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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08789

VALIC Company II

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2021

Item 1. Reports to Stockholders

VALIC Company II

SEMI-ANNUAL REPORT FEBRUARY 28, 2021

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	37
High Yield Bond Fund	39
International Opportunities Fund	50
Large Cap Value Fund	58
Mid Cap Growth Fund	62
Mid Cap Value Fund	66
Moderate Growth Lifestyle Fund	72
Small Cap Growth Fund	74
Small Cap Value Fund	78
Strategic Bond Fund	89
U.S. Socially Responsible Fund	125
Statements of Assets and Liabilities	131
Statements of Operations	133
Statements of Changes in Net Assets	135
Notes to Financial Statements	139
Financial Highlights	158
Supplements to Prospectus	166
Results of Special Shareholder Meetings	172
Trustee and Officer Information	173

VALIC Company II

PRESIDENT’S LETTER

Dear Valued Investor:

We are pleased to provide you with the following Semi-Annual Report for VALIC Company II consisting of investment portfolio information and financial statements for the six-month period ended February 28, 2021. We encourage you to carefully read this report.

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

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

Thank you for your investment.

Sincerely,

John T. Genoy,

President VALIC Company 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 59 1/2, a 10% federal tax penalty may apply. An investment in a variable annuity involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested.

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

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

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

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

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

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

* Not FDIC or NCUA/NCUSIF Insured

* May Lose Value * No Bank of Credit Union Guarantee

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

1

VALIC Company II

EXPENSE EXAMPLE — February 28, 2021 (unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in VALIC Company II (“VC II”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at September 1, 2020 and held until February 28, 2021. Shares of VC II are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRA”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC II and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA documents for more details on the fees associated with your Variable Contract, Plan or IRAs.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended February 28, 2021” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended February 28, 2021” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans and IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended February 28, 2021” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended February 28, 2021” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended February 28, 2021” 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 — February 28, 2021 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at September  1, 2020		Ending Account Value Using Actual Return at February 28, 2021		Expenses Paid During the Six Months Ended February 28, 2021 *		Beginning Account Value at September 1, 2020		Ending Account Value Using a Hypothetical 5% Annual Return at February 28, 2021		Expenses Paid During the Six Months Ended February 28, 2021 *		Annualized Expense Ratio
Aggressive Growth Lifestyle#	$	1,000.00	$	1,154.60	$	0.53	$	1,000.00	$	1,024.30	$	0.50		0.10	%
Capital Appreciation#	$	1,000.00	$	1,091.30	$	4.41	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Conservative Growth Lifestyle#	$	1,000.00	$	1,082.86	$	0.52	$	1,000.00	$	1,024.30	$	0.50		0.10	%
Core Bond#	$	1,000.00	$	1,000.84	$	3.82	$	1,000.00	$	1,020.98	$	3.86		0.77	%
Government Money Market II#	$	1,000.00	$	1,000.05	$	0.30	$	1,000.00	$	1,024.50	$	0.30		0.06	%
High Yield Bond#	$	1,000.00	$	1,054.89	$	4.74	$	1,000.00	$	1,020.18	$	4.66		0.93	%
International Opportunities#	$	1,000.00	$	1,117.70	$	6.30	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Large Cap Value	$	1,000.00	$	1,255.55	$	4.98	$	1,000.00	$	1,020.38	$	4.46		0.89	%
Mid Cap Growth#	$	1,000.00	$	1,266.12	$	6.12	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Mid Cap Value#	$	1,000.00	$	1,301.69	$	5.99	$	1,000.00	$	1,019.59	$	5.26		1.05	%
Moderate Growth Lifestyle#	$	1,000.00	$	1,121.47	$	0.53	$	1,000.00	$	1,024.30	$	0.50		0.10	%
Small Cap Growth#	$	1,000.00	$	1,327.97	$	6.52	$	1,000.00	$	1,019.19	$	5.66		1.13	%
Small Cap Value#	$	1,000.00	$	1,478.44	$	6.27	$	1,000.00	$	1,019.74	$	5.11		1.02	%
Strategic Bond	$	1,000.00	$	1,028.00	$	4.37	$	1,000.00	$	1,020.48	$	4.36		0.87	%
U.S. Socially Responsible	$	1,000.00	$	1,116.21	$	3.20	$	1,000.00	$	1,021.77	$	3.06		0.61	%

* Expenses are equal to each Fund‘s annualized expense ratio multiplied by the average account value over the period, multiplied by 181 days then divided by 365 days (to reflect the one-half year period) . These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA‘s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on the expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administration fees charged by your Plan sponsor.

# During the stated period, the investment adviser waived a portion of or all fees and/or assumed a portion of or all expenses for the Fund. As a result, if these fees and/or expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended February 28, 2021” and the “Annualized Expense Ratio” would have been higher.

3

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	55.9	%
International Equity Investment Companies	25.5
Domestic Fixed Income Investment Companies	13.3
Real Estate Investment Companies	3.0
International Fixed Income Investment Companies	2.1
Domestic Money Market Investment Companies	0.2
	100.0	%

* Calculated as a percentage of net assets

4

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 55.9%
VALIC Co. I Blue Chip Growth Fund		483	$	12,710
VALIC Co. I Dividend Value Fund		4,215,954		51,476,794
VALIC Co. I Large Cap Core Fund		872,821		13,135,959
VALIC Co. I Large Capital Growth Fund		633,936		13,464,800
VALIC Co. I Mid Cap Index Fund		762,578		22,595,193
VALIC Co. I Mid Cap Strategic Growth Fund		561,173		13,232,460
VALIC Co. I Nasdaq-100® Index Fund		107,703		2,664,572
VALIC Co. I Science & Technology Fund		480,845		21,161,975
VALIC Co. I Small Cap Index Fund		584,348		13,995,124
VALIC Co. I Small Cap Special Values Fund		836,449		11,099,679
VALIC Co. I Stock Index Fund		1,099,949		56,009,400
VALIC Co. I Value Fund		860,385		16,571,012
VALIC Co. II Capital Appreciation Fund		1,393,589		28,317,721
VALIC Co. II Large Cap Value Fund		1,863,803		43,240,241
VALIC Co. II Mid Cap Growth Fund		816,078		11,376,132
VALIC Co. II Mid Cap Value Fund		2,019,272		40,425,825
VALIC Co. II Small Cap Growth Fund		342,339		9,311,615
VALIC Co. II Small Cap Value Fund		1,146,243		16,116,182
Total Domestic Equity Investment Companies
(cost $308,538,715)				384,207,394
Domestic Fixed Income Investment Companies — 13.3%
VALIC Co. I Capital Conservation Fund		436,873		4,617,744
VALIC Co. I Government Securities Fund		189,974		2,097,308
VALIC Co. I Inflation Protected Fund		2,827,898		33,708,543
VALIC Co. II Core Bond Fund		294,933		3,524,446
VALIC Co. II High Yield Bond Fund		1,877,588		14,795,396
VALIC Co. II Strategic Bond Fund		2,759,039		32,418,712
Total Domestic Fixed Income Investment Companies
(cost $85,689,942)				91,162,149
Domestic Money Market Investment Companies — 0.2%
VALIC Co. I Government Money Market I Fund(2)
(cost $1,465,179)		1,465,179		1,465,179

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 25.5%
VALIC Co. I Emerging Economies Fund		4,099,445		$	43,659,086
VALIC Co. I International Equities Index Fund		6,869,418			53,718,847
VALIC Co. I International Growth Fund		770,594			13,631,808
VALIC Co. I International Value Fund		2,500,117			26,201,226
VALIC Co. II International Opportunities Fund		1,629,358			37,752,231
Total International Equity Investment Companies
(cost $150,430,086)					174,963,198
International Fixed Income Investment Companies — 2.1%
VALIC Co. I International Government Bond Fund
(cost $13,232,831)		1,130,504			14,538,280
Real Estate Investment Companies — 3.0%
VALIC Co. I Global Real Estate Fund
(cost $20,386,691)		2,616,719			20,750,585
TOTAL INVESTMENTS
(cost $579,743,444)(3)		100.0	%		687,086,785
Liabilities in excess of other assets		(0.00	)		(124,212	)
NET ASSETS		100.0	%	$	686,962,573

# 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 are available at our website, www.valic.com.

(1) See Note 3.

(2) The 7-day yield as of February 28, 2021 is 0.01%.

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

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	687,086,785	$	—	$	—	$	687,086,785

* 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 — February 28, 2021 (unaudited)

Industry Allocation*

Applications Software	10.4	%
Computers	7.8
Electronic Components — Semiconductors	6.8
E-Commerce/Products	6.1
Web Portals/ISP	5.9
Medical — Drugs	5.6
Finance — Credit Card	5.1
Internet Content — Entertainment	4.1
Commercial Services — Finance	3.4
Electronic Forms	2.8
Diversified Manufacturing Operations	2.5
Medical — Biomedical/Gene	2.4
Retail — Discount	2.2
Cosmetics & Toiletries	2.1
Apparel Manufacturers	2.0
Chemicals — Diversified	1.9
Entertainment Software	1.9
Dental Supplies & Equipment	1.8
Computer Data Security	1.8
Retail — Building Products	1.7
Internet Infrastructure Software	1.6
Insurance — Multi-line	1.5
Banks — Super Regional	1.5
Electronic Components — Misc.	1.2
Distribution/Wholesale	1.2
Wireless Equipment	1.2
Office Automation & Equipment	1.1
Food — Confectionery	1.1
Commercial Services	1.1
Internet Security	1.0
Athletic Footwear	1.0
Real Estate Investment Trusts	0.8
Medical Instruments	0.8
Enterprise Software/Service	0.8
Therapeutics	0.7
Dialysis Centers	0.6
Athletic Equipment	0.6
Medical — Hospitals	0.5
Internet Application Software	0.5
Machinery — General Industrial	0.5
Telecom Equipment — Fiber Optics	0.5
Consulting Services	0.5
	98.6	%

* Calculated as a percentage of net assets

6

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.6%
Apparel Manufacturers — 2.0%
Carter’s, Inc.		9,823	$	819,926
Deckers Outdoor Corp.†		5,777		1,883,937
				2,703,863
Applications Software — 10.4%
Intuit, Inc.		2,641		1,030,360
Microsoft Corp.		42,854		9,958,413
ServiceNow, Inc.†		5,177		2,761,722
				13,750,495
Athletic Equipment — 0.6%
YETI Holdings, Inc.†		11,593		797,251
Athletic Footwear — 1.0%
NIKE, Inc., Class B		9,519		1,282,971
Banks - Super Regional — 1.5%
US Bancorp		38,419		1,920,950
Chemicals - Diversified — 1.9%
Dow, Inc.		30,873		1,831,078
PPG Industries, Inc.		4,939		665,876
				2,496,954
Commercial Services — 1.1%
Quanta Services, Inc.		16,560		1,388,556
Commercial Services - Finance — 3.4%
PayPal Holdings, Inc.†		13,677		3,553,969
TransUnion		10,839		912,752
				4,466,721
Computer Data Security — 1.8%
Fortinet, Inc.†		13,837		2,336,377
Computers — 7.8%
Apple, Inc.		84,320		10,224,643
Consulting Services — 0.5%
Gartner, Inc.†		3,349		599,605
Cosmetics & Toiletries — 2.1%
Estee Lauder Cos., Inc., Class A		4,547		1,299,806
Procter & Gamble Co.		11,521		1,423,189
				2,722,995
Dental Supplies & Equipment — 1.8%
Align Technology, Inc.†		4,187		2,374,490
Dialysis Centers — 0.6%
DaVita, Inc.†		8,021		819,185
Distribution/Wholesale — 1.2%
WW Grainger, Inc.		4,345		1,619,425
Diversified Manufacturing Operations — 2.5%
3M Co.		13,538		2,369,962
Carlisle Cos., Inc.		6,577		955,309
				3,325,271
E-Commerce/Products — 6.1%
Amazon.com, Inc.†		2,113		6,535,361
Etsy, Inc.†		6,509		1,433,737
				7,969,098
Electronic Components - Misc. — 1.2%
Sensata Technologies Holding PLC†		28,821		1,651,155

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors — 6.8%
Broadcom, Inc.		4,658	$	2,188,654
IPG Photonics Corp.†		5,220		1,186,767
NVIDIA Corp.		4,601		2,524,017
Texas Instruments, Inc.		17,777		3,062,444
				8,961,882
Electronic Forms — 2.8%
Adobe, Inc.†		8,094		3,720,569
Enterprise Software/Service — 0.8%
Veeva Systems, Inc., Class A†		3,627		1,015,959
Entertainment Software — 1.9%
Electronic Arts, Inc.		8,338		1,117,042
Take - Two Interactive Software, Inc.†		7,381		1,361,499
				2,478,541
Finance - Credit Card — 5.1%
Mastercard, Inc., Class A		13,480		4,769,898
Visa, Inc., Class A		8,902		1,890,696
				6,660,594
Food - Confectionery — 1.1%
Hershey Co.		9,729		1,417,029
Insurance - Multi-line — 1.5%
Allstate Corp.		19,012		2,026,679
Internet Application Software — 0.5%
Okta, Inc.†		2,585		675,848
Internet Content - Entertainment — 4.1%
Facebook, Inc., Class A†		20,852		5,371,892
Internet Infrastructure Software — 1.6%
F5 Networks, Inc.†		10,770		2,046,085
Internet Security — 1.0%
Palo Alto Networks, Inc.†		3,615		1,295,291
Machinery - General Industrial — 0.5%
IDEX Corp.		3,415		666,506
Medical Instruments — 0.8%
Bio - Techne Corp.		2,862		1,035,157
Medical - Biomedical/Gene — 2.4%
Exelixis, Inc.†		35,047		759,118
Vertex Pharmaceuticals, Inc.†		11,269		2,395,226
				3,154,344
Medical - Drugs — 5.6%
Bristol - Myers Squibb Co.		15,447		947,364
Eli Lilly & Co.		11,821		2,422,005
Horizon Therapeutics PLC†		19,271		1,751,927
Jazz Pharmaceuticals PLC†		5,638		947,409
Merck & Co., Inc.		17,510		1,271,576
				7,340,281
Medical - Hospitals — 0.5%
Acadia Healthcare Co., Inc.†		12,546		693,041
Office Automation & Equipment — 1.1%
Zebra Technologies Corp., Class A†		3,024		1,510,276
Real Estate Investment Trusts — 0.8%
Lamar Advertising Co., Class A		12,852		1,112,855
Retail - Building Products — 1.7%
Lowe’s Cos., Inc.		13,774		2,200,396

7

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Discount — 2.2%
Target Corp.		9,581	$	1,757,539
Walmart, Inc.		9,055		1,176,425
				2,933,964
Telecom Equipment - Fiber Optics — 0.5%
Ciena Corp.†		12,387		646,230
Therapeutics — 0.7%
Neurocrine Biosciences, Inc.†		9,052		991,284
Web Portals/ISP — 5.9%
Alphabet, Inc., Class A†		866		1,750,974
Alphabet, Inc., Class C†		2,978		6,065,769
				7,816,743

Security Description	Shares			Value (Note 2)
Wireless Equipment — 1.2%
Motorola Solutions, Inc.		8,776		$	1,540,012
TOTAL INVESTMENTS
(cost $84,057,914)(1)		98.6	%		129,761,463
Other assets less liabilities		1.4			1,806,877
NET ASSETS		100.0	%	$	131,568,340

† 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 February 28, 2021 (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	$	129,761,463	$	—	$	—	$	129,761,463

* 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 — February 28, 2021 (unaudited)

Industry Allocation*

Domestic Fixed Income Investment Companies	51.3	%
Domestic Equity Investment Companies	28.1
International Equity Investment Companies	13.0
International Fixed Income Investment Companies	4.6
Real Estate Investment Companies	2.4
Domestic Money Market Investment Companies	0.6
	100.0	%

* Calculated as a percentage of net assets

9

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 28.1%
VALIC Co. I Dividend Value Fund		1,425,203	$	17,401,730
VALIC Co. I Large Cap Core Fund		236,049		3,552,539
VALIC Co. I Large Capital Growth Fund		104,680		2,223,408
VALIC Co. I Mid Cap Index Fund		195,935		5,805,556
VALIC Co. I Mid Cap Strategic Growth Fund		122,263		2,882,967
VALIC Co. I Nasdaq-100® Index Fund		85,901		2,125,192
VALIC Co. I Science & Technology Fund		139,107		6,122,114
VALIC Co. I Small Cap Index Fund		101,379		2,428,017
VALIC Co. I Small Cap Special Values Fund		317,558		4,213,997
VALIC Co. I Stock Index Fund		179,179		9,123,782
VALIC Co. I Value Fund		202,307		3,896,432
VALIC Co. II Capital Appreciation Fund		374,493		7,609,705
VALIC Co. II Large Cap Value Fund		486,580		11,288,648
VALIC Co. II Mid Cap Growth Fund		263,945		3,679,389
VALIC Co. II Mid Cap Value Fund		646,190		12,936,717
VALIC Co. II Small Cap Growth Fund		89,592		2,436,898
VALIC Co. II Small Cap Value Fund		222,620		3,130,037
Total Domestic Equity Investment Companies
(cost $81,601,977)				100,857,128
Domestic Fixed Income Investment Companies — 51.3%
VALIC Co. I Capital Conservation Fund		1,610,458		17,022,538
VALIC Co. I Government Securities Fund		724,977		8,003,751
VALIC Co. I Inflation Protected Fund		1,944,248		23,175,436
VALIC Co. II Core Bond Fund		5,260,339		62,861,052
VALIC Co. II High Yield Bond Fund		3,206,686		25,268,689
VALIC Co. II Strategic Bond Fund		4,097,080		48,140,696
Total Domestic Fixed Income Investment Companies
(cost $174,965,518)				184,472,162
Domestic Money Market Investment Companies — 0.6%
VALIC Co. I Government Money Market I Fund(2)
(cost $2,131,989)…………………….		2,131,989		2,131,989

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 13.0%
VALIC Co. I Emerging Economies Fund		1,003,495		$	10,687,226
VALIC Co. I International Equities Index Fund		1,915,746			14,981,137
VALIC Co. I International Growth Fund		122,826			2,172,788
VALIC Co. I International Value Fund		569,081			5,963,968
VALIC Co. II International Opportunities Fund		563,192			13,049,151
Total International Equity Investment Companies
(cost $39,973,257)					46,854,270
International Fixed Income Investment Companies — 4.6%
VALIC Co. I International Government Bond Fund
(cost $15,085,782)		1,287,658			16,559,277
Real Estate Investment Companies — 2.4%
VALIC Co. I Global Real Estate Fund
(cost $8,430,579)		1,097,019			8,699,363
TOTAL INVESTMENTS
(cost $322,189,102)(3)		100.0	%		359,574,189
Liabilities in excess of other assets		(0.00	)		(80,436	)
NET ASSETS		100.0	%	$	359,493,753

# 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 funds’ prospectuses and shareholder reports is available at our website, www.valic.com.

(1) See Note 3.

(2) The 7-day yield as of February 28, 2021 is 0.01%.

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

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	359,574,189	$	—	$	—	$	359,574,189

* 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 — February 28, 2021 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	20.0	%
Registered Investment Companies	13.6
Federal Home Loan Mtg. Corp.	8.4
Government National Mtg. Assoc.	5.6
Uniform Mtg. Backed Securities	5.4
Diversified Banking Institutions	5.1
Sovereign	3.6
United States Treasury Bonds	3.6
Diversified Financial Services	3.5
Banks — Commercial	2.8
Electric — Integrated	2.3
Pipelines	2.2
United States Treasury Notes	2.1
Real Estate Investment Trusts	1.5
Oil Companies — Exploration & Production	1.3
Telephone — Integrated	1.3
Oil Companies — Integrated	1.2
Insurance — Life/Health	1.0
Cable/Satellite TV	0.8
Auto — Cars/Light Trucks	0.7
SupraNational Banks	0.7
Paper & Related Products	0.6
Finance — Consumer Loans	0.6
Medical — Drugs	0.5
Banks — Super Regional	0.5
Computers	0.5
Cellular Telecom	0.5
Electric — Distribution	0.4
Electric — Generation	0.4
Food — Wholesale/Distribution	0.4
Television	0.4
Computer Services	0.4
Medical — Biomedical/Gene	0.4
Food — Misc./Diversified	0.4
Medical — Hospitals	0.4
Machinery — Farming	0.4
Banks — Special Purpose	0.4
Diversified Minerals	0.3
Federal Home Loan Bank	0.3
Chemicals — Specialty	0.3
Brewery	0.3
Finance — Credit Card	0.3
Oil — Field Services	0.3
Cruise Lines	0.3
Pharmacy Services	0.3
Retail — Restaurants	0.3
Containers — Paper/Plastic	0.3
Hotels/Motels	0.3
Savings & Loans/Thrifts	0.3
Satellite Telecom	0.3
Diversified Manufacturing Operations	0.3
Transport — Services	0.3
Aerospace/Defense	0.3
Airlines	0.2
Steel — Producers	0.2
Enterprise Software/Service	0.2
Independent Power Producers	0.2
Chemicals — Diversified	0.2
Insurance — Mutual	0.2
Transport — Rail	0.2
Transport — Equipment & Leasing	0.2
Machinery — Construction & Mining	0.2
Retail — Regional Department Stores	0.2
Tools — Hand Held	0.2
Telecom Equipment — Fiber Optics	0.2
Medical — Generic Drugs	0.2
Trucking/Leasing	0.2
Casino Hotels	0.2
Beverages — Non-alcoholic	0.2

Broadcast Services/Program	0.2
Oil Refining & Marketing	0.2
Insurance — Property/Casualty	0.2
Metal — Copper	0.2
Finance — Mortgage Loan/Banker	0.2
Energy — Alternate Sources	0.2
Security Services	0.2
Multimedia	0.1
Food — Meat Products	0.1
Auto — Heavy Duty Trucks	0.1
Medical — HMO	0.1
E-Commerce/Services	0.1
Distribution/Wholesale	0.1
Electronic Components — Semiconductors	0.1
Human Resources	0.1
Rental Auto/Equipment	0.1
Investment Management/Advisor Services	0.1
Protection/Safety	0.1
Aerospace/Defense — Equipment	0.1
Cosmetics & Toiletries	0.1
Retail — Auto Parts	0.1
Medical — Wholesale Drug Distribution	0.1
Building Products — Air & Heating	0.1
Retail — Petroleum Products	0.1
Resorts/Theme Parks	0.1
Semiconductor Components — Integrated Circuits	0.1
Telecom Services	0.1
Agricultural Chemicals	0.1
Retail — Apparel/Shoe	0.1
Investment Companies	0.1
Banks — Money Center	0.1
Real Estate Management/Services	0.1
Building & Construction Products — Misc.	0.1
Metal — Aluminum	0.1
Vitamins & Nutrition Products	0.1
Food — Retail	0.1
Shipbuilding	0.1
Electric Products — Misc.	0.1
Gold Mining	0.1
Casino Services	0.1
Advertising Agencies	0.1
Motion Pictures & Services	0.1
Coal	0.1
Insurance — Multi-line	0.1
Poultry	0.1
Computers — Integrated Systems	0.1
Transport — Air Freight	0.1
Non — Hazardous Waste Disposal	0.1
Transport — Marine	0.1
Non — Profit Charity	0.1
Instruments — Controls	0.1
Metal — Iron	0.1
Building Products — Wood	0.1
Commercial Services — Finance	0.1
Dialysis Centers	0.1
Petrochemicals	0.1
E-Commerce/Products	0.1
Finance — Auto Loans	0.1
Retail — Convenience Store	0.1
Research & Development	0.1
Electronic Parts Distribution	0.1
Auction Houses/Art Dealers	0.1
Commercial Services	0.1
Theaters	0.1
	109.0%

11

VALIC Company II Core Bond Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited) — (continued)

Credit Quality†#

Aaa	49.6	%
Aa	2.3
A	10.1
Baa	19.9
Ba	6.2
B	5.7
Caa	1.1
Not Rated@	5.1
	100.0	%

* Calculated as a percentage of net assets

† 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 — February 28, 2021 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 3.1%
Diversified Financial Services — 3.1%
American Express Credit Account Master Trust Series 2019-2, Class A 2.67% due 11/15/2024	$	2,000,000	$	2,055,862
AmeriCredit Automobile Receivables Trust Series 2019-1, Class A3 2.97% due 11/20/2023		731,285		739,841
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		900,000		920,181
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		1,337,000		1,341,464
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		2,377,000		2,543,741
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)		1,233,000		1,280,849
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		2,985,000		3,381,113
BMW Vehicle Lease Trust Series 2019-1, Class A4 2.92% due 08/22/2022		1,050,000		1,058,080
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.11% (1 ML+1.00%) due 04/15/2034*(1)		2,500,000		2,496,877
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 1.18% (1 ML+1.07%) due 12/15/2037*(1)		750,000		751,623
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		600,000		609,299
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		1,030,000		1,051,839
CarMax Auto Owner Trust Series 2019-2, Class A3 2.68% due 03/15/2024		1,125,000		1,147,506
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		743,119		757,312
Chase Mtg. Finance Corp. VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(3)		840,141		872,086
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7 3.96% due 10/13/2030		250,000		294,767
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.83% due 02/10/2036*(1)(3)		1,254,000		1,363,624
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		1,770,000		1,801,762
CSAIL Commercial Mtg. Trust Series 2019-C17, Class A2 3.00% due 09/15/2052(1)		225,000		237,245
Discover Card Execution Note Trust Series 2019-A1, Class A1 3.04% due 07/15/2024		400,000		409,812

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*	$	1,000,000	$	1,006,040
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		1,053,065		1,067,935
Honda Auto Receivables Owner Trust Series 2020-3, Class A4 0.46% due 04/19/2027		1,000,000		998,334
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		562,768		571,325
JP Morgan Mtg. Trust VRS Series 2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		229,271		229,749
JP Morgan Mtg. Trust VRS Series 2018-1, Class A5 3.50% due 06/25/2048*(2)(3)		261,066		261,559
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(1)		2,397,000		2,399,380
MSDB Trust VRS Series 2017-712F, Class A 3.32% due 07/11/2039*(1)(3)		4,520,000		4,804,491
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 1.01% (1 ML+0.90%) due 12/15/2033*(1)		2,950,000		2,952,900
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		3,720,000		3,830,167
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(2)(3)		550,207		560,254
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		900,000		953,901
Toyota Auto Receivables Owner Trust Series 2019-B, Class A3 2.57% due 08/15/2023		3,000,000		3,046,551
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		125,000		129,239
Volkswagen Auto Loan Enhanced Trust Series 2018-2, Class A4 3.33% due 02/20/2025		500,000		518,179
Total Asset Backed Securities
(cost $47,225,369)				48,444,887
U.S. CORPORATE BONDS & NOTES — 31.4%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc. Senior Notes 3.38% due 03/01/2041		1,058,000		1,064,589
Aerospace/Defense — 0.2%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		2,167,000		2,411,969
Lockheed Martin Corp. Senior Notes 2.80% due 06/15/2050		11,000		10,510
				2,422,479

13

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Aerospace/Defense-Equipment — 0.1%
Moog, Inc. Company Guar. Notes 4.25% due 12/15/2027*	$	919,000	$	944,272
Spirit AeroSystems, Inc. Sec. Notes 7.50% due 04/15/2025*		882,000		933,262
				1,877,534
Airlines — 0.2%
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		1,115,000		1,326,850
Delta Air Lines, Inc. Senior Notes 3.75% due 10/28/2029		167,000		165,734
Delta Air Lines, Inc. Senior Notes 4.38% due 04/19/2028		221,000		228,492
Delta Air Lines, Inc. Senior Sec. Notes 7.00% due 05/01/2025*		660,000		766,586
United Airlines Holdings, Inc. Company Guar. Notes 4.88% due 01/15/2025#		519,000		531,748
United Airlines Holdings, Inc. Company Guar. Notes 5.00% due 02/01/2024#		487,000		499,784
United Airlines Pass-Through Trust Pass-Through Certs. Series 2014-2, Class B 4.63% due 03/03/2024		358,648		362,991
				3,882,185
Applications Software — 0.0%
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		495,000		524,230
Auction Houses/Art Dealers — 0.1%
Sotheby’s Senior Sec. Notes 7.38% due 10/15/2027*		745,000		804,600
Auto-Cars/Light Trucks — 0.6%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		919,000		921,831
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*		288,000		289,583
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		1,561,000		1,578,951
Ford Motor Co. Senior Notes 6.63% due 10/01/2028		1,443,000		1,697,329
Ford Motor Co. Senior Notes 7.45% due 07/16/2031		178,000		230,732
Ford Motor Credit Co. LLC Senior Notes 2.90% due 02/16/2028		606,000		599,940
Ford Motor Credit Co. LLC Senior Notes 4.00% due 11/13/2030		2,200,000		2,249,500

Security Description	Principal Amount		Value (Note 2)
Auto-Cars/Light Trucks (continued)
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025	$	1,200,000	$	1,260,668
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		1,045,000		1,121,328
				9,949,862
Auto-Heavy Duty Trucks — 0.1%
Allison Transmission, Inc. Company Guar. Notes 3.75% due 01/30/2031*		865,000		827,156
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*		650,000		685,750
PACCAR Financial Corp. Senior Notes 0.80% due 06/08/2023		812,000		819,109
				2,332,015
Auto/Truck Parts & Equipment-Original — 0.0%
Dana, Inc. Senior Notes 5.38% due 11/15/2027		621,000		648,945
Banks-Commercial — 1.3%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		2,519,000		2,859,570
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030		3,163,000		3,640,083
Citizens Financial Group, Inc. Sub. Notes 2.64% due 09/30/2032*		2,641,000		2,621,156
First Horizon Bank Sub. Notes 5.75% due 05/01/2030		2,205,000		2,693,282
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		1,602,000		2,357,938
Santander Holdings USA, Inc. Senior Notes 3.24% due 10/05/2026		644,000		687,766
Signature Bank Sub. Notes 4.00% due 10/15/2030		2,987,000		3,089,252
SunTrust Bank Senior Notes 3.50% due 08/02/2022		21,000		21,274
Synovus Bank Senior Notes 2.29% due 02/10/2023		1,222,000		1,236,017
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		1,847,000		1,907,731
				21,114,069
Banks-Super Regional — 0.5%
Bank of America NA Senior Notes 3.34% due 01/25/2023		480,000		493,229
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		1,124,000		1,163,415

14

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Super Regional (continued)
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041	$	1,932,000	$	1,963,095
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		3,700,000		4,256,960
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044		510,000		602,550
				8,479,249
Batteries/Battery Systems — 0.0%
Energizer Holdings, Inc. Company Guar. Notes 4.38% due 03/31/2029*		735,000		733,162
Beverages-Non-alcoholic — 0.1%
Keurig Dr Pepper, Inc. Company Guar. Notes 4.06% due 05/25/2023		28,000		30,123
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025		1,338,000		1,408,102
PepsiCo, Inc. Senior Notes 2.88% due 10/15/2049		4,000		3,935
				1,442,160
Brewery — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		2,178,000		2,598,330
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		2,077,000		2,386,041
				4,984,371
Broadcast Services/Program — 0.2%
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		1,106,000		1,362,550
Univision Communications, Inc. Senior Sec. Notes 5.13% due 02/15/2025*		121,000		121,115
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		1,249,000		1,302,083
				2,785,748
Building & Construction Products-Misc. — 0.1%
Owens Corning Senior Notes 4.30% due 07/15/2047		599,000		673,313
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		685,000		655,744
				1,329,057
Building Products-Air & Heating — 0.1%
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040		1,716,000		1,763,328
Building Products-Doors & Windows — 0.0%
Griffon Corp. Company Guar. Notes 5.75% due 03/01/2028		719,000		754,950

