*		397,293		4,612,893
TGS NOPEC Geophysical Co. ASA		114,173		2,754,025
Tomra Systems ASA		128,404		3,607,408
				16,365,533

51

VALIC Company II International Opportunities Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Philippines — 0.2%
Metropolitan Bank & Trust Co.		1,006,940	$	1,371,408
Portugal — 0.7%
Galp Energia SGPS SA		18,904		271,340
NOS SGPS SA		648,229		3,807,970
				4,079,310
Singapore — 1.0%
Ascendas India Trust		1,334,500		1,375,129
City Developments, Ltd.		203,800		1,406,884
Singapore Technologies Engineering, Ltd.		517,300		1,468,681
Venture Corp., Ltd.		114,063		1,247,686
				5,498,380
South Africa — 0.2%
AVI, Ltd.		184,300		1,007,962
South Korea — 1.6%
Dentium Co., Ltd.		36,023		2,040,188
Doosan Bobcat, Inc.		46,087		1,364,061
Douzone Bizon Co., Ltd.#		38,906		1,843,719
Lock&Lock Co., Ltd.		21,167		208,830
LS Industrial Systems Co., Ltd.		27,712		1,051,283
Orion Corp.		14,992		1,115,195
Samsung Fire & Marine Insurance Co., Ltd.		5,619		1,062,333
TK Corp.		34,618		300,094
				8,985,703
Spain — 1.8%
Aena SME SA*		2,819		508,108
Amadeus IT Group SA		71,580		5,330,678
Cellnex Telecom SA*		64,003		2,560,466
CEMEX Latam Holdings SA†		85,400		109,024
CIE Automotive SA		58,900		1,364,593
Viscofan SA		15,408		717,670
				10,590,539
Sweden — 2.3%
Essity AB, Class B		50,169		1,564,674
Evolution Gaming Group AB*		245,518		4,607,848
MIPS AB		78,343		1,317,071
Saab AB, Series B		10,756		300,938
Swedish Match AB		27,997		1,098,240
THQ Nordic AB†		161,138		3,989,601
Thule Group AB*		24,566		487,333
				13,365,705
Switzerland — 2.2%
Coca-Cola HBC AG		13,816		458,949
DKSH Holding AG		2,198		107,085
Dufry AG		5,000		405,355
Geberit AG		1,578		717,613
Julius Baer Group, Ltd.		18,695		739,111
Kardex AG		3,872		542,999
Logitech International SA		93,188		3,776,480
Lonza Group AG		1,287		454,855
Sika AG		22,451		3,223,326
Sonova Holding AG		5,803		1,346,753
Temenos AG		4,577		766,726
VAT Group AG*		3,602		433,077
				12,972,329
Taiwan — 1.7%
Advantech Co., Ltd.		84,256		716,216
E.Sun Financial Holding Co., Ltd.		2,272,013		1,826,435
Makalot Industrial Co., Ltd.		732,900		4,316,667
PChome Online, Inc.†		204,932		874,272

Security Description	Shares		Value (Note 2)
Taiwan (continued)
Tripod Technology Corp.		103,000	$	372,190
Voltronic Power Technology Corp.		71,950		1,614,924
Yuanta Financial Holding Co., Ltd.		256,807		147,576
				9,868,280
Thailand — 0.2%
AEON Thana Sinsap Thailand PCL		115,300		825,928
PTT Global Chemical PCL		256,000		443,798
				1,269,726
United Kingdom — 13.8%
Abcam PLC		343,301		4,833,119
Admiral Group PLC		15,313		400,047
Ashtead Group PLC		22,506		621,920
Auto Trader Group PLC*		231,998		1,500,681
Babcock International Group PLC		66,823		407,852
Beazley PLC		600,578		4,161,810
Bellway PLC		18,357		647,990
Britvic PLC		31,424		331,703
Bunzl PLC		51,139		1,252,608
Burberry Group PLC		27,547		725,355
Cairn Energy PLC†		115,599		234,904
Clinigen Group PLC		180,814		1,947,128
Coats Group PLC		3,371,912		3,001,302
Cobham PLC†		236,488		464,730
Compass Group PLC		120,463		3,053,248
Countryside Properties PLC*		634,165		2,308,782
Croda International PLC		81,241		4,648,116
Dechra Pharmaceuticals PLC		85,812		3,132,480
Electrocomponents PLC		107,154		757,537
Elementis PLC		41,281		75,296
EMIS Group PLC		23,450		316,727
Essentra PLC		235,364		1,151,291
Fevertree Drinks PLC		53,494		1,471,067
Forterra PLC*		52,931		171,321
Future PLC		224,491		3,239,684
GB Group PLC		369,324		2,592,999
Greggs PLC		66,967		1,722,602
Halma PLC		49,629		1,185,427
Hargreaves Lansdown PLC		36,925		843,792
Howden Joinery Group PLC		132,192		865,701
Ibstock PLC*		138,874		362,297
IG Group Holdings PLC		59,534		391,036
IMI PLC		41,988		513,464
Intertek Group PLC		30,223		1,996,165
Just Eat PLC†		240,237		2,297,053
Keywords Studios PLC		232,658		4,492,768
Meggitt PLC		71,081		535,381
Merlin Entertainments PLC*		146,872		807,250
Moneysupermarket.com Group PLC		290,158		1,318,695
PZ Cussons PLC		17,468		44,636
Rathbone Brothers PLC		40,734		1,105,302
Rightmove PLC		351,637		2,291,253
Rotork PLC		718,265		2,705,856
Schroders PLC		52,989		1,760,222
Shaftesbury PLC		56,719		597,676
Smith & Nephew PLC		86,028		2,056,939
Spectris PLC		14,661		412,271
Spirax-Sarco Engineering PLC		10,860		1,060,459
Stagecoach Group PLC		112,910		169,400
Tate & Lyle PLC		21,083		184,553
TechnipFMC PLC		21,918		542,965
UNITE Group PLC		360,014		4,586,540
Weir Group PLC		28,110		500,921

52

VALIC Company II International Opportunities Fund

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

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Whitbread PLC		13,472		$	716,854
					79,517,175
United States — 0.1%
Autoliv, Inc. SDR		3,483			239,968
Gran Tierra Energy, Inc.†#		107,554			152,679
					392,647
Total Long-Term Investment Securities
(cost $482,063,246)					557,506,680
SHORT-TERM INVESTMENT SECURITIES — 3.3%
Registered Investment Companies — 2.5%
State Street Navigator Securities Lending Government Money Market Portfolio 2.12%(2)(3)		14,312,891			14,312,891
U.S. Government Agencies — 0.8%
Federal Home Loan Bank 1.93% due 09/03/2019	$	4,472,000			4,472,000
Total Short-Term Investment Securities
(cost $18,784,419)					18,784,891
REPURCHASE AGREEMENTS — 2.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 08/30/2019, to be repurchased 09/03/2019 in the amount of $13,635,636, and collateralized by $13,465,000 of United States Treasury Notes, bearing interest at 2.38%, due 03/15/2022 and having an approximate value of $13,911,284 (cost $13,635,000)		13,635,000			13,635,000
TOTAL INVESTMENTS
(cost $514,482,665)(4)		102.4	%		589,926,571
Liabilities in excess of other assets		(2.4	)		(13,729,516	)
NET ASSETS		100.0	%	$	576,197,055

† 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 August 31, 2019, the aggregate value of these securities was $24,932,790 representing 4.3% of net assets.

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

(2) The rate shown is the7-day yield as of August 31, 2019.

(3) At August 31, 2019, the Fund had loaned securities with a total value of $32,595,825. This was secured by collateral of $14,312,891, which was received in cash and subsequently invested in short-term investments currently valued at $14,312,891 as reported in the Portfolio of Investments. Additional collateral of $19,978,849 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:

	Coupon Range	Maturity Date Range	Value as of August 31, 2019
United States Treasury Bills	0.00%	09/19/2019 to 12/19/2019	$	185,490
United States Treasury Notes/Bonds	zero coupon to��8.75%	09/30/2019 to 02/15/2049		19,793,359

(4) 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 August 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Bermuda	$	16,852,177	$	—		$	0	$	16,852,177
Other Countries		531,922,861		8,731,642	**		—		540,654,503
Short Term Investment Securities:
Registered Investment Companies		14,312,891		—			—		14,312,891
U.S. Government Agencies		—		4,472,000			—		4,472,000
Repurchase Agreements		—		13,635,000			—		13,635,000
Total Investments at Value	$	563,087,929	$	26,838,642		$	0	$	589,926,571

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

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

At the beginning and 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

53

VALIC Company II Large Cap Value Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Diversified Banking Institutions	10.1	%
Insurance — Multi-line	7.1
Insurance — Property/Casualty	4.2
Oil Refining & Marketing	4.2
Electric — Integrated	3.8
Banks — Super Regional	3.7
Medical — Drugs	3.4
Building Products — Cement	3.2
Medical Instruments	2.8
Oil Companies — Exploration & Production	2.7
Agricultural Chemicals	2.6
Aerospace/Defense — Equipment	2.6
Cosmetics & Toiletries	2.4
Telephone — Integrated	2.4
Food — Misc./Diversified	2.4
Electronic Components — Semiconductors	2.3
Real Estate Investment Trusts	2.2
Instruments — Controls	1.8
Beverages — Non-alcoholic	1.5
Web Portals/ISP	1.5
Oil Companies — Integrated	1.3
Computer Services	1.3
Medical — HMO	1.3
Networking Products	1.2
Semiconductor Components — Integrated Circuits	1.2
Gold Mining	1.1
Investment Management/Advisor Services	1.1
Commercial Paper	1.1
Finance — Credit Card	1.1
Banks — Commercial	1.1
Enterprise Software/Service	1.1
Aerospace/Defense	1.0
Telecom Equipment — Fiber Optics	0.9
Computer Software	0.9
Medical Products	0.8
Building — Residential/Commercial	0.8
Medical Labs & Testing Services	0.7
Retail — Discount	0.7
Apparel Manufacturers	0.7
Transport — Rail	0.7
Auto — Cars/Light Trucks	0.7
Oil — Field Services	0.7
Chemicals — Diversified	0.7
Airlines	0.7
Advertising Agencies	0.7
Broadcast Services/Program	0.6
Insurance — Reinsurance	0.6
Commercial Services	0.6
Cable/Satellite TV	0.5
Data Processing/Management	0.5
Medical — Biomedical/Gene	0.5
Cellular Telecom	0.5
Commercial Services — Finance	0.4
Computers — Memory Devices	0.4
Semiconductor Equipment	0.4
Agricultural Operations	0.4
Banks — Fiduciary	0.4
Pharmacy Services	0.4
Metal — Copper	0.4
Internet Security	0.3
Auto/Truck Parts & Equipment — Original	0.3
Finance — Investment Banker/Broker	0.3
Diversified Manufacturing Operations	0.3
Non-Hazardous Waste Disposal	0.3
Computer Data Security	0.2
Insurance Brokers	0.2
Exchange-Traded Funds	0.2
Retail — Drug Store	0.2
Agricultural Biotech	0.2
Chemicals — Specialty	0.1
Electronic Measurement Instruments	0.1
	99.8	%

* Calculated as a percentage of net assets

54

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Advertising Agencies — 0.7%
Omnicom Group, Inc.		23,923	$	1,819,583
Aerospace/Defense — 1.0%
Northrop Grumman Corp.		3,983		1,465,226
Raytheon Co.		6,854		1,270,184
				2,735,410
Aerospace/Defense - Equipment — 2.6%
L3Harris Technologies, Inc.		11,457		2,422,124
United Technologies Corp.		35,692		4,648,526
				7,070,650
Agricultural Biotech — 0.2%
Corteva, Inc.		13,571		397,902
Agricultural Chemicals — 2.6%
CF Industries Holdings, Inc.		102,742		4,951,137
Mosaic Co.		82,376		1,514,895
Nutrien, Ltd.		13,934		701,716
				7,167,748
Agricultural Operations — 0.4%
Archer-Daniels-Midland Co.		26,631		1,013,310
Airlines — 0.7%
Delta Air Lines, Inc.		32,085		1,856,438
Apparel Manufacturers — 0.7%
PVH Corp.		25,746		1,951,547
Auto - Cars/Light Trucks — 0.7%
General Motors Co.		51,893		1,924,711
Auto/Truck Parts & Equipment - Original — 0.3%
Aptiv PLC		11,108		923,852
Banks - Commercial — 1.1%
Citizens Financial Group, Inc.		39,988		1,349,195
M&T Bank Corp.		10,891		1,592,373
				2,941,568
Banks - Fiduciary — 0.4%
Bank of New York Mellon Corp.		23,784		1,000,355
Banks - Super Regional — 3.7%
PNC Financial Services Group, Inc.		12,108		1,561,084
US Bancorp		111,885		5,895,221
Wells Fargo & Co.		57,238		2,665,574
				10,121,879
Beverages - Non-alcoholic — 1.5%
PepsiCo, Inc.		29,964		4,096,978
Broadcast Services/Program — 0.6%
Fox Corp., Class B		49,534		1,624,715
Building Products - Cement — 3.2%
Martin Marietta Materials, Inc.		17,694		4,490,206
Vulcan Materials Co.		30,172		4,261,795
				8,752,001
Building - Residential/Commercial — 0.8%
Lennar Corp., Class A		43,559		2,221,509
Cable/Satellite TV — 0.5%
Comcast Corp., Class A		33,315		1,474,522
Cellular Telecom — 0.5%
Vodafone Group PLC ADR#		64,413		1,212,253
Chemicals - Diversified — 0.7%
Dow, Inc.		21,116		900,175

Security Description	Shares		Value (Note 2)
Chemicals - Diversified (continued)
DuPont de Nemours, Inc.		14,188	$	963,791
				1,863,966
Chemicals - Specialty — 0.1%
W.R. Grace & Co.		5,733		388,181
Commercial Services — 0.6%
Quanta Services, Inc.		43,833		1,485,939
Commercial Services - Finance — 0.4%
Total System Services, Inc.		8,554		1,148,118
Computer Data Security — 0.2%
Check Point Software Technologies, Ltd.†		5,846		629,614
Computer Services — 1.3%
Cognizant Technology Solutions Corp., Class A		18,939		1,162,665
International Business Machines Corp.		16,823		2,280,021
				3,442,686
Computer Software — 0.9%
Citrix Systems, Inc.		15,376		1,429,660
Teradata Corp.†		32,611		1,006,702
				2,436,362
Computers - Memory Devices — 0.4%
Western Digital Corp.		17,734		1,015,626
Cosmetics & Toiletries — 2.4%
Colgate-Palmolive Co.		52,081		3,861,806
Procter & Gamble Co.		14,238		1,711,835
Unilever PLC ADR#		16,640		1,051,315
				6,624,956
Data Processing/Management — 0.5%
Fiserv, Inc.†		13,682		1,463,153
Diversified Banking Institutions — 10.1%
Bank of America Corp.		173,939		4,785,062
Citigroup, Inc.		118,936		7,653,532
Goldman Sachs Group, Inc.		21,741		4,433,207
JPMorgan Chase & Co.		72,918		8,010,771
Morgan Stanley		63,657		2,641,129
				27,523,701
Diversified Manufacturing Operations — 0.3%
Carlisle Cos., Inc.		5,369		778,290
Electric - Integrated — 3.8%
Edison International		47,350		3,421,985
Entergy Corp.		16,350		1,844,934
Evergy, Inc.		35,272		2,292,680
PPL Corp.		88,626		2,618,898
				10,178,497
Electronic Components - Semiconductors — 2.3%
Broadcom, Inc.		8,221		2,323,584
Microchip Technology, Inc.#		16,746		1,445,682
Micron Technology, Inc.†		22,474		1,017,398
Texas Instruments, Inc.		11,863		1,468,046
				6,254,710
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		5,235		372,261
Enterprise Software/Service — 1.1%
Oracle Corp.		55,512		2,889,955
Finance - Credit Card — 1.1%
American Express Co.		7,850		944,905

55

VALIC Company II Large Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Credit Card (continued)
Capital One Financial Corp.		10,542	$	913,148
Discover Financial Services		13,825		1,105,585
				2,963,638
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		20,732		793,414
Food - Misc./Diversified — 2.4%
Conagra Brands, Inc.		164,149		4,655,266
Lamb Weston Holdings, Inc.		13,018		916,337
Mondelez International, Inc., Class A		17,939		990,591
				6,562,194
Gold Mining — 1.1%
Newmont Goldcorp Corp.		75,432		3,008,983
Instruments - Controls — 1.8%
Honeywell International, Inc.		29,282		4,820,403
Insurance Brokers — 0.2%
Arthur J. Gallagher & Co.		82		7,436
Willis Towers Watson PLC		2,463		486,639
				494,075
Insurance - Multi-line — 7.1%
Assurant, Inc.		24,356		2,995,788
Chubb, Ltd.		29,004		4,532,745
Hartford Financial Services Group, Inc.		150,946		8,797,133
Voya Financial, Inc.		61,902		3,053,007
				19,378,673
Insurance - Property/Casualty — 4.2%
Berkshire Hathaway, Inc., Class B†		56,495		11,491,648
Insurance - Reinsurance — 0.6%
RenaissanceRe Holdings, Ltd.		8,662		1,563,924
Internet Security — 0.3%
Palo Alto Networks, Inc.†		4,604		937,467
Investment Management/Advisor Services — 1.1%
Ameriprise Financial, Inc.		7,744		998,821
LPL Financial Holdings, Inc.		13,669		1,024,492
Raymond James Financial, Inc.		12,540		984,515
				3,007,828
Medical Instruments — 2.8%
Boston Scientific Corp.†		34,503		1,474,313
Medtronic PLC		55,544		5,992,642
				7,466,955
Medical Labs & Testing Services — 0.7%
Laboratory Corp. of America Holdings†		11,786		1,974,862
Medical Products — 0.8%
Becton Dickinson and Co.		8,977		2,279,440
Medical - Biomedical/Gene — 0.5%
Gilead Sciences, Inc.		22,749		1,445,471
Medical - Drugs — 3.4%
Johnson & Johnson		9,582		1,229,945
Merck & Co., Inc.		47,455		4,103,434
Pfizer, Inc.		109,563		3,894,965
				9,228,344
Medical - HMO — 1.3%
Anthem, Inc.		6,610		1,728,647
Humana, Inc.		5,998		1,698,694
				3,427,341

Security Description	Shares		Value (Note 2)
Metal - Copper — 0.4%
Freeport-McMoRan, Inc.		103,470	$	950,889
Networking Products — 1.2%
Cisco Systems, Inc.		69,598		3,257,882
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		7,551		673,927
Oil Companies - Exploration & Production — 2.7%
Concho Resources, Inc.		10,873		795,360
Hess Corp.		71,214		4,482,921
Occidental Petroleum Corp.		22,038		958,212
Pioneer Natural Resources Co.		8,219		1,014,389
				7,250,882
Oil Companies - Integrated — 1.3%
Chevron Corp.		16,834		1,981,698
Royal Dutch Shell PLC, Class A ADR		27,816		1,546,570
				3,528,268
Oil Refining & Marketing — 4.2%
Marathon Petroleum Corp.		81,552		4,013,174
Phillips 66		40,057		3,950,822
Valero Energy Corp.		44,885		3,378,943
				11,342,939
Oil - Field Services — 0.7%
Apergy Corp.†		45,087		1,171,360
Schlumberger, Ltd.		22,537		730,875
				1,902,235
Pharmacy Services — 0.4%
Cigna Corp.		6,335		975,400
Real Estate Investment Trusts — 2.2%
Equity Residential		27,514		2,332,087
Public Storage		8,718		2,308,003
Weyerhaeuser Co.		50,123		1,318,736
				5,958,826
Retail - Discount — 0.7%
Target Corp.		18,273		1,955,942
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		8,588		439,620
Semiconductor Components - Integrated Circuits — 1.2%
QUALCOMM, Inc.		41,872		3,256,385
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		21,127		1,014,519
Telecom Equipment - Fiber Optics — 0.9%
Corning, Inc.		90,803		2,528,864
Telephone - Integrated — 2.4%
AT&T, Inc.		187,813		6,622,286
Transport - Rail — 0.7%
Union Pacific Corp.		11,953		1,935,908
Web Portals/ISP — 1.5%
Alphabet, Inc., Class A†		3,416		4,066,851
Total Common Stocks
(cost $256,202,132)				267,309,229
EXCHANGE-TRADED FUNDS — 0.2%
iShares Russell 1000 Value ETF (cost $496,593)		3,961		493,461
Total Long-Term Investment Securities
(cost $256,698,725)				267,802,690

56

VALIC Company II Large Cap Value Fund

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

Security Description	Principal Amount/ Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Commercial Paper — 1.1%
Credit Agricole Corporate and Investment Bank 2.08% due 09/03/2019 (cost $2,999,653)	$	3,000,000		$	2,999,298
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 2.12%(1)(2) (cost $36,197)		36,197			36,197
Total Short-Term Investment Securities
(cost $3,035,850)					3,035,495
TOTAL INVESTMENTS
(cost $259,734,575)(3)		99.8	%		270,838,185
Other assets less liabilities		0.2			648,402
NET ASSETS		100.0	%	$	271,486,587

† 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 August 31, 2019.

(2) At August 31, 2019, the Fund had loaned securities with a total value of $1,691,741. This was secured by collateral of $36,197, which was received in cash and subsequently invested in short-term investments currently valued at $36,197 as reported in the Portfolio of Investments. Additional collateral of $1,701,099 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2019
United States Treasury Bills	0.00%	09/05/2019 to 06/18/2020	$	805,366
United States Treasury Notes/Bonds	zero coupon to 8.75%	09/30/2019 to 02/15/2049		895,733

(3) 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 August 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	267,309,229	$	—	$	—	$	267,309,229
Exchange-Traded Funds		493,461		—		—		493,461
Short-Term Investment Securities:
Commercial Paper		—		2,999,298		—		2,999,298
Registered Investment Companies		36,197		—		—		36,197
Total Investments at Value	$	267,838,887	$	2,999,298	$	—	$	270,838,185

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

See Notes to Financial Statements

57

VALIC Company II Mid Cap Growth Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	5.5	%
Insurance — Property/Casualty	5.0
Banks — Commercial	5.0
Enterprise Software/Service	5.0
Commercial Services — Finance	4.5
Computer Services	3.9
Medical Instruments	3.2
Distribution/Wholesale	3.2
Disposable Medical Products	2.9
Commercial Services	2.6
Computer Software	2.5
Containers — Metal/Glass	2.4
Electronic Components — Semiconductors	2.1
Web Hosting/Design	2.1
Medical Products	2.0
E-Commerce/Services	1.9
Lasers — System/Components	1.9
Gas — Distribution	1.9
Electronic Measurement Instruments	1.8
Machinery — General Industrial	1.7
Building — Residential/Commercial	1.7
Apparel Manufacturers	1.7
Building Products — Air & Heating	1.6
Transport — Rail	1.6
Hotels/Motels	1.5
Real Estate Investment Trusts	1.5
E-Services/Consulting	1.5
Data Processing/Management	1.5
Funeral Services & Related Items	1.4
Medical — Drugs	1.4
Internet Content — Entertainment	1.1
Finance — Auto Loans	1.0
Patient Monitoring Equipment	1.0
Retail — Automobile	1.0
Oil Companies — Exploration & Production	1.0
Registered Investment Companies	0.9
Multimedia	0.9
Machinery — Pumps	0.9
Semiconductor Equipment	0.9
Internet Infrastructure Software	0.9
Diagnostic Equipment	0.9
Rental Auto/Equipment	0.9
Machine Tools & Related Products	0.9
Banks — Fiduciary	0.8
Computer Aided Design	0.8
Containers — Paper/Plastic	0.8
E-Commerce/Products	0.8
Non-Hazardous Waste Disposal	0.8
Aerospace/Defense — Equipment	0.8
Instruments — Controls	0.8
Auto — Heavy Duty Trucks	0.8
Firearms & Ammunition	0.7
Applications Software	0.7
Computers — Other	0.7
Cable/Satellite TV	0.7
Athletic Equipment	0.7
Electric — Integrated	0.6
Real Estate Management/Services	0.6
Telecommunication Equipment	0.4
Medical — HMO	0.3
Printing — Commercial	0.1
	100.7	%

* Calculated as a percentage of net assets

58

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.8%
Aerospace/Defense - Equipment — 0.8%
HEICO Corp., Class A		17,226	$	1,901,061
Apparel Manufacturers — 1.7%
Carter’s, Inc.		28,561		2,612,761
Under Armour, Inc., Class C†		82,534		1,396,475
				4,009,236
Applications Software — 0.7%
PTC, Inc.†		27,467		1,798,264
Athletic Equipment — 0.7%
YETI Holdings, Inc.†#		55,766		1,575,390
Auto - Heavy Duty Trucks — 0.8%
PACCAR, Inc.		28,223		1,850,300
Banks - Commercial — 5.0%
Cullen/Frost Bankers, Inc.		24,267		2,014,404
First Citizens BancShares, Inc., Class A		3,824		1,700,150
First Republic Bank		27,322		2,451,330
M&T Bank Corp.		15,399		2,251,488
Pinnacle Financial Partners, Inc.		6,495		342,091
Prosperity Bancshares, Inc.#		31,463		2,042,578
South State Corp.		18,115		1,332,902
				12,134,943
Banks - Fiduciary — 0.8%
Northern Trust Corp.		23,319		2,050,440
Building Products- Air & Heating — 1.6%
Lennox International, Inc.		15,698		3,983,838
Building - Residential/Commercial — 1.7%
NVR, Inc.†		1,160		4,174,840
Cable/Satellite TV — 0.7%
Cable One, Inc.		1,363		1,768,656
Commercial Services — 2.6%
Cintas Corp.		8,949		2,360,746
CoStar Group, Inc.†		4,578		2,814,875
Healthcare Services Group, Inc.#		47,338		1,067,472
				6,243,093
Commercial Services - Finance — 4.5%
TransUnion		59,394		4,968,308
WEX, Inc.†		28,927		5,917,018
				10,885,326
Computer Aided Design — 0.8%
Aspen Technology, Inc.†		15,292		2,036,894
Computer Services — 3.9%
EPAM Systems, Inc.†		12,641		2,418,602
Genpact, Ltd.		169,005		6,922,445
				9,341,047
Computer Software — 2.5%
Akamai Technologies, Inc.†		34,974		3,117,232
Teradata Corp.†		91,364		2,820,407
				5,937,639
Computers - Other — 0.7%
Lumentum Holdings, Inc.†		32,156		1,793,019
Containers - Metal/Glass — 2.4%
Ball Corp.		56,646		4,554,905
Silgan Holdings, Inc.		38,233		1,137,814
				5,692,719

Security Description	Shares		Value (Note 2)
Containers - Paper/Plastic — 0.8%
Packaging Corp. of America		20,222	$	2,033,929
Data Processing/Management — 1.5%
Fair Isaac Corp.†		10,223		3,605,857
Diagnostic Equipment — 0.9%
Repligen Corp.†		22,925		2,127,669
Disposable Medical Products — 2.9%
STERIS PLC		20,098		3,103,131
Teleflex, Inc.		11,037		4,016,585
				7,119,716
Distribution/Wholesale — 3.2%
Fastenal Co.		73,981		2,265,298
IAA, Inc.†		56,123		2,741,609
KAR Auction Services, Inc.		85,804		2,278,954
Watsco, Inc.#		3,056		499,809
				7,785,670
E-Commerce/Products — 0.8%
Etsy, Inc.†		26,255		1,386,001
Wayfair, Inc., Class A†#		4,623		521,197
				1,907,198
E-Commerce/Services — 1.9%
Cargurus, Inc.†#		43,910		1,432,344
GrubHub, Inc.†#		20,938		1,242,461
TripAdvisor, Inc.†		50,054		1,901,552
				4,576,357
E-Services/Consulting — 1.5%
CDW Corp.		32,033		3,699,811
Electric - Integrated — 0.6%
Black Hills Corp.		18,015		1,381,931
Electronic Components - Semiconductors — 2.1%
Monolithic Power Systems, Inc.		16,984		2,557,111
Silicon Laboratories, Inc.†		23,609		2,573,381
				5,130,492
Electronic Measurement Instruments — 1.8%
Keysight Technologies, Inc.†		21,714		2,103,218
National Instruments Corp.		55,933		2,349,186
				4,452,404
Enterprise Software/Service — 5.0%
Black Knight, Inc.†		46,952		2,922,762
Blackbaud, Inc.		37,819		3,440,394
Guidewire Software, Inc.†#		28,831		2,772,966
Veeva Systems, Inc., Class A†		18,015		2,889,246
				12,025,368
Finance - Auto Loans — 1.0%
Credit Acceptance Corp.†		5,509		2,493,649
Firearms & Ammunition — 0.7%
Axon Enterprise, Inc.†		30,069		1,803,238
Funeral Services & Related Items — 1.4%
Service Corp. International		73,193		3,388,836
Gas- Distribution — 1.9%
NiSource, Inc.		36,242		1,070,951
UGI Corp.		71,260		3,468,224
				4,539,175

59

VALIC Company II Mid Cap Growth Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hotels/Motels — 1.5%
Choice Hotels International, Inc.		41,218	$	3,750,014
Instruments - Controls — 0.8%
Mettler-Toledo International, Inc.†		2,830		1,858,716
Insurance - Property/Casualty — 5.0%
Alleghany Corp.†		2,662		1,994,663
Fidelity National Financial, Inc.		42,883		1,884,279
Markel Corp.†		3,579		4,091,084
White Mountains Insurance Group, Ltd.		1,997		2,118,218
WR Berkley Corp.		29,185		2,079,431
				12,167,675
Internet Content - Entertainment — 1.1%
Roku, Inc.†#		16,998		2,572,817
Internet Infrastructure Software — 0.9%
F5 Networks, Inc.†		16,850		2,169,101
Lasers - System/Components — 1.9%
Coherent, Inc.†		12,815		1,857,662
II-VI, Inc.†#		71,959		2,699,182
				4,556,844
Machine Tools & Related Products — 0.9%
Lincoln Electric Holdings, Inc.		24,995		2,063,587
Machinery - General Industrial — 1.7%
IDEX Corp.		25,384		4,180,999
Machinery - Pumps — 0.9%
Gardner Denver Holdings, Inc.†		79,395		2,277,049
Medical Instruments — 3.2%
Bio-Techne Corp.		12,099		2,317,805
Integra LifeSciences Holdings Corp.†		44,683		2,681,874
NuVasive, Inc.†		45,087		2,863,926
				7,863,605
Medical Products — 2.0%
Hill-Rom Holdings, Inc.		25,082		2,700,830
Varian Medical Systems, Inc.†		19,883		2,106,206
				4,807,036
Medical - Biomedical/Gene — 5.5%
Alnylam Pharmaceuticals, Inc.†		22,079		1,781,554
Bluebird Bio, Inc.†#		16,412		1,695,524
Ionis Pharmaceuticals, Inc.†#		35,046		2,215,258
Sage Therapeutics, Inc.†#		16,540		2,839,422
Seattle Genetics, Inc.†		42,017		3,052,115
Ultragenyx Pharmaceutical, Inc.†#		33,965		1,850,073
				13,433,946
Medical - Drugs — 1.4%
Aerie Pharmaceuticals, Inc.†#		43,639		945,221
PRA Health Sciences, Inc.†		24,659		2,437,295
				3,382,516
Medical- HMO — 0.3%
Molina Healthcare, Inc.†		5,897		768,261
Multimedia — 0.9%
FactSet Research Systems, Inc.#		8,441		2,296,712
Non-Hazardous Waste Disposal — 0.8%
Waste Connections, Inc.		20,688		1,901,227
Oil Companies - Exploration & Production — 1.0%
Diamondback Energy, Inc.		11,880		1,165,191
WPX Energy, Inc.†		109,849		1,181,975
				2,347,166

Security Description	Shares				Value (Note 2)
Patient Monitoring Equipment — 1.0%
Masimo Corp.†		15,850			$	2,429,012
Printing - Commercial — 0.1%
Cimpress NV†#		2,000				229,380
Real Estate Investment Trusts — 1.5%
Douglas Emmett, Inc.		41,679				1,758,854
Equity Commonwealth		58,319				1,963,017
						3,721,871
Real Estate Management/Services — 0.6%
Redfin Corp.†#		78,591				1,327,402
Rental Auto/Equipment — 0.9%
AMERCO		5,988				2,105,501
Retail - Automobile — 1.0%
CarMax, Inc.†#		28,656				2,386,472
Semiconductor Equipment — 0.9%
MKS Instruments, Inc.		28,342				2,218,895
Telecommunication Equipment — 0.4%
CommScope Holding Co., Inc.†		94,889				1,019,108
Transport - Rail — 1.6%
Genesee & Wyoming, Inc., Class A†		34,638				3,840,661
Web Hosting/Design — 2.1%
Q2 Holdings, Inc.†		16,041				1,442,888
VeriSign, Inc.†		17,633				3,594,487
						5,037,375
Total Long-Term Investment Securities
(cost $210,010,020)						241,960,953
SHORT-TERM INVESTMENT SECURITIES — 0.9%
Registered Investment Companies — 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio 2.12%(1)(2) (cost $2,341,559)		2,341,559		��		2,341,559
TOTAL INVESTMENTS
(cost $212,351,579)(3)		100.7	%			244,302,512
Liabilities in excess of other assets		(0.7	)			(1,790,366	)
NET ASSETS		100.0	%		$	242,512,146

† 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 August 31, 2019.

(2) At August 31, 2019, the Fund had loaned securities with a total value of $26,638,455. This was secured by collateral of $2,341,559, which was received in cash and subsequently invested in short-term investments currently valued at $2,341,559 as reported in the Portfolio of Investments. Additional collateral of $24,867,131 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2019
United States Treasury Bills	0.00%	09/05/2019 to 06/18/2020	$	4,319,480
United States Treasury Notes/Bonds	zero coupon to 8.75%	09/30/2019 to 02/15/2049		20,547,651

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

60

VALIC Company II Mid Cap Growth Fund

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

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	241,960,953	$	—	$	—	$	241,960,953
Short-Term Investment Securities		2,341,559		—		—		2,341,559
Total Investments at Value	$	244,302,512	$	—	$	—	$	244,302,512

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

See Notes to Financial Statements

61

VALIC Company II Mid Cap Value Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	10.5	%
Electric — Integrated	5.2
Banks — Commercial	4.9
Insurance — Property/Casualty	3.5
Oil Companies — Exploration & Production	3.4
Banks — Super Regional	3.2
Computer Services	2.6
Chemicals — Diversified	2.3
Insurance — Reinsurance	2.2
Insurance — Multi-line	2.0
Aerospace/Defense — Equipment	2.0
Steel — Producers	1.7
Diversified Manufacturing Operations	1.7
Machinery — Pumps	1.7
Medical Labs & Testing Services	1.5
Medical Products	1.4
Finance — Investment Banker/Broker	1.3
Insurance Brokers	1.2
Semiconductor Equipment	1.1
Airlines	1.1
Oil Refining & Marketing	1.1
Finance — Credit Card	1.1
Distribution/Wholesale	1.0
Electronic Components — Semiconductors	1.0
Gas — Distribution	1.0
Medical — HMO	1.0
Entertainment Software	1.0
Building & Construction Products — Misc.	1.0
Registered Investment Companies	0.9
Electronic Parts Distribution	0.9
Building — Residential/Commercial	0.9
Finance — Consumer Loans	0.9
Insurance — Life/Health	0.9
Data Processing/Management	0.9
Electronic Connectors	0.9
Hazardous Waste Disposal	0.8
Medical — Wholesale Drug Distribution	0.8
Food — Wholesale/Distribution	0.8
Electric Products — Misc.	0.8
Medical — Hospitals	0.8
Repurchase Agreements	0.8
Commercial Services — Finance	0.8
Building Products — Doors & Windows	0.8
Food — Misc./Diversified	0.7
Electronic Components — Misc.	0.7
E-Commerce/Services	0.7
Human Resources	0.7
Electronic Measurement Instruments	0.7
Computers — Other	0.7
Lasers — System/Components	0.6
Transport — Rail	0.6
Computer Software	0.6
E-Commerce/Products	0.6
Savings & Loans/Thrifts	0.6
Physical Therapy/Rehabilitation Centers	0.6
Cable/Satellite TV	0.6
Agricultural Chemicals	0.6
Batteries/Battery Systems	0.5
Cellular Telecom	0.5
Footwear & Related Apparel	0.5
Chemicals — Specialty	0.5
Disposable Medical Products	0.5
Office Supplies & Forms	0.5
Hotels/Motels	0.5
Building Products — Cement	0.5
Auto/Truck Parts & Equipment — Original	0.5
Power Converter/Supply Equipment	0.5
Industrial Automated/Robotic	0.5
Theaters	0.4

Semiconductor Components — Integrated Circuits	0.4
Motion Pictures & Services	0.4
Publishing — Newspapers	0.4
Cruise Lines	0.4
Aerospace/Defense	0.4
Retail — Apparel/Shoe	0.3
Transport — Truck	0.3
Shipbuilding	0.3
Broadcast Services/Program	0.3
Medical Instruments	0.3
Retail — Auto Parts	0.3
Capacitors	0.3
Applications Software	0.3
Food — Meat Products	0.3
Beverages — Non-alcoholic	0.3
Containers — Paper/Plastic	0.3
Medical — Drugs	0.3
Agricultural Biotech	0.3
Transport — Services	0.2
Investment Management/Advisor Services	0.2
Independent Power Producers	0.2
Auto — Heavy Duty Trucks	0.2
Medical Information Systems	0.2
Building Products — Wood	0.2
Computers	0.2
Diagnostic Equipment	0.2
Building — Heavy Construction	0.2
Appliances	0.2
Casino Hotels	0.2
Oil — Field Services	0.2
Office Automation & Equipment	0.2
Finance — Leasing Companies	0.2
Retail — Discount	0.2
Advertising Agencies	0.2
Containers — Metal/Glass	0.2
Banks — Fiduciary	0.2
Computers — Memory Devices	0.2
Dialysis Centers	0.1
	100.1	%

* Calculated as a percentage of net assets

62

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.4%
Advertising Agencies — 0.2%
Omnicom Group, Inc.		16,846	$	1,281,307
Aerospace/Defense — 0.4%
Spirit AeroSystems Holdings, Inc., Class A		32,283		2,602,010
Aerospace/Defense - Equipment — 2.0%
L3Harris Technologies, Inc.		47,687		10,081,509
Moog, Inc., Class A		56,265		4,571,531
				14,653,040
Agricultural Biotech — 0.3%
Corteva, Inc.		69,044		2,024,370
Agricultural Chemicals — 0.6%
Mosaic Co.		65,557		1,205,593
Nutrien, Ltd.		57,089		2,875,002
				4,080,595
Airlines — 1.1%
JetBlue Airways Corp.†		214,739		3,719,280
Southwest Airlines Co.		88,954		4,654,073
				8,373,353
Appliances — 0.2%
Whirlpool Corp.		10,807		1,503,146
Applications Software — 0.3%
CDK Global, Inc.		51,136		2,207,030
Auto - Heavy Duty Trucks — 0.2%
PACCAR, Inc.		25,424		1,666,797
Auto/Truck Parts & Equipment - Original — 0.5%
Lear Corp.		9,767		1,096,443
WABCO Holdings, Inc.†		19,986		2,668,331
				3,764,774
Banks - Commercial — 4.9%
Atlantic Union Bankshares Corp.		96,121		3,470,929
BancorpSouth Bank		98,094		2,706,414
East West Bancorp, Inc.		98,661		4,057,927
First Midwest Bancorp, Inc.		159,732		3,066,854
IBERIABANK Corp.		52,283		3,607,004
Regions Financial Corp.		257,579		3,765,805
South State Corp.		42,642		3,137,598
Synovus Financial Corp.		113,886		4,047,509
Western Alliance Bancorp		79,435		3,449,068
Zions Bancorp NA#		128,399		5,275,915
				36,585,023
Banks - Fiduciary — 0.2%
State Street Corp.		22,799		1,169,817
Banks - Super Regional — 3.2%
Comerica, Inc.		55,462		3,419,232
Fifth Third Bancorp		182,615		4,830,167
Huntington Bancshares, Inc.		432,766		5,734,149
KeyCorp		274,422		4,555,405
SunTrust Banks, Inc.		90,333		5,556,383
				24,095,336
Batteries/Battery Systems — 0.5%
EnerSys		71,497		4,003,832
Beverages-Non-alcoholic — 0.3%
Coca-Cola European Partners PLC		38,856		2,189,147
Broadcast Services/Program — 0.3%
Fox Corp., Class A		72,365		2,400,347

Security Description	Shares		Value (Note 2)
Building & Construction Products - Misc. — 1.0%
Fortune Brands Home & Security, Inc.		96,259	$	4,914,984
Owens Corning		37,516		2,151,918
				7,066,902
Building Products - Cement — 0.5%
Buzzi Unicem SpA#		130,837		2,744,353
Eagle Materials, Inc.		12,615		1,062,057
				3,806,410
Building Products - Doors & Windows — 0.8%
JELD-WEN Holding, Inc.†		145,851		2,517,388
Sanwa Holdings Corp.		287,726		3,201,319
				5,718,707
Building Products - Wood — 0.2%
Masco Corp.		40,517		1,650,257
Building - Heavy Construction — 0.2%
Granite Construction, Inc.		54,045		1,537,040
Building - Residential/Commercial — 0.9%
Lennar Corp., Class A		134,336		6,851,136
Cable/Satellite TV — 0.6%
Altice USA, Inc., Class A†		82,680		2,387,798
Liberty Global PLC, Class C†		66,541		1,738,051
				4,125,849
Capacitors — 0.3%
KEMET Corp.		134,931		2,260,094
Casino Hotels — 0.2%
Las Vegas Sands Corp.		26,517		1,470,898
Cellular Telecom — 0.5%
Millicom International Cellular SA SDR		78,225		3,985,114
Chemicals - Diversified — 2.3%
Celanese Corp.		55,781		6,323,892
FMC Corp.		120,785		10,427,369
				16,751,261
Chemicals - Specialty — 0.5%
Cabot Corp.		98,040		3,921,600
Commercial Services - Finance — 0.8%
Global Payments, Inc.		16,915		2,807,552
Moody’s Corp.		13,736		2,961,207
				5,768,759
Computer Services — 2.6%
Amdocs, Ltd.		98,116		6,352,030
Leidos Holdings, Inc.		120,841		10,556,670
Science Applications International Corp.		30,531		2,687,033
				19,595,733
Computer Software — 0.6%
SS&C Technologies Holdings, Inc.		90,657		4,225,523
Computers — 0.2%
Hewlett Packard Enterprise Co.		116,437		1,609,159
Computers - Memory Devices — 0.2%
Western Digital Corp.		19,761		1,131,712
Computers - Other — 0.7%
Lumentum Holdings, Inc.†		86,703		4,834,559
Containers - Metal/Glass — 0.2%
Crown Holdings, Inc.†		18,252		1,201,712

63

VALIC Company II Mid Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Containers - Paper/Plastic — 0.3%
Graphic Packaging Holding Co.		153,767	$	2,123,522
Cruise Lines — 0.4%
Norwegian Cruise Line Holdings, Ltd.†		52,561		2,667,471
Data Processing/Management — 0.9%
Fidelity National Information Services, Inc.		47,903		6,525,347
Diagnostic Equipment — 0.2%
Avantor, Inc.†		88,126		1,542,205
Dialysis Centers — 0.1%
DaVita, Inc.†		17,581		991,041
Disposable Medical Products — 0.5%
STERIS PLC		25,189		3,889,182
Distribution/Wholesale — 1.0%
HD Supply Holdings, Inc.†		79,180		3,080,894
IAA, Inc.†		52,911		2,584,702
KAR Auction Services, Inc.#		34,782		923,810
WESCO International, Inc.†		24,012		1,082,461
				7,671,867
Diversified Manufacturing Operations — 1.7%
Eaton Corp. PLC		45,336		3,659,522
Ingersoll-Rand PLC		12,278		1,486,743
ITT, Inc.		48,110		2,738,421
Parker-Hannifin Corp.		21,563		3,574,499
Textron, Inc.		25,702		1,156,590
				12,615,775
E-Commerce/Products — 0.6%
eBay, Inc.		104,061		4,192,618
E-Commerce/Services — 0.7%
Expedia Group, Inc.		39,047		5,080,015
Electric Products - Misc. — 0.8%
AMETEK, Inc.		70,875		6,090,289
Electric - Integrated — 5.2%
Alliant Energy Corp.		126,801		6,650,712
American Electric Power Co., Inc.		23,771		2,166,727
DTE Energy Co.		41,131		5,333,045
Edison International		46,076		3,329,912
Entergy Corp.		45,809		5,169,088
Evergy, Inc.		91,639		5,956,535
FirstEnergy Corp.		58,925		2,710,550
Pinnacle West Capital Corp.		14,063		1,340,345
Xcel Energy, Inc.		90,535		5,814,158
				38,471,072
Electronic Components - Misc. — 0.7%
Flex, Ltd.†		141,708		1,364,648
Gentex Corp.		46,615		1,239,959
Sensata Technologies Holding PLC†		63,043		2,873,500
				5,478,107
Electronic Components - Semiconductors — 1.0%
Marvell Technology Group, Ltd.#		73,105		1,752,327
Qorvo, Inc.†		38,706		2,764,770
Silicon Motion Technology Corp. ADR		96,450		3,112,441
				7,629,538
Electronic Connectors — 0.9%
TE Connectivity, Ltd.		69,999		6,385,309
Electronic Measurement Instruments — 0.7%
Itron, Inc.†		70,029		4,863,514

Security Description	Shares		Value (Note 2)
Electronic Parts Distribution — 0.9%
Arrow Electronics, Inc.†		100,099	$	6,926,851
Entertainment Software — 1.0%
Activision Blizzard, Inc.		56,575		2,862,695
Electronic Arts, Inc.†		11,783		1,103,831
NetEase, Inc. ADR		7,025		1,791,375
Take-Two Interactive Software, Inc.†		10,472		1,381,990
				7,139,891
Finance - Consumer Loans — 0.9%
SLM Corp.		594,835		5,020,407
Synchrony Financial		51,401		1,647,402
				6,667,809
Finance - Credit Card — 1.1%
Alliance Data Systems Corp.		9,480		1,165,566
Discover Financial Services		83,800		6,701,486
				7,867,052
Finance - Investment Banker/Broker — 1.3%
E*TRADE Financial Corp.		101,645		4,242,662
TD Ameritrade Holding Corp.		126,854		5,633,586
				9,876,248
Finance - Leasing Companies — 0.2%
Air Lease Corp.		32,607		1,354,495
Food - Meat Products — 0.3%
Tyson Foods, Inc., Class A		23,659		2,201,233
Food - Misc./Diversified — 0.7%
Nomad Foods, Ltd.†		138,444		2,789,646
Post Holdings, Inc.†		27,120		2,703,593
				5,493,239
Food - Wholesale/Distribution — 0.8%
US Foods Holding Corp.†		151,598		6,132,139
Footwear & Related Apparel — 0.5%
Steven Madden, Ltd.		119,703		3,976,534
Gas- Distribution — 1.0%
UGI Corp.		155,060		7,546,770
Hazardous Waste Disposal — 0.8%
Clean Harbors, Inc.†		84,438		6,210,415
Hotels/Motels — 0.5%
Wyndham Destinations, Inc.		48,444		2,148,007
Wyndham Hotels & Resorts, Inc.		32,367		1,663,016
				3,811,023
Human Resources — 0.7%
ManpowerGroup, Inc.		26,265		2,146,901
Robert Half International, Inc.		51,408		2,748,786
				4,895,687
Independent Power Producers — 0.2%
Vistra Energy Corp.		67,716		1,689,514
Industrial Automated/Robotic — 0.5%
Ichor Holdings, Ltd.†		158,054		3,360,228
Insurance Brokers — 1.2%
Aon PLC		32,961		6,422,451
Marsh & McLennan Cos., Inc.		25,423		2,539,503
				8,961,954
Insurance - Life/Health — 0.9%
CNO Financial Group, Inc.		320,997		4,648,037
Globe Life, Inc.		22,128		1,975,145
				6,623,182