Security Description	Principal Amount		Value (Note 2)
Building Products-Wood — 0.1%
Masco Corp. Senior Notes 3.13% due 02/15/2051	$	930,000	$	907,172
Cable/Satellite TV — 0.8%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*		589,000		602,252
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		361,000		378,147
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		295,000		317,927
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.50% due 06/01/2041		445,000		427,853
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.85% due 04/01/2061		2,040,000		1,861,467
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		1,088,000		1,185,258
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		137,000		162,770
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		526,000		693,485
Comcast Corp. Company Guar. Notes 2.45% due 08/15/2052		1,044,000		899,907
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		1,238,000		1,366,537
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		556,000		621,960
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		350,000		401,129
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		918,000		1,133,681
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		440,000		473,550
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		600,000		630,750
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		1,414,000		1,909,477
				13,066,150
Casino Hotels — 0.1%
Boyd Gaming Corp. Company Guar. Notes 4.75% due 12/01/2027		542,000		551,295
Boyd Gaming Corp. Company Guar. Notes 8.63% due 06/01/2025*		155,000		170,500

15

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Casino Hotels (continued)
Genting New York LLC/GENNY Capital, Inc. Senior Notes 3.30% due 02/15/2026*	$	617,000	$	619,209
				1,341,004
Casino Services — 0.1%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		1,025,000		1,085,214
Cellular Telecom — 0.2%
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041*		2,129,000		1,986,847
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060*		807,000		751,543
				2,738,390
Chemicals-Diversified — 0.0%
LYB International Finance III LLC Company Guar. Notes 3.80% due 10/01/2060		740,000		735,975
Chemicals-Specialty — 0.2%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		1,105,000		1,135,357
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		965,000		1,087,218
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*		503,000		524,453
Tronox, Inc. Company Guar. Notes 6.50% due 04/15/2026*		835,000		862,246
				3,609,274
Circuit Boards — 0.0%
TTM Technologies, Inc. Company Guar. Notes 4.00% due 03/01/2029*		271,000		273,791
Coal — 0.1%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*		992,000		1,029,498
Commercial Services — 0.1%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.88% due 10/01/2030*		728,000		787,150
Commercial Services-Finance — 0.1%
MPH Acquisition Holdings LLC Company Guar. Notes 5.75% due 11/01/2028*#		905,000		898,212
Computer Services — 0.4%
Banff Merger Sub, Inc. Senior Notes 9.75% due 09/01/2026*		575,000		612,732
IBM Credit LLC Senior Notes 3.00% due 02/06/2023		4,026,000		4,237,687

Security Description	Principal Amount		Value (Note 2)
Computer Services (continued)
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025*	$	752,000	$	831,704
Leidos, Inc. Company Guar. Notes 4.38% due 05/15/2030*		377,000		428,110
				6,110,233
Computer Software — 0.0%
Rackspace Technology Global, Inc. Senior Sec. Notes 3.50% due 02/15/2028*		550,000		539,225
Computers — 0.5%
Apple, Inc. Senior Notes 2.05% due 09/11/2026		977,000		1,019,010
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*		1,417,000		2,088,567
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026		2,743,000		2,783,445
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		1,130,000		1,464,206
				7,355,228
Computers-Integrated Systems — 0.1%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024#		640,000		652,800
Diebold Nixdorf, Inc. Senior Sec. Notes 9.38% due 07/15/2025*		299,000		334,132
				986,932
Consumer Products-Misc. — 0.0%
Kimberly-Clark Corp. Senior Notes 3.10% due 03/26/2030		18,000		19,725
Containers-Paper/Plastic — 0.1%
Sonoco Products Co Senior Notes 3.13% due 05/01/2030		1,152,000		1,221,697
Cosmetics & Toiletries — 0.1%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*		1,195,000		1,178,389
Edgewell Personal Care Co. Senior Notes 4.13% due 04/01/2029*		700,000		696,500
				1,874,889
Dialysis Centers — 0.1%
DaVita, Inc. Company Guar. Notes 4.63% due 06/01/2030*		869,000		883,121
Direct Marketing — 0.0%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		718,000		768,709

16

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Distribution/Wholesale — 0.1%
H&E Equipment Services, Inc. Company Guar. Notes 3.88% due 12/15/2028*	$	810,000	$	779,220
KAR Auction Services, Inc. Company Guar. Notes 5.13% due 06/01/2025*		846,000		858,690
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		528,000		555,086
				2,192,996
Diversified Banking Institutions — 2.7%
Bank of America Corp. Senior Notes 1.49% due 05/19/2024		2,431,000		2,483,900
Bank of America Corp. Senior Notes 1.90% due 07/23/2031		1,145,000		1,104,275
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		2,295,000		2,424,096
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		603,000		673,485
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		319,000		365,027
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		1,557,000		1,758,445
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		1,394,000		1,911,744
Citigroup, Inc. Senior Notes 2.67% due 01/29/2031		1,262,000		1,297,248
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		1,030,000		1,142,716
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		1,331,000		1,530,046
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		739,000		906,374
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		885,000		1,151,718
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		1,411,000		1,880,619
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		2,091,000		2,293,709
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030		1,200,000		1,357,398
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		1,809,000		2,619,319
JPMorgan Chase & Co. Senior Notes 0.65% due 09/16/2024		1,663,000		1,672,463
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		3,932,000		4,066,659

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 2.53% due 11/19/2041	$	5,200,000	$	4,923,907
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		459,000		476,997
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		1,114,000		1,225,875
Morgan Stanley Senior Notes 3.62% due 04/01/2031		629,000		697,061
Morgan Stanley Senior Notes 3.63% due 01/20/2027		3,163,000		3,537,351
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		274,000		319,190
				41,819,622
Diversified Manufacturing Operations — 0.2%
General Electric Co. Senior Notes 4.25% due 05/01/2040		108,000		118,840
General Electric Co. Senior Notes 4.35% due 05/01/2050		1,110,000		1,220,023
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		1,070,000		1,158,339
				2,497,202
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		675,000		869,019
E-Commerce/Services — 0.1%
Expedia Group, Inc. Company Guar. Notes 2.95% due 03/15/2031*		1,480,000		1,455,173
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		730,000		760,368
				2,215,541
Electric Products-Misc. — 0.1%
Emerson Electric Co. Senior Notes 0.88% due 10/15/2026		1,155,000		1,136,056
Electric-Distribution — 0.4%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		3,743,000		3,995,114
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*		875,000		925,312
NSTAR Electric Co. Senior Notes 3.95% due 04/01/2030		1,148,000		1,336,643
				6,257,069
Electric-Generation — 0.2%
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		1,138,000		1,316,590

17

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Generation (continued)
Liberty Utilities Finance GP Company Guar. Notes 2.05% due 09/15/2030*	$	750,000	$	729,033
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*		800,000		832,410
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		880,000		920,920
				3,798,953
Electric-Integrated — 2.0%
AES Corp. Senior Notes 2.45% due 01/15/2031*		2,228,000		2,175,534
Appalachian Power Co. Senior Notes 3.70% due 05/01/2050		1,186,000		1,260,321
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025		2,962,000		3,193,339
Consolidated Edison Co. of New York, Inc. Senior Notes 3.95% due 04/01/2050		286,000		320,246
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		1,209,000		1,528,961
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		2,142,000		2,522,593
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039		2,283,000		2,674,707
Exelon Corp. Senior Notes 4.70% due 04/15/2050		870,000		1,066,834
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		1,932,000		2,666,160
Georgia Power Co. Senior Notes 3.25% due 03/15/2051		2,205,000		2,210,727
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		809,000		846,343
Kentucky Utilities Co. 1st Mtg. Bonds 3.30% due 06/01/2050		501,000		503,940
Pacific Gas & Electric Co. 1st Mtg. Notes 3.95% due 12/01/2047		1,115,000		1,070,682
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045		1,123,000		1,133,308
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051		1,928,000		1,851,348
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028		1,117,000		1,256,605
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		828,000		979,768

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065	$	1,240,000	$	1,732,534
Southern California Edison Co. 1st Mtg. Notes 2.95% due 02/01/2051		809,000		731,806
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050		126,000		127,961
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*		460,000		474,950
Union Electric Co Senior Sec. Notes 2.95% due 06/15/2027		1,202,000		1,302,257
				31,630,924
Electronic Components-Semiconductors — 0.1%
Broadcom, Inc. Company Guar. Notes 3.50% due 02/15/2041*		2,107,000		2,067,512
Electronic Measurement Instruments — 0.0%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		117,000		132,145
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		720,000		781,195
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024		48,000		55,040
				836,235
Energy-Alternate Sources — 0.1%
Hanwha Energy USA Holdings Corp. Company Guar. Notes 2.38% due 07/30/2022*		1,492,000		1,529,053
Enterprise Software/Service — 0.2%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024		747,000		778,747
Oracle Corp. Senior Notes 2.50% due 04/01/2025		2,732,000		2,887,200
				3,665,947
Finance-Auto Loans — 0.1%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*		134,000		136,037
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		696,000		727,320
				863,357
Finance-Consumer Loans — 0.5%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		1,459,000		1,484,533
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029		438,000		462,090

18

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Consumer Loans (continued)
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025	$	217,000	$	244,750
Synchrony Financial Senior Notes 4.50% due 07/23/2025		4,729,000		5,269,161
				7,460,534
Finance-Credit Card — 0.3%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*		905,000		923,100
American Express Co. Senior Notes 3.40% due 02/22/2024		1,049,000		1,134,437
American Express Co. Senior Notes 4.20% due 11/06/2025		712,000		812,314
Mastercard, Inc. Senior Notes 2.00% due 03/03/2025		1,516,000		1,586,180
Visa, Inc. Senior Notes 0.75% due 08/15/2027		483,000		467,663
				4,923,694
Finance-Investment Banker/Broker — 0.0%
LPL Holdings, Inc. Company Guar. Notes 4.63% due 11/15/2027*		195,000		199,446
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*		426,000		438,865
				638,311
Finance-Mortgage Loan/Banker — 0.2%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*		914,000		987,696
LD Holdings Group LLC Company Guar. Notes 6.50% due 11/01/2025*		855,000		906,300
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*		344,000		340,560
Quicken Loans, Inc. Company Guar. Notes 5.25% due 01/15/2028*		219,000		231,056
				2,465,612
Financial Guarantee Insurance — 0.0%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		460,000		519,800
Food-Dairy Products — 0.0%
Land O’ Lakes, Inc. Junior Sub. Notes 7.00% due 09/18/2028*(6)		250,000		250,625
Food-Meat Products — 0.1%
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*		977,000		1,076,592
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		973,000		1,126,686
				2,203,278

Security Description	Principal Amount		Value (Note 2)
Food-Misc./Diversified — 0.4%
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028	$	1,017,000	$	1,328,659
Dole Food Co., Inc. Senior Sec. Notes 7.25% due 06/15/2025*		825,000		843,562
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049		346,000		403,787
Mars, Inc. Senior Notes 2.38% due 07/16/2040*		737,000		694,601
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		1,557,000		1,718,747
Post Holdings, Inc. Senior Notes 4.50% due 09/15/2031*		805,000		804,042
				5,793,398
Food-Retail — 0.1%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*		520,000		538,541
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.75% due 03/15/2025		128,000		132,000
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.88% due 02/15/2028*		522,000		555,930
				1,226,471
Food-Wholesale/Distribution — 0.4%
C&S Group Enterprises LLC Company Guar. Notes 5.00% due 12/15/2028*		810,000		795,825
Sysco Corp. Company Guar. Notes 4.45% due 03/15/2048		1,063,000		1,207,396
Sysco Corp. Company Guar. Notes 4.50% due 04/01/2046		1,173,000		1,331,952
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030		435,000		555,749
Sysco Corp. Company Guar. Bonds 6.60% due 04/01/2040		1,134,000		1,602,740
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		505,000		739,621
US Foods, Inc. Senior Sec. Notes 6.25% due 04/15/2025*		496,000		528,860
				6,762,143
Gas-Distribution — 0.0%
National Fuel Gas Co. Senior Notes 2.95% due 03/01/2031		755,000		743,788

19

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Hotels/Motels — 0.3%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024	$	805,000	$	839,213
Marriott International, Inc. Senior Notes 4.63% due 06/15/2030		2,036,000		2,306,879
Wyndham Worldwide Corp. Senior Sec. Notes 6.00% due 04/01/2027		1,039,000		1,155,887
				4,301,979
Human Resources — 0.1%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*		598,000		622,638
Team Health Holdings, Inc. Company Guar. Notes 6.38% due 02/01/2025*		700,000		630,437
TriNet Group, Inc. Company Guar. Notes 3.50% due 03/01/2029*		805,000		798,713
				2,051,788
Independent Power Producers — 0.2%
Calpine Corp. Senior Sec. Notes 3.75% due 03/01/2031*		970,000		936,050
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		170,000		181,688
Clearway Energy Operating LLC Company Guar. Notes 5.75% due 10/15/2025		257,000		268,706
NRG Energy, Inc. Company Guar. Notes 3.38% due 02/15/2029*		303,000		298,076
NRG Energy, Inc. Company Guar. Notes 3.63% due 02/15/2031*		870,000		849,251
NRG Yield Operating LLC Company Guar. Notes 5.00% due 09/15/2026		748,000		770,440
				3,304,211
Instruments-Controls — 0.1%
Honeywell International, Inc. Senior Notes 0.48% due 08/19/2022		911,000		912,046
Insurance Brokers — 0.0%
Willis North America, Inc. Company Guar. Notes 3.88% due 09/15/2049		300,000		332,824
Insurance-Life/Health — 0.6%
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		456,000		476,790
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		1,513,000		1,828,296
Ohio National Financial Services, Inc. Senior Notes 5.55% due 01/24/2030*		2,048,000		2,184,868

Security Description	Principal Amount		Value (Note 2)
Insurance-Life/Health (continued)
Principal Life Global Funding II Sec. Notes 0.50% due 01/08/2024*	$	1,238,000	$	1,237,355
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026		2,814,000		2,871,034
Prudential Financial, Inc. Senior Notes 3.91% due 12/07/2047		242,000		272,607
Unum Group Senior Notes 4.50% due 03/15/2025		484,000		541,318
				9,412,268
Insurance-Mutual — 0.0%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		708,000		755,720
Internet Content-Entertainment — 0.0%
Netflix, Inc. Senior Notes 4.88% due 06/15/2030*		645,000		741,750
Internet Telephone — 0.0%
Cablevision Lightpath LLC Senior Sec. Notes 3.88% due 09/15/2027*		430,000		426,775
Cablevision Lightpath LLC Senior Notes 5.63% due 09/15/2028*		211,000		214,429
				641,204
Investment Management/Advisor Services — 0.1%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		755,000		792,750
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		1,193,000		1,226,831
				2,019,581
Machine Tools & Related Products — 0.0%
Kennametal, Inc. Senior Notes 2.80% due 03/01/2031		288,000		287,452
Machinery-Construction & Mining — 0.2%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023		1,820,000		1,832,544
Caterpillar Financial Services Corp. Senior Notes 1.10% due 09/14/2027		1,363,000		1,334,702
				3,167,246
Machinery-Farming — 0.4%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		1,404,000		1,537,139
John Deere Capital Corp. Senior Notes 0.70% due 01/15/2026		2,294,000		2,253,062
John Deere Capital Corp. Senior Notes 2.65% due 06/10/2026		954,000		1,026,625

20

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Machinery-Farming (continued)
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023	$	642,000	$	698,004
				5,514,830
Medical Labs & Testing Services — 0.0%
Catalent Pharma Solutions, Inc. Company Guar. Notes 3.13% due 02/15/2029*		106,000		104,726
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		446,000		466,627
				571,353
Medical-Biomedical/Gene — 0.4%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040		3,811,000		3,897,226
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		1,357,000		1,279,176
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050		760,000		670,906
				5,847,308
Medical-Drugs — 0.3%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039		1,081,000		1,227,184
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		1,306,000		1,493,427
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		1,611,000		1,599,908
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		980,000		1,044,613
				5,365,132
Medical-Generic Drugs — 0.2%
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		428,000		460,100
Viatris, Inc. Company Guar. Notes 4.00% due 06/22/2050*		2,434,000		2,502,118
				2,962,218
Medical-HMO — 0.1%
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		1,491,000		1,502,297
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		706,000		786,519
				2,288,816
Medical-Hospitals — 0.4%
Acadia Healthcare Co., Inc. Company Guar. Notes 5.00% due 04/15/2029*		174,000		180,960
Acadia Healthcare Co., Inc. Company Guar. Notes 5.50% due 07/01/2028*		492,000		519,060

Security Description	Principal Amount		Value (Note 2)
Medical-Hospitals (continued)
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*	$	750,000	$	789,889
CHS/Community Health Systems, Inc. Sec. Notes 6.88% due 04/15/2029*		384,000		394,560
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		1,490,000		1,540,319
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		545,000		541,773
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		475,000		482,125
Tenet Healthcare Corp. Company Guar. Notes 6.13% due 10/01/2028*		1,109,000		1,165,792
				5,614,478
Medical-Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		1,590,000		1,775,152
Metal-Copper — 0.1%
Freeport-McMoRan, Inc. Company Guar. Notes 4.13% due 03/01/2028		367,000		385,350
Freeport-McMoRan, Inc. Company Guar. Notes 4.25% due 03/01/2030		573,000		622,060
Freeport-McMoRan, Inc. Company Guar. Notes 5.25% due 09/01/2029		527,000		585,603
				1,593,013
Multimedia — 0.1%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*		700,000		710,500
Walt Disney Co. Company Guar. Bonds 2.75% due 09/01/2049		1,627,000		1,514,578
				2,225,078
Non-Hazardous Waste Disposal — 0.1%
Covanta Holding Corp. Company Guar. Notes 5.00% due 09/01/2030		903,000		936,862
Non-Profit Charity — 0.1%
Ford Foundation Notes 2.82% due 06/01/2070		988,000		913,507
Oil Companies-Exploration & Production — 1.1%
Antero Resources Corp. Company Guar. Notes 7.63% due 02/01/2029*		493,000		525,661
Apache Corp. Senior Notes 4.38% due 10/15/2028		722,000		731,025
Apache Corp. Senior Notes 4.75% due 04/15/2043		483,000		472,137

21

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Apache Corp. Senior Notes 4.88% due 11/15/2027	$	533,000	$	559,650
California Resources Corp. Company Guar. Notes 7.13% due 02/01/2026*		800,000		800,500
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026		1,058,000		834,074
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		200,000		210,444
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		457,000		516,410
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029		1,443,000		1,512,232
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*		481,000		508,417
EOG Resources, Inc. Senior Bonds 4.95% due 04/15/2050		669,000		836,600
Hess Corp. Senior Notes 6.00% due 01/15/2040		1,889,000		2,305,652
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.75% due 02/01/2029*		345,000		351,900
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 6.00% due 02/01/2031*		706,000		717,494
Indigo Natural Resources LLC Senior Notes 5.38% due 02/01/2029*		713,000		709,435
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		1,677,000		2,161,980
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		772,000		984,601
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025		160,000		173,600
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031#		390,000		432,413
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		902,000		1,001,220
Occidental Petroleum Corp. Senior Notes 7.50% due 05/01/2031		494,000		580,450
Pioneer Natural Resources Co. Senior Notes 1.90% due 08/15/2030		597,000		569,947
Range Resources Corp. Company Guar. Notes 8.25% due 01/15/2029*		443,000		476,092
				17,971,934

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Integrated — 0.8%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050	$	1,844,000	$	1,607,011
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061		1,304,000		1,225,564
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027		3,287,000		3,645,956
Chevron Corp. Senior Notes 1.55% due 05/11/2025		2,277,000		2,328,492
Chevron Corp. Senior Notes 2.36% due 12/05/2022		876,000		903,091
Chevron USA, Inc. Company Guar. Notes 1.02% due 08/12/2027		805,000		782,764
Chevron USA, Inc. Company Guar. Notes 4.20% due 10/15/2049		676,000		788,421
Chevron USA, Inc. Company Guar. Notes 5.25% due 11/15/2043		1,100,000		1,469,780
				12,751,079
Oil Refining & Marketing — 0.2%
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028		1,133,000		719,455
Phillips 66 Company Guar. Notes 2.15% due 12/15/2030		1,142,000		1,105,694
Valero Energy Corp. Senior Notes 2.15% due 09/15/2027		839,000		835,781
				2,660,930
Oil-Field Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*		769,000		811,464
ChampionX Corp Company Guar. Notes 6.38% due 05/01/2026		722,000		758,100
Halliburton Co. Senior Notes 2.92% due 03/01/2030#		453,000		462,457
Halliburton Co. Senior Notes 4.75% due 08/01/2043		677,000		748,470
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		1,100,000		1,228,371
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		625,000		645,312
				4,654,174
Paper & Related Products — 0.5%
Clearwater Paper Corp. Company Guar. Notes 4.75% due 08/15/2028*		660,000		675,893

22

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Paper & Related Products (continued)
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044	$	1,965,000	$	2,569,193
Georgia-Pacific LLC Senior Notes 0.95% due 05/15/2026*		4,543,000		4,456,701
				7,701,787
Petrochemicals — 0.1%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		825,000		872,548
Pharmacy Services — 0.3%
CVS Health Corp. Senior Notes 2.70% due 08/21/2040		517,000		485,810
CVS Health Corp. Senior Notes 4.25% due 04/01/2050		616,000		706,377
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		2,003,000		2,421,128
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		648,000		811,126
				4,424,441
Pipelines — 2.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*		800,000		806,500
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*		445,000		455,012
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		607,000		614,587
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029		1,328,000		1,429,756
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		361,000		378,599
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025		262,000		269,284
Cheniere Energy, Inc. Senior Sec. Notes 4.63% due 10/15/2028*		644,000		671,370
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. Company Guar. Notes 4.15% due 08/15/2026*		693,000		775,821
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027		482,000		521,635
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*		218,000		245,250
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		810,000		910,167

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035	$	1,206,000	$	1,300,733
Energy Transfer Operating LP Company Guar. Notes 6.13% due 12/15/2045		1,453,000		1,669,855
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		152,000		120,840
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 01/31/2051		1,231,000		1,219,098
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		924,000		995,730
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		812,000		795,760
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025		475,000		460,892
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 8.00% due 01/15/2027		468,000		473,071
Gray Oak Pipeline LLC Senior Notes 2.00% due 09/15/2023*		1,841,000		1,868,355
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*		1,023,000		1,051,902
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		1,159,000		1,230,713
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		1,052,000		1,059,848
Kinder Morgan, Inc. Company Guar. Notes 5.05% due 02/15/2046		1,158,000		1,331,743
MPLX LP Senior Notes 2.65% due 08/15/2030		921,000		911,228
NGL Energy Operating LLC/NGL Energy Finance Corp. Senior Sec. Notes 7.50% due 02/01/2026*		925,000		953,952
NGPL PipeCo LLC Senior Notes 4.38% due 08/15/2022*		897,000		933,700
NuStar Logistics LP Company Guar. Notes 5.75% due 10/01/2025		379,000		403,635
NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030		569,000		628,864
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		671,000		854,780
ONEOK, Inc. Company Guar. Notes 6.35% due 01/15/2031		519,000		652,330
ONEOK, Inc. Company Guar. Notes 7.15% due 01/15/2051		477,000		638,960
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043		529,000		495,467

23

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.35% due 05/15/2045	$	761,000	$	812,025
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*		762,000		781,431
Valero Energy Partners LP Company Guar. Notes 4.38% due 12/15/2026		1,611,000		1,824,487
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		1,550,000		1,922,788
				32,470,168
Poultry — 0.1%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		420,000		450,597
Simmons Foods, Inc. Sec. Notes 4.63% due 03/01/2029*		530,000		536,837
				987,434
Protection/Safety — 0.1%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.25% due 04/15/2024*		277,000		295,351
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*		1,353,000		1,457,858
Prime Security Services Borrower LLC/Prime Finance, Inc. Sec. Notes 6.25% due 01/15/2028*		245,000		253,803
				2,007,012
Real Estate Investment Trusts — 1.3%
American Tower Corp. Senior Notes 3.10% due 06/15/2050		1,080,000		1,008,791
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		1,579,000		1,674,010
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025		900,000		927,918
ESH Hospitality, Inc. Company Guar. Notes 4.63% due 10/01/2027*		710,000		721,090
Federal Realty Investment Trust Senior Notes 1.25% due 02/15/2026		1,579,000		1,575,932
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 5.25% due 07/15/2024*		376,000		388,607
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 6.00% due 04/15/2025*		328,000		344,400
Hospitality Properties Trust Senior Notes 4.38% due 02/15/2030		583,000		542,190
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030		2,462,000		2,487,978

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*	$	1,115,000	$	1,075,975
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027		764,000		863,320
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 3.50% due 03/15/2031		381,000		387,706
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		137,000		145,932
National Health Investors, Inc. Company Guar. Notes 3.00% due 02/01/2031		748,000		721,998
Omega Healthcare Investors, Inc. Company Guar. Notes 3.38% due 02/01/2031		1,012,000		1,031,291
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer Senior Sec. Notes 5.88% due 10/01/2028*		625,000		654,688
Piedmont Operating Partnership LP Company Guar. Notes 3.15% due 08/15/2030		1,329,000		1,323,028
Service Properties Trust Senior Notes 4.75% due 10/01/2026		148,000		145,780
Service Properties Trust Senior Notes 4.95% due 10/01/2029		90,000		86,850
Service Properties Trust Senior Notes 5.25% due 02/15/2026		135,000		136,688
Service Properties Trust Company Guar. Notes 5.50% due 12/15/2027		78,000		83,775
Simon Property Group LP Senior Notes 3.25% due 09/13/2049		976,000		925,217
Spirit Realty LP Company Guar. Notes 2.70% due 02/15/2032		762,000		751,074
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		945,000		965,955
VEREIT Operating Partnership LP Company Guar. Notes 2.85% due 12/15/2032		640,000		634,177
				19,604,370
Real Estate Management/Services — 0.1%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*		492,000		531,877
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023		739,000		800,616
				1,332,493
Real Estate Operations & Development — 0.0%
Kennedy-Wilson, Inc. Company Guar. Notes 4.75% due 03/01/2029		624,000		643,157

24

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Recycling — 0.0%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*	$	693,000	$	722,452
Rental Auto/Equipment — 0.1%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		1,321,000		1,109,640
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.38% due 03/01/2029*		133,000		136,006
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.75% due 07/15/2027*		778,000		803,285
				2,048,931
Research & Development — 0.1%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 4.63% due 06/15/2025*		170,000		177,225
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*		627,000		661,485
				838,710
Resorts/Theme Parks — 0.1%
SeaWorld Parks & Entertainment, Inc. Senior Sec. Notes 8.75% due 05/01/2025*		735,000		793,800
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*#		825,000		842,439
Six Flags Theme Parks, Inc. Senior Sec. Notes 7.00% due 07/01/2025*		81,000		87,320
				1,723,559
Retail-Apparel/Shoe — 0.1%
Ross Stores, Inc. Senior Notes 1.88% due 04/15/2031		1,551,000		1,486,764
Retail-Appliances — 0.0%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022		724,000		724,000
Retail-Auto Parts — 0.1%
Advance Auto Parts, Inc. Company Guar. Notes 1.75% due 10/01/2027		844,000		843,972
Genuine Parts Co. Senior Notes 1.88% due 11/01/2030		1,022,000		964,860
				1,808,832
Retail-Convenience Store — 0.1%
7-Eleven, Inc. Senior Notes 1.80% due 02/10/2031*		897,000		857,499
Retail-Pawn Shops — 0.0%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		740,000		768,801

Security Description	Principal Amount		Value (Note 2)
Retail-Petroleum Products — 0.0%
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029	$	675,000	$	723,937
Retail-Regional Department Stores — 0.2%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		2,087,000		2,378,382
Kohl’s Corp. Senior Notes 9.50% due 05/15/2025		559,000		720,429
				3,098,811
Retail-Restaurants — 0.3%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		521,000		541,840
Dave & Buster’s, Inc. Senior Sec. Notes 7.63% due 11/01/2025*		855,000		906,300
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049		681,000		725,118
McDonald’s Corp. Senior Notes 4.20% due 04/01/2050		719,000		834,125
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		1,134,000		1,349,491
				4,356,874
Satellite Telecom — 0.1%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026#		1,130,000		1,261,532
Savings & Loans/Thrifts — 0.3%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		1,625,000		1,711,554
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		2,237,000		2,333,970
				4,045,524
Security Services — 0.1%
Brink’s Co. Company Guar. Notes 4.63% due 10/15/2027*		575,000		592,560
Brink’s Co. Company Guar. Notes 5.50% due 07/15/2025*		448,000		471,520
				1,064,080
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc. Company Guar. Notes 4.20% due 05/01/2030		1,017,000		1,161,758
Steel-Producers — 0.2%
Cleveland-Cliffs, Inc. Company Guar. Notes 4.63% due 03/01/2029*		409,000		400,411
Cleveland-Cliffs, Inc. Company Guar. Notes 4.88% due 03/01/2031*		125,000		122,388

25

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Steel-Producers (continued)
Cleveland-Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025#	$	584,000	$	597,841
Cleveland-Cliffs, Inc. Senior Sec. Notes 6.75% due 03/15/2026*		509,000		545,266
Commercial Metals Co. Senior Notes 3.88% due 02/15/2031		793,000		792,445
Reliance Steel & Aluminum Co. Senior Notes 2.15% due 08/15/2030		1,329,000		1,298,173
				3,756,524
Telecom Equipment-Fiber Optics — 0.2%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		2,304,000		2,966,044
Telephone-Integrated — 1.2%
AT&T, Inc. Senior Notes 3.55% due 09/15/2055*		370,000		335,812
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		4,526,000		5,175,109
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		639,000		727,687
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		897,000		1,036,252
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		1,866,000		2,211,967
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		688,000		717,742
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024		579,000		649,928
Frontier Communications Corp. Senior Sec. Notes 5.00% due 05/01/2028*		858,000		885,885
Verizon Communications, Inc. Senior Notes 1.50% due 09/18/2030		2,076,000		1,947,493
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056*		3,378,000		3,003,878
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		613,000		708,036
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		364,000		429,370
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*		547,000		564,012
				18,393,171
Television — 0.4%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027		460,000		529,000

Security Description	Principal Amount		Value (Note 2)
Television (continued)
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027	$	810,000	$	935,550
Scripps Escrow II, Inc. Senior Notes 5.38% due 01/15/2031*		73,000		74,186
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		4,334,000		4,851,319
				6,390,055
Theaters — 0.1%
Live Nation Entertainment, Inc. Senior Sec. Notes 3.75% due 01/15/2028*		135,000		135,297
Live Nation Entertainment, Inc. Company Guar. Notes 4.75% due 10/15/2027*		638,000		644,508
				779,805
Tools-Hand Held — 0.1%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026		986,000		1,087,980
Transport-Air Freight — 0.1%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*		925,000		959,687
Transport-Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 3.10% due 06/01/2051		329,000		309,720
GATX Corp. Senior Notes 4.35% due 02/15/2024		1,633,000		1,791,720
				2,101,440
Transport-Marine — 0.1%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		844,000		915,260
Transport-Rail — 0.2%
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029		890,000		930,455
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		533,000		635,517
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049		1,087,000		1,240,969
				2,806,941
Transport-Services — 0.2%
FedEx Corp. Pass Through Trust Senior Sec. Notes Series 2020-1, Class AA 1.88% due 08/20/2035		1,606,858		1,603,671
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		861,000		957,514
				2,561,185

26

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*	$	243,000	$	258,811
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		1,630,000		1,780,784
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.20% due 04/01/2027*		809,000		922,241
				2,961,836
Vitamins & Nutrition Products — 0.1%
HLF Financing SARL LLC/Herbalife International, Inc. Company Guar. Notes 7.25% due 08/15/2026*		827,000		859,613
Water — 0.0%
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		681,000		689,928
Total U.S. Corporate Bonds & Notes
(cost $473,292,245)				493,162,283
FOREIGN CORPORATE BONDS & NOTES — 10.4%
Aerospace/Defense — 0.1%
BAE Systems PLC Senior Notes 3.40% due 04/15/2030*		1,045,000		1,134,191
Agricultural Chemicals — 0.1%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		698,000		710,215
OCI NV Senior Sec. Notes 5.25% due 11/01/2024*		853,000		881,789
				1,592,004
Airlines — 0.0%
Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd. Senior Sec. Notes 5.75% due 01/20/2026*		524,286		552,797
Auto-Cars/Light Trucks — 0.1%
Hyundai Capital Services, Inc. Senior Notes 1.25% due 02/08/2026*		847,000		832,798
Nissan Motor Co., Ltd. Senior Notes 3.04% due 09/15/2023*		940,000		988,027
				1,820,825
Banks-Commercial — 1.5%
Australia & New Zealand Banking Group, Ltd. Sub. Notes 2.95% due 07/22/2030*		828,000		861,276
Banco de Credito del Peru Sub. Notes 3.13% due 07/01/2030*		320,000		326,560
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander Senior Notes 5.38% due 04/17/2025*		1,081,000		1,228,881
Bank of Montreal Senior Notes 2.05% due 11/01/2022		3,059,000		3,144,813

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial (continued)
Barclays Bank PLC Senior Notes 1.70% due 05/12/2022	$	714,000	$	725,380
Canadian Imperial Bank of Commerce Senior Notes 0.50% due 12/14/2023		1,153,000		1,153,421
Canadian Imperial Bank of Commerce Senior Notes 0.95% due 10/23/2025#		803,000		796,919
Cooperatieve Rabobank UA Senior Notes 1.00% due 09/24/2026*		2,710,000		2,686,544
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*		968,000		1,037,836
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*		1,302,000		1,400,298
DBS Group Holdings, Ltd. Senior Notes 2.85% due 04/16/2022*		1,074,000		1,103,119
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*		500,000		518,100
ING Groep NV Senior Notes 1.40% due 07/01/2026*		2,601,000		2,609,161
ING Groep NV Senior Notes 4.63% due 01/06/2026*		563,000		648,263
National Bank of Canada Company Guar. Notes 0.55% due 11/15/2024		1,258,000		1,259,256
National Bank of Canada Senior Notes 2.15% due 10/07/2022*		1,709,000		1,757,513
Philippine National Bank Senior Notes 3.28% due 09/27/2024		500,000		531,092
Standard Chartered PLC Sub. Notes 3.27% due 02/18/2036*		1,619,000		1,593,736
				23,382,168
Banks-Special Purpose — 0.3%
BNG Bank NV Senior Notes 0.50% due 11/24/2025*		738,000		725,035
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*		3,448,000		3,432,285
				4,157,320
Beverages-Non-alcoholic — 0.1%
Coca-Cola Femsa SAB de CV Company Guar. Notes 1.85% due 09/01/2032		1,581,000		1,493,919
Building-Residential/Commercial — 0.0%
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*		185,000		192,169
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		396,000		415,800
				607,969

27

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV — 0.0%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*	$	777,000	$	780,885
Casino Hotels — 0.1%
Melco Resorts Finance, Ltd. Senior Notes 5.38% due 12/04/2029*		666,000		704,814
Wynn Macau, Ltd. Senior Notes 5.13% due 12/15/2029*		880,000		897,600
				1,602,414
Cellular Telecom — 0.3%
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		215,000		234,352
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*		1,024,000		1,100,032
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*		529,000		551,853
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		590,000		628,530
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		947,000		1,148,404
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		719,000		916,396
				4,579,567
Chemicals-Diversified — 0.2%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		971,000		1,003,771
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		1,619,000		1,643,609
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		200,000		203,040
				2,850,420
Chemicals-Other — 0.0%
MEGlobal Canada ULC Company Guar. Notes 5.00% due 05/18/2025*		600,000		665,604
Chemicals-Specialty — 0.1%
Albemarle Wodgina Pty, Ltd. Company Guar. Notes 3.45% due 11/15/2029		1,358,000		1,414,861
Computer Software — 0.0%
Camelot Finance SA Senior Sec. Notes 4.50% due 11/01/2026*		620,000		643,250
Containers-Metal/Glass — 0.0%
Trivium Packaging Finance BV Company Guar. Notes 8.50% due 08/15/2027*		525,000		563,062

Security Description	Principal Amount		Value (Note 2)
Containers-Paper/Plastic — 0.2%
Cascades, Inc./Cascades USA, Inc. Company Guar. Notes 5.38% due 01/15/2028*	$	556,000	$	587,275
Intertape Polymer Group, Inc. Company Guar. Notes 7.00% due 10/15/2026*		453,000		476,782
Klabin Austria GmbH Company Guar. Notes 7.00% due 04/03/2049*		1,620,000		2,021,760
				3,085,817
Cruise Lines — 0.3%
Carnival Corp. Senior Notes 5.75% due 03/01/2027*		955,000		969,325
Carnival Corp. Senior Notes 7.63% due 03/01/2026*		177,000		186,071
NCL Corp., Ltd. Senior Notes 3.63% due 12/15/2024*		1,270,000		1,187,069
NCL Corp., Ltd. Company Guar. Notes 5.88% due 03/15/2026*		187,000		187,996
Silversea Cruise Finance, Ltd. Senior Sec. Notes 7.25% due 02/01/2025*		885,000		916,072
Viking Ocean Cruises Ship VII, Ltd. Senior Sec. Notes 5.63% due 02/15/2029*		78,000		78,507
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		1,098,000		1,084,934
				4,609,974
Diversified Banking Institutions — 2.2%
Banco Santander SA Senior Notes 2.71% due 06/27/2024		1,400,000		1,484,798
Barclays PLC Sub. Notes 3.56% due 09/23/2035		1,956,000		1,995,589
BNP Paribas SA Senior Notes 1.32% due 01/13/2027*		3,500,000		3,457,207
Credit Agricole SA Senior Notes 1.91% due 06/16/2026*		1,134,000		1,161,206
Credit Agricole SA Sub. Notes 2.81% due 01/11/2041*		1,567,000		1,474,816
Credit Suisse Group AG Senior Notes 2.19% due 06/05/2026*		1,066,000		1,099,697
Deutsche Bank AG Senior Notes 2.22% due 09/18/2024		1,151,000		1,183,852
HSBC Holdings PLC Senior Notes 1.59% due 05/24/2027		2,018,000		2,011,755
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026		1,310,000		1,464,326

28

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025	$	1,483,000	$	1,539,141
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		2,428,000		2,558,489
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035		2,328,000		2,281,673
Natwest Group PLC Senior Notes 4.27% due 03/22/2025		531,000		581,691
Natwest Group PLC Senior Notes 4.52% due 06/25/2024		622,000		675,122
NatWest Markets PLC Senior Notes 2.38% due 05/21/2023*		1,316,000		1,369,537
Royal Bank of Scotland Group PLC Senior Notes 2.36% due 05/22/2024		2,318,000		2,398,607
Societe Generale SA Company Guar. Notes 3.63% due 03/01/2041*		635,000		624,535
UBS Group Funding Switzerland AG Senior Notes 3.49% due 05/23/2023*		416,000		431,189
UBS Group Funding Switzerland AG Senior Notes 4.13% due 09/24/2025*		269,000		301,773
UniCredit SpA Senior Notes 2.57% due 09/22/2026*		1,971,000		1,985,423
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*		3,066,000		3,300,401
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		1,048,000		1,097,555
				34,478,382
Diversified Financial Services — 0.4%
Fairstone Financial, Inc. Senior Notes 7.88% due 07/15/2024*		924,000		969,590
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		4,933,000		5,591,122
				6,560,712
Diversified Manufacturing Operations — 0.1%
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		1,086,000		1,176,673
Diversified Minerals — 0.3%
Anglo American Capital PLC Company Guar. Notes 2.63% due 09/10/2030*		1,335,000		1,346,371
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 4.50% due 09/15/2027*		556,000		610,905
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		2,379,000		3,081,814
				5,039,090

Security Description	Principal Amount		Value (Note 2)
Electric-Distribution — 0.0%
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027	$	400,000	$	425,504
Infraestructura Energetica Nova SAB de CV Senior Notes 4.75% due 01/15/2051*		250,000		251,062
				676,566
Electric-Generation — 0.2%
Electricite de France SA Senior Notes 5.00% due 09/21/2048*		999,000		1,240,957
LLPL Capital Pte, Ltd. Senior Sec. Notes 6.88% due 02/04/2039		456,000		544,783
Minejesa Capital BV Senior Sec. Notes 4.63% due 08/10/2030		400,000		421,000
Minejesa Capital BV Senior Sec. Notes 5.63% due 08/10/2037		300,000		317,250
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029		550,000		558,250
				3,082,240
Electric-Integrated — 0.2%
Empresas Publicas de Medellin ESP Senior Notes 4.38% due 02/15/2031*		645,000		659,519
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*		1,216,000		1,501,838
Engie Energia Chile SA Senior Notes 3.40% due 01/28/2030*		936,000		982,800
				3,144,157
Energy-Alternate Sources — 0.1%
ReNew Power Synthetic Senior Sec. Notes 6.67% due 03/12/2024		400,000		419,608
ReNew Power, Ltd. Senior Sec. Notes 6.45% due 09/27/2022		400,000		417,000
				836,608
Finance-Consumer Loans — 0.1%
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		788,000		815,580
Finance-Leasing Companies — 0.0%
BOC Aviation, Ltd. Senior Notes 2.63% due 09/17/2030*		465,000		451,214
Food-Meat Products — 0.0%
BRF SA Senior Notes 4.88% due 01/24/2030*		400,000		416,500
Gold Mining — 0.1%
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.75% due 10/01/2030		1,051,000		1,105,208

29

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Independent Power Producers — 0.0%
Termocandelaria Power, Ltd. Company Guar. Notes 7.88% due 01/30/2029	$	277,500	$	301,781
Industrial Gases — 0.0%
Yingde Gases Investment, Ltd. Company Guar. Notes 6.25% due 01/19/2023#		400,000		412,207
Insurance-Life/Health — 0.2%
Athene Holding, Ltd. Senior Notes 3.50% due 01/15/2031		1,247,000		1,292,263
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		1,280,000		1,403,506
				2,695,769
Insurance-Property/Casualty — 0.2%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		2,192,000		2,495,911
Investment Companies — 0.1%
Huarong Finance II Co., Ltd. Company Guar. Notes 4.63% due 06/03/2026		900,000		985,561
MDGH — GMTN BV Company Guar. Notes 3.70% due 11/07/2049		400,000		409,820
				1,395,381
Medical-Drugs — 0.2%
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Senior Sec. Notes 5.88% due 10/15/2024*		227,000		227,568
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 06/30/2028*		532,000		467,096
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		2,470,000		2,695,385
Takeda Pharmaceutical Co., Ltd. Senior Bonds 3.18% due 07/09/2050		455,000		437,839
				3,827,888
Metal-Aluminum — 0.1%
Constellium SE Company Guar. Notes 3.75% due 04/15/2029*		301,000		298,803
Indonesia Asahan Aluminium Persero PT Senior Notes 6.53% due 11/15/2028		400,000		489,700
				788,503
Metal-Copper — 0.1%
First Quantum Minerals, Ltd. Company Guar. Notes 6.88% due 03/01/2026*		423,000		441,506
Hudbay Minerals, Inc. Company Guar. Notes 4.50% due 04/01/2026*		435,000		440,995
				882,501

Security Description	Principal Amount		Value (Note 2)
Metal-Diversified — 0.0%
Chinalco Capital Holdings, Ltd. Company Guar. Notes 4.25% due 04/21/2022	$	400,000	$	407,233
Metal-Iron — 0.1%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		824,000		912,044
Motion Pictures & Services — 0.1%
Banijay Entertainment SASU Senior Sec. Notes 5.38% due 03/01/2025*		1,015,000		1,035,300
Multimedia — 0.0%
Globo Comunicacao e Participacoes SA Senior Notes 4.88% due 01/22/2030*		400,000		415,504
Non-Ferrous Metals — 0.0%
Corp Nacional del Cobre de Chile Senior Notes 3.15% due 01/15/2051*		600,000		538,068
Oil Companies-Exploration & Production — 0.2%
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 07/15/2030		843,000		859,894
MEG Energy Corp. Company Guar. Notes 5.88% due 02/01/2029*		400,000		406,120
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		758,000		781,688
MEG Energy Corp. Company Guar. Notes 7.13% due 02/01/2027*		775,000		818,423
				2,866,125
Oil Companies-Integrated — 0.3%
Ecopetrol SA Senior Notes 6.88% due 04/29/2030		400,000		488,360
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		675,000		694,019
Petro-Canada Senior Notes 5.95% due 05/15/2035		546,000		692,203
Petrobras Global Finance BV Company Guar. Notes 5.60% due 01/03/2031		400,000		432,320
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		400,000		342,000
Petroleos Mexicanos Company Guar. Notes 6.49% due 01/23/2027		400,000		419,300
Petroleos Mexicanos Company Guar. Notes 6.50% due 03/13/2027		230,000		241,075
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		400,000		379,823
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		400,000		351,600

30

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated (continued)
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049	$	536,000	$	550,299
				4,590,999
Paper & Related Products — 0.1%
Suzano Austria GmbH Company Guar. Notes 3.75% due 01/15/2031		1,574,000		1,662,459
Pipelines — 0.0%
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.63% due 03/31/2036		300,000		294,676
Real Estate Investment Trusts — 0.1%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 2.00% due 05/18/2032		360,000		348,343
Trust Fibro Uno Senior Notes 6.39% due 01/15/2050		400,000		452,680
				801,023
Retail-Petroleum Products — 0.1%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*		980,000		1,006,803
Satellite Telecom — 0.2%
Connect Finco SARL/Connect US Finco LLC Senior Sec. Notes 6.75% due 10/01/2026*		935,000		969,198
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*		428,000		442,980
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*#		1,045,000		1,078,471
				2,490,649
Security Services — 0.1%
Garda World Security Corp. Senior Sec. Notes 4.63% due 02/15/2027*		870,000		863,475
Semiconductor Components-Integrated Circuits — 0.1%
TSMC Global, Ltd. Company Guar. Notes 0.75% due 09/28/2025*		1,737,000		1,701,262
Steel-Producers — 0.0%
Shandong Iron & Steel Xinheng International Co., Ltd. Company Guar. Notes 6.85% due 09/25/2022		400,000		411,207
SupraNational Banks — 0.7%
African Development Bank Senior Notes 0.75% due 04/03/2023		1,847,000		1,865,470
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025		2,167,000		2,239,578
International Bank for Reconstruction & Development Senior Notes 0.75% due 11/24/2027		2,557,000		2,472,773

Security Description	Principal Amount		Value (Note 2)
SupraNational Banks (continued)
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025	$	1,210,000	$	1,336,334
International Finance Corp. Senior Notes 0.50% due 03/20/2023#		2,574,000		2,586,556
				10,500,711
Telecom Services — 0.1%
Altice France Holding SA Company Guar. Notes 6.00% due 02/15/2028*		780,000		763,425
NTT Finance Corp. Company Guar. Notes 1.16% due 04/03/2026*		906,000		899,875
				1,663,300
Telephone-Integrated — 0.1%
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		1,365,000		1,551,524
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		250,000		299,152
				1,850,676
Transport-Rail — 0.0%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		300,000		465,917
Transport-Services — 0.1%
Rumo Luxembourg SARL Company Guar. Notes 5.25% due 01/10/2028*		580,000		616,105
Yunda Holding Investment, Ltd. Company Guar. Notes 2.25% due 08/19/2025		400,000		395,800
				1,011,905
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd./HLF Financing, Inc. Company Guar. Notes 7.88% due 09/01/2025*		352,000		381,040
Warehousing & Harbor Transportation Services — 0.0%
DP World PLC Senior Notes 4.70% due 09/30/2049		500,000		531,150
Total Foreign Corporate Bonds & Notes
(cost $156,977,254)				162,521,444
FOREIGN GOVERNMENT OBLIGATIONS — 3.7%
Banks-Special Purpose — 0.1%
Korea Development Bank Senior Notes 0.50% due 10/27/2023		1,289,000		1,288,794
Sovereign — 3.6%
Arab Republic of Egypt Senior Notes 5.75% due 05/29/2024*		2,200,000		2,326,280
Arab Republic of Egypt Senior Notes 8.88% due 05/29/2050*		1,900,000		2,025,818

31

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Emirate of Abu Dhabi Senior Notes 3.13% due 04/16/2030*	$	3,650,000	$	3,961,710
Federative Republic of Brazil Senior Notes 3.88% due 06/12/2030		1,000,000		995,000
Federative Republic of Brazil Senior Notes 4.75% due 01/14/2050		1,300,000		1,218,763
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041		700,000		735,357
Government of Romania Senior Notes 4.00% due 02/14/2051*		1,600,000		1,550,880
Government of Ukraine Senior Notes 7.25% due 03/15/2033*		1,620,000		1,646,390
Government of Ukraine Senior Notes 7.75% due 09/01/2023		1,000,000		1,079,060
Kingdom of Bahrain Senior Notes 4.25% due 01/25/2028*		1,220,000		1,206,824
Kingdom of Bahrain Senior Notes 5.25% due 01/25/2033*#		630,000		617,400
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030#		2,200,000		2,352,266
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060*#		2,000,000		2,261,320
Oriental Republic of Uruguay Senior Notes 4.38% due 01/23/2031		413,603		477,199
People’s Republic of China Senior Bonds 2.25% due 10/21/2050*		2,200,000		1,981,971
Republic of Colombia Senior Notes 3.13% due 04/15/2031		3,282,000		3,265,590
Republic of Ghana Bank Guar. Notes 10.75% due 10/14/2030		2,000,000		2,609,840
Republic of Indonesia Senior Notes 1.85% due 03/12/2031#		2,400,000		2,276,181
Republic of Indonesia Senior Notes 8.50% due 10/12/2035		800,000		1,260,009
Republic of Italy Senior Notes 4.00% due 10/17/2049		729,000		757,205
Republic of Ivory Coast Senior Notes 5.75% due 12/31/2032		565,556		567,151
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		500,000		537,500
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		1,000,000		1,110,000
Republic of Kenya Senior Notes 6.88% due 06/24/2024		1,150,000		1,275,339

Security Description	Principal Amount		Value (Note 2)
Sovereign (continued)
Republic of Kenya Senior Notes 7.00% due 05/22/2027	$	800,000	$	882,016
Republic of the Philippines Senior Notes 3.70% due 03/01/2041		1,200,000		1,264,428
Republic of Turkey Senior Notes 4.25% due 03/13/2025		1,900,000		1,888,068
Republic of Turkey Senior Notes 6.25% due 09/26/2022		1,300,000		1,356,862
Republic of Turkey Senior Notes 6.63% due 02/17/2045		1,000,000		960,000
Russian Federation Senior Notes 4.38% due 03/21/2029		1,200,000		1,357,536
State of Qatar Senior Notes 3.75% due 04/16/2030*		1,800,000		2,030,339
State of Qatar Senior Notes 4.82% due 03/14/2049		2,500,000		3,082,220
Sultanate of Oman Senior Notes 6.75% due 10/28/2027*		1,700,000		1,873,978
United Mexican States Senior Notes 2.66% due 05/24/2031		880,000		847,669
United Mexican States Senior Notes 4.50% due 04/22/2029		1,303,000		1,460,676
United Mexican States Senior Bonds 4.75% due 03/08/2044		773,000		817,455
United Mexican States Senior Notes 5.00% due 04/27/2051		800,000		868,808
				56,785,108
Total Foreign Government Obligations
(cost $58,282,578)				58,073,902
U.S. GOVERNMENT AGENCIES — 39.7%
Federal Home Loan Bank — 0.3%
2.13% due 09/14/2029		4,765,000		5,025,571
Federal Home Loan Mtg. Corp. — 8.4%
2.00% due 03/01/2051		21,275,000		21,417,472
2.50% due 01/01/2028		354,230		373,955
2.50% due 04/01/2028		737,269		778,347
2.50% due 03/01/2031		459,658		480,448
2.50% due 10/01/2032		2,255,737		2,357,759
3.00% due 08/01/2027		173,372		183,691
3.00% due 10/01/2042		1,021,134		1,108,862
3.00% due 11/01/2042		742,591		792,901
3.00% due 02/01/2043		1,000,470		1,076,804
3.00% due 04/01/2043		1,183,637		1,283,454
3.00% due 05/01/2043		459,523		499,013
3.00% due 08/01/2043		3,667,832		3,922,829
3.00% due 10/01/2045		3,056,139		3,228,889
3.00% due 01/01/2050		7,006,162		7,322,409
3.50% due 01/01/2032		2,700,531		2,909,188
3.50% due 03/01/2042		2,367,066		2,574,813
3.50% due 04/01/2042		1,034,638		1,125,604

32

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
3.50% due 08/01/2042	$	909,438	$	992,795
3.50% due 09/01/2043		703,841		768,081
3.50% due 03/01/2045		594,793		641,117
3.50% due 07/01/2045		4,417,606		4,773,198
3.50% due 08/01/2045		1,284,871		1,393,508
3.50% due 11/01/2045		1,992,029		2,145,544
3.50% due 01/01/2046		1,246,007		1,349,916
3.50% due 03/01/2046		1,148,666		1,235,935
3.50% due 11/01/2047		6,144,247		6,544,843
3.50% due 01/01/2048		10,219,253		10,973,073
3.50% due 03/01/2048		6,039,734		6,554,987
3.50% due 08/01/2049		6,652,810		7,132,801
3.50% due 04/01/2050		6,855,534		7,258,812
4.00% due 03/01/2023		452		480
4.00% due 09/01/2040		690,550		760,491
4.00% due 07/01/2044		50,925		55,867
4.00% due 10/01/2045		1,537,866		1,678,692
4.00% due 01/01/2046		413,515		456,946
4.00% due 07/01/2049		3,755,974		4,095,667
4.00% due 01/01/2050		1,039,352		1,114,038
4.50% due 12/01/2039		393,766		440,867
4.50% due 07/01/2044		895,918		1,007,191
4.50% due 07/01/2045		8,351,142		9,405,904
4.50% due 05/01/2048		2,288,280		2,496,745
5.00% due 10/01/2033		756		861
5.00% due 07/01/2040		413,212		480,802
5.00% due 11/01/2043		1,972,677		2,293,938
5.50% due 11/01/2032		5,042		5,780
5.50% due 07/01/2034		18,912		21,923
5.50% due 02/01/2035		20,496		22,834
5.50% due 07/01/2035		640		747
5.50% due 01/01/2036		130,321		152,174
5.50% due 05/01/2037		19,287		22,592
6.00% due 07/01/2035		68,172		77,123
6.00% due 03/01/2040		99,110		119,061
6.50% due 02/01/2036		8,593		9,973
6.50% due 09/01/2036		158		177
6.50% due 05/01/2037		24,146		28,294
Federal Home Loan Mtg. Corp. FRS
1.74% (6 ML+1.49%) due 02/01/2037		54,931		56,982
3.24% (12 ML+1.88%) due 11/01/2037		704,453		748,791
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(2)		1,802,448		1,861,002
Series 4800, Class KG 3.50% due 11/15/2045(2)		1,602,424		1,630,795
Federal Home Loan Mtg. Corp. REMIC FRS
Series 3572, Class JS 6.69% (6.80%-1 ML) due 09/15/2039(2)(7)(8)		441,147		69,809
				132,317,594
Federal National Mtg. Assoc. — 20.0%
2.00% due 11/01/2035		4,890,258		5,085,288
2.00% due 07/01/2035		6,311,571		6,519,698
2.00% due 12/01/2050		7,910,068		7,994,333
2.50% due 02/01/2028		715,755		754,578
2.50% due 04/01/2028		215,921		227,899
2.50% due 07/01/2031		1,793,889		1,874,516
2.50% due 08/01/2031		9,767,636		10,206,647
2.50% due 01/01/2032		1,587,356		1,658,700
2.50% due 04/01/2035		5,306,178		5,544,667
2.50% due 05/01/2050		7,349,653		7,645,462

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
2.50% due 06/01/2050	$	12,362,167	$	12,786,041
2.50% due 07/01/2050		6,615,953		6,910,253
3.00% due 10/01/2027		92,987		98,205
3.00% due 01/01/2028		935,251		987,782
3.00% due 10/01/2030		1,368,717		1,444,478
3.00% due 10/01/2032		4,048,141		4,268,939
3.00% due 02/01/2033		12,465,049		13,145,811
3.00% due 07/01/2034		852,403		898,224
3.00% due 11/01/2039		4,912,285		5,139,790
3.00% due 03/01/2042		1,600,704		1,701,788
3.00% due 12/01/2042		1,546,078		1,661,149
3.00% due 02/01/2043		3,585,465		3,826,441
3.00% due 05/01/2043		1,785,583		1,898,380
3.00% due 05/01/2046		1,929,760		2,039,049
3.00% due 08/01/2046		5,028,933		5,396,725
3.00% due 09/01/2046		925,029		976,702
3.00% due 04/01/2047		2,306,881		2,437,905
3.00% due 09/01/2048		3,967,529		4,178,825
3.00% due 11/01/2048		10,738,445		11,294,695
3.00% due 06/01/2049		3,790,960		4,040,126
3.00% due 03/01/2050		4,715,368		4,983,912
3.50% due 08/01/2026		489,234		521,726
3.50% due 09/01/2026		517,165		551,542
3.50% due 08/01/2027		52,958		56,419
3.50% due 10/01/2028		1,189,272		1,283,079
3.50% due 03/01/2033		825,499		881,759
3.50% due 12/01/2041		282,327		307,165
3.50% due 03/01/2042		405,952		442,698
3.50% due 08/01/2042		2,418,326		2,626,688
3.50% due 09/01/2042		244,146		264,715
3.50% due 02/01/2043		1,927,954		2,135,673
3.50% due 07/01/2045		938,640		1,014,873
3.50% due 08/01/2045		1,187,048		1,278,631
3.50% due 09/01/2045		217,340		233,405
3.50% due 10/01/2045		1,846,725		2,007,356
3.50% due 11/01/2045		2,642,309		2,835,310
3.50% due 12/01/2045		5,855,541		6,302,513
3.50% due 02/01/2046		962,924		1,036,312
3.50% due 03/01/2046		4,491,185		4,819,019
3.50% due 07/01/2046		3,530,798		3,825,624
3.50% due 01/01/2047		2,926,363		3,124,727
3.50% due 12/01/2047		14,617,770		15,644,166
3.50% due 04/01/2048		6,670,584		7,218,072
4.00% due 11/01/2025		33,564		35,755
4.00% due 03/01/2039		2,119,902		2,288,016
4.00% due 09/01/2040		62,540		68,921
4.00% due 10/01/2040		116,561		128,466
4.00% due 12/01/2040		1,050,169		1,163,482
4.00% due 10/01/2041		655,574		719,322
4.00% due 11/01/2041		503,285		552,221
4.00% due 01/01/2043		1,356,544		1,501,781
4.00% due 02/01/2045		2,101,719		2,322,077
4.00% due 02/01/2046		1,357,361		1,484,374
4.00% due 06/01/2046		371,486		404,880
4.00% due 01/01/2047		2,274,420		2,464,545
4.00% due 05/01/2047		1,764,988		1,910,138
4.00% due 06/01/2047		2,739,303		2,999,775
4.00% due 07/01/2047		8,249,280		8,925,303
4.00% due 08/01/2047		2,917,160		3,155,426
4.00% due 06/01/2048		6,052,018		6,600,921
4.00% due 09/01/2048		4,697,192		5,043,228
4.00% due 12/01/2048		1,645,269		1,766,464
4.00% due 01/01/2049		5,009,413		5,377,395
4.00% due 03/01/2049		2,481,184		2,662,591
4.00% due 03/01/2050		6,843,773		7,341,675

33

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.50% due 10/01/2024	$	154,175	$	162,475
4.50% due 03/01/2025		227,710		242,071
4.50% due 02/01/2040		707,160		812,598
4.50% due 05/01/2040		209,327		237,131
4.50% due 08/01/2045		5,196,266		5,884,597
4.50% due 06/01/2048		5,523,233		6,001,390
4.50% due 10/01/2048		4,348,795		4,735,009
4.50% due 11/01/2048		4,063,372		4,466,105
4.50% due 12/01/2048		7,620,079		8,289,301
4.50% due 10/01/2049		4,789,972		5,215,244
5.00% due 06/01/2022		4,701		4,923
5.00% due 10/01/2024		82,055		86,093
5.00% due 09/01/2033		332,092		383,018
5.00% due 04/01/2040		270,334		300,144
5.00% due 05/01/2040		319,994		366,473
5.00% due 06/01/2040		1,480,256		1,713,414
5.00% due 07/01/2040		198,732		225,170
5.00% due 02/01/2045		991,684		1,144,690
5.50% due 12/01/2029		82,900		92,395
5.50% due 12/01/2033		19,428		22,635
5.50% due 07/01/2037		17,551		20,562
5.50% due 08/01/2037		1,057,358		1,235,508
5.50% due 06/01/2038		100,640		117,972
5.50% due 09/01/2039		323,701		379,460
6.00% due 08/01/2034		15,249		18,316
6.00% due 11/01/2035		14,906		16,762
6.00% due 06/01/2036		32,596		39,155
6.00% due 12/01/2036		62,044		74,534
6.00% due 07/01/2038		301,266		359,967
6.00% due 09/01/2038		160,895		193,286
6.00% due 11/01/2038		96,389		115,013
Federal National Mtg. Assoc. FRS
1.83% (6 ML+1.54%) due 09/01/2035		647,987		673,663
2.29% (12 ML+1.77%) due 05/01/2040		603,587		635,663
2.33% (12 ML+1.83%) due 10/01/2040		258,337		272,058
2.33% (12 ML+1.82%) due 10/01/2040		146,544		154,481
2.51% (12 ML+1.57%) due 05/01/2037		112,049		117,620
2.60% (1 Yr USTYCR+2.22%) due 10/01/2035		505,451		531,080
2.86% (12 ML+1.67%) due 07/01/2039		491,091		512,836
2.89% (12 ML+1.91%) due 08/01/2035		398,703		421,814
3.04% (1 Yr USTYCR+2.27%) due 11/01/2036		240,632		256,262
Federal National Mtg. Assoc. REMIC
Series 2017-100, Class NP 3.00% due 12/25/2047(2)		3,201,871		3,421,972
Series 2018-27, Class EA 3.00% due 05/25/2048(2)		3,333,713		3,551,775
Series 2018-35, Class CD 3.00% due 05/25/2048(2)		4,257,978		4,499,789
				312,959,660
Government National Mtg. Assoc. — 5.6%
2.50% due 05/20/2050		7,578,010		7,847,675
2.50% due 12/20/2050		20,876,704		21,629,792
3.00% due 02/20/2045		2,887,117		3,057,487
3.00% due 05/20/2045		706,586		750,109
3.00% due 07/20/2045		185,423		196,238