64

VALIC Company II Mid Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Multi-line — 2.0%
Allstate Corp.		48,989	$	5,015,984
Assurant, Inc.		55,520		6,828,960
Kemper Corp.		11,772		816,365
Loews Corp.		50,661		2,435,274
				15,096,583
Insurance - Property/Casualty — 3.5%
Alleghany Corp.†		11,651		8,730,211
Hanover Insurance Group, Inc.		45,104		6,005,598
Lancashire Holdings, Ltd.		440,697		3,651,794
Travelers Cos., Inc.		22,050		3,240,468
WR Berkley Corp.		58,177		4,145,111
				25,773,182
Insurance - Reinsurance — 2.2%
Everest Re Group, Ltd.		13,255		3,126,589
Reinsurance Group of America, Inc.		85,343		13,140,262
				16,266,851
Investment Management/Advisor Services — 0.2%
Raymond James Financial, Inc.		22,294		1,750,302
Lasers - System/Components — 0.6%
Coherent, Inc.†#		33,050		4,790,928
Machinery - Pumps — 1.7%
Curtiss-Wright Corp.		17,796		2,182,501
Dover Corp.		63,032		5,908,620
SPX FLOW, Inc.†		126,496		4,264,180
				12,355,301
Medical Information Systems — 0.2%
Change Healthcare, Inc.†		118,707		1,665,459
Medical Instruments — 0.3%
Boston Scientific Corp.†		53,709		2,294,986
Medical Labs & Testing Services — 1.5%
ICON PLC†		24,523		3,781,202
IQVIA Holdings, Inc.†		24,460		3,794,969
Laboratory Corp. of America Holdings†		20,404		3,418,894
				10,995,065
Medical Products — 1.4%
Hill-Rom Holdings, Inc.		57,773		6,220,997
Zimmer Biomet Holdings, Inc.		29,652		4,127,558
				10,348,555
Medical - Drugs — 0.3%
Jazz Pharmaceuticals PLC†		16,188		2,074,492
Medical- HMO — 1.0%
Centene Corp.†		56,478		2,633,004
Humana, Inc.		11,764		3,331,682
Molina Healthcare, Inc.†		9,906		1,290,554
				7,255,240
Medical - Hospitals — 0.8%
Acadia Healthcare Co., Inc.†#		96,205		2,545,584
Universal Health Services, Inc., Class B		23,522		3,400,811
				5,946,395
Medical - Wholesale Drug Distribution — 0.8%
AmerisourceBergen Corp.		36,358		2,991,173
McKesson Corp.		23,061		3,188,644
				6,179,817
Metal Processors & Fabrication — 0.0%
Timken Co.		6,764		271,778

Security Description	Shares		Value (Note 2)
Motion Pictures & Services — 0.4%
IMAX Corp.†		145,923	$	3,052,709
Office Automation & Equipment — 0.2%
Xerox Holdings Corp.		48,106		1,394,593
Office Supplies & Forms — 0.5%
Avery Dennison Corp.		33,614		3,884,770
Oil Companies - Exploration & Production — 3.4%
Cimarex Energy Co.		37,100		1,587,138
Diamondback Energy, Inc.		74,055		7,263,314
Encana Corp.		612,739		2,720,561
Marathon Oil Corp.		100,156		1,185,847
Noble Energy, Inc.		290,614		6,562,064
Pioneer Natural Resources Co.		12,589		1,553,734
Viper Energy Partners LP		73,115		2,118,142
WPX Energy, Inc.†		187,059		2,012,755
				25,003,555
Oil Refining & Marketing — 1.1%
Delek US Holdings, Inc.		81,300		2,662,575
Marathon Petroleum Corp.		43,326		2,132,073
Valero Energy Corp.		44,373		3,340,399
				8,135,047
Oil- Field Services — 0.2%
Apergy Corp.†		55,864		1,451,347
Physical Therapy/Rehabilitation Centers — 0.6%
Encompass Health Corp.		68,203		4,146,060
Power Converter/Supply Equipment — 0.5%
Hubbell, Inc.		28,434		3,728,835
Publishing - Newspapers — 0.4%
TEGNA, Inc.		190,999		2,733,196
Real Estate Investment Trusts — 10.5%
American Assets Trust, Inc.		33,359		1,563,203
American Homes 4 Rent, Class A		90,052		2,303,530
Boston Properties, Inc.		45,144		5,797,392
Brixmor Property Group, Inc.		262,816		4,843,699
Corporate Office Properties Trust		166,356		4,806,025
Douglas Emmett, Inc.		83,474		3,522,603
Duke Realty Corp.		119,042		3,960,527
Equity LifeStyle Properties, Inc.		21,003		2,829,524
Equity Residential		66,644		5,648,745
First Industrial Realty Trust, Inc.		93,608		3,646,032
Gaming and Leisure Properties, Inc.		124,763		4,880,729
Highwoods Properties, Inc.		109,998		4,753,014
Kilroy Realty Corp.		28,503		2,219,244
Life Storage, Inc.		41,194		4,364,916
Park Hotels & Resorts, Inc.		93,550		2,203,102
Physicians Realty Trust		265,826		4,604,106
Prologis, Inc.		51,303		4,289,957
Regency Centers Corp.		61,101		3,941,625
Retail Properties of America, Inc., Class A		109,236		1,240,921
SL Green Realty Corp.		26,539		2,128,959
STORE Capital Corp.		127,460		4,812,890
				78,360,743
Retail - Apparel/Shoe — 0.3%
Ross Stores, Inc.		24,373		2,583,782
Retail - Auto Parts — 0.3%
AutoZone, Inc.†		2,067		2,277,193
Retail - Discount — 0.2%
Dollar Tree, Inc.†		12,993		1,319,179

65

VALIC Company II Mid Cap Value Fund

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

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts — 0.6%
Sterling Bancorp		219,615		$	4,188,058
Semiconductor Components - Integrated Circuits — 0.4%
NXP Semiconductors NV		30,101			3,074,516
Semiconductor Equipment — 1.1%
Axcelis Technologies, Inc.†		120,566			1,845,865
KLA Corp.		24,524			3,627,100
MKS Instruments, Inc.		37,778			2,957,640
					8,430,605
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		11,955			2,498,595
Steel - Producers — 1.7%
Carpenter Technology Corp.		105,861			5,149,079
Commercial Metals Co.		135,453			2,122,548
Reliance Steel & Aluminum Co.		57,721			5,612,213
					12,883,840
Theaters — 0.4%
Cinemark Holdings, Inc.		83,981			3,204,715
Transport - Rail — 0.6%
Kansas City Southern		37,134			4,671,457
Transport - Services — 0.2%
C.H. Robinson Worldwide, Inc.#		21,207			1,791,779
Transport - Truck — 0.3%
Knight-Swift Transportation Holdings, Inc.#		74,818	��		2,554,287
Total Long-Term Investment Securities
(cost $683,962,000)					731,497,280
SHORT-TERM INVESTMENT SECURITIES — 0.9%
Registered Investment Companies — 0.9%
State Street Institutional Liquid Reserves Fund, Administration Class  1.94%(2) (cost $6,954,414)		6,953,678			6,954,374

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 08/30/2019, to be repurchased 09/03/2019 in the amount of $5,807,271 collateralized by $5,790,000 of United States Treasury Notes, bearing interest at 2.38% due 05/15/2022 and having an approximate value of $5,981,904 (cost $5,807,000)	$	5,807,000		$	5,807,000
TOTAL INVESTMENTS
(cost $696,723,414)(1)		100.1	%		744,258,654
Liabilities in excess of other assets		(0.1	)		(798,460	)
NET ASSETS		100.0	%	$	743,460,194

† Non-income producing security

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

At August 31, 2019, the Fund had loaned securities with a total value of $13,947,165. This was secured by collateral of $14,407,946 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2019
United States Treasury Bills	0.00%	09/05/2019 to 06/18/2020	$	1,144,930
United States Treasury Notes/Bonds	zero coupon to 8.75%	09/30/2019 to 02/15/2049		13,263,016

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

(2) The rate shown is the7-day yield as of August 31, 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 August 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	731,497,280	$	—	$	—	$	731,497,280
Short-Term Investment Securities		6,954,374		—		—		6,954,374
Repurchase Agreements		—		5,807,000		—		5,807,000
Total Investments at Value	$	738,451,654	$	5,807,000	$	—	$	744,258,654

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

See Notes to Financial Statements

66

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	45.7	%
Domestic Fixed Income Investment Companies	36.1
International Equity Investment Companies	8.6
International Fixed Income Investment Companies	3.6
Domestic Money Market Investment Companies	3.5
Real Estate Investment Companies	2.5
	100.0	%

* Calculated as a percentage of net assets

67

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 45.7%
VALIC Co. I Blue Chip Growth Fund		1,517	$	30,820
VALIC Co. I Dividend Value Fund		4,014,981		45,329,140
VALIC Co. I Large Cap Core Fund		840,846		9,905,165
VALIC Co. I Large Capital Growth Fund		909,755		15,547,719
VALIC Co. I Mid Cap Index Fund		1,153,228		28,277,158
VALIC Co. I Mid Cap Strategic Growth Fund		709,533		11,806,637
VALIC Co. INasdaq-100 Index Fund		1,296,539		19,720,362
VALIC Co. I Science & Technology Fund		1,066,979		29,982,119
VALIC Co. I Small Cap Index Fund		663,011		12,716,553
VALIC Co. I Small Cap Special Values Fund		506,668		5,791,218
VALIC Co. I Stock Index Fund		2,370,552		99,349,844
VALIC Co. I Value Fund		980,365		17,950,475
VALIC Co. II Capital Appreciation Fund		1,781,353		26,524,340
VALIC Co. II Large Cap Value Fund		2,623,905		52,766,723
VALIC Co. II Mid Cap Growth Fund		1,047,249		11,017,055
VALIC Co. II Mid Cap Value Fund		1,725,278		29,657,521
VALIC Co. II Small Cap Growth Fund		451,146		7,619,859
VALIC Co. II Small Cap Value Fund		604,602		6,505,520
Total Domestic Equity Investment Companies
(cost $432,538,138)				430,498,228
Domestic Fixed Income Investment Companies — 36.1%
VALIC Co. I Capital Conservation Fund		3,155,937		32,474,594
VALIC Co. I Government Securities Fund		1,332,004		14,572,123
VALIC Co. I Inflation Protected Fund		4,006,454		45,753,708
VALIC Co. II Core Bond Fund		10,043,239		115,798,540
VALIC Co. II High Yield Bond Fund		5,707,171		43,716,930
VALIC Co. II Strategic Bond Fund		7,809,436		88,637,096
Total Domestic Fixed Income Investment Companies
(cost $327,980,963)				340,952,991
Domestic Money Market Investment Companies — 3.5%
VALIC Co. I Government Money Market I Fund
(cost $33,377,212)(3)		33,377,212		33,377,212

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 8.6%
VALIC Co. I Emerging Economies Fund		3,447,540		$	26,580,537
VALIC Co. I International Equities Index Fund		711,885			4,869,295
VALIC Co. I International Growth Fund		483,346			5,659,987
VALIC Co. I International Value Fund		2,772,738			24,954,645
VALIC Co. II International Opportunities Fund		1,022,946			18,863,130
Total International Equity Investment Companies
(cost $86,016,374)					80,927,594
International Fixed Income Investment Companies — 3.6%
VALIC Co. I International Government Bond Fund
(cost $32,470,710)		2,762,608			34,228,713
Real Estate Investment Companies — 2.5%
VALIC Co. I Global Real Estate Fund
(cost $21,725,351)		2,812,106			23,509,206
TOTAL INVESTMENTS
(cost $934,108,748)(2)		100.0	%		943,493,944
Liabilities in excess of other assets		(0.0	)		(182,638	)
NET ASSETS		100.0	%	$	943,311,306

# 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.

(3) The 7-day yield as of August 31, 2019 is 1.60%.

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

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	943,493,944	$	—	$	—	$	943,493,944

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

See Notes to Financial Statements

68

VALIC Company II Small Cap Growth Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	8.4	%
Medical — Drugs	4.6
Enterprise Software/Service	4.4
Electronic Components — Semiconductors	4.3
Registered Investment Companies	3.4
Distribution/Wholesale	3.1
Building & Construction Products — Misc.	2.9
Semiconductor Equipment	2.8
Food — Wholesale/Distribution	2.8
Real Estate Investment Trusts	2.7
Medical Products	2.7
Computer Software	2.6
Retail — Automobile	2.3
Banks — Commercial	2.0
Applications Software	2.0
Internet Application Software	2.0
Power Converter/Supply Equipment	1.9
Medical Labs & Testing Services	1.7
Computer Data Security	1.7
Transport — Truck	1.7
Retail — Vision Service Center	1.6
Medical — Outpatient/Home Medical	1.5
Machinery — General Industrial	1.5
Schools	1.5
Tools — Hand Held	1.5
Patient Monitoring Equipment	1.5
Miscellaneous Manufacturing	1.5
Web Hosting/Design	1.3
Steel Pipe & Tube	1.3
Casino Hotels	1.3
Retail — Pet Food & Supplies	1.3
Advanced Materials	1.3
Internet Security	1.2
Publishing — Newspapers	1.2
Finance — Investment Banker/Broker	1.2
Diversified Manufacturing Operations	1.1
Retail — Restaurants	1.1
Telecom Equipment — Fiber Optics	1.1
Footwear & Related Apparel	1.1
Television	1.1
Recreational Centers	1.0
Machinery — Pumps	1.0
Drug Delivery Systems	0.9
Therapeutics	0.9
Computer Services	0.9
Gambling (Non-Hotel)	0.8
Retail — Misc./Diversified	0.8
Building — Mobile Home/Manufactured Housing	0.8
Athletic Equipment	0.8
Retail — Discount	0.7
Electric Products — Misc.	0.7
Building — Residential/Commercial	0.6
Medical — Hospitals	0.6
Security Services	0.6
Entertainment Software	0.6
E-Commerce/Products	0.5
Internet Telephone	0.5
Transport — Marine	0.5
Retail — Apparel/Shoe	0.5
Chemicals — Specialty	0.5
Wireless Equipment	0.5
Machinery — Construction & Mining	0.4
Advertising Services	0.4
Diagnostic Equipment	0.3
Investment Companies	0.3
Insurance Brokers	0.3
Oil Companies — Exploration & Production	0.2
	102.8	%

* Calculated as a percentage of net assets

69

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.4%
Advanced Materials — 1.3%
Hexcel Corp.		28,632	$	2,409,383
Advertising Services — 0.4%
Trade Desk, Inc., Class A†		3,142		772,209
Applications Software — 2.0%
HubSpot, Inc.†		7,844		1,566,290
Medallia, Inc.†		11,348		404,216
Smartsheet, Inc., Class A†		37,084		1,802,282
				3,772,788
Athletic Equipment — 0.8%
Fox Factory Holding Corp.†		20,926		1,507,509
Banks - Commercial — 2.0%
First Financial Bankshares, Inc.#		49,908		1,528,183
Signature Bank		11,299		1,318,028
Webster Financial Corp.		20,756		929,039
				3,775,250
Building & Construction Products - Misc. — 2.9%
Simpson Manufacturing Co., Inc.		39,625		2,543,925
Trex Co., Inc.†#		35,768		3,059,237
				5,603,162
Building - Mobile Home/Manufactured Housing — 0.8%
Winnebago Industries, Inc.#		48,527		1,553,834
Building - Residential/Commercial — 0.6%
TRI Pointe Group, Inc.†#		87,978		1,231,692
Casino Hotels — 1.3%
Boyd Gaming Corp.		104,502		2,512,228
Chemicals - Specialty — 0.5%
Ferro Corp.†		86,767		884,156
Computer Data Security — 1.7%
CyberArk Software, Ltd.†		14,236		1,599,272
Zscaler, Inc.†		24,503		1,684,336
				3,283,608
Computer Services — 0.9%
Elastic NV†#		18,720		1,645,301
Computer Software — 2.6%
Dynatrace, Inc.†		33,053		759,558
Envestnet, Inc.†		48,295		2,762,957
MongoDB, Inc.†#		9,214		1,403,384
				4,925,899
Diagnostic Equipment — 0.3%
Adaptive Biotechnologies Corp.†		12,081		614,319
Distribution/Wholesale — 3.1%
H&E Equipment Services, Inc.		53,013		1,287,685
Pool Corp.		12,018		2,360,095
SiteOne Landscape Supply, Inc.†#		30,079		2,352,178
				5,999,958
Diversified Manufacturing Operations — 1.1%
ITT, Inc.		38,291		2,179,524
Drug Delivery Systems — 0.9%
Heron Therapeutics, Inc.†#		52,404		970,522
Revance Therapeutics, Inc.†		69,850		740,410
				1,710,932
E-Commerce/Products — 0.5%
Farfetch, Ltd., Class A†#		83,549		817,109
RealReal, Inc.†#		18,094		236,489
				1,053,598

Security Description	Shares		Value (Note 2)
Electric Products - Misc. — 0.7%
Littelfuse, Inc.		9,089	$	1,418,520
Electronic Components - Semiconductors — 4.3%
Inphi Corp.†		51,414		3,146,023
Monolithic Power Systems, Inc.		20,661		3,110,720
Semtech Corp.†		49,157		2,063,119
				8,319,862
Enterprise Software/Service — 4.4%
Coupa Software, Inc.†#		10,160		1,411,529
Evolent Health, Inc., Class A†		96,480		662,818
ManTech International Corp., Class A		41,689		2,929,903
New Relic, Inc.†		9,098		521,679
Pluralsight, Inc., Class A†#		62,822		1,011,434
SailPoint Technologies Holding, Inc.†		84,899		1,912,774
				8,450,137
Entertainment Software — 0.6%
Glu Mobile, Inc.†		132,005		586,102
Sciplay Corp., Class A†		53,054		504,544
				1,090,646
Finance - Investment Banker/Broker — 1.2%
Evercore, Inc., Class A		27,847		2,221,077
Food - Wholesale/Distribution — 2.8%
Grocery Outlet Holding Corp.†		24,145		976,665
Performance Food Group Co.†		94,485		4,420,953
				5,397,618
Footwear & Related Apparel — 1.1%
Wolverine World Wide, Inc.		80,036		2,076,934
Gambling(Non-Hotel) — 0.8%
Red Rock Resorts, Inc., Class A		75,233		1,568,608
Insurance Brokers — 0.3%
eHealth, Inc.†		5,942		495,028
Internet Application Software — 2.0%
Anaplan, Inc.†		43,549		2,366,017
Zendesk, Inc.†		17,538		1,406,548
				3,772,565
Internet Security — 1.2%
Proofpoint, Inc.†		20,616		2,342,184
Internet Telephone — 0.5%
RingCentral, Inc., Class A†		7,292		1,029,120
Investment Companies — 0.3%
PennantPark Investment Corp.		87,637		552,989
Machinery - Construction & Mining — 0.4%
Oshkosh Corp.		11,200		787,024
Machinery - General Industrial — 1.5%
Applied Industrial Technologies, Inc.		27,915		1,490,382
Chart Industries, Inc.†		22,450		1,410,758
				2,901,140
Machinery - Pumps — 1.0%
Graco, Inc.		42,620		1,942,193
Medical Labs & Testing Services — 1.7%
Personalis, Inc.†		20,788		402,248
Teladoc Health, Inc.†#		49,998		2,893,884
				3,296,132
Medical Products — 2.7%
iRhythm Technologies, Inc.†		28,875		2,197,965

70

VALIC Company II Small Cap Growth Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products (continued)
Nevro Corp.†		30,692	$	2,569,841
Shockwave Medical, Inc.†#		11,884		497,346
				5,265,152
Medical - Biomedical/Gene — 8.4%
ACADIA Pharmaceuticals, Inc.†#		34,523		954,906
Adverum Biotechnologies, Inc.†		39,103		403,934
Atara Biotherapeutics, Inc.†#		60,028		810,378
Avrobio, Inc.†		54,689		1,065,342
Biohaven Pharmaceutical Holding Co., Ltd.†		40,153		1,573,596
Bridgebio Pharma, Inc.†#		15,354		467,990
FibroGen, Inc.†		48,902		2,183,963
Halozyme Therapeutics, Inc.†		131,979		2,180,293
Homology Medicines, Inc.†#		56,555		1,069,455
Intercept Pharmaceuticals, Inc.†#		17,108		1,097,991
REGENXBIO, Inc.†#		29,913		1,031,699
Rubius Therapeutics, Inc.†#		29,199		270,967
Sage Therapeutics, Inc.†#		6,222		1,068,131
Spark Therapeutics, Inc.†		2,838		276,450
Twist Bioscience Corp.†		58,498		1,698,197
				16,153,292
Medical - Drugs — 4.6%
Clementia Pharmaceuticals, Inc. CVR†(1)		70,624		0
Coherus Biosciences, Inc.†#		100,919		2,239,393
Global Blood Therapeutics, Inc.†#		11,160		513,137
Horizon Therapeutics PLC†		105,326		2,910,157
Optinose, Inc.†#		72,237		553,335
TherapeuticsMD, Inc.†#		306,020		884,398
Tricida, Inc.†#		47,381		1,653,123
				8,753,543
Medical - Hospitals — 0.6%
Acadia Healthcare Co., Inc.†#		46,065		1,218,880
Medical - Outpatient/Home Medical — 1.5%
Amedisys, Inc.†		22,832		2,938,707
Miscellaneous Manufacturing — 1.5%
John Bean Technologies Corp.		27,627		2,826,795
Oil Companies - Exploration & Production — 0.2%
Centennial Resource Development, Inc., Class A†		75,747		365,100
Patient Monitoring Equipment — 1.5%
Insulet Corp.†#		18,412		2,838,578
Power Converter/Supply Equipment — 1.9%
Generac Holdings, Inc.†		47,531		3,706,943
Publishing - Newspapers — 1.2%
New York Times Co., Class A		79,290		2,315,268
Real Estate Investment Trusts — 2.7%
CubeSmart		35,189		1,262,933
EastGroup Properties, Inc.		12,220		1,521,635
National Health Investors, Inc.		13,820		1,146,507
Terreno Realty Corp.		26,752		1,352,581
				5,283,656
Recreational Centers — 1.0%
Planet Fitness, Inc., Class A†		28,220		1,992,614
Retail - Apparel/Shoe — 0.5%
American Eagle Outfitters, Inc.		54,761		921,080
Retail - Automobile — 2.3%
Lithia Motors, Inc., Class A#		18,651		2,444,587
Rush Enterprises, Inc., Class A		56,774		2,050,109
				4,494,696

Security Description	Shares			Value (Note 2)
Retail - Discount — 0.7%
Ollie’s Bargain Outlet Holdings, Inc.†		25,868		$	1,434,381
Retail - Misc./Diversified — 0.8%
Hudson, Ltd., Class A†		143,793			1,560,154
Retail- Pet Food & Supplies — 1.3%
Freshpet, Inc.†		50,967			2,501,460
Retail - Restaurants — 1.1%
Texas Roadhouse, Inc.		42,073			2,165,077
Retail - Vision Service Center — 1.6%
National Vision Holdings, Inc.†		109,399			3,102,556
Schools — 1.5%
Bright Horizons Family Solutions, Inc.†		17,521			2,891,841
Security Services — 0.6%
Brink’s Co.		16,028			1,206,107
Semiconductor Equipment — 2.8%
Entegris, Inc.		65,134			2,789,689
MKS Instruments, Inc.		33,761			2,643,149
					5,432,838
Steel Pipe & Tube — 1.3%
Advanced Drainage Systems, Inc.		80,540			2,528,151
Telecom Equipment - Fiber Optics — 1.1%
Ciena Corp.†		52,413			2,145,264
Television — 1.1%
World Wrestling Entertainment, Inc., Class A#		28,737			2,052,684
Therapeutics — 0.9%
G1 Therapeutics, Inc.†#		45,637			1,656,623
Tools - Hand Held — 1.5%
MSA Safety, Inc.		27,002			2,852,221
Transport - Marine — 0.5%
Kirby Corp.†		12,554			923,849
Transport - Truck — 1.7%
Saia, Inc.†		37,587			3,215,192
Web Hosting/Design — 1.3%
Wix.com, Ltd.†		18,127			2,542,312
Wireless Equipment — 0.5%
PagerDuty, Inc.†#		22,277			874,818
Total Long-Term Investment Securities
(cost $179,249,520)					191,256,959
SHORT-TERM INVESTMENT SECURITIES — 3.4%
Registered Investment Companies — 3.4%
State Street Navigator Securities Lending Government Money Market Portfolio 2.12%(2)(3) (cost $6,431,724)		6,431,724			6,431,724
TOTAL INVESTMENTS
(cost $185,681,244)(4)		102.8	%		197,688,683
Liabilities in excess of other assets		(2.8	)		(5,347,460	)
NET ASSETS		100.0	%	$	192,341,223

† Non-income producing security

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

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

(2) At August 31, 2019, the Fund had loaned securities with a total value of $33,019,784. This was secured by collateral of $6,431,724, which was received in cash and subsequently invested in short-term investments currently valued at $6,431,724 as reported in the Portfolio of Investments. Additional collateral of $27,425,059 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.

71

VALIC Company II Small Cap Growth Fund

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

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2019
Federal National Mtg. Assoc.	3.50% to 3.50%	12/01/2047 to 12/01/2047	$	144,092
United States Treasury Bills	0.00%	09/12/2019 to 01/16/2020		5,326,938
United States Treasury Notes/Bonds	zero coupon to 8.75%	09/30/2019 to 02/15/2049		21,954,029

(3) The rate shown is the7-day yield as of August 31, 2019.

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

CVR — Contingent Value Rights

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Medical-Drugs	$	8,753,543	$	—	$	0	$	8,753,543
Other Industries		182,503,416		—		—		182,503,416
Short-Term Investment Securities		6,431,724		—		—		6,431,724
Total Investments at Value	$	197,688,683	$	—	$	0	$	197,688,683

* 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

72

VALIC Company II Small Cap Value Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Banks — Commercial	16.1	%
Real Estate Investment Trusts	12.4
Savings & Loans/Thrifts	3.5
Electric — Integrated	2.7
Repurchase Agreements	2.3
Consulting Services	2.3
Electronic Components — Semiconductors	2.3
Building — Residential/Commercial	2.2
Gas — Distribution	2.0
Oil — Field Services	1.7
Coal	1.7
Electronic Components — Misc.	1.4
Building & Construction — Misc.	1.4
Electronic Parts Distribution	1.3
Oil Refining & Marketing	1.3
Medical — Biomedical/Gene	1.3
Auto/Truck Parts & Equipment — Original	1.2
Building & Construction Products — Misc.	1.2
Financial Guarantee Insurance	1.2
Independent Power Producers	1.2
Medical — HMO	1.2
Registered Investment Companies	1.1
Oil Companies — Exploration & Production	1.1
Distribution/Wholesale	1.0
Insurance — Property/Casualty	1.0
Human Resources	1.0
Engineering/R&D Services	1.0
Computer Services	0.9
Investment Management/Advisor Services	0.9
Energy — Alternate Sources	0.9
Television	0.9
Insurance — Reinsurance	0.8
Medical — Drugs	0.8
Insurance — Life/Health	0.8
Paper & Related Products	0.8
Office Supplies & Forms	0.8
Consumer Products — Misc.	0.7
Building — Maintenance & Services	0.7
Retail — Building Products	0.7
Transport — Truck	0.7
Poultry	0.7
Schools	0.7
Retail — Sporting Goods	0.7
Auto — Truck Trailers	0.7
Semiconductor Components — Integrated Circuits	0.6
Retail — Apparel/Shoe	0.6
Medical Information Systems	0.6
Rubber/Plastic Products	0.5
Building — Heavy Construction	0.5
Retail — Restaurants	0.5
Oil Field Machinery & Equipment	0.5
Dental Supplies & Equipment	0.5
Banks — Mortgage	0.4
Medical — Wholesale Drug Distribution	0.4
Finance — Mortgage Loan/Banker	0.4
Rental Auto/Equipment	0.4
Computer Software	0.4
Aerospace/Defense — Equipment	0.4
Transport — Services	0.4
Apparel Manufacturers	0.4
Audio/Video Products	0.4
Building Products — Wood	0.4
Food — Wholesale/Distribution	0.4
Chemicals — Specialty	0.3
Printing — Commercial	0.3
Cable/Satellite TV	0.3
Transactional Software	0.3
Retail — Automobile	0.3
Auto/Truck Parts & Equipment — Replacement	0.3

Computers — Other	0.3
Transport — Marine	0.3
Airlines	0.3
Metal Products — Distribution	0.3
Retail — Office Supplies	0.3
E-Commerce/Services	0.3
Diversified Manufacturing Operations	0.3
Retail — Bookstores	0.3
Machinery — Farming	0.2
Finance — Commercial	0.2
Data Processing/Management	0.2
Telecom Services	0.2
Water	0.2
Finance — Consumer Loans	0.2
Electric — Distribution	0.2
Publishing — Newspapers	0.2
Semiconductor Equipment	0.2
Electric — Generation	0.2
Commercial Services — Finance	0.2
Enterprise Software/Service	0.2
Machinery — General Industrial	0.2
Telecom Equipment — Fiber Optics	0.2
Electronic Measurement Instruments	0.2
Building Products — Doors & Windows	0.2
Power Converter/Supply Equipment	0.2
X-Ray Equipment	0.2
Private Equity	0.2
Linen Supply & Related Items	0.2
Steel — Producers	0.2
E-Services/Consulting	0.1
Capacitors	0.1
Broadcast Services/Program	0.1
Commercial Services	0.1
Publishing — Books	0.1
Industrial Automated/Robotic	0.1
Medical Imaging Systems	0.1
Office Furnishings — Original	0.1
Computers — Integrated Systems	0.1
Dialysis Centers	0.1
Finance — Leasing Companies	0.1
Retail — Jewelry	0.1
Theaters	0.1
Tobacco	0.1
E-Marketing/Info	0.1
Communications Software	0.1
Casino Hotels	0.1
Publishing — Periodicals	0.1
Pastoral & Agricultural	0.1
Networking Products	0.1
Machinery — Construction & Mining	0.1
Internet Content — Entertainment	0.1
Wire & Cable Products	0.1
Retail — Discount	0.1
Finance — Other Services	0.1
Home Furnishings	0.1
	101.0	%

* Calculated as a percentage of net assets

73

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.6%
Advertising Sales — 0.0%
National CineMedia, Inc.		11,800	$	96,760
Advertising Services — 0.0%
Fluent, Inc.†		34,800		103,704
Aerospace/Defense - Equipment — 0.4%
Moog, Inc., Class A		15,900		1,291,875
Airlines — 0.3%
SkyWest, Inc.		16,200		927,612
Apparel Manufacturers — 0.4%
Deckers Outdoor Corp.†		8,625		1,271,756
Appliances — 0.0%
Hamilton Beach Brands Holding Co., Class A		2,700		38,259
Audio/Video Products — 0.4%
Sonos, Inc.†#		87,400		1,269,048
Auto - Truck Trailers — 0.7%
Wabash National Corp.		155,200		2,116,928
Auto/Truck Parts & Equipment - Original — 1.2%
Adient PLC		42,200		851,174
Cooper-Standard Holdings, Inc.†		900		33,696
Dana, Inc.		61,500		782,895
Gentherm, Inc.†		14,400		528,480
Meritor, Inc.†		58,700		987,334
Methode Electronics, Inc.		8,600		272,964
Modine Manufacturing Co.†		4,400		44,924
Tower International, Inc.		12,900		398,997
				3,900,464
Auto/Truck Parts & Equipment - Replacement — 0.3%
Commercial Vehicle Group, Inc.†		40,600		257,810
Douglas Dynamics, Inc.		17,200		718,272
				976,082
Banks - Commercial — 16.1%
1st Source Corp.		13,620		604,319
Amalgamated Bank, Class A		2,700		43,335
American National Bankshares, Inc.		700		23,940
Ameris Bancorp		22,400		788,256
Atlantic Union Bankshares Corp.		1,000		36,110
BancFirst Corp.		14,280		767,836
Bancorp, Inc.†		69,000		629,970
BancorpSouth Bank		8,800		242,792
Bank of Commerce Holdings		2,700		27,000
Bank of N.T. Butterfield & Son, Ltd.		12,000		330,720
Banner Corp.		9,300		501,363
Bridgewater Bancshares, Inc.†		5,700		63,441
Bryn Mawr Bank Corp.		3,500		119,350
Cadence BanCorp		1,900		29,203
Cathay General Bancorp		29,590		982,092
Central Pacific Financial Corp.		50,900		1,416,038
Central Valley Community Bancorp		5,600		109,648
Century Bancorp, Inc., Class A		418		33,858
Chemung Financial Corp.		700		28,133
Citizens & Northern Corp.		2,200		52,184
City Holding Co.		12,800		951,680
Columbia Banking System, Inc.		16,600		572,866
Community Bank System, Inc.		15,480		944,125
Community Trust Bancorp, Inc.		18,618		724,240
ConnectOne Bancorp, Inc.		25,700		526,336
Customers Bancorp, Inc.†		57,100		1,078,619
East West Bancorp, Inc.		5,773		237,443
Enterprise Financial Services Corp.		24,100		950,022
Farmers National Banc Corp.		10,200		137,700
Financial Institutions, Inc.		23,900		694,534

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
First Bancorp		7,700	$	271,194
First BanCorp./Puerto Rico		304,200		2,914,236
First Business Financial Services, Inc.		6,200		139,810
First Citizens BancShares, Inc., Class A		1,640		729,144
First Commonwealth Financial Corp.		120,600		1,491,822
First Community Bankshares, Inc.		6,900		219,489
First Financial Corp.		8,600		349,160
First Hawaiian, Inc.		16,400		421,480
First Interstate BancSystem, Inc., Class A		11,270		439,530
Franklin Financial Network, Inc.		1,700		49,181
Fulton Financial Corp.		19,800		315,810
Glacier Bancorp, Inc.		24,100		956,529
Great Southern Bancorp, Inc.		10,900		614,106
Great Western Bancorp, Inc.		11,600		346,028
Hancock Whitney Corp.		44,721		1,570,154
Hanmi Financial Corp.		47,800		856,098
Heartland Financial USA, Inc.		9,300		406,689
Heritage Commerce Corp.		6,200		71,858
Hilltop Holdings, Inc.		45,400		1,078,250
Home BancShares, Inc.		43,800		776,136
HomeStreet, Inc.†		7,300		192,501
Hope Bancorp, Inc.		72,927		977,951
IBERIABANK Corp.		24,000		1,655,760
Independent Bank Corp./Michigan		21,900		425,517
Lakeland Financial Corp.		4,770		201,914
LCNB Corp.		5,700		95,589
Luther Burbank Corp.		23,600		246,856
Mercantile Bank Corp.		2,200		67,694
Midland States Bancorp, Inc.		3,400		87,618
Northrim BanCorp, Inc.		2,800		101,360
OFG Bancorp		55,300		1,134,756
Old Second Bancorp, Inc.		11,400		134,406
Orrstown Financial Services, Inc.		4,200		89,628
Pacific Mercantile Bancorp†		10,700		81,320
PacWest Bancorp		5,335		181,817
Peoples Bancorp, Inc.		13,500		414,585
Preferred Bank		2,000		99,920
Premier Financial Bancorp, Inc.		2,125		32,938
Republic Bancorp, Inc., Class A		4,600		195,270
S&T Bancorp, Inc.		2,480		84,866
SB One Bancorp		5,000		111,600
Shore Bancshares, Inc.		2,700		41,472
Sierra Bancorp		3,900		96,096
Simmons First National Corp., Class A		4,078		97,872
South State Corp.		18,770		1,381,097
Stock Yards Bancorp, Inc.		2,150		78,045
Tompkins Financial Corp.		2,548		201,547
TriCo Bancshares		24,600		869,856
TriState Capital Holdings, Inc.†		5,600		110,600
Trustmark Corp.		65,500		2,140,540
UMB Financial Corp.		25,260		1,574,203
Umpqua Holdings Corp.		102,214		1,605,782
United Bankshares, Inc.		55,700		2,054,216
United Community Banks, Inc.		50,900		1,344,269
Veritex Holdings, Inc.		32,222		760,439
Washington Trust Bancorp, Inc.		4,280		198,592
Webster Financial Corp.		12,700		568,452
West Bancorporation, Inc.		4,330		90,237
Westamerica Bancorporation		34,324		2,114,702
Wintrust Financial Corp.		18,100		1,137,223
				50,742,963
Banks - Mortgage — 0.4%
Flagstar Bancorp, Inc.		11,300		410,755

74

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Mortgage (continued)
Walker & Dunlop, Inc.		17,500	$	977,550
				1,388,305
Broadcast Services/Program — 0.1%
Hemisphere Media Group, Inc.†		34,100		404,767
Building & Construction Products - Misc. — 1.2%
Armstrong Flooring, Inc.†		16,100		108,997
Builders FirstSource, Inc.†		133,900		2,604,355
Louisiana-Pacific Corp.		47,700		1,146,708
				3,860,060
Building & Construction - Misc. — 1.4%
EMCOR Group, Inc.		42,248		3,694,165
MYR Group, Inc.†		19,700		564,799
				4,258,964
Building Products - Doors & Windows — 0.2%
JELD-WEN Holding, Inc.†		4,700		81,122
Masonite International Corp.†		7,800		416,442
				497,564
Building Products - Wood — 0.4%
Boise Cascade Co.		36,600		1,149,240
Universal Forest Products, Inc.		700		27,370
				1,176,610
Building - Heavy Construction — 0.5%
Great Lakes Dredge & Dock Corp.†		97,700		1,059,068
Sterling Construction Co., Inc.†		32,900		368,151
Tutor Perini Corp.†#		24,800		247,752
				1,674,971
Building - Maintenance & Services — 0.7%
ABM Industries, Inc.		62,400		2,325,024
Building - Residential/Commercial — 2.2%
KB Home		102,400		2,876,416
Meritage Homes Corp.†		31,500		2,058,210
TRI Pointe Group, Inc.†#		152,200		2,130,800
				7,065,426
Cable/Satellite TV — 0.3%
Liberty Latin America, Ltd., Class A†		41,300		678,146
WideOpenWest, Inc.†		55,800		313,596
				991,742
Capacitors — 0.1%
KEMET Corp.		24,400		408,700
Casino Hotels — 0.1%
Boyd Gaming Corp.		9,900		237,996
Chemicals - Diversified — 0.0%
AdvanSix, Inc.†		5,300		118,402
Chemicals - Specialty — 0.3%
Kraton Corp.†		14,500		397,880
Minerals Technologies, Inc.		6,760		325,832
Stepan Co.		2,700		257,553
Valhi, Inc.		25,500		49,725
				1,030,990
Coal — 1.7%
Arch Coal, Inc., Class A#		32,100		2,457,576
CONSOL Energy, Inc.†		4,400		73,744
Peabody Energy Corp.		55,000		1,013,650
Ramaco Resources, Inc.†		17,900		76,254

Security Description	Shares		Value (Note 2)
Coal (continued)
Warrior Met Coal, Inc.		77,400	$	1,617,660
				5,238,884
Commercial Services — 0.1%
Acacia Research Corp.†		88,972		232,217
Harsco Corp.†		8,900		159,310
				391,527
Commercial Services - Finance — 0.2%
CBIZ, Inc.†		20,800		464,672
EVERTEC, Inc.		3,800		132,468
				597,140
Communications Software — 0.1%
Avaya Holdings Corp.†#		17,500		247,100
Computer Services — 0.9%
CACI International, Inc., Class A†		900		200,061
Insight Enterprises, Inc.†		26,400		1,268,784
Perspecta, Inc.		51,300		1,331,235
Unisys Corp.†		20,500		134,070
				2,934,150
Computer Software — 0.4%
TiVo Corp.		176,600		1,329,798
Computers - Integrated Systems — 0.1%
NetScout Systems, Inc.†		14,000		310,100
Computers - Other — 0.3%
Lumentum Holdings, Inc.†		17,100		953,496
Consulting Services — 2.3%
CRA International, Inc.		3,900		151,671
FTI Consulting, Inc.†		19,600		2,119,544
Huron Consulting Group, Inc.†		21,100		1,291,531
Kelly Services, Inc., Class A		48,912		1,184,159
Navigant Consulting, Inc.		40,400		1,125,948
Vectrus, Inc.†		31,600		1,278,536
				7,151,389
Consumer Products - Misc. — 0.7%
Central Garden & Pet Co., Class A†		48,900		1,176,534
Helen of Troy, Ltd.†		7,600		1,166,676
				2,343,210
Data Processing/Management — 0.2%
Fair Isaac Corp.†		2,020		712,494
Dental Supplies & Equipment — 0.5%
Patterson Cos., Inc.#		86,100		1,439,592
Dialysis Centers — 0.1%
American Renal Associates Holdings, Inc.†		50,000		310,000
Distribution/Wholesale — 1.0%
Anixter International, Inc.†		3,100		185,907
Core-Mark Holding Co., Inc.		51,171		1,657,429
Fossil Group, Inc.†#		30,400		389,120
G-III Apparel Group, Ltd.†		3,300		67,683
Titan Machinery, Inc.†		42,500		640,050
Veritiv Corp.†		21,100		349,416
				3,289,605
Diversified Manufacturing Operations — 0.3%
EnPro Industries, Inc.		2,300		143,244
Fabrinet†		12,900		651,321
				794,565

75

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Commerce/Services — 0.3%
Stamps.com, Inc.†		12,700	$	817,372
E-Marketing/Info — 0.1%
New Media Investment Group, Inc.#		30,900		271,302
E-Services/Consulting — 0.1%
Perficient, Inc.†		11,400		419,976
Electric Products - Misc. — 0.0%
Graham Corp.		6,300		115,983
Electric - Distribution — 0.2%
Spark Energy, Inc., Class A#		35,300		333,938
Unitil Corp.		5,300		319,961
				653,899
Electric - Generation — 0.2%
Atlantic Power Corp.†#		271,900		622,651
Electric - Integrated — 2.7%
Avista Corp.		17,480		819,812
Black Hills Corp.		22,000		1,687,620
IDACORP, Inc.		13,000		1,427,530
NorthWestern Corp.		4,600		333,224
PNM Resources, Inc.		9,200		469,292
Portland General Electric Co.		65,900		3,749,051
				8,486,529
Electronic Components - Misc. — 1.4%
Bel Fuse, Inc., Class B		9,300		102,300
Benchmark Electronics, Inc.		81,621		2,161,324
Comtech Telecommunications Corp.		4,000		107,000
Kimball Electronics, Inc.†		3,100		40,951
OSI Systems, Inc.†		1,300		136,513
Sanmina Corp.†		51,800		1,497,020
Vishay Intertechnology, Inc.		9,500		150,385
Vishay Precision Group, Inc.†		2,200		68,750
				4,264,243
Electronic Components - Semiconductors — 2.3%
Alpha & Omega Semiconductor, Ltd.†		43,900		517,142
Amkor Technology, Inc.†		143,400		1,254,750
Photronics, Inc.†		33,100		357,480
Rambus, Inc.†		262,600		3,293,004
Synaptics, Inc.†		21,900		701,238
Xperi Corp.		56,000		1,025,920
				7,149,534
Electronic Measurement Instruments — 0.2%
Stoneridge, Inc.†		17,500		537,425
Electronic Parts Distribution — 1.3%
Tech Data Corp.†		45,650		4,233,124
Energy - Alternate Sources — 0.9%
FutureFuel Corp.		31,000		334,180
Green Plains, Inc.		33,500		275,035
Renewable Energy Group, Inc.†#		86,700		1,055,139
REX American Resources Corp.†		15,100		1,037,068
				2,701,422
Engineering/R&D Services — 1.0%
KBR, Inc.		99,300		2,534,136
VSE Corp.		16,500		525,360
				3,059,496

Security Description	Shares		Value (Note 2)
Enterprise Software/Service — 0.2%
Donnelley Financial Solutions, Inc.†		20,500	$	217,915
MicroStrategy, Inc., Class A†		2,500		358,225
				576,140
Finance - Commercial — 0.2%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		20,100		555,363
Marlin Business Services Corp.		8,300		179,529
				734,892
Finance - Consumer Loans — 0.2%
Nelnet, Inc., Class A		10,300		690,615
Finance - Credit Card — 0.0%
Meta Financial Group, Inc.		2,200		68,002
Finance - Investment Banker/Broker — 0.0%
Houlihan Lokey, Inc.		1,700		75,106
Oppenheimer Holdings, Inc., Class A		1,700		47,192
				122,298
Finance - Leasing Companies — 0.1%
Aircastle, Ltd.		13,900		303,715
Finance - Mortgage Loan/Banker — 0.4%
PennyMac Financial Services, Inc.†		46,800		1,384,812
Finance - Other Services — 0.1%
BGC Partners, Inc., Class A		27,700		141,270
Financial Guarantee Insurance — 1.2%
MBIA, Inc.†		45,500		409,500
MGIC Investment Corp.		149,000		1,884,850
Radian Group, Inc.		66,600		1,501,830
				3,796,180
Food - Wholesale/Distribution — 0.4%
Fresh Del Monte Produce, Inc.		9,450		246,078
Grocery Outlet Holding Corp.†		11,300		457,085
SpartanNash Co.		37,000		398,490
				1,101,653
Footwear & Related Apparel — 0.0%
Weyco Group, Inc.		700		17,171
Gas - Distribution — 2.0%
New Jersey Resources Corp.		10,400		475,696
Northwest Natural Holding Co.		15,400		1,098,944
ONE Gas, Inc.		9,700		888,617
Southwest Gas Holdings, Inc.		30,740		2,804,410
Spire, Inc.		11,600		984,840
				6,252,507
Home Furnishings — 0.1%
Hooker Furniture Corp.		7,700		137,522
Hotels/Motels — 0.0%
Red Lion Hotels Corp.†		21,700		113,708
Housewares — 0.0%
Lifetime Brands, Inc.		16,000		123,520
Human Resources — 1.0%
Barrett Business Services, Inc.		12,700		1,106,551
Cross Country Healthcare, Inc.†		65,300		669,325
Heidrick & Struggles International, Inc.		6,000		159,300
Korn Ferry		3,500		136,780
TrueBlue, Inc.†		58,700		1,139,367
				3,211,323

76

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Independent Power Producers — 1.2%
Clearway Energy, Inc., Class A		79,900	$	1,339,124
Clearway Energy, Inc., Class C		69,000		1,221,300
Vistra Energy Corp.		48,229		1,203,314
				3,763,738
Industrial Automated/Robotic — 0.1%
Hurco Cos., Inc.		11,400		363,774
Insurance - Life/Health — 0.8%
American Equity Investment Life Holding Co.		67,000		1,443,850
CNO Financial Group, Inc.		70,120		1,015,338
Primerica, Inc.		1,200		143,004
				2,602,192
Insurance - Multi-line — 0.0%
Horace Mann Educators Corp.		2,480		108,798
Insurance - Property/Casualty — 1.0%
Ambac Financial Group, Inc.†		23,700		427,548
AMERISAFE, Inc.		10,900		748,830
FedNat Holding Co.		11,100		135,753
First American Financial Corp.		12,700		742,315
Hallmark Financial Services, Inc.†		8,300		145,914
Heritage Insurance Holdings, Inc.		38,400		503,424
National General Holdings Corp.		3,200		75,456
Safety Insurance Group, Inc.		3,900		376,116
Stewart Information Services Corp.		3,400		121,788
				3,277,144
Insurance - Reinsurance — 0.8%
Argo Group International Holdings, Ltd.		2,675		175,801
Essent Group, Ltd.		39,800		1,930,300
Global Indemnity, Ltd.		1,300		33,475
Third Point Reinsurance, Ltd.†		55,500		522,810
				2,662,386
Internet Content - Entertainment — 0.1%
Limelight Networks, Inc.†		81,400		197,802
Investment Management/Advisor Services — 0.9%
Associated Capital Group, Inc., Class A#		300		10,428
Boston Private Financial Holdings, Inc.		54,900		583,038
Brightsphere Investment Group, Inc.		89,200		810,828
Columbia Financial, Inc.†		13,900		210,724
Stifel Financial Corp.		24,100		1,287,422
				2,902,440
Linen Supply & Related Items — 0.2%
UniFirst Corp.		2,400		470,184
Machinery - Construction & Mining — 0.1%
Hyster-Yale Materials Handling, Inc.		3,700		201,835
Machinery - Electrical — 0.0%
Bloom Energy Corp. Class A†#		1,500		6,720
Machinery - Farming — 0.2%
AGCO Corp.		10,760		743,731
Machinery - General Industrial — 0.2%
Applied Industrial Technologies, Inc.		900		48,051
DXP Enterprises, Inc.†		16,100		522,445
				570,496
Medical Imaging Systems — 0.1%
Lantheus Holdings, Inc.†		16,200		352,512

Security Description	Shares		Value (Note 2)
Medical Information Systems — 0.6%
Allscripts Healthcare Solutions, Inc.†		170,400	$	1,547,232
Computer Programs & Systems, Inc.		14,000		296,100
				1,843,332
Medical - Biomedical/Gene — 1.3%
Acceleron Pharma, Inc.†#		6,700		300,897
Acorda Therapeutics, Inc.†#		8,800		28,424
AMAG Pharmaceuticals, Inc.†#		6,500		70,980
Arcus Biosciences, Inc.†		37,565		293,383
BioCryst Pharmaceuticals, Inc.†#		40,300		120,497
Epizyme, Inc.†#		34,000		440,980
Fate Therapeutics, Inc.†		19,700		321,504
Five Prime Therapeutics, Inc.†		18,300		99,369
Iovance Biotherapeutics, Inc.†#		32,700		687,027
Karyopharm Therapeutics, Inc.†#		28,400		245,376
Medicines Co.†#		24,000		1,007,040
Scholar Rock Holding Corp.†#		22,300		236,157
Tocagen, Inc.†		35,200		114,400
				3,966,034
Medical - Drugs — 0.8%
Enanta Pharmaceuticals, Inc.†		4,000		282,200
Intra-Cellular Therapies, Inc.†#		15,000		128,400
Kala Pharmaceuticals, Inc.†#		37,600		154,536
Lannett Co., Inc.†#		79,400		817,820
Minerva Neurosciences, Inc.†		44,800		319,872
Prestige Consumer Healthcare, Inc.†#		18,400		586,592
Spero Therapeutics, Inc.†		21,500		213,925
Zogenix, Inc.†		3,500		149,415
				2,652,760
Medical - HMO — 1.2%
Magellan Health, Inc.†		26,100		1,644,561
Molina Healthcare, Inc.†		2,400		312,672
Triple-S Management Corp., Class B†		85,894		1,762,545
				3,719,778
Medical - Wholesale Drug Distribution — 0.4%
Diplomat Pharmacy, Inc.†		116,978		679,642
Owens & Minor, Inc.		139,197		707,121
				1,386,763
Metal Processors & Fabrication — 0.0%
LB Foster Co., Class A†		6,700		133,397
Metal Products - Distribution — 0.3%
Worthington Industries, Inc.		26,540		920,938
Metal - Iron — 0.0%
Cleveland-Cliffs, Inc.#		7,400		58,756
Multimedia — 0.0%
E.W. Scripps Co., Class A		6,900		85,284
Networking Products — 0.1%
NeoPhotonics Corp.†		33,000		206,580
Office Furnishings - Original — 0.1%
Kimball International, Inc., Class B		19,200		336,960
Office Supplies & Forms — 0.8%
ACCO Brands Corp.		258,502		2,396,314
Oil Companies - Exploration & Production — 1.1%
Abraxas Petroleum Corp.†		135,700		70,822
Amplify Energy Corp.		77,100		459,516
CNX Resources Corp.†		37,800		301,266
Denbury Resources, Inc.†#		76,700		82,836
Evolution Petroleum Corp.		19,500		115,440

77

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
Gulfport Energy Corp.†		327,800	$	786,720
Southwestern Energy Co.†#		60,400		95,432
W&T Offshore, Inc.†		301,600		1,321,008
Whiting Petroleum Corp.†#		27,500		182,325
				3,415,365
Oil Field Machinery & Equipment — 0.5%
Dril-Quip, Inc.†		30,000		1,375,500
Forum Energy Technologies, Inc.†		53,500		75,435
				1,450,935
Oil Refining & Marketing — 1.3%
CVR Energy, Inc.		14,700		584,766
Delek US Holdings, Inc.		91,300		2,990,075
Murphy USA, Inc.†		3,800		339,720
Par Pacific Holdings, Inc.†		9,600		208,704
				4,123,265
Oil - Field Services — 1.7%
C&J Energy Services, Inc.†		5,800		55,448
FTS International, Inc.†		122,400		307,224
Keane Group, Inc.†		10,000		53,000
Matrix Service Co.†		75,700		1,504,159
McDermott International, Inc.†#		6,633		31,308
MRC Global, Inc.†		107,300		1,348,761
Nine Energy Service, Inc.†		22,900		125,492
NOW, Inc.†		109,100		1,297,199
Select Energy Services, Inc., Class A†		70,600		576,096
				5,298,687
Paper & Related Products — 0.8%
Domtar Corp.		9,640		317,638
Schweitzer-Mauduit International, Inc.		55,800		1,871,532
Verso Corp., Class A†		39,700		405,337
				2,594,507
Pastoral & Agricultural — 0.1%
Darling Ingredients, Inc.†		12,000		223,200
Poultry — 0.7%
Sanderson Farms, Inc.#		15,225		2,277,964
Power Converter/Supply Equipment — 0.2%
Powell Industries, Inc.		13,600		493,952
Printing - Commercial — 0.3%
Ennis, Inc.		9,500		191,045
Quad/Graphics, Inc.#		78,500		705,715
RR Donnelley & Sons Co.#		55,100		133,342
				1,030,102
Private Equity — 0.2%
Kennedy-Wilson Holdings, Inc.		22,600		474,148
Publishing - Books — 0.1%
Houghton Mifflin Harcourt Co.†		62,300		370,685
Publishing - Newspapers — 0.2%
TEGNA, Inc.		44,800		641,088
Publishing - Periodicals — 0.1%
Meredith Corp.#		5,200		227,656
Real Estate Investment Trusts — 12.4%
Acadia Realty Trust		15,400		421,190
AG Mortgage Investment Trust, Inc.		68,400		1,025,316
Alexander & Baldwin, Inc.		22,575		516,742
American Assets Trust, Inc.		38,700		1,813,482
Armada Hoffler Properties, Inc.		55,600		964,104
ARMOUR Residential REIT, Inc.#		39,100		642,022

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Ashford Hospitality Trust, Inc.		201,880	$	565,264
Braemar Hotels & Resorts, Inc.		70,200		643,734
Capstead Mtg. Corp.		77,500		563,425
Cedar Realty Trust, Inc.		43,600		103,332
Cherry Hill Mtg. Investment Corp.		28,400		341,652
City Office REIT, Inc.		9,400		127,276
CoreCivic, Inc.		73,100		1,239,045
CorEnergy Infrastructure Trust, Inc.#		6,208		280,043
CorePoint Lodging, Inc.		19,000		172,900
CoreSite Realty Corp.		9,675		1,124,041
Cousins Properties, Inc.		37,449		1,299,480
DiamondRock Hospitality Co.		216,734		2,052,471
Easterly Government Properties, Inc.		30,900		634,995
Essential Properties Realty Trust, Inc.		4,600		104,466
First Industrial Realty Trust, Inc.		31,500		1,226,925
Franklin Street Properties Corp.		20,300		153,671
Front Yard Residential Corp.		6,162		68,337
GEO Group, Inc.		125,450		2,152,722
Getty Realty Corp.		37,946		1,205,165
Gladstone Commercial Corp.		14,700		333,249
Hersha Hospitality Trust		7,000		97,300
Highwoods Properties, Inc.		11,300		488,273
Hospitality Properties Trust		18,040		435,486
Hudson Pacific Properties, Inc.		5,300		180,200
Industrial Logistics Properties Trust		4,174		89,282
Invesco Mtg. Capital, Inc.		86,800		1,304,604
Jernigan Capital, Inc.		9,300		179,583
Kite Realty Group Trust		17,100		244,359
KKR Real Estate Finance Trust, Inc.		27,600		521,916
Ladder Capital Corp.		27,924		468,565
Lexington Realty Trust		26,300		273,257
Mack-Cali Realty Corp.		48,000		977,760
New Senior Investment Group, Inc.		91,400		571,250
Pebblebrook Hotel Trust		46,793		1,262,007
Piedmont Office Realty Trust, Inc., Class A		34,500		681,030
PotlatchDeltic Corp.#		26,300		1,012,024
PS Business Parks, Inc.		4,900		880,089
Redwood Trust, Inc.		46,000		763,600
Rexford Industrial Realty, Inc.		14,200		627,498
RLJ Lodging Trust		43,526		705,556
Saul Centers, Inc.		1,300		65,299
STAG Industrial, Inc.		7,900		229,732
Sun Communities, Inc.		2,800		413,840
Sunstone Hotel Investors, Inc.		205,172		2,695,960
Terreno Realty Corp.		9,700		490,432
Two Harbors Investment Corp.		77,605		980,151
Urban Edge Properties		34,400		602,344
Urstadt Biddle Properties, Inc., Class A		13,400		281,266
Washington Real Estate Investment Trust		1,000		26,490
Xenia Hotels & Resorts, Inc.		99,000		2,000,790
				39,324,992
Real Estate Management/Services — 0.0%
Newmark Group, Inc., Class A		13,129		113,960
Rental Auto/Equipment — 0.4%
Rent-A-Center, Inc.†		53,200		1,358,196
Retail - Apparel/Shoe — 0.6%
Abercrombie & Fitch Co., Class A#		77,600		1,134,512
Cato Corp., Class A		34,100		584,133
Chico’s FAS, Inc.		21,300		66,456
Express, Inc.†#		62,500		132,500
				1,917,601

78

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Automobile — 0.3%
Lithia Motors, Inc., Class A#		2,600	$	340,782
Rush Enterprises, Inc., Class A		17,600		635,536
				976,318
Retail - Bookstores — 0.3%
Barnes & Noble Education, Inc.†		201,700		786,630
Retail - Building Products — 0.7%
BMC Stock Holdings, Inc.†		54,600		1,388,478
GMS, Inc.†		31,400		925,044
				2,313,522
Retail - Discount — 0.1%
Citi Trends, Inc.		9,600		161,376
Retail - Drug Store — 0.0%
Rite Aid Corp.†#		6,604		42,662
Retail - Home Furnishings — 0.0%
Bassett Furniture Industries, Inc.		6,500		79,170
Retail - Jewelry — 0.1%
Movado Group, Inc.		13,700		294,824
Retail - Misc./Diversified — 0.0%
Sally Beauty Holdings, Inc.†#		3,900		47,697
Retail - Office Supplies — 0.3%
Office Depot, Inc.		660,200		858,260
Retail - Restaurants — 0.5%
Brinker International, Inc.#		39,300		1,493,400
Retail - Sporting Goods — 0.7%
Hibbett Sports, Inc.†#		103,100		1,705,274
Zumiez, Inc.†		18,300		475,434
				2,180,708
Rubber/Plastic Products — 0.5%
Myers Industries, Inc.		6,158		103,639
Trinseo SA		45,800		1,607,122
				1,710,761
Savings & Loans/Thrifts — 3.5%
BankFinancial Corp.		25,600		298,496
Berkshire Hills Bancorp, Inc.		13,200		387,156
Brookline Bancorp, Inc.		12,500		175,500
Dime Community Bancshares, Inc.		16,600		329,178
First Defiance Financial Corp.		14,600		381,790
Flushing Financial Corp.		21,300		410,877
FS Bancorp, Inc.		1,500		72,600
HomeTrust Bancshares, Inc.		3,500		88,270
Investors Bancorp, Inc.		268,300		2,978,130
Meridian Bancorp, Inc.		35,200		615,296
Northfield Bancorp, Inc.		70,700		1,097,264
Oritani Financial Corp.		3,100		53,103
Pacific Premier Bancorp, Inc.		21,300		627,498
Riverview Bancorp, Inc.		9,300		65,565
Territorial Bancorp, Inc.		2,900		79,315
United Community Financial Corp.		19,800		191,070
United Financial Bancorp, Inc.		11,000		137,500
Washington Federal, Inc.		68,400		2,435,040
Waterstone Financial, Inc.		10,000		165,900
WSFS Financial Corp.		10,956		451,606
				11,041,154
Schools — 0.7%
American Public Education, Inc.†		9,600		232,608

Security Description	Shares		Value (Note 2)
Schools (continued)
K12, Inc.†		76,200	$	2,007,870
				2,240,478
Semiconductor Components - Integrated Circuits — 0.6%
Cirrus Logic, Inc.†		37,700		2,022,228
Semiconductor Equipment — 0.2%
Ultra Clean Holdings, Inc.†		16,700		199,398
Veeco Instruments, Inc.†		46,400		429,664
				629,062
Steel - Producers — 0.2%
Commercial Metals Co.		29,200		457,564
Telecom Equipment - Fiber Optics — 0.2%
Ciena Corp.†		13,300		544,369
Telecom Services — 0.2%
Consolidated Communications Holdings, Inc.#		168,700		679,861
Spok Holdings, Inc.		2,500		29,375
				709,236
Telephone - Integrated — 0.0%
IDT Corp., Class B†		1,500		13,230
Television — 0.9%
Gray Television, Inc.†		20,900		319,770
Sinclair Broadcast Group, Inc., Class A		52,800		2,353,296
				2,673,066
Textile - Products — 0.0%
Culp, Inc.		4,000		56,160
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A#		25,100		278,861
Tobacco — 0.1%
Vector Group, Ltd.#		23,515		274,655
Transactional Software — 0.3%
ACI Worldwide, Inc.†		28,500		848,730
Synchronoss Technologies, Inc.†		17,500		139,300
				988,030
Transport - Marine — 0.3%
SEACOR Holdings, Inc.†		19,800		930,006
Transport - Services — 0.4%
Echo Global Logistics, Inc.†		64,000		1,282,560
Transport - Truck — 0.7%
ArcBest Corp.		66,720		1,975,579
Covenant Transportation Group, Inc., Class A†		8,400		120,792
YRC Worldwide, Inc.†#		97,028		211,521
				2,307,892
Water — 0.2%
American States Water Co.		5,100		471,903
Artesian Resources Corp., Class A		1,300		47,320
Consolidated Water Co., Ltd.		12,100		177,386
				696,609
Wire & Cable Products — 0.1%
Encore Wire Corp.		3,000		161,970
X-Ray Equipment — 0.2%
Varex Imaging Corp.†		18,400		484,840
Total Long-Term Investment Securities
(cost $306,486,563)				308,330,555

79

VALIC Company II Small Cap Value Fund

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

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio 2.12%(1)(2) (cost $3,476,575)		3,476,575		$	3,476,575
REPURCHASE AGREEMENTS — 2.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 08/30/2019, to be repurchased 09/03/2019 in the amount of $7,282,340 and collateralized by $7,305,000 of United States Treasury Notes, bearing interest at 1.88% due 03/31/2022 and having an approximate value of $7,433,035 (cost $7,282,000)	$	7,282,000			7,282,000
TOTAL INVESTMENTS
(cost $317,245,138)(3)		101.0	%		319,089,130
Liabilities in excess of other assets		(1.0	)		(3,047,260	)
NET ASSETS		100.0	%	$	316,041,870

† Non-income producing security

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

(1) At August 31, 2019, the Fund had loaned securities with a total value of $18,404,375. This was secured by collateral of $3,476,575, which was received in cash and subsequently invested in short-term investments currently valued at $3,476,575 as reported in the Portfolio of Investments. Additional collateral of $15,271,398 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2019
United States Treasury Bills	0.00%	09/12/2019 to 01/16/2020	$	3,277,932
United States Treasury Notes/Bonds	zero coupon to 8.75%	09/30/2019 to 02/15/2049		11,993,466

(2) The rate shown is the7-day yield as of August 31, 2019.

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	96	Long	Russell 2000E-Mini Index		September 2019	$	7,311,375	$	7,172,160	$	(139,215	)

# 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 August 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	308,330,555	$	—	$	—	$	308,330,555
Short-Term Investment Securities		3,476,575		—		—		3,476,575
Repurchase Agreements		—		7,282,000		—		7,282,000
Total Investments at Value	$	311,807,130	$	7,282,000	$	—	$	319,089,130
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	139,215	$	—	$	—	$	139,215

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

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

See Notes to Financial Statements

80

VALIC Company II Strategic Bond Fund

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	20.2	%
Sovereign	8.5
Federal Home Loan Mtg. Corp.	5.8
Registered Investment Companies	4.1
Diversified Financial Services	3.3
Diversified Banking Institutions	3.0
Cable/Satellite TV	2.3
Government National Mtg. Assoc.	2.2
Oil Companies — Exploration & Production	2.1
Cellular Telecom	2.0
Pipelines	2.0
Real Estate Investment Trusts	1.9
Banks — Commercial	1.7
Electric — Integrated	1.5
Telephone — Integrated	1.5
United States Treasury Notes	1.3
Containers — Metal/Glass	1.1
Oil Companies — Integrated	1.0
Medical — Drugs	0.9
Finance — Consumer Loans	0.9
Television	0.7
Food — Misc./Diversified	0.7
Satellite Telecom	0.6
Electric — Generation	0.6
Cosmetics & Toiletries	0.6
Auto — Cars/Light Trucks	0.6
Medical — HMO	0.6
Enterprise Software/Service	0.5
Security Services	0.5
Electric — Distribution	0.5
Oil — Field Services	0.5
Medical — Hospitals	0.5
Banks — Super Regional	0.5
Chemicals — Diversified	0.5
Applications Software	0.5
Computers	0.5
Internet Content — Entertainment	0.5
Batteries/Battery Systems	0.5
Insurance — Property/Casualty	0.5
Metal — Copper	0.4
Retail — Restaurants	0.4
Distribution/Wholesale	0.4
Radio	0.4
Diversified Manufacturing Operations	0.4
Agricultural Chemicals	0.4
Rental Auto/Equipment	0.4
Computers — Integrated Systems	0.4
Machinery — Farming	0.3
Finance — Leasing Companies	0.3
Multimedia	0.3
Paper & Related Products	0.3
Building & Construction Products — Misc.	0.3
Diversified Minerals	0.3
Electronic Parts Distribution	0.3
Commercial Services	0.3
Computer Software	0.3
Food — Retail	0.3
Energy — Alternate Sources	0.3
Metal — Iron	0.3
Transport — Rail	0.3
Building & Construction — Misc.	0.3
Food — Meat Products	0.3
Containers — Paper/Plastic	0.3
Retail — Petroleum Products	0.3
Hotels/Motels	0.3
Real Estate Management/Services	0.3
Finance — Investment Banker/Broker	0.3
Electronic Components — Semiconductors	0.2
Disposable Medical Products	0.2

Casino Services	0.2
Real Estate Operations & Development	0.2
Dialysis Centers	0.2
Diagnostic Equipment	0.2
Airport Development/Maintenance	0.2
Independent Power Producers	0.2
Medical Products	0.2
Finance — Mortgage Loan/Banker	0.2
Building — Heavy Construction	0.2
Gambling (Non-Hotel)	0.2
Retail — Appliances	0.2
Insurance — Life/Health	0.2
Metal — Diversified	0.2
Machinery — General Industrial	0.2
Computer Services	0.2
Chemicals — Specialty	0.2
E-Commerce/Services	0.2
Machinery — Construction & Mining	0.2
Medical Labs & Testing Services	0.2
Savings & Loans/Thrifts	0.2
Computers — Memory Devices	0.2
Banks — Export/Import	0.2
Pharmacy Services	0.2
Internet Connectivity Services	0.2
Retail — Automobile	0.2
Data Processing/Management	0.2
Auto — Heavy Duty Trucks	0.2
Consumer Products — Misc.	0.2
Finance — Auto Loans	0.2
Hazardous Waste Disposal	0.2
Oil Field Machinery & Equipment	0.2
Poultry	0.2
Beverages — Non-alcoholic	0.2
Insurance Brokers	0.2
Broadcast Services/Program	0.2
Finance — Credit Card	0.2
Theaters	0.1
Auto/Truck Parts & Equipment — Original	0.1
Food — Dairy Products	0.1
Metal Processors & Fabrication	0.1
Aerospace/Defense — Equipment	0.1
Brewery	0.1
Transport — Truck	0.1
Steel — Producers	0.1
Coal	0.1
Insurance — Multi-line	0.1
Chemicals — Plastics	0.1
Medical — Generic Drugs	0.1
Water	0.1
Banks — Money Center	0.1
Medical Instruments	0.1
Investment Companies	0.1
Insurance — Mutual	0.1
Casino Hotels	0.1
Airlines	0.1
Retail — Discount	0.1
Publishing — Periodicals	0.1
United States Treasury Bonds	0.1
Aerospace/Defense	0.1
Telecom Services	0.1
Commercial Services — Finance	0.1
Transport — Marine	0.1
Auto Repair Centers	0.1
Trucking/Leasing	0.1
Human Resources	0.1
Retail — Mail Order	0.1
Building Societies	0.1
Medical — Biomedical/Gene	0.1
Banks — Special Purpose	0.1

81

VALIC Company II Strategic Bond Fund

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

Industry Allocation* (continued)

Electronic Measurement Instruments	0.1	%
Gas — Distribution	0.1
Beverages — Wine/Spirits	0.1
Platinum	0.1
Finance — Commercial	0.1
Sovereign Agency	0.1
Physicians Practice Management	0.1
Medical — Wholesale Drug Distribution	0.1
Soap & Cleaning Preparation	0.1
Publishing — Books	0.1
Diamonds/Precious Stones	0.1
Medical — Outpatient/Home Medical	0.1
Quarrying	0.1
Computer Data Security	0.1
Diversified Operations	0.1
Retail — Major Department Stores	0.1
Building Products — Doors & Windows	0.1
Machinery — Pumps	0.1
Internet Financial Services	0.1
Transport — Equipment & Leasing	0.1
Resorts/Theme Parks	0.1
	99.9	%

Credit Quality†#

Aaa	32.5	%
Aa	1.2
A	6.6
Baa	14.2
Ba	15.4
B	19.6
Caa	3.3
Not Rated@	7.2
	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

82

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Principal Amount(10)		Value (Note 2)
ASSET BACKED SECURITIES — 3.1%
Diversified Financial Services — 3.1%
American Express Credit Account Master Trust FRS Series2018-5, Class A 2.54% (1 ML+0.34%) due 12/15/2025	$	520,000	$	517,578
American Express Credit Account Master Trust Series2019-2, Class A 2.67% due 11/15/2024		500,000		512,573
American Express Credit Account Master Trust Series2018-4, Class A 2.99% due 12/15/2023		225,000		229,672
American Express Credit Account Master Trust Series2018-8, Class A 3.18% due 04/15/2024		303,000		311,824
Americredit Automobile Receivables Trust Series2019-1, Class A3 2.97% due 11/20/2023		500,000		509,943
BA Credit Card Trust Series2018-A2, Class A2 3.00% due 09/15/2023		318,000		324,330
BANK Series 2019-BN19, Class A3 3.18% due 08/15/2061(1)		1,250,000		1,347,025
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		680,000		730,730
Benchmark Mtg. Trust Series2019-B9, Class AAB 3.93% due 03/15/2052(1)		850,000		944,221
Benchmark Mtg. Trust Series2018-B7, Class A4 4.51% due 05/15/2053(1)		2,000,000		2,361,684
BMW Vehicle Lease Trust Series2019-1, Class A4 3.38% due 08/22/2022		350,000		355,596
BX Commercial Mtg. Trust FRS Series2019-IMC, Class A 3.20% (1 ML+1.00%) due 04/15/2034*(1)		700,000		699,999
BX Trust FRS Series 2018-MCSF, Class A 2.77% (1 ML+0.58%) due 04/15/2035*(1)		1,235,000		1,231,143
Capital One Multi-Asset Execution Trust Series2019-A2, Class A2 1.72% due 08/15/2024		500,000		499,874
Capital One Multi-Asset Execution Trust Series2019-A3, Class A3 2.06% due 08/15/2028		250,000		249,934
CarMax Auto Owner Trust Series2019-3, Class A3 2.18% due 08/15/2024		200,000		201,920
CarMax Auto Owner Trust Series2019-2, Class A3 2.90% due 03/15/2024		250,000		254,534
CarMax Auto Owner Trust Series2018-4, Class A3 3.36% due 09/15/2023		400,000		410,533
Chase Mtg. Finance Trust VRS Series2016-2, Class M2 3.74% due 12/25/2045*(2)(3)		732,076		767,115
Citibank Credit Card Issuance Trust Series2018-A1, Class A1 2.49% due 01/20/2023		100,000		100,986

Security Description	Principal Amount(10)		Value (Note 2)
Diversified Financial Services (continued)
Citibank Credit Card Issuance Trust Series2018-A7, Class A7 3.96% due 10/13/2030	$	100,000	$	115,618
Citigroup Commercial Mtg. Trust VRS Series2018-C5, Class A4 4.23% due 06/10/2051(1)(3)		1,000,000		1,152,724
COMM Mtg. Trust VRS Series 2015-CR22, Class XA 1.09% due 03/10/2048(1)(3)(4)		4,831,147		165,580
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.96% due 02/10/2036*(1)(3)		250,000		272,055
CSAIL Commercial Mtg. Trust Series2017-C8, Class A2 2.99% due 06/15/2050(1)		150,000		153,399
CSAIL Commercial Mtg. Trust Series2015-C1, Class A4 3.51% due 04/15/2050(1)		490,000		523,919
Discover Card Execution Note Trust Series2015-A4, Class A4 2.19% due 04/17/2023		100,000		100,347
Discover Card Execution Note Trust Series2019-A1, Class A1 3.04% due 07/15/2024		470,000		484,773
Ford Credit Auto Owner Trust Series2016-C, Class B 1.73% due 03/15/2022		115,000		114,455
Ford Credit Auto Owner Trust Series2018-2, Class A 3.47% due 01/15/2030*		100,000		105,601
Ford Credit Floorplan Master Owner Trust Series2017-3, Class A 2.48% due 09/15/2024		250,000		255,002
GM Financial Consumer Automobile Receivables Trust Series2017-3A, Class 4A 2.13% due 03/16/2023*		200,000		200,815
GM Financial Consumer Automobile Receivables Trust Series2019-3, Class A3 2.18% due 04/16/2024		132,000		133,360
GS Mtg. Securities Trust Series 2015-GC28, Class A2 2.90% due 02/10/2048(1)		571,239		571,383
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		233,000		237,966
ILPT Trust Series 2019-SURF, Class A 4.15% due 02/11/2041*(1)		960,000		1,109,362
JP Morgan Mtg. Trust VRS Series2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		2,375,040		2,366,969
JP Morgan Mtg. Trust VRS Series2018-1, Class A5 3.50% due 06/25/2048*(2)(3)		1,592,395		1,617,797
Mercedes-Benz Auto Lease Trust Series2019-A, Class A4 3.25% due 10/15/2024		62,000		63,306
Mercedes-Benz Auto Lease Trust Series2018-B, Class A4 3.31% due 07/15/2024		367,000		374,336
MTRO Commercial Mtg. Trust-TECH FRS Series 2019 -TECH, Class A 3.10% (1 ML+0.90%) due 12/15/2033*(1)		550,000		549,999

83

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
One Bryant Park Trust Series2019-OBP, Class A 2.52% due 09/13/2049*(1)	$	640,000	$	651,203
ShellpointCo-Originator Trust VRS Series2017-2, Class A1 3.50% due 10/25/2047*(2)(3)		841,807		850,652
Stonemont Portfolio Trust FRS Series 2017-MONT, Class A 3.02% (1 ML+0.85%) due 08/20/2030*(1)		483,148		482,989
Synchrony Credit Card Master Note Trust Series2016-2, Class A 2.21% due 05/15/2024		100,000		100,705
Toyota Auto Loan Extended Note Trust Series2019-1A, Class A 2.56% due 11/25/2031*		425,000		438,317
Toyota Auto Receivables Owner Trust Series2018-C, Class A4 3.13% due 02/15/2024		200,000		206,518
Verizon Owner Trust Series2018-1A, Class C 3.20% due 09/20/2022*		100,000		101,852
Volkswagen Auto Loan Enhanced Trust Series2018-2, Class A4 3.33% due 02/20/2025		150,000		155,863
Total Asset Backed Securities
(cost $25,161,209)				26,218,079
U.S. CORPORATE BONDS & NOTES — 35.0%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		106,000		114,561
Aerospace/Defense — 0.1%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		519,000		549,584
General Dynamics Corp. Company Guar. Notes 2.88% due 05/11/2020		244,000		245,463
				795,047
Aerospace/Defense - Equipment — 0.1%
United Technologies Corp. Senior Notes 1.15% due 05/18/2024	EUR	1,050,000		1,214,392
Agricultural Chemicals — 0.0%
Mosaic Co. Senior Notes 5.63% due 11/15/2043		144,000		159,995
Airlines — 0.1%
Atlas Air, Inc. Pass-Through Certs. Series1999-1, Class B 7.63% due 01/02/2020(5)		29,678		29,850
United Airlines Pass-Through Trust Pass-Through Certs. Series2014-2, Class B 4.63% due 03/03/2024		807,044		834,565
				864,415

Security Description	Principal Amount(10)		Value (Note 2)
Applications Software — 0.5%
CDK Global, Inc. Senior Notes 5.88% due 06/15/2026	$	1,266,000	$	1,344,619
Microsoft Corp. Senior Notes 3.13% due 12/06/2028	EUR	750,000		1,056,464
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		1,322,000		1,388,100
				3,789,183
Auto - Cars/Light Trucks — 0.5%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		401,000		406,761
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		518,000		518,758
Ford Motor Credit Co. LLC Senior Notes 2.39% due 02/17/2026	EUR	600,000		677,066
Ford Motor Credit Co. LLC Senior Notes 3.10% due 05/04/2023		410,000		406,271
Ford Motor Credit Co. LLC Senior Notes 4.54% due 03/06/2025	GBP	400,000		521,354
General Motors Financial Co., Inc. Company Guar. Notes 3.70% due 05/09/2023		372,000		381,567
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		489,000		501,117
Nissan Motor Acceptance Corp. Senior Notes 2.65% due 07/13/2022*#		405,000		406,780
Toyota Motor Credit Corp. Senior Notes 3.45% due 09/20/2023		357,000		377,886
				4,197,560
Auto - Heavy Duty Trucks — 0.2%
Allison Transmission, Inc. Senior Notes 5.00% due 10/01/2024*		1,329,000		1,367,342
Auto/Truck Parts & Equipment - Original — 0.0%
Lear Corp. Senior Notes 5.25% due 05/15/2049		286,000		298,718
Banks - Commercial — 0.5%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		1,021,000		1,123,238
Citizens Financial Group, Inc. Sub. Notes 4.30% due 12/03/2025		187,000		202,027
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		565,000		823,201
SunTrust Bank Senior Notes 3.20% due 04/01/2024		786,000		822,812

84

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
SunTrust Bank Senior Notes 3.50% due 08/02/2022	$	302,000	$	309,138
Webster Financial Corp. Senior Notes 4.10% due 03/25/2029		527,000		569,101
				3,849,517
Banks - Fiduciary — 0.0%
Bank of New York Mellon Corp. Senior Notes 1.95% due 08/23/2022		281,000		280,762
Banks - Super Regional — 0.5%
Bank of America NA Senior Notes 3.34% due 01/25/2023		426,000		439,054
Wells Fargo & Co. Senior Notes 1.00% due 02/02/2027	EUR	900,000		1,049,069
Wells Fargo & Co. Senior Notes 3.20% due 06/17/2027		559,000		582,184
Wells Fargo & Co. Senior Notes 3.55% due 09/29/2025		1,388,000		1,476,608
Wells Fargo Bank NA Sub. Notes 5.25% due 08/01/2023	GBP	400,000		551,660
				4,098,575
Batteries/Battery Systems — 0.5%
Energizer Holdings, Inc. Company Guar. Notes 6.38% due 07/15/2026*#		1,730,000		1,822,987
EnerSys Company Guar. Notes 5.00% due 04/30/2023*		1,893,000		1,949,790
				3,772,777
Beverages-Non-alcoholic — 0.2%
Coca-Cola Co. Senior Notes 1.25% due 03/08/2031	EUR	370,000		453,590
Keurig Dr Pepper, Inc. Company Guar. Notes 4.42% due 05/25/2025		504,000		551,314
PepsiCo., Inc. Senior Notes 2.75% due 04/30/2025		283,000		296,096
				1,301,000
Beverages - Wine/Spirits — 0.1%
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		362,000		373,425
Constellation Brands, Inc. Company Guar. Notes 5.25% due 11/15/2048		158,000		200,342
				573,767

Security Description	Principal Amount(10)		Value (Note 2)
Brewery — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046	$	218,000	$	259,886
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		122,000		141,763
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.55% due 01/23/2049		618,000		811,737
				1,213,386
Broadcast Services/Program — 0.1%
Fox Corp. Senior Notes 5.48% due 01/25/2039*		199,000		249,102
Fox Corp. Senior Notes 5.58% due 01/25/2049*		252,000		328,194
				577,296
Building & Construction Products - Misc. — 0.3%
Owens Corning Senior Notes 3.95% due 08/15/2029		203,000		209,911
Owens Corning Senior Notes 4.30% due 07/15/2047		474,000		433,771
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*		1,825,000		1,918,531
				2,562,213
Building & Construction - Misc. — 0.2%
Frontdoor, Inc. Senior Notes 6.75% due 08/15/2026*		1,258,000		1,364,930
Building Products - Cement — 0.0%
Martin Marietta Materials, Inc. Senior Notes 3.50% due 12/15/2027		287,000		296,285
Building - Heavy Construction — 0.2%
Tutor Perini Corp. Company Guar. Notes 6.88% due 05/01/2025*#		1,900,000		1,769,394
Building - Residential/Commercial — 0.0%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028		222,000		231,990
Cable/Satellite TV — 1.6%
Block Communications, Inc. Senior Notes 6.88% due 02/15/2025*		1,614,000		1,694,700
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		556,000		583,800
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 05/01/2025*		980,000		1,017,975
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		685,000		732,094

85

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*	$	394,000	$	415,178
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 FRS Senior Sec. Notes 3.90% (3 ML+1.65%) due 02/01/2024		1,290,000		1,309,972
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.05% due 03/30/2029		362,000		409,120
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		29,000		32,700
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		99,000		120,814
Comcast Corp. Company Guar. Notes 3.15% due 03/01/2026		465,000		490,417
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		60,000		67,254
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		345,000		417,433
Comcast Corp. Company Guar. Notes 4.70% due 10/15/2048		101,000		126,548
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		785,000		839,950
CSC Holdings LLC Company Guar. Notes 5.38% due 07/15/2023*		265,000		272,357
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		4,095,000		4,381,650
				13,403,432
Casino Services — 0.2%
Eldorado Resorts, Inc. Company Guar. Notes 6.00% due 09/15/2026		1,660,000		1,815,625
Cellular Telecom — 1.1%
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		6,765,000		7,610,625
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC Senior Sec. Notes 4.74% due 09/20/2029*		432,000		457,920
T-Mobile USA, Inc. Company Guar. Notes 6.38% due 03/01/2025		555,000		574,703

Security Description	Principal Amount(10)		Value (Note 2)
Cellular Telecom (continued)
T-Mobile USA, Inc. Company Guar. Notes 6.50% due 01/15/2024	$	660,000	$	687,865
				9,331,113
Chemicals - Diversified — 0.2%
Dow Chemical Co. Senior Notes 4.80% due 05/15/2049*		220,000		249,163
Dow Chemical Co. Senior Notes 5.55% due 11/30/2048*		246,000		304,458
DowDuPont, Inc. Senior Notes 5.42% due 11/15/2048		26,000		33,483
Eastman Chemical Co. Senior Notes 1.50% due 05/26/2023	EUR	575,000		670,284
Westlake Chemical Corp. Senior Notes 1.63% due 07/17/2029	EUR	500,000		569,962
				1,827,350
Chemicals - Plastics — 0.1%
Neon Holdings, Inc. Senior Sec. Notes 10.13% due 04/01/2026*		1,127,000		1,104,460
Chemicals - Specialty — 0.1%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		224,000		226,314
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		283,000		301,410
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		152,000		218,311
				746,035
Coal — 0.1%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*		1,235,000		1,169,391
Coatings/Paint — 0.0%
RPM International, Inc. Senior Notes 4.25% due 01/15/2048		29,000		28,699
Sherwin-Williams Co. Senior Notes 2.95% due 08/15/2029		237,000		240,958
				269,657
Commercial Services — 0.3%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*		869,000		900,501
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.00% due 04/15/2022*		1,525,000		1,532,625
				2,433,126

86

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computer Services — 0.1%
IBM Credit LLC Senior Notes 3.00% due 02/06/2023	$	796,000	$	819,026
International Business Machines Corp. Senior Notes 2.50% due 01/27/2022		329,000		333,297
				1,152,323
Computer Software — 0.2%
Rackspace Hosting, Inc. Company Guar. Notes 8.63% due 11/15/2024*#		1,670,000		1,532,225
Computers — 0.5%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		186,000		189,159
Dell International LLC/EMC Corp. Senior Sec. Notes 6.02% due 06/15/2026*		3,115,000		3,514,854
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*		244,000		309,328
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		57,000		66,331
				4,079,672
Computers - Integrated Systems — 0.4%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024#		1,651,000		1,539,558
NCR Corp. Company Guar. Notes 5.75% due 09/01/2027*		579,000		611,459
NCR Corp. Company Guar. Notes 6.13% due 09/01/2029*		901,000		956,294
				3,107,311
Consumer Products - Misc. — 0.2%
Central Garden & Pet Co. Company Guar. Notes 5.13% due 02/01/2028		1,350,000		1,356,750
Containers - Metal/Glass — 0.6%
Crown Americas LLC/Crown Americas Capital Corp. Company Guar. Notes 4.50% due 01/15/2023		750,000		787,500
Crown Cork & Seal Co., Inc. Company Guar. Notes 7.38% due 12/15/2026		854,000		1,037,610
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		1,684,000		1,742,940
Silgan Holdings, Inc. Senior Notes 4.75% due 03/15/2025		1,300,000		1,334,255
				4,902,305
Containers - Paper/Plastic — 0.1%
Sealed Air Corp. Company Guar. Notes 5.13% due 12/01/2024*		460,000		492,775

Security Description	Principal Amount(10)		Value (Note 2)
Cosmetics & Toiletries — 0.5%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*#	$	1,875,000	$	1,771,875
First Quality Finance Co., Inc. Company Guar. Notes 5.00% due 07/01/2025*		1,328,000		1,377,800
Procter & Gamble Co. Senior Notes 1.88% due 10/30/2038	EUR	700,000		975,175
				4,124,850
Data Processing/Management — 0.1%
Fiserv, Inc. Senior Notes 1.63% due 07/01/2030	EUR	480,000		576,230
Fiserv, Inc. Senior Notes 4.40% due 07/01/2049		315,000		362,477
				938,707
Diagnostic Equipment — 0.2%
Ortho-Clinical Diagnostics, Inc. Senior Notes 6.63% due 05/15/2022*		1,482,000		1,430,130
Thermo Fisher Scientific, Inc. Senior Notes 2.88% due 07/24/2037	EUR	380,000		538,532
				1,968,662
Dialysis Centers — 0.2%
DaVita HealthCare Partners, Inc. Company Guar. Notes 5.13% due 07/15/2024		1,950,000		1,983,559
Distribution/Wholesale — 0.3%
Anixter, Inc. Company Guar. Notes 6.00% due 12/01/2025		931,000		1,028,755
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025		1,641,000		1,718,947
				2,747,702
Diversified Banking Institutions — 1.4%
Bank of America Corp. Senior Notes 0.75% due 07/26/2023	EUR	700,000		794,492
Bank of America Corp. Senior Notes 2.38% due 06/19/2024	EUR	900,000		1,105,171
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		372,000		401,271
Bank of America Corp. Senior Notes 3.86% due 07/23/2024		272,000		288,792
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		640,000		696,259
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		296,000		396,140
Citigroup, Inc. Senior Notes 2.75% due 01/24/2024	GBP	400,000		513,016

87

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026	$	842,000	$	878,462
Citigroup, Inc. Senior Notes 3.98% due 03/20/2030		211,000		232,864
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		519,000		571,008
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		264,000		331,342
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		105,000		133,538
Goldman Sachs Group, Inc. Senior Notes 2.00% due 11/01/2028	EUR	325,000		402,821
Goldman Sachs Group, Inc. Senior Notes 2.35% due 11/15/2021		580,000		581,074
Goldman Sachs Group, Inc. Senior Notes 3.13% due 07/25/2029	GBP	400,000		531,804
Goldman Sachs Group, Inc. Senior Notes 3.69% due 06/05/2028		357,000		379,548
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		335,000		361,285
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		228,000		312,292
JPMorgan Chase & Co. Senior Notes 3.21% due 04/01/2023		878,000		902,659
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		218,000		244,312
Morgan Stanley Senior Notes 3.63% due 01/20/2027		826,000		883,510
Morgan Stanley Senior Notes 5.50% due 07/24/2020		495,000		509,674
				11,451,334
Diversified Financial Services — 0.0%
USAA Capital Corp. Senior Notes 2.63% due 06/01/2021*		311,000		314,673
Diversified Manufacturing Operations — 0.2%
General Electric Co. Senior Notes 1.25% due 05/26/2023	EUR	600,000		664,765
Illinois Tool Works, Inc. Senior Notes 0.63% due 12/05/2027	EUR	585,000		670,582
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		240,000		254,086
				1,589,433

Security Description	Principal Amount(10)		Value (Note 2)
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034	$	158,000	$	200,636
E-Commerce/Services — 0.2%
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		1,249,000		1,305,205
Electric Products - Misc. — 0.0%
Emerson Electric Co. Senior Notes 0.38% due 05/22/2024	EUR	325,000		366,841
Electric - Distribution — 0.4%
CenterPoint Energy, Inc. Senior Notes 2.95% due 03/01/2030		216,000		218,809
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		776,000		804,308
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*		1,275,000		1,310,062
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048		573,000		714,002
Sempra Energy Senior Notes 3.40% due 02/01/2028		429,000		447,006
				3,494,187
Electric - Generation — 0.2%
Basin Electric Power Cooperative 1st Mtg. Notes 4.75% due 04/26/2047*		19,000		22,825
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		282,000		334,158
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		1,280,000		1,321,600
				1,678,583
Electric - Integrated — 1.0%
AEP Texas, Inc. Senior Notes 4.15% due 05/01/2049		127,000		150,738
Consolidated Edison Co. of New York, Inc. Senior Notes 4.45% due 06/15/2020		339,000		344,854
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		275,000		339,577
DPL, Inc. Senior Notes 4.35% due 04/15/2029*		96,000		95,860
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		515,000		617,909
DTE Energy Co. Senior Notes 3.40% due 06/15/2029		202,000		213,741
Duke Energy Progress LLC 1st Mtg. Notes 2.80% due 05/15/2022		162,000		165,443

88

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
Edison International Senior Notes 4.13% due 03/15/2028	$	300,000	$	313,027
Edison International Senior Notes 5.75% due 06/15/2027		58,000		65,811
Entergy Texas, Inc. 1st Mtg. Notes 4.50% due 03/30/2039		583,000		701,471
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		942,000		1,350,289
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		220,000		220,066
Mississippi Power Co. Senior Notes 4.25% due 03/15/2042		326,000		360,456
Nevada Power Co. General Refunding Mtg. 2.75% due 04/15/2020		164,000		164,710
Public Service Co. of Colorado 1st Mtg. Bonds 3.70% due 06/15/2028		359,000		401,055
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		254,000		305,247
Puget Sound Energy, Inc. Senior Sec. Notes 3.25% due 09/15/2049		71,000		73,288
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		390,000		530,219
Southern California Edison Co. 1st Mtg. Notes Class C 4.13% due 03/01/2048		148,000		165,469
Southern California Edison Co. 1st Mtg. Notes 4.65% due 10/01/2043		151,000		178,888
Southern California Edison Co. 1st Mtg. Bonds 4.88% due 03/01/2049		386,000		479,454
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*		503,000		486,653
Talen Energy Supply LLC Senior Sec. Notes 7.25% due 05/15/2027*		568,000		563,740
				8,287,965
Electronic Components - Semiconductors — 0.2%
Amkor Technology, Inc. Senior Notes 6.63% due 09/15/2027*		1,284,000		1,397,930
Intel Corp. Senior Notes 2.45% due 07/29/2020		327,000		328,482
Texas Instruments, Inc. Senior Notes 2.25% due 09/04/2029		139,000		139,468
				1,865,880

Security Description	Principal Amount(10)		Value (Note 2)
Electronic Measurement Instruments — 0.1%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024	$	32,000	$	34,587
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		500,000		547,980
				582,567
Electronic Parts Distribution — 0.3%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		180,000		188,154
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024		2,199,000		2,274,145
				2,462,299
Energy - Alternate Sources — 0.3%
Hanwha Energy USA Holdings Corp. Company Guar. Notes 2.38% due 07/30/2022*		420,000		422,193
Pattern Energy Group, Inc. Company Guar. Notes 5.88% due 02/01/2024*		1,869,000		1,934,415
				2,356,608
Enterprise Software/Service — 0.3%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024		1,709,000		1,768,815
Oracle Corp. Senior Notes 2.95% due 11/15/2024		525,000		549,739
				2,318,554
Finance - Auto Loans — 0.2%
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026*		1,229,000		1,329,631
Finance - Consumer Loans — 0.9%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		1,753,000		1,687,263
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		1,079,000		1,035,840
SLM Corp. Senior Notes 5.63% due 08/01/2033		1,487,000		1,256,515
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		1,850,000		2,097,437
Synchrony Financial Senior Notes 2.85% due 07/25/2022		120,000		121,619
Synchrony Financial Senior Notes 4.25% due 08/15/2024		665,000		707,092
Synchrony Financial Senior Notes 4.38% due 03/19/2024		204,000		217,877
				7,123,643