Security Description	Principal Amount/ Shares		Value (Note 2)
Government National Mtg. Assoc. (continued)
3.00% due 11/20/2045	$	1,607,060	$	1,698,585
3.00% due 12/20/2045		1,238,514		1,309,072
3.00% due 01/20/2046		6,897,482		7,296,397
3.00% due 05/20/2046		7,614,299		8,055,287
3.00% due 09/20/2047		5,523,793		5,825,957
3.00% due 05/20/2050		11,645,654		12,124,069
3.50% due 03/20/2045		613,670		658,911
3.50% due 07/20/2045		312,660		335,733
3.50% due 03/20/2047		1,854,334		1,980,883
4.00% due 03/20/2044		425,718		471,323
4.00% due 07/20/2045		1,166,680		1,286,016
4.00% due 05/20/2048		2,901,483		3,124,139
4.00% due 03/20/2049		3,262,331		3,501,627
4.50% due 05/15/2039		428,861		493,845
4.50% due 04/20/2047		2,309,177		2,531,520
5.00% due 05/15/2034		105,950		122,470
5.00% due 01/15/2040		417,827		488,454
5.50% due 12/15/2039		489,310		556,462
6.00% due 10/15/2039		126,066		141,586
Government National Mtg. Assoc. REMIC VRS Series 2013-118, Class B 2.50% due 10/16/2043(1)(3)		1,700,000		1,756,508
				87,240,145
Uniform Mtg. Backed Securities — 5.4%
1.50% due March 15 TBA		5,000,000		5,046,875
1.50% due March 30 TBA		6,000,000		5,868,750
2.00% due March 15 TBA		8,000,000		8,257,500
2.00% due March 30 TBA		31,800,000		31,988,813
2.50% due March 30 TBA		27,000,000		27,894,375
3.00% due March 30 TBA		6,000,000		6,273,984
				85,330,297
Total U.S. Government Agencies
(cost $610,568,159)				622,873,267
U.S. GOVERNMENT TREASURIES — 5.7%
United States Treasury Bonds — 3.6%
1.38% due 08/15/2050		2,733,000		2,242,768
2.38% due 11/15/2049		21,081,000		21,950,591
2.75% due 08/15/2047#		1,246,000		1,389,582
3.00% due 05/15/2045		570,000		661,155
3.00% due 05/15/2047		6,851,000		7,989,711
3.38% due 11/15/2048		13,798,000		17,296,009
3.75% due 08/15/2041#		35,000		45,052
3.88% due 08/15/2040		134,000		174,739
4.38% due 05/15/2040		2,865,000		3,967,130
4.38% due 05/15/2041		433,000		602,834
4.63% due 02/15/2040		65,000		92,529
				56,412,100
United States Treasury Notes — 2.1%
0.13% due 12/15/2023		500,000		497,773
0.88% due 11/15/2030#		5,002,000		4,742,521
1.38% due 10/15/2022		7,000,000		7,138,633
1.38% due 01/31/2025		1,000,000		1,031,914
1.50% due 02/15/2030		6,970,000		7,040,789
1.63% due 08/15/2029		9,200,000		9,422,094
1.75% due 11/15/2029#		3,200,000		3,307,375
				33,181,099
Total U.S. Government Treasuries
(cost $86,586,183)				89,593,199
COMMON STOCKS — 0.0%
Oil Field Machinery & Equipment — 0.0%
Hi-Crush, Inc.(4)(5) (cost $38,143)		28,919		4,916

34

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount/ Shares		Value (Note 2)
PREFERRED SECURITIES — 0.0%
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. Series Z 8.38%† (cost $86,464)		5,600	$	29,512
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.4%
Banks-Money Center — 0.1%
BBVA Bancomer SA 5.13% due 01/18/2033*	$	1,302,000		1,371,996
Building & Construction-Misc. — 0.0%
China Minmetals Corp. 3.75% due 11/13/2022(6)		400,000		409,009
Diversified Banking Institutions — 0.2%
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(6)		1,414,000		1,526,988
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(6)		425,000		499,375
Societe Generale SA 7.88% due 12/18/2023*#(6)		793,000		875,766
				2,902,129
Electric-Distribution — 0.0%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		609,000		633,786
Electric-Integrated — 0.1%
CMS Energy Corp. 3.75% due 12/01/2050		681,000		682,907
CMS Energy Corp. 4.75% due 06/01/2050		810,000		890,466
Dominion Resources, Inc. 5.75% due 10/01/2054		566,000		618,983
				2,192,356
Food-Dairy Products — 0.0%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		603,000		705,510
Insurance-Life/Health — 0.2%
Prudential Financial, Inc. 5.63% due 06/15/2043		693,000		744,777
Prudential Financial, Inc. 5.70% due 09/15/2048		846,000		969,260
Voya Financial, Inc. 4.70% due 01/23/2048		898,000		927,476
				2,641,513
Insurance-Multi-line — 0.1%
Allianz SE 3.50% due 11/17/2025*(6)		1,000,000		1,015,240
Insurance-Mutual — 0.2%
Liberty Mutual Group, Inc. Company Guar. Notes 4.30% due 02/01/2061*		2,844,000		2,601,639
Metal-Aluminum — 0.0%
Chalco Hong Kong Investment Co., Ltd. 4.25% due 11/07/2021(6)		500,000		506,956
Metal-Diversified — 0.0%
Chinalco Capital Holdings, Ltd. 4.10% due 09/11/2024(6)		200,000		207,603
Oil Companies-Integrated — 0.1%
BP Capital Markets PLC 4.88% due 03/22/2030(6)		1,465,000		1,572,677

Security Description	Principal Amount/ Shares			Value (Note 2)
Pipelines — 0.1%
EnLink Midstream Partners LP 6.00% due 12/15/2022(6)	$	724,000		$	431,685
Enterprise Products Operating LLC 5.25% due 08/16/2077		556,000			554,163
					985,848
Real Estate Investment Trusts — 0.1%
Scentre Group Trust 2 5.13% due 09/24/2080*		905,000			941,827
Tools-Hand Held — 0.1%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		1,826,000			1,933,458
Transport-Equipment & Leasing — 0.1%
AerCap Global Aviation Trust 6.50% due 06/15/2045*		1,030,000			1,073,919
Total Preferred Securities/Capital Securities
(cost $20,868,178)					21,695,466
ESCROWS AND LITIGATION TRUSTS — 0.0%
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
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(4)		148,000			15
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(4)		5,022			36
Total Escrows And Litigation Trusts
(cost $5,022)					92
Total Long-Term Investment Securities
(cost $1,453,929,595)					1,496,398,968
SHORT-TERM INVESTMENT SECURITIES — 13.6%
Registered Investment Companies — 13.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.03%(9)		189,635,606			189,635,606
State Street Navigator Securities Lending Government Money Market Portfolio 0.05%(9)(10)		23,437,686			23,437,686
Total Short-Term Investment Securities
(cost $213,073,292)					213,073,292
TOTAL INVESTMENTS
(cost $1,667,002,887)(11)		109.0	%		1,709,472,260
Liabilities in excess of other assets		(9.0	)		(141,020,736	)
NET ASSETS		100.0	%	$	1,568,451,524

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At February 28, 2021, the aggregate value of these securities was $273,967,115 representing 17.5% of net assets.

† Non-income producing security

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

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

35

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

(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) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of February 28, 2021, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Hi-Crush, Inc.		1/29/2021		28,919	$	38,143	$	4,916	$	0.17		0.00	%

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

(7) Interest Only

(8) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at February 28, 2021.

(9) The rate shown is the 7-day yield as of February 28, 2021.

(10) At February 28, 2021, the Fund had loaned securities with a total value of $25,476,605. This was secured by collateral of $23,437,686, which was received in cash and subsequently invested in short-term investments currently valued at $23,437,686 as reported in the Portfolio of Investments. Additional collateral of $2,586,791 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of February 28, 2021
Federal Home Loan Mtg. Corp.	zero coupon to 23.81%	04/25/2023 to 02/25/2051	$	505,050
Federal National Mtg. Assoc.	0.19% to 42.35%	08/25/2026 to 12/25/2053		283,998
Government National Mtg. Assoc.	0.56% to 38.87%	04/16/2036 to 06/16/2063		650,738
United States Treasury Bills	0.00%	04/08/2021 to 04/29/2021		163,355
United States Treasury Notes/Bonds	0.13% to 3.88%	03/31/2021 to 08/15/2048		983,650

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

REMIC — Real Estate Mortgage Investment Conduit

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

ULC — Unlimited Liability Corp.

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of February 28, 2021 and unless noted otherwise, the dates are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	—	$	48,444,887	$	—	$	48,444,887
U.S. Corporate Bonds & Notes		—		493,162,283		—		493,162,283
Foreign Corporate Bonds & Notes		—		162,521,444		—		162,521,444
Foreign Government Obligations		—		58,073,902		—		58,073,902
U.S. Government Agencies		—		622,873,267		—		622,873,267
U.S. Government Treasuries		—		89,593,199		—		89,593,199
Common Stocks		—		—		4,916		4,916
Preferred Securities		29,512		—		—		29,512
Preferred Securities/Capital Securities		—		21,695,466		—		21,695,466
Escrows and Litigation Trusts		—		—		92		92
Short-Term Investment Securities		213,073,292		—		—		213,073,292
Total Investments at Value	$	213,102,804	$	1,496,364,448	$	5,008	$	1,709,472,260

* 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

36

VALIC Company II Government Money Market II Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*

U.S. Government Treasuries	50.9	%
U.S. Government Agencies	45.5
United States Treasury Notes	1.5
Repurchase Agreements	0.1
	98.0	%

Credit Quality@#

A-1+ 100.0 % 

* Calculated as a percentage of net assets

@ Source: Standard & Poor’s

# Calculated as percentage of total debt issues

Weighted Average days to Maturity - 23.1 days

37

VALIC Company II Government Money Market II Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 97.9%
U.S. Government Agencies — 45.5%
Federal Home Loan Bank
zero coupon due 03/01/2021	$	32,500,000	$	32,500,000
0.02% due 03/05/2021		3,000,000		2,999,994
0.02% due 03/17/2021		1,500,000		1,499,990
0.03% due 03/01/2021		2,700,000		2,700,000
0.03% due 03/10/2021		3,500,000		3,499,975
0.03% due 03/12/2021		2,500,000		2,499,981
0.03% due 03/17/2021		1,500,000		1,499,983
0.03% due 04/21/2021		3,000,000		2,999,890
0.04% due 03/03/2021		2,500,000		2,499,995
0.04% due 04/09/2021		1,000,000		999,962
0.04% due 04/12/2021		1,000,000		999,959
0.06% due 03/24/2021		2,000,000		1,999,923
0.07% due 03/19/2021		2,000,000		1,999,930
0.08% due 04/23/2021		2,000,000		1,999,779
Total U.S. Government Agencies
(amortized cost $60,699,361)				60,699,361
U.S. Government Treasuries — 50.9%
United States Cash Management Bills
0.00% due 05/04/2021		2,000,000		1,999,991
0.02% due 05/11/2021		2,000,000		1,999,939
United States Treasury Bills
0.02% due 04/22/2021		2,000,000		1,999,936
0.02% due 05/06/2021		3,500,000		3,499,879
0.03% due 04/27/2021		1,500,000		1,499,918
0.03% due 04/29/2021		2,500,000		2,499,887
0.04% due 04/08/2021		1,000,000		999,954
0.04% due 04/20/2021		2,000,000		1,999,901
0.04% due 04/22/2021		1,500,000		1,499,921
0.04% due 04/27/2021		1,500,000		1,499,913
0.05% due 04/13/2021		1,000,000		999,940
0.05% due 04/15/2021		1,000,000		999,944
0.05% due 04/20/2021		2,000,000		1,999,851
0.06% due 03/02/2021		3,000,000		2,999,995
0.06% due 04/08/2021		3,000,000		2,999,810
0.06% due 04/13/2021		2,000,000		1,999,869
0.06% due 04/15/2021		2,000,000		1,999,863

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries (continued)
0.07% due 03/04/2021	$	2,000,000		$	1,999,988
0.07% due 03/09/2021		3,000,000			2,999,957
0.07% due 03/11/2021		1,000,000			999,980
0.07% due 03/30/2021		4,500,000			4,499,751
0.07% due 04/01/2021		2,000,000			1,999,873
0.07% due 04/06/2021		3,000,000			2,999,804
0.08% due 03/04/2021		1,000,000			999,993
0.08% due 03/11/2021		2,000,000			1,999,956
0.08% due 03/16/2021		1,000,000			999,967
0.08% due 03/18/2021		3,500,000			3,499,874
0.08% due 03/23/2021		4,000,000			3,999,813
0.08% due 03/25/2021		3,000,000			2,999,846
0.08% due 04/01/2021		2,500,000			2,499,839
0.09% due 03/16/2021		2,000,000			1,999,928
Total U.S. Government Treasuries
(amortized cost $67,997,080)					67,997,080
United States Treasury Notes — 1.5%
2.25% due 03/31/2021 (amortized cost $2,003,600)		2,000,000			2,003,600
Total Short-Term Investment Securities — 97.9%
(amortized cost $130,700,041)					130,700,041
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount of $127,000 and collateralized by $124,700 of United States Treasury Notes, bearing interest at 1.50% due 11/30/2024 and having an approximate value of $129,561 (cost $127,000)		127,000			127,000
TOTAL INVESTMENTS
(amortized cost $130,827,041)(1)		98.0	%		130,827,041
Other assets less liabilities		2.0			2,731,437
NET ASSETS		100.0	%	$	133,558,478

(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 February 28, 2021 (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	$	—	$	130,700,041	$	—	$	130,700,041
Repurchase Agreements		—		127,000		—		127,000
	$	—	$	130,827,041	$	—	$	130,827,041

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

See Notes to Financial Statements

38

VALIC Company II High Yield Bond Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*

Cable/Satellite TV	7.3	%
Oil Companies — Exploration & Production	6.5
Pipelines	6.0
Repurchase Agreements	4.9
Auto — Cars/Light Trucks	3.5
Medical — Drugs	3.5
Medical — Hospitals	3.2
Containers — Metal/Glass	3.1
Finance — Mortgage Loan/Banker	2.7
Building — Residential/Commercial	2.5
Retail — Restaurants	2.4
Finance — Consumer Loans	2.3
Food — Misc./Diversified	2.2
Cellular Telecom	2.1
Auto/Truck Parts & Equipment — Original	2.0
Casino Hotels	1.8
Real Estate Investment Trusts	1.8
Rental Auto/Equipment	1.6
Metal — Aluminum	1.4
Computer Services	1.4
Insurance — Multi-line	1.4
Aerospace/Defense — Equipment	1.4
Telephone — Integrated	1.3
Applications Software	1.3
Office Automation & Equipment	1.2
Gambling (Non-Hotel)	1.2
Distribution/Wholesale	1.0
Television	1.0
Containers — Paper/Plastic	1.0
Retail — Office Supplies	1.0
Cruise Lines	0.9
Chemicals — Specialty	0.9
Toys	0.8
Racetracks	0.8
Medical Labs & Testing Services	0.8
Registered Investment Companies	0.8
Enterprise Software/Service	0.7
Gas — Distribution	0.7
Diversified Banking Institutions	0.7
Protection/Safety	0.7
Medical Instruments	0.7
Semiconductor Equipment	0.7
Telecom Services	0.7
Casino Services	0.6
Financial Guarantee Insurance	0.6
Transport — Equipment & Leasing	0.6
Building & Construction Products — Misc.	0.6
Retail — Building Products	0.6
Finance — Auto Loans	0.6
Theaters	0.6
Retail — Automobile	0.5
Machinery — General Industrial	0.5
Retail — Pawn Shops	0.5
Decision Support Software	0.5
Data Processing/Management	0.5
Diagnostic Equipment	0.5
Broadcast Services/Program	0.5
Retail — Apparel/Shoe	0.5
Music	0.4
Oil Refining & Marketing	0.4
Advertising Sales	0.4
E-Commerce/Services	0.4
Electronic Components — Semiconductors	0.4
Oil & Gas Drilling	0.4
Medical Products	0.4
Hazardous Waste Disposal	0.4
Medical Information Systems	0.4
Apparel Manufacturers	0.3
Building Products — Wood	0.3

Food — Catering	0.3
Building — Heavy Construction	0.3
Insurance Brokers	0.3
Electronic Components — Misc.	0.3
Funeral Services & Related Items	0.3
Transactional Software	0.3
Independent Power Producers	0.3
Internet Content — Information/News	0.2
Medical — Generic Drugs	0.2
Miscellaneous Manufacturing	0.2
Insurance — Property/Casualty	0.2
Retail — Regional Department Stores	0.2
Steel — Producers	0.2
Retail — Pet Food & Supplies	0.1
Steel Pipe & Tube	0.1
Building & Construction — Misc.	0.1
	99.9	%

Credit Quality†#

Baa	2.1	%
Ba	40.8
B	38.8
Caa	14.2
C	0.4
Not Rated@	3.7
	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.

39

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CONVERTIBLE BONDS & NOTES — 2.2%
Electronic Components - Semiconductors — 0.3%
Microchip Technology, Inc. Junior Sub. Notes 2.25% due 02/15/2037#	$	625,000	$	1,405,000
Machinery - General Industrial — 0.3%
Middleby Corp. Senior Notes 1.00% due 09/01/2025*		1,217,000		1,599,594
Medical Instruments — 0.7%
Integra LifeSciences Holdings Corp. Senior Notes 0.50% due 08/15/2025		1,587,000		1,796,326
NuVasive, Inc. Senior Notes 0.38% due 03/15/2025*		1,910,000		1,921,295
				3,717,621
Oil Companies - Exploration & Production — 0.6%
Pioneer Natural Resources Co. Senior Notes 0.25% due 05/15/2025*		2,250,000		3,555,322
Real Estate Investment Trusts — 0.3%
Pebblebrook Hotel Trust Senior Notes 1.75% due 12/15/2026		1,350,000		1,551,731
Total U.S. Convertible Bonds & Notes (cost $9,544,051)				11,829,268
U.S. CORPORATE BONDS & NOTES — 73.1%
Advertising Sales — 0.4%
Lamar Media Corp. Company Guar. Notes 3.75% due 02/15/2028		2,210,000		2,237,625
Aerospace/Defense - Equipment — 1.4%
TransDigm, Inc. Company Guar. Notes 5.50% due 11/15/2027		2,330,000		2,393,562
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		4,210,000		4,436,498
TransDigm, Inc. Senior Sec. Notes 8.00% due 12/15/2025*		845,000		919,994
		��
				7,750,054
Apparel Manufacturers — 0.3%
PVH Corp. Senior Notes 4.63% due 07/10/2025		1,720,000		1,900,938
Applications Software — 1.3%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		1,620,000		1,743,719
PTC, Inc. Company Guar. Notes 3.63% due 02/15/2025*		355,000		363,431
PTC, Inc. Company Guar. Notes 4.00% due 02/15/2028*		390,000		401,552
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		4,215,000		4,463,896
				6,972,598

Security Description	Principal Amount(13)		Value (Note 2)
Auto - Cars/Light Trucks — 3.5%
Ford Motor Co. Senior Notes 4.75% due 01/15/2043	$	2,875,000	$	2,908,062
Ford Motor Co. Senior Notes 8.50% due 04/21/2023		2,395,000		2,679,406
Ford Motor Credit Co. LLC Senior Notes 3.09% due 01/09/2023		1,885,000		1,912,709
Ford Motor Credit Co. LLC Senior Notes 4.06% due 11/01/2024		1,514,000		1,591,593
Ford Motor Credit Co. LLC Senior Notes 4.54% due 08/01/2026		5,240,000		5,593,700
Ford Motor Credit Co. LLC Senior Notes 5.13% due 06/16/2025		2,475,000		2,674,114
Ford Motor Credit Co. LLC Senior Notes 5.58% due 03/18/2024		1,901,000		2,050,704
				19,410,288
Auto/Truck Parts & Equipment - Original — 0.4%
Meritor, Inc. Company Guar. Notes 4.50% due 12/15/2028*		2,375,000		2,406,112
Broadcast Services/Program — 0.5%
Nexstar Broadcasting, Inc. Company Guar. Notes 5.63% due 07/15/2027*		2,450,000		2,587,812
Building & Construction Products - Misc. — 0.6%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		2,345,000		2,464,478
CP Atlas Buyer, Inc. Senior Notes 7.00% due 12/01/2028*		840,000		872,550
				3,337,028
Building & Construction - Misc. — 0.1%
TopBuild Corp. Senior Notes 3.63% due 03/15/2029*		510,000		511,913
Building - Residential/Commercial — 2.3%
Adams Homes, Inc. Company Guar. Notes 7.50% due 02/15/2025*		455,000		474,338
Ashton Woods USA LLC/Ashton Woods Finance Co. Senior Notes 6.63% due 01/15/2028*		2,000,000		2,141,700
KB Home Company Guar. Notes 4.80% due 11/15/2029		755,000		811,625
M/I Homes, Inc. Company Guar. Notes 4.95% due 02/01/2028		1,145,000		1,201,242
M/I Homes, Inc. Company Guar. Notes 5.63% due 08/01/2025		1,750,000		1,817,812
STL Holding Co. LLC Senior Notes 7.50% due 02/15/2026*		1,840,000		1,899,800

40

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building - Residential/Commercial (continued)
Taylor Morrison Communities, Inc. Senior Notes 5.13% due 08/01/2030*	$	430,000	$	461,627
Taylor Morrison Communities, Inc. Company Guar. Notes 5.75% due 01/15/2028*		3,460,000		3,857,900
				12,666,044
Cable/Satellite TV — 5.5%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*		3,695,000		3,741,187
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		1,605,000		1,661,400
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 05/01/2032*		1,240,000		1,274,100
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 02/15/2026*		4,350,000		4,495,725
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		1,900,000		2,044,875
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		825,000		867,281
CSC Holdings LLC Company Guar. Notes 6.50% due 02/01/2029*		5,800,000		6,395,080
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		2,345,000		2,415,350
DISH DBS Corp. Company Guar. Notes 5.88% due 07/15/2022		1,800,000		1,871,460
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		1,120,000		1,173,290
DISH DBS Corp. Company Guar. Notes 7.38% due 07/01/2028		3,025,000		3,170,578
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		990,000		1,089,495
				30,199,821
Casino Hotels — 1.8%
Boyd Gaming Corp. Company Guar. Notes 6.38% due 04/01/2026		3,735,000		3,858,741
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. Senior Sec. Notes 5.88% due 05/15/2025*		2,280,000		2,211,600
Wynn Las Vegas LLC Company Guar. Notes 5.50% due 03/01/2025*		2,560,000		2,713,600
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. Company Guar. Notes 5.25% due 05/15/2027#*		1,290,000		1,370,754
				10,154,695

Security Description	Principal Amount(13)		Value (Note 2)
Casino Services — 0.6%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*	$	1,940,000	$	2,053,965
Caesars Entertainment, Inc. Senior Notes 8.13% due 07/01/2027*		1,390,000		1,515,976
				3,569,941
Cellular Telecom — 1.2%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		2,964,000		3,412,898
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025		1,425,000		1,695,750
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		425,000		486,625
T-Mobile USA, Inc. Company Guar. Notes 2.25% due 02/15/2026		1,110,000		1,105,726
				6,700,999
Commercial Services - Finance — 0.0%
Cardtronics, Inc./Cardtronics USA, Inc. Company Guar. Notes 5.50% due 05/01/2025#*		260,000		268,450
Computer Services — 1.4%
Presidio Holdings, Inc. Senior Sec. Notes 4.88% due 02/01/2027*		1,906,000		1,987,005
Presidio Holdings, Inc. Company Guar. Notes 8.25% due 02/01/2028*		1,340,000		1,479,869
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*		4,205,000		4,315,381
				7,782,255
Containers - Metal/Glass — 0.9%
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		3,090,000		3,325,937
Silgan Holdings, Inc. Company Guar. Notes 2.25% due 06/01/2028	EUR	1,175,000		1,435,560
				4,761,497
Containers - Paper/Plastic — 1.0%
Berry Global Escrow Corp. Sec. Notes 5.63% due 07/15/2027*		1,010,000		1,070,600
Flex Acquisition Co., Inc. Senior Notes 6.88% due 01/15/2025*		3,020,000		3,059,290
Flex Acquisition Co., Inc. Senior Notes 7.88% due 07/15/2026*		1,340,000		1,390,250
				5,520,140
Decision Support Software — 0.5%
MSCI, Inc. Company Guar. Notes 4.00% due 11/15/2029*		2,530,000		2,681,800

41

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diagnostic Equipment — 0.5%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*	$	2,505,000	$	2,611,513
Distribution/Wholesale — 1.0%
ABC Supply Co., Inc. Senior Sec. Notes 4.00% due 01/15/2028*		575,000		580,750
Core & Main Holdings LP Senior Notes 8.63% due 09/15/2024*(1)		1,910,000		1,939,357
G-III Apparel Group, Ltd. Senior Sec. Notes 7.88% due 08/15/2025*		1,780,000		1,917,950
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		1,040,000		1,093,352
				5,531,409
E-Commerce/Services — 0.4%
Go Daddy Operating Co. LLC/GD Finance Co., Inc. Company Guar. Notes 3.50% due 03/01/2029*		2,230,000		2,218,850
Electronic Components - Semiconductors — 0.1%
Qorvo, Inc. Company Guar. Notes 4.38% due 10/15/2029		660,000		711,975
Enterprise Software/Service — 0.4%
BY Crown Parent LLC/BY Bond Finance, Inc. Senior Sec. Notes 4.25% due 01/31/2026*		825,000		849,750
Open Text Holdings, Inc. Company Guar. Notes 4.13% due 02/15/2030*		1,525,000		1,583,712
				2,433,462
Finance - Auto Loans — 0.6%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*		1,470,000		1,492,344
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		1,565,000		1,635,425
				3,127,769
Finance - Consumer Loans — 1.9%
Navient Corp. Senior Notes 6.50% due 06/15/2022		2,029,000		2,105,351
OneMain Finance Corp. Company Guar. Notes 4.00% due 09/15/2030		1,525,000		1,479,448
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029		4,135,000		4,362,425
Springleaf Finance Corp. Company Guar. Notes 6.13% due 03/15/2024		485,000		521,375
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		1,505,000		1,697,460
Springleaf Finance Corp. Company Guar. Notes 7.13% due 03/15/2026		475,000		548,625
				10,714,684

Security Description	Principal Amount(13)		Value (Note 2)
Finance - Mortgage Loan/Banker — 2.7%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*	$	2,935,000	$	3,171,649
Home Point Capital, Inc. Company Guar. Notes 5.00% due 02/01/2026*		2,835,000		2,820,825
LD Holdings Group LLC Company Guar. Notes 6.50% due 11/01/2025*		2,570,000		2,724,200
Nationstar Mtg. Holdings, Inc. Company Guar. Notes 5.13% due 12/15/2030*		1,580,000		1,611,821
PennyMac Financial Services, Inc. Company Guar. Notes 4.25% due 02/15/2029*		1,360,000		1,343,299
PennyMac Financial Services, Inc. Company Guar. Notes 5.38% due 10/15/2025*		2,825,000		2,952,125
				14,623,919
Financial Guarantee Insurance — 0.6%
MGIC Investment Corp. Senior Notes 5.25% due 08/15/2028		2,310,000		2,428,156
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		975,000		1,101,750
				3,529,906
Food - Catering — 0.3%
Aramark Services, Inc. Company Guar. Notes 5.00% due 04/01/2025*		765,000		782,213
Aramark Services, Inc. Company Guar. Notes 5.00% due 02/01/2028#*		855,000		876,375
				1,658,588
Food - Misc./Diversified — 2.2%
B&G Foods, Inc. Company Guar. Notes 5.25% due 09/15/2027		1,440,000		1,510,949
Post Holdings, Inc. Company Guar. Notes 5.00% due 08/15/2026*		3,545,000		3,698,853
Post Holdings, Inc. Company Guar. Notes 5.63% due 01/15/2028*		2,974,000		3,121,882
Post Holdings, Inc. Company Guar. Notes 5.75% due 03/01/2027*		1,440,000		1,507,896
TreeHouse Foods, Inc. Company Guar. Notes 4.00% due 09/01/2028		1,184,000		1,216,797
TreeHouse Foods, Inc. Company Guar. Notes 6.00% due 02/15/2024*		822,000		836,985
				11,893,362
Funeral Services & Related Items — 0.3%
Service Corp. International Senior Notes 4.63% due 12/15/2027		735,000		775,792
Service Corp. International Senior Notes 5.13% due 06/01/2029		725,000		783,457
				1,559,249

42

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Gambling (Non-Hotel) — 1.2%
Caesars Resort Collection LLC/CRC Finco, Inc. Company Guar. Notes 5.25% due 10/15/2025*	$	2,880,000	$	2,858,919
Caesars Resort Collection LLC/CRC Finco, Inc. Senior Sec. Notes 5.75% due 07/01/2025*		640,000		672,000
Jacobs Entertainment, Inc. Sec. Notes 7.88% due 02/01/2024*		2,695,000		2,805,360
				6,336,279
Gas - Distribution — 0.7%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.50% due 05/20/2025		751,000		824,020
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024		5,000		5,533
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.88% due 08/20/2026		2,904,000		3,274,260
				4,103,813
Hazardous Waste Disposal — 0.4%
Stericycle, Inc. Company Guar. Notes 5.38% due 07/15/2024*		1,925,000		1,987,563
Independent Power Producers — 0.3%
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		1,310,000		1,400,063
Insurance - Multi-line — 1.4%
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 7.00% due 11/15/2025*		4,130,000		4,233,250
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 10.13% due 08/01/2026*		465,000		535,620
Genworth Holdings, Inc. Company Guar. Notes 4.80% due 02/15/2024		260,000		244,400
Genworth Holdings, Inc. Company Guar. Notes 4.90% due 08/15/2023		1,215,000		1,154,250
Genworth Holdings, Inc. Company Guar. Notes 6.50% due 06/15/2034#		1,120,000		1,057,000
Genworth Holdings, Inc. Company Guar. Notes 7.63% due 09/24/2021#		539,000		536,305
				7,760,825
Insurance - Property/Casualty — 0.2%
AssuredPartners, Inc. Senior Notes 5.63% due 01/15/2029*		1,015,000		1,020,075
Internet Content - Information/News — 0.2%
Arches Buyer, Inc. Senior Sec. Notes 4.25% due 06/01/2028*		875,000		882,285
Arches Buyer, Inc. Senior Notes 6.13% due 12/01/2028*		475,000		491,024
				1,373,309

Security Description	Principal Amount(13)		Value (Note 2)
Machinery - General Industrial — 0.2%
Vertical US Newco, Inc. Senior Sec. Notes 5.25% due 07/15/2027*	$	1,195,000	$	1,245,788
Medical Information Systems — 0.4%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. Company Guar. Notes 5.75% due 03/01/2025*		1,890,000		1,936,267
Medical Labs & Testing Services — 0.8%
Catalent Pharma Solutions, Inc. Company Guar. Notes 3.13% due 02/15/2029*		575,000		568,089
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		545,000		570,206
IQVIA, Inc. Company Guar. Notes 2.25% due 01/15/2028*	EUR	1,120,000		1,354,850
IQVIA, Inc. Company Guar. Notes 5.00% due 05/15/2027*		1,840,000		1,925,100
				4,418,245
Medical Products — 0.4%
Hill-Rom Holdings, Inc. Company Guar. Notes 4.38% due 09/15/2027*		1,965,000		2,048,513
Medical - Drugs — 0.0%
Bausch Health Americas, Inc. Company Guar. Notes 8.50% due 01/31/2027*		20,000		22,125
Medical - Generic Drugs — 0.2%
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		1,035,000		1,112,625
Medical - Hospitals — 3.2%
CHS/Community Health Systems, Inc. Senior Sec. Notes 4.75% due 02/15/2031*		1,185,000		1,166,869
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*		635,000		668,773
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.63% due 02/15/2025*		3,695,000		3,885,761
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		3,565,000		3,685,394
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		3,520,000		3,951,200
HCA, Inc. Company Guar. Notes 5.38% due 09/01/2026		2,270,000		2,590,845
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		105,000		122,197
HCA, Inc. Company Guar. Notes 5.88% due 02/01/2029		265,000		312,395
HCA, Inc. Company Guar. Notes 7.50% due 11/15/2095		1,020,000		1,388,618
				17,772,052

43

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Metal - Aluminum — 0.7%
Novelis Corp. Company Guar. Notes 4.75% due 01/30/2030*	$	1,230,000	$	1,281,906
Novelis Corp. Company Guar. Notes 5.88% due 09/30/2026*		2,540,000		2,647,950
				3,929,856
Music — 0.4%
WMG Acquisition Corp. Company Guar. Notes 5.50% due 04/15/2026*		2,328,000		2,389,925
Office Automation & Equipment — 1.2%
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		855,000		882,039
Xerox Corp. Senior Notes 4.38% due 03/15/2023		4,060,000		4,234,661
Xerox Corp. Senior Notes 4.80% due 03/01/2035		155,000		155,388
Xerox Corp. Senior Notes 6.75% due 12/15/2039		970,000		1,069,425
Xerox Holdings Corp. Company Guar. Notes 5.00% due 08/15/2025*		290,000		306,313
				6,647,826
Oil Companies - Exploration & Production — 5.9%
Apache Corp. Senior Notes 4.38% due 10/15/2028		1,700,000		1,721,250
Apache Corp. Senior Notes 4.63% due 11/15/2025		2,030,000		2,103,587
Apache Corp. Senior Notes 4.75% due 04/15/2043		918,000		897,354
Apache Corp. Senior Notes 5.10% due 09/01/2040		1,087,000		1,109,099
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		2,300,000		2,420,106
Continental Resources, Inc. Company Guar. Notes 4.90% due 06/01/2044		1,050,000		1,050,000
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		990,000		1,118,700
EQT Corp. Senior Notes 3.90% due 10/01/2027		1,740,000		1,809,600
Matador Resources Co. Company Guar. Notes 5.88% due 09/15/2026#		2,400,000		2,340,000
Occidental Petroleum Corp. Senior Notes 2.90% due 08/15/2024		2,120,000		2,060,640
Occidental Petroleum Corp. Senior Notes 3.00% due 02/15/2027		1,745,000		1,638,232