89

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Credit Card — 0.1%
American Express Co. Senior Notes 3.40% due 02/22/2024	$	234,000	$	246,783
American Express Co. Senior Notes 4.20% due 11/06/2025		173,000		192,197
				438,980
Finance - Investment Banker/Broker — 0.2%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		97,000		1,310
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017(5)†		111,000		11
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038(5)†		143,000		14
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*		1,289,000		1,356,672
				1,358,007
Finance - Mortgage Loan/Banker — 0.2%
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*		1,775,000		1,850,437
Food - Dairy Products — 0.0%
Land O’ Lakes, Inc. Junior Sub. Notes 7.00% due 09/18/2028*(6)		110,000		104,500
Food - Meat Products — 0.1%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		137,000		135,546
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		114,000		127,538
Tyson Foods, Inc. Senior Notes 5.10% due 09/28/2048		102,000		126,999
				390,083
Food - Misc./Diversified — 0.6%
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		362,000		430,825
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		275,000		347,918
General Mills, Inc. Senior Notes 4.55% due 04/17/2038		148,000		170,819
General Mills, Inc. Senior Notes 4.70% due 04/17/2048		285,000		337,290
Kraft Heinz Foods Co. Sec. Notes 4.88% due 02/15/2025*		353,000		364,288
Lamb Weston Holdings, Inc. Company Guar. Notes 4.63% due 11/01/2024*		865,000		904,280

Security Description	Principal Amount(10)		Value (Note 2)
Food - Misc./Diversified (continued)
Mondelez International, Inc. Senior Notes 3.63% due 02/13/2026	$	349,000	$	375,922
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		335,000		362,216
Post Holdings, Inc. Company Guar. Notes 5.50% due 03/01/2025*		1,290,000		1,349,662
				4,643,220
Food - Retail — 0.3%
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC Company Guar. Notes 5.75% due 03/15/2025		1,325,000		1,358,125
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC Company Guar. Notes 5.88% due 02/15/2028*		709,000		747,187
Kroger Co. Senior Notes 5.40% due 01/15/2049		211,000		251,763
				2,357,075
Gambling(Non-Hotel) — 0.1%
Twin River Worldwide Holdings, Inc. Senior Notes 6.75% due 06/01/2027*		763,000	��	804,011
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014†*(5)		272,905		15,774
				819,785
Gas- Distribution — 0.1%
NiSource, Inc. Senior Notes 2.95% due 09/01/2029		329,000		336,841
NiSource, Inc. Senior Notes 5.65% due 02/01/2045		182,000		241,083
				577,924
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc. Senior Notes 4.88% due 07/15/2027*		833,000		880,897
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		808,563
Wyndham Worldwide Corp. Senior Sec. Notes 5.40% due 04/01/2024		671,000		704,340
Wyndham Worldwide Corp. Senior Sec. Notes 5.75% due 04/01/2027		620,000		661,850
				2,174,753
Independent Power Producers — 0.2%
Clearway Energy Operating LLC Company Guar. Notes 5.75% due 10/15/2025*		1,130,000		1,178,048

90

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Independent Power Producers (continued)
NRG Yield Operating LLC Company Guar. Notes 5.00% due 09/15/2026	$	721,000	$	730,012
				1,908,060
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 12/29/2020		169,000		172,053
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		183,000		220,971
				393,024
Insurance - Life/Health — 0.0%
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		267,000		240,328
Insurance - Multi-line — 0.0%
Assurant, Inc. Senior Notes 3.70% due 02/22/2030		344,000		345,813
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		24,000		30,164
				375,977
Insurance - Mutual — 0.1%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		287,000		295,618
New York Life Global Funding Sec. Notes 1.95% due 09/28/2020*		635,000		635,139
				930,757
Insurance - Property/Casualty — 0.3%
ACE INA Holdings, Inc. Company Guar. Notes 2.88% due 11/03/2022		235,000		241,963
AmWINS Group, Inc. Company Guar. Notes 7.75% due 07/01/2026*		1,265,000		1,328,250
Chubb INA Holdings, Inc. Company Guar. Notes 2.50% due 03/15/2038	EUR	400,000		548,910
				2,119,123
Internet Connectivity Services — 0.2%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		1,359,000		1,409,962
Internet Content - Entertainment — 0.5%
Netflix, Inc. Senior Notes 4.38% due 11/15/2026#		1,957,000		2,003,479
Netflix, Inc. Senior Notes 5.88% due 02/15/2025		1,667,000		1,839,951
				3,843,430

Security Description	Principal Amount(10)		Value (Note 2)
Investment Companies — 0.1%
FS Energy & Power Fund Senior Sec. Notes 7.50% due 08/15/2023*	$	960,000	$	952,800
Investment Management/Advisor Services — 0.0%
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		293,000		299,361
Machinery - Construction & Mining — 0.2%
Caterpillar Financial Services Corp. Senior Notes 2.55% due 11/29/2022		147,000		149,555
Caterpillar Financial Services Corp. Senior Notes 3.15% due 09/07/2021		148,000		151,864
Caterpillar Financial Services Corp. Senior Notes 3.45% due 05/15/2023#		224,000		235,503
Terex Corp. Company Guar. Notes 5.63% due 02/01/2025*		995,000		1,012,482
				1,549,404
Machinery - Electrical — 0.0%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		279,000		291,713
Machinery - Farming — 0.2%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		455,000		480,050
John Deere Capital Corp. Senior Notes 2.35% due 01/08/2021		177,000		178,119
John Deere Capital Corp. Senior Notes 2.80% due 07/18/2029		197,000		204,692
John Deere Capital Corp. Senior Notes 2.95% due 04/01/2022		542,000		554,844
John Deere Capital Corp. Senior Notes 3.45% due 01/10/2024		338,000		358,294
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		156,000		166,682
				1,942,681
Machinery - General Industrial — 0.1%
Roper Technologies, Inc. Senior Notes 2.95% due 09/15/2029		141,000		142,993
Roper Technologies, Inc. Senior Notes 4.20% due 09/15/2028		539,000		598,448
Wabtec Corp. Company Guar. Notes 4.95% due 09/15/2028		222,000		247,765
				989,206
Medical Labs & Testing Services — 0.2%
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		650,000		680,946

91

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Labs & Testing Services (continued)
Laboratory Corp. of America Holdings Senior Notes 3.25% due 09/01/2024	$	410,000	$	426,845
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		147,000		167,025
Roche Holdings, Inc. Company Guar. Notes 1.75% due 01/28/2022*		226,000		224,976
				1,499,792
Medical Products — 0.1%
Hologic, Inc. Company Guar. Notes 4.38% due 10/15/2025*		1,025,000		1,048,062
Medical - Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 4.66% due 06/15/2051		143,000		170,086
Celgene Corp. Senior Notes 3.63% due 05/15/2024		279,000		295,507
Celgene Corp. Senior Notes 4.63% due 05/15/2044		130,000		158,249
				623,842
Medical - Drugs — 0.1%
Bristol-Myers Squibb Co. Senior Notes 4.13% due 06/15/2039*		197,000		229,591
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		172,000		180,285
Johnson & Johnson Senior Notes 5.50% due 11/06/2024	GBP	400,000		598,052
				1,007,928
Medical - Generic Drugs — 0.0%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		266,000		286,292
Medical- HMO — 0.5%
Centene Corp. Senior Notes 4.75% due 01/15/2025		463,000		480,363
Humana, Inc. Senior Notes 3.95% due 08/15/2049		184,000		192,045
MPH Acquisition Holdings LLC Company Guar. Notes 7.13% due 06/01/2024*		1,775,000		1,586,513
UnitedHealth Group, Inc. Senior Bonds 2.38% due 10/15/2022		1,257,000		1,273,645
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		205,000		218,729
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		227,000		246,922

Security Description	Principal Amount(10)		Value (Note 2)
Medical- HMO (continued)
UnitedHealth Group, Inc. Senior Notes 3.88% due 08/15/2059	$	225,000	$	248,968
				4,247,185
Medical - Hospitals — 0.5%
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		223,000		251,662
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2049		159,000		177,507
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		3,475,000		3,857,250
				4,286,419
Medical - Wholesale Drug Distribution — 0.1%
Allergan Sales LLC Company Guar. Notes 4.88% due 02/15/2021*		100,000		102,975
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		371,000		361,317
				464,292
Metal - Copper — 0.3%
Freeport-McMoRan Copper & Gold, Inc. Company Guar. Notes 3.88% due 03/15/2023		1,558,000		1,574,203
Freeport-McMoRan, Inc. Company Guar. Notes 5.25% due 09/01/2029		815,000		808,081
				2,382,284
Metal - Diversified — 0.1%
Glencore Funding LLC Company Guar. Notes 4.13% due 03/12/2024*		401,000		422,143
Metal - Iron — 0.1%
Cleveland-Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025		1,022,000		1,024,555
Multimedia — 0.3%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*		2,033,000		2,048,248
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		383,000		406,042
				2,454,290
Networking Products — 0.0%
Cisco Systems, Inc. Senior Notes 2.20% due 02/28/2021		375,000		377,465
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc. Company Guar. Notes 4.15% due 07/15/2049		248,000		295,152

92

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Office Supplies & Forms — 0.0%
Avery Dennison Corp. Senior Notes 4.88% due 12/06/2028	$	135,000	$	153,869
Oil Companies - Exploration & Production — 1.6%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		227,000		285,625
Apache Corp. Senior Notes 4.75% due 04/15/2043		621,000		600,126
Brazos Valley Longhorn LLC/Brazos Valley Longhorn Finance Corp. Company Guar. Notes 6.88% due 02/01/2025		1,574,000		1,400,860
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026		1,460,000		1,416,200
Centennial Resource Production LLC Company Guar. Notes 6.88% due 04/01/2027*		1,275,000		1,275,000
Chaparral Energy, Inc. Senior Notes 8.75% due 07/15/2023*#		2,264,000		985,972
Cimarex Energy Co. Senior Notes 4.38% due 03/15/2029		309,000		328,379
Concho Resources, Inc. Company Guar. Notes 4.85% due 08/15/2048		141,000		163,800
Extraction Oil & Gas, Inc. Company Guar. Notes 5.63% due 02/01/2026*		1,700,000		1,122,000
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		1,914,000		1,765,665
Lonestar Resources America, Inc. Company Guar. Notes 11.25% due 01/01/2023*		1,498,000		1,288,280
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		144,000		181,055
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		215,000		271,098
Noble Energy, Inc. Senior Notes 4.95% due 08/15/2047#		298,000		331,423
Occidental Petroleum Corp. Senior Notes 4.30% due 08/15/2039		224,000		234,760
Occidental Petroleum Corp. Senior Notes 4.40% due 08/15/2049		214,000		223,023
Southwestern Energy Co. Company Guar. Notes 7.50% due 04/01/2026		1,250,000		1,094,000
				12,967,266
Oil Companies - Integrated — 0.0%
Chevron Corp. Senior Notes 2.90% due 03/03/2024		360,000		375,488

Security Description	Principal Amount(10)		Value (Note 2)
Oil Field Machinery & Equipment — 0.2%
Forum Energy Technologies, Inc. Company Guar. Notes 6.25% due 10/01/2021	$	98,000	$	80,669
Hi-Crush Partners LP Company Guar. Notes 9.50% due 08/01/2026*		2,020,000		1,232,200
				1,312,869
Oil Refining & Marketing — 0.0%
Valero Energy Corp. Senior Notes 4.00% due 04/01/2029		122,000		130,147
Oil- Field Services — 0.5%
Calfrac Holdings LP Company Guar. Notes 8.50% due 06/15/2026*		1,455,000		916,650
Nine Energy Service, Inc. Senior Notes 8.75% due 11/01/2023*		745,000		672,362
Pioneer Energy Services Corp. Company Guar. Notes 6.13% due 03/15/2022		1,588,000		561,755
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		273,000		293,025
SESI LLC Company Guar. Notes 7.75% due 09/15/2024		1,774,000		1,064,400
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		852,000		873,300
				4,381,492
Paper & Related Products — 0.1%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		506,000		569,661
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		464,000		490,870
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		136,000		141,018
				1,201,549
Petrochemicals — 0.0%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		154,000		159,372
Pharmacy Services — 0.2%
Cigna Corp. Company Guar. Notes 4.80% due 08/15/2038		272,000		314,373
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		861,000		963,180
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		140,000		163,058
				1,440,611

93

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines — 1.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 03/01/2027*	$	756,000	$	693,630
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.88% due 03/31/2025		60,000		66,900
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 7.00% due 06/30/2024		1,955,000		2,255,581
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025		1,007,000		1,040,986
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		226,000		239,839
Energy Transfer Operating LP Company Guar. Notes 4.25% due 03/15/2023		166,000		174,330
Energy Transfer Operating LP Company Guar. Notes 4.50% due 04/15/2024		224,000		240,122
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035		259,000		271,077
Energy Transfer Operating LP Company Guar. Notes 5.25% due 04/15/2029		245,000		280,376
EnLink Midstream LLC Company Guar. Notes 5.38% due 06/01/2029		211,000		206,464
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026		105,000		102,900
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		18,000		14,850
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		1,403,000		1,339,865
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		678,000		672,915
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 6.00% due 08/01/2024*		1,243,000		1,302,664
Kinder Morgan, Inc. Company Guar. Notes 1.50% due 03/16/2022	EUR	840,000		961,190
MPLX LP Senior Notes 4.00% due 03/15/2028		269,000		282,003
MPLX LP Senior Notes 5.50% due 02/15/2049		181,000		207,389
NGPL PipeCo LLC Senior Notes 4.38% due 08/15/2022*		292,000		300,760
SemGroup Corp./Rose Rock Finance Corp. Company Guar. Notes 5.63% due 07/15/2022		1,066,000		1,027,102
SemGroup Corp./Rose Rock Finance Corp. Company Guar. Notes 5.63% due 11/15/2023		977,000		923,265

Security Description	Principal Amount(10)		Value (Note 2)
Pipelines (continued)
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022	$	1,743,000	$	1,638,420
Western Midstream Operating LP Senior Notes 5.50% due 08/15/2048		190,000		177,423
Williams Cos., Inc. Senior Notes 4.85% due 03/01/2048		232,000		253,716
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		268,000		321,044
				14,994,811
Platinum — 0.1%
Stillwater Mining Co. Company Guar. Notes 7.13% due 06/27/2025		530,000		533,922
Poultry — 0.2%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		1,210,000		1,303,775
Radio — 0.4%
Sirius XM Radio, Inc. Company Guar. Notes 4.63% due 07/15/2024*		2,460,000		2,567,625
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 07/15/2026*		809,000		854,506
				3,422,131
Real Estate Investment Trusts — 1.9%
American Tower Corp. Senior Notes 4.00% due 06/01/2025		244,000		262,460
AvalonBay Communities, Inc. Senior Notes 3.30% due 06/01/2029		188,000		202,194
Boston Properties LP Senior Notes 3.40% due 06/21/2029		140,000		148,400
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		388,000		406,616
Crown Castle International Corp. Senior Notes 5.20% due 02/15/2049#		252,000		319,230
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025		1,362,000		1,403,105
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		1,219,000		1,260,141
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 04/15/2026		1,035,000		1,136,078
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 5.25% due 07/15/2024*		784,000		825,944
HCP, Inc. Senior Notes 3.50% due 07/15/2029		141,000		148,906

94

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Iron Mountain, Inc. Company Guar. Notes 4.88% due 09/15/2027*	$	1,290,000	$	1,324,675
iStar, Inc. Senior Notes 5.25% due 09/15/2022		1,385,000		1,419,625
iStar, Inc. Senior Notes 6.00% due 04/01/2022		616,000		632,170
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027*		1,176,000		1,298,245
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		1,364,000		1,456,070
Sabra Health Care LP Company Guar. Notes 5.13% due 08/15/2026		1,945,000		2,099,620
Sabra Health Care LP/Sabra Capital Corp. Company Guar. Notes 4.80% due 06/01/2024		189,000		198,153
Simon Property Group LP Senior Notes 4.13% due 12/01/2021		321,000		334,207
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		1,275,000		1,306,875
				16,182,714
Real Estate Management/Services — 0.2%
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023		1,269,000		1,378,004
Real Estate Operations & Development — 0.2%
Kennedy-Wilson, Inc. Company Guar. Notes 5.88% due 04/01/2024		2,006,000		2,053,642
Rental Auto/Equipment — 0.4%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		1,469,000		1,267,012
Capitol Investment Merger Sub 2 LLC Sec. Notes 10.00% due 08/01/2024*		975,000		1,011,563
Herc Holdings, Inc. Company Guar. Notes 5.50% due 07/15/2027*		929,000		961,515
				3,240,090
Retail - Appliances — 0.2%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022		1,722,000		1,713,390
Retail - Automobile — 0.2%
Lithia Motors, Inc. Company Guar. Notes 5.25% due 08/01/2025*		1,356,000		1,403,460
Retail - Discount — 0.1%
Walmart, Inc. Senior Notes 2.55% due 04/11/2023		433,000		443,854

Security Description	Principal Amount(10)		Value (Note 2)
Retail - Discount (continued)
Walmart, Inc. Senior Notes 3.05% due 07/08/2026	$	381,000	$	407,510
				851,364
Retail - Drug Store — 0.0%
Walgreens Boots Alliance, Inc. Senior Notes 4.80% due 11/18/2044		151,000		160,117
Retail - Mail Order — 0.1%
QVC, Inc. Senior Sec. Notes 4.85% due 04/01/2024		660,000		701,088
Retail - Regional Department Stores — 0.0%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		337,000		351,286
Retail - Restaurants — 0.3%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		1,450,000		1,493,500
Darden Restaurants, Inc. Senior Notes 4.55% due 02/15/2048		474,000		508,747
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049		288,000		297,925
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		175,000		205,554
McDonald’s Corp. Senior Notes 4.45% due 09/01/2048		255,000		302,913
				2,808,639
Rubber/Plastic Products — 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(5)(7)(8)		25,000		0
Satellite Telecom — 0.2%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		1,615,000		1,740,162
Savings & Loans/Thrifts — 0.2%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		834,000		923,012
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		522,000		549,995
				1,473,007
Security Services — 0.3%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.25% due 04/15/2024*		1,512,000		1,561,760
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*		1,041,000		1,085,242
				2,647,002

95

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Semiconductor Components - Integrated Circuits — 0.0%
QUALCOMM, Inc. Senior Notes 4.30% due 05/20/2047	$	131,000	$	148,453
Steel - Producers — 0.1%
Commercial Metals Co. Senior Notes 5.75% due 04/15/2026		1,169,000		1,198,225
Telephone - Integrated — 1.1%
AT&T, Inc. Senior Notes 3.15% due 09/04/2036	EUR	430,000		583,897
AT&T, Inc. Senior Notes 4.30% due 02/15/2030		228,000		253,408
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		1,001,000		1,113,618
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		232,000		265,572
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		372,000		427,000
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024#		3,060,000		3,396,539
Frontier Communications Corp. Senior Notes 7.63% due 04/15/2024		2,350,000		1,175,705
Frontier Communications Corp. Senior Notes 8.75% due 04/15/2022		1,980,000		1,029,600
Verizon Communications, Inc. Senior Notes 2.50% due 04/08/2031	GBP	300,000		390,797
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		148,000		169,591
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		154,000		178,318
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		410,000		518,545
				9,502,590
Television — 0.6%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027		830,000		921,300
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		1,530,000		1,721,250
CBS Corp. Company Guar. Notes 3.70% due 06/01/2028		371,000		393,029
Gray Television, Inc. Company Guar. Notes 5.13% due 10/15/2024*		884,000		912,730
Tribune Media Co. Company Guar. Notes 5.88% due 07/15/2022		1,235,000		1,253,142
				5,201,451

Security Description	Principal Amount(10)		Value (Note 2)
Tools - Hand Held — 0.0%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026	$	232,000	$	248,821
Transport - Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 4.35% due 02/15/2024		400,000		431,124
Transport - Marine — 0.0%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		256,000		276,482
Transport - Rail — 0.1%
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		216,000		264,812
Norfolk Southern Corp. Senior Notes 5.10% due 12/31/2049		342,000		438,003
				702,815
Transport - Services — 0.0%
United Parcel Service, Inc. Senior Notes 3.40% due 09/01/2049		119,000		124,394
Transport - Truck — 0.0%
JB Hunt Transport Services, Inc. Company Guar. Notes 3.88% due 03/01/2026		348,000		374,483
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		283,000		291,724
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.95% due 03/10/2025*		427,000		454,332
				746,056
Total U.S. Corporate Bonds & Notes
(cost $286,678,069)				293,205,523
FOREIGN CORPORATE BONDS & NOTES — 12.5%
Agricultural Chemicals — 0.4%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		1,715,000		1,749,300
OCI NV Senior Sec. Notes 6.63% due 04/15/2023*		1,279,000		1,349,345
				3,098,645
Airport Development/Maintenance — 0.2%
Heathrow Funding, Ltd. Senior Sec. Notes 6.75% due 12/03/2028	GBP	400,000		658,961
Mexico City Airport Trust Senior Sec. Notes 4.25% due 10/31/2026		1,300,000		1,298,375
				1,957,336

96

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Auto-Cars/Light Trucks — 0.1%
Volkswagen International Finance NV Company Guar. Notes 1.88% due 03/30/2027	EUR	600,000	$	705,660
Auto/Truck Parts & Equipment-Original — 0.1%
Delphi Jersey Holdings PLC Company Guar. Notes 5.00% due 10/01/2025*		1,460,000		1,259,250
Banks - Commercial — 1.2%
Banco Bilbao Vizcaya Argentaria SA Senior Notes 1.38% due 05/14/2025	EUR	300,000		352,035
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		970,000		1,011,225
Banco do Brasil SA Senior Notes 4.75% due 03/20/2024*		1,330,000		1,394,412
BPCE SA Sub. Notes 4.63% due 07/18/2023	EUR	900,000		1,160,314
Canadian Imperial Bank of Commerce Senior Notes 2.10% due 10/05/2020		374,000		374,687
Credit Suisse AG Sub. Notes 5.75% due 09/18/2025	EUR	1,100,000		1,279,420
Danske Bank A/S Senior Notes 0.88% due 05/22/2023	EUR	1,200,000		1,348,666
Danske Bank A/S Senior Notes 5.38% due 01/12/2024*		522,000		575,616
DBS Group Holdings, Ltd. Senior Notes 2.85% due 04/16/2022*		277,000		281,629
ING Groep NV Senior Notes 4.63% due 01/06/2026*		220,000		244,862
Intesa Sanpaolo SpA Sub. Notes 5.71% due 01/15/2026*		557,000		587,564
Malayan Banking Bhd Sub. Notes 3.91% due 10/29/2026		550,000		561,952
National Australia Bank, Ltd. Sub. Notes 3.93% due 08/02/2034*		200,000		206,679
Shinhan Bank Co., Ltd. Sub. Notes 4.00% due 04/23/2029*		210,000		226,910
Westpac Banking Corp. Sub. Notes 4.11% due 07/24/2034		212,000		223,420
Westpac Banking Corp. Sub. Notes 4.42% due 07/24/2039		179,000		200,544
				10,029,935
Banks - Export/Import — 0.2%
Export-Import Bank of India Senior Notes 3.38% due 08/05/2026		1,400,000		1,441,433

Security Description	Principal Amount(10)		Value (Note 2)
Banks - Special Purpose — 0.1%
Kreditanstalt fuer Wiederaufbau Government Guar. Notes 1.63% due 03/15/2021	$	595,000	$	594,929
Building Societies — 0.1%
Nationwide Building Society Senior Notes 1.50% due 03/08/2026	EUR	350,000		398,758
Nationwide Building Society Sub. Notes 4.13% due 10/18/2032*		279,000		277,217
				675,975
Cable/Satellite TV — 0.6%
Altice Financing SA Senior Sec. Notes 7.50% due 05/15/2026*		1,050,000		1,118,250
Altice Luxembourg SA Company Guar. Notes 7.63% due 02/15/2025*		1,645,000		1,700,519
Sky, Ltd. Company Guar. Notes 2.50% due 09/15/2026	EUR	700,000		897,693
UPCB Finance IV, Ltd. Senior Sec. Notes 5.38% due 01/15/2025*		1,279,000		1,316,411
				5,032,873
Cellular Telecom — 0.8%
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		419,000		461,947
America Movil SAB de CV Senior Notes 0.75% due 06/26/2027	EUR	800,000		910,377
C&W Senior Financing Designated Activity Co. Senior Notes 6.88% due 09/15/2027*		1,854,000		1,974,306
Millicom International Cellular SA Senior Notes 6.63% due 10/15/2026*		200,000		218,000
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*		2,176,000		2,322,880
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		200,000		209,706
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		266,000		307,122
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		267,000		319,472
				6,723,810
Chemicals - Diversified — 0.2%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		290,000		289,478
NOVA Chemicals Corp. Senior Notes 5.00% due 05/01/2025*		715,000		731,087

97

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Chemicals - Diversified (continued)
Petkim Petrokimya Holding AS Senior Notes 5.88% due 01/26/2023*	$	930,000	$	897,056
				1,917,621
Computers - Memory Devices — 0.2%
Seagate HDD Cayman Company Guar. Notes 4.75% due 01/01/2025#		1,385,000		1,441,556
Containers - Metal/Glass — 0.4%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 5.25% due 08/15/2027*		1,275,000		1,287,750
Trivium Packaging Finance BV Senior Sec. Notes 5.50% due 08/15/2026*		616,000		651,420
Trivium Packaging Finance BV Company Guar. Notes 8.50% due 08/15/2027*		1,250,000		1,343,750
				3,282,920
Containers - Paper/Plastic — 0.1%
Intertape Polymer Group, Inc. Company Guar. Notes 7.00% due 10/15/2026*		1,238,000		1,284,425
Cosmetics & Toiletries — 0.0%
Unilever PLC Company Guar. Notes 1.38% due 09/15/2024	GBP	300,000		373,071
Diamonds/Precious Stones — 0.1%
Petra Diamonds US Treasury PLC Sec. Notes 7.25% due 05/01/2022		520,000		452,400
Disposable Medical Products — 0.1%
Becton Dickinson Euro Finance SARL Company Guar. Notes 1.21% due 06/04/2026	EUR	680,000		781,675
Diversified Banking Institutions — 1.3%
Banco Santander SA Senior Notes 3.31% due 06/27/2029		400,000		418,752
Barclays PLC Sub. Notes 5.09% due 06/20/2030		219,000		227,423
BNP Paribas SA Senior Notes 3.38% due 01/23/2026	GBP	300,000		398,827
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*		676,000		732,449
Credit Suisse Group AG Senior Notes 1.25% due 07/17/2025	EUR	550,000		634,883
Deutsche Bank AG Senior Notes 4.25% due 02/04/2021		201,000		203,257
HSBC Holdings PLC Senior Notes 3.00% due 07/22/2028	GBP	450,000		582,889

Security Description	Principal Amount(10)		Value (Note 2)
Diversified Banking Institutions (continued)
HSBC Holdings PLC Senior Notes 3.40% due 03/08/2021	$	406,000	$	412,483
Lloyds Banking Group PLC Senior Notes 0.63% due 01/15/2024	EUR	350,000		385,193
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.41% due 03/07/2024		928,000		975,366
Mizuho Financial Group, Inc. Senior Notes 3.15% due 07/16/2030		304,000		316,736
Mizuho Financial Group, Inc. Senior Notes 3.92% due 09/11/2024		566,000		599,963
NatWest Markets PLC Senior Notes 3.63% due 09/29/2022*		383,000		391,889
Royal Bank of Scotland Group PLC Senior Notes 4.27% due 03/22/2025		412,000		430,329
Royal Bank of Scotland Group PLC Senior Notes 4.52% due 06/25/2024		260,000		272,912
UBS AG Sub. Notes 4.75% due 02/12/2026	EUR	750,000		875,393
UBS Group Funding Switzerland AG Company Guar. Bonds 1.25% due 09/01/2026	EUR	650,000		770,897
UBS Group Funding Switzerland AG Company Guar. Notes 3.49% due 05/23/2023*		293,000		301,875
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		606,000		618,927
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		377,000		405,383
UniCredit SpA Sub. Notes 7.30% due 04/02/2034*		519,000		585,961
				10,541,787
Diversified Financial Services — 0.2%
Fairstone Financial, Inc. Senior Notes 7.88% due 07/15/2024*		1,055,000		1,099,838
GE Capital International Funding Co. ULC Company Guar. Notes 3.37% due 11/15/2025		793,000		803,268
				1,903,106
Diversified Manufacturing Operations — 0.2%
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.88% due 03/10/2028	EUR	900,000		1,227,721
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		518,000		546,054
				1,773,775

98

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Minerals — 0.3%
Anglo American Capital PLC Company Guar. Notes 3.25% due 04/03/2023	EUR	675,000	$	825,733
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 5.13% due 03/15/2023*		1,250,000		1,300,000
				2,125,733
Electric - Distribution — 0.1%
OmGrid Funding, Ltd. Company Guar. Notes 5.20% due 05/16/2027		510,000		483,862
Electric - Generation — 0.3%
Electricite de France SA Senior Notes 4.50% due 09/21/2028*		269,000		302,492
Electricite de France SA Senior Notes 5.00% due 09/21/2048*		200,000		244,291
Electricite de France SA Senior Notes 6.25% due 05/30/2028	GBP	700,000		1,172,003
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL Company Guar. Notes 4.65% due 10/30/2023		650,000		694,083
				2,412,869
Electric - Integrated — 0.4%
EDP Finance BV Senior Notes 2.00% due 04/22/2025	EUR	1,020,000		1,241,562
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*		278,000		302,733
Gas Natural Fenosa Finance BV Company Guar. Notes 1.38% due 01/21/2025	EUR	600,000		711,438
Iberdrola Finanzas SA Company Guar. Notes 1.00% due 03/07/2025	EUR	900,000		1,052,636
Perusahaan Listrik Negara PT Senior Notes 4.88% due 07/17/2049*		200,000		224,700
				3,533,069
Electronic Components - Semiconductors — 0.0%
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 4.30% due 06/18/2029*		338,000		362,471
Finance - Commercial — 0.1%
Unifin Financiera SAB de CV Company Guar. Notes 7.25% due 09/27/2023		520,000		529,755
Finance - Leasing Companies — 0.3%
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.13% due 10/01/2023*		1,775,000		1,884,517
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.25% due 05/15/2024*		374,000		401,190

Security Description	Principal Amount(10)		Value (Note 2)
Finance - Leasing Companies (continued)
ICBCIL Finance Co., Ltd. Senior Notes 3.63% due 11/15/2027	$	500,000	$	518,587
				2,804,294
Food - Meat Products — 0.2%
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.88% due 07/15/2024*		1,809,000		1,863,270
Food - Misc./Diversified — 0.1%
Grupo KUO SAB De CV Senior Notes 5.75% due 07/07/2027#		720,000		724,507
Insurance - Life/Health — 0.1%
Athene Holding, Ltd. Senior Notes 4.13% due 01/12/2028		298,000		304,802
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		178,000		187,306
				492,108
Insurance - Property/Casualty — 0.1%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		533,000		563,925
Machinery - Farming — 0.1%
CNH Industrial Finance Europe SA Company Guar. Notes 1.88% due 01/19/2026	EUR	600,000		704,773
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		159,000		165,474
CNH Industrial NV Senior Notes 4.50% due 08/15/2023		218,000		232,752
				1,102,999
Medical Instruments — 0.1%
Medtronic Global Holdings SCA Company Guar. Notes 1.75% due 07/02/2049	EUR	365,000		426,899
Medtronic Global Holdings SCA Company Guar. Notes 2.25% due 03/07/2039	EUR	400,000		529,087
				955,986
Medical - Drugs — 0.6%
Bausch Health Cos., Inc. Company Guar. Notes 6.13% due 04/15/2025*		2,970,000		3,059,100
GlaxoSmithKline Capital PLC Company Guar. Notes 3.13% due 05/14/2021		365,000		371,562
Novartis Finance SA Company Guar. Notes 1.63% due 11/09/2026	EUR	1,000,000		1,243,025
				4,673,687
Metal - Copper — 0.1%
First Quantum Minerals, Ltd. Company Guar. Notes 6.50% due 03/01/2024*		525,000		476,437

99

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Metal - Copper (continued)
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*	$	814,000	$	765,160
				1,241,597
Metal - Diversified — 0.1%
Chinalco Capital Holdings, Ltd. Company Guar. Notes 4.25% due 04/21/2022		800,000		799,884
Glencore Finance Europe, Ltd. Company Guar. Notes 1.50% due 10/15/2026	EUR	350,000		398,600
				1,198,484
Metal - Iron — 0.2%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		1,299,000		1,326,604
Oil & Gas Drilling — 0.0%
Noble Holding International, Ltd. Company Guar. Notes 7.88% due 02/01/2026*		472,000		381,140
Oil Companies - Exploration & Production — 0.4%
Anadarko Finance Co. Company Guar. Notes 7.50% due 05/01/2031		190,000		253,021
Canadian Natural Resources, Ltd. Senior Notes 3.90% due 02/01/2025		293,000		308,778
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		1,979,000		1,988,895
Saka Energi Indonesia PT Senior Notes 4.45% due 05/05/2024		1,000,000		1,005,250
				3,555,944
Oil Companies - Integrated — 0.8%
BP Capital Markets PLC Company Guar. Notes 2.27% due 07/03/2026	GBP	700,000		909,238
BP Capital Markets PLC Company Guar. Notes 2.97% due 02/27/2026	EUR	400,000		523,719
BP Capital Markets PLC Company Guar. Notes 3.51% due 03/17/2025		829,000		883,844
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027#		235,000		245,341
Ecopetrol SA Senior Notes 4.13% due 01/16/2025		1,200,000		1,258,500
Petro-Canada Senior Notes 5.95% due 05/15/2035		151,000		196,611
Petrobras Global Finance BV Company Guar. Notes 6.75% due 01/27/2041		600,000		679,500
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		1,100,000		1,069,750

Security Description	Principal Amount(10)		Value (Note 2)
Oil Companies - Integrated (continued)
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047	$	1,000,000	$	952,500
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049		308,000		332,258
				7,051,261
Paper & Related Products — 0.2%
Cascades, Inc. Company Guar. Notes 5.50% due 07/15/2022*		535,000		539,012
Cascades, Inc. Company Guar. Notes 5.75% due 07/15/2023*		868,000		878,850
				1,417,862
Retail - Petroleum Products — 0.2%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*		1,432,000		1,381,880
Satellite Telecom — 0.3%
Intelsat Jackson Holdings SA Company Guar. Notes 5.50% due 08/01/2023		1,863,000		1,695,330
Telesat Canada/Telesat LLC Company Guar. Notes 8.88% due 11/15/2024*		1,165,000		1,260,379
				2,955,709
Security Services — 0.2%
Garda World Security Corp. Senior Notes 8.75% due 05/15/2025*		1,690,000		1,743,303
Special Purpose Entity — 0.0%
Hellas Telecommunications Luxembourg II SCA Sub. Notes 8.46% due 01/15/2015*†(5)(7)(8)		560,000		0
SupraNational Banks — 0.0%
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		326,000		357,131
Telephone - Integrated — 0.3%
Orange SA Senior Notes 1.88% due 09/12/2030	EUR	600,000		761,374
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		227,000		262,185
Telefonica Emisiones SA Company Guar. Notes 5.45% due 10/08/2029	GBP	400,000		640,016
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		562,000		621,306
				2,284,881
Transport - Marine — 0.1%
PT Pelabuhan Indonesia II Senior Notes 4.25% due 05/05/2025*		475,000		504,094

100

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Transport - Rail — 0.2%
Canadian National Railway Co. Senior Notes 2.85% due 12/15/2021	$	170,000	$	172,698
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		174,000		262,757
Kazakhstan Temir Zholy Finance BV Company Guar. Notes 6.95% due 07/10/2042		850,000		1,163,743
				1,599,198
Total Foreign Corporate Bonds & Notes
(cost $102,419,089)				104,899,805
FOREIGN GOVERNMENT OBLIGATIONS — 8.6%
Sovereign — 8.5%
Abu Dhabi Government Senior Notes 3.13% due 10/11/2027		1,950,000		2,110,875
Arab Republic of Egypt Senior Notes 7.60% due 03/01/2029		1,400,000		1,510,306
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		1,320,000		1,432,675
Dominican Republic Senior Bonds 6.85% due 01/27/2045		1,900,000		2,173,144
Federal Republic of Nigeria Senior Notes 9.25% due 01/21/2049		650,000		714,735
Gabones Republic Senior Notes 6.95% due 06/16/2025		730,000		707,355
Government of France Bonds 0.50% due 05/25/2029	EUR	745,000		892,984
Government of France Bonds 1.50% due 05/25/2050*	EUR	600,000		864,011
Government of Jamaica Senior Notes 6.75% due 04/28/2028		1,100,000		1,281,500
Government of Jamaica Senior Notes 8.00% due 03/15/2039		680,000		878,057
Government of Mongolia Senior Notes 5.13% due 12/05/2022		1,000,000		995,848
Government of Mongolia Senior Notes 5.63% due 05/01/2023		1,000,000		1,004,607
Government of Ukraine Senior Notes 7.75% due 09/01/2023		800,000		849,600
Government of Ukraine Senior Notes 9.75% due 11/01/2028		1,800,000		2,116,008
Kingdom of Bahrain Senior Notes 7.00% due 10/12/2028		1,300,000		1,489,704
Kingdom of Bahrain Senior Notes 7.50% due 09/20/2047		900,000		1,041,210

Security Description	Principal Amount(10)		Value (Note 2)
Sovereign (continued)
Kingdom of Jordan Senior Notes 5.75% due 01/31/2027*#	$	900,000	$	913,050
Kingdom of Spain Senior Notes 0.25% due 07/30/2024*	EUR	750,000		849,169
Oriental Republic of Uruguay Senior Notes 5.10% due 06/18/2050		850,000		1,054,009
Republic of Angola Senior Notes 9.38% due 05/08/2048		540,000		569,590
Republic of Argentina Senior Notes 8.28% due 12/31/2033		2,313,363		942,695
Republic of Colombia Senior Notes 8.13% due 05/21/2024		1,100,000		1,376,386
Republic of Colombia Senior Notes 10.38% due 01/28/2033		1,200,000		1,969,800
Republic of Ecuador Senior Notes 7.88% due 01/23/2028		1,900,000		1,775,550
Republic of Ecuador Senior Notes 10.75% due 03/28/2022		1,170,000		1,273,849
Republic of El Salvador Senior Notes 6.38% due 01/18/2027		1,390,000		1,421,289
Republic of El Salvador Senior Notes 7.63% due 02/01/2041		1,250,000		1,334,387
Republic of Ghana Government Guar. Notes 10.75% due 10/14/2030		730,000		907,492
Republic of Guatemala Senior Notes 4.88% due 02/13/2028		1,195,000		1,289,118
Republic of Guatemala Senior Notes 4.90% due 06/01/2030*		700,000		751,940
Republic of Honduras Senior Notes 6.25% due 01/19/2027		1,870,000		2,026,631
Republic of Hungary Senior Notes 7.63% due 03/29/2041		600,000		1,008,660
Republic of Indonesia Senior Notes 3.70% due 01/08/2022		1,000,000		1,029,169
Republic of Indonesia Senior Bonds 4.13% due 01/15/2025		2,200,000		2,350,327
Republic of Ivory Coast Senior Notes 5.75% due 12/31/2032		1,126,400		1,115,271
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033*		900,000		849,555
Republic of Kazakhstan Senior Notes 3.88% due 10/14/2024		1,800,000		1,917,000

101

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Kazakhstan Senior Notes 6.50% due 07/21/2045	$	700,000	$	1,019,949
Republic of Kenya Senior Notes 6.88% due 06/24/2024		900,000		962,478
Republic of Kenya Senior Notes 7.00% due 05/22/2027		670,000		706,147
Republic of Lebanon Senior Notes 6.65% due 02/26/2030		600,000		397,500
Republic of Lebanon Senior Notes 6.85% due 03/23/2027		1,180,000		785,880
Republic of Lebanon Senior Notes 8.25% due 04/12/2021		950,000		801,591
Republic of Panama Senior Notes 3.87% due 07/23/2060		900,000		1,033,650
Republic of Panama Senior Notes 4.50% due 05/15/2047		900,000		1,116,009
Republic of Panama Senior Notes 6.70% due 01/26/2036		780,000		1,139,783
Republic of South Africa Senior Bonds 4.88% due 04/14/2026		660,000		689,700
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030*		2,310,000		2,296,345
Republic of the Philippines Senior Notes 7.75% due 01/14/2031		1,080,000		1,637,158
Republic of Turkey Senior Notes 6.35% due 08/10/2024		1,600,000		1,589,696
Russian Federation Senior Notes 4.38% due 03/21/2029*		1,800,000		1,935,011
State of Kuwait Senior Notes 2.75% due 03/20/2022		1,600,000		1,630,275
State of Qatar Senior Notes 4.50% due 04/23/2028		1,000,000		1,171,250
State of Qatar Senior Notes 5.10% due 04/23/2048		500,000		666,180
Sultanate of Oman Senior Notes 6.00% due 08/01/2029*		1,060,000		1,054,170
Sultanate of Oman Senior Notes 6.75% due 01/17/2048		900,000		845,183
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/2034	GBP	360,000		674,293
United Mexican States Senior Notes 4.50% due 04/22/2029		255,000		281,459

Security Description	Principal Amount(10)		Value (Note 2)
Sovereign (continued)
United Mexican States Senior Bonds 4.75% due 03/08/2044	$	214,000	$	236,406
United Mexican States Senior Notes 5.55% due 01/21/2045		1,600,000		1,966,080
				71,423,749
Sovereign Agency — 0.1%
Kommunalbanken AS Senior Notes 1.75% due 09/15/2020*		468,000		467,916
Total Foreign Government Obligations
(cost $70,314,581)				71,891,665
U.S. GOVERNMENT AGENCIES — 28.2%
Federal Home Loan Mtg. Corp. — 5.8%
2.50% due 01/01/2028		175,597		178,745
2.50% due 04/01/2028		369,773		376,407
2.50% due 03/01/2031		246,546		250,171
2.50% due 10/01/2032		3,370,234		3,419,908
2.50% due 11/01/2032		1,552,769		1,582,829
3.00% due 04/01/2043		414,327		429,738
3.00% due 11/01/2046		9,356,324		9,660,900
3.00% due 08/01/2049		3,988,336		4,067,114
3.50% due 03/01/2042		256,348		268,274
3.50% due 04/01/2042		504,483		527,949
3.50% due 08/01/2042		442,543		465,450
3.50% due 09/01/2043		39,971		42,040
3.50% due 07/01/2045		4,530,769		4,735,649
3.50% due 11/01/2047		2,138,504		2,213,406
3.50% due 03/01/2048		11,755,849		12,314,898
3.50% due 08/01/2049		6,270,906		6,454,921
4.00% due 01/01/2046		288,209		306,491
4.00% due 01/01/2047		69,234		74,113
4.50% due 02/01/2020		455		468
4.50% due 08/01/2020		739		760
4.50% due 03/01/2023		14,073		14,473
5.00% due 05/01/2034		51,573		57,337
5.00% due 11/01/2043		42,604		47,431
5.50% due 06/01/2022		9,049		9,302
5.50% due 07/01/2035		15,462		17,495
6.00% due 03/01/2040		42,464		48,691
6.50% due 02/01/2036		8,022		9,417
Federal Home Loan Mtg. Corp. FRS 4.02% (6 ML+1.49%) due 02/01/2037		12,537		12,960
4.83% (12 ML+1.88%) due 11/01/2037		117,735		124,662
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(2)		458,918		473,885
Series 4800, Class KG 3.50% due 11/15/2045(2)		200,000		207,622
Series 3820, Class DA 4.00% due 11/15/2035(2)		328,531		328,957
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 4.60%(6.80%-1 ML) due 09/15/2039(2)(4)(11)		121,808		17,236

102

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2015-HQA2, Class M2 4.95% (1 ML+2.80%) due 05/25/2028(2)	$	67,984	$	68,439
				48,808,138
Federal National Mtg. Assoc. — 20.2%
2.50% due 12/01/2026		551,878		560,394
2.50% due 08/01/2031		2,987,048		3,029,620
2.50% due 02/01/2032		1,141,431		1,159,845
3.00% due 10/01/2027		148,700		152,627
3.00% due 12/01/2027		208,985		215,267
3.00% due 10/01/2030		306,649		315,632
3.00% due 02/01/2033		4,636,459		4,760,271
3.00% due 12/01/2042		137,783		142,539
3.00% due 08/01/2046		9,415,564		9,717,268
3.00% due 01/01/2047		3,001,561		3,084,743
3.00% due 04/01/2047		3,264,983		3,355,113
3.00% due 09/01/2048		5,070,281		5,210,065
3.50% due 09/01/2026		159,859		166,462
3.50% due 08/01/2027		44,329		45,925
3.50% due 10/01/2028		173,883		181,828
3.50% due 03/01/2033		1,644,166		1,708,278
3.50% due 08/01/2033		3,456,192		3,588,591
3.50% due 08/01/2042		253,371		258,849
3.50% due 10/01/2045		452,208		475,491
3.50% due 11/01/2045		357,057		373,436
3.50% due 07/01/2046		4,603,570		4,820,393
3.50% due 01/01/2047		775,471		806,099
3.50% due 12/01/2047		21,318,530		22,229,996
3.50% due 04/01/2048		10,106,758		10,493,762
4.00% due 11/01/2025		76,600		79,888
4.00% due 03/01/2039		3,873,454		4,051,884
4.00% due 12/01/2040		29,352		31,371
4.00% due 01/01/2043		1,851,142		1,980,577
4.00% due 10/01/2043		503,504		537,698
4.00% due 10/01/2044		251,970		266,340
4.00% due 02/01/2045		2,682,139		2,870,014
4.00% due 06/01/2046		559,924		589,557
4.00% due 01/01/2047		22,355		23,477
4.00% due 05/01/2047		591,484		620,303
4.00% due 07/01/2047		3,954,377		4,132,006
4.00% due 08/01/2047		7,157,585		7,499,641
4.00% due 06/01/2048		3,869,116		4,087,986
4.00% due 07/01/2048		4,518,365		4,697,045
4.00% due 09/01/2048		936,864		979,736
4.00% due 10/01/2048		8,183,333		8,500,859
4.00% due 01/01/2049		8,559,956		8,934,590
4.00% due 03/01/2049		8,096,771		8,400,118
4.50% due 08/01/2045		3,634,274		4,015,760
4.50% due 10/01/2048		1,929,598		2,035,483
4.50% due 11/01/2048		4,462,061		4,703,910
4.50% due 12/01/2048		5,786,918		6,095,288
4.50% due 03/01/2049		8,423,450		8,922,165
5.00% due 01/01/2023		17,089		17,650
5.00% due 04/01/2023		17,696		18,343
5.00% due 03/01/2037		6,890		7,350
5.00% due 05/01/2040		167,969		184,383
5.00% due 06/01/2040		52,581		57,965
5.00% due 02/01/2045		494,657		542,645
5.50% due 08/01/2037		209,420		236,164
5.50% due 06/01/2038		25,602		28,807
6.00% due 02/01/2032		2,969		3,267