Security Description	Principal Amount(13)		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Occidental Petroleum Corp. Senior Notes 3.40% due 04/15/2026	$	85,000	$	82,530
Occidental Petroleum Corp. Senior Notes 4.20% due 03/15/2048		7,570,000		6,453,425
Occidental Petroleum Corp. Senior Notes 5.50% due 12/01/2025		1,380,000		1,465,560
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031#		545,000		604,269
Ovintiv Exploration, Inc. Company Guar. Notes 5.63% due 07/01/2024		715,000		784,003
Range Resources Corp. Company Guar. Notes 8.25% due 01/15/2029*		735,000		789,905
SM Energy Co. Senior Notes 5.00% due 01/15/2024#		1,010,000		964,550
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. Company Guar. Notes 8.75% due 04/15/2023*		3,340,000		3,331,650
				32,744,460
Oil Refining & Marketing — 0.4%
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.88% due 03/15/2028		375,000		397,552
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 6.00% due 04/15/2027		1,900,000		1,978,375
				2,375,927
Pipelines — 6.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*		3,005,000		3,029,416
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*		945,000		966,262
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		960,000		972,000
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		1,379,000		1,446,226
DCP Midstream Operating LP Company Guar. Notes 5.38% due 07/15/2025		5,105,000		5,442,134
EnLink Midstream LLC Company Guar. Notes 5.63% due 01/15/2028*		2,445,000		2,466,394
EQM Midstream Partners LP Senior Notes 4.50% due 01/15/2029*		1,415,000		1,371,666
EQM Midstream Partners LP Senior Notes 4.75% due 01/15/2031*		1,085,000		1,045,669
EQM Midstream Partners LP Senior Notes 6.00% due 07/01/2025*		675,000		713,812

44

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
EQM Midstream Partners LP Senior Notes 6.50% due 07/01/2027*	$	685,000	$	734,806
EQM Midstream Partners LP Senior Notes 6.50% due 07/15/2048		1,035,000		978,075
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 6.00% due 03/01/2027*		1,800,000		1,815,858
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*		1,570,000		1,610,035
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.50% due 07/15/2027		3,385,000		3,639,417
Western Midstream Operating LP Senior Notes 5.30% due 02/01/2030		4,725,000		5,122,054
Western Midstream Operating LP Senior Notes 6.50% due 02/01/2050		1,375,000		1,582,226
				32,936,050
Protection/Safety — 0.7%
APX Group, Inc. Senior Sec. Notes 6.75% due 02/15/2027*		457,000		486,705
APX Group, Inc. Company Guar. Notes 7.63% due 09/01/2023		3,215,000		3,342,635
				3,829,340
Racetracks — 0.8%
Penn National Gaming, Inc. Senior Notes 5.63% due 01/15/2027*		3,730,000		3,890,763
Speedway Motorsports LLC/Speedway Funding II, Inc. Senior Notes 4.88% due 11/01/2027*		598,000		596,505
				4,487,268
Real Estate Investment Trusts — 1.5%
FelCor Lodging LP Company Guar. Notes 6.00% due 06/01/2025		2,645,000		2,718,928
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		2,270,000		2,190,550
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 5.25% due 10/01/2025*		310,000		308,062
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.50% due 02/15/2025*		250,000		253,438
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.75% due 02/15/2027*		165,000		167,475
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.25% due 12/01/2026*		1,295,000		1,335,469

Security Description	Principal Amount(13)		Value (Note 2)
��
Real Estate Investment Trusts (continued)
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.63% due 12/01/2029*	$	1,085,000	$	1,138,924
				8,112,846
Rental Auto/Equipment — 1.6%
Ashtead Capital, Inc. Company Guar. Notes 4.00% due 05/01/2028*		2,890,000		3,063,400
Herc Holdings, Inc. Company Guar. Notes 5.50% due 07/15/2027*		3,230,000		3,399,575
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		1,340,000		1,421,030
United Rentals North America, Inc. Company Guar. Notes 5.88% due 09/15/2026		1,025,000		1,075,107
				8,959,112
Retail - Apparel/Shoe — 0.5%
L Brands, Inc. Company Guar. Notes 5.25% due 02/01/2028		220,000		235,400
L Brands, Inc. Company Guar. Notes 6.63% due 10/01/2030*		2,045,000		2,295,512
				2,530,912
Retail - Automobile — 0.5%
Asbury Automotive Group, Inc. Company Guar. Notes 4.50% due 03/01/2028		155,000		159,650
Asbury Automotive Group, Inc. Company Guar. Notes 4.75% due 03/01/2030		157,000		164,457
Group 1 Automotive, Inc. Company Guar. Notes 4.00% due 08/15/2028*		980,000		989,800
Lithia Motors, Inc. Company Guar. Notes 4.63% due 12/15/2027*		1,510,000		1,585,500
				2,899,407
Retail - Building Products — 0.6%
Specialty Building Products Holdings LLC Senior Sec. Notes 6.38% due 09/30/2026*		3,100,000		3,216,250
Retail - Office Supplies — 1.0%
Staples, Inc. Senior Sec. Notes 7.50% due 04/15/2026*		5,360,000		5,371,792
Retail - Pawn Shops — 0.5%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		2,605,000		2,706,387
Retail - Pet Food & Supplies — 0.1%
PetSmart, Inc./PetSmart Finance Corp. Senior Sec. Notes 4.75% due 02/15/2028*		320,000		331,504
PetSmart, Inc./PetSmart Finance Corp. Company Guar. Notes 7.75% due 02/15/2029*		365,000		391,517
				723,021

45

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Regional Department Stores — 0.2%
Macy’s Retail Holdings, Inc. Company Guar. Notes 2.88% due 02/15/2023	$	56,000	$	55,592
Macy’s Retail Holdings, Inc. Company Guar. Notes 3.63% due 06/01/2024#		499,000		495,257
Macy’s Retail Holdings, Inc. Company Guar. Notes 4.30% due 02/15/2043		345,000		261,338
Macy’s Retail Holdings, Inc. Company Guar. Notes 4.50% due 12/15/2034		150,000		126,750
Macy’s Retail Holdings, Inc. Company Guar. Notes 5.13% due 01/15/2042		75,000		61,500
				1,000,437
Retail - Restaurants — 0.9%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 4.75% due 06/01/2027*		1,830,000		1,914,637
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 5.25% due 06/01/2026*		2,225,000		2,300,094
Yum! Brands, Inc. Senior Notes 4.75% due 01/15/2030*		770,000		803,418
				5,018,149
Semiconductor Equipment — 0.7%
Entegris, Inc. Company Guar. Notes 4.63% due 02/10/2026*		3,550,000		3,665,836
Steel Pipe & Tube — 0.1%
Advanced Drainage Systems, Inc. Company Guar. Notes 5.00% due 09/30/2027*		545,000		572,250
Steel - Producers — 0.2%
United States Steel Corp. Senior Notes 6.88% due 03/01/2029		920,000		902,175
Telecom Services — 0.4%
Embarq Corp. Senior Notes 8.00% due 06/01/2036		1,640,000		1,939,300
Telephone - Integrated — 1.3%
Frontier Communications Corp. Senior Sec. Notes 5.00% due 05/01/2028*		1,450,000		1,497,125
Frontier Communications Corp. Senior Sec. Notes 5.88% due 10/15/2027*		1,550,000		1,658,500
Frontier Communications Corp. Sec. Notes 6.75% due 05/01/2029*		1,550,000		1,619,750
Frontier Communications Corp. Senior Notes 6.88% due 01/15/2025†(2)(3)		2,690,000		1,418,975
Frontier Communications Corp. Senior Notes 10.50% due 09/15/2022†(2)(3)		1,800,000		1,021,500
				7,215,850

Security Description	Principal Amount(13)		Value (Note 2)
Television — 0.5%
Scripps Escrow, Inc. Company Guar. Notes 5.88% due 07/15/2027*	$	2,585,000	$	2,693,570
Theaters — 0.6%
Cinemark USA, Inc. Company Guar. Notes 4.88% due 06/01/2023		1,522,000		1,506,339
Cinemark USA, Inc. Company Guar. Notes 5.13% due 12/15/2022		1,620,000		1,605,825
				3,112,164
Toys — 0.8%
Mattel, Inc. Company Guar. Notes 5.88% due 12/15/2027*		1,035,000		1,126,727
Mattel, Inc. Company Guar. Notes 6.75% due 12/31/2025*		3,220,000		3,382,610
				4,509,337
Transactional Software — 0.3%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		1,430,000		1,421,563
Transport - Equipment & Leasing — 0.4%
DAE Funding LLC Company Guar. Notes 4.50% due 08/01/2022*		675,000		678,375
DAE Funding LLC Company Guar. Notes 5.00% due 08/01/2024*		1,345,000		1,388,712
				2,067,087
Total U.S. Corporate Bonds & Notes
(cost $379,619,095)				402,550,335
FOREIGN CORPORATE BONDS & NOTES — 16.6%
Auto/Truck Parts & Equipment - Original — 1.3%
Adient Global Holdings, Ltd. Company Guar. Notes 3.50% due 08/15/2024	EUR	2,360,000		2,897,575
Adient Global Holdings, Ltd. Company Guar. Notes 4.88% due 08/15/2026#*		2,580,000		2,605,800
Clarios Global LP/Clarios US Finance Co. Company Guar. Notes 8.50% due 05/15/2027*		1,630,000		1,758,770
				7,262,145
Building Products - Wood — 0.3%
Norbord, Inc. Senior Sec. Notes 5.75% due 07/15/2027*		1,620,000		1,739,475
Building - Residential/Commercial — 0.2%
Empire Communities Corp. Senior Notes 7.00% due 12/15/2025*		775,000		815,687
Cable/Satellite TV — 1.8%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		420,000		422,100
Altice Financing SA Senior Sec. Notes 7.50% due 05/15/2026*		2,210,000		2,306,931

46

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(13)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Quebecor Media, Inc. Senior Notes 5.75% due 01/15/2023	$	1,415,000	$	1,508,744
Virgin Media Secured Finance PLC Senior Sec. Notes 4.50% due 08/15/2030*		3,285,000		3,358,912
Ziggo BV Senior Sec. Notes 5.50% due 01/15/2027*		2,375,000		2,467,649
				10,064,336
Cellular Telecom — 0.9%
Altice France SA Senior Sec. Notes 5.50% due 01/15/2028*		525,000		535,558
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		3,940,000		4,294,639
				4,830,197
Chemicals - Specialty — 0.7%
Diamond BC BV Senior Notes 5.63% due 08/15/2025	EUR	3,045,000		3,738,241
Containers - Metal/Glass — 2.2%
ARD Finance SA Senior Sec. Notes 6.50% due 06/30/2027*(1)		3,775,000		3,992,062
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 4.13% due 08/15/2026*		650,000		672,690
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 5.25% due 04/30/2025*		1,115,000		1,176,325
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Notes 5.25% due 08/15/2027*		1,860,000		1,926,253
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 6.00% due 02/15/2025*		363,000		375,233
OI European Group BV Company Guar. Notes 4.00% due 03/15/2023*		3,579,000		3,659,528
Trivium Packaging Finance BV Senior Sec. Notes 5.50% due 08/15/2026*		520,000		544,024
				12,346,115
Cruise Lines — 0.9%
Carnival Corp. Senior Notes 7.63% due 03/01/2026*		480,000		504,600
Carnival Corp. Senior Notes 7.63% due 03/01/2026*	EUR	360,000		463,895
Carnival Corp. Senior Sec. Notes 11.50% due 04/01/2023*		3,290,000		3,750,600
				4,719,095

Security Description	Principal Amount(13)		Value (Note 2)
Electronic Components - Misc. — 0.3%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*	$	1,435,000	$	1,574,482
Enterprise Software/Service — 0.3%
Open Text Corp. Company Guar. Notes 3.88% due 02/15/2028*		1,790,000		1,819,087
Finance - Consumer Loans — 0.4%
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		2,300,000		2,380,500
Medical - Drugs — 3.5%
Bausch Health Co., Inc. Company Guar. Notes 6.13% due 04/15/2025*		2,035,000		2,081,072
Bausch Health Co., Inc. Senior Sec. Notes 7.00% due 03/15/2024*		455,000		464,811
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 01/30/2028*		4,180,000		4,263,600
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 02/15/2029*		2,575,000		2,603,969
Bausch Health Cos., Inc. Company Guar. Notes 7.00% due 01/15/2028*		2,480,000		2,682,418
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 06/30/2028*		947,000		831,466
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Sec. Notes 9.50% due 07/31/2027*		1,361,000		1,532,826
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026		2,270,000		2,128,715
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 6.75% due 03/01/2028#		1,700,000		1,883,600
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 9.00% due 12/15/2025*		445,000		483,960
				18,956,437
Metal - Aluminum — 0.7%
Constellium NV Company Guar. Notes 5.88% due 02/15/2026*		3,240,000		3,330,720
Constellium SE Company Guar. Notes 3.75% due 04/15/2029*		415,000		411,970
Constellium SE Senior Notes 5.63% due 06/15/2028*		250,000		264,063
				4,006,753
Miscellaneous Manufacturing — 0.2%
Bombardier, Inc. Senior Notes 7.88% due 04/15/2027*		1,180,000		1,059,286
Oil & Gas Drilling — 0.4%
Transocean, Inc. Company Guar. Notes 6.80% due 03/15/2038		4,540,000		2,088,400

47

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(13)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Retail - Restaurants — 1.5%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.50% due 02/15/2029*	$	3,620,000	$	3,547,600
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.88% due 01/15/2028*		2,190,000		2,223,069
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 4.00% due 10/15/2030*		2,360,000		2,301,708
				8,072,377
Telecom Services — 0.3%
Altice France Holding SA Senior Sec. Notes 8.00% due 05/15/2027*	EUR	1,230,000		1,617,622
Television — 0.5%
Videotron, Ltd. Company Guar. Notes 5.00% due 07/15/2022	$	2,720,000		2,828,800
Transport - Equipment & Leasing — 0.2%
Fly Leasing, Ltd. Senior Notes 5.25% due 10/15/2024#		1,360,000		1,309,170
Total Foreign Corporate Bonds & Notes
(cost $87,178,872)				91,228,205
FOREIGN CONVERTIBLE BONDS & NOTES — 0.3%
Building - Heavy Construction — 0.3%
Cellnex Telecom SA Senior Notes 1.50% due 01/16/2026 (cost $1,415,900)	EUR	900,000		1,652,850
LOANS(4)(5)(6) — 1.3%
Auto/Truck Parts & Equipment - Original — 0.3%
Panther BF Aggregator 2 LP FRS BTL-B 3.61% (1 ML +3.50%) due 04/30/2026	$	1,803,535		1,803,535
Chemicals - Specialty — 0.2%
Diamond BC BV FRS BTL 3.11% (1 ML+3.00%) due 09/06/2024		839,050		833,937
Data Processing/Management — 0.5%
Dun & Bradstreet Corp. FRS BTL 3.36% (1 ML +3.25%) due 02/06/2026		2,625,337		2,629,275
Food - Misc./Diversified — 0.0%
Froneri US, Inc. FRS 2nd Lien 5.86% (1 ML+5.75%) due 01/31/2028		125,000		126,094
Insurance Brokers — 0.3%
HUB International, Ltd. FRS BTL-B 2.91% (2 ML+2.75%) due 04/25/2025		4,275		4,227

Security Description	Shares/ Principal Amount(13)			Value (Note 2)
Insurance Brokers (continued)
HUB International, Ltd. FRS BTL-B 2.97% (3 ML+2.75%) due 04/25/2025	$	1,662,975		$	1,644,475
Total Loans
(cost $7,040,995)					7,041,543
COMMON STOCKS — 0.0%
Coal — 0.0%
Foresight Energy LLC(7)(8) (cost $2,584)		3,805			34,919
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7%
Diversified Banking Institutions — 0.7%
Credit Suisse Group AG 6.25% due 12/18/2024(9) (cost $3,507,791)	$	3,610,000			3,971,000
ESCROWS AND LITIGATION TRUSTS — 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(3)(7)(10)		50,000			0
Hellas Telecommunications Luxembourg II SCA Sub. Notes 8.46% due 01/15/2015*†(3)(7)(10)		925,000			0
Total Escrows And Litigation Trusts
(cost $956,000)					0
Total Long-Term Investment Securities
(cost $489,265,288)					518,308,120
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Companies — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.05%(11)(12) (cost $4,379,360)		4,379,360			4,379,360
REPURCHASE AGREEMENTS — 4.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount of $26,895,000 and collateralized by $26,403,800 of United States Treasury Notes, bearing interest at 1.50% due 11/30/2024 and having an approximate value of $27,432,977 (cost $26,895,000)	$	26,895,000			26,895,000
TOTAL INVESTMENTS
(cost $520,539,648)(14)		99.9	%		549,582,480
Other assets less liabilities		0.1			800,739
NET ASSETS		100.0	%	$	550,383,219

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At February 28, 2021, the aggregate value of these securities was $317,070,879 representing 57.6% of net assets.

† Non-income producing security

(1) 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.

(2) Security in default of interest.

(3) Company has filed for bankruptcy protection.

(4) The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base

48

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

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.

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

(6) 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.

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

(8) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of February 28, 2021, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Foresight Energy LLC		08/25/2020		3,805	$	2,584	$	34,919	$	9.18		0.01	%

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

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

(11) At February 28, 2021, the Fund had loaned securities with a total value of $11,497,668. This was secured by collateral of $4,379,360, which was received in cash and subsequently invested in short-term investments currently valued at $4,379,360 as reported in the Portfolio of Investments. Additional collateral of $7,362,447 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of February 28, 2021
United States Treasury Bills	0.00%	04/08/2021 to 06/17/2021	$ 858,337
United States Treasury Notes/Bonds	0.13% to 3.88%	03/31/2021 to 08/15/2049	6,504,110

(12) The rate shown is the 7-day yield as of February 28, 2021.

(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 February 28, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

Currency Legend

EUR—Euro Currency

Index Legend

1 ML — 1 Month USD Libor

2 ML — 2 Month USD Libor

3 ML — 3 Month USD Libor

Forward Foreign Currency Contracts

Counterparty

Contract to Deliver

In Exchange For

Delivery Date

Unrealized Appreciation

Unrealized (Depreciation)

UBS AG

EUR

10,822,000

USD

13,168,588

03/31/2021

$

102,378

$

—

EUR—Euro Currency

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
U.S. Convertible Bonds & Notes	$	—	$	11,829,268	$	—	$	11,829,268
U.S. Corporate Bonds & Notes		—		402,550,335		—		402,550,335
Foreign Corporate Bonds & Notes		—		91,228,205		—		91,228,205
Foreign Convertible Bonds & Notes		—		1,652,850		—		1,652,850
Loans		—		7,041,543		—		7,041,543
Common Stocks		—		—		34,919		34,919
Preferred Securities/Capital Securities		—		3,971,000		—		3,971,000
Escrows and Litigation Trusts		—		—		0		0
Short-Term Investment Securities		4,379,360		—		—		4,379,360
Repurchase Agreements		—		26,895,000		—		26,895,000
Total Investments at Value	$	4,379,360	$	545,168,201	$	34,919	$	549,582,480
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	102,378	$	—	$	102,378

* 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

49

VALIC Company II International Opportunities Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*

Machinery — General Industrial		3.9	%
Computer Services		3.4
Registered Investment Companies		2.6
E-Commerce/Services		2.4
Electronic Components — Misc.		2.3
Internet Content — Information/News		2.2
Retail — Drug Store		2.0
Real Estate Operations & Development		1.9
Steel — Producers		1.8
Industrial Automated/Robotic		1.7
Cosmetics & Toiletries		1.7
Real Estate Investment Trusts		1.7
Chemicals — Diversified		1.7
Energy — Alternate Sources		1.5
Building & Construction Products — Misc.		1.5
Commercial Services		1.4
Electronic Parts Distribution		1.4
Electronic Components — Semiconductors		1.4
Entertainment Software		1.3
Computers — Integrated Systems		1.3
Food — Retail		1.3
Oil Companies — Exploration & Production		1.2
Electric Products — Misc.		1.2
Chemicals — Specialty	��	1.2
Computer Software		1.2
Retail — Apparel/Shoe		1.2
Enterprise Software/Service		1.2
Electronic Measurement Instruments		1.1
Retail — Building Products		1.1
Building — Residential/Commercial		1.1
Recycling		1.0
Transport — Services		1.0
Hotels/Motels		1.0
Motorcycle/Motor Scooter		0.9
Internet Gambling		0.9
Athletic Equipment		0.9
Banks — Commercial		0.9
Containers — Paper/Plastic		0.9
Machinery — Construction & Mining		0.9
Veterinary Products		0.9
E-Services/Consulting		0.9
Circuit Boards		0.9
Medical Labs & Testing Services		0.9
Medical — Drugs		0.9
Applications Software		0.8
Airport Development/Maintenance		0.8
Gold Mining		0.8
Building — Heavy Construction		0.8
Chemicals — Plastics		0.8
Food — Meat Products		0.8
Auto/Truck Parts & Equipment — Original		0.8
Banks — Super Regional		0.7
Machinery — Electrical		0.7
Internet Brokers		0.7
Food — Misc./Diversified		0.7
Medical — Biomedical/Gene		0.7
Repurchase Agreements		0.7
Airlines		0.7
Investment Management/Advisor Services		0.7
E-Commerce/Products		0.6
Retail — Auto Parts		0.6
Computers — Periphery Equipment		0.6
Medical Products		0.6
Electric — Generation		0.6
Broadcast Services/Program		0.6
Distribution/Wholesale		0.6
Coatings/Paint		0.6
Machinery — Material Handling		0.6
Bicycle Manufacturing		0.6

Finance — Other Services	0.5
Casino Hotels	0.5
Athletic Footwear	0.5
Diagnostic Equipment	0.5
Brewery	0.5
Gambling (Non-Hotel)	0.5
Building Products — Cement	0.5
Building Products — Air & Heating	0.5
Semiconductor Equipment	0.5
Insurance — Property/Casualty	0.5
Transport — Truck	0.4
Containers — Metal/Glass	0.4
Machinery — Pumps	0.4
Food — Confectionery	0.4
Gas — Distribution	0.4
Medical Instruments	0.4
Theaters	0.4
Optical Supplies	0.4
Retail — Discount	0.4
Insurance Brokers	0.3
Hazardous Waste Disposal	0.3
Engineering/R&D Services	0.3
Advertising Services	0.3
Medical — Wholesale Drug Distribution	0.3
Finance — Investment Banker/Broker	0.3
Retail — Major Department Stores	0.3
Fisheries	0.3
Food — Flour & Grain	0.3
Dental Supplies & Equipment	0.3
Real Estate Management/Services	0.2
Insurance — Multi-line	0.2
Auto — Heavy Duty Trucks	0.2
Retail — Automobile	0.2
Finance — Commercial	0.2
Leisure Products	0.2
Internet Financial Services	0.2
E-Marketing/Info	0.2
Retail — Restaurants	0.2
Oil Refining & Marketing	0.2
Home Furnishings	0.2
Human Resources	0.2
Appliances	0.2
Audio/Video Products	0.2
Food — Catering	0.2
Motion Pictures & Services	0.2
Diversified Financial Services	0.2
Telephone — Integrated	0.2
Retail — Propane Distribution	0.2
Retail — Misc./Diversified	0.2
Home Decoration Products	0.2
Aerospace/Defense	0.2
Beverages — Non-alcoholic	0.2
Precious Metals	0.2
Electronic Connectors	0.2
Consulting Services	0.2
Electric — Integrated	0.1
Textile — Products	0.1
Machine Tools & Related Products	0.1
Disposable Medical Products	0.1
Metal Processors & Fabrication	0.1
Computers	0.1
Tobacco	0.1
Miscellaneous Manufacturing	0.1
Security Services	0.1
Diversified Manufacturing Operations	0.1
Diversified Operations	0.1
Food — Wholesale/Distribution	0.1
Medical — Hospitals	0.1
Finance — Consumer Loans	0.1

50

VALIC Company II International Opportunities Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited) — (continued)

Industry Allocation* (continued)

Building — Maintenance & Services	0.1	%
Publishing — Periodicals	0.1
Computer Aided Design	0.1
Aerospace/Defense — Equipment	0.1
Diversified Minerals	0.1
Apparel Manufacturers	0.1
Paper & Related Products	0.1
Electronic Security Devices	0.1
Metal — Iron	0.1
Schools	0.1
Explosives	0.1
Non-Hazardous Waste Disposal	0.1
MRI/Medical Diagnostic Imaging	0.1
Water	0.1
Instruments — Scientific	0.1
Television	0.1
Medical — HMO	0.1
Oil — U.S. Royalty Trusts	0.1
Power Converter/Supply Equipment	0.1
Cable/Satellite TV	0.1
Transport — Rail	0.1
Electric — Distribution	0.1
Transport — Marine	0.1
Medical Information Systems	0.1
	101.6	%

Country Allocation*

Japan	24.4	%
United Kingdom	14.8
Germany	8.6
Canada	5.8
South Korea	4.9
Australia	4.3
United States	3.4
Sweden	3.1
Brazil	2.8
Cayman Islands	2.6
Netherlands	2.6
Ireland	2.4
France	2.2
Switzerland	2.1
Italy	1.7
Bermuda	1.7
Taiwan	1.6
Norway	1.2
Luxembourg	1.2
India	1.1
Spain	1.0
Mexico	1.0
Singapore	0.8
Finland	0.8
Belgium	0.7
Denmark	0.7
Indonesia	0.5
Austria	0.4
Russia	0.4
Philippines	0.3
Cyprus	0.3
Faroe Islands	0.3
New Zealand	0.3
Hong Kong	0.2
Mauritius	0.2
Greece	0.2
Curacao	0.2
Chile	0.2
Jersey	0.1
Papua New Guinea	0.1

South Africa	0.1
China	0.1
Thailand	0.1
Portugal	0.1
	101.6	%

* Calculated as a percentage of net assets

51

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.3%
Australia — 4.3%
Ansell, Ltd.		43,164	$	1,197,976
ASX, Ltd.		13,703		712,759
AUB Group, Ltd.		104,298		1,527,999
Bapcor, Ltd.		859,252		4,522,275
Bingo Industries, Ltd.#		204,481		505,054
Deterra Royalties, Ltd.†		110,875		388,173
Domain Holdings Australia, Ltd.†		1,076,100		3,734,302
HUB24, Ltd.†		217,298		3,494,478
Iluka Resources, Ltd.		110,875		633,020
IPH, Ltd.		276,635		1,302,683
Omni Bridgeway, Ltd.		197,174		559,830
Orica, Ltd.		52,319		505,626
Ramsay Health Care, Ltd.#		14,855		754,392
Ridley Corp., Ltd.		883,131		716,899
SEEK, Ltd.		27,597		545,727
Sonic Healthcare, Ltd.		20,124		491,320
Star Entertainment Group, Ltd.†		1,377,579		3,911,318
Steadfast Group, Ltd.		298,652		916,893
Tabcorp Holdings, Ltd.		239,772		820,992
Webjet, Ltd.#		107,760		460,183
Westgold Resources, Ltd.†		1,308,099		2,053,294
WiseTech Global, Ltd.		38,756		813,213
				30,568,406
Austria — 0.4%
Mayr-Melnhof Karton AG		5,791		1,263,274
Vienna Insurance Group AG Wiener Versicherung Gruppe		63,392		1,701,806
				2,965,080
Belgium — 0.7%
Barco NV		175,853		4,315,650
Melexis NV		7,447		880,548
				5,196,198
Bermuda — 1.7%
Cafe de Coral Holdings, Ltd.		670,000		1,485,731
China Resources Gas Group, Ltd.		286,000		1,428,811
Dairy Farm International Holdings, Ltd.		264,400		1,144,852
Esprit Holdings, Ltd.†		251,550		29,837
Geopark, Ltd.#		224,334		3,685,808
Hiscox, Ltd.†		84,610		1,112,774
Midland Holdings, Ltd.†		1,754,000		228,396
Peace Mark Holdings, Ltd.†(1)		686,000		0
Shangri-La Asia, Ltd.†		1,242,000		1,271,391
VTech Holdings, Ltd.		159,049		1,333,875
				11,721,475
Brazil — 2.8%
Anima Holding SA†		308,529		510,893
Azul SA†		635,838		4,606,371
Banco Inter SA		133,796		3,709,579
Cia Brasileira de Distribuicao†		33,500		496,146
Cia de Saneamento Basico do Estado de Sao Paulo		20,700		135,927
Energisa SA		47,200		367,800
Equatorial Energia SA		71,100		255,007
Gerdau SA (Preference Shares)		113,900		525,783
Hapvida Participacoes e Investimentos SA*		148,200		409,889
Hypera SA		97,155		568,278
JBS SA		66,365		305,761
Locaweb Servicos de Internet SA*		821,824		4,220,423
Lojas Renner SA		63,510		415,452
Magazine Luiza SA		81,700		352,505
Multiplan Empreendimentos Imobiliarios SA		137,081		481,381
Odontoprev SA		54,400		126,482
Rumo SA†		117,706		380,157
Suzano SA†		47,900		625,396

Security Description	Shares		Value (Note 2)
Brazil (continued)
TOTVS SA		82,100	$	459,708
Transmissora Alianca de Energia Eletrica SA		56,433		307,631
				19,260,569
Canada — 5.8%
Agnico Eagle Mines, Ltd.		26,671		1,488,848
Aritzia, Inc.†		296,418		6,985,365
ATS Automation Tooling Systems, Inc.†		298,841		6,586,901
Capital Power Corp.		154,806		4,173,655
Descartes Systems Group, Inc.†		60,495		3,541,948
Dollarama, Inc.		35,625		1,355,743
Enerplus Corp.†#		929,365		4,498,577
Granite Real Estate Investment Trust		81,281		4,656,125
Kinaxis, Inc.†		35,218		4,759,937
SSR Mining, Inc.†		71,823		1,019,835
TMX Group, Ltd.#		15,619		1,491,083
				40,558,017
Cayman Islands — 2.6%
51job, Inc. ADR†		20,725		1,359,560
ASM Pacific Technology, Ltd.		75,500		1,050,281
Burning Rock Biotech, Ltd. ADR†#		14,278		513,865
China Literature, Ltd.†#*		95,200		887,385
Endeavour Mining Corp.		95,916		1,847,321
ESR Cayman, Ltd.†*		280,400		887,496
Haitian International Holdings, Ltd.		461,000		1,583,927
iClick Interactive Asia Group, Ltd. ADR†		37,581		552,817
Niu Technologies ADR†#		159,125		5,948,093
Pacific Textiles Holdings, Ltd.		1,613,000		1,033,541
Shenguan Holdings Group, Ltd.		536,000		23,495
Silicon Motion Technology Corp. ADR		20,330		1,208,415
Tingyi Cayman Islands Holding Corp.		710,000		1,426,142
				18,322,338
Chile — 0.2%
Aguas Andinas SA, Class A		1,155,556		331,235
Banco Santander Chile		6,819,294		390,003
Compania Cervecerias Unidas SA ADR		18,534		320,638
				1,041,876
China — 0.1%
Yunnan Baiyao Group Co., Ltd., Class A		38,800		785,670
Colombia — 0.0%
Bancolombia SA ADR		8,020		268,269
Curacao — 0.2%
Hunter Douglas NV†		13,967		1,095,373
Cyprus — 0.3%
TCS Group Holding PLC GDR		40,876		2,129,639
Denmark — 0.7%
Carlsberg A/S, Class B		5,740		903,394
Demant A/S†		11,772		484,961
Dfds A/S†		6,501		313,700
Jyske Bank A/S†		11,941		515,948
Royal Unibrew A/S		20,672		2,128,513
SimCorp A/S		2,508		304,792
				4,651,308
Faroe Islands — 0.3%
Bakkafrost P/F†		26,072		1,852,277
Finland — 0.8%
Tikkurila Oyj		5,693		232,168
Valmet Oyj		151,150		5,073,537
				5,305,705