Security Description	Principal Amount(10)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
6.00% due 10/01/2034	$	113	$	125
6.00% due 09/01/2038		46,441		53,174
6.00% due 11/01/2038		14,130		16,178
6.00% due 06/01/2040		11,986		13,731
6.50% due 11/01/2037		38,876		45,603
Federal National Mtg. Assoc. FRS 4.28% (6 ML+1.54%) due 09/01/2035		102,567		106,081
4.44% (12 ML+1.57%) due 05/01/2037		21,800		22,787
4.56% (12 ML+1.66%) due 07/01/2039		80,225		84,071
4.57% (12 ML+1.82%) due 10/01/2040		23,852		25,045
4.63% (1 Yr USTYCR+2.21%) due 10/01/2035		96,410		101,765
4.67% (12 ML+1.83%) due 10/01/2040		54,367		56,912
4.71% (1 Yr USTYCR+2.26%) due 11/01/2036		40,961		43,326
4.71% (12 ML+1.76%) due 05/01/2040		99,527		104,796
4.73% (12 ML+1.91%) due 08/01/2035		71,192		75,219
Federal National Mtg. Assoc. REMIC
Series2017-100, Class NP 3.00% due 12/25/2047(2)		1,100,119		1,135,158
Series2018-27, Class EA 3.00% due 05/25/2048(2)		2,656,641		2,747,529
Series2018-35, Class CD 3.00% due 05/25/2048(2)		2,258,092		2,306,052
				168,942,316
Government National Mtg. Assoc. — 2.2%
3.00% due 03/20/2046		350,958		363,500
3.00% due 05/20/2046		5,052,783		5,224,362
3.50% due 03/20/2047		400,597		418,088
4.00% due 05/20/2048		3,988,468		4,161,151
4.00% due 03/20/2049		945,455		987,314
4.50% due 10/20/2045		3,875,402		4,126,978
4.50% due 04/20/2047		2,937,941		3,094,926
				18,376,319
Total U.S. Government Agencies
(cost $230,222,824)				236,126,773
U.S. GOVERNMENT TREASURIES — 1.4%
United States Treasury Bonds — 0.1%
3.00% due 08/15/2048		196,000		240,575
3.00% due 02/15/2049		186,000		229,034
3.38% due 11/15/2048		269,000		353,683
				823,292
United States Treasury Notes — 1.3%
1.38% due 08/31/2020		242,000		241,017
1.63% due 08/15/2029		3,256,000		3,291,867
1.75% due 07/31/2021		2,217,000		2,226,093
2.38% due 05/15/2029		1,000,000		1,077,695
2.50% due 05/31/2020		3,000,000		3,014,062
2.88% due 10/31/2020		1,300,000		1,316,809
				11,167,543
Total U.S. Government Treasuries
(cost $11,738,754)				11,990,835

103

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
LOANS(12)(13)(14) — 5.6%
Applications Software — 0.0%
Corel Corp. FRS BTL 7.32% (3 ML+5.00%) due 06/26/2026	$	366,791	$	352,119
Auto Repair Centers — 0.1%
Mavis Tire Express Services Corp. FRS Delayed Draw 5.39% (3 ML+3.00%) due 03/20/2025(9)		38,131		37,345
Mavis Tire Express Services Corp. FRS Delayed Draw 5.36% (1 ML+3.25%) due 03/20/2025		11,104		10,874
Mavis Tire Express Services Corp. FRS 1st Lien 5.36% (1 ML+3.25%) due 03/20/2025		387,827		379,828
Wand NewCo 3, Inc. FRS 1st Lien 5.71% (1 ML+3.50%) due 02/05/2026		330,777		332,018
				760,065
Broadcast Services/Program — 0.1%
NEP Group, Inc. FRS 1st Lien 5.36% (1 ML+3.25%) due 10/20/2025		442,800		431,730
Building & Construction - Misc. — 0.0%
Verra Mobility Corp. FRS 1st Lien 5.86% (1 ML+3.75%) due 02/28/2025		415,775		416,555
Building Products- Air & Heating — 0.0%
API Heat Transfer ThermaSys Corp. FRS 1st Lien 8.33% (3 ML+6.00%) due 12/31/2023		380,314		342,282
Building Products - Doors & Windows — 0.1%
CHI Doors Holdings Corp. FRS 1st Lien 5.36% (1 ML+3.25%) due 07/29/2022		438,109		437,562
Cable/Satellite TV — 0.1%
CSC Holdings LLC FRS BTL-B 4.70% (1 ML+2.50%) due 01/25/2026		834,438		832,873
Casino Hotels — 0.1%
Caesars Resort Collection LLC FRS BTL-B 4.86% (1 ML+2.75%) due 12/22/2024		444,742		437,724
CityCenter Holdings LLC FRS BTL-B 4.36% (1 ML+2.25%) due 04/18/2024		447,716		447,436
				885,160
Casino Services — 0.0%
Stars Group Holdings FRS BTL 5.83% (3 ML+3.50%) due 07/10/2025		386,344		387,126

Security Description	Principal Amount(10)		Value (Note 2)
Cellular Telecom — 0.1%
Altice France SA FRS BTL-B13 6.20% (1 ML+4.00%) due 08/14/2026	$	441,663	$	437,356
Sprint Communications, Inc. FRS BTL-B 5.13% (1 ML+3.00%) due 02/02/2024		433,299		432,352
				869,708
Chemicals - Diversified — 0.1%
Hexion, Inc. FRS BTL 5.82% (3 ML+3.50%) due 07/01/2026		449,848		448,724
Chemicals - Specialty — 0.1%
LTI Holdings, Inc. FRS 1st Lien 5.61% (1 ML+3.50%) due 09/06/2025		286,826		271,230
LTI Holdings, Inc. FRS 2nd Lien 8.86% (1 ML+6.75%) due 09/06/2026		161,595		144,358
Starfruit US HoldCo. LLC FRS BTL-B 5.46% (1 ML+3.25%) due 10/01/2025		435,497		419,574
				835,162
Commercial Services - Finance — 0.1%
Financial & Risk US Holdings, Inc. FRS BTL 5.86% (1 ML+3.75%) due 10/01/2025		439,948		441,755
MoneyGram International, Inc. FRS BTL 8.33% (3 ML+6.00%) due 06/30/2023		348,980		342,873
				784,628
Computer Data Security — 0.1%
McAfee LLC FRS BTL-B1 5.87% (1 ML+3.75%) due 09/30/2024		441,752		441,844
Computer Services — 0.1%
Tempo Acquisition LLC FRS BTL-B 5.11% (1 ML+3.00%) due 05/01/2024		440,751		440,531
Computer Software — 0.1%
Rackspace Hosting, Inc. FRS 1st Lien 5.27% (2 ML+3.00%) due 11/03/2023		1,146		1,059
Rackspace Hosting, Inc. FRS 1st Lien 5.29% (3 ML+3.00%) due 11/03/2023		448,070		414,184
Rackspace Hosting, Inc. FRS 1st Lien coupon TBD due 11/03/2023		39,000		36,051

104

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
LOANS (continued)
Computer Software (continued)
Vertafore, Inc. FRS 1st Lein 5.36% (1 ML+3.25%) due 07/02/2025	$	223,875	$	215,960
Vertafore, Inc. FRS 2nd Lien 9.36% (1 ML+7.25%) due 07/02/2026		216,071		212,290
				879,544
Consulting Services — 0.0%
AlixPartners LLP FRS BTL 4.86% (1 ML+2.75%) due 04/04/2024		218,325		218,489
Stiphout Finance LLC FRS 1st Lien 5.11% (1 ML+3.00%) due 10/26/2022		77,747		76,969
				295,458
Containers - Metal/Glass — 0.1%
BWAY Corp. FRS BTL 5.59% (3 ML+3.25%) due 04/03/2024		455,706		442,319
Containers - Paper/Plastic — 0.1%
Charter NEX US, Inc. FRS 1st Lien 5.11% (1 ML+3.00%) due 05/16/2024		442,741		434,772
Cosmetics & Toiletries — 0.1%
Sunshine Luxembourg VII SARL FRS BTL coupon TBD due 07/16/2026		451,596		451,314
Data Processing/Management — 0.1%
CCC Information Services, Inc. FRS 1st Lien 4.87% (1 ML+2.75%) due 04/26/2024		443,736		439,946
Disposable Medical Products — 0.1%
Sotera Health Holdings LLC FRS BTL 5.11% (1 ML+3.00%) due 05/15/2022		1,688,273		1,655,914
Distribution/Wholesale — 0.1%
Fastlane Parent Co., Inc. FRS 1st Lien 6.83% (3 ML+4.50%) due 02/04/2026		343,000		336,569
Univar USA, Inc. FRS BTL-B3 4.36% (1 ML+2.25%) due 07/01/2024		446,662		446,731
				783,300
Diversified Operations — 0.1%
Travelport Finance Luxembourg SARL FRS BTL 7.54% (3 ML+5.00%) due 05/29/2026		478,536		440,492

Security Description	Principal Amount(10)		Value (Note 2)
E-Commerce/Services — 0.0%
RentPath LLC FRS 2nd Lien 11.12% (1 ML+9.00%) due 12/17/2022	$	2,178,597	$	250,539
Electric - Generation — 0.0%
Vistra Operations Co. LLC FRS BTL 4.11% (1 ML+2.00%) due 08/04/2023		227,486		227,593
Electronic Components - Misc. — 0.0%
AI Ladder Luxembourg Subco SARL FRS BTL 6.83% (3 ML+4.50%) due 07/09/2025		432,051		416,389
Electronic Components - Semiconductors — 0.0%
Bright Bidco BV FRS BTL 5.61% (1 ML+3.50%)		187,701		110,743
Bright Bidco BV FRS BTL-B 5.83% (3 ML+3.50%) due 06/30/2024		388,766		229,372
				340,115
Enterprise Software/Service — 0.2%
Applied Systems, Inc. FRS 1st Lein 5.33% (3 ML+3.00%) due 09/19/2024		427,823		426,178
Digicert Holdings, Inc. FRS BTL-B coupon TBD due 08/31/2026		337,610		337,188
Epicor Software Corp. FRS 1st Lien 5.37% (1 ML+3.25%) due 06/01/2022		429,055		428,250
Finastra USA, Inc. FRS BTL-B 5.70% (1 ML+3.50%) due 06/13/2024		321,130		309,489
Finastra USA, Inc. FRS BTL-B 5.70% (2 ML+3.50%) due 06/13/2024		125,274		120,733
Greeneden US Holdings II LLC FRS BTL 5.36% (1 ML+3.25%) due 12/01/2023		444,744		438,999
Informatica LLC FRS BTL 5.36% (1 ML+3.25%) due 08/05/2022		440,285		440,395
Kronos, Inc. FRS 1st Lien 5.25% (3 ML+3.00%) due 11/01/2023		447,000		446,628
MYOB US Borrower LLC FRS BTL 6.11% (1 ML+4.00%) due 05/06/2026		332,080		331,872
Sophia LP FRS BTL-B 5.58% (3 ML+3.25%) due 09/30/2022		416,163		415,539

105

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
LOANS (continued)
Enterprise Software/Service (continued)
Ultimate Software Group, Inc. FRS 1st Lien 6.08% (3 ML+3.75%) due 05/04/2026	$	332,090	$	332,644
				4,027,915
Finance - Credit Card — 0.1%
Pi US Mergerco, Inc. FRS 1st Lien 5.36% (1 ML+3.25%) due 01/03/2025		433,356		428,029
Finance - Investment Banker/Broker — 0.1%
Deerfield Dakota Holding LLC FRS BTL-B 5.36% (1 ML+3.25%) due 02/13/2025		445,728		432,436
Gambling(Non-Hotel) — 0.1%
Mohegan Tribal Gaming Authority FRS BTL-B 6.11% (1 ML+4.00%) due 10/13/2023		484,664		445,083
Scientific Games International, Inc. FRS BTL-B5 4.86% (1 ML+2.75%) due 08/14/2024		89,841		88,701
Scientific Games International, Inc. FRS BTL-B5 4.90% (2 ML+2.75%) due 08/14/2024		367,145		362,490
				896,274
Hazardous Waste Disposal — 0.1%
GFL Environmental, Inc. FRS BTL 5.11% (1 ML+3.00%) due 05/30/2025		450,724		445,991
Human Resources — 0.1%
Team Health Holdings, Inc. FRS 1st Lien 4.86% (1 ML+2.75%) due 02/06/2024		870,371		705,000
Insurance Brokers — 0.1%
Alliant Holdings Intermediate LLC FRS BTL-B1 5.15% (1 ML+3.00%) due 05/09/2025		447,739		434,446
HUB International, Ltd. FRS BTL-B 5.27% - 5.28% (3 ML+3.00%) due 04/25/2025		443,885		434,849
				869,295
Insurance - Multi-line — 0.1%
York Risk Services Holding Corp. FRS BTL-B 5.86% (1 ML+3.75%) due 10/01/2021		523,708		522,562
Insurance - Property/Casualty — 0.1%
Asurion LLC FRS BTL-B6 5.11% (1 ML+3.00%) due 11/03/2023		415,803		416,149

Security Description	Principal Amount(10)		Value (Note 2)
Insurance - Property/Casualty (continued)
Asurion LLC FRS 2nd Lien 8.61% (1 ML+6.50%) due 08/04/2025	$	16,737	$	16,951
Sedgwick Claims Management Services, Inc. FRS BTL 5.36% (1 ML+3.25%) due 12/31/2025		322,913		313,226
				746,326
Internet Financial Services — 0.1%
ION Trading Finance, Ltd. FRS BTL 6.65% (3 ML+4.00%) due 11/21/2024		451,566		435,761
Machinery - Electrical — 0.0%
Brookfield WEC Holdings, Inc. FRS 1st Lien 5.61% (1 ML+3.50%) due 08/01/2025		328,350		328,624
Machinery - General Industrial — 0.1%
Shape Technologies Group, Inc. FRS BTL 5.26% (3 ML+3.00%) due 04/21/2025		316,869		285,182
Welbilt, Inc. FRS BTL-B 4.61% (1 ML+2.50%) due 10/23/2025		343,000		339,427
				624,609
Machinery - Pumps — 0.1%
STS Operating, Inc. FRS BTL 6.36% (1 ML+4.25%) due 12/11/2024		441,589		436,621
Medical Products — 0.1%
Greatbatch, Ltd. FRS BTL-B 5.22% (1 ML+3.00%) due 10/27/2022		580,392		582,673
VVC Holding Corp. FRS BTL-B 6.68% (3 ML+4.50%) due 02/11/2026		226,198		224,783
VVC Holding Corp. FRS BTL-B 6.70% (1 ML+4.50%) due 02/11/2026		721		717
				808,173
Medical - Drugs — 0.1%
Akorn, Inc. FRS BTL-B 8.37% (3 ML+6.25%) due 04/16/2021		361,866		334,726
Akorn, Inc. FRS BTL-B coupon TBD due 04/16/2021		226		209
Alphabet Holding Co., Inc. FRS 1st Lien 5.61% (1 ML+3.50%) due 09/26/2024		445,466		414,005

106

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
LOANS (continued)
Medical - Drugs (continued)
Bausch Health Americas, Inc. FRS BTL 4.95% (1 ML+2.75%) due 11/27/2025	$	270,153	$	269,882
Bausch Health Americas, Inc. FRS BTL 5.20% (1 ML+3.00%) due 06/02/2025		51,177		51,220
				1,070,042
Medical - Generic Drugs — 0.1%
Alvogen Pharma US, Inc. FRS BTL-B 6.86% (1 ML+4.75%) due 04/02/2022		435,529		394,879
Amneal Pharmaceuticals LLC FRS BTL-B 5.63% (1 ML+3.50%) due 05/04/2025		431,819		391,516
				786,395
Medical- HMO — 0.1%
MPH Acquisition Holdings LLC FRS BTL-B 5.08% (3 ML+2.75%) due 06/07/2023		474,574		440,761
Medical - Outpatient/Home Medical — 0.1%
HC Group Holdings III, Inc. FRS BTL-B 6.61% (1 ML+4.50%) due 05/21/2026		449,932		447,683
Metal Processors & Fabrication — 0.1%
Crosby US Acquisition Corp. FRS BTL-B 6.92% (1 ML+4.75%) due 06/26/2026		336,673		329,518
Doncasters US Finance LLC FRS BTL 5.83% (3 ML+3.50%) due 04/09/2020		68,110		46,485
Form Technologies LLC FRS BTL 5.58% (3 ML+3.25%) due 01/28/2022		439,704		421,017
SEI Holdings I Corp. FRS 1st Lien 6.11% (1 ML+4.00%) due 03/27/2021		452,612		446,954
				1,243,974
Miscellaneous Manufacturing — 0.0%
Excelitas Technologies Corp. FRS 2nd Lien 9.83% (3 ML+7.50%) due 12/01/2025		338,000		337,155
Multimedia — 0.0%
EW Scripps Co. FRS BTL-B1 4.86% (1 ML+2.75%) due 05/01/2026		332,007		331,903

Security Description	Principal Amount(10)		Value (Note 2)
Oil Companies - Exploration & Production — 0.1%
Osum Production Corp. FRS BTL 11.83% (3 ML+9.50%) due 07/31/2022	$	484,248	$	445,508
Physicians Practice Management — 0.1%
Sound Inpatient Physicians, Inc. FRS 1st Lien 4.86% (1 ML+2.75%) due 06/27/2025		475,337		469,692
Pipelines — 0.1%
Blackstone CQP Holdco LP FRS BTL-B 5.89% (3 ML+3.50%) due 09/30/2024		334,037		333,898
Lucid Energy Group II Borrower LLC FRS 1st Lien 5.11% (1 ML+3.00%) due 02/17/2025		463,652		426,946
Medallion Midland Acquisition LLC FRS BTL 5.36% (1 ML+3.25%) due 10/30/2024		446,285		426,481
				1,187,325
Publishing - Books — 0.1%
Houghton Mifflin Harcourt Publishers, Inc. FRS BTL 5.11% (1 ML+3.00%) due 05/31/2021		467,565		453,421
Publishing - Periodicals — 0.1%
Meredith Corp. FRS BTL-B1 4.86% (1 ML+2.75%) due 01/31/2025		373,385		373,852
Nielsen Finance LLC FRS BTL-B4 4.21% (1 ML+2.00%) due 10/04/2023		453,839		451,144
				824,996
Quarrying — 0.1%
US Silica Co. FRS BTL-B 6.13% (1 ML+4.00%) due 05/01/2025		475,013		444,336
Real Estate Management/Services — 0.1%
DTZ U. S. Borrower LLC FRS BTL-B 5.36% (1 ML+3.25%) due 08/21/2025		440,569		440,129
Research & Development — 0.0%
PAREXEL International Corp. FRS BTL 4.86% (1 ML+2.75%) due 09/27/2024		413,602		388,786
Resort/Theme Parks — 0.1%
SeaWorld Parks & Entertainment, Inc. FRS BTL-B5 5.11% (1 ML+3.00%) due 03/31/2024		428,295		427,581

107

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(10)		Value (Note 2)
LOANS (continued)
Retail - Major Department Stores — 0.1%
Hudson’s Bay Co. FRS BTL-B 5.49% (1 ML+3.25%) due 09/30/2022	$	440,007	$	439,457
Retail - Petroleum Products — 0.1%
EG America LLC FRS BTL 6.33% (3 ML+4.00%) due 02/07/2025		834,441		820,186
Retail - Restaurants — 0.1%
IRB Holding Corp. FRS BTL-B 5.55% - 5.56% (3 ML+3.25%) due 02/05/2025		442,758		439,714
Wok Holdings, Inc. FRS BTL 8.70% (6 ML+6.50%) due 03/01/2026		103,660		98,866
Wok Holdings, Inc. FRS BTL 8.83% (3 ML+6.50%) due 03/01/2026		260		248
Wok Holdings, Inc. FRS BTL coupon TBD due 03/01/2026		252,079		240,421
				779,249
Retail - Sporting Goods — 0.0%
Bass Pro Group LLC FRS BTL 7.11% (1 ML+5.00%) due 09/25/2024		435,314		413,684
Rubber/Plastic Products — 0.0%
Gates Global LLC FRS BTL-B2 coupon TBD due 04/01/2024		338,000		329,286
Satellite Telecom — 0.1%
Intelsat Jackson Holdings SA FRS BTL-B3 5.90% (1 ML+3.75%) due 11/27/2023		435,000		434,456
Security Services — 0.0%
Prime Security Services Borrower LLC FRS BTL-B1 4.86% (1 ML+2.75%) due 05/02/2022		366,201		365,809
Soap & Cleaning Preparation — 0.1%
Diamond BC BV FRS BTL 5.26% (2 ML+3.00%) due 09/06/2024		1,264		1,154
Diamond BC BV FRS BTL 5.26% (3 ML+3.00%) due 09/06/2024		496,894		453,415
				454,569
Software Tools — 0.0%
RP Crown Parent LLC FRS BTL 4.86% (1 ML+2.75%) due 10/12/2023		340,000		338,831

Security Description	Shares/ Principal Amount(10)		Value (Note 2)
Telecom Services — 0.1%
Level 3 Parent LLC FRS BTL-B 4.36% (1 ML+2.25%) due 02/22/2024	$	435,000	$	435,272
West Corp. FRS BTL-B1 5.61% (1 ML+3.50%) due 10/10/2024		394,599		350,207
				785,479
Telecommunication Equipment — 0.0%
CommScope, Inc. FRS BTL-B 5.36% (1 ML+3.25%) due 04/06/2026		221,774		220,665
Telephone - Integrated — 0.1%
CenturyLink, Inc. FRS BTL-B 4.86% (1 ML+2.75%) due 01/31/2025		439,320		432,730
Television — 0.1%
Ion Media Networks, Inc. FRS Term Loan B 5.13% (1 ML+3.00%) due 12/18/2024		451,383		450,678
Theaters — 0.1%
AMC Entertainment Holdings, Inc. FRS BTL-B 5.23% (6 ML+3.00%) due 04/22/2026		439,315		440,597
Cineworld, Ltd. FRS BTL 4.36% (1 ML+2.25%) due 02/28/2025		450,579		447,059
William Morris Endeavor Entertainment LLC FRS BTL-B1 4.87% (1 ML+2.75%) due 05/18/2025		1,808,035		1,753,794
				2,641,450
Transport - Truck — 0.1%
Pods LLC FRS 1st Lien 5.05% (1 ML+2.75%) due 12/06/2024		832,297		823,974
Total Loans
(cost $49,615,091)				46,901,570
COMMON STOCKS — 0.0%
Building Products- Air & Heating — 0.0%
API Heat Transfer, Inc. †(15)		407,576		121,254
Television — 0.0%
ION Media Networks, Inc.†(5)(15)		316		282,978
Total Common Stocks
(cost $134,503)				404,232
PREFERRED SECURITIES — 0.0%
Building Products- Air & Heating — 0.0%
API Heat Transfer, Inc. Class A(15)		86,869		68,518
Electric - Distribution — 0.0%
Entergy Louisiana LLC 4.70%		7,075		180,554

108

VALIC Company II Strategic Bond Fund

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

Security Description	Shares/ Principal Amount(10)		Value (Note 2)
PREFERRED SECURITIES (continued)
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. Series Z 8.38%	$	2,642	$	31,810
Total Preferred Securities
(cost $304,537)				280,882
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.4%
Banks - Money Center — 0.1%
National Westminster Bank PLC 1.80% due 01/05/2020(6)	EUR	900,000		977,443
Banks - Super Regional — 0.0%
Wells Fargo Capital X 5.95% due 12/01/2086	$	135,000		168,306
Building & Construction - Misc. — 0.1%
China Minmetals Corp. 3.75% due 11/13/2022(6)		485,000		483,632
Diversified Banking Institutions — 0.3%
Bank of Nova Scotia 4.65% due 10/12/2022(6)		432,000		425,356
HSBC Holdings PLC 6.00% due 05/22/2027(6)		349,000		349,872
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(6)		493,000		530,591
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(6)		245,000		260,803
Societe Generale SA 7.88% due 12/18/2023*(6)		551,000		594,391
				2,161,013
Diversified Minerals — 0.0%
BHP Billiton Finance, Ltd. 5.63% due 10/22/2079	EUR	300,000		403,868
Electric - Distribution — 0.0%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		335,000		339,127
Electric - Generation — 0.1%
Electricite de France SA 4.25% due 01/29/2020(6)	EUR	700,000		782,244
Electric - Integrated — 0.1%
Dominion Resources, Inc. 5.75% due 10/01/2054		136,000		144,087
Gas Natural Fenosa Finance BV 3.38% due 04/24/2024(6)	EUR	300,000		351,485
				495,572
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(5)		101,000		10
Food - Dairy Products — 0.1%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		1,115,000		1,225,106
Insurance - Life/Health — 0.1%
Aviva PLC 6.13% due 07/05/2043	EUR	300,000		387,768
Prudential Financial, Inc. 5.63% due 06/15/2043		351,000		376,132
Prudential Financial, Inc. 5.70% due 09/15/2048		146,000		159,426
				923,326

Security Description	Shares/ Principal Amount(10)			Value (Note 2)
Insurance - Multi-line — 0.0%
Voya Financial, Inc. Company Guar. Notes 4.70% due 01/23/2048	$	224,000		$	208,992
Medical - Drugs — 0.1%
Bayer AG 3.00% due 07/01/2075	EUR	600,000			669,321
Oil Companies - Integrated — 0.2%
TOTAL SA 2.71% due 05/05/2023(6)	EUR	1,100,000			1,302,649
Pipelines — 0.1%
EnLink Midstream Partners LP 6.00% due 12/15/2022(6)		149,000			111,750
Enterprise Products Operating LLC 5.25% due 08/16/2077		108,000			106,650
TransCanada Trust 5.30% due 03/15/2077		194,000			192,545
TransCanada Trust 5.63% due 05/20/2075		136,000			139,740
					550,685
Water — 0.1%
Suez 3.00% due 06/23/2020(6)	EUR	900,000			1,010,227
Total Preferred Securities/Capital Securities
(cost $11,609,925)					11,701,521
Total Long-Term Investment Securities
(cost $788,198,582)					803,620,885
SHORT-TERM INVESTMENT SECURITIES — 4.1%
Registered Investment Companies — 4.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class  2.07%(17)		26,669,672			26,669,672
State Street Navigator Securities Lending Government Money Market Portfolio 2.12%(16)(17)		7,573,660			7,573,660
Total Short-Term Investment Securities
(cost $34,243,332)					34,243,332
TOTAL INVESTMENTS
(cost $822,441,914)(18)		99.9	%		837,864,217
Other assets less liabilities		0.1			694,608
NET ASSETS		100.0	%	$	838,558,825

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At August 31, 2019, the aggregate value of these securities was $184,571,855 representing 22.0% of net assets.

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

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) 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) Interest Only

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

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

(7) Company has filed for bankruptcy protection.

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

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

109

VALIC Company II Strategic Bond Fund

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

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

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

(12) 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.

(13) 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.

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

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

Name	Acquisition Date		Shares		Acquisition Cost		Value		Value per Share		% of Net Assets
Common Stocks
API Heat Transfer, Inc.		12/31/2018		407,576	$	134,500	$	121,254	$	0.30		0.01	%
ION Media Networks, Inc.		03/05/2014		316		3		282,978		895.50		0.03	%
Preferred Securities
API Heat Transfer, Inc., Class A		12/31/2018		86,869		86,869		68,518		0.79		0.01	%
							$	472,750				0.05	%

(16) At August 31, 2019, the Fund had loaned securities with a total value of $10,196,082. This was secured by collateral of $7,573,660, which was received in cash and subsequently invested in short-term investments currently valued at $7,573,660 as reported in the Portfolio of Investments. Additional collateral of $2,842,662 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2019
United States Treasury Bills	0.00%	01/09/2020	$ 34,658
United States Treasury Notes/Bonds	zero coupon to 8.75%	09/30/2019 to 02/15/2049	2,808,004

(17) The rate shown is the7-day yield as of August 31, 2019.

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

BTL—Bank Term Loan

REMIC—Real Estate Mortgage Investment Conduit

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 August 31, 2019 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

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank N.A.		EUR	31,225,000		USD	35,355,070		09/06/2019	$	1,032,073	$	–
		EUR	12,058,000		USD	13,628,402		11/07/2019		309,953		–
		GBP	9,900,000		USD	12,596,528		09/06/2019		549,194		–
		USD	1,870,449		EUR	1,650,000		09/06/2019		–		(56,744	)
		USD	3,590,386		GBP	2,865,000		09/06/2019		–		(103,961	)
		USD	3,182,682		EUR	2,836,000		11/07/2019		–		(50,229	)
Net Unrealized Appreciation/(Depreciation)									$	1,891,220	$	(210,934	)

EUR—Euro Currency

GBP—British Pound

USD—United States Dollar

110

VALIC Company II Strategic Bond Fund

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

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	26,218,079	$	—	$	26,218,079
U.S. Corporate Bonds & Notes:
Airlines		—		834,565		29,850		864,415
Finance - Investment Banker/Broker		—		1,357,982		25		1,358,007
Gambling(Non-Hotel)		—		804,011		15,774		819,785
Rubber/Plastic Products		—		—		0		0
Other Industries		—		290,163,316		—		290,163,316
Foreign Corporate Bonds & Notes:
Special Purpose Entity		—		—		0		0
Other Industries		—		104,899,805		—		104,899,805
Foreign Government Obligations		—		71,891,665		—		71,891,665
U.S. Government Agencies		—		236,126,773		—		236,126,773
U.S. Government Treasuries		—		11,990,835		—		11,990,835
Loans		—		46,901,570		—		46,901,570
Common Stocks:
Building Products - Air & Heating		—		121,254		—		121,254
Television		—		—		282,978		282,978
Preferred Securities:
Building Products- Air & Heating		—		68,518		—		68,518
Others		212,364		—		—		212,364
Preferred Securities/Capital Securities:
Finance Investment Banker/Broker		—		—		10		10
Other Industries		—		11,701,511		—		11,701,511
Short-Term Investment Securities		34,243,332		—		—		34,243,332
Total Investments at Value	$	34,455,696	$	803,079,884	$	328,637	$	837,864,217
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	1,891,220	$	—	$	1,891,220
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	210,934	$	—	$	210,934

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

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

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

See Notes to Financial Statements

111

VALIC Company II U.S. Socially Responsible Fund@

PORTFOLIO PROFILE —August 31, 2019 (unaudited)

Industry Allocation*

Applications Software	6.0	%
Finance — Credit Card	4.8
Computers	4.4
Repurchase Agreements	4.2
Web Portals/ISP	3.7
Real Estate Investment Trusts	3.6
Medical — Biomedical/Gene	3.2
Cosmetics & Toiletries	2.9
Commercial Services — Finance	2.9
Banks — Super Regional	2.8
Electric — Integrated	2.7
Electronic Components — Semiconductors	2.3
Medical Products	2.3
Retail — Building Products	2.1
Oil Companies — Exploration & Production	1.9
Medical — Drugs	1.7
Beverages — Non — alcoholic	1.7
Telephone — Integrated	1.7
Diagnostic Equipment	1.6
Retail — Restaurants	1.6
Multimedia	1.5
E-Commerce/Services	1.4
Insurance — Multi — line	1.4
Banks — Commercial	1.3
Diversified Manufacturing Operations	1.3
Finance — Other Services	1.3
Cable/Satellite TV	1.3
Investment Management/Advisor Services	1.2
Networking Products	1.2
Insurance — Life/Health	1.2
Food — Misc./Diversified	1.1
Medical — HMO	1.0
Industrial Gases	1.0
Pipelines	1.0
Medical Labs & Testing Services	0.9
Internet Content — Entertainment	0.9
Data Processing/Management	0.9
Banks — Fiduciary	0.9
Electronic Forms	0.8
Finance — Investment Banker/Broker	0.7
Insurance Brokers	0.7
Insurance — Property/Casualty	0.7
Semiconductor Components — Integrated Circuits	0.7
Transport — Rail	0.6
Airlines	0.6
Machinery — General Industrial	0.6
Transport — Services	0.6
Non-Hazardous Waste Disposal	0.6
Electric Products — Misc.	0.6
Water	0.6
Retail — Major Department Stores	0.5
Chemicals — Specialty	0.5
E-Commerce/Products	0.5
Oil — Field Services	0.5
Machinery — Construction & Mining	0.5
Medical — Hospitals	0.5
Chemicals — Diversified	0.4
Retail — Drug Store	0.4
Semiconductor Equipment	0.4
Consumer Products — Misc.	0.4
Electronic Measurement Instruments	0.4
Oil Refining & Marketing	0.4
Machinery — Farming	0.3
U.S. Government Treasuries	0.3
Entertainment Software	0.3
Steel — Producers	0.3
Building Products — Cement	0.3
Retail — Auto Parts	0.3
Building Products — Air & Heating	0.3

Apparel Manufacturers	0.2
Medical Instruments	0.2
Distribution/Wholesale	0.2
Computer Aided Design	0.2
Auto — Cars/Light Trucks	0.2
Retail — Discount	0.2
Engines — Internal Combustion	0.2
Auto — Heavy Duty Trucks	0.2
Retail — Apparel/Shoe	0.2
Containers — Metal/Glass	0.2
Containers — Paper/Plastic	0.2
Food — Retail	0.2
Registered Investment Companies	0.2
Medical — Generic Drugs	0.2
Paper & Related Products	0.2
Computers — Memory Devices	0.2
Food — Meat Products	0.2
Consulting Services	0.2
Decision Support Software	0.1
Medical Information Systems	0.1
Finance — Consumer Loans	0.1
Electric — Distribution	0.1
Web Hosting/Design	0.1
Tools — Hand Held	0.1
Diagnostic Kits	0.1
Industrial Automated/Robotic	0.1
Dental Supplies & Equipment	0.1
Advertising Agencies	0.1
Food — Confectionery	0.1
Electronic Connectors	0.1
Wireless Equipment	0.1
Instruments — Controls	0.1
Retail — Regional Department Stores	0.1
Broadcast Services/Program	0.1
Commercial Services	0.1
Computer Software	0.1
Instruments — Scientific	0.1
Respiratory Products	0.1
Agricultural Chemicals	0.1
Oil Field Machinery & Equipment	0.1
Computer Services	0.1
Retail — Consumer Electronics	0.1
	100.2%

* Calculated as a percentage of net assets

@ See Note 1

112

VALIC Company II U.S. Socially Responsible Fund@

PORTFOLIO OF INVESTMENTS —August 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.5%
Advertising Agencies — 0.1%
Omnicom Group, Inc.		9,177	$	698,003
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		2,726		131,366
Mosaic Co.		19,096		351,175
				482,541
Airlines — 0.6%
American Airlines Group, Inc.		7,532		198,167
Delta Air Lines, Inc.		37,348		2,160,955
Southwest Airlines Co.		23,848		1,247,727
United Airlines Holdings, Inc.†		11,783		993,425
				4,600,274
Apparel Manufacturers — 0.2%
Capri Holdings, Ltd.†		5,742		151,474
Hanesbrands, Inc.		11,970		163,510
PVH Corp.		6,293		477,009
Ralph Lauren Corp.		3,701		326,946
Tapestry, Inc.		14,993		309,606
Under Armour, Inc., Class C†		13,824		233,902
				1,662,447
Applications Software — 6.0%
Intuit, Inc.		11,025		3,179,169
Microsoft Corp.		252,832		34,855,420
salesforce.com, Inc.†		32,472		5,067,905
				43,102,494
Auto - Cars/Light Trucks — 0.2%
Ford Motor Co.		169,907		1,558,047
Auto - Heavy Duty Trucks — 0.2%
PACCAR, Inc.		23,182		1,519,812
Banks - Commercial — 1.3%
BB&T Corp.		75,031		3,575,227
Citizens Financial Group, Inc.		57,379		1,935,967
First Republic Bank		5,200		466,544
M&T Bank Corp.		11,350		1,659,484
Regions Financial Corp.		105,393		1,540,846
Zions Bancorp NA		3,779		155,279
				9,333,347
Banks - Fiduciary — 0.9%
Bank of New York Mellon Corp.		78,546		3,303,645
Northern Trust Corp.		15,678		1,378,567
State Street Corp.		31,582		1,620,472
				6,302,684
Banks - Super Regional — 2.8%
Comerica, Inc.		5,656		348,692
Fifth Third Bancorp		73,408		1,941,642
Huntington Bancshares, Inc.		76,405		1,012,366
KeyCorp		75,485		1,253,051
PNC Financial Services Group, Inc.		45,872		5,914,277
SunTrust Banks, Inc.		34,441		2,118,466
US Bancorp		138,276		7,285,763
				19,874,257
Beverages-Non-alcoholic — 1.7%
Monster Beverage Corp.†		18,884		1,107,924
PepsiCo, Inc.		80,439		10,998,425
				12,106,349
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†#		18,616		513,802

Security Description	Shares		Value (Note 2)
Building Products- Air & Heating — 0.3%
Johnson Controls International PLC		45,988	$	1,963,228
Building Products - Cement — 0.3%
Martin Marietta Materials, Inc.		3,842		974,984
Vulcan Materials Co.		7,568		1,068,980
				2,043,964
Cable/Satellite TV — 1.3%
Comcast Corp., Class A		198,646		8,792,072
DISH Network Corp., Class A†		9,071		304,423
				9,096,495
Chemicals - Diversified — 0.4%
Eastman Chemical Co.		6,646		434,449
LyondellBasell Industries NV, Class A		19,503		1,509,142
PPG Industries, Inc.		11,277		1,249,379
				3,192,970
Chemicals - Specialty — 0.5%
Ecolab, Inc.		16,521		3,408,448
International Flavors & Fragrances, Inc.#		3,427		376,113
				3,784,561
Commercial Services — 0.1%
Cintas Corp.		1,335		352,173
Nielsen Holdings PLC		7,541		156,551
				508,724
Commercial Services - Finance — 2.9%
Automatic Data Processing, Inc.		26,191		4,448,279
FleetCor Technologies, Inc.†		3,186		950,702
H&R Block, Inc.		13,643		330,434
IHS Markit, Ltd.†		21,641		1,419,866
Moody’s Corp.		12,713		2,740,669
PayPal Holdings, Inc.†		45,357		4,946,181
S&P Global, Inc.		19,453		5,061,476
Total System Services, Inc.		6,195		831,493
				20,729,100
Computer Aided Design — 0.2%
Autodesk, Inc.†		8,651		1,235,536
Synopsys, Inc.†		2,329		330,275
				1,565,811
Computer Services — 0.1%
DXC Technology Co.		13,055		433,687
Computer Software — 0.1%
Akamai Technologies, Inc.†		2,705		241,097
Citrix Systems, Inc.		2,776		258,112
				499,209
Computers — 4.4%
Apple, Inc.		141,522		29,541,302
Hewlett Packard Enterprise Co.		93,259		1,288,839
HP, Inc.		65,285		1,194,063
				32,024,204
Computers - Memory Devices — 0.2%
NetApp, Inc.		5,154		247,701
Seagate Technology PLC		6,229		312,758
Western Digital Corp.		10,547		604,027
				1,164,486
Consulting Services — 0.2%
Verisk Analytics, Inc.		7,041		1,137,403

113

VALIC Company II U.S. Socially Responsible Fund@

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consumer Products - Misc. — 0.4%
Clorox Co.		3,229	$	510,698
Kimberly-Clark Corp.		15,588		2,199,623
				2,710,321
Containers - Metal/Glass — 0.2%
Ball Corp.		17,251		1,387,153
Containers - Paper/Plastic — 0.2%
Packaging Corp. of America		4,437		446,273
WestRock Co.		27,050		924,569
				1,370,842
Cosmetics & Toiletries — 2.9%
Colgate-Palmolive Co.		51,982		3,854,465
Coty, Inc., Class A		19,988		190,886
Estee Lauder Cos., Inc., Class A		12,927		2,559,417
Procter & Gamble Co.		120,084		14,437,699
				21,042,467
Data Processing/Management — 0.9%
Fidelity National Information Services, Inc.		21,934		2,987,849
Fiserv, Inc.†		18,776		2,007,905
Paychex, Inc.		17,745		1,449,767
				6,445,521
Decision Support Software — 0.1%
MSCI, Inc.		4,279		1,003,982
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		2,114		387,094
DENTSPLY SIRONA, Inc.		7,006		365,363
				752,457
Diagnostic Equipment — 1.6%
Danaher Corp.		34,694		4,929,671
Thermo Fisher Scientific, Inc.		23,618		6,779,783
				11,709,454
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		2,935		850,387
Disposable Medical Products — 0.0%
Teleflex, Inc.		978		355,914
Distribution/Wholesale — 0.2%
Fastenal Co.		21,358		653,982
LKQ Corp.†		19,468		511,424
WW Grainger, Inc.		1,749		478,614
				1,644,020
Diversified Manufacturing Operations — 1.3%
Eaton Corp. PLC		40,239		3,248,092
Illinois Tool Works, Inc.		22,564		3,381,441
Ingersoll-Rand PLC		11,309		1,369,407
Parker-Hannifin Corp.		8,013		1,328,315
				9,327,255
E-Commerce/Products — 0.5%
eBay, Inc.		92,972		3,745,842
E-Commerce/Services — 1.4%
Booking Holdings, Inc.†		3,110		6,115,535
Expedia Group, Inc.		24,442		3,179,904
TripAdvisor, Inc.†		19,292		732,903
				10,028,342
Electric Products - Misc. — 0.6%
AMETEK, Inc.		13,887		1,193,310
Emerson Electric Co.		51,448		3,065,786
				4,259,096

Security Description	Shares		Value (Note 2)
Electric - Distribution — 0.1%
CenterPoint Energy, Inc.		33,728	$	933,928
Electric - Integrated — 2.7%
AES Corp.		79,632		1,220,759
CMS Energy Corp.		30,437		1,919,053
Consolidated Edison, Inc.		67,546		6,004,839
Eversource Energy		43,425		3,479,645
PPL Corp.		51,826		1,531,458
WEC Energy Group, Inc.		57,656		5,521,715
				19,677,469
Electronic Components - Semiconductors — 2.3%
Advanced Micro Devices, Inc.†#		22,897		720,111
Broadcom, Inc.		13,309		3,761,656
Microchip Technology, Inc.#		5,842		504,340
Micron Technology, Inc.†		46,050		2,084,683
NVIDIA Corp.		19,578		3,279,511
Texas Instruments, Inc.		45,718		5,657,602
Xilinx, Inc.		5,584		581,071
				16,588,974
Electronic Connectors — 0.1%
TE Connectivity, Ltd.		6,980		636,716
Electronic Forms — 0.8%
Adobe, Inc.†		21,351		6,074,573
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		20,294		1,443,106
Fortive Corp.		17,623		1,249,471
				2,692,577
Engines - Internal Combustion — 0.2%
Cummins, Inc.		10,280		1,534,496
Entertainment Software — 0.3%
Activision Blizzard, Inc.		25,373		1,283,874
Electronic Arts, Inc.†		9,558		895,393
				2,179,267
Finance - Consumer Loans — 0.1%
Synchrony Financial		30,072		963,808
Finance - Credit Card — 4.8%
American Express Co.		47,208		5,682,427
Discover Financial Services		15,933		1,274,162
Mastercard, Inc., Class A		41,397		11,647,874
Visa, Inc., Class A#		87,746		15,866,232
				34,470,695
Finance - Investment Banker/Broker — 0.7%
Charles Schwab Corp.		75,974		2,907,525
E*TRADE Financial Corp.		12,545		523,628
Jefferies Financial Group, Inc.		96,190		1,792,982
				5,224,135
Finance - Other Services — 1.3%
Cboe Global Markets, Inc.		3,314		394,896
CME Group, Inc.		18,529		4,026,166
Intercontinental Exchange, Inc.		42,606		3,982,809
Nasdaq, Inc.		8,369		835,561
				9,239,432
Food - Confectionery — 0.1%
J.M. Smucker Co.		6,558		689,639
Food - Meat Products — 0.2%
Hormel Foods Corp.#		26,725		1,138,752

114

VALIC Company II U.S. Socially Responsible Fund@

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Misc./Diversified — 1.1%
Campbell Soup Co.#		9,621	$	432,945
General Mills, Inc.		38,065		2,047,897
Kellogg Co.		21,216		1,332,365
Kraft Heinz Co.		110,796		2,827,514
Lamb Weston Holdings, Inc.		4,731		333,015
McCormick & Co., Inc.		6,723		1,094,975
				8,068,711
Food - Retail — 0.2%
Kroger Co.		57,715		1,366,691
Gas- Distribution — 0.0%
NiSource, Inc.		11,502		339,884
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		5,355		818,190
Industrial Gases — 1.0%
Air Products & Chemicals, Inc.		12,730		2,875,961
Linde PLC		22,258		4,204,759
				7,080,720
Instruments - Controls — 0.1%
Mettler-Toledo International, Inc.†		860		564,839
Instruments - Scientific — 0.1%
Waters Corp.†		2,314		490,313
Insurance Brokers — 0.7%
Aon PLC		9,773		1,904,269
Marsh & McLennan Cos., Inc.		24,830		2,480,269
Willis Towers Watson PLC		4,071		805,936
				5,190,474
Insurance - Life/Health — 1.2%
Aflac, Inc.		73,809		3,703,736
Lincoln National Corp.		14,184		750,050
Principal Financial Group, Inc.		7,911		421,023
Prudential Financial, Inc.		42,975		3,441,868
				8,316,677
Insurance - Multi-line — 1.4%
Allstate Corp.		26,877		2,751,936
Chubb, Ltd.		34,738		5,428,855
Loews Corp.		37,143		1,785,464
				9,966,255
Insurance - Property/Casualty — 0.7%
Progressive Corp.		21,133		1,601,882
Travelers Cos., Inc.		21,868		3,213,721
				4,815,603
Internet Content - Entertainment — 0.9%
Netflix, Inc.†		18,045		5,300,719
Twitter, Inc.†		30,534		1,302,275
				6,602,994
Investment Management/Advisor Services — 1.2%
Ameriprise Financial, Inc.		7,397		954,065
BlackRock, Inc.		11,151		4,711,966
Franklin Resources, Inc.		23,895		627,961
Invesco, Ltd.		34,146		536,092
T. Rowe Price Group, Inc.		14,879		1,645,915
				8,475,999
Machinery - Construction & Mining — 0.5%
Caterpillar, Inc.		29,098		3,462,662