52

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France — 2.2%
Alten SA†		10,837	$	1,197,052
Cie Plastic Omnium SA		13,448		482,228
Legrand SA		25,994		2,255,632
LISI†		26,239		645,837
SEB SA		6,384		1,145,379
SOITEC†		36,119		7,635,111
Somfy SA		4,648		773,911
Verallia SA*		7,584		278,632
Virbac SA†		3,802		928,929
				15,342,711
Germany — 8.6%
Amadeus Fire AG†		7,165		1,018,373
CANCOM SE		18,397		1,176,436
CTS Eventim AG & Co. KGaA†		40,692		2,769,068
Deutsche Wohnen SE		13,478		633,401
Duerr AG		193,697		7,646,835
Evotec SE†		112,210		4,341,863
flatexDEGIRO AG†		49,430		5,212,518
GEA Group AG		63,127		2,179,869
Gerresheimer AG		20,977		2,166,520
Hella GmbH & Co. KGaA†		5,164		305,425
LEG Immobilien AG		34,760		4,745,058
MTU Aero Engines AG		1,676		398,369
Northern Data AG†		27,046		3,328,502
Rational AG		115		98,376
Salzgitter AG†		250,467		7,476,455
Scout24 AG*		19,166		1,444,141
Steico SE†		26,593		2,265,258
STRATEC SE		23,678		3,376,821
Symrise AG		34,877		4,070,061
TAG Immobilien AG		200,032		5,686,176
				60,339,525
Greece — 0.2%
Hellenic Telecommunications Organization SA		78,475		1,206,275
Hong Kong — 0.2%
China Resources Beer Holdings Co., Ltd.		62,000		467,611
Techtronic Industries Co., Ltd.		80,500		1,228,809
				1,696,420
India — 1.1%
Bharat Heavy Electricals, Ltd.†		600,889		386,773
CESC, Ltd.		128,693		1,060,402
Dabur India, Ltd.		74,845		511,291
Embassy Office Parks REIT		140,000		609,648
Hero MotoCorp, Ltd.		24,514		1,073,499
Mahindra & Mahindra, Ltd.		143,415		1,570,861
MOIL, Ltd.		253,212		518,588
Shriram Transport Finance Co., Ltd.		89,578		1,566,350
Spencer’s Retail, Ltd.†		30,078		31,435
Tata Consumer Products, Ltd.		86,666		714,698
				8,043,545
Indonesia — 0.5%
Indocement Tunggal Prakarsa Tbk PT		1,061,700		931,970
Kalbe Farma Tbk PT		13,883,000		1,433,147
United Tractors Tbk PT		823,900		1,304,701
				3,669,818
Ireland — 2.4%
Dalata Hotel Group PLC†		945,054		4,749,164
DCC PLC		18,181		1,461,528
Flutter Entertainment PLC†		13,689		2,635,683
Grafton Group PLC		413,045		5,694,121

Security Description	Shares		Value (Note 2)
Ireland (continued)
Greencore Group PLC†		51,292	$	108,548
Hibernia REIT PLC		186,328		253,141
ICON PLC†		1,872		338,233
Kerry Group PLC, Class A		8,957		1,080,167
Kingspan Group PLC†		3,405		247,525
				16,568,110
Italy — 1.7%
Carel Industries SpA†*		7,431		153,675
Cembre SpA		23,485		589,386
Cerved Group SpA†		187,247		1,522,721
Enav SpA*		199,113		959,518
FinecoBank Banca Fineco SpA†		41,964		737,704
Infrastrutture Wireless Italiane SpA*		54,118		562,526
Italgas SpA		257,359		1,515,942
Reply SpA		53,302		6,180,341
				12,221,813
Japan — 24.4%
ABC-Mart, Inc.#		7,900		449,120
Aeon Delight Co., Ltd.#		12,200		363,385
AEON Financial Service Co., Ltd.#		103,400		1,323,116
Air Water, Inc.		32,200		529,241
Amano Corp.		10,041		224,944
Anritsu Corp.#		176,800		3,770,030
Argo Graphics, Inc.		15,200		418,661
Ariake Japan Co., Ltd.		5,800		359,660
As One Corp.		7,400		948,300
Asante, Inc.		7,000		114,461
Asics Corp.		227,100		3,717,712
Azbil Corp.		33,800		1,434,823
Bandai Namco Holdings, Inc.		4,300		328,647
Bank of Kyoto, Ltd.#		13,600		815,273
BML, Inc.†		24,300		803,579
Capcom Co., Ltd.		99,800		6,066,926
Central Automotive Products, Ltd.		2,000		48,558
Chiba Bank, Ltd.		104,400		665,018
CKD Corp.		238,600		5,130,364
Comture Corp.		27,500		700,432
Cosmos Pharmaceutical Corp.		2,400		343,356
Daikyonishikawa Corp.		13,587		93,303
Daiseki Co., Ltd.		77,800		2,434,101
Daito Pharmaceutical Co., Ltd.		18,800		582,898
Daiwa Securities Group, Inc.		423,500		2,056,415
Demae-Can Co., Ltd†#		24,900		655,933
DeNA Co., Ltd.		13,900		273,449
Doshisha Co., Ltd.		5,800		96,145
Eiken Chemical Co., Ltd.		31,000		590,365
EPS Holdings, Inc.		41,800		443,116
Ezaki Glico Co., Ltd.		18,600		756,424
Fancl Corp.		176,900		6,298,002
Fuji Seal International, Inc.		68,400		1,405,282
Fuji Soft, Inc.		13,900		687,209
Fujitec Co., Ltd.		59,400		1,358,017
Fujitsu General, Ltd.		10,100		272,883
Fukuda Denshi Co., Ltd.		10,200		784,652
Fukui Computer Holdings, Inc.#		8,500		266,734
Fukushima Galilei Co., Ltd.		20,900		775,454
FULLCAST Holdings Co., Ltd.		20,900		378,414
GungHo Online Entertainment, Inc.		13,400		273,921
Hamakyorex Co., Ltd.		4,700		139,772
Heian Ceremony Service Co., Ltd.#		14,900		120,492
Hirose Electric Co., Ltd.		3,600		524,828
Hogy Medical Co., Ltd.		3,300		94,268
Iriso Electronics Co., Ltd.		9,000		407,805

53

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Iwatani Corp.†		20,400	$	1,163,582
JAFCO Group Co., Ltd.		2,700		164,389
Japan Elevator Service Holdings Co., Ltd.		204,100		4,053,471
Japan Exchange Group, Inc.		5,900		126,945
Japan Pure Chemical Co., Ltd.		1,700		43,539
JCU Corp.		28,500		918,406
Jeol, Ltd.		11,500		429,382
JGC Holdings Corp.		10,560		135,424
JM Holdings Co., Ltd.		10,400		190,350
Kakaku.com, Inc.		11,900		377,335
Kansai Paint Co., Ltd.		42,700		1,114,418
Katitas Co., Ltd.		153,700		4,197,389
Kato Sangyo Co., Ltd.		22,600		757,962
Kawai Musical Instruments Manufacturing Co., Ltd.†		4,900		165,486
KH Neochem Co., Ltd.		16,600		380,292
Kikkoman Corp.#		5,000		329,753
Kintetsu World Express, Inc.		11,400		296,350
Kitanotatsujin Corp.#		46,700		270,750
Kobayashi Pharmaceutical Co., Ltd.		11,300		1,066,448
Koito Manufacturing Co., Ltd.		26,600		1,771,753
Konami Holdings Corp.		6,700		429,298
Kureha Corp.		5,900		388,555
Lion Corp.		44,500		854,139
Matsumotokiyoshi Holdings Co., Ltd.		112,900		4,427,243
Media Do Co., Ltd.		27,600		1,434,439
Medipal Holdings Corp.		31,200		617,590
Meitec Corp.		15,400		801,820
Menicon Co., Ltd.#		43,300		2,551,001
Milbon Co., Ltd.		1,700		93,457
MISUMI Group, Inc.		9,300		283,550
Mitsubishi Pencil Co., Ltd.		9,500		120,048
MonotaRO Co., Ltd.		16,100		924,359
Morinaga & Co., Ltd.		27,600		994,268
Nabtesco Corp.		33,500		1,420,517
Nakanishi, Inc.		93,900		1,794,402
NGK Spark Plug Co., Ltd.		34,500		583,226
Nifco, Inc.		130,000		4,457,526
Nihon Kohden Corp.		21,400		579,995
Nihon Parkerizing Co., Ltd.		43,200		436,073
Nippo Corp.		17,100		446,129
Nippon Television Holdings, Inc.		31,600		417,697
Nissei ASB Machine Co., Ltd.		6,200		312,341
Nitto Denko Corp.		5,900		503,129
NOF Corp.		13,200		694,704
Nohmi Bosai, Ltd.		27,900		564,831
Nomura Research Institute, Ltd.		99,500		3,089,685
NS Solutions Corp.		61,000		1,788,311
Obara Group, Inc.#		5,300		189,188
OBIC Business Consultants Co., Ltd.		3,800		212,111
OBIC Co., Ltd.		34,400		5,802,449
Omron Corp.		8,600		692,228
Oracle Corp. Japan		10,500		1,063,840
PALTAC Corp.		11,300		611,670
Park24 Co., Ltd.†		14,700		315,941
PCA Corp.		11,300		432,516
Proto Corp.		46,900		490,581
Rakuten, Inc.		4,900		54,748
Rinnai Corp.		3,700		374,183
Ryohin Keikaku Co., Ltd.		49,600		1,115,820
S Foods, Inc.#		34,600		1,061,419
Sagami Rubber Industries Co., Ltd.		10,800		112,666
San-A Co, Ltd.#		3,600		139,988
San-Ai Oil Co., Ltd.		86,200		859,614
Sankyu, Inc.		25,700		1,070,482
Santen Pharmaceutical Co., Ltd.		84,000		1,152,099

Security Description	Shares		Value (Note 2)
Japan (continued)
SCSK Corp.		11,700	$	688,203
Seino Holdings Co., Ltd.		152,900		2,137,258
Senko Group Holdings Co., Ltd.		27,000		254,055
Seria Co., Ltd.		7,600		242,056
SG Holdings Co., Ltd.		137,100		3,148,560
Shima Seiki Manufacturing, Ltd.		7,900		170,310
Shimadzu Corp.		25,700		923,411
Shimamura Co., Ltd.		2,200		218,978
Shizuoka Bank, Ltd.#		42,200		308,003
SK Kaken Co., Ltd.#		4,600		1,667,902
SMS Co., Ltd.		194,600		6,353,093
Sohgo Security Services Co., Ltd.		21,100		950,138
Stanley Electric Co., Ltd.		35,900		1,062,569
Sugi Holdings Co., Ltd.#		9,500		661,288
Sundrug Co., Ltd.		34,800		1,305,877
Suzuken Co., Ltd.		13,900		529,424
T Hasegawa Co., Ltd.		121,300		2,108,625
Taisei Lamick Co, Ltd.		9,100		242,280
Taiyo Yuden Co., Ltd.		110,000		5,428,022
Takasago International Corp.		6,700		161,160
TechnoPro Holdings, Inc.		64,100		4,654,383
Terumo Corp.		21,300		789,496
THK Co., Ltd.		159,200		5,130,184
Toei Co., Ltd.		3,000		597,214
Toho Co., Ltd.#		19,300		724,237
Tokyo Seimitsu Co., Ltd.†		85,000		3,692,012
Toshiba TEC Corp.		8,700		318,308
TOTO, Ltd.		5,900		354,791
Toyo Seikan Group Holdings, Ltd.		58,400		729,760
Trancom Co., Ltd.		3,900		297,819
Tsugami Corp.#		271,700		3,907,464
Unicharm Corp.		36,300		1,435,722
USS Co., Ltd.		82,600		1,568,389
Yamato Holdings Co., Ltd.		63,300		1,663,930
Zojirushi Corp.		7,200		116,043
ZOZO, Inc.		54,800		1,711,938
Zuken, Inc.		22,900		569,734
				171,861,424
Jersey — 0.1%
Breedon Group PLC†		719,178		933,826
Luxembourg — 1.2%
Allegro.eu SA†*		13,576		233,011
B&M European Value Retail SA		42,728		325,265
Befesa SA*		43,432		2,945,043
Eurofins Scientific SE†		1,500		133,276
Globant SA†		2,167		465,298
Ternium SA ADR†#		141,488		4,345,096
				8,446,989
Mauritius — 0.2%
MakeMyTrip, Ltd.†		44,465		1,491,801
Mexico — 1.0%
Bolsa Mexicana de Valores SAB de CV		139,000		284,830
Concentradora Fibra Danhos SA de CV		119,373		146,299
Genomma Lab Internacional SAB de CV, Class B†		441,628		441,818
Gruma SAB de CV, Class B		34,895		380,291
Grupo Aeroportuario del Centro Norte SAB de CV†		611,722		3,530,391
Grupo Aeroportuario del Pacifico SAB de CV, Class B†		21,909		221,478
Grupo Aeroportuario del Sureste SAB de CV ADR†		1,936		360,386
Grupo Cementos de Chihuahua SAB de CV		94,605		589,309
Grupo Financiero Inbursa SAB de CV, Class O†		114,506		102,897
Orbia Advance Corp SAB de CV		223,937		519,462
Prologis Property Mexico SA de CV		101,166		207,932

54

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Mexico (continued)
Telesites SAB de CV†		218,500	$	192,588
				6,977,681
Netherlands — 2.6%
Aalberts NV		18,981		884,915
ASM International NV		7,058		1,904,141
Euronext NV*		7,017		755,200
IMCD NV		44,063		5,420,094
Just Eat Takeaway.com NV (Euronext)†#*		36,401		3,508,302
Just Eat Takeaway.com NV (LSE)†*		3,164		304,775
Shop Apotheke Europe NV†*		18,412		4,476,324
Wolters Kluwer NV		8,739		692,533
				17,946,284
New Zealand — 0.3%
Auckland International Airport, Ltd.†		115,318		629,089
Freightways, Ltd.		77,672		594,892
Mainfreight, Ltd.		10,901		518,275
				1,742,256
Norway — 1.2%
Scatec ASA*		155,745		4,508,568
TOMRA Systems ASA		93,449		3,996,366
				8,504,934
Papua New Guinea — 0.1%
Oil Search, Ltd.		279,790		912,806
Peru — 0.0%
Cia de Minas Buenaventura SAA ADR†		16,726		184,989
Philippines — 0.3%
Metropolitan Bank & Trust Co.		1,131,872		1,182,727
Universal Robina Corp.		422,200		1,111,190
				2,293,917
Portugal — 0.1%
Galp Energia SGPS SA		17,087		191,402
NOS SGPS SA#		114,540		383,362
				574,764
Russia — 0.4%
Detsky Mir PJSC†		1,089,530		2,053,907
Moscow Exchange MICEX-RTS PJSC		274,969		636,616
				2,690,523
Singapore — 0.8%
Ascendas India Trust		522,000		587,221
City Developments, Ltd.		147,200		812,503
Mapletree Commercial Trust		658,400		1,007,302
Singapore Technologies Engineering, Ltd.		514,600		1,451,099
Venture Corp., Ltd.		113,363		1,632,346
				5,490,471
South Africa — 0.1%
AVI, Ltd.		180,318		846,102
South Korea — 4.9%
Amorepacific Corp.		7,773		1,622,402
Doosan Bobcat, Inc.†		43,721		1,258,900
Doosan Fuel Cell Co., Ltd.†		84,584		3,764,308
Douzone Bizon Co., Ltd.		47,711		4,671,304
LEENO Industrial, Inc.		32,104		4,577,713
LG Innotek Co., Ltd.		31,589		5,595,203
LS Electric Co., Ltd.		17,830		912,528
NHN KCP Corp.†		68,029		2,812,592
OCI Co., Ltd.†		58,859		6,548,621

Security Description	Shares		Value (Note 2)
South Korea (continued)
Orion Corp.		11,142	$	1,274,363
Samsung Fire & Marine Insurance Co., Ltd.		8,331		1,282,833
TK Corp.†		34,437		225,595
				34,546,362
Spain — 1.0%
Amadeus IT Group SA†		30,932		2,145,959
Cellnex Telecom SA*		72,096		3,918,785
Viscofan SA		16,461		1,156,905
				7,221,649
Sweden — 3.1%
Essity AB, Class B		37,450		1,125,642
Karnov Group AB		52,067		302,762
LeoVegas AB*		490,090		2,265,910
MIPS AB		84,076		6,571,627
Nordic Entertainment Group AB, Class B†		90,923		4,132,717
Saab AB, Series B†		24,537		649,175
Swedish Match AB		13,957		1,003,646
Thule Group AB†*		32,781		1,370,420
Tobii AB†		595,102		4,341,392
				21,763,291
Switzerland — 2.1%
Belimo Holding AG		374		2,725,906
DKSH Holding AG		1,987		148,427
Julius Baer Group, Ltd.		16,970		1,040,978
Kardex Holding AG		4,496		953,914
Partners Group Holding AG		147		176,226
SIG Combibloc Group AG		91,757		2,031,535
Sika AG		7,662		2,023,209
Sonova Holding AG†		5,296		1,355,366
Straumann Holding AG		48		57,992
Temenos AG		3,616		487,950
VAT Group AG*		3,256		904,872
Zur Rose Group AG†		6,448		3,040,941
				14,947,316
Taiwan — 1.6%
Advantech Co., Ltd.		77,571		1,009,586
Chroma ATE, Inc.		188,000		1,380,343
E.Sun Financial Holding Co., Ltd.		1,427,186		1,293,832
Kindom Development Co., Ltd.		1,181,000		1,530,710
Merida Industry Co., Ltd.		377,000		3,857,643
Tripod Technology Corp.		304,000		1,511,677
Voltronic Power Technology Corp.		23,675		981,765
				11,565,556
Thailand — 0.1%
AEON Thana Sinsap Thailand PCL		106,800		701,722
Turkey — 0.0%
Selcuk Ecza Deposu Ticaret ve Sanayi AS		95,899		147,850
United Kingdom — 14.8%
4imprint Group PLC†		6,890		234,219
Abcam PLC		161,728		3,821,418
Admiral Group PLC		9,223		396,792
Auto Trader Group PLC†*		173,243		1,327,975
Babcock International Group PLC†		60,398		218,528
Bellway PLC		26,174		1,023,955
Big Yellow Group PLC		45,089		712,984
Britvic PLC		28,402		320,316
Bunzl PLC		33,555		1,045,771
Burberry Group PLC†		24,898		629,759
Cairn Energy PLC		88,409		235,257

55

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Coats Group PLC†		231,920	$	200,975
Compass Group PLC†		65,286		1,323,417
ConvaTec Group PLC*		164,378		431,458
Countryside Properties PLC†*		944,168		6,124,572
Cranswick PLC		80,899		3,834,343
Croda International PLC		60,144		5,168,329
Dechra Pharmaceuticals PLC		110,128		5,262,661
Electrocomponents PLC		744,248		10,057,798
EMIS Group PLC		21,196		313,611
Essentra PLC†		326,625		1,333,308
Forterra PLC†*		663,957		2,395,815
Frontier Developments PLC†		68,528		2,358,188
Future PLC		296,452		8,053,830
Gamesys Group PLC		236,450		4,493,318
GB Group PLC		446,857		5,142,356
Greggs PLC†		77,408		2,249,643
Halma PLC		29,219		922,848
Hargreaves Lansdown PLC		33,375		702,353
Helios Towers PLC†		139,439		313,935
Howden Joinery Group PLC†		146,913		1,424,977
Ibstock PLC†*		198,137		589,079
Intertek Group PLC		21,229		1,584,104
Johnson Service Group PLC†		68,020		156,174
Keywords Studios PLC†		185,804		6,507,794
Marshalls PLC†		40,230		382,250
Moneysupermarket.com Group PLC		236,582		955,858
PZ Cussons PLC		15,789		53,893
Rathbone Brothers PLC		44,784		962,101
Rightmove PLC†		167,366		1,317,435
Rotork PLC		624,300		3,103,357
S4 Capital PLC†		378,153		2,339,182
Sage Group PLC		28,411		221,106
Schroders PLC		35,343		1,724,873
Shaftesbury PLC†#		57,453		495,069
Smith & Nephew PLC		77,758		1,500,946
Spirax-Sarco Engineering PLC		5,476		817,083
Tate & Lyle PLC		19,056		193,010
UNITE Group PLC†		262,292		3,548,279
Weir Group PLC†		179,834		4,965,797
WM Morrison Supermarkets PLC		232,184		552,663
				104,044,762
United States — 0.1%
Autoliv, Inc. SDR		3,148		276,925
PerkinElmer, Inc.		1,069		134,790
				411,715
Total Long-Term Investment Securities
(cost $563,565,859)				691,059,407
SHORT-TERM INVESTMENT SECURITIES — 2.6%
Registered Investment Companies — 2.6%
State Street Navigator Securities Lending Government Money Market Portfolio 0.05%(2)(3) (cost $18,495,420)		18,495,420		18,495,420

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount of $4,733,000 and collateralized by $4,511,700 of United States Treasury Notes, bearing interest at 2.25% due 11/15/2024 and having an approximate value of $4,827,677 (cost $4,733,000)	$	4,733,000		$	4,733,000
TOTAL INVESTMENTS
(cost $586,794,279)(4)		101.6	%		714,287,827
Liabilities in excess of other assets		(1.6	)		(11,156,666	)
NET ASSETS		100.0	%	$	703,131,161

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At February 28, 2021, the aggregate value of these securities was $45,863,794 representing 6.5% of net assets.

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

(2) At February 28, 2021, the Fund had loaned securities with a total value of $24,563,988. This was secured by collateral of $18,495,420 which was received in cash and subsequently invested in short-term investments currently valued at $18,495,420 as reported in the Portfolio of Investments. Additional collateral of $7,706,437 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of February 28, 2021
Federal Home Loan Mtg. Corp.	1.00% to 3.50%	02/01/2036 to 11/01/2050	$	52,569
Federal National Mtg. Assoc.	1.24% to 4.50%	07/25/2030 to 09/01/2050		124,401
Government National Mtg. Assoc.	1.00% to 2.70%	09/20/2046 to 05/16/2053		24,634
United States Treasury Bills	0.00%	03/25/2021 to 07/29/2021		736,782
United States Treasury Notes/Bonds	0.13% to 8.13%	03/31/2021 to 05/15/2049		6,768,051

(3) The rate shown is the 7-day yield as of February 28, 2021.

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

Euronext Amsterdam—Euronext Stock Exchange Amsterdam

LSE—London Stock Exchange

SDR—Swedish Depositary Receipt

56

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	11,721,475	$	—	$	0	$	11,721,475
Russia		—		2,690,523		—		2,690,523
Other Countries		676,647,409		—		—		676,647,409
Short Term Investment Securities		18,495,420		—		—		18,495,420
Repurchase Agreements		—		4,733,000		—		4,733,000
Total Investments at Value	$	706,864,304	$	7,423,523	$	0	$	714,287,827

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

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

See Notes to Financial Statements

57

VALIC Company II Large Cap Value Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*

Diversified Banking Institutions	9.0	%
Electric — Integrated	5.4
Insurance — Property/Casualty	4.1
Medical Instruments	3.3
Medical — Drugs	3.1
Insurance — Multi-line	3.0
Banks — Super Regional	2.6
Oil Companies — Exploration & Production	2.6
Oil Refining & Marketing	2.5
Web Portals/ISP	2.3
Real Estate Investment Trusts	2.3
Diversified Manufacturing Operations	2.2
Finance — Credit Card	2.1
Agricultural Chemicals	2.1
Banks — Commercial	1.9
Electronic Components — Semiconductors	1.8
Investment Management/Advisor Services	1.6
Insurance — Life/Health	1.6
Transport — Rail	1.5
Aerospace/Defense	1.5
Casino Hotels	1.4
Building Products — Cement	1.4
Metal — Copper	1.4
Semiconductor Components — Integrated Circuits	1.4
Oil Companies — Integrated	1.3
Computer Software	1.2
Semiconductor Equipment	1.1
Insurance — Reinsurance	1.1
Food — Confectionery	1.1
Medical Products	1.1
Finance — Investment Banker/Broker	1.1
Auto — Cars/Light Trucks	1.1
Medical Labs & Testing Services	1.1
Medical — Biomedical/Gene	1.0
Telecom Equipment — Fiber Optics	1.0
Drug Delivery Systems	1.0
Beverages — Non-alcoholic	0.9
Tobacco	0.9
Finance — Auto Loans	0.9
Machinery — Pumps	0.9
Energy — Alternate Sources	0.8
Diagnostic Equipment	0.8
E-Commerce/Services	0.8
Transport — Services	0.8
Electronic Components — Misc.	0.8
Commercial Services	0.8
Building Products — Air & Heating	0.7
Veterinary Diagnostics	0.7
Internet Security	0.6
Aerospace/Defense — Equipment	0.6
Agricultural Biotech	0.6
Office Automation & Equipment	0.6
Commercial Paper	0.6
Cable/Satellite TV	0.6
Networking Products	0.6
Medical — HMO	0.6
Audio/Video Products	0.6
Non-Hazardous Waste Disposal	0.6
Apparel Manufacturers	0.6
Gold Mining	0.6
Retail — Auto Parts	0.6
Medical — Hospitals	0.5
Broadcast Services/Program	0.5
Enterprise Software/Service	0.5
Instruments — Controls	0.5
Chemicals — Diversified	0.4
Food — Meat Products	0.4
Machinery — Construction & Mining	0.4
Cellular Telecom	0.4

Computer Data Security	0.4
Entertainment Software	0.3
Medical — Wholesale Drug Distribution	0.3
Pharmacy Services	0.3
Internet Infrastructure Software	0.3
Independent Power Producers	0.3
Commercial Services — Finance	0.3
Medical Information Systems	0.3
Auto/Truck Parts & Equipment — Original	0.2
Electronic Measurement Instruments	0.2
Retail — Drug Store	0.2
Retail — Apparel/Shoe	0.2
	99.8	%

* Calculated as a percentage of net assets

58

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Aerospace/Defense — 1.5%
Boeing Co.		8,765	$	1,858,267
Northrop Grumman Corp.		4,100		1,195,806
Raytheon Technologies Corp.		24,924		1,794,279
				4,848,352
Aerospace/Defense-Equipment — 0.6%
L3Harris Technologies, Inc.		10,840		1,971,904
Agricultural Biotech — 0.6%
Corteva, Inc.		43,266		1,953,460
Agricultural Chemicals — 2.1%
CF Industries Holdings, Inc.		106,272		4,811,996
Mosaic Co.		39,283		1,154,920
Nutrien, Ltd.		12,062		650,866
				6,617,782
Apparel Manufacturers — 0.6%
VF Corp.		22,122		1,750,514
Audio/Video Products — 0.6%
Dolby Laboratories, Inc., Class A		18,420		1,798,345
Auto-Cars/Light Trucks — 1.1%
General Motors Co.		66,738		3,425,662
Auto/Truck Parts & Equipment-Original — 0.2%
Aptiv PLC		4,839		725,076
Banks-Commercial — 1.9%
M&T Bank Corp.		11,493		1,734,753
Truist Financial Corp.		77,713		4,426,533
				6,161,286
Banks-Super Regional — 2.6%
Fifth Third Bancorp		59,954		2,079,804
PNC Financial Services Group, Inc.		12,108		2,038,503
US Bancorp		45,187		2,259,350
Wells Fargo & Co.		55,652		2,012,933
				8,390,590
Beverages-Non-alcoholic — 0.9%
Coca-Cola Co.		12,073		591,456
PepsiCo, Inc.		18,415		2,379,034
				2,970,490
Broadcast Services/Program — 0.5%
Fox Corp., Class B		47,560		1,518,591
Building Products-Air & Heating — 0.7%
Carrier Global Corp.		62,913		2,298,212
Building Products-Cement — 1.4%
Martin Marietta Materials, Inc.		2,576		867,777
Vulcan Materials Co.		22,167		3,701,667
				4,569,444
Cable/Satellite TV — 0.6%
Comcast Corp., Class A		35,559		1,874,670
Casino Hotels — 1.4%
Las Vegas Sands Corp.		73,059		4,573,493
Cellular Telecom — 0.4%
Vodafone Group PLC ADR#		66,311		1,139,223
Chemicals-Diversified — 0.4%
DuPont de Nemours, Inc.		19,775		1,390,578
Commercial Services — 0.8%
Quanta Services, Inc.		29,275		2,454,709

Security Description	Shares		Value (Note 2)
Commercial Services-Finance — 0.3%
Global Payments, Inc.		4,648	$	920,258
Computer Data Security — 0.4%
Check Point Software Technologies, Ltd.†		9,943		1,096,116
Computer Software — 1.2%
Citrix Systems, Inc.		8,955		1,196,209
Cloudera, Inc.†		160,372		2,588,404
				3,784,613
Diagnostic Equipment — 0.8%
Danaher Corp.		11,973		2,630,109
Diversified Banking Institutions — 9.0%
Bank of America Corp.		111,926		3,884,951
Citigroup, Inc.		27,335		1,800,830
Goldman Sachs Group, Inc.		19,376		6,190,245
JPMorgan Chase & Co.		71,947		10,588,440
Morgan Stanley		80,374		6,178,349
				28,642,815
Diversified Manufacturing Operations — 2.2%
Eaton Corp. PLC		41,938		5,459,908
Trane Technologies PLC		10,612		1,626,183
				7,086,091
Drug Delivery Systems — 1.0%
Becton Dickinson & Co.		12,791		3,084,550
E-Commerce/Services — 0.8%
Booking Holdings, Inc.†		1,115		2,596,289
Electric-Integrated — 5.4%
AES Corp.		102,536		2,723,356
Alliant Energy Corp.		34,371		1,586,565
DTE Energy Co.		7,841		923,043
Entergy Corp.		15,720		1,364,653
Evergy, Inc.		15,081		808,794
Exelon Corp.		129,303		4,991,096
PPL Corp.		179,143		4,691,755
				17,089,262
Electronic Components-Misc. — 0.8%
Hubbell, Inc.		13,992		2,483,720
Electronic Components-Semiconductors — 1.8%
Intel Corp.		22,540		1,369,981
Microchip Technology, Inc.		7,794		1,189,598
Micron Technology, Inc.†		35,500		3,249,315
				5,808,894
Electronic Measurement Instruments — 0.2%
Agilent Technologies, Inc.		5,318		649,168
Energy-Alternate Sources — 0.8%
NextEra Energy Partners LP		36,448		2,647,583
Enterprise Software/Service — 0.5%
Oracle Corp.		23,197		1,496,438
Entertainment Software — 0.3%
Electronic Arts, Inc.		7,904		1,058,899
Finance-Auto Loans — 0.9%
Ally Financial, Inc.		70,131		2,910,436
Finance-Credit Card — 2.1%
Capital One Financial Corp.		45,960		5,523,932
Discover Financial Services		13,172		1,239,090
				6,763,022