Security Description	Shares		Value (Note 2)
Machinery - Farming — 0.3%
Deere & Co.		15,738	$	2,437,974
Machinery - General Industrial — 0.6%
Roper Technologies, Inc.		10,855		3,981,180
Wabtec Corp.#		6,717		464,883
				4,446,063
Medical Information Systems — 0.1%
Cerner Corp.		14,269		983,277
Medical Instruments — 0.2%
Edwards Lifesciences Corp.†		7,432		1,648,715
Medical Labs & Testing Services — 0.9%
IQVIA Holdings, Inc.†		10,304		1,598,665
Laboratory Corp. of America Holdings†		15,339		2,570,203
Quest Diagnostics, Inc.		25,527		2,613,199
				6,782,067
Medical Products — 2.3%
Abbott Laboratories		89,323		7,621,038
ABIOMED, Inc.†		866		167,199
Baxter International, Inc.		31,832		2,799,624
Cooper Cos., Inc.		1,049		324,928
Henry Schein, Inc.†		24,376		1,502,049
Hologic, Inc.†		3,385		167,117
Stryker Corp.		17,248		3,805,944
				16,387,899
Medical - Biomedical/Gene — 3.2%
Alexion Pharmaceuticals, Inc.†		11,556		1,164,382
Amgen, Inc.		33,601		7,009,841
Biogen, Inc.†		9,355		2,055,761
Celgene Corp.†		29,832		2,887,738
Gilead Sciences, Inc.		64,917		4,124,826
Illumina, Inc.†		5,811		1,634,867
Incyte Corp.†		6,245		510,966
Nektar Therapeutics†#		15,073		264,833
Regeneron Pharmaceuticals, Inc.†		4,038		1,171,222
Vertex Pharmaceuticals, Inc.†		11,817		2,127,296
				22,951,732
Medical - Drugs — 1.7%
AbbVie, Inc.		56,346		3,704,186
Zoetis, Inc.		69,804		8,824,622
				12,528,808
Medical - Generic Drugs — 0.2%
Perrigo Co. PLC		27,196		1,272,229
Medical- HMO — 1.0%
Centene Corp.†		42,086		1,962,049
Humana, Inc.		14,797		4,190,659
WellCare Health Plans, Inc.†		5,154		1,395,394
				7,548,102
Medical - Hospitals — 0.5%
HCA Healthcare, Inc.		28,338		3,406,228
Multimedia — 1.5%
Viacom, Inc., Class B		17,691		441,921
Walt Disney Co.		74,174		10,181,123
				10,623,044
Networking Products — 1.2%
Cisco Systems, Inc.		181,070		8,475,887
Non-Hazardous Waste Disposal — 0.6%
Republic Services, Inc.		13,841		1,235,309

115

VALIC Company II U.S. Socially Responsible Fund@

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Non-Hazardous Waste Disposal (continued)
Waste Management, Inc.		25,979	$	3,100,594
				4,335,903
Office Automation & Equipment — 0.0%
Xerox Holdings Corp.		1,856		53,805
Oil Companies - Exploration & Production — 1.9%
Apache Corp.		32,866		708,919
Cabot Oil & Gas Corp.		23,072		394,993
Concho Resources, Inc.		11,438		836,690
Devon Energy Corp.		37,818		831,618
Diamondback Energy, Inc.		11,259		1,104,283
EOG Resources, Inc.		37,827		2,806,385
Hess Corp.		22,443		1,412,787
Marathon Oil Corp.		87,271		1,033,289
Noble Energy, Inc.		40,121		905,932
Occidental Petroleum Corp.		55,030		2,392,704
Pioneer Natural Resources Co.		11,137		1,374,528
				13,802,128
Oil Field Machinery & Equipment — 0.1%
National Oilwell Varco, Inc.		23,125		472,444
Oil Refining & Marketing — 0.4%
HollyFrontier Corp.		15,614		692,637
Valero Energy Corp.		25,324		1,906,391
				2,599,028
Oil- Field Services — 0.5%
Baker Hughes a GE Co., LLC		23,595		511,776
Schlumberger, Ltd.		84,189		2,730,249
TechnipFMC PLC		13,548		336,532
				3,578,557
Paper & Related Products — 0.2%
International Paper Co.		30,908		1,208,503
Pipelines — 1.0%
Kinder Morgan, Inc.		199,493		4,043,723
ONEOK, Inc.		41,170		2,934,598
				6,978,321
Real Estate Investment Trusts — 3.6%
American Tower Corp.		22,813		5,251,325
AvalonBay Communities, Inc.		8,202		1,743,417
Crown Castle International Corp.		21,917		3,181,691
Digital Realty Trust, Inc.		6,018		744,005
Equinix, Inc.		2,750		1,529,770
Equity Residential		22,094		1,872,687
Host Hotels & Resorts, Inc.		10,957		175,750
Prologis, Inc.		38,909		3,253,571
Public Storage		5,782		1,530,727
Realty Income Corp.		3,948		291,402
SBA Communications Corp.		1,762		462,402
Simon Property Group, Inc.		18,038		2,686,580
Ventas, Inc.		10,965		804,721
Welltower, Inc.		19,038		1,705,043
Weyerhaeuser Co.		20,645		543,170
				25,776,261
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		3,004		338,130
Respiratory Products — 0.1%
ResMed, Inc.		3,508		488,664
Retail - Apparel/Shoe — 0.2%
Ross Stores, Inc.		13,305		1,410,463

Security Description	Shares		Value (Note 2)
Retail - Auto Parts — 0.3%
Genuine Parts Co.		9,801	$	884,932
O’Reilly Automotive, Inc.†		3,012		1,155,885
				2,040,817
Retail - Automobile — 0.0%
CarMax, Inc.†#		3,763		313,383
Retail - Building Products — 2.1%
Home Depot, Inc.		49,298		11,235,507
Lowe’s Cos., Inc.		32,658		3,664,228
				14,899,735
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		5,858		372,862
Retail - Discount — 0.2%
Dollar Tree, Inc.†		15,271		1,550,465
Retail - Drug Store — 0.4%
Walgreens Boots Alliance, Inc.		61,264		3,136,104
Retail - Jewelry — 0.0%
Tiffany & Co.		1,583		134,349
Retail - Major Department Stores — 0.5%
Nordstrom, Inc.#		10,376		300,593
TJX Cos., Inc.		64,835		3,563,980
				3,864,573
Retail - Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		1,019		242,247
Retail - Regional Department Stores — 0.1%
Macy’s, Inc.		35,257		520,393
Retail - Restaurants — 1.6%
Chipotle Mexican Grill, Inc.†		969		812,429
Darden Restaurants, Inc.		5,238		633,693
Starbucks Corp.		65,140		6,289,918
Yum! Brands, Inc.		30,242		3,531,661
				11,267,701
Semiconductor Components - Integrated Circuits — 0.7%
Analog Devices, Inc.		16,100		1,768,263
QUALCOMM, Inc.		38,023		2,957,049
				4,725,312
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		33,167		1,592,679
KLA Corp.		2,402		355,256
Lam Research Corp.		4,599		968,136
				2,916,071
Steel - Producers — 0.3%
Nucor Corp.		42,868		2,099,675
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.		10,702		298,051
Telephone - Integrated — 1.7%
CenturyLink, Inc.		79,220		901,524
Verizon Communications, Inc.		189,333		11,011,607
				11,913,131
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc.		6,411		851,765
Transport - Rail — 0.6%
CSX Corp.		37,275		2,498,170
Norfolk Southern Corp.		12,079		2,102,350
				4,600,520

116

VALIC Company II U.S. Socially Responsible Fund@

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

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Transport - Services — 0.6%
United Parcel Service, Inc., Class B		37,252		$	4,420,322
Water — 0.6%
American Water Works Co., Inc.		32,084			4,084,935
Web Hosting/Design — 0.1%
VeriSign, Inc.†		4,340			884,709
Web Portals/ISP — 3.7%
Alphabet, Inc., Class A†		22,364			26,625,013
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		3,492			631,738
Total Long-Term Investment Securities
(cost $502,024,277)					687,063,528
SHORT-TERM INVESTMENT SECURITIES — 0.5%
Registered Investment Companies — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio 2.12%(1)(2)		1,353,802			1,353,802
U.S. Government Treasuries — 0.3%
United States Treasury Bills 2.10% due 09/19/2019(4)	$	2,400,000			2,397,914
Total Short-Term Investment Securities
(cost $3,751,288)					3,751,716
REPURCHASE AGREEMENTS — 4.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 08/30/2019, to be repurchased 09/03/2019 in the amount of $30,185,409 collateralized by $27,370,000 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2022 and having an approximate value of $30,792,920 (cost $30,184,000)		30,184,000			30,184,000
TOTAL INVESTMENTS
(cost $535,959,565)(3)		100.2	%		720,999,244
Liabilities in excess of other assets		(0.2	)		(1,214,971	)
NET ASSETS		100.0	%	$	719,784,273

† Non-income producing security

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

@ See Note 1

(1) The rate shown is the7-day yield as of August 31, 2019.

(2) At August 31, 2019, the Fund had loaned securities with a total value of $20,512,494. This was secured by collateral of $1,353,802, which was received in cash and subsequently invested in short-term investments currently valued at $1,353,802 as reported in the Portfolio of Investments. Additional collateral of $19,584,912 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2019
United States Treasury Bills	0.00%	09/12/2019 to 01/09/2020	$	482,841
United States Treasury Notes/Bonds	zero coupon to 8.75%	09/30/2019 to 02/15/2049		19,102,071

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

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	227	Long	S&P 500E-Mini Index		September 2019	$	32,859,256	$	33,196,480	$	337,224

# 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.

117

VALIC Company II U.S. Socially Responsible Fund@

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

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

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	687,063,528	$	—	$	—	$	687,063,528
Short-Term Investment Securities:
Registered Investment Companies		1,353,802		—		—		1,353,802
U.S. Government Treasuries		—		2,397,914		—		2,397,914
Repurchase Agreements		—		30,184,000		—		30,184,000
Total Investments at Value	$	688,417,330	$	32,581,914	$	—	$	720,999,244
Other Financial Instruments:+
Futures Contracts	$	337,224	$	—	$	—	$	337,224

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

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

See Notes to Financial Statements

118

VALIC Company II

STATEMENTS OF ASSETS AND LIABILITIES —August 31, 2019

	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)*+	$	–	$	101,824,879	$	–	$	1,587,806,200	$	117,215,019		$	656,904,041	$	576,291,571
Investment at value (affiliated)*+		578,972,859		–		324,468,201		–		–			–		–
Repurchase agreements (cost equals market value)		–		–		–		–		–			16,751,000		13,635,000
Cash		209,444		265,028		63,738		1,740,126		18,030,456			–		4,003
Foreign cash*		–		–		–		–		–			431,949		115,009
Cash collateral for futures contracts		–		–		–		–		–			–		–
Receivable for:
Fund shares sold		188,394		3,096		48,360		677,706		55,061			225,081		38,565
Dividends and interest		–		127,340		–		11,850,810		245,187			9,569,989		1,177,649
Investments sold		–		1,023,621		–		2,810,056		–			–		593,554
Investments sold on an extended settlement basis		–		–		–		–		–			–		–
Securities lending income		–		–		–		6,544		–			10,336		32,180
Prepaid expenses and other assets		26,568		15,134		19,203		51,289		29,049			33,086		58,268
Due from investment adviser for expense reimbursements/fee waivers		22,821		18,604		16,943		33,296		15,315			7,686		114,071
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–			110,259		–
Swap premiums paid		–		–		–		–		–			131,053		–
TOTAL ASSETS		579,420,086		103,277,702		324,616,445		1,604,976,027		135,590,087			684,174,480		592,059,870
LIABILITIES:
Payable for:
Fund shares reacquired		53,265		32,895		42,411		616,649		76,805			336,338		193,856
Investments purchased		137,155		–		7,054		7,239,320		15,981,864			717,628		303,766
Investments purchased on an extended settlement basis		–		–		–		1,914,323		–			–		–
Payments on swap contracts		–		–		–		–		–			3,650		–
Investment advisory and management fees		49,124		48,207		27,479		583,544		25,253			339,137		398,200
Administrative service fees		–		5,849		–		92,391		6,740			37,798		32,506
Shareholder services		–		21,912		–		346,137		25,253			141,607		121,783
Transfer agent fees and expenses		241		482		241		482		181			482		422
Trustees’ fees and expenses		22,043		8,931		14,447		43,130		21,921			26,589		49,221
Other accrued expenses		109,647		79,115		88,456		271,119		85,648			161,628		379,052
Accrued foreign tax on capital gains		–		–		–		–		–			–		71,118
Collateral upon return of securities loaned		–		–		–		4,651,380		–			24,944,623		14,312,891
Variation margin on futures contracts		–		–		–		–		–			–		–
Due to custodian		–		–		–		–		–			5,879		–
Due to broker		–		–		–		–		–			35,495		–
Commitments (Note 12)		–		–		–		–		–			–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–			–		–
Unrealized depreciation on swap contracts		–		–		–		–		–			59,214		–
TOTAL LIABILITIES		371,475		197,391		180,088		15,758,475		16,223,665			26,810,068		15,862,815
NET ASSETS	$	579,048,611	$	103,080,311	$	324,436,357	$	1,589,217,552	$	119,366,422		$	657,364,412	$	576,197,055
NET ASSETS REPRESENTED BY:
Trust shares at par value of $0.01 per share	$	573,774	$	69,231	$	273,686	$	1,378,088	$	1,193,447		$	858,413	$	312,529
Additional paid in capital		543,434,900		85,781,094		312,186,355		1,474,126,786		118,180,470			633,239,826		494,501,744
Total accumulated earnings (loss)		35,039,937		17,229,986		11,976,316		113,712,678		(7,495	)		23,266,173		81,382,782
NET ASSETS	$	579,048,611	$	103,080,311	$	324,436,357	$	1,589,217,552	$	119,366,422		$	657,364,412	$	576,197,055
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		57,377,364		6,923,084		27,368,642		137,808,844		119,344,696			85,841,276		31,252,932
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.09	$	14.89	$	11.85	$	11.53	$	1.00		$	7.66	$	18.44
* Cost
Investments (unaffiliated)	$	–	$	87,465,156	$	–	$	1,519,695,748	$	117,215,019		$	650,307,220	$	500,847,665
Investments (affiliated)	$	583,508,361	$	–	$	320,640,772	$	–	$	–		$	–	$	–
Foreign cash	$	–	$	–	$	–	$	–	$	–		$	431,910	$	114,939
† Including securities on loan	$	–	$	–	$	–	$	18,414,166	$	–		$	26,840,167	$	32,595,825

See Notes to Financial Statements

119

VALIC Company II

STATEMENTS OF ASSETS AND LIABILITIES —August 31, 2019 — (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		STRATEGIC BOND FUND		U.S. SOCIALLY RESPONSIBLE FUND#
ASSETS:
Investment at value (unaffiliated)*+	$	270,838,185	$	244,302,512	$	738,451,654	$	–	$	197,688,683	$	311,807,130	$	837,864,217	$	690,815,244
Investment at value (affiliated)*+		–		–		–		943,493,944		–		–		–		–
Repurchase agreements (cost equals market value)		–		–		5,807,000		–		–		7,282,000		–		30,184,000
Cash		438,590		504,946		493		2,735		1,241,286		220		1,346,760		529
Foreign cash*		–		150		29		–		–		–		1,551		–
Cash collateral for futures contracts		–		–		–		–		–		532,000		–		–
Receivable for:
Fund shares sold		3,669		106,460		6,287		87,642		21,257		23,067		332,288		19,241
Dividends and interest		590,586		161,085		975,937		–		73,531		390,332		8,173,056		982,111
Investments sold		1,658,713		147,875		2,228,030		155,532		–		1,743,309		1,445,461		–
Investments sold on an extended settlement basis		–		–		–		–		–		–		15,689,496		–
Securities lending income		1,127		7,860		1,690		–		19,065		3,995		7,770		2,327
Prepaid expenses and other assets		36,521		21,128		68,866		38,113		21,830		64,011		48,467		60,572
Due from investment adviser for expense reimbursements/fee waivers		26,492		63,756		920		31,195		19,444		30,194		–		31,995
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–		1,891,220		–
Swap premiums paid		–		–		–		–		–		–		–		–
TOTAL ASSETS		273,593,883		245,315,772		747,540,906		943,809,161		199,085,096		321,876,258		866,800,286		722,096,019
LIABILITIES:
Payable for:
Fund shares reacquired		107,306		43,712		322,890		243,174		13,918		117,697		267,126		379,335
Investments purchased		1,647,430		91,409		2,848,143		2,734		–		1,719,635		1,925,534		–
Investments purchased on an extended settlement basis		–		–		–		–		–		–		17,332,092		–
Payments on swap contracts		–		–		–		–		–		–		–		–
Investment advisory and management fees		115,338		151,426		442,684		79,734		136,379		181,702		364,034		152,091
Administrative service fees		15,393		13,828		41,983		–		11,022		18,218		48,315		40,596
Shareholder services		57,669		51,806		157,285		–		41,291		68,252		181,008		152,091
Transfer agent fees and expenses		482		422		542		241		482		422		663		241
Trustees’ fees and expenses		19,842		14,501		61,874		33,749		10,067		34,758		43,773		54,080
Other accrued expenses		107,639		94,963		205,311		138,223		98,990		200,922		256,191		157,940
Accrued foreign tax on capital gains		–		–		–		–		–		–		–		–
Collateral upon return of securities loaned		36,197		2,341,559		–		–		6,431,724		3,476,575		7,573,660		1,353,802
Variation margin on futures contracts		–		–		–		–		–		14,095		–		21,565
Due to custodian		–		–		–		–		–		–		–		–
Due to broker		–		–		–		–		–		2,112		–		5
Commitments (Note 12)		–		–		–		–		–		–		38,131		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–		210,934		–
Unrealized depreciation on swap contracts		–		–		–		–		–		–		–		–
TOTAL LIABILITIES		2,107,296		2,803,626		4,080,712		497,855		6,743,873		5,834,388		28,241,461		2,311,746
NET ASSETS	$	271,486,587	$	242,512,146	$	743,460,194	$	943,311,306	$	192,341,223	$	316,041,870	$	838,558,825	$	719,784,273
NET ASSETS REPRESENTED BY:
Trust shares at par value of $0.01 per share	$	134,998	$	230,482	$	432,563	$	679,646	$	113,859	$	293,805	$	738,929	$	326,755
Additional paid in capital		251,193,467		202,657,922		660,387,547		880,661,939		159,371,743		306,163,269		815,064,356		401,056,025
Total accumulated earnings (loss)		20,158,122		39,623,742		82,640,084		61,969,721		32,855,621		9,584,796		22,755,540		318,401,493
NET ASSETS	$	271,486,587	$	242,512,146	$	743,460,194	$	943,311,306	$	192,341,223	$	316,041,870	$	838,558,825	$	719,784,273
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		13,499,828		23,048,162		43,256,316		67,964,586		11,385,949		29,380,533		73,892,855		32,675,483
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	20.11	$	10.52	$	17.19	$	13.88	$	16.89	$	10.76	$	11.35	$	22.03
* Cost
Investments (unaffiliated)	$	259,734,575	$	212,351,579	$	690,916,414	$	–	$	185,681,244	$	309,963,138	$	822,441,914	$	505,775,565
Investments (affiliated)	$	–	$	–	$	–	$	934,108,748	$	–	$	–	$	–	$	–
Foreign cash	$	–	$	151	$	29	$	–	$	–	$	–	$	1,999	$	–
† Including securities on loan	$	1,691,741	$	26,638,455	$	13,947,165	$	–	$	33,019,784	$	18,404,375	$	10,196,082	$	20,512,494

# See Note 1

See Notes to Financial Statements

120

VALIC Company II

STATEMENTS OF OPERATIONS —For the Year Ended August 31, 2019

	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)	$	–		$	1,240,736		$	–		$	71,401		$	–		$	269,791		$	10,455,601
Dividends (affiliated)		9,582,246			–			6,987,827			–			–			–			–
Securities lending income		–			24,074			–			147,163			–			314,577			339,831
Interest (unaffiliated)		–			–			–			57,169,013			2,739,478			37,149,509			166,526
Total investment income*		9,582,246			1,264,810			6,987,827			57,387,577			2,739,478			37,733,877			10,961,958
EXPENSES:
Investment advisory and management fees		576,725			565,284			323,046			6,452,575			300,447			3,668,858			4,903,772
Administrative service fee		–			68,555			–			1,017,646			80,160			405,530			400,513
Shareholder services fee		–			256,947			–			3,814,110			300,447			1,519,935			1,501,179
Transfer agent fees and expenses		1,447			2,893			1,447			2,893			1,085			2,893			2,531
Custodian and accounting fees		16,250			16,431			16,250			96,054			15,547			53,813			264,338
Reports to shareholders		64,426			16,203			35,331			160,864			13,744			64,217			70,095
Audit and tax fees		34,897			34,531			35,596			58,053			46,502			46,360			80,902
Legal fees		38,328			33,148			28,313			74,071			18,705			38,277			50,942
Trustees’ fees and expenses		47,044			9,341			26,742			120,912			10,868			47,934			49,624
Interest expense		–			44			–			–			–			97			206
Other expenses		22,480			22,545			18,360			34,513			19,053			29,918			26,183
Total expenses before fee waivers, expense reimbursements, fees paid indirectly		801,597			1,025,922			485,085			11,831,691			806,558			5,877,832			7,350,285
Fees waived and expenses reimbursed by investment adviser (Note 3)		(224,872	)		(152,302	)		(162,040	)		(84,233	)		(145,575	)		(41,280	)		(1,345,570	)
Fees paid indirectly (Note 7)		–			(468	)		–			–			–			–			(2,918	)
Net expenses		576,725			873,152			323,045			11,747,458			660,983			5,836,552			6,001,797
Net investment income (loss)		9,005,521			391,658			6,664,782			45,640,119			2,078,495			31,897,325			4,960,161
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		–			2,487,981			–			12,493,622			837			(4,687,314	)		5,613,573
Investments (affiliated)		(3,168,700	)		–			(6,928,676	)		–			–			–			–
Futures contracts		–			–			–			–			–			–			–
Forward contracts		–			–			–			–			–			1,023,854			–
Swap contracts		–			–			–			–			–			(2,226	)		–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–			(22,131	)		(512,296	)
Net realized gain (loss) on capital gain distributions received from underlying funds (affliliated)		36,008,574			–			9,829,954			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		32,839,874			2,487,981			2,901,278			12,493,622			837			(3,687,817	)		5,101,277
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		–			(3,423,426	)		–			92,159,031			–			11,390,860			(75,046,230	)
Investments (affiliated)		(45,659,943	)		–			1,160,266			–			–			–			–
Futures contracts		–			–			–			–			–			–			–
Forward contracts		–			–			–			–			–			130,855			–
Swap contracts		–			–			–			–			–			(59,214	)		–
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–			(1,818	)		(1,929	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			46,044
Net unrealized gain (loss) on investments and foreign currencies		(45,659,943	)		(3,423,426	)		1,160,266			92,159,031			–			11,460,683			(75,002,115	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(12,820,069	)		(935,445	)		4,061,544			104,652,653			837			7,772,866			(69,900,838	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,814,548	)	$	(543,787	)	$	10,726,326		$	150,292,772		$	2,079,332		$	39,670,191		$	(64,940,677	)
*  Net of foreign withholding taxes on interest and dividends of	$	–		$	–		$	–		$	2,449		$	–		$	–		$	916,281
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	24,177

See Notes to Financial Statements

121

VALIC Company II

STATEMENTS OF OPERATIONS —For the Year Ended August 31, 2019 — (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			STRATEGIC BOND FUND			U.S. SOCIALLY RESPONSIBLE FUND#
INVESTMENT INCOME:
Dividends (unaffiliated)	$	6,662,223		$	1,643,381		$	13,472,611		$	–		$	986,767		$	7,744,677		$	148,114		$	12,469,959
Dividends (affiliated)		–			–			–			16,591,740			–			–			–			–
Securities lending income		10,916			93,882			49,419			–			195,502			122,334			199,288			31,479
Interest (unaffiliated)		61,247			–			25,968			–			14,345			48,163			40,645,620			179,658
Total investment income*		6,734,386			1,737,263			13,547,998			16,591,740			1,196,614			7,915,174			40,993,022			12,681,096
EXPENSES:
Investment advisory and management fees		1,352,285			1,652,021			5,345,718			926,617			1,599,067			2,595,456			4,296,322			1,781,328
Administrative service fee		180,400			150,277			507,836			–			129,157			261,199			570,122			475,265
Shareholder services fee		676,142			563,234			1,903,427			–			484,083			979,022			2,136,846			1,781,328
Transfer agent fees and expenses		2,771			2,532			3,255			1,447			2,893			2,532			3,978			1,447
Custodian and accounting fees		31,569			27,402			72,438			16,250			36,684			128,273			131,567			40,689
Reports to shareholders		32,103			16,360			76,020			103,462			24,878			45,646			103,058			79,458
Audit and tax fees		38,418			36,251			36,476			33,413			39,857			39,075			54,208			39,712
Legal fees		25,207			23,739			45,058			52,640			22,060			29,836			50,452			42,576
Trustees’ fees and expenses		22,609			19,327			58,756			75,021			17,468			33,146			71,007			57,263
Interest expense		960			119			14			285			301			10			–			7,316
Other expenses		34,324			26,572			44,848			25,828			25,500			42,637			40,988			35,436
Total expenses before fee waivers, expense reimbursements, fees paid indirectly		2,396,788			2,517,834			8,093,846			1,234,963			2,381,948			4,156,832			7,458,548			4,341,818
Fees waived and expenses reimbursed by investment adviser (Note 3)		(206,086	)		(602,837	)		(99,451	)		(308,346	)		(135,804	)		(436,551	)		–			(351,643	)
Fees paid indirectly (Note 7)		(21,232	)		(568	)		(2,563	)		–			(16,858	)		(53,781	)		–			–
Net expenses		2,169,470			1,914,429			7,991,832			926,617			2,229,286			3,666,500			7,458,548			3,990,175
Net investment income (loss)		4,564,916			(177,166	)		5,556,166			15,665,123			(1,032,672	)		4,248,674			33,534,474			8,690,921
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		6,299,785			8,236,835			35,118,007			–			23,908,552			8,101,449			(6,799,689	)		124,635,155
Investments (affiliated)		–			–			–			(4,590,690	)		–			–			–			–
Futures contracts		–			–			–			–			–			(633,504	)		–			1,219,331
Forward contracts		–			–			–			–			–			–			3,229,068			–
Swap contracts		–			–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			(64	)		521			–			–			–			5,612			–
Net realized gain (loss) on capital gain distributions received from underlying funds (affliliated)		–			–			–			45,812,842			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		6,299,785			8,236,771			35,118,528			41,222,152			23,908,552			7,467,945			(3,565,009	)		125,854,486
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(17,482,270	)		(1,837,505	)		(81,850,197	)		–			(35,001,546	)		(94,481,825	)		36,161,818			(105,343,427	)
Investments (affiliated)		–			–			–			(42,101,179	)		–			–			–			–
Futures contracts		–			–			–			–			–			(432,833	)		–			(15,187	)
Forward contracts		–			–			–			–			–			–			1,385,915			–
Swap contracts		–			–			–			–			–			–			–			–
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		–			(1	)		(1,052	)		–			–			–			(3,587	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(17,482,270	)		(1,837,506	)		(81,851,249	)		(42,101,179	)		(35,001,546	)		(94,914,658	)		37,544,146			(105,358,614	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(11,182,485	)		6,399,265			(46,732,721	)		(879,027	)		(11,092,994	)		(87,446,713	)		33,979,137			20,495,872
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,617,569	)	$	6,222,099		$	(41,176,555	)	$	14,786,096		$	(12,125,666	)	$	(83,198,039	)	$	67,513,611		$	29,186,793
*  Net of foreign withholding taxes on interest and dividends of	$	16,804		$	7,329		$	68,434		$	–		$	–		$	5,769		$	1,992		$	19
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–

# See Note 1

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 Year Ended August 31, 2019			For the Year Ended August 31, 2018			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	9,005,521		$	8,857,344		$	391,658		$	219,346		$	6,664,782		$	8,383,703		$	45,640,119		$	33,581,505
Net realized gain (loss) on investments and foreign currencies		32,839,874			53,602,115			2,487,981			26,494,594			2,901,278			14,267,169			12,493,622			(7,802,673	)
Net unrealized gain (loss) on investments and foreign currencies		(45,659,943	)		1,524,189			(3,423,426	)		(2,110,223	)		1,160,266			(6,137,864	)		92,159,031			(41,645,334	)
Net increase (decrease) in net assets resulting from operations		(3,814,548	)		63,983,648			(543,787	)		24,603,717			10,726,326			16,513,008			150,292,772			(15,866,502	)
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings		(61,562,142	)		(28,418,172	)		(26,547,942	)		(5,084,499	)		(22,740,565	)		(9,573,695	)		(36,081,103	)		(29,745,347	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		35,716,300			5,300,297			20,475,333			(1,401,691	)		(2,342,303	)		(2,053,403	)		192,420,128			212,261,412
TOTAL INCREASE (DECREASE) IN NET ASSETS		(29,660,390	)		40,865,773			(6,616,396	)		18,117,527			(14,356,542	)		4,885,910			306,631,797			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	$	579,048,611		$	608,709,001		$	103,080,311		$	109,696,707		$	324,436,357		$	338,792,899		$	1,589,217,552		$	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 Year Ended August 31, 2019			For the Year Ended August 31, 2018			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	2,078,495		$	1,175,020		$	31,897,325		$	29,649,641		$	4,960,161		$	4,501,228		$	4,564,916		$	3,420,241
Net realized gain (loss) on investments and foreign currencies		837			(7,492	)		(3,687,817	)		4,441,845			5,101,277			82,165,251			6,299,785			22,214,795
Net unrealized gain (loss) on investments and foreign currencies		–			–			11,460,683			(17,327,317	)		(75,002,115	)		(12,601,347	)		(17,482,270	)		9,558,207
Net increase (decrease) in net assets resulting from operations		2,079,332			1,167,528			39,670,191			16,764,169			(64,940,677	)		74,065,132			(6,617,569	)		35,193,243
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings		(2,078,495	)		(1,175,020	)		(29,483,669	)		(32,204,893	)		(28,408,612	)		(5,841,813	)		(26,283,225	)		(11,232,389	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(17,621,285	)		4,050,214			70,624,814			30,514,165			(54,481,040	)		(15,293,377	)		20,300,914			33,499,196
TOTAL INCREASE (DECREASE) IN NET ASSETS		(17,620,448	)		4,042,722			80,811,336			15,073,441			(147,830,329	)		52,929,942			(12,599,880	)		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	$	119,366,422		$	136,986,870		$	657,364,412		$	576,553,076		$	576,197,055		$	724,027,384		$	271,486,587		$	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 Year Ended August 31, 2019			For the Year Ended August 31, 2018			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	(177,166	)	$	(303,012	)	$	5,556,166		$	4,045,936		$	15,665,123		$	16,403,626		$	(1,032,672	)	$	(1,078,825	)
Net realized gain (loss) on investments and foreign currencies		8,236,771			8,380,845			35,118,528			139,462,749			41,222,152			69,662,433			23,908,552			45,046,628
Net unrealized gain (loss) on investments and foreign currencies		(1,837,506	)		28,304,073			(81,851,249	)		(17,892,671	)		(42,101,179	)		(1,720,543	)		(35,001,546	)		17,234,244
Net increase (decrease) in net assets resulting from operations		6,222,099			36,381,906			(41,176,555	)		125,616,014			14,786,096			84,345,516			(12,125,666	)		61,202,047
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings		(8,190,342	)		(26,389,601	)		(142,088,963	)		(71,757,096	)		(84,768,759	)		(35,064,153	)		(45,173,634	)		(6,146,636	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		24,036,574			76,463,063			10,441,435			(183,620,229	)		48,686,494			18,980,604			34,256,786			22,997,976
TOTAL INCREASE (DECREASE) IN NET ASSETS		22,068,331			86,455,368			(172,824,083	)		(129,761,311	)		(21,296,169	)		68,261,967			(23,042,514	)		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	$	242,512,146		$	220,443,815		$	743,460,194		$	916,284,277		$	943,311,306		$	964,607,475		$	192,341,223		$	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

125

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS —(continued)

	SMALL CAP VALUE FUND						STRATEGIC BOND FUND						U.S. SOCIALLY RESPONSIBLE FUND#
	For the Year Ended August 31, 2019			For the Year Ended August 31, 2018			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	4,248,674		$	5,331,667		$	33,534,474		$	29,863,580		$	8,690,921		$	10,863,154
Net realized gain (loss) on investments and foreign currencies		7,467,945			52,025,949			(3,565,009	)		(3,504,948	)		125,854,486			51,589,236
Net unrealized gain (loss) on investments and foreign currencies		(94,914,658	)		30,354,684			37,544,146			(33,808,260	)		(105,358,614	)		72,482,641
Net increase (decrease) in net assets resulting from operations		(83,198,039	)		87,712,300			67,513,611			(7,449,628	)		29,186,793			134,935,031
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings		(58,976,644	)		(40,911,561	)		(29,934,832	)		(30,340,988	)		(62,490,729	)		(25,957,719	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(76,331,392	)		(41,757,567	)		(52,421,528	)		142,137,238			(36,029,931	)		(119,757,020	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(218,506,075	)		5,043,172			(14,842,749	)		104,346,622			(69,333,867	)		(10,779,708	)
NET ASSETS:
Beginning of period		534,547,945			529,504,773			853,401,574			749,054,952			789,118,140			799,897,848
End of period	$	316,041,870		$	534,547,945		$	838,558,825		$	853,401,574		$	719,784,273		$	789,118,140

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

# See Note 1

See Notes to Financial Statements

126

VALIC Company II

NOTES TO FINANCIAL STATEMENTS

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	Strategic Bond Fund
International Opportunities Fund	U.S. Socially Responsible Fund**
Large Cap Value Fund

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

** Effective June 4, 2019, the name of the Socially Responsible Fund changed to U.S. Socially Responsible Fund.

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 August 31, 2019, is reported on a schedule at the end of each Fund’s Portfolio of Investments.

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

127

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NOTES TO FINANCIAL STATEMENTS—(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

128

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(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 U.S. 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.

Swap Contracts: Certain Funds may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral for centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Funds and the counterparty. Swaps aremarked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).

Credit Default Swap Agreements: During the period, the High Yield Bond Fund used credit default swaps to manage credit risk and to express active credit views to enhance return.

Credit default swaps are generally contracts in which one party makes periodic fixed-rate payments or a one time premium payment (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified payment in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a buyer of protection on credit default swaps, a Fund will make periodic payments, similar to an insurance premium and the seller of protection agrees to compensate the Fund for future potential losses as a result of a credit event on the reference bond or other asset. A Fund effectively transfers the credit event risk of the reference bond or asset from it to the seller of protection. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps on corporate issues or sovereign issues of an emerging market country are contracts in which the buyer of protection makes periodic fixed payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations

129

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(continued)

may result in acheapest-to deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce credit risk where the Fund owns or has exposure to the referenced obligation) or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular issuer’s default.

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

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

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

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

Risks of Entering into Swap Agreements:Risks to a Fund of entering into credit default swaps, equity swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.

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

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NOTES TO FINANCIAL STATEMENTS—(continued)

The following tables represent the value of derivatives held as of August 31, 2019, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended August 31, 2019. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of August 31, 2019, please refer to the schedule at the end of each Fund’s Portfolio of Investments.

	Asset Derivatives						Liability Derivatives
Fund	Futures Contracts(1)(6)		Swap Contracts(2)		Foreign Forward Exchange Contracts(3)		Futures Contracts(1)(6)		Swap Contracts(4)		Foreign Forward Exchange Contracts(5)
	Equity Contracts						Equity Contracts
Small Cap Value	$	—	$	—	$	—	$	14,095	$	—	$	—
U.S. Socially Responsible		—		—		—		21,565		—		—
	Credit Contracts						Credit Contracts
High Yield Bond		—		—		—		—		59,214		—
	Foreign Exchange Contracts						Foreign Exchange Contracts
High Yield Bond		—		—		110,259		—		—		—
Strategic Bond		—		—		1,891,220		—		—		210,934

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Unrealized appreciation on swap contracts

(3) Unrealized appreciation on forward foreign currency contracts

(4) Unrealized depreciation on swap contracts

(5) Unrealized depreciation on forward foreign currency contracts

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

Fund	Cumulative Appreciation (Depreciation)
Small Cap Value	$	(139,215	)
U.S. Socially Responsible		337,224

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(1)			Swap Contracts(2)			Foreign Forward Exchange Contracts(3)
	Equity Contracts
Small Cap Value	$	(633,504	)	$	—		$	—
U.S. Socially Responsible		1,219,331			—			—
	Credit Contracts
High Yield Bond		—			(2,226	)		—
	Foreign Exchange Contracts
High Yield Bond		—			—			1,023,854
Strategic Bond		—			—			3,229,068

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NOTES TO FINANCIAL STATEMENTS—(continued)

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(4)			Swap Contracts(5)			Foreign Forward Exchange Contracts(6)
	Equity Contracts
Small Cap Value	$	(432,833	)	$	—		$	—
U.S. Socially Responsible		(15,187	)		—			—
	Credit Contracts
High Yield Bond		—			(59,214	)		—
	Foreign Exchange Contracts
High Yield Bond		—			—			130,855
Strategic Bond		—			—			1,385,915

Statement of Operations Location:

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

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

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

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

(5) Change in unrealized appreciation (depreciation) on swap contracts

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

The following table represents the average monthly balances of derivatives held during the year ended August 31, 2019.

	Average Amount Outstanding During the Year
Fund	Futures Contracts(1)		Swap Contracts(1)		Foreign Exchange Contracts(1)
High Yield Bond	$	—	$	150,000	$	13,947,840
Small Cap Value		8,810,023		—		—
Strategic Bond		—		—		54,585,145
U.S. Socially Responsible		29,012,487		—		—

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

The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of August 31, 2019. The repurchase agreements held by the Funds and securities on loan as of August 31, 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)
JPMorgan Chase Bank N.A.	$	110,259	$	—	$	—	$	110,259	$	—	$	—	$	—	$	—	$	110,259	$	—	$	110,259
	Strategic 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)
JPMorgan Chase Bank N.A.	$	1,891,220	$	—	$	—	$	1,891,220	$	210,934	$	—	$	—	$	210,934	$	1,680,286	$	—	$	1,680,286

(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 contractualset-off rights under the agreement.

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NOTES TO FINANCIAL STATEMENTS —(continued)

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

Certain Funds 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, 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, the Funds, 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

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NOTES TO FINANCIAL STATEMENTS—(continued)

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.

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 2016 — 2018 or expected to be taken in each Fund’s 2019 tax return. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2016.

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.

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NOTES TO FINANCIAL STATEMENTS—(continued)

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.

In March 2017, the FASB issued Accounting Standards Update (“ASU”)No. 2017-08, “Premium Amortization on Purchased Callable Debt Securities”, which requires the premiums on certain purchased debt securities withnon-contingent call features to be amortized to the earliest call date and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the amendments and their impact, if any, on the Funds’ financial statements.

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
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
Strategic Bond Fund	0.60% on the first $200 million
	0.50% on the next $300 million
	0.45% on assets over $500 million
U.S. Socially Responsible Fund	0.25% on the first $1 billion
	0.24% on assets over $1 billion

135

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(continued)

VALIC has entered into subadvisory agreements with the following:

BMO Asset Management Corp. (“BMO AM”)—subadviser 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 U.S. Socially Responsible Fund.

BNY Mellon Asset Management North America Corporation (“BNY AM”)—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, 2020. 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, 2020, 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	%
Strategic Bond		0.89	%
U.S. Socially Responsible		0.56	%

For the year ended August 31, 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	$	224,872
Capital Appreciation		152,302
Conservative Growth Lifestyle		162,040
Core Bond		84,233
Government Money Market II		145,575
High Yield Bond		41,280
International Opportunities		1,345,570
Large Cap Value		206,086
Mid Cap Growth		602,837
Mid Cap Value		99,451
Moderate Growth Lifestyle		308,346
Small Cap Growth		135,804
Small Cap Value		436,551
U.S. Socially Responsible		351,643

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 year ended August 31, 2019, VALIC did not voluntarily waive expenses to avoid a negative yield for the Government Money Market II Fund.

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VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(continued)

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 year ended August 31, 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 year ended August 31, 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 year ended August 31, 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 year ended August 31, 2019, VC II has deferred $24,126 of trustee compensation.

During the year ended August 31, 2019, the following Fund incurred brokerage commissions with brokers which are affiliates of asub-advisor:

Affiliated Broker	Large Cap Value
Pershing LLC	$	2,566

At August 31, 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		—			—			41.72			5.99			21.33			5.23			25.73
Conservative Growth Lifestyle		—			—			100.00			—			—			—			—
Core Bond		—			—			87.79			0.72			0.78			3.42			7.29
Government Money Market II		—			—			100.00			—			—			—			—
High Yield Bond		0.01			—			85.05			0.25			3.76			4.28			6.65
International Opportunities		—			—			92.08			0.09			3.36			1.20			3.27
Large Cap Value		—			—			63.15			1.17			12.87			3.37			19.44
Mid Cap Growth		—			—			89.11			1.03			4.22			1.10			4.54
Mid Cap Value		0.28			—			91.26			0.33			3.10			1.04			3.99
Moderate Growth Lifestyle		—			—			100.00			—			—			—			—
Small Cap Growth		—			—			88.82			1.55			4.74			0.93			3.96
Small Cap Value		—			—			94.06			0.91			2.65			0.33			2.05
Strategic Bond		0.06			0.01			80.14			0.34			3.50			5.38			10.57
U.S. Socially Responsible		0.01			—			99.99			—			—			—			—

137

† Accounting Basis Point Fee is calculated based upon all assets in all registered management investment companies managed and/or administered by the Administrator and VALIC, other than “Funds-of-Funds” and “Feeder Funds.”

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(continued)

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 year ended August 31, 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 08/31/2019
VALIC Co. I Blue Chip Growth Fund	$	—	$	245,820	$	11,369,749	$	1,495,927	$	11,281,998	$	1,628,526		$	(3,203,468	)	$	8,736
VALIC Co. I Capital Conservation Fund		215,056		—		10,920,916		1,370,384		3,360,496		(48,059	)		784,472			9,667,217
VALIC Co. I Dividend Value Fund		613,485		3,447,361		30,651,225		7,568,293		5,121,434		(797,000	)		(3,722,718	)		28,578,366
VALIC Co. I Emerging Economies Fund		501,455		—		16,083,395		30,177,872		13,529,206		(3,835,802	)		1,990,142			30,886,401
VALIC Co. I Global Real Estate Fund		1,030,629		—		42,476,598		1,030,629		23,796,139		(228,916	)		1,416,394			20,898,566
VALIC Co. I Money Market I Fund		58,470		—		—		24,726,765		—		—			—			24,726,765
VALIC Co. I Government Securities Fund		115,891		—		—		6,330,862		808,037		22,510			402,950			5,948,285
VALIC Co. I Inflation Protected Fund		392,029		22,415		27,168,351		3,859,375		7,605,923		(59,595	)		1,078,407			24,440,615
VALIC Co. I International Equities Index Fund		482,582		—		29,235,953		7,325,666		23,067,139		(3,187,457	)		925,927			11,232,950
VALIC Co. I International Government Bond Fund		236,022		17,946		14,790,122		2,019,781		1,616,075		(34,710	)		1,304,565			16,463,683
VALIC Co. I International Growth Fund		55,634		1,990,397		12,180,810		2,253,232		3,553,372		404,210			(2,271,905	)		9,012,975
VALIC Co. I International Value Fund		846,673		—		29,258,337		8,639,111		7,706,184		(1,310,979	)		(3,020,810	)		25,859,475
VALIC Co. I Large Cap Core Fund		81,946		686,874		6,400,013		3,534,020		—		—			(500,753	)		9,433,280
VALIC Co. I Large Capital Growth Fund		24,566		271,433		3,070,439		9,582,428		5,625,657		(625,571	)		606,742			7,008,381
VALIC Co. I Mid Cap Index Fund		333,778		2,323,813		23,358,328		11,871,038		8,632,733		90,662			(3,993,974	)		22,693,321
VALIC Co. I Mid Cap Strategic Growth Fund		1,366		877,410		10,038,114		878,776		—		—			(138,907	)		10,777,983
VALIC Co. INasdaq-100® Index Fund		75,143		263,901		15,941,576		3,257,543		5,154,563		2,183,658			(2,079,503	)		14,148,711
VALIC Co. I Science & Technology Fund		—		5,017,946		22,147,228		9,946,080		7,526,932		809,361			(4,079,603	)		21,296,134
VALIC Co. I Small Cap Index Fund		88,949		661,968		7,771,408		16,435,101		8,798,142		514,347			(1,897,318	)		14,025,396
VALIC Co. I Small Cap Special Values Fund		131,130		1,236,441		20,114,463		1,367,571		13,465,503		(408,637	)		(3,030,414	)		4,577,480
VALIC Co. I Stock Index Fund		856,532		1,232,928		51,100,555		23,091,792		13,841,794		272,898			(219,979	)		60,403,472
VALIC Co. I Value Fund		185,020		—		12,120,568		2,919,607		1,656,192		689,946			(843,443	)		13,230,486
VALIC Co. II Capital Appreciation Fund		50,790		5,482,359		22,388,386		5,533,149		317,458		217,444			(5,831,848	)		21,989,673
VALIC Co. II Core Bond Fund		146,841		—		10,606,501		28,394,692		27,416,343		405,410			489,892			12,480,152
VALIC Co. II High Yield Bond Fund		1,077,995		—		16,835,780		12,202,697		5,034,951		144,148			584,738			24,732,412
VALIC Co. II International Opportunities Fund		211,191		823,629		20,935,917		5,823,160		4,393,956		690,330			(3,711,012	)		19,344,439
VALIC Co. II Large Cap Value Fund		445,797		2,992,145		30,522,454		9,878,231		1,630,318		640,336			(4,468,686	)		34,942,017
VALIC Co. II Mid Cap Growth Fund		—		345,508		10,058,488		345,508		—		—			(172,427	)		10,231,569
VALIC Co. II Mid Cap Value Fund		118,434		4,091,648		24,113,525		8,289,291		4,287,303		(27,898	)		(5,010,497	)		23,077,118
VALIC Co. II Small Cap Growth Fund		—		2,106,528		12,585,346		2,205,268		2,860,308		788,554			(3,594,628	)		9,124,232
VALIC Co. II Small Cap Value Fund		187,534		1,870,104		34,936,655		2,057,638		21,841,545		(1,908,467	)		(4,877,662	)		8,366,619
VALIC Co. II Strategic Bond Fund		1,017,308		—		29,613,913		3,193,412		4,668,809		(197,949	)		1,425,383			29,365,950
	$	9,582,246	$	36,008,574	$	608,795,113	$	257,604,899	$	238,598,510	$	(3,168,700	)	$	(45,659,943	)	$	578,972,859

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 08/31/2019
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		397,749		—		14,999,827		1,630,084		—		—			1,249,726			17,879,637
VALIC Co. I Dividend Value Fund		252,055		1,416,375		12,063,106		3,828,777		636,108		(46,242	)		(1,836,929	)		13,372,604
VALIC Co. I Emerging Economies Fund		147,139		—		3,858,220		9,724,164		5,393,066		(811,630	)		419,991			7,797,679
VALIC Co. I Global Real Estate Fund		324,333		—		6,846,871		3,203,004		1,923,436		(109,634	)		796,840			8,813,645
VALIC Co. I Money Market I Fund		34,414		—		—		13,486,882		—		—			—			13,486,882
VALIC Co. I Government Securities Fund		192,299		—		—		8,544,796		—		—			665,000			9,209,796
VALIC Co. I Inflation Protected Fund		219,501		12,550		15,263,733		6,019,648		1,710,325		(9,528	)		984,341			20,547,869
VALIC Co. I International Equities Index Fund		64,073		—		13,236,917		7,444,127		19,694,387		(1,939,124	)		960,306			7,839
VALIC Co. I International Government Bond Fund		232,287		17,662		15,035,233		2,080,822		2,164,552		(36,840	)		1,288,499			16,203,162

138

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(continued)

Conservative 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 08/31/2019
VALIC Co. I International Growth Fund	$	8,868	$	317,251	$	3,425,602	$	369,167	$	1,979,904	$	(43,884	)	$	(334,393	)	$	1,436,588
VALIC Co. I International Value Fund		280,132		—		12,351,492		4,434,030		8,718,237		(1,470,819	)		(132,699	)		6,463,767
VALIC Co. I Large Cap Core Fund		22,162		185,761		2,912,942		207,923		420,058		43,856			(193,490	)		2,551,173
VALIC Co. I Large Capital Growth Fund		62		689		862,699		1,003,802		1,672,902		(166,498	)		(15,274	)		11,827
VALIC Co. I Mid Cap Index Fund		83,988		584,737		7,392,919		8,760,559		9,188,388		(53,291	)		(812,257	)		6,099,542
VALIC Co. I Mid Cap Strategic Growth Fund		244		156,450		893,003		958,838		—		—			69,973			1,921,814
VALIC Co. INasdaq-100® Index Fund		22,713		79,768		6,176,313		901,103		2,546,947		30,620			(191,317	)		4,369,772
VALIC Co. I Science & Technology Fund		—		1,461,655		7,061,333		3,673,736		3,215,114		(364,270	)		(551,860	)		6,603,825
VALIC Co. I Small Cap Index Fund		13,623		101,386		1,935,641		4,443,736		3,018,801		(151,036	)		(263,747	)		2,945,793
VALIC Co. I Small Cap Special Values Fund		60,205		567,681		9,715,985		627,885		6,501,353		(430,216	)		(1,222,672	)		2,189,629
VALIC Co. I Stock Index Fund		239,285		344,436		15,695,830		6,851,737		5,065,831		118,387			(186,461	)		17,413,662
VALIC Co. I Value Fund		43,643		—		3,405,935		43,643		498,323		147,424			(219,993	)		2,878,686
VALIC Co. II Capital Appreciation Fund		12,442		1,343,065		5,505,327		1,355,507		96,945		69,845			(1,446,718	)		5,387,016
VALIC Co. II Core Bond Fund		1,096,616		—		23,123,524		38,834,538		11,156,644		262,171			3,276,223			54,339,812
VALIC Co. II High Yield Bond Fund		1,227,395		—		44,929,098		8,780,828		26,331,347		(225,782	)		1,007,287			28,160,084
VALIC Co. II International Opportunities Fund		77,129		300,796		6,722,148		3,906,779		2,642,124		309,955			(1,364,501	)		6,932,257
VALIC Co. II Large Cap Value Fund		122,830		824,425		8,575,886		2,623,116		922,357		362,272			(1,489,264	)		9,149,653
VALIC Co. II Mid Cap Growth Fund		—		62,680		880,603		1,689,111		—		—			95,398			2,665,112
VALIC Co. II Mid Cap Value Fund		38,949		1,345,610		7,089,162		5,155,532		2,990,441		16,605			(1,548,902	)		7,721,956
VALIC Co. II Small Cap Growth Fund		—		411,717		3,738,931		411,717		1,627,132		45,679			(785,881	)		1,783,314
VALIC Co. II Small Cap Value Fund		29,609		295,260		10,879,821		644,643		8,724,988		(943,360	)		(823,894	)		1,032,222
VALIC Co. II Strategic Bond Fund		1,744,082		—		73,917,970		11,229,559		42,509,048		(1,334,490	)		3,787,593			45,091,584
	$	6,987,827	$	9,829,954	$	338,851,594	$	164,213,467	$	172,828,450	$	(6,928,676	)	$	1,160,266		$	324,468,201

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 08/31/2019
VALIC Co. I Blue Chip Growth Fund	$	—	$	867,233	$	17,529,694	$	2,719,387	$	17,930,174	$	2,340,951		$	(4,629,038	)	$	30,820
VALIC Co. I Capital Conservation Fund		722,428		—		28,866,538		3,068,311		1,744,135		(88,562	)		2,372,442			32,474,594
VALIC Co. I Dividend Value Fund		921,788		5,179,812		39,505,611		16,226,511		3,641,955		249,498			(7,010,525	)		45,329,140
VALIC Co. I Emerging Economies Fund		508,187		—		12,758,533		32,930,685		17,666,458		(3,127,691	)		1,685,468			26,580,537
VALIC Co. I Global Real Estate Fund		973,334		—		38,517,791		2,339,067		18,664,803		(574,776	)		1,891,927			23,509,206
VALIC Co. I Money Market I Fund		71,020		—		—		33,377,212		—		—			—			33,377,212
VALIC Co. I Government Securities Fund		294,754		—		—		14,821,982		1,308,101		36,441			1,021,801			14,572,123
VALIC Co. I Inflation Protected Fund		623,356		35,641		43,099,943		6,214,029		5,541,526		(34,563	)		2,015,825			45,753,708
VALIC Co. I International Equities Index Fund		354,375		—		42,099,317		9,656,233		43,617,116		(4,214,547	)		945,408			4,869,295
VALIC Co. I International Government Bond Fund		490,699		37,311		25,791,156		5,858,112		—		—			2,579,445			34,228,713
VALIC Co. I International Growth Fund		40,953		1,465,165		14,466,933		1,810,416		8,795,991		847,052			(2,668,423	)		5,659,987
VALIC Co. I International Value Fund		733,005		—		37,671,537		11,388,476		19,457,790		(2,961,808	)		(1,685,770	)		24,954,645
VALIC Co. I Large Cap Core Fund		86,046		721,234		9,048,778		1,393,306		—		—			(536,919	)		9,905,165
VALIC Co. I Large Capital Growth Fund		40,452		446,961		3,895,884		19,585,940		8,665,022		(580,365	)		1,311,282			15,547,719
VALIC Co. I Mid Cap Index Fund		385,366		2,682,983		35,954,768		17,486,393		20,415,262		7,884			(4,756,625	)		28,277,158
VALIC Co. I Mid Cap Strategic Growth Fund		1,496		961,151		10,996,154		962,647		—		—			(152,164	)		11,806,637
VALIC Co. INasdaq-100® Index Fund		115,094		404,211		20,275,685		8,923,724		9,974,216		3,740,372			(3,245,203	)		19,720,362
VALIC Co. I Science & Technology Fund		—		7,597,270		30,167,305		18,174,384		13,793,845		973,479			(5,539,204	)		29,982,119
VALIC Co. I Small Cap Index Fund		78,759		586,137		7,400,536		18,424,818		11,281,472		(222,743	)		(1,604,586	)		12,716,553
VALIC Co. I Small Cap Special Values Fund		181,090		1,707,523		29,403,393		1,888,613		20,620,804		(1,110,411	)		(3,769,573	)		5,791,218
VALIC Co. I Stock Index Fund		1,325,474		1,907,943		61,363,473		49,207,712		11,951,554		323,844			406,369			99,349,844
VALIC Co. I Value Fund		253,582		—		14,423,156		4,862,786		1,183,635		496,698			(648,530	)		17,950,475
VALIC Co. II Capital Appreciation Fund		61,263		6,612,921		26,863,489		6,674,184		242,546		168,390			(6,939,177	)		26,524,340
VALIC Co. II Core Bond Fund		2,068,737		—		56,324,113		74,233,903		21,582,851		(201,322	)		7,024,697			115,798,540
VALIC Co. II High Yield Bond Fund		1,905,461		—		43,007,529		12,431,562		12,906,667		565,832			618,674			43,716,930

139

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(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 08/31/2019
VALIC Co. II International Opportunities Fund	$	220,069	$	858,252	$	26,109,153	$	5,672,678	$	9,214,688	$	1,602,221		$	(5,306,234	)	$	18,863,130
VALIC Co. II Large Cap Value Fund		654,115		4,390,353		46,001,586		13,514,095		910,488		357,610			(6,196,080	)		52,766,723
VALIC Co. II Mid Cap Growth Fund		—		382,740		11,142,378		1,930,570		1,909,814		(27,061	)		(119,018	)		11,017,055
VALIC Co. II Mid Cap Value Fund		151,189		5,223,245		30,856,167		13,714,173		8,644,479		(8,126	)		(6,260,214	)		29,657,521
VALIC Co. II Small Cap Growth Fund		—		1,977,603		15,825,486		1,977,603		6,966,696		1,690,840			(4,907,374	)		7,619,859
VALIC Co. II Small Cap Value Fund		177,210		1,767,153		46,506,035		1,944,363		34,091,181		(3,828,559	)		(4,025,138	)		6,505,520
VALIC Co. II Strategic Bond Fund		3,152,438		—		138,878,160		13,484,467		68,739,541		(1,011,268	)		6,025,278			88,637,096
	$	16,591,740	$	45,812,842	$	964,750,281	$	426,898,342	$	401,462,810	$	(4,590,690	)	$	(42,101,179	)	$	943,493,944

† Includes reinvestment of distributions paid.

Note 4 — Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended August 31, 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	$	212,014,079	$	238,598,510	$	—	$	—
Capital Appreciation		61,120,031		66,557,388		—		—
Conservative Growth Lifestyle		147,395,686		172,828,450		—		—
Core Bond		1,008,926,859		877,781,092		650,935,572		562,692,070
Government Money Market II		—		—		—		—
High Yield Bond		280,987,322		194,965,080		—		—
International Opportunities		243,060,087		308,129,058		—		—
Large Cap Value		217,253,409		217,545,033		—		—
Mid Cap Growth		88,749,691		72,891,227		—		—
Mid Cap Value		335,157,846		452,010,064		—		—
Moderate Growth Lifestyle		364,493,760		401,462,810		—		—
Small Cap Growth		115,098,941		120,186,995		—		—
Small Cap Value		209,850,852		325,717,197		—		—
Strategic Bond		616,811,904		705,534,850		159,201,578		110,082,874
U.S. Socially Responsible		249,300,284		357,354,429		—		—

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.

140

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(continued)

The information in the following table is presented on the basis of cost for Federal Income Tax purposes at August 31, 2019.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
Aggressive Growth Lifestyle	$	587,472,793	$	18,107,600	$	(26,607,534	)	$	(8,499,934	)
Capital Appreciation		87,499,365		18,284,853		(3,959,339	)		14,325,514
Conservative Growth Lifestyle		322,772,271		9,758,149		(8,062,219	)		1,695,930
Core Bond		1,520,061,608		74,459,642		(6,715,050	)		67,744,592
Government Money Market II		117,215,019		—		—			—
High Yield Bond		667,300,463		25,185,217		(18,699,585	)		6,485,632
International Opportunities		517,532,789		104,695,885		(32,302,103	)		72,393,782
Large Cap Value		262,148,410		24,838,596		(16,148,821	)		8,689,775
Mid Cap Growth		212,632,575		43,973,032		(12,303,095	)		31,669,937
Mid Cap Value		702,630,844		87,179,931		(45,552,121	)		41,627,810
Moderate Growth Lifestyle		940,094,738		32,972,290		(29,573,083	)		3,399,207
Small Cap Growth		187,341,508		31,479,311		(21,132,136	)		10,347,175
Small Cap Value		320,838,275		37,329,800		(39,078,945	)		(1,749,145	)
Strategic Bond		822,701,725		29,177,800		(14,015,308	)		15,162,492
U.S. Socially Responsible		536,727,648		221,839,596		(37,567,999	)		184,271,597

@ 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 partnership adjustments and short-term gains treated as ordinary income distributions for tax purposes.

The tax basis distributable earnings at August 31, 2019 and the tax character of distributions paid during the year ended August 31, 2019 were as follows:

	Distributable Earnings								Tax Distributions
	For the year ended August 31, 2019
Fund	Ordinary Income		Long- term Capital Gains and Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Aggressive Growth Lifestyle	$	14,400,845	$	31,582,812		$	(8,499,934	)	$	11,408,394	$	50,153,748
Capital Appreciation		391,903		3,362,489			14,325,514			4,246,215		22,301,727
Conservative Growth Lifestyle		8,185,706		4,727,595			1,695,930			10,490,382		12,250,183
Core Bond		48,241,701		—			67,744,592			36,081,103		—
Government Money Market II		8,290		(6,655	)		—			2,078,495		—
High Yield Bond		32,918,358		(11,157,153	)		6,484,193			29,483,669		—
International Opportunities		3,889,011		9,589,309			72,306,034			5,797,758		22,610,854
Large Cap Value		5,706,876		11,741,047			8,689,775			7,371,579		18,911,646
Mid Cap Growth		77,627		9,498,511			31,669,936			2,608,627		5,581,715
Mid Cap Value		6,164,408		42,658,754			41,627,829			9,993,849		132,095,114
Moderate Growth Lifestyle		22,793,531		41,673,422			3,399,206			20,315,546		64,453,213
Small Cap Growth		1,685,214		21,485,041			10,347,175			6,684,170		38,489,464
Small Cap Value		4,533,901		8,997,808			(1,749,145	)		11,730,674		47,245,970
Strategic Bond		37,301,485		(27,049,113	)		15,146,025			29,934,832		—
U.S. Socially Responsible		12,085,797		122,069,476			184,271,597			12,183,211		50,307,518

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

141

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(continued)

The tax character of distributions paid during the year ended August 31, 2018 were as follows:

	Tax Distributions
Fund	Ordinary Income		Long-Term Capital Gains
Aggressive Growth Lifestyle	$	9,804,295	$	18,613,877
Capital Appreciation		434,154		4,650,345
Conservative Growth Lifestyle		8,269,513		1,304,182
Core Bond		29,745,347		—
Government Money Market II		1,175,017		3
High Yield Bond		32,204,893		—
International Opportunities		5,841,813		—
Large Cap Value		2,959,420		8,272,969
Mid Cap Growth		3,368,041		23,021,560
Mid Cap Value		3,732,456		68,024,640
Moderate Growth Lifestyle		16,737,065		18,327,088
Small Cap Growth		—		6,146,636
Small Cap Value		17,762,025		23,149,536
Strategic Bond		30,340,988		—
U.S. Socially Responsible		13,352,654		12,605,065

As of August 31, 2019, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:

	Unlimited
Fund	ST		LT
Aggressive Growth Lifestyle	$	—	$	—
Capital Appreciation		—		—
Conservative Growth Lifestyle		—		—
Core Bond		—		—
Government Money Market II		6,655		—
High Yield Bond		2,191,954		8,965,199
International Opportunities		—		—
Large Cap Value		—		—
Mid Cap Growth		—		—
Mid Cap Value		—		—
Moderate Growth Lifestyle		—		—
Small Cap Growth		—		—
Small Cap Value		—		—
Strategic Bond		11,916,922		15,132,191
U.S. Socially Responsible		—		—

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

Fund	Capital Loss Carryforward Utilized
Aggressive Growth Lifestyle	$	—
Capital Appreciation		—
Conservative Growth Lifestyle		—
Core Bond		471,632
Government Money Market II		—
High Yield Bond		145,499
International Opportunities		—
Large Cap Value		—
Mid Cap Growth		—
Mid Cap Value		—
Moderate Growth Lifestyle		—
Small Cap Growth		—
Small Cap Value		—
Strategic Bond		—
U.S. Socially Responsible		—

142

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(continued)

Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended August 31, 2019, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term  Capital Loss			Deferred Post-October Long-Term  Capital Loss
Aggressive Growth Lifestyle	$	—	$	2,431,299		$	—
Capital Appreciation		—		846,005			—
Conservative Growth Lifestyle		—		2,625,014			—
Core Bond		—		—			2,247,296
Government Money Market II		—		—			—
High Yield Bond		—		(536,733	)		5,478,316
International Opportunities		—		24,460,479			(20,117,685	)
Large Cap Value		—		5,970,575			—
Mid Cap Growth		287,207		1,328,365			—
Mid Cap Value		63		7,780,151			—
Moderate Growth Lifestyle		—		5,876,894			—
Small Cap Growth		656,984		—			—
Small Cap Value		—		13,720,164			(11,539,632	)
Strategic Bond		—		(2,459,155	)		5,014,186
U.S. Socially Responsible		—		—			—

For the period ended August 31, 2019, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to tax treatment of net investment losses, principal paydown adjustments, partnership adjustments, disposition of passive foreign investment companies securities, swaps, and foreign currency transactions to the components of net assets as follows:

Fund	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Aggressive Growth Lifestyle	$	5,393,613		$	(5,393,613	)	$	—
Capital Appreciation		200			(200	)		—
Conservative Growth Lifestyle		1,519,959			(1,519,959	)		—
Core Bond		2,450,307			(2,450,307	)		—
Government Money Market II		—			—			—
High Yield Bond		1,027,860			(1,027,860	)		—
International Opportunities		(91,166	)		91,166			—
Large Cap Value		—			—			—
Mid Cap Growth		126,086			(126,086	)		—
Mid Cap Value		547,509			(547,509	)		—
Moderate Growth Lifestyle		7,125,672			(7,125,672	)		—
Small Cap Growth		1,177,454			(1,177,454	)		—
Small Cap Value		315,070			(315,070	)		—
Strategic Bond		2,335,840			(2,335,840	)		—
U.S. Socially Responsible		3,496			(3,496	)		—

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 year ended August 31, 2019						For the year ended August 31, 2018						For the year ended August 31, 2019						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,109,924		$	22,475,544			2,261,629		$	25,539,244			394,188		$	7,322,698			333,830		$	6,131,430
Reinvested dividends		6,137,801			61,562,142			2,530,559			28,418,172			1,825,856			26,547,942			270,452			5,084,499
Shares redeemed		(4,530,285	)		(48,321,386	)		(4,299,771	)		(48,657,119	)		(746,236	)		(13,395,307	)		(689,625	)		(12,617,620	)
Net increase (decrease)		3,717,440		$	35,716,300			492,417		$	5,300,297			1,473,808		$	20,475,333			(85,343	)	$	(1,401,691	)

143

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(continued)

	Conservative Growth Lifestyle												Core Bond
	For the year ended August 31, 2019						For the year ended August 31, 2018						For the year ended August 31, 2019						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,120,264		$	13,470,335			2,377,368		$	29,437,020			57,112,744		$	625,559,507			29,511,097		$	323,398,151
Reinvested dividends		1,953,657			22,740,565			784,086			9,573,695			3,247,624			36,081,103			2,798,245			29,745,347
Shares redeemed		(3,221,687	)		(38,553,203	)		(3,319,276	)		(41,064,118	)		(41,982,996	)		(469,220,482	)		(12,929,573	)		(140,882,086	)
Net increase (decrease)		(147,766	)	$	(2,342,303	)		(157,822	)	$	(2,053,403	)		18,377,372		$	192,420,128			19,379,769		$	212,261,412
	Government Money Market II												High Yield Bond
	For the year ended August 31, 2019						For the year ended August 31, 2018						For the year ended August 31, 2019						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		46,210,098		$	46,210,098			68,624,800		$	68,624,800			21,616,604		$	164,112,365			11,100,701		$	86,814,583
Reinvested dividends		2,078,495			2,078,495			1,175,020			1,175,020			3,936,404			29,483,669			4,322,804			32,204,893
Shares redeemed		(65,909,878	)		(65,909,878	)		(65,749,606	)		(65,749,606	)		(16,236,613	)		(122,971,220	)		(11,359,541	)		(88,505,311	)
Net increase (decrease)		(17,621,285	)	$	(17,621,285	)		4,050,214		$	4,050,214			9,316,395		$	70,624,814			4,063,964		$	30,514,165
	International Opportunities												Large Cap Value
	For the year ended August 31, 2019						For the year ended August 31, 2018						For the year ended August 31, 2019						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,535,467		$	47,560,772			3,699,729		$	76,917,051			1,143,376		$	24,532,407			2,543,267		$	56,659,816
Reinvested dividends		1,510,293			28,408,612			265,537			5,841,813			1,318,116			26,283,225			505,508			11,232,389
Shares redeemed		(6,776,358	)		(130,450,424	)		(4,618,761	)		(98,052,241	)		(1,441,520	)		(30,514,718	)		(1,537,976	)		(34,393,009	)
Net increase (decrease)		(2,730,598	)	$	(54,481,040	)		(653,495	)	$	(15,293,377	)		1,019,972		$	20,300,914			1,510,799		$	33,499,196
	Mid Cap Growth												Mid Cap Value
	For the year ended August 31, 2019						For the year ended August 31, 2018						For the year ended August 31, 2019						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,935,911		$	49,258,920			6,349,160		$	67,710,409			1,579,237		$	31,875,533			2,219,283		$	48,598,719
Reinvested dividends		792,103			8,190,342			2,513,295			26,389,601			8,372,950			142,088,963			3,290,101			71,757,096
Shares redeemed		(3,264,086	)		(33,412,688	)		(1,591,525	)		(17,636,947	)		(8,107,140	)		(163,523,061	)		(13,359,809	)		(303,976,044	)
Net increase (decrease)		2,463,928		$	24,036,574			7,270,930		$	76,463,063			1,845,047		$	10,441,435			(7,850,425	)	$	(183,620,229	)
	Moderate Growth Lifestyle												Small Cap Growth
	For the year ended August 31, 2019						For the year ended August 31, 2018						For the year ended August 31, 2019						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,811,567		$	40,461,449			3,727,590		$	55,563,392			1,942,186		$	39,526,464			3,205,402		$	65,066,801
Reinvested dividends		6,196,547			84,768,759			2,364,407			35,064,153			2,705,008			45,173,634			275,881			6,146,636
Shares redeemed		(5,340,558	)		(76,543,714	)		(4,798,128	)		(71,646,941	)		(2,500,467	)		(50,443,312	)		(2,330,204	)		(48,215,461	)
Net increase (decrease)		3,667,556		$	48,686,494			1,293,869		$	18,980,604			2,146,727		$	34,256,786			1,151,079		$	22,997,976
	Small Cap Value												Strategic Bond
	For the year ended August 31, 2019						For the year ended August 31, 2018						For the year ended August 31, 2019						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,328,171		$	31,448,250			2,328,908		$	35,596,185			13,254,514		$	145,988,927			17,840,623		$	200,318,993
Reinvested dividends		5,337,253			58,976,644			2,630,969			40,911,561			2,711,488			29,934,832			2,814,563			30,340,988
Shares redeemed		(12,255,616	)		(166,756,286	)		(7,571,033	)		(118,265,313	)		(20,647,095	)		(228,345,287	)		(7,925,949	)		(88,522,743	)
Net increase (decrease)		(4,590,192	)	$	(76,331,392	)		(2,611,156	)	$	(41,757,567	)		(4,681,093	)	$	(52,421,528	)		12,729,237		$	142,137,238

144

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(continued)

	U.S. Socially Responsible
	For the year ended August 31, 2019						For the year ended August 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		664,063		$	14,332,859			742,747		$	16,277,508
Reinvested dividends		2,899,802			62,490,729			1,164,545			25,957,719
Shares redeemed		(5,062,961	)		(112,853,519	)		(7,434,125	)		(161,992,247	)
Net increase (decrease)		(1,499,096	)	$	(36,029,931	)		(5,526,833	)	$	(119,757,020	)

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the year ended August 31, 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 year ended August 31, 2019, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Capital Appreciation		1	$	44	$	425,000		3.69	%
High Yield Bond		1		97		958,295		3.63
International Opportunities		2		206		1,047,303		3.56
Large Cap Value		20		960		488,501		3.58
Mid Cap Growth		4		119		288,553		3.66
Mid Cap Value		1		14		133,974		3.63
Moderate Growth Lifestyle		5		285		580,165		3.53
Small Cap Growth		2		301		1,520,887		3.61
Small Cap Value		1		10		103,358		3.63
U.S. Socially Responsible		18		7,316		4,175,655		3.48

At August 31, 2019, there were no borrowings outstanding.

145

VALIC Company II

NOTES TO FINANCIAL STATEMENTS—(continued)

Note 10— Interfund Lending Agreement

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

For the year ended August 31, 2019, none of the Funds participated in this program.

Note 11— Security Transactions with Affiliated Portfolios

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

For the year ended August 31, 2019, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain/ (Loss)
International Opportunities	$	61,157	$	418,824	$	43,237
Mid Cap Growth		210,881		309,287		(12,801	)
Mid Cap Value		524,566		200,753		(43,172	)

Note 12— Unfunded Loan Commitments

At August 31, 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	$	38,131	$	37,345

146

VALIC Company II

FINANCIAL HIGHLIGHTS

	Aggressive Growth Lifestyle Fund															Capital Appreciation Fund
	Year Ended August 31,															Year Ended August 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	11.34		$	10.68		$	10.41		$	10.67		$	12.04		$	20.13		$	16.55		$	15.99		$	16.35		$	15.88
Income (loss) from investment operations:
Net investment income (loss)(d)		0.17			0.17			0.16			0.19			0.20			0.07			0.04			0.08			0.09			0.06
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.24	)		1.04			0.93			0.56			(0.52	)		(0.26	)		4.51			2.12			1.20			0.46
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(0.07	)		1.21			1.09			0.75			(0.32	)		(0.19	)		4.55			2.20			1.29			0.52
Distributions from:
Net investment income		(0.21	)		(0.16	)		(0.21	)		(0.23	)		(0.19	)		(0.05	)		(0.08	)		(0.08	)		(0.06	)		(0.05	)
Net realized gain on securities		(0.97	)		(0.39	)		(0.61	)		(0.78	)		(0.86	)		(5.00	)		(0.89	)		(1.56	)		(1.59	)		–
Total distributions		(1.18	)		(0.55	)		(0.82	)		(1.01	)		(1.05	)		(5.05	)		(0.97	)		(1.64	)		(1.65	)		(0.05	)
Net asset value at end of period	$	10.09		$	11.34		$	10.68		$	10.41		$	10.67		$	14.89		$	20.13		$	16.55		$	15.99		$	16.35
TOTAL RETURN(a)		(0.52	)%		11.39	%		10.61	%		7.53	%		(3.17	)%		(0.35	)%		27.94	%		14.13	%		8.33	%		3.28	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.14	%(e)		0.14	%(e)		0.14	%(e)		0.15	%(e)		0.14	%(e)		1.00	%		0.99	%		0.99	%		1.00	%		0.98	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.00	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		1.56	%(e)		1.49	%(e)		1.47	%(e)		1.78	%(e)		1.71	%(e)		0.38	%		0.22	%		0.50	%		0.52	%		0.36	%
Ratio of net investment income (loss) to average net assets(c)		1.52	%(e)		1.45	%(e)		1.44	%(e)		1.73	%(e)		1.67	%(e)		0.23	%		0.08	%		0.36	%		0.37	%		0.23	%
Portfolio turnover rate		37	%		49	%		36	%		24	%		31	%		60	%		124	%		66	%		54	%		44	%
Number of shares outstanding at end of period (000’s)		57,377			53,660			53,168			51,410			47,707			6,923			5,449			5,535			5,313			5,014
Net assets at the end of period (000’s)	$	579,049		$	608,709		$	567,843		$	535,245		$	508,890		$	103,080		$	109,697		$	91,579		$	84,946		$	81,961

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

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

^(c)  Excludes expense reimbursements and expense reductions.

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

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

See Notes to Financial Statements

147

VALIC Company II

FINANCIAL HIGHLIGHTS —(continued)

	Conservative Growth Lifestyle Fund															Core Bond Fund
	Year Ended August 31,															Year Ended August 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	12.31		$	12.07		$	11.82		$	11.95		$	13.12		$	10.74		$	11.15		$	11.30		$	10.93		$	11.09
Income (loss) from investment operations:
Net investment income (loss)(d)		0.25			0.31			0.28			0.30			0.31			0.33			0.30			0.27			0.24			0.23
Net realized and unrealized gain (loss) on investments and foreign currencies		0.17			0.28			0.39			0.41			(0.62	)		0.70			(0.45	)		(0.12	)		0.38			(0.16	)
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		0.42			0.59			0.67			0.71			(0.31	)		1.03			(0.15	)		0.15			0.62			0.07
Distributions from:
Net investment income		(0.36	)		(0.28	)		(0.32	)		(0.34	)		(0.29	)		(0.24	)		(0.26	)		(0.30	)		(0.22	)		(0.23	)
Net realized gain on securities		(0.52	)		(0.07	)		(0.10	)		(0.50	)		(0.57	)		–			(0.00	)		–			(0.03	)		–
Total distributions		(0.88	)		(0.35	)		(0.42	)		(0.84	)		(0.86	)		(0.24	)		(0.26	)		(0.30	)		(0.25	)		(0.23	)
Net asset value at end of period	$	11.85		$	12.31		$	12.07		$	11.82		$	11.95		$	11.53		$	10.74		$	11.15		$	11.30		$	10.93
TOTAL RETURN(a)		3.52	%		4.94	%		5.76	%		6.19	%		(2.65	)%		9.64	%		(1.32	)%		1.37	%		5.78	%		0.62	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.77	%		0.77	%		0.77	%		0.77	%		0.77	%
Ratio of expenses to average net assets(c)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.14	%(e)		0.78	%		0.78	%		0.80	%		0.79	%		0.79	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.06	%(e)		2.47	%(e)		2.31	%(e)		2.51	%(e)		2.45	%(e)		2.99	%		2.80	%		2.40	%		2.16	%		2.10	%
Ratio of net investment income (loss) to average net assets(c)		2.01	%(e)		2.43	%(e)		2.27	%(e)		2.46	%(e)		2.40	%(e)		2.99	%		2.78	%		2.37	%		2.15	%		2.08	%
Portfolio turnover rate		45	%		44	%		38	%		27	%		33	%		97	%		73	%		76	%		139	%		153	%
Number of shares outstanding at end of period (000’s)		27,369			27,516			27,674			27,779			27,270			137,809			119,431			100,052			106,434			97,489
Net assets at the end of period (000’s)	$	324,436		$	338,793		$	333,907		$	328,390		$	325,797		$	1,589,218		$	1,282,586		$	1,115,936		$	1,202,915		$	1,065,803

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

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

^(c)  Excludes expense reimbursements and expense reductions.

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

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

See Notes to Financial Statements

148

VALIC Company II

FINANCIAL HIGHLIGHTS —(continued)

	Government Money Market II Fund															High Yield Bond Fund
	Year Ended August 31,															Year Ended August 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	7.53		$	7.75		$	7.56		$	7.40		$	7.93
Income (loss) from investment operations:
Net investment income (loss)(d)		0.02			0.01			0.00			0.00			0.00			0.39			0.40			0.41			0.37			0.38
Net realized and unrealized gain (loss) on investments and foreign currencies		0.00			(0.00	)		0.00			0.00			0.00			0.09			(0.18	)		0.15			0.13			(0.53	)
Net increase from payments by affiliates		–			–			–			–			0.00			–			–			–			–			–
Total income (loss) from investment operations		0.02			0.01			0.00			0.00			0.00			0.48			0.22			0.56			0.50			(0.15	)
Distributions from:
Net investment income		(0.02	)		(0.01	)		(0.00	)		(0.00	)		(0.00	)		(0.35	)		(0.44	)		(0.37	)		(0.34	)		(0.38	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.02	)		(0.01	)		(0.00	)		(0.00	)		(0.00	)		(0.35	)		(0.44	)		(0.37	)		(0.34	)		(0.38	)
Net asset value at end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	7.66		$	7.53		$	7.75		$	7.56		$	7.40
TOTAL RETURN(a)		1.75	%		0.91	%		0.16	%		0.01	%		0.01	%(e)		6.47	%		2.89	%		7.54	%		7.07	%		(2.02	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.55	%		0.55	%		0.50	%		0.32	%		0.15	%		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Ratio of expenses to average net assets(c)		0.67	%		0.65	%		0.70	%		0.66	%		0.64	%		0.97	%		0.97	%		0.97	%		0.99	%		0.98	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.73	%		0.91	%		0.16	%		0.01	%		0.01	%		5.25	%		5.16	%		5.27	%		5.16	%		5.00	%
Ratio of net investment income (loss) to average net assets(c)		1.61	%		0.81	%		(0.04	)%		(0.33	)%		(0.48	)%		5.24	%		5.15	%		5.26	%		5.13	%		4.97	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A			34	%		26	%		52	%		36	%		36	%
Number of shares outstanding at end of period (000’s)		119,345			136,966			132,916			141,263			159,882			85,841			76,525			72,461			78,148			63,332
Net assets at the end of period (000’s)	$	119,366		$	136,987		$	132,944		$	141,291		$	159,905		$	657,364		$	576,553		$	561,480		$	590,679		$	468,855

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

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

^(c)  Excludes expense reimbursements and expense reductions.

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

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

See Notes to Financial Statements

149

VALIC Company II

FINANCIAL HIGHLIGHTS —(continued)

	International Opportunities Fund															Large Cap Value Fund
	Year Ended August 31,															Year Ended August 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	21.31		$	19.38		$	16.00		$	15.08		$	15.50		$	22.76		$	20.66		$	18.41		$	17.08		$	17.58
Income (loss) from investment operations:
Net investment income (loss)(d)		0.16			0.13			0.14			0.14			0.16			0.36			0.30			0.24			0.27			0.20
Net realized and unrealized gain (loss) on investments and foreign currencies		(2.10	)		1.97			3.49			0.94			(0.38	)		(0.92	)		2.80			2.27			1.27			(0.46	)
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(1.94	)		2.10			3.63			1.08			(0.22	)		(0.56	)		3.10			2.51			1.54			(0.26	)
Distributions from:
Net investment income		(0.19	)		(0.17	)		(0.25	)		(0.16	)		(0.20	)		(0.27	)		(0.26	)		(0.26	)		(0.21	)		(0.24	)
Net realized gain on securities		(0.74	)		–			–			–			–			(1.82	)		(0.74	)		–			–			–
Total distributions		(0.93	)		(0.17	)		(0.25	)		(0.16	)		(0.20	)		(2.09	)		(1.00	)		(0.26	)		(0.21	)		(0.24	)
Net asset value at end of period	$	18.44		$	21.31		$	19.38		$	16.00		$	15.08		$	20.11		$	22.76		$	20.66		$	18.41		$	17.08
TOTAL RETURN(a)		(9.20	)%		10.81	%		22.81	%		7.23	%		(1.50	)%		(2.39	)%		15.12	%		13.66	%		9.09	%		(1.56	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%
Ratio of expenses to average net assets(c)		1.22	%		1.20	%		1.22	%		1.21	%		1.21	%		0.89	%		0.88	%		0.88	%		0.89	%		0.88	%
Ratio of expense reductions to average net assets		0.00	%		–			–			0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		0.83	%		0.61	%		0.82	%		0.91	%		1.02	%		1.68	%		1.35	%		1.21	%		1.59	%		1.11	%
Ratio of net investment income (loss) to average net assets(c)		0.60	%		0.41	%		0.60	%		0.70	%		0.81	%		1.60	%		1.27	%		1.14	%		1.51	%		1.04	%
Portfolio turnover rate		41	%		46	%		62	%		58	%		59	%		81	%		90	%		77	%		71	%		72	%
Number of shares outstanding at end of period (000’s)		31,253			33,984			34,637			37,260			39,548			13,500			12,480			10,969			12,540			11,333
Net assets at the end of period (000’s)	$	576,197		$	724,027		$	671,097		$	596,055		$	596,301		$	271,487		$	284,086		$	226,626		$	230,844		$	193,602

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

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

^(c)  Excludes expense reimbursements and expense reductions.

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

See Notes to Financial Statements

150

VALIC Company II

FINANCIAL HIGHLIGHTS —(continued)

	Mid Cap Growth Fund															Mid Cap Value Fund
	Year Ended August 31,															Year Ended August 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	10.71		$	10.06		$	8.42		$	8.81		$	10.13		$	22.13		$	21.23		$	20.45		$	21.82		$	25.15
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		(0.02	)		0.00			(0.02	)		(0.02	)		0.14			0.09			0.07			0.14			0.07
Net realized and unrealized gain (loss) on investments and foreign currencies		0.19			2.56			1.64			0.24			0.27			(1.11	)		2.62			2.17			1.73			(0.82	)
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		0.18			2.54			1.64			0.22			0.25			(0.97	)		2.71			2.24			1.87			(0.75	)
Distributions from:
Net investment income		–			(0.02	)		–			–			–			(0.11	)		(0.09	)		(0.13	)		(0.06	)		(0.05	)
Net realized gain on securities		(0.37	)		(1.87	)		–			(0.61	)		(1.57	)		(3.86	)		(1.72	)		(1.33	)		(3.18	)		(2.53	)
Total distributions		(0.37	)		(1.89	)		–			(0.61	)		(1.57	)		(3.97	)		(1.81	)		(1.46	)		(3.24	)		(2.58	)
Net asset value at end of period	$	10.52		$	10.71		$	10.06		$	8.42		$	8.81		$	17.19		$	22.13		$	21.23		$	20.45		$	21.82
TOTAL RETURN(a)		1.72	%		25.54	%		19.48	%		3.01	%		1.66	%		(4.14	)%		12.90	%		11.02	%		9.62	%		(3.61	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of expenses to average net assets(c)		1.12	%		1.15	%		1.17	%		1.17	%		1.14	%		1.06	%		1.05	%		1.05	%		1.06	%		1.06	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.01	%		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		(0.08	)%		(0.18	)%		0.04	%		(0.27	)%		(0.26	)%		0.73	%		0.40	%		0.32	%		0.65	%		0.28	%
Ratio of net investment income (loss) to average net assets(c)		(0.35	)%		(0.49	)%		(0.28	)%		(0.59	)%		(0.54	)%		0.72	%		0.40	%		0.32	%		0.64	%		0.27	%
Portfolio turnover rate		32	%		35	%		162	%		92	%		102	%		44	%		44	%		44	%		44	%		56	%
Number of shares outstanding at end of period (000’s)		23,048			20,584			13,313			14,338			17,507			43,256			41,411			49,262			48,776			42,460
Net assets at the end of period (000’s)	$	242,512		$	220,444		$	133,988		$	120,774		$	154,291		$	743,460		$	916,284		$	1,046,046		$	997,576		$	926,580

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

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

^(c)  Excludes expense reimbursements and expense reductions.

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

See Notes to Financial Statements

151

VALIC Company II

FINANCIAL HIGHLIGHTS —(continued)

	Moderate Growth Lifestyle Fund															Small Cap Growth Fund
	Year Ended August 31,															Year Ended August 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	15.00		$	14.23		$	13.98		$	14.09		$	15.61		$	23.31		$	16.98		$	14.20		$	15.31		$	16.27
Income (loss) from investment operations:
Net investment income (loss)(d)		0.24			0.26			0.24			0.30			0.29			(0.11	)		(0.12	)		(0.08	)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.00	)		1.08			0.92			0.70			(0.65	)		(1.22	)		7.14			3.72			0.42			0.97
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		0.24			1.34			1.16			1.00			(0.36	)		(1.33	)		7.02			3.64			0.39			0.93
Distributions from:
Net investment income		(0.32	)		(0.24	)		(0.32	)		(0.32	)		(0.28	)		–			–			–			–			–
Net realized gain on securities		(1.04	)		(0.33	)		(0.59	)		(0.79	)		(0.88	)		(5.09	)		(0.69	)		(0.86	)		(1.50	)		(1.89	)
Total distributions		(1.36	)		(0.57	)		(0.91	)		(1.11	)		(1.16	)		(5.09	)		(0.69	)		(0.86	)		(1.50	)		(1.89	)
Net asset value at end of period	$	13.88		$	15.00		$	14.23		$	13.98		$	14.09		$	16.89		$	23.31		$	16.98		$	14.20		$	15.31
TOTAL RETURN(a)		1.71	%		9.44	%		8.42	%		7.48	%		(2.68	)%		(5.47	)%		41.51	%		26.05	%		4.40	%		5.26	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		1.16	%		1.16	%		1.16	%		1.16	%		1.16	%
Ratio of expenses to average net assets(c)		0.13	%(e)		0.13	%(e)		0.14	%(e)		0.14	%(e)		0.13	%(e)		1.23	%		1.22	%		1.25	%		1.29	%		1.25	%
Ratio of expense reduction to average net assets		–			–			–			–			–			0.01	%		0.00	%		0.00	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		1.69	%(e)		1.75	%(e)		1.68	%(e)		2.15	%(e)		1.92	%(e)		(0.54	)%		(0.61	)%		(0.53	)%		(0.22	)%		(0.25	)%
Ratio of net investment income (loss) to average net assets(c)		1.66	%(e)		1.72	%(e)		1.65	%(e)		2.11	%(e)		1.89	%(e)		(0.61	)%		(0.67	)%		(0.62	)%		(0.35	)%		(0.34	)%
Portfolio turnover rate		39	%		47	%		36	%		33	%		30	%		60	%		63	%		40	%		39	%		49	%
Number of shares outstanding at end of period (000’s)		67,965			64,297			63,003			60,581			56,655			11,386			9,239			8,088			7,035			7,185
Net assets at the end of period (000’s)	$	943,311		$	964,607		$	896,346		$	846,974		$	798,444		$	192,341		$	215,384		$	137,330		$	99,884		$	110,029

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

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

^(c)  Excludes expense reimbursements and expense reductions.

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

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

See Notes to Financial Statements

152

VALIC Company II

FINANCIAL HIGHLIGHTS —(continued)

	Small Cap Value Fund															Strategic Bond Fund
	Year Ended August 31,															Year Ended August 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	15.74		$	14.47		$	13.57		$	14.01		$	16.65		$	10.86		$	11.38		$	11.28		$	11.00		$	11.77
Income (loss) from investment operations:
Net investment income (loss)(d)		0.15			0.15			0.11			0.13			0.17			0.43			0.42			0.39			0.38			0.42
Net realized and unrealized gain (loss) on investments and foreign currencies		(2.80	)		2.36			1.48			1.27			(0.56	)		0.46			(0.53	)		0.13			0.39			(0.68	)
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(2.65	)		2.51			1.59			1.40			(0.39	)		0.89			(0.11	)		0.52			0.77			(0.26	)
Distributions from:
Net investment income		(0.21	)		(0.13	)		(0.14	)		(0.17	)		(0.10	)		(0.40	)		(0.41	)		(0.42	)		(0.45	)		(0.41	)
Net realized gain on securities		(2.12	)		(1.11	)		(0.55	)		(1.67	)		(2.15	)		–			–			–			(0.04	)		(0.10	)
Total distributions		(2.33	)		(1.24	)		(0.69	)		(1.84	)		(2.25	)		(0.40	)		(0.41	)		(0.42	)		(0.49	)		(0.51	)
Net asset value at end of period	$	10.76		$	15.74		$	14.47		$	13.57		$	14.01		$	11.35		$	10.86		$	11.38		$	11.28		$	11.00
TOTAL RETURN(a)		(17.24	)%		17.40	%		11.61	%		11.27	%		(3.38	)%		8.27	%		(0.96	)%		4.75	%		7.15	%		(2.32	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.87	%		0.87	%		0.88	%		0.88	%		0.87	%
Ratio of expenses to average net assets(c)		1.06	%		1.03	%		1.03	%		1.04	%		1.03	%		0.87	%		0.87	%		0.88	%		0.88	%		0.87	%
Ratio of expense reductions to average net assets		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.07	%		0.96	%		0.71	%		0.98	%		1.02	%		3.92	%		3.73	%		3.48	%		3.51	%		3.67	%
Ratio of net investment income (loss) to average net assets(c)		0.96	%		0.88	%		0.62	%		0.89	%		0.95	%		3.92	%		3.73	%		3.48	%		3.51	%		3.67	%
Portfolio turnover rate		55	%		46	%		79	%		59	%		50	%		95	%		133	%		118	%		162	%		132	%
Number of shares outstanding at end of period (000’s)		29,381			33,971			36,582			37,866			34,784			73,893			78,574			65,845			72,983			71,428
Net assets at the end of period (000’s)	$	316,042		$	534,548		$	529,505		$	513,783		$	487,157		$	838,559		$	853,401		$	749,055		$	823,464		$	785,635

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

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

^(c)  Excludes expense reimbursements and expense reductions.

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

See Notes to Financial Statements

153

VALIC Company II

FINANCIAL HIGHLIGHTS —(continued)

	U.S. Socially Responsible Fund*
	Year Ended August 31,
	2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	23.09		$	20.15		$	19.23		$	18.55		$	18.56
Income (loss) from investment operations:
Net investment income (loss)(d)		0.27			0.30			0.29			0.28			0.26
Net realized and unrealized gain (loss) on investments and foreign currencies		0.72			3.39			2.33			1.89			(0.05	)
Net increase from payments by affiliates		–			–			–			–			–
Total income (loss) from investment operations		0.99			3.69			2.62			2.17			0.21
Distributions from:
Net investment income		(0.34	)		(0.35	)		(0.29	)		(0.28	)		(0.22	)
Net realized gain on securities		(1.71	)		(0.40	)		(1.41	)		(1.21	)		–
Total distributions		(2.05	)		(0.75	)		(1.70	)		(1.49	)		(0.22	)
Net asset value at end of period	$	22.03		$	23.09		$	20.15		$	19.23		$	18.55
TOTAL RETURN(a)		4.46	%		18.49	%		13.90	%		12.16	%		1.06	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.56	%		0.56	%		0.56	%		0.56	%		0.56	%
Ratio of expenses to average net assets(c)		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Ratio of expense reductions to average net assets		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.22	%		1.37	%		1.46	%		1.47	%		1.35	%
Ratio of net investment income (loss) to average net assets(c)		1.17	%		1.33	%		1.41	%		1.42	%		1.31	%
Portfolio turnover rate		36	%		5	%		0	%		25	%		31	%
Number of shares outstanding at end of period (000’s)		32,675			34,175			39,701			39,360			39,153
Net assets at the end of period (000’s)	$	719,784		$	789,118		$	799,898		$	756,821		$	726,460

* See Note 1

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

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

^(c)  Excludes expense reimbursements and expense reductions.

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

See Notes to Financial Statements

154

VALIC Company II

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VALIC Company II and

Shareholders of each of the fifteen funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (fifteen funds constituting VALIC Company II, hereafter collectively referred to as the “Funds”) as of August 31, 2019, the related statements of operationsfor the year ended August 31, 2019, the statements of changes in net assets for each of the two years in the period ended August 31, 2019, including the related notes,and the financial highlights for each of the five years in the period ended August 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2019 and each of the financial highlights for each of the five years in the period ended August 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

VALIC Company II

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	Strategic Bond Fund
International Opportunities Fund	U.S. Socially Responsible Fund (formerly Socially Responsible Fund)
Large Cap Value Fund

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2019 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

October 25, 2019

We have served as the auditor of one or more investment companies in the VALIC family of funds since 2008.

155

VALIC Company II

APPROVAL OF ADVISORY AGREEMENTS(unaudited)

¹  Effective June 7, 2010, Perkins became a sub-sub-adviser pursuant to a Sub-Sub-Advisory Agreement between Janus and Perkins. The Board’s consideration and approval of VALIC’s Investment Sub-Advisory Agreement with Janus included a consideration and approval of this Sub-Sub-Advisory Agreement.