59

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Investment Banker/Broker — 1.1%
Charles Schwab Corp.		56,450	$	3,484,094
Food-Confectionery — 1.1%
J.M. Smucker Co.		9,448		1,058,176
Mondelez International, Inc., Class A		45,868		2,438,343
				3,496,519
Food-Meat Products — 0.4%
Tyson Foods, Inc., Class A		20,400		1,380,468
Gold Mining — 0.6%
Newmont Corp.		32,051		1,742,933
Independent Power Producers — 0.3%
Clearway Energy, Inc., Class C		35,480		974,281
Instruments-Controls — 0.5%
Honeywell International, Inc.		7,213		1,459,551
Insurance-Life/Health — 1.6%
Voya Financial, Inc.		86,479		5,212,954
Insurance-Multi-line — 3.0%
Chubb, Ltd.		44,919		7,302,931
Hartford Financial Services Group, Inc.		41,800		2,118,842
				9,421,773
Insurance-Property/Casualty — 4.1%
Assurant, Inc.		36,708		4,523,160
Berkshire Hathaway, Inc., Class B†		35,787		8,607,131
				13,130,291
Insurance-Reinsurance — 1.1%
Essent Group, Ltd.		33,781		1,392,790
Reinsurance Group of America, Inc.		12,000		1,466,760
RenaissanceRe Holdings, Ltd.		4,406		735,714
				3,595,264
Internet Infrastructure Software — 0.3%
F5 Networks, Inc.†		5,237		994,925
Internet Security — 0.6%
Proofpoint, Inc.†		16,601		2,007,393
Investment Management/Advisor Services — 1.6%
Ameriprise Financial, Inc.		12,386		2,740,279
LPL Financial Holdings, Inc.		18,878		2,483,212
				5,223,491
Machinery-Construction & Mining — 0.4%
Oshkosh Corp.		12,390		1,313,340
Machinery-Pumps — 0.9%
Ingersoll Rand, Inc.†		58,352		2,704,032
Medical Information Systems — 0.3%
Cerner Corp.		12,385		856,299
Medical Instruments — 3.3%
Alcon, Inc.†		31,438		2,150,359
Medtronic PLC		70,806		8,282,178
				10,432,537
Medical Labs & Testing Services — 1.1%
Laboratory Corp. of America Holdings†		14,026		3,364,978
Medical Products — 1.1%
Abbott Laboratories		14,283		1,710,818
Zimmer Biomet Holdings, Inc.		10,931		1,782,409
				3,493,227

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene — 1.0%
Biogen, Inc.†		4,308	$	1,175,567
Gilead Sciences, Inc.		14,116		866,723
United Therapeutics Corp.†		6,957		1,163,071
				3,205,361
Medical-Drugs — 3.1%
AbbVie, Inc.		18,498		1,992,974
Eli Lilly & Co.		20,547		4,209,875
Johnson & Johnson		11,018		1,745,912
Merck & Co., Inc.		10,921		793,083
Pfizer, Inc.		30,683		1,027,574
				9,769,418
Medical-HMO — 0.6%
Centene Corp.†		30,817		1,804,027
Medical-Hospitals — 0.5%
HCA Healthcare, Inc.		9,878		1,699,312
Medical-Wholesale Drug Distribution — 0.3%
McKesson Corp.		6,230		1,056,110
Metal-Copper — 1.4%
Freeport-McMoRan, Inc.†		134,026		4,544,822
Networking Products — 0.6%
Cisco Systems, Inc.		40,286		1,807,633
Non-Hazardous Waste Disposal — 0.6%
Republic Services, Inc.		19,997		1,781,533
Office Automation & Equipment — 0.6%
Zebra Technologies Corp., Class A†		3,807		1,901,330
Oil Companies-Exploration & Production — 2.6%
ConocoPhillips		69,344		3,606,581
EQT Corp.		70,640		1,256,686
Hess Corp.		53,142		3,482,395
				8,345,662
Oil Companies-Integrated — 1.3%
Chevron Corp.		11,143		1,114,300
Exxon Mobil Corp.		57,626		3,133,126
				4,247,426
Oil Refining & Marketing — 2.5%
Marathon Petroleum Corp.		120,028		6,555,929
Valero Energy Corp.		18,765		1,444,530
				8,000,459
Pharmacy Services — 0.3%
CVS Health Corp.		14,888		1,014,319
Real Estate Investment Trusts — 2.3%
Equity LifeStyle Properties, Inc.		22,499		1,387,063
Equity Residential		17,500		1,144,675
Public Storage		6,256		1,463,529
Weyerhaeuser Co.		101,099		3,424,223
				7,419,490
Retail-Apparel/Shoe — 0.2%
Ross Stores, Inc.		4,026		469,593
Retail-Auto Parts — 0.6%
AutoZone, Inc.†		986		1,143,681
O’Reilly Automotive, Inc.†		1,337		598,080
				1,741,761
Retail-Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		10,621		509,065

60

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Components-Integrated Circuits — 1.4%
Maxim Integrated Products, Inc.		9,162	$	853,623
NXP Semiconductors NV		6,317		1,153,168
QUALCOMM, Inc.		17,119		2,331,437
				4,338,228
Semiconductor Equipment — 1.1%
Applied Materials, Inc.		30,761		3,635,643
Telecom Equipment-Fiber Optics — 1.0%
Corning, Inc.		81,115		3,101,838
Tobacco — 0.9%
Philip Morris International, Inc.		35,278		2,964,058
Transport-Rail — 1.5%
Union Pacific Corp.		23,801		4,902,054
Transport-Services — 0.8%
FedEx Corp.		6,944		1,767,248
United Parcel Service, Inc., Class B		5,136		810,615
				2,577,863
Veterinary Diagnostics — 0.7%
Elanco Animal Health, Inc.†		64,719		2,126,666
Web Portals/ISP — 2.3%
Alphabet, Inc., Class A†		3,672		7,424,453
Total Long-Term Investment Securities
(cost $262,414,745)				315,857,118

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Commercial Paper — 0.6%
Credit Agricole Corporate and Investment Bank 0.05% due 03/01/2021 (cost $1,900,000)	$	1,900,000		$	1,899,989
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.05%(1)(2) (cost $70,200)		70,200			70,200
Total Short-Term Investment Securities
(cost $1,970,200)					1,970,189
TOTAL INVESTMENTS
(cost $264,384,945)(3)		99.8	%		317,827,307
Other assets less liabilities		0.2			771,083
NET ASSETS		100.0	%	$	318,598,390

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

† Non-income producing security

(1) The rate shown is the 7-day yield as of February 28,2021.

(2) At February 28, 2021, the Fund had loaned securities with a total value of $67,002. This was secured by collateral of $70,200, which was received in cash and subsequently invested in short-term investments currently valued at $70,200 as reported in the Portfolio of Investments.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	315,857,118	$	—	$	—	$	315,857,118
Short-Term Investment Securities:
Commercial Paper		—		1,899,989		—		1,899,989
Registered Investment Companies		70,200		—		—		70,200
Total Investments at Value	$	315,927,318	$	1,899,989	$	—	$	317,827,307

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

See Notes to Financial Statements

61

VALIC Company II Mid Cap Growth Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	7.2	%
Banks — Commercial	5.3
Real Estate Investment Trusts	5.0
Lasers — System/Components	4.6
Insurance — Property/Casualty	4.1
Commercial Services — Finance	3.0
Apparel Manufacturers	2.9
Medical — Drugs	2.9
Computer Services	2.8
Distribution/Wholesale	2.8
Machinery — Pumps	2.6
Medical Instruments	2.3
E-Commerce/Products	2.1
Medical — Outpatient/Home Medical	2.0
Internet Infrastructure Software	2.0
Hotels/Motels	1.8
Semiconductor Equipment	1.8
Machinery — General Industrial	1.8
Gas — Distribution	1.7
Medical Products	1.6
Building — Residential/Commercial	1.6
Electronic Components — Misc.	1.6
Telecommunication Equipment	1.5
Computers — Other	1.5
Transport — Truck	1.4
Enterprise Software/Service	1.4
Computer Software	1.4
Electronic Components — Semiconductors	1.4
Athletic Equipment	1.4
Energy — Alternate Sources	1.3
E-Services/Consulting	1.3
Building Products — Air & Heating	1.3
Food — Misc./Diversified	1.2
Non — Hazardous Waste Disposal	1.2
Finance — Auto Loans	1.2
Cable/Satellite TV	1.2
Entertainment Software	1.1
Disposable Medical Products	1.1
Rental Auto/Equipment	1.1
Web Hosting/Design	1.1
Electric — Integrated	1.1
Real Estate Management/Services	1.1
Machine Tools & Related Products	1.0
Physical Therapy/Rehabilitation Centers	1.0
Food — Wholesale/Distribution	1.0
Retail — Automobile	0.9
Chemicals — Specialty	0.9
Computer Aided Design	0.8
Medical — HMO	0.8
Electronic Measurement Instruments	0.8
Commercial Services	0.7
E-Commerce/Services	0.6
Containers — Metal/Glass	0.6
Investment Management/Advisor Services	0.5
Insurance — Life/Health	0.4
Containers — Paper/Plastic	0.4
Firearms & Ammunition	0.4
Medical Labs & Testing Services	0.3
Registered Investment Companies	0.2
Repurchase Agreements	0.2
Oil Companies — Exploration & Production	0.1
	100.4%

* Calculated as a percentage of net assets

62

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 100.0%
Apparel Manufacturers — 2.9%
Carter’s, Inc.		24,558	$	2,049,857
PVH Corp.		40,121		4,010,495
Under Armour, Inc., Class C†		127,116		2,313,511
				8,373,863
Athletic Equipment — 1.4%
YETI Holdings, Inc.†		56,308		3,872,301
Banks - Commercial — 5.3%
Cullen/Frost Bankers, Inc.		22,347		2,333,027
First Citizens BancShares, Inc., Class A		4,222		3,115,371
First Republic Bank		17,933		2,954,462
M&T Bank Corp.		20,205		3,049,743
Prosperity Bancshares, Inc.		31,380		2,305,488
South State Corp.		18,185		1,434,069
				15,192,160
Building Products - Air & Heating — 1.3%
Lennox International, Inc.		13,261		3,710,030
Building - Residential/Commercial — 1.6%
NVR, Inc.†		1,022		4,599,858
Cable/Satellite TV — 1.2%
Cable One, Inc.		1,754		3,358,647
Chemicals - Specialty — 0.9%
Element Solutions, Inc.		136,733		2,468,031
Commercial Services — 0.7%
LiveRamp Holdings, Inc.†		30,189		1,906,737
Commercial Services - Finance — 3.0%
Shift4 Payments, Inc., Class A†		28,487		2,179,256
WEX, Inc.†		30,430		6,340,090
				8,519,346
Computer Aided Design — 0.8%
Aspen Technology, Inc.†		15,759		2,371,887
Computer Services — 2.8%
Genpact, Ltd.		138,716		5,609,675
Science Applications International Corp.		29,038		2,501,043
				8,110,718
Computer Software — 1.4%
Teradata Corp.†		98,656		3,956,106
Computers - Other — 1.5%
Lumentum Holdings, Inc.†		47,146		4,243,140
Containers - Metal/Glass — 0.6%
Silgan Holdings, Inc.		43,217		1,623,230
Containers - Paper/Plastic — 0.4%
Packaging Corp. of America		9,336		1,232,539
Disposable Medical Products — 1.1%
Teleflex, Inc.		8,131		3,237,114
Distribution/Wholesale — 2.8%
Fastenal Co.		3,189		147,874
IAA, Inc.†		58,039		3,402,827
KAR Auction Services, Inc.		187,252		2,604,675
Watsco, Inc.		7,894		1,919,031
				8,074,407
E-Commerce/Products — 2.1%
Etsy, Inc.†		27,376		6,030,111
E-Commerce/Services — 0.6%
Cargurus, Inc.†		67,928		1,762,732

Security Description	Shares		Value (Note 2)
E-Services/Consulting — 1.3%
CDW Corp.		23,951	$	3,757,672
Electric - Integrated — 1.1%
Black Hills Corp.		28,314		1,675,056
Pinnacle West Capital Corp.		19,776		1,382,936
				3,057,992
Electronic Components - Misc. — 1.6%
Flex, Ltd.†		248,300		4,516,577
Electronic Components - Semiconductors — 1.4%
Silicon Laboratories, Inc.†		25,370		3,951,124
Electronic Measurement Instruments — 0.8%
National Instruments Corp.		49,915		2,216,226
Energy - Alternate Sources — 1.3%
First Solar, Inc.†		46,988		3,806,968
Enterprise Software/Service — 1.4%
Black Knight, Inc.†		14,860		1,139,613
Guidewire Software, Inc.†		26,137		2,900,946
				4,040,559
Entertainment Software — 1.1%
Zynga, Inc., Class A†		291,368		3,248,753
Finance - Auto Loans — 1.2%
Credit Acceptance Corp.†#		9,332		3,387,703
Firearms & Ammunition — 0.4%
Axon Enterprise, Inc.†		7,358		1,217,675
Food - Misc./Diversified — 1.2%
Lamb Weston Holdings, Inc.		43,844		3,497,436
Food - Wholesale/Distribution — 1.0%
Performance Food Group Co.†		51,919		2,816,087
Gas - Distribution — 1.7%
NiSource, Inc.		44,556		962,410
UGI Corp.		103,346		3,959,185
				4,921,595
Hotels/Motels — 1.8%
Choice Hotels International, Inc.		34,256		3,592,427
Hyatt Hotels Corp., Class A		17,973		1,580,725
				5,173,152
Insurance - Life/Health — 0.4%
Globe Life, Inc.		13,704		1,279,954
Insurance - Property/Casualty — 4.1%
Alleghany Corp.		2,153		1,391,764
Erie Indemnity Co., Class A		5,473		1,325,013
Fidelity National Financial, Inc.		47,439		1,815,965
Markel Corp.†		3,119		3,395,967
White Mountains Insurance Group, Ltd.		1,884		2,251,493
WR Berkley Corp.		21,446		1,486,851
				11,667,053
Internet Infrastructure Software — 2.0%
F5 Networks, Inc.†		30,474		5,789,450
Investment Management/Advisor Services — 0.5%
Hamilton Lane, Inc., Class A		15,517		1,387,220
Lasers - System/Components — 4.6%
Coherent, Inc.†		27,403		6,629,882
II-VI, Inc.†#		77,615		6,542,944
				13,172,826
Machine Tools & Related Products — 1.0%
Lincoln Electric Holdings, Inc.		25,158		2,971,411

63

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - General Industrial — 1.8%
IDEX Corp.		21,345	$	4,165,904
Middleby Corp.†		6,344		928,825
				5,094,729
Machinery - Pumps — 2.6%
Graco, Inc.		19,625		1,360,994
Ingersoll Rand, Inc.†		132,106		6,121,792
				7,482,786
Medical Instruments — 2.3%
Integra LifeSciences Holdings Corp.†		62,725		4,286,626
NuVasive, Inc.†		39,421		2,378,269
				6,664,895
Medical Labs & Testing Services — 0.3%
Syneos Health, Inc.†		12,582		973,218
Medical Products — 1.6%
Hill-Rom Holdings, Inc.		43,889		4,681,640
Medical - Biomedical/Gene — 7.2%
Allakos, Inc.†#		18,420		2,232,136
Apellis Pharmaceuticals, Inc.†		47,684		2,296,938
Arena Pharmaceuticals, Inc.†		28,985		2,328,945
ChemoCentryx, Inc.†		48,262		3,274,094
Iovance Biotherapeutics, Inc.†		61,134		2,280,298
Kodiak Sciences, Inc.†#		12,456		1,606,949
PTC Therapeutics, Inc.†		61,872		3,532,891
Sage Therapeutics, Inc.†		36,401		3,094,085
				20,646,336
Medical - Drugs — 2.9%
Jazz Pharmaceuticals PLC†		9,263		1,556,555
PRA Health Sciences, Inc.†		26,537		3,911,819
Reata Pharmaceuticals, Inc., Class A†#		23,290		2,847,435
				8,315,809
Medical - HMO — 0.8%
Molina Healthcare, Inc.†		10,692		2,317,598
Medical - Outpatient/Home Medical — 2.0%
Amedisys, Inc.†		12,577		3,190,030
LHC Group, Inc.†		14,451		2,625,891
				5,815,921
Non-Hazardous Waste Disposal — 1.2%
GFL Environmental, Inc.#		111,035		3,444,306
Oil Companies - Exploration & Production — 0.1%
Cabot Oil & Gas Corp.		22,322		413,180
Physical Therapy/Rehabilitation Centers — 1.0%
Encompass Health Corp.		36,252		2,916,111
Real Estate Investment Trusts — 5.0%
Douglas Emmett, Inc.		41,071		1,345,075
Equity Commonwealth		46,476		1,311,088
Life Storage, Inc.		46,289		3,883,647
PS Business Parks, Inc.		6,755		978,529
Rexford Industrial Realty, Inc.		59,333		2,831,371
STORE Capital Corp.		115,807		3,872,586
				14,222,296
Real Estate Management/Services — 1.1%
Redfin Corp.†		39,801		3,014,528
Rental Auto/Equipment — 1.1%
AMERCO		5,505		3,163,834

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail - Automobile — 0.9%
CarMax, Inc.†		20,967		$	2,505,766
Semiconductor Equipment — 1.8%
MKS Instruments, Inc.		31,131			5,133,502
Telecommunication Equipment — 1.5%
CommScope Holding Co., Inc.†		297,081			4,334,412
Transport - Truck — 1.4%
Knight-Swift Transportation Holdings, Inc.		94,352			4,076,006
Web Hosting/Design — 1.1%
Q2 Holdings, Inc.†#		25,456			3,102,577
Total Long-Term Investment Securities (cost $219,706,199)					286,839,840
SHORT-TERM INVESTMENT SECURITIES — 0.2%
Registered Investment Companies — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio 0.05%(1)(2) (cost $654,738)		654,738			654,738
REPURCHASE AGREEMENTS — 0.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount of $425,000 and collateralized by $417,300 of United States Treasury Notes, bearing interest at 1.50% due 11/30/2024 and having an approximate value of $433,566 (cost $425,000)	$	425,000			425,000
TOTAL INVESTMENTS
(cost $220,785,937)(3)		100.4	%		287,919,578
Liabilities in excess of other assets		(0.4	)		(1,111,994	)
NET ASSETS		100.0	%	$	286,807,584

† Non-income producing security

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

(1) At February 28, 2021, the Fund had loaned securities with a total value of $13,064,882. This was secured by collateral of $654,738, which was received in cash and subsequently invested in short-term investments currently valued at $654,738 as reported in the Portfolio of Investments. Additional collateral of $12,530,122 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of February 28, 2021
Federal Home Loan Mtg. Corp.	1.00% to 3.50%	02/01/2036 to 11/01/2050	$	1,130,397
Federal National Mtg. Assoc.	1.24% to 4.50%	07/25/2030 to 09/01/2050		2,674,990
Government National Mtg. Assoc.	1.00% to 2.70%	09/20/2046 to 05/16/2053		529,709
United States Treasury Bills	0.00%	03/18/2021 to 07/29/2021		505,520
United States Treasury Notes/Bonds	0.13% to 8.13%	03/15/2021 to 08/15/2050		7,689,506

(2) The rate shown is the 7-day yield as of February 28, 2021.

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

64

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	286,839,840	$	—	$	—	$	286,839,840
Short-Term Investment Securities		654,738		—		—		654,738
Repurchase Agreements		—		425,000		—		425,000
Total Investments at Value	$	287,494,578	$	425,000	$	—	$	287,919,578

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

See Notes to Financial Statements

65

VALIC Company II Mid Cap Value Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	7.7	%
Banks — Commercial	6.3
Electric — Integrated	3.2
Banks — Super Regional	3.1
Insurance — Property/Casualty	2.9
Chemicals — Diversified	2.4
Diversified Manufacturing Operations	2.3
Machinery — Pumps	2.2
Computer Services	2.1
Insurance — Life/Health	2.1
Auto/Truck Parts & Equipment — Original	2.0
Oil Companies — Exploration & Production	1.8
Medical Labs & Testing Services	1.7
Medical — HMO	1.7
Hotels/Motels	1.6
Electronic Components — Semiconductors	1.5
Aerospace/Defense — Equipment	1.5
Semiconductor Equipment	1.3
Oil Refining & Marketing	1.3
Oil — Field Services	1.3
Apparel Manufacturers	1.3
Medical — Hospitals	1.2
Steel — Producers	1.2
Insurance — Reinsurance	1.2
Investment Management/Advisor Services	1.1
Retail — Restaurants	1.1
Medical Products	1.0
Building Products — Doors & Windows	1.0
Food — Wholesale/Distribution	1.0
Chemicals — Specialty	0.9
Computers — Other	0.9
Casino Hotels	0.9
Finance — Consumer Loans	0.9
Electronic Connectors	0.9
Electric Products — Misc.	0.8
Hazardous Waste Disposal	0.8
Airlines	0.8
Machinery — Electrical	0.8
Machinery — General Industrial	0.8
Human Resources	0.8
Medical Instruments	0.8
Physical Therapy/Rehabilitation Centers	0.8
Industrial Automated/Robotic	0.7
Publishing — Newspapers	0.7
Containers — Metal/Glass	0.7
Metal Processors & Fabrication	0.7
Auto — Heavy Duty Trucks	0.7
Savings & Loans/Thrifts	0.6
Registered Investment Companies	0.6
Retail — Apparel/Shoe	0.6
Finance — Credit Card	0.6
Machine Tools & Related Products	0.6
Insurance — Multi-line	0.6
Internet Infrastructure Software	0.6
Semiconductor Components — Integrated Circuits	0.6
Building — Residential/Commercial	0.6
Building Products — Cement	0.6
Insurance Brokers	0.6
Retail — Auto Parts	0.5
Commercial Services — Finance	0.5
Finance — Leasing Companies	0.5
Footwear & Related Apparel	0.5
Food — Baking	0.5
Appliances	0.5
Financial Guarantee Insurance	0.5
Food — Misc./Diversified	0.5
Home Furnishings	0.5
Computers — Memory Devices	0.5
Agricultural Biotech	0.5

Textile — Home Furnishings	0.4
Resorts/Theme Parks	0.4
Machinery — Construction & Mining	0.4
Telecom Equipment — Fiber Optics	0.4
Beverages-Non — alcoholic	0.4
Motorcycle/Motor Scooter	0.4
E-Commerce/Products	0.4
Batteries/Battery Systems	0.4
Diagnostic Equipment	0.4
Lasers — System/Components	0.4
Medical Information Systems	0.4
Transport — Rail	0.4
Dental Supplies & Equipment	0.4
Transport — Truck	0.4
Electronic Components — Misc.	0.4
Building & Construction Products — Misc.	0.4
Medical — Wholesale Drug Distribution	0.3
Aerospace/Defense	0.3
E-Commerce/Services	0.3
Building — Heavy Construction	0.3
Retail — Perfume & Cosmetics	0.3
Agricultural Chemicals	0.3
Office Automation & Equipment	0.3
Theaters	0.3
Cable/Satellite TV	0.3
Enterprise Software/Service	0.3
Toys	0.3
Shipbuilding	0.3
Miscellaneous Manufacturing	0.3
Building — Mobile Home/Manufactured Housing	0.3
Distribution/Wholesale	0.3
Building Products — Wood	0.3
Office Supplies & Forms	0.2
Oil & Gas Drilling	0.2
Transport — Services	0.2
Banks — Fiduciary	0.2
Cruise Lines	0.2
Internet Content — Information/News	0.2
Medical — Drugs	0.2
Oil — U.S. Royalty Trusts	0.2
Retail — Discount	0.2
Retail — Consumer Electronics	0.2
Gambling (Non-Hotel)	0.1
Repurchase Agreements	0.1
	100.0	%

* Calculated as a percentage of net assets

66

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Aerospace/Defense — 0.3%
General Dynamics Corp.		18,842	$	3,080,102
Aerospace/Defense - Equipment — 1.5%
Hexcel Corp.		59,442		3,195,602
Howmet Aerospace, Inc.		160,145		4,501,676
L3Harris Technologies, Inc.		19,153		3,484,122
Moog, Inc., Class A		30,042		2,333,062
				13,514,462
Agricultural Biotech — 0.5%
Corteva, Inc.		89,481		4,040,067
Agricultural Chemicals — 0.3%
Mosaic Co.		91,531		2,691,011
Airlines — 0.8%
Alaska Air Group, Inc.		57,334		3,727,856
Southwest Airlines Co.		61,013		3,546,686
				7,274,542
Apparel Manufacturers — 1.3%
Carter’s, Inc.#		49,224		4,108,727
Columbia Sportswear Co.		35,483		3,657,233
Urban Outfitters, Inc.†		104,631		3,546,991
				11,312,951
Appliances — 0.5%
Whirlpool Corp.		22,470		4,271,098
Auto - Heavy Duty Trucks — 0.7%
Cummins, Inc.		12,944		3,277,421
PACCAR, Inc.		28,476		2,591,031
				5,868,452
Auto/Truck Parts & Equipment - Original — 2.0%
Allison Transmission Holdings, Inc.		79,277		3,006,184
Gentex Corp.		215,124		7,611,087
Lear Corp.		17,508		2,907,904
Meritor, Inc.†		133,932		4,067,515
				17,592,690
Banks - Commercial — 6.3%
Atlantic Union Bankshares Corp.		182,796		6,714,097
BancorpSouth Bank		162,720		4,891,363
East West Bancorp, Inc.		81,779		5,901,173
South State Corp.		90,767		7,157,886
Synovus Financial Corp.		175,717		7,434,586
Truist Financial Corp.		122,904		7,000,612
Western Alliance Bancorp		97,647		8,935,677
Zions Bancorp NA		146,409		7,784,566
				55,819,960
Banks - Fiduciary — 0.2%
State Street Corp.		25,538		1,858,400
Banks-Super Regional — 3.1%
Fifth Third Bancorp		286,923		9,953,359
Huntington Bancshares, Inc.		622,641		9,551,313
KeyCorp		384,758		7,749,026
				27,253,698
Batteries/Battery Systems — 0.4%
EnerSys		39,946		3,606,325
Beverages - Non-alcoholic — 0.4%
Coca-Cola European Partners PLC		76,285		3,886,721
Building & Construction Products - Misc. — 0.4%
Owens Corning		40,504		3,281,634

Security Description	Shares		Value (Note 2)
Building Products - Cement — 0.6%
Buzzi Unicem SpA		89,802	$	2,269,946
Eagle Materials, Inc.		21,637		2,712,847
				4,982,793
Building Products - Doors & Windows — 1.0%
JELD-WEN Holding, Inc.†		199,275		5,908,504
PGT Innovations, Inc.†		133,411		3,147,165
				9,055,669
Building Products - Wood — 0.3%
Masco Corp.		42,514		2,262,595
Building - Heavy Construction — 0.3%
MasTec, Inc.†		32,955		2,858,846
Building - Mobile Home/Manufactured Housing — 0.3%
Thor Industries, Inc.		19,690		2,304,911
Building - Residential/Commercial — 0.6%
Lennar Corp., Class A		61,238		5,080,917
Cable/Satellite TV — 0.3%
Altice USA, Inc., Class A†		76,685		2,577,383
Casino Hotels — 0.9%
Boyd Gaming Corp.†		61,225		3,593,908
Las Vegas Sands Corp.		42,645		2,669,577
Wynn Resorts, Ltd.		13,410		1,766,499
				8,029,984
Chemicals - Diversified — 2.4%
Celanese Corp.		51,301		7,126,222
DuPont de Nemours, Inc.		53,144		3,737,086
FMC Corp.		85,433		8,687,682
PPG Industries, Inc.		16,699		2,251,359
				21,802,349
Chemicals - Specialty — 0.9%
Ingevity Corp.†		27,859		1,935,643
Rogers Corp.†		23,979		4,351,709
Valvoline, Inc.		81,059		2,023,233
				8,310,585
Commercial Services - Finance — 0.5%
EVERTEC, Inc.		63,970		2,488,433
H&R Block, Inc.		112,676		2,166,760
				4,655,193
Computer Services — 2.1%
Amdocs, Ltd.		93,141		7,061,020
Leidos Holdings, Inc.		95,347		8,433,442
Science Applications International Corp.		38,109		3,282,328
				18,776,790
Computers - Memory Devices — 0.5%
Western Digital Corp.		59,207		4,057,456
Computers - Other — 0.9%
Lumentum Holdings, Inc.†		91,603		8,244,270
Containers - Metal/Glass — 0.7%
Crown Holdings, Inc.†		63,583		6,075,992
Cruise Lines — 0.2%
Norwegian Cruise Line Holdings, Ltd.†		61,670		1,822,965
Dental Supplies & Equipment — 0.4%
DENTSPLY SIRONA, Inc.		65,352		3,468,231
Diagnostic Equipment — 0.4%
Avantor, Inc.†		129,395		3,606,239

67

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Distribution/Wholesale — 0.3%
LKQ Corp.†		57,964	$	2,283,202
Diversified Manufacturing Operations — 2.3%
Eaton Corp. PLC		49,981		6,507,026
ITT, Inc.		53,887		4,471,543
Parker-Hannifin Corp.		17,608		5,052,792
Textron, Inc.		94,593		4,761,812
				20,793,173
E-Commerce/Products — 0.4%
eBay, Inc.		65,515		3,696,356
E-Commerce/Services — 0.3%
Expedia Group, Inc.		17,844		2,872,884
Electric Products - Misc. — 0.8%
AMETEK, Inc.		63,600		7,502,892
Electric - Integrated — 3.2%
Alliant Energy Corp.		64,702		2,986,644
American Electric Power Co., Inc.		24,506		1,834,274
CenterPoint Energy, Inc.		262,757		5,107,996
DTE Energy Co.		26,010		3,061,897
Edison International		72,835		3,932,362
Entergy Corp.		33,200		2,882,092
Evergy, Inc.		72,866		3,907,804
PG&E Corp.†		170,279		1,789,632
Portland General Electric Co.		77,498		3,267,316
				28,770,017
Electronic Components - Misc. — 0.4%
Flex, Ltd.†		101,700		1,849,923
Hubbell, Inc.		8,462		1,502,090
				3,352,013
Electronic Components - Semiconductors — 1.5%
ON Semiconductor Corp.†		95,638		3,851,342
Qorvo, Inc.†		39,645		6,927,171
Tower Semiconductor, Ltd.†		97,157		2,855,444
				13,633,957
Electronic Connectors — 0.9%
TE Connectivity, Ltd.		58,810		7,647,064
Enterprise Software/Service — 0.3%
SS&C Technologies Holdings, Inc.		38,189		2,531,167
Finance - Consumer Loans — 0.9%
SLM Corp.		376,598		5,946,482
Synchrony Financial		52,460		2,029,153
				7,975,635
Finance - Credit Card — 0.6%
Discover Financial Services		58,604		5,512,878
Finance - Leasing Companies — 0.5%
AerCap Holdings NV†		95,627		4,607,309
Financial Guarantee Insurance — 0.5%
MGIC Investment Corp.		345,198		4,204,512
Food - Baking — 0.5%
Hostess Brands, Inc.†		316,789		4,558,594
Food - Misc./Diversified — 0.5%
Nomad Foods, Ltd.†		72,891		1,721,686
Simply Good Foods Co.†		84,208		2,456,347
				4,178,033
Food - Wholesale/Distribution — 1.0%
US Foods Holding Corp.†		235,923		8,601,753

Security Description	Shares		Value (Note 2)
Footwear & Related Apparel — 0.5%
Steven Madden, Ltd.		124,180	$	4,593,418
Gambling (Non-Hotel) — 0.1%
International Game Technology PLC#		53,039		970,083
Hazardous Waste Disposal — 0.8%
Clean Harbors, Inc.†		85,803		7,306,126
Home Furnishings — 0.5%
Leggett & Platt, Inc.		61,746		2,671,749
Tempur Sealy International, Inc.		41,528		1,387,451
				4,059,200
Hotels/Motels — 1.6%
Marriott International, Inc., Class A		20,405		3,021,368
Travel + Leisure Co.†		44,299		2,676,989
Wyndham Hotels & Resorts, Inc.		136,989		8,942,642
				14,640,999
Human Resources — 0.8%
ASGN, Inc.†		37,762		3,510,733
Robert Half International, Inc.		46,379		3,607,823
				7,118,556
Independent Power Producers — 0.0%
Vistra Corp.		5,673		97,859
Industrial Automated/Robotic — 0.7%
Colfax Corp.†		151,257		6,708,248
Insurance Brokers — 0.6%
Aon PLC, Class A		15,436		3,514,931
Willis Towers Watson PLC		6,534		1,441,662
				4,956,593
Insurance - Life/Health — 2.1%
Aflac, Inc.		39,306		1,882,364
CNO Financial Group, Inc.		264,908		6,373,687
Globe Life, Inc.		30,666		2,864,204
Voya Financial, Inc.		124,989		7,534,337
				18,654,592
Insurance - Multi-line — 0.6%
Kemper Corp.		71,739		5,424,903
Insurance - Property/Casualty — 2.9%
Alleghany Corp.		14,715		9,512,217
Assurant, Inc.		48,730		6,004,511
Hanover Insurance Group, Inc.		52,544		6,060,950
Lancashire Holdings, Ltd.		246,478		2,111,868
Travelers Cos., Inc.		13,907		2,023,469
				25,713,015
Insurance - Reinsurance — 1.2%
Essent Group, Ltd.		48,376		1,994,542
Everest Re Group, Ltd.		16,815		4,066,035
Reinsurance Group of America, Inc.		19,894		2,431,644
RenaissanceRe Holdings, Ltd.		11,614		1,939,306
				10,431,527
Internet Content - Information/News — 0.2%
Yelp, Inc.†		46,986		1,771,842
Internet Infrastructure Software — 0.6%
F5 Networks, Inc.†		27,807		5,282,774
Investment Management/Advisor Services — 1.1%
Ameriprise Financial, Inc.		42,597		9,424,160
Lasers - System/Components — 0.4%
Coherent, Inc.†		14,743		3,566,921