At an in-person meeting held on August 5-6, 2019, the Board of Trustees (the “Board”) of VALIC Company II (“VC II”), including the Trustees that are not interested persons of VC II, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), approved the Investment Advisory Agreement with respect to each series of VC II (each a “Fund,” and collectively, the “Funds”) between The Variable Annuity Life Insurance Company (“VALIC”) and VC II (the “Advisory Agreement”) and the Investment Sub-Advisory Agreements between VALIC and each of the following sub-advisers of VC II (collectively, the “Sub-advisory Agreements”): BMO Asset Management Corp. (“BMO AM”), BNY Mellon Asset Management North America Corporation (“BNY”), Boston Partners Global Investors, Inc. (“Boston Partners”), Delaware Investments Fund Advisers (“Delaware”), Janus Capital Management, LLC (“Janus”), J.P. Morgan Investment Management, Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), Perkins Investment Management, LLC (“Perkins”),¹ PineBridge Investments, LLC (“PineBridge”), SunAmerica Asset Management, LLC (“SunAmerica”) and Wellington Management Company LLP (“Wellington Management”) (collectively referred to as the “Sub-advisers”). The Advisory Agreement and Sub-advisory Agreements are collectively referred to as the “Advisory Contracts.” Prior to the August 5-6, 2019 meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at an in-person meeting held on July 8-9, 2019.

In connection with the approval of the Advisory Contracts, the Board received materials relating to certain factors the Board considered in determining to renew such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and the Sub-advisers; (2) the advisory fee and sub-advisory fees charged in connection with VALIC’s and the Sub-advisers’ management of each Fund, compared to advisory fee rates and sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Expense Group/Universe” and the “Subadvisory Expense Group/Universe”), as selected by an independent third-party provider of mutual fund data; (3) the investment performance of the Funds compared to performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group/Universe”) and against each Fund’s benchmarks; (4) the costs of services and the benefits potentially derived by VALIC, the Sub-advisers and their respective affiliates; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies and/or objectives to the Funds, as applicable, and which are advised or managed by VALIC or SunAmerica, an affiliated Sub-adviser; (6) whether the Funds will benefit from possible economies of scale from engaging VALIC and the Sub-advisers; (7) the profitability of VALIC, the Sub-advisers and their respective affiliates, including amounts retained by VALIC after payment of sub-advisory fees; (8) the terms of the Advisory Contracts; (9) information regarding VALIC’s and the Sub-advisers’ compliance and regulatory history; and (10) information about the services VALIC provides in connection with the oversight of the Sub-advisers.

The Independent Trustees were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Trustees in an executive session at anin-person special meeting held on July8-9, 2019 and executive sessions held during the August 2019 meeting during which such independent counsel provided guidance to the Independent Trustees. Following the July8-9, 2019 meeting, the Independent Trustees submitted questions and requests for additional information to management, and considered management’s responses thereto at the August 2019 meeting. The continuation of all Advisory Contracts was approved at the August 2019 meeting for aone-year term beginning September 1, 2019 and ending August 31, 2020.

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

The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC II, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generallyvis-à-vis competitors. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Advisory Agreement with respect to each Fund. The Board also considered VALIC’s risk management processes. The Board also considered the significant risks assumed by VALIC in connection with the services provided to the Funds including entrepreneurial risk in sponsoring new Funds and ongoing risks including operational, compliance, reputational, litigation, regulatory and liquidity risks with respect to all Funds.

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

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

156

VALIC Company II

APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)

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

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory andsub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group/Universe and Subadvisory Expense Universe and, in some cases as noted below, the Subadvisory Expense Group. The Board noted that VALIC negotiates thesub-advisory fees with each of the unaffiliatedSub-advisers at arms-length. The Board also considered that thesub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and thatsub-advisory fees may vary widely within the Subadvisory Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of SunAmerica with VALIC, noting any potential conflicts of interest. The Board alsonoted that VALIC annually waives a portion of its advisory fee and/or reimburses the expenses of each of the Funds.

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

The total expense information, advisory fee information, andsub-advisory fee information considered by the Board, among other fee and expense data, is summarized below. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated February 28, 2019.

The Board received and reviewed information prepared by management and by an independent third-party regarding the Funds’ investment performance compared against their benchmarks and their respective Performance Groups/Universes. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2019, and that the benchmark information provided by management was for the period ended May 31, 2019. The Board also noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, although it monitors the Funds’ performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:

• Aggressive Growth Lifestyle Fund (PineBridge). The Fund’s actual management fees were above the medians of its Expense Group/Universe. The Fund’s total net expenses were equal to the medians of its Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2020.

The Fund underperformed its Lipper peer index for theone-year period and outperformed its Lipper peer index for the three- and five-year periods. The Fund equaled the median of the Performance Group for theone-year period and outperformed the median of the Performance Group for the three- and five-year periods. The Fund outperformed the median of the Performance Universe for theone-, three- and five-year periods. The Fund underperformed its blended benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Capital Appreciation Fund (BMO AM). The Fund’s total net expenses, actual management fees and actualsub-advisory fees were below the medians of its Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board noted that the expense limitation on total expenses was also extended contractually through December 31, 2020.

The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone-year period and underperformed its Lipper peer index and the median of its Performance Universe for the three- and five-year periods. The Fund equaled the median of its Performance Group for theone-year period and underperformed the median of its Performance Group for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Conservative Growth Lifestyle Fund (PineBridge). The Fund’s actual management fees were above the medians of its Expense Group/Universe. The Fund’s total net expenses were equal to the median of its Expense Group and above the median of its Expense Universe. The Fund’s actualsub-advisory fees were equal to the median of itsSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted the expense limitation on total expenses was extended contractually through December 31, 2020.

The Fund underperformed its Lipper peer index and the median of its Performance Universe for theone-year period and outperformed its Lipper peer index and the median of its Performance Universe for the three- and five-year periods. The Fund underperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund underperformed its blended benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Core Bond Fund (PineBridge). The Fund’s actual management fees were below the median of its Expense Group and above the median of its Expense Universe. The Fund’s total net expenses were below the median of its Expense Group and equal to the median of its Expense Universe. The Fund’s actualsub-advisory fees were above the medians of itsSub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2020.

The Fund underperformed its Lipper peer index and the median of its Performance Universe for theone-year period and outperformed its Lipper peer index and the median of its Performance Universe for the three- and five-year periods. The Fund equaled the median of its Performance Group for theone- and five-year periods and outperformed the median of its Performance Group for the three-year period. The Fund underperformed its benchmark for theone- and five-year periods and outperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance.

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• Government Money Market II Fund (SunAmerica). The Fund’s actual management fees were above the medians of its Expense Group/Universe. The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of itsSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2020.

The Fund underperformed its Lipper peer index and Performance Universe for theone-, three- and five-year periods. The Fund outperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• High Yield Bond Fund (Wellington Management). The Fund’s actual management fees and total net expenses were above the medians of its Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of itsSub-advisory Expense Group and above the median of itsSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the limitation on total expenses was lowered contractually for theone-year period ended December 31, 2020.

The Fund outperformed its Lipper peer index and the median of its Performance Group for theone-, three- and five-year periods. The Fund outperformed the median of its Performance Universe for theone- and five-year periods and equaled the median of its Performance Universe for the three-year period. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• International Opportunities Fund (MFS/Delaware). The Fund’s actual management fees were above the median of its Expense Group and equal to the median of its Expense Universe. The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Fund’s actualsub-advisory fees were above the medians of itsSub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted the contractual limitation on total expenses that was instituted for theone-year period ended December 31, 2020.

The Fund outperformed the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods.

• Large-Cap Value Fund (Janus/Perkins/BNY). The Fund’s actual management fees, total net expenses and actualsub-advisory fees were below the medians of its Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable.

The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-year period and outperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods.

• Mid-Cap Growth Fund (Wellington Management). The Fund’s actual management fees and actualsub-advisory fees were above the medians of its Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted the contractual limitation on total expenses that was instituted for theone-year period ended December 31, 2020.

The Fund underperformed its Lipper peer index and the median of its Performance Universe for theone- and five-year periods and outperformed its Lipper peer index and the median of its Performance Universe for the three-year period. The Fund underperformed the median of its Performance Group for theone-year period and equaled the median of its Performance Group for the three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Mid-Cap Value Fund (Wellington Management/Boston Partners). The Fund’s actual management fees were equal to the median of its Expense Group and below the median of its Expense Universe. The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the medians of itsSub-advisory Expense Group/Universe. The expense limitation on total expenses was also extended contractually through December 31, 2020.

The Fund underperformed its Lipper peer index and the median of its Peer Universe for theone- and five-year periods and outperformed its Lipper peer index and the median of its Peer Universe for the three-year period. The Fund outperformed the median of its Performance Group for theone- and three-year periods and underperformed the median of its Performance Group for the five-year period. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Moderate Growth Lifestyle Fund (PineBridge). The Fund’s actual management fees were equal to the median of its Expense Group and above the median of its Expense Universe. The Fund’s total net expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2020.

The Fund underperformed its Lipper peer index for theone-year period and outperformed its Lipper peer index for the three- and five-year periods. The Fund outperformed the medians of its Performance Group/Universe for theone-, three-, and five-year periods. The Fund underperformed its blended benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Small-Cap Growth Fund (JPMIM). The Fund’s actual management fees and actualsub-advisory fees were above the medians of its Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Fund’s total net expenses were below the median of its Expense Group and above the median of its Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers. The Board noted that the limitation on total expenses was lowered contractually for theone-year period ended December 31, 2020.

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APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)

The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods.

• Small-Cap Value Fund (JPMIM). The Fund’s actual management fees were below the median of its Expense Group and above the median of its Expense Universe. The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Fund’s actualsub-advisory fees were above the median of itsSub-advisory Expense Group and below the median of itsSub-advisory Expense Universe. The Board noted the contractual limitation on total expenses that was instituted for theone-year period ended December 31, 2020.

The Fund underperformed its Lipper peer index for theone- and three-year periods and outperformed its Lipper peer index for the five-year period. The Fund underperformed the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Strategic Bond Fund (PineBridge). The Fund’s actual management fees and actualsub-advisory fees were above the medians of its Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2020.

The Fund underperformed its Lipper peer index for theone-year period and outperformed its Lipper peer index for the three- and five-year periods. The Fund outperformed the median of its Performance Group for theone- and five-year periods and underperformed the median of its Performance Group for the three-year period. The Fund outperformed the median of its Performance Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-year period and outperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• U.S. Socially Responsible Fund (formerly, Socially Responsible Fund) (SunAmerica). The Fund’s actual management fees, total net expenses and actualsub-advisory fees were below the medians of its Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable.

The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

The Board considered management’s discussion of each Fund’s expenses and performance and concluded that each Fund’s overall performance was satisfactory in light of the circumstances or was being appropriately addressed by management. The Board further concluded that the advisory fee andsub-advisory fee for each Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

Cost of Services and Indirect Benefits/Profitability. The Board was provided information related to the cost of services and profits realized in connection with the Advisory Agreement. The Board considered the costs that are borne by the Funds. For its services, VALIC receives a fee, payable monthly from each Fund in an amount that is calculated as a percentage of the average monthly net assets of the respective Fund.

The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriatesub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by thesub-advisers; (4) product suitability; and (5) special considerations such as competitorsub-account characteristics, uniqueness of the product and prestige of the manager.

The Board considered that VALIC, or its affiliates, will receive benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees, administrative services fees, andsub-advisory fees. The Board considered that the transfer agency fees are paid by the Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services are provided for a flat fee based on the estimated cost of providing such services, and the payment for such services is allocated to each Fund based on the number of accounts serviced. The Board also noted that VC II pays SunAmerica, an affiliate of VALIC, an annual fee based on each Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SunAmerica receives from the Funds, SunAmerica compensatesVALIC for certain administrative services, and the Funds’ custodian, State Street Bank and Trust Company, for calculation of the daily net asset value. The Board also noted that SunAmerica receivessub-advisory fees for those Funds for which it serves assub-adviser. The Board also considered that VC II pays VALIC an annual fee of 0.25% on average daily net assets of each Fund (other than the Lifestyle Funds) pursuant to a Shareholder Services Agreement.

The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, it was noted that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC. These benefits can be material. The Board also noted that VALIC and its affiliates may receive revenue sharing payments from certainsub-advisers to the Funds in connection with certain administrative, marketing and other servicing activities, which payments help offset costs for education, marketing activities and training to support sales of the Funds, including sales through variable annuity contracts and variable life insurance policies (“Variable Contracts”) issued by VALIC, as well as occasional gifts, entertainment or other compensation as incentives. In addition, the Board considered that, because shares of the Funds are offered as investment options through Variable Contracts issued by VALIC and its affiliated life insurers (collectively, the “Life Companies”), the investment objectives, strategies and performance of the Funds may positively or negatively impact a Life Company’s ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.

In considering the profitability to VALIC and its affiliates in connection with their relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services, and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC’s profitability on aFund-by-Fund basis, as well as an Investment Management Profitability Analysis prepared by an independent information service, Broadridge, noting that VALIC’s profitability was generally in the range of the profitability of

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APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)

companies contained in the report. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC and its affiliates, as adviser, as transfer agent and/or as shareholder servicing agent, as applicable. The Board further considered the amount ofsub-advisory fees paid out by VALIC and the amount of the advisory fees that it retained and determined that these amounts were reasonable in light of the services performed by VALIC and thesub-advisers, respectively. In addition, the Board considered the profitability of SunAmerica in its role as the administrator of the Funds and assub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds was reasonable.

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

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

Economies of Scale.The Board noted that the advisory fee rate andsub-advisory fee rates payable to VALIC and each of theSub-advisers with respect to most of the Funds contain breakpoints, which allow the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee andsub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board further noted that VALIC has agreed to cap the total annual operating expenses of certain Funds. The Board also observed that expense caps and fee waivers benefitted shareholders by limiting total fees even in the absence of breakpoints. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.

For similar reasons as stated above with respect to theSub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in theSub-advisers’ management of the Funds are not a material factor to the approval of theSub-advisory Agreements, although it was noted that most of the Funds have breakpoints at thesub-advisory fee level.

Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and theSub-advisers and noted that VALIC would compensate theSub-advisers out of the advisory fees it receives from the Funds. The Board noted that theSub-Advisory Agreements provide that eachSub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.

Compliance. The Board reviewed VALIC’s and theSub-advisers’ compliance personnel and regulatory history, including information whether it was currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entities’ compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.

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

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

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VALIC Company II

TRUSTEE AND OFFICER INFORMATION —August 31, 2019 (unaudited)

Name, Age and Address at August 31, 2019*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Independent Trustees
Thomas J. Brown Age: 73	Trustee		2005- Present	Retired		49	Trustee, Virtus Funds(2011-Present).
Dr. Judith L. Craven Age: 73	Trustee		1998- Present	Retired		73	Director, A.G. Belo Corporation, a media company (1992-2014); Director, SYSCO Corporation, a food marketing and distribution company (1996-2017); Director, Luby’s Inc.(1998-Present).
Dr. Timothy J. Ebner Age: 70	Trustee		1998- Present	Professor and Head, Department of Neuroscience Medical School(1980-Present), and University of Minnesota, Pickworth Chair (2000-Present); Scientific Director, Society for Research on the Cerebellum (2008-Present); President, Association of Medical School Neuroscience Department Chairpersons (2011-2014).		49	Trustee, Minnesota Medical Foundation (2003-2013).
Judge Gustavo E. Gonzales, Jr. Age: 79	Trustee		1998- Present	Semi-Retired. Attorney At Law, Criminal Defense and General Practice (2004-2014). Retired Municipal Court Judge, Dallas, TX (since 2004).		49	None.
Kenneth J. Lavery Age: 69	Chairman and Trustee(5)		2001- Present	Retired, Vice President, Massachusetts Capital Resources Co. (1982-2013).		49	None.
Dr. John E. Maupin, Jr. Age: 72	Trustee		1998- Present	Retired, President, Morehouse School of Medicine, Atlanta, Georgia (2006-2014).		49	Director, LifePoint Hospitals, Inc., hospital management (1999-Present); Director, HealthSouth, Corporation, rehabilitation health care services (2004-Present); Director, Regions Financials Inc., bank holding company (2007-Present).
Interested Trustees
Peter A. Harbeck(1) Age: 65	Trustee		2001- Present	Retired June 2019; formerly President, CEO (1997-2019) and Director(1992-2019), SunAmerica (1995-2019); Director, AIG Capital Services, Inc. (“ACS”) (1993-2019); Chairman, President and CEO, Advisor Group, Inc. (2004-2016)		73	None.
Eric S. Levy Age: 54(1)	Trustee		2017- Present	Executive Vice President, VALIC (2015-Present); Executive Vice President, Group Retirement, AIG (2015-Present); and Senior Vice President, Lincoln Financial Group (2010-2015).		49	None
Officers
John T. Genoy Age: 50	President and Principal Executive Officer		2014- Present	Chief Financial Officer (2002-Present), Senior Vice President, (2004-Present), Chief Operating Officer(2006-Present) and Director (2014-Present), SunAmerica.		N/A	N/A

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VALIC Company II

TRUSTEE AND OFFICER INFORMATION —August 31, 2019 (unaudited) — (continued)

Name, Age and Address at August 31, 2019*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Officers
John Packs Age: 63	Vice President and Senior Investment Officer		2001- Present	Senior Investment Officer, VALIC (2001-2013); Senior Vice President, SunAmerica (2008-Present).		N/A	N/A
Gregory R. Kingston Age: 53	Treasurer and Principal Financial Officer		2000- Present	Vice President (2001-Present) and Head of Mutual Fund Administration(2014-Present), SunAmerica.		N/A	N/A
Gregory N. Bressler Age: 52	Vice President		2005- Present	Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SunAmerica.		N/A	N/A
Christopher C. Joe Age: 50	Chief Compliance Officer		2017 to Present	Chief Compliance Officer, SunAmerica Fund Complex(2017-Present); Chief Compliance Officer, VALIC Retirement Services Company(2017-Present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd.(2006-2014); Deputy Chief Compliance Officer, Invesco Advisers, LLC(2014-2015).		N/A	N/A
Matthew J. Hackethal Age: 47	Anti-Money Laundering (“AML”) Compliance Officer		2007- Present	Chief Compliance Officer (2006-Present), Vice President(2011-Present) and Acting Chief Compliance Officer (2016-2017) SunAmerica; AML Compliance Officer, SunAmerica Fund Complex (2006-Present).		N/A	N/A
Thomas M. Ward Age: 52	Vice President		2008- Present	Vice President (2009-Present), VALIC and VALIC Financial Advisors, Inc.		N/A	N/A
Kathleen D. Fuentes Age: 50	Chief Legal Officer, Vice President and Secretary		2015- Present	Vice President and Deputy General Counsel, SunAmerica (2006-Present).		N/A	N/A
Shawn Parry Age: 47	Vice President and Assistant Treasurer		2014- Present	Vice President (2014-Present) and Assistant Vice President (2005-2014), SunAmerica.		N/A	N/A
Donna McManus Age: 58	Vice President and Assistant Treasurer		2014- Present	Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014).		N/A	N/A

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

(1) Mr. Harbeck is considered to be an “interested trustee,” because Mr. Harbeck owns shares of American International Group, Inc., the ultimate parent of the Adviser. Until his retirement on June 28, 2019, he served as President, CEO and Director of SunAmerica and Director of ACS. Mr. Levy is considered to be an interested trustee because he serves as an officer of the Advisor and AIG, the Advisor’s ultimate parent company.

(2) The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the Series (15 funds), SunAmerica Speciality Series (6 funds), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 funds), Anchor Series Trust (5 portfolios), Seasons Series Trust (19 portfolios), SunAmerica Series Trust (59 portfolios), and VALIC Company I (34 funds).

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

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

(5) Effective January 1, 2019, Mr. Lavery became Chairman of the Board.

Additional Information concerning the Trustees and Officers is contained in the Statement of Additional Information and is available without charge by calling1-800-448-2542.

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VALIC Company II

SHAREHOLDERS TAX INFORMATION —August 31, 2019 (unaudited)

Certain tax information regarding the VALIC Company II is required to be provided to the shareholders based upon each Fund’s income and capital gain distributions for the taxable year ended August 31, 2019.

During the year ended August 31, 2019, the Funds paid the following long-term capital gains along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:

Fund	Net Long-Term Capital Gains		Foreign Tax  Credit*		Foreign Source Income		Qualifying % for the Dividends Received Deduction
Aggressive Growth Lifestyle	$	50,153,748	$	265,554	$	2,554,462		22.68	%
Capital Appreciation		22,301,727		—		—		22.64
Conservative Growth Lifestyle		12,250,183		76,788		708,820		7.69
Core Bond		—		—		—		—
Government Money Market II		—		—		—		—
High Yield Bond		—		—		—		0.02
International Opportunities		22,610,854		698,990		10,319,529		0.44
Large Cap Value		18,911,646		—		—		61.71
Mid Cap Growth		5,581,715		—		—		31.62
Mid Cap Value		132,095,114		—		—		94.31
Moderate Growth Lifestyle		64,453,213		245,531		2,299,398		16.22
Small Cap Growth		38,489,464		—		—		7.22
Small Cap Value		47,245,970		—		—		45.78
Strategic Bond		—		—		—		—
U.S. Socially Responsible		50,307,518		—		—		93.99

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

163

VALIC Company II

COMPARISONS: FUNDS VS. INDEXES(unaudited)

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

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

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

164

VALIC Company II Aggressive Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

For the twelve-months ended August 31, 2019, the Aggressive Growth Lifestyle Fund returned -0.52%, compared to 2.92% for the S&P 500^® Index and 3.85% for the blended index. The blended index is comprised of 54% Russell 3000^® Index, 13% MSCI EAFE Index (net), 25% Bloomberg Barclays U.S. Aggregate Bond Index, and 8% FTSE EPRA/NAREIT Developed Index.

The Aggressive Growth Lifestyle Fund invests in a combination of affiliated funds, also known as ‘fund of funds’. The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.

During the Period:

• In aggregate, asset allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

• In aggregate, manager selection detracted from Fund return relative to Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  VC I Global Real Estate Fund (overweight); VC I Stock Index Fund (overweight); VC II Strategic Bond Fund (overweight)

• The following detracted from Fund return relative to Benchmark return:

^O  VC II Small Cap Value Fund (overweight); VC I Small Cap Special Values Fund (overweight); VC I International Value Fund (overweight)

165

VALIC Company II Aggressive Growth Lifestyle Fund

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

For the year ended August 31, 2019, the Aggressive Growth Lifestyle Fund returned-0.52% compared to 2.92% for the S&P 500^® Index and 3.85% for the Blended Index.

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

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

*** The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

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

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
-0.52%	5.00%	9.17%

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

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

Indices are not managed and an investor can not invest directly into an index.

166

VALIC Company II Capital Appreciation Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

A discussion with BMO Asset Management, LLC (“BMO AM”).

The Capital Appreciation Fund posted a return of -0.35% for the twelve-month period ending August 31, 2019, compared to a return of 4.27% for the Russell 1000^® Growth Index.

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to the Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Sector allocation(s): real estate (overweight); health care (underweight); financials (overweight)

^O  Security selection in the following sector(s): health care

^O  Position weighting(s): Essex Property Trust, Inc.; Mastercard, Inc.; Hershey Co.

• The following detracted from Fund return relative to Benchmark return:

^O  Sector allocation(s): energy (overweight); consumer staples (underweight)

^O  Security selection in the following sector(s): information technology; consumer discretionary; materials

^O  Position weighting(s): ConocoPhillips; TripAdvisor, Inc.; F5 Networks, Inc.

For the year ended August 31, 2019, the Capital Appreciation Fund returned -0.35% compared to 4.27% for the Russell 1000^® Growth Index.

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

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
-0.35%	10.24%	13.48%

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

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

Indices are not managed and an investor can not invest directly into an index.

167

VALIC Company II Conservative Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

For the twelve-months ended August 31, 2019, the Conservative Growth Lifestyle Fund returned 3.52%, compared to 2.92% for the S&P 500^® Index and 7.25% for the blended index. The blended index is comprised of 24% Russell 3000^® Index, 8% MSCI EAFE Index (net), 65% Bloomberg Barclays U.S. Aggregate Bond Index, and 3% FTSE EPRA/NAREIT Developed Index.

The Conservative Growth Lifestyle Fund invests in a combination of affiliated funds, also known as ‘fund of funds’. The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.

During the Period:

• In aggregate, asset allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

• In aggregate, manager selection detracted from Fund return relative to Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  VC II Strategic Bond Fund (overweight); VC II Core Bond Fund (overweight); VC II High Yield Bond Fund (overweight)

• The following detracted from Fund return relative to Benchmark return:

^O  VC II Small Cap Value Fund (overweight); VC I Small Cap Special Values Fund (overweight); VC I International Value Fund (overweight)

168

VALIC Company II Conservative Growth Lifestyle Fund

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

For the year ended August 31, 2019, the Conservative Growth Lifestyle Fund returned 3.52% compared to 2.92% for the S&P 500^® Index and 7.25% for the Blended Index.

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

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

*** The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

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

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
3.52%	3.50%	6.81%

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

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

Indices are not managed and an investor can not invest directly into an index.

169

VALIC Company II Core Bond Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC.

The Core Bond Fund posted a return of 9.64% for the twelve-month period ending August 31, 2019, compared to a return of 10.17% for the Bloomberg Barclays U.S. Aggregate Bond Index.

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to the Benchmark return.

• Yield curve positioning detracted from Fund return.

• The following contributed to Fund return relative to Benchmark return:

^O  Sector allocation(s): U.S. Treasuries (underweight); industrials (overweight); financials (overweight)

^O  Security selection in the following sector(s): utilities; financials; sovereigns

^O  Position weighting(s): UniCredit SpA; Republic of Turkey; South Carolina Electric & Gas Co.

• The following detracted from Fund return relative to Benchmark return:

^O  Sector allocation(s): utilities (overweight); MBS (Conventional30-year) (overweight)

^O  Security selection in the following sector(s): Industrials; U.S. Treasuries

^O  Position weighting(s): Hi-Crush Partners LP; Pioneer Energy Services Corp.

For the year ended August 31, 2019, the Core Bond Fund returned 9.64% compared to 10.17% for the Bloomberg Barclays U.S. Aggregate Bond Index.

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

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
9.64%	3.14%	4.55%

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

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

Indices are not managed and an investor can not invest directly into an index.

170

VALIC Company II Government Money Market II Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Government Money Market II Fund posted a return of 1.75% for the twelve-month period ending August 31, 2019, compared to a return of 2.36% for the FTSE Treasury Bill 3 Month Index.

During the Period:

• The following contributed to Fund return relative to Benchmark return:

^O  Sector allocation(s): U.S. Agencies (overweight)

^O  Security selection in the following sector(s): U.S. Agencies

^O  Position weighting(s): FHLB (Federal Home Loan Bank)

• The following detracted from Fund return relative to Benchmark return:

^O  Sector allocation(s): U.S. Treasuries (underweight)

^O  Position weighting(s): FNMA (Federal National Mtg. Assoc.); FFCB (Federal Farm Credit Bank)

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
1.75%	0.57%	0.29%

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

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

171

VALIC Company II High Yield Bond Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

A discussion with Wellington Management Company LLP.

The High Yield Bond Fund posted a return of 6.47% for the twelve-month period ending August 31, 2019, compared to its benchmark, the FTSE US High-Yield Market Index, which returned 6.10%.

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to the Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Sector allocation(s): energy (underweight); gaming (overweight); financials (overweight)

^O  Security selection in the following sector(s): energy; wireless; wirelines

^O  Position weighting(s): Weatherford International, Ltd.; EP Energy/Everest Acquisition Finance, Inc.; Frontier Communications Corp.

• The following detracted from Fund return relative to Benchmark return:

^O  Sector allocation(s): utilities (underweight); supermarkets (underweight)

^O  Security selection in the following sector(s): metals & mining; consumer products

^O  Position weighting(s): Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.; Foresight Energy LLC/Foresight Energy Finance Corp.; Chesapeake Energy Corp.

For the year ended August 31, 2019, the High Yield Bond Fund returned 6.47% compared to 6.10% for the FTSE US High-Yield Market Index.

* The FTSE US High-Yield Market Index measures the performance of below investment grade debt issued by corporations domiciled in the U.S or Canada. All of the bonds in such index are publicly placed, have a fixed coupon, and are nonconvertible.

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
6.47%	4.33%	7.37%

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

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

Indices are not managed and an investor can not invest directly into an index.

172

VALIC Company II International Opportunities Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

The International Opportunities Fund posted a return of -9.20% for the twelve-month period ending August 31, 2019, compared to a return of -9.16% for the MSCI EAFE Small Cap Index (net).

A discussion with Massachusetts Financial Services Company – regarding their portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark detracted from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed portfolio return relative to the Benchmark return.

• Holdings of cash and/or cash equivalents contributed to portfolio return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Sector allocation(s): consumer staples (overweight); healthcare (underweight); industrials (underweight)

^O  Security selection in the following sector(s): consumer discretionary; industrials; financials; communication services

^O  Position weighting(s): OBIC Co., Ltd.; China Resources Beer Holdings Co., Ltd.; Cellnex Telecom SA; Greggs PLC

• The following detracted from portfolio return relative to Benchmark return:

^O  Sector allocation(s): real estate (underweight); energy (underweight)

^O  Security selection in the following sector(s): real estate; consumer discretionary; materials

^O  Position weighting(s): Yamato Holdings Co., Ltd.; Amadeus IT Group SA; Fuchs Petrolub SE; LS Industrial Systems Co., Ltd.

A discussion with Delaware Investments Fund Advisers – regarding their portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark did not meaningfully impact portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from portfolio return relative to the Benchmark return.

• In aggregate, regional or country exposures relative to those of the Benchmark detracted from portfolio return relative to Benchmark return.

• Holdings of cash and/or cash equivalents contributed to portfolio return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Sector allocation(s): information technology (overweight); financials (underweight); materials (underweight)

^O  Security selection in the following sector(s): communication services; industrials

^O  Position weighting(s): Afterpay Touch Group Ltd.; Evolution Gaming Group AB; GMO Payment Gateway Inc.

^O  Country allocation(s): China (overweight); Brazil (overweight)

• The following detracted from portfolio return relative to Benchmark return:

^O  Sector allocation(s): real estate (underweight); energy (overweight)

^O  Security selection in the following sector(s): healthcare; consumer staples; real estate

^O  Position weighting(s): Fevertree Drinks PLC; Burford Capital Ltd.; Keywords Studios PLC

^O  Country allocation(s): Norway (overweight); South Korea (overweight); Japan (underweight)

173

VALIC Company II International Opportunities Fund

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

For the year ended August 31, 2019, the International Opportunities Fund returned-9.20% compared to-9.16% for the MSCI EAFE Small Cap Index (net).

* The MSCI EAFE Small Cap Index (net) is an unmanaged index considered representative of small-cap stocks of Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties.

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
-9.20%	5.47%	7.15%

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

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

Indices are not managed and an investor can not invest directly into an index.

174

VALIC Company II Large Cap Value Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

The Large Cap Value Fund posted a return of -2.39% for the twelve-month period ending August 31, 2019, compared to a return of 0.62% for the Russell 1000^® Value Index.

A discussion with Perkins Investment Management, LLC a Janus Henderson Global Investors plc Company – regarding their portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark detracted from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to portfolio return relative to the Benchmark return.

• In aggregate, country exposures relative to those of the Benchmark detracted from portfolio return relative to Benchmark return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Sector allocation(s): consumer staples (overweight); energy (underweight)

^O  Security selection in the following sector(s): materials; financials; industrials

• The following detracted from portfolio return relative to Benchmark return:

^O  Sector allocation(s): communication services; financials; utilities

^O  Security selection in the following sector(s): energy (underweight); consumer discretionary (underweight); communication services (underweight)

^O  Country allocation(s): UK (overweight)

A discussion with BNY Mellon Asset Management North America Corporation – regarding their portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark detracted from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from portfolio return relative to the Benchmark return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Sector allocation(s): information technology (overweight)

^O  Security selection in the following sector(s): materials; financials

• The following detracted from portfolio return relative to Benchmark return:

^O  Sector allocation(s): energy (underweight); health care (underweight); consumer staples (underweight)

^O  Security selection in the following sector(s): materials; utilities; real estate

175

VALIC Company II Large Cap Value Fund

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

For the year ended August 31, 2019, the Large Cap Value Fund returned -2.39% as compared to 0.62% for the Russell 1000^® Value Index.

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

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
-2.39%	6.52%	10.64%

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

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

Indices are not managed and an investor can not invest directly into an index.

176

VALIC Company II Mid Cap Growth Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

A discussion with Wellington Management Company LLP.

The Mid Cap Growth Fund posted a return of 1.72% for the twelve-month period ending August 31, 2019, compared to a return of -6.43% for the S&P Mid Cap 400^® Index.

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to the Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Sector allocation(s): information technology (overweight); energy (underweight)

^O  Security selection in the following sector(s): industrials; consumer discretionary; health care; materials

^O  Position weighting(s): Ball Corp.; Genpact, Ltd.; Roku, Inc.

• The following detracted from Fund return relative to Benchmark return:

^O  Sector allocation(s): real Estate (underweight); utilities (underweight); health care (overweight)

^O  Security selection in the following sector(s): communications services; utilities

^O  Position weighting(s): CommScope Holding Co., Inc.; 2U, Inc.; Aerie Pharmaceuticals, Inc.

For the year ended August 31, 2019, the Mid Cap Growth Fund returned 1.72% compared to -6.43% for the S&P MidCap 400^® Index.

* The S&P MidCap 400^® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted index, with each stock’s percentage in the Index in proportion to its market value.

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
1.72%	9.82%	12.01%

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

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

Indices are not managed and an investor can not invest directly into an index.

177

VALIC Company II Mid Cap Value Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

The Mid Cap Value Fund posted a return of -4.14% for the twelve-month period ending August 31, 2019, compared to a return of -3.13% for the Russell Midcap^® Value Index.

A discussion with Wellington Management Company LLP – regarding their portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark detracted from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from portfolio return relative to the Benchmark return.

• Holdings of cash and/or cash equivalents contributed to portfolio return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Sector allocation(s): consumer discretionary (underweight); information technology (overweight)

^O  Security selection in the following sector(s): consumer staples; real estate; health care

^O  Position weighting(s): STORE Capital Corp.; Leidos Holdings, Inc.; Jardine Lloyd Thompson Group

• The following detracted from portfolio return relative to Benchmark return:

^O  Sector allocation(s): utilities (underweight); materials (overweight); real estate (underweight)

^O  Security selection in the following sector(s): financials; consumer discretionary; industrials; information technology

^O  Position weighting(s): Encana Corp.; Silicon Motor Technology; Caleras, Inc.; Cabot Corp.

A discussion with Boston Partners – regarding their portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark detracted from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to portfolio return relative to the Benchmark return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Sector allocation(s): consumer discretionary (underweight); industrials (overweight); information technology (overweight)

^O  Security selection in the following sector(s): consumer discretionary; financials; utilities

^O  Position weighting(s): Aon PLC; Alleghany Corp.; PG&E Corp.

• The following detracted from portfolio return relative to Benchmark return:

^O  Sector allocation(s): real estate (underweight); utilities (underweight); financials (overweight)

^O  Security selection in the following sector(s): industrials; real estate

^O  Position weighting(s): Marathon Petroleum Corp.; East West Bancorp, Inc.; Cimarex Energy Co.

178

VALIC Company II Mid Cap Value Fund

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

For the year ended August 31, 2019, the Mid Cap Value Fund returned -4.14% compared to -3.13% for the Russell Midcap^® Value Index.

* The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap^® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market.

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
-4.14%	4.89%	10.66%

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

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

Indices are not managed and an investor can not invest directly into an index.

179

VALIC Company II Moderate Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

For the twelve-month period ended August 31, 2019, the Moderate Growth Lifestyle Fund returned 1.71%, compared to 2.92% for the S&P 500^® Index and 5.59% for the Fund’s Blended Index. The blended index is comprised of 40% Russell 3000^® Index, 10% MSCI EAFE Index (net), 45% Bloomberg Barclays U.S. Aggregate Bond Index, and 5% FTSE EPRA/NAREIT Developed Index.

The Moderate Growth Lifestyle Fund invests in a combination of affiliated funds, also known as ‘fund of funds’. The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.

During the Period:

• In aggregate, asset allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

• In aggregate, manager selection detracted from Fund return relative to Benchmark return.

• The following detracted from Fund return relative to Benchmark return:

^O  VC II Small Cap Value Fund (overweight); VC I Small Cap Special Values Fund (overweight); VC I International Value Fund (overweight)

180

VALIC Company II Moderate Growth Lifestyle Fund

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

For the year ended August 31, 2019, the Moderate Growth Lifestyle Fund returned 1.71% compared to 2.92% for the S&P 500^® Index and 5.59% for the Blended Index.

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

** The Blended Index consists of the Russell 3000^® Index (40%), MSCI EAFE Index (net) (10%), the Bloomberg Barclays U.S. Aggregate Bond Index (45%) and the FTSE EPRA/NAREIT Developed Index (5%).

*** The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

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

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
1.71%	4.77%	8.36%

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

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

Indices are not managed and an investor can not invest directly into an index.

181

VALIC Company II Small Cap Growth Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

A discussion with J.P. Morgan Investment Management Inc.

The Small Cap Growth Fund posted a return of -5.47% for the twelve-month period ending August 31, 2019, compared to a return of -11.02% for the Russell 2000^® Growth Index.

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to the Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Sector allocation(s): information technology (overweight); energy (underweight); materials (underweight)

^O  Security selection in the following sector(s): health care; information technology; industrials

^O  Position weighting(s): Inphi Corp.; Anaplan, Inc.

• The following detracted from Fund return relative to Benchmark return:

^O  Sector allocation(s): utilities (underweight); real estate (underweight)

^O  Security selection in the following sector(s): consumer discretionary; financials; materials

^O  Position weighting(s): Centennial Resource Development, Inc.; Evolent Health, Inc.

For the year ended August 31, 2019, the Small Cap Growth Fund returned -5.47% compared to -11.02% for the Russell 2000^® Growth Index.

* The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
-5.47%	13.13%	15.42%

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

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

Indices are not managed and an investor can not invest directly into an index.

182

VALIC Company II Small Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Small Cap Value Fund posted a return of -17.24% for the twelve-month period ending August 31, 2019, compared to a return of -14.89% for the Russell 2000^® Value Index.

A discussion with J.P. Morgan Investment Management Inc. – regarding the Quality/Development of capital prudently/Valuation strategy portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark detracted from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to portfolio return relative to the Benchmark return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Sector allocation(s): semiconductors (overweight); software & services (overweight)

^O  Security selection in the following sector(s): finance; consumer cyclical; pharmaceutical

^O  Position weighting(s): Medicines Co.; FTI Consulting Inc.; KB Home

• The following detracted from portfolio return relative to Benchmark return:

^O  Sector allocation(s): pharmaceutical (overweight); energy (overweight)

^O  Security selection in the following sector(s): REITs; telecommunications; insurance

^O  Position weighting(s): Consolidated Communications Holdings Inc.; Geo Group Inc.; Gamestop Corp.

A discussion with J.P. Morgan Investment Management Inc. – regarding the Trends/Momentum/Valuation strategy portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark detracted from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from portfolio return relative to the Benchmark return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Sector allocation(s): energy (overweight); systems hardware (overweight)

^O  Security selection in the following sector(s): systems hardware; finance

^O  Position weighting(s): SemGroup Corp.; Portland General Electric Co.; IDACORP, Inc.

• The following detracted from portfolio return relative to Benchmark return:

^O  Sector allocation(s): pharmaceutical (overweight); utilities (underweight); retail (overweight)

^O  Security selection in the following sector(s): consumer cyclical; REITs; health services & systems

^O  Position weighting(s): CoreCivic, Inc.; GEO Group, Inc.; Ashford Hospitality Trust, Inc.

183

VALIC Company II Small Cap Value Fund

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

For the year ended August 31, 2019, the Small Cap Value Fund returned -17.24% compared to -14.89% for the Russell 2000^® Value Index.

* The Russell 2000^® Value Index measures t

he performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
-17.24%	3.12%	9.19%

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

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

Indices are not managed and an investor can not invest directly into an index.

184

VALIC Company II Strategic Bond Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Strategic Bond Fund posted a return of 8.27% for the twelve-month period ending August 31, 2019, compared to its benchmark, the Bloomberg Barclays Capital U.S. Aggregate Bond Index, which returned 10.17%.

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to the Benchmark return.

• Yield curve positioning detracted from Fund return.

• The following contributed to Fund return relative to Benchmark return:

^O  Sector allocation(s): sovereigns (overweight); communication (overweight); U.S. Treasuries (underweight)

^O  Security selection in the following sector(s): sovereigns; technology; U.S. Agencies

• The following detracted from Fund return relative to Benchmark return:

^O  Sector allocation(s): energy (overweight); MBS (Conventional30-year) (underweight)

^O  Security selection in the following sector(s): energy; basic industry; consumer cyclical

^O  Position weighting(s): Chaparral Energy, Inc.; Republic of Argentina; Rentpath LLC

For the year ended August 31, 2019, the Strategic Bond Fund returned 8.27% compared to 10.17% for the Bloomberg Barclays U.S. Aggregate Bond Index.

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

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
8.27%	3.29%	5.63%

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

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

Indices are not managed and an investor can not invest directly into an index.

185

VALIC Company II U.S. Socially Responsible Fund

COMPARISON: FUND VS. INDEX(unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC.

The U.S. Socially Responsible Fund posted a return of 4.46% for the twelve-month period ending August 31, 2019, compared to its benchmark, the S&P 500^® Index, which returned 2.92%.

The Fund is an optimized portfolio which seeks to track the S&P 500^® Index while investing in socially responsive companies. The Fund’s criteria do not permit investment in companies whose businesses rely significantly on alcohol, firearms, gambling, tobacco, nuclear power, or production of weaponry. Furthermore, companies deemed to have poor labor/employee relations or environmental records are also screened out of the investable universe. These criteria may create differences in Fund performance relative to that of the Benchmark.

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to the Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Sector allocation(s): information technology (overweight); industrials (overweight); energy (underweight)

^O  Security selection in the following sector(s): healthcare; financials; industrials

^O  Position weighting(s): Berkshire Hathaway, Inc; Procter & Gamble Co.; Zoetis, Inc.

• The following detracted from Fund return relative to Benchmark return:

^O  Sector allocation(s): financials (overweight); real estate (overweight); healthcare (underweight)

^O  Security selection in the following sector(s): energy; telecom

^O  Position weighting(s): Kraft Heinz Co.; Schlumberger, Ltd.; EOG Resources, Inc.

For the year ended August 31, 2019, the U.S. Socially Responsible Fund returned 4.46% compared to 2.92% for the S&P 500^® Index.

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

Average Annual Total Return as of August 31, 2019
1 Year	5 Years	10 Years
4.46%	9.83%	13.55%

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

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

Indices are not managed and an investor can not invest directly into an index.

186

VALIC Company II

SUPPLEMENTS TO THE PROSPECTUS

THE SUPPLEMENTS ARE NOT PART OF ANNUAL REPORT.

Filed under Rule 497(e) and 497(k)

RegistrationNo. 333-53589

VALIC Company II

Small Cap Growth Fund

(the “Fund”)

Supplement dated September 25, 2019, to the Fund’s Summary Prospectus and Prospectus

dated January 1, 2019, as supplemented and amended to date

At anin-person meeting held on August5-6, 2019, the Board of Trustees (the “Board”) of VALIC Company II (“VC II”) approved an amendment to the InvestmentSub-Advisory Agreement (the “Subadvisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and J.P. Morgan Investment Management Inc. with respect to the Fund. The amendment reduces the fees payable by VALIC under the Subadvisory Agreement.

At the meeting, the Board also approved an Advisory Fee Waiver Agreement (the “Fee Waiver Agreement”) with respect to the Fund. Pursuant to the Fee Waiver Agreement, VALIC is contractually obligated to waive a portion of its advisory fee with respect to the Fund so that the advisory fee rate payable by the Fund to VALIC under the Investment Advisory Agreement with VC II (the “Advisory Agreement”) is 0.82% on the first $100 million and 0.77% on assets over $100 million. This Fee Waiver Agreement will become effective on January 1, 2020, and will continue in effect through December 31, 2020. In addition, the Fee Waiver Agreement will automatically terminate upon the termination of the Investment Advisory Agreement. VALIC may not recoup any advisory fees waived with respect to the Fund pursuant to the Fee Waiver Agreement.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Filed under Rule 497(e) and 497(k)

RegistrationNo. 333-53589

VALIC Company II

Socially Responsible Fund

(the “Fund”)

Supplement dated May 14, 2019, to the Fund’s

Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”)

dated January 1, 2019, as supplemented and amended to date

At a meeting held on April29-30, 2019, the Board of Trustees of VALIC Company II approved a change of the Fund’s name from the Socially Responsible Fund to the U.S. Socially Responsible Fund. Accordingly, effective on or about June 4, 2019, all references to “Socially Responsible Fund” will be deleted and replaced by “U.S. Socially Responsible Fund.”

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus or SAI, as applicable.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

187

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

BNY Mellon Asset Management North America Corporation

One Boston Place

Boston, Massachusetts 02108

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

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

The Series is required to file its complete schedule of portfolio holdings quarterly with the U.S. Securities and Exchange Commission onForm N-PORT. The Series’Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

VOTING PROXIES ON VALIC COMPANY 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 participating 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.

188

aig.com/RetirementServices — Account access

You will need to create an online security profile with a unique user ID and password. With your PIN, you can also access your account via the24-hour VALIC automated phone line at1-800-448-2542.	Manage your account online •  Print and download account transaction confirmations and tax statements •  View transaction history and download it to Quicken using Direct ConnectSM •  Use the Account Aggregation feature to display information from other accounts in addition to your AIG Retirement Services accounts •  Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password and more
	Initiate account transactions including: •  Change allocation •  Transfer money among investment options •  Rebalance account to your desired allocation mix •  Change contributions
	Start exploring your account online today!
	•  Visit aig.com/RetirementServices •  Register for online access •  Follow steps to create a security profile
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	•  It’s easy to sign up •  Simply visit aig.com/RetirementServices today to get started
	Please note: Email delivery is not accessible to certain annuity contract owners.
Your Future is Calling. Sign up for PersonalDeliver-e® today. CLICK aig.com/RetirementServices CALL 1-800-448-2542 VISIT your financial advisor	Sign up today at aig.com/RetirementServices We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information. Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (VFA), member FINRA, SIPC and anSEC-registered investment adviser. Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA. AIG Retirement Services represents AIG member companies — The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO). All are members of American International Group, Inc. (AIG).
	© American International Group, Inc. All rights reserved. VC 23800 (09/2019) J359703 EE

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

VC 11288 (09/2019) J102713

Item 2. Code of Ethics.

VALIC Company II (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the Code”). During the fiscal year ended August 31, 2019, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Thomas J. Brown, the Chairman of the registrant’s Audit Committee, qualifies as an audit committee financial expert, as defined in instructions to Item 3(b) of FormN-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) ofForm N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2018		2019
(a) Audit Fees	$	434,275	$	447,305
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to bepre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2018		2019
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	269,506	$	267,667

All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE16 report and Third Party Assurance report.

(e)    (1) The registrant’s audit committeepre-approves all audit services provided by the registrant’s principal accountant for the registrant and allnon-audit services provided by the registrant’s principal accountant for the

registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter.

(2) No services included in(b) - (d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant fornon-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2018 and 2019 were $295,961 and $402,408, respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures 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 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under 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 most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits.

(a) (1) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics.

(2) Certifications pursuant to 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.

(4) 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: November 08, 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: November 08, 2019

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

Date: November 08, 2019