68

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machine Tools & Related Products — 0.6%
Kennametal, Inc.		145,209	$	5,425,008
Machinery - Construction & Mining — 0.4%
Oshkosh Corp.		37,243		3,947,758
Machinery - Electrical — 0.8%
BWX Technologies, Inc.		56,943		3,303,264
Regal Beloit Corp.		13,172		1,800,217
Vertiv Holdings Co.		102,882		2,153,320
				7,256,801
Machinery - General Industrial — 0.8%
Altra Industrial Motion Corp.		45,890		2,657,949
Middleby Corp.†		30,648		4,487,174
				7,145,123
Machinery - Pumps — 2.2%
Curtiss-Wright Corp.		19,934		2,202,508
Dover Corp.		53,540		6,599,340
Ingersoll Rand, Inc.†		107,674		4,989,613
SPX FLOW, Inc.†		100,328		6,176,192
				19,967,653
Medical Information Systems — 0.4%
Change Healthcare, Inc.†		155,963		3,566,874
Medical Instruments — 0.8%
Boston Scientific Corp.†		45,538		1,765,964
Integra LifeSciences Holdings Corp.†		78,289		5,350,270
				7,116,234
Medical Labs & Testing Services — 1.7%
ICON PLC†		15,171		2,741,096
IQVIA Holdings, Inc.†		13,680		2,637,367
Laboratory Corp. of America Holdings†		9,178		2,201,894
PPD, Inc.†		55,775		1,955,472
Syneos Health, Inc.†		74,474		5,760,564
				15,296,393
Medical Products — 1.0%
Hill-Rom Holdings, Inc.		37,955		4,048,660
Zimmer Biomet Holdings, Inc.		31,075		5,067,089
				9,115,749
Medical - Drugs — 0.2%
Jazz Pharmaceuticals PLC†		10,155		1,706,446
Medical - HMO — 1.7%
Centene Corp.†		54,389		3,183,932
Humana, Inc.		11,462		4,351,548
Molina Healthcare, Inc.†		33,238		7,204,669
				14,740,149
Medical - Hospitals — 1.2%
Acadia Healthcare Co., Inc.†		65,795		3,634,516
HCA Healthcare, Inc.		15,898		2,734,933
Universal Health Services, Inc., Class B		36,062		4,519,650
				10,889,099
Medical - Wholesale Drug Distribution — 0.3%
AmerisourceBergen Corp.		30,473		3,084,477
Metal Processors & Fabrication — 0.7%
Rexnord Corp.		133,351		5,994,128
Miscellaneous Manufacturing — 0.3%
John Bean Technologies Corp.		16,604		2,450,252

Security Description	Shares		Value (Note 2)
Motorcycle/Motor Scooter — 0.4%
Harley-Davidson, Inc.		107,243	$	3,825,358
Office Automation & Equipment — 0.3%
Xerox Holdings Corp.		103,877		2,646,786
Office Supplies & Forms — 0.2%
Avery Dennison Corp.		12,638		2,214,304
Oil & Gas Drilling — 0.2%
Helmerich & Payne, Inc.		76,226		2,189,973
Oil Companies - Exploration & Production — 1.8%
ConocoPhillips		90,071		4,684,593
Diamondback Energy, Inc.		104,087		7,211,147
Pioneer Natural Resources Co.		25,867		3,843,060
				15,738,800
Oil Refining & Marketing — 1.3%
Delek US Holdings, Inc.		119,275		2,929,394
HollyFrontier Corp.		61,736		2,338,559
Marathon Petroleum Corp.		74,740		4,082,299
Valero Energy Corp.		31,607		2,433,107
				11,783,359
Oil - Field Services — 1.3%
ChampionX Corp.†		142,912		3,039,738
Halliburton Co.		114,756		2,505,123
Schlumberger NV		210,239		5,867,771
				11,412,632
Oil - U.S. Royalty Trusts — 0.2%
Viper Energy Partners LP		96,065		1,506,299
Physical Therapy/Rehabilitation Centers — 0.8%
Encompass Health Corp.		84,084		6,763,717
Publishing - Newspapers — 0.7%
TEGNA, Inc.		344,881		6,287,181
Real Estate Investment Trusts — 7.7%
American Assets Trust, Inc.		105,153		3,268,155
American Campus Communities, Inc.		87,641		3,589,775
American Homes 4 Rent, Class A		80,102		2,494,376
Americold Realty Trust#		113,536		3,978,302
Cousins Properties, Inc.		80,058		2,685,145
CyrusOne, Inc.		33,737		2,214,159
Duke Realty Corp.		97,952		3,844,616
Equity Residential		60,640		3,966,462
Essential Properties Realty Trust, Inc.		277,114		6,429,045
Essex Property Trust, Inc.		11,508		2,932,123
First Industrial Realty Trust, Inc.		70,104		2,994,142
Gaming and Leisure Properties, Inc.		160,467		7,124,735
Healthpeak Properties, Inc.		81,476		2,370,137
Host Hotels & Resorts, Inc.		148,603		2,465,324
Kilroy Realty Corp.		39,876		2,530,531
Lamar Advertising Co., Class A		22,761		1,970,875
Life Storage, Inc.		36,706		3,079,633
Regency Centers Corp.		68,439		3,749,089
Ryman Hospitality Properties, Inc.		30,162		2,331,221
Welltower, Inc.		62,272		4,228,269
				68,246,114
Resort/Theme Parks — 0.4%
Six Flags Entertainment Corp.		89,174		3,977,160
Retail - Apparel/Shoe — 0.6%
Foot Locker, Inc.		55,169		2,653,077
Ross Stores, Inc.		25,191		2,938,278
				5,591,355

69

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Auto Parts — 0.5%
AutoZone, Inc.†		4,084	$	4,737,113
Retail - Consumer Electronics — 0.2%
Best Buy Co., Inc.		13,822		1,387,038
Retail - Discount — 0.2%
Dollar Tree, Inc.†		14,556		1,429,399
Retail - Perfume & Cosmetics — 0.3%
Ulta Beauty, Inc.†		8,573		2,763,335
Retail - Restaurants — 1.1%
Bloomin’ Brands, Inc.		167,678		4,165,122
Darden Restaurants, Inc.		17,255		2,369,629
Denny’s Corp.†		162,400		2,850,120
				9,384,871
Savings & Loans/Thrifts — 0.6%
Sterling Bancorp		266,242		5,812,063
Semiconductor Components - Integrated Circuits — 0.6%
NXP Semiconductors NV		28,241		5,155,395
Semiconductor Equipment — 1.3%
KLA Corp.		9,633		2,998,079
MKS Instruments, Inc.		38,799		6,397,955
Onto Innovation, Inc.†		42,572		2,659,047
				12,055,081
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		13,999		2,462,564
Steel - Producers — 1.2%
Reliance Steel & Aluminum Co.		48,752		6,445,014
Steel Dynamics, Inc.		100,668		4,185,776
				10,630,790
Telecom Equipment - Fiber Optics — 0.4%
Ciena Corp.†		74,885		3,906,750
Textile - Home Furnishings — 0.4%
Mohawk Industries, Inc.†		23,059		4,035,094
Theaters — 0.3%
Live Nation Entertainment, Inc.†#		29,085		2,584,493
Toys — 0.3%
Hasbro, Inc.		26,796		2,511,053
Transport - Rail — 0.4%
Kansas City Southern		16,466		3,496,390
Transport - Services — 0.2%
Expeditors International of Washington, Inc.		20,506		1,883,271
Transport - Truck — 0.4%
Knight-Swift Transportation Holdings, Inc.		80,089		3,459,846
Total Long-Term Investment Securities
(cost $674,681,938)				884,347,264
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.6%
State Street Institutional Liquid Reserves Fund, Administration Class 0.00%(1) (cost $5,640,762)		5,639,635		5,640,762

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount of $570,000 and collateralized by $543,400 of United States Treasury Notes, bearing interest at 2.25% due 11/15/2024 and having an approximate value of $581,457 (cost $570,000)	$	570,000		$	570,000
TOTAL INVESTMENTS
(cost $680,892,700)(2)		100.0	%		890,558,026
Other assets less liabilities		0.0			27,476
NET ASSETS		100.0	%	$	890,585,502

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

At February 28, 2021, the Fund had loaned securities with a total value of $7,124,715. This was secured by collateral of $7,360,282, received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of February 28, 2021
Federal Home Loan Mtg. Corp.	1.00% to 3.50%	02/01/2036 to 11/01/2050		149,585
Federal National Mtg. Assoc.	1.24% to 4.50%	07/25/2030 to 09/01/2050		353,980
Government National Mtg. Assoc.	1.00% to 2.70%	09/20/2046 to 05/16/2053		70,096
United States Cash Management Bills	0.00%	06/01/2021		64,027
United States Treasury Bills	0.00%	04/08/2021 to 12/30/2021		841,754
United States Treasury Notes/Bonds	0.07% to 8.13%	03/15/2021 to 11/15/2050		5,880,840

† Non-income producing security

(1) The rate shown is the 7-day yield as of February 28, 2021.

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

70

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	884,347,264	$	—	$	—	$	884,347,264
Short-Term Investment Securities		5,640,762		—		—		5,640,762
Repurchase Agreements		—		570,000		—		570,000
Total Investments at Value	$	889,988,026	$	570,000	$	—	$	890,558,026

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

See Notes to Financial Statements

71

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	50.5	%
Domestic Fixed Income Investment Companies	28.3
International Equity Investment Companies	15.9
International Fixed Income Investment Companies	2.9
Real Estate Investment Companies	2.1
Domestic Money Market Investment Companies	0.3
	100.0	%

* Calculated as a percentage of net assets

72

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 50.5%
VALIC Co. I Blue Chip Growth Fund		1,703	$	44,840
VALIC Co. I Dividend Value Fund		6,704,847		81,866,187
VALIC Co. I Large Cap Core Fund		916,483		13,793,065
VALIC Co. I Large Capital Growth Fund		1,303,470		27,685,698
VALIC Co. I Mid Cap Index Fund		976,608		28,936,904
VALIC Co. I Mid Cap Strategic Growth Fund		751,123		17,711,469
VALIC Co. I Nasdaq-100® Index Fund		623,428		15,423,602
VALIC Co. I Science & Technology Fund		334,942		14,740,812
VALIC Co. I Small Cap Index Fund		798,103		19,114,579
VALIC Co. I Small Cap Special Values Fund		1,074,217		14,254,862
VALIC Co. I Stock Index Fund		1,873,050		95,375,723
VALIC Co. I Value Fund		1,181,031		22,746,664
VALIC Co. II Capital Appreciation Fund		1,843,913		37,468,314
VALIC Co. II Large Cap Value Fund		2,812,637		65,253,186
VALIC Co. II Mid Cap Growth Fund		1,091,096		15,209,879
VALIC Co. II Mid Cap Value Fund		3,110,877		62,279,764
VALIC Co. II Small Cap Growth Fund		428,661		11,659,581
VALIC Co. II Small Cap Value Fund		1,199,153		16,860,095
Total Domestic Equity Investment Companies
(cost $449,143,451)				560,425,224
Domestic Fixed Income Investment Companies — 28.3%
VALIC Co. I Capital Conservation Fund		2,374,231		25,095,618
VALIC Co. I Government Securities Fund		834,906		9,217,359
VALIC Co. I Inflation Protected Fund		5,199,688		61,980,282
VALIC Co. II Core Bond Fund		8,418,826		100,604,973
VALIC Co. II High Yield Bond Fund		4,054,633		31,950,510
VALIC Co. II Strategic Bond Fund		7,297,564		85,746,372
Total Domestic Fixed Income Investment Companies
(cost $297,969,114)				314,595,114
Domestic Money Market Investment Companies — 0.3%
VALIC Co. I Government Money Market I Fund(2) (cost $2,918,495)		2,918,495		2,918,495

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 15.9%
VALIC Co. I Emerging Economies Fund		4,401,084		$	46,871,539
VALIC Co. I International Equities Index Fund		7,648,505			59,811,311
VALIC Co. I International Growth Fund		483,919			8,560,531
VALIC Co. I International Value Fund		2,274,863			23,840,568
VALIC Co. II International Opportunities Fund		1,623,254			37,610,785
Total International Equity Investment Companies
(cost $152,741,912)					176,694,734
International Fixed Income Investment Companies — 2.9%
VALIC Co. I International Government Bond Fund (cost $29,762,087)		2,533,110			32,575,797
Real Estate Investment Companies — 2.1%
VALIC Co. I Global Real Estate Fund (cost $22,737,846)		2,943,599			23,342,739
TOTAL INVESTMENTS
(cost $955,272,905)(3)		100.0	%		1,110,552,103
Liabilities in excess of other assets		(0.0	)		(180,787	)
NET ASSETS		100.0	%	$	1,110,371,316

# 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) The 7-day yield as of February 28, 2021 is 0.01%.

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

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	1,110,552,103	$	—	$	—	$	1,110,552,103

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

See Notes to Financial Statements

73

VALIC Company II Small Cap Growth Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	15.5	%
Enterprise Software/Service	5.1
Applications Software	4.6
Medical Products	3.3
Electronic Components — Semiconductors	3.0
Energy — Alternate Sources	2.9
Building & Construction Products — Misc.	2.7
Semiconductor Equipment	2.6
Retail — Automobile	2.1
Steel Pipe & Tube	2.0
Diagnostic Kits	1.9
Computer Software	1.9
Diversified Manufacturing Operations	1.9
Retail — Pet Food & Supplies	1.8
Electronic Measurement Instruments	1.6
Casino Hotels	1.5
Miscellaneous Manufacturing	1.5
Transport — Truck	1.5
Food — Wholesale/Distribution	1.4
Retail — Restaurants	1.3
Retail — Vision Service Center	1.3
Machinery — Electrical	1.3
Consumer Products — Misc.	1.2
Electric Products — Misc.	1.1
Drug Delivery Systems	1.1
Distribution/Wholesale	1.1
Registered Investment Companies	1.1
E-Commerce/Services	1.1
Building — Mobile Home/Manufactured Housing	1.1
Internet Application Software	1.1
Computer Services	1.1
Tools — Hand Held	1.0
Publishing — Newspapers	1.0
Computer Data Security	1.0
Finance — Investment Banker/Broker	1.0
Machinery — General Industrial	1.0
Medical — Outpatient/Home Medical	1.0
Auto/Truck Parts & Equipment — Original	1.0
Real Estate Investment Trusts	0.9
Medical — Generic Drugs	0.9
Retail — Discount	0.9
E-Commerce/Products	0.9
Medical Information Systems	0.9
Machinery — Pumps	0.9
Retail — Floor Coverings	0.9
Medical — Drugs	0.9
Recreational Centers	0.8
Banks — Commercial	0.8
Commercial Services — Finance	0.8
Medical — Hospitals	0.8
Physicians Practice Management	0.8
Racetracks	0.8
Casino Services	0.7
Web Hosting/Design	0.7
Investment Management/Advisor Services	0.7
Commercial Services	0.7
Food — Retail	0.7
Audio/Video Products	0.7
Medical Labs & Testing Services	0.6
Finance — Credit Card	0.6
Building — Residential/Commercial	0.6
Telecom Equipment — Fiber Optics	0.5
Schools	0.5
Finance — Leasing Companies	0.5
Therapeutics	0.4
Diagnostic Equipment	0.2
Software Tools	0.2
Consulting Services	0.1
	100.1	%

* Calculated as a percentage of net assets

74

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.0%
Applications Software — 4.6%
Duck Creek Technologies, Inc.†		58,789	$	2,780,720
Elastic NV†		22,204		2,983,996
JFrog, Ltd.†		26,144		1,398,443
Medallia, Inc.†		49,284		1,989,595
Outset Medical, Inc.†		21,374		1,064,211
Smartsheet, Inc., Class A†		43,810		3,033,842
Viant Technology, Inc., Class A†		10,669		529,076
				13,779,883
Audio/Video Products — 0.7%
Sonos, Inc.†		51,143		1,991,508
Auto/Truck Parts & Equipment-Original — 1.0%
Fox Factory Holding Corp.†		23,075		2,933,986
Banks-Commercial — 0.8%
First Financial Bankshares, Inc.		55,519		2,479,479
Building & Construction Products-Misc. — 2.7%
AZEK Co., Inc.†		50,283		2,217,983
Simpson Manufacturing Co., Inc.		30,663		2,988,416
Trex Co., Inc.†#		30,704		2,813,715
				8,020,114
Building-Mobile Home/Manufactured Housing — 1.1%
Winnebago Industries, Inc.		45,869		3,192,482
Building-Residential/Commercial — 0.6%
Tri Pointe Homes, Inc.†#		88,578		1,682,982
Casino Hotels — 1.5%
Boyd Gaming Corp.†		78,245		4,592,982
Casino Services — 0.7%
Caesars Entertainment, Inc.†		23,232		2,170,798
Commercial Services — 0.7%
LiveRamp Holdings, Inc.†		32,351		2,043,289
Commercial Services-Finance — 0.8%
Avalara, Inc.†		6,681		1,048,516
Repay Holdings Corp.†		59,626		1,299,847
				2,348,363
Computer Data Security — 1.0%
CyberArk Software, Ltd.†		13,446		1,974,276
Ping Identity Holding Corp.†		46,138		1,081,014
				3,055,290
Computer Services — 1.1%
Globant SA†		14,702		3,156,813
Computer Software — 1.9%
Bandwidth, Inc., Class A†		18,580		2,942,329
Envestnet, Inc.†		43,660		2,795,113
				5,737,442
Consulting Services — 0.1%
FTI Consulting, Inc.†		1,882		215,583
Consumer Products-Misc. — 1.2%
Helen of Troy, Ltd.†		16,683		3,616,874
Diagnostic Equipment — 0.2%
Adaptive Biotechnologies Corp.†		11,760		665,263
Diagnostic Kits — 1.9%
Natera, Inc.†		49,908		5,793,820
Distribution/Wholesale — 1.1%
SiteOne Landscape Supply, Inc.†		21,086		3,342,342

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 1.9%
Carlisle Cos., Inc.		14,369	$	2,087,097
ITT, Inc.		43,741		3,629,628
				5,716,725
Drug Delivery Systems — 1.1%
Heron Therapeutics, Inc.†#		80,972		1,463,974
Revance Therapeutics, Inc.†		73,259		1,923,781
				3,387,755
E-Commerce/Products — 0.9%
Leslie’s, Inc.†		33,958		824,500
RealReal, Inc.†		71,204		1,818,550
				2,643,050
E-Commerce/Services — 1.1%
Eventbrite, Inc., Class A†		71,245		1,415,638
MediaAlpha, Inc., Class A†		34,114		1,791,326
				3,206,964
Electric Products-Misc. — 1.1%
Littelfuse, Inc.		13,089		3,406,020
Electronic Components-Semiconductors — 3.0%
Cree, Inc.†		30,878		3,503,418
Inphi Corp.†		17,118		2,817,452
Semtech Corp.†		34,887		2,557,566
				8,878,436
Electronic Measurement Instruments — 1.6%
Itron, Inc.†		41,917		4,914,349
Energy-Alternate Sources — 2.9%
Array Technologies, Inc.†		20,316		753,317
Enphase Energy, Inc.†		12,160		2,140,890
Plug Power, Inc.†		36,174		1,750,098
Shoals Technologies Group, Inc., Class A†		48,855		1,593,650
SolarEdge Technologies, Inc.†		7,997		2,385,585
				8,623,540
Enterprise Software/Service — 5.1%
Bill.com Holdings, Inc.†		7,289		1,202,758
Blackline, Inc.†		28,631		3,550,817
Cardlytics, Inc.†#		14,374		1,903,549
Everbridge, Inc.†		18,713		2,867,393
Evolent Health, Inc., Class A†		91,376		1,841,226
ManTech International Corp., Class A		30,951		2,419,130
Vertex, Inc., Class A†		50,305		1,546,879
				15,331,752
Finance-Credit Card — 0.6%
I3 Verticals, Inc., Class A†		51,310		1,703,492
Finance-Investment Banker/Broker — 1.0%
Evercore, Inc., Class A		25,439		3,046,829
Finance-Leasing Companies — 0.5%
PROG Holdings, Inc.		29,799		1,489,950
Food-Retail — 0.7%
Grocery Outlet Holding Corp.†		55,337		1,991,579
Food-Wholesale/Distribution — 1.4%
Performance Food Group Co.†		79,953		4,336,651
Internet Application Software — 1.1%
Anaplan, Inc.†		49,054		3,188,019
Investment Management/Advisor Services — 0.7%
Focus Financial Partners, Inc., Class A†		44,901		2,110,796

75

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-Electrical — 1.3%
Bloom Energy Corp., Class A†		70,788	$	2,019,581
Vertiv Holdings Co.		90,831		1,901,093
				3,920,674
Machinery-General Industrial — 1.0%
Applied Industrial Technologies, Inc.		35,266		3,010,658
Machinery-Pumps — 0.9%
Graco, Inc.		37,712		2,615,327
Medical Information Systems — 0.9%
1Life Healthcare, Inc.†		23,092		1,097,101
Oak Street Health, Inc.†		16,185		858,291
Signify Health, Inc., Class A		20,015		660,895
				2,616,287
Medical Labs & Testing Services — 0.6%
Personalis, Inc.†		59,155		1,823,749
Medical Products — 3.3%iRhythm Technologies, Inc.†		18,818		3,027,816
Nevro Corp.†		20,568		3,397,423
Shockwave Medical, Inc.†#		29,116		3,399,584
				11,648,572
Medical-Biomedical/Gene — 15.5%
ACADIA Pharmaceuticals, Inc.†		22,543		1,103,931
ADC Therapeutics SA†#		59,024		1,569,448
Allogene Therapeutics, Inc.†		24,581		853,206
Amicus Therapeutics, Inc.†		174,530		2,143,228
Arrowhead Pharmaceuticals, Inc.†		41,215		3,283,187
Atara Biotherapeutics, Inc.†		104,547		1,754,299
Avrobio, Inc.†		73,122		804,342
Berkeley Lights, Inc.†		16,419		1,017,485
Biohaven Pharmaceutical Holding Co., Ltd.†		32,616		2,771,708
Blueprint Medicines Corp.†		28,366		2,786,109
Bridgebio Pharma, Inc.†#		35,189		2,487,159
FibroGen, Inc.†		39,861		1,994,246
Generation Bio Co.†		20,868		728,711
Global Blood Therapeutics, Inc.†		18,503		788,228
Halozyme Therapeutics, Inc.†		95,832		4,336,398
Homology Medicines, Inc.†		49,384		530,384
Intercept Pharmaceuticals, Inc.†		18,947		410,392
Kronos Bio, Inc.†		36,849		1,071,200
Mirati Therapeutics, Inc.†		7,978		1,602,940
Orchard Therapeutics PLC ADR†#		68,478		477,292
REGENXBIO, Inc.†		44,995		1,840,745
Relay Therapeutics, Inc.†		36,933		1,524,225
REVOLUTION Medicines, Inc.†		31,455		1,436,864
Rubius Therapeutics, Inc.†		68,322		709,182
Sage Therapeutics, Inc.†		16,073		1,366,205
Sana Biotechnology, Inc.		32,835		1,009,348
Seer, Inc.†		21,170		1,021,029
Twist Bioscience Corp.†		27,869		3,835,889
Viela Bio, Inc.†		18,990		1,010,268
				46,267,648
Medical-Drugs — 0.9%
Alector, Inc.†		51,496		936,197
Clementia Pharmaceuticals, Inc. CVR†(1)		70,624		0
Coherus Biosciences, Inc.†		99,074		1,608,962
				2,545,159
Medical-Generic Drugs — 0.9%
Arvinas, Inc.†		35,006		2,740,970
Medical-Hospitals — 0.8%
Acadia Healthcare Co., Inc.†		42,173		2,329,637
Medical-Outpatient/Home Medical — 1.0%
Amedisys, Inc.†		11,627		2,949,072

Security Description	Shares		Value (Note 2)
Miscellaneous Manufacturing — 1.5%
John Bean Technologies Corp.		30,411	$	4,487,751
Physicians Practice Management — 0.8%
Accolade, Inc.†		51,857		2,298,302
Publishing-Newspapers — 1.0%
New York Times Co., Class A		60,282		3,084,630
Racetracks — 0.8%
Penn National Gaming, Inc.†		19,424		2,248,911
Real Estate Investment Trusts — 0.9%
CubeSmart		35,721		1,320,248
Terreno Realty Corp.		26,518		1,486,069
				2,806,317
Recreational Centers — 0.8%
Planet Fitness, Inc., Class A†		28,970		2,494,027
Retail-Automobile — 2.1%
Lithia Motors, Inc., Class A		11,162		4,174,030
Rush Enterprises, Inc., Class A		47,819		2,028,960
				6,202,990
Retail-Discount — 0.9%
BJ’s Wholesale Club Holdings, Inc.†		40,572		1,630,183
Ollie’s Bargain Outlet Holdings, Inc.†		13,208		1,092,037
				2,722,220
Retail-Floor Coverings — 0.9%
Floor & Decor Holdings, Inc., Class A†		27,124		2,579,221
Retail-Pet Food & Supplies — 1.8%
Freshpet, Inc.†		29,112		4,537,979
Petco Health & Wellness Co., Inc.†		43,585		868,649
				5,406,628
Retail-Restaurants — 1.3%
Texas Roadhouse, Inc.		44,300		4,025,984
Retail-Vision Service Center — 1.3%
National Vision Holdings, Inc.†		83,300		3,955,917
Schools — 0.5%
Bright Horizons Family Solutions, Inc.†		9,842		1,571,374
Semiconductor Equipment — 2.6%
Entegris, Inc.		36,370		3,826,488
MKS Instruments, Inc.		23,109		3,810,674
				7,637,162
Software Tools — 0.2%
Digital Turbine, Inc.†		6,935		572,623
Steel Pipe & Tube — 2.0%
Advanced Drainage Systems, Inc.		54,346		5,979,147
Telecom Equipment-Fiber Optics — 0.5%
Ciena Corp.†		30,842		1,609,027
Therapeutics — 0.4%
G1 Therapeutics, Inc.†#		48,472		1,071,231
Tools-Hand Held — 1.0%
MSA Safety, Inc.		19,207		3,092,135
Transport-Truck — 1.5%
Saia, Inc.†		22,162		4,444,146
Web Hosting/Design — 0.7%
Q2 Holdings, Inc.†		17,663		2,152,766
Total Long-Term Investment Securities
(cost $201,601,113)				295,881,713

76

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio 0.05%(2)(3) (cost $3,273,474)		3,273,474		$	3,273,474
TOTAL INVESTMENTS
(cost $204,874,587)(4)		100.1	%		299,155,187
Liabilities in excess of other assets		(0.1	)		(335,871	)
NET ASSETS		100.0	%	$	298,819,316

† 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) The rate shown is the 7-day yield as of February 28, 2021.

(3) At February 28, 2021, the Fund had loaned securities with a total value of $5,711,584. This was secured by collateral of $3,273,474, which was received in cash and subsequently invested in short-term investments currently valued at $3,273,474 as reported in the Portfolio of Investments. Additional collateral of $2,594,764 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of February 28, 2021
United States Treasury Notes/Bonds	0.13% to 6.88%	03/15/2021 to 08/15/2050	$	2,594,764

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	2,545,159	$	—	$	0	$	2,545,159
Other Industries		293,336,554		—		—		293,336,554
Short-Term Investment Securities		3,273,474		—		—		3,273,474
Total Investments at Value	$	299,155,187	$	—	$	0	$	299,155,187

* 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

77

VALIC Company II Small Cap Value Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*

Banks — Commercial	14.0	%
Real Estate Investment Trusts	9.1
Repurchase Agreements	3.9
Savings & Loans/Thrifts	2.5
Building — Heavy Construction	2.2
Medical — Biomedical/Gene	2.1
Oil Companies — Exploration & Production	2.1
Distribution/Wholesale	2.0
Oil — Field Services	1.9
Electronic Components — Misc.	1.9
Human Resources	1.8
Auto/Truck Parts & Equipment — Original	1.6
Investment Management/Advisor Services	1.4
Retail — Apparel/Shoe	1.2
Electric — Integrated	1.2
Energy — Alternate Sources	1.1
Building & Construction Products — Misc.	1.1
Rental Auto/Equipment	1.0
Paper & Related Products	1.0
Airlines	1.0
Aerospace/Defense — Equipment	1.0
Steel — Producers	1.0
Gas — Distribution	0.9
Retail — Regional Department Stores	0.9
Medical — Drugs	0.9
Financial Guarantee Insurance	0.8
Metal — Aluminum	0.8
Enterprise Software/Service	0.8
Transport — Truck	0.8
Machinery — Construction & Mining	0.8
Chemicals — Specialty	0.8
Medical — Hospitals	0.8
Home Furnishings	0.7
Coal	0.7
Retail — Restaurants	0.7
Independent Power Producers	0.7
Machinery — General Industrial	0.7
Building — Residential/Commercial	0.7
Retail — Automobile	0.7
Television	0.7
Insurance — Property/Casualty	0.7
Building & Construction — Misc.	0.7
Retail — Building Products	0.7
Insurance — Life/Health	0.7
Resorts/Theme Parks	0.6
Machinery — Electrical	0.6
Insurance — Reinsurance	0.6
Building — Maintenance & Services	0.6
Consumer Products — Misc.	0.6
Finance — Consumer Loans	0.5
Computer Services	0.5
Medical — Generic Drugs	0.5
Racetracks	0.5
Transport — Services	0.5
Engineering/R&D Services	0.5
Real Estate Management/Services	0.5
Finance — Investment Banker/Broker	0.5
Consulting Services	0.5
Finance — Mortgage Loan/Banker	0.5
Office Furnishings — Original	0.4
Publishing — Books	0.4
Electronic Components — Semiconductors	0.4
Cable/Satellite TV	0.4
Rubber — Tires	0.4
Oil Refining & Marketing	0.4
Semiconductor Equipment	0.4
Finance — Commercial	0.4
Medical Products	0.4
E-Commerce/Services	0.4

Theaters	0.4
Food — Wholesale/Distribution	0.4
Pastoral & Agricultural	0.4
Commercial Services	0.4
Chemicals — Diversified	0.4
Applications Software	0.3
Retail — Jewelry	0.3
Rubber/Plastic Products	0.3
Medical Information Systems	0.3
Apparel Manufacturers	0.3
Steel — Specialty	0.3
Office Supplies & Forms	0.3
Retail — Office Supplies	0.3
Transport — Marine	0.3
Retail — Bedding	0.3
Computers — Integrated Systems	0.3
Retail — Discount	0.3
Networking Products	0.3
Machinery — Farming	0.3
Registered Investment Companies	0.3
Travel Services	0.3
Diversified Manufacturing Operations	0.3
Casino Services	0.3
Food — Misc./Diversified	0.3
Containers — Metal/Glass	0.2
Precious Metals	0.2
Telecom Services	0.2
Metal Processors & Fabrication	0.2
Wireless Equipment	0.2
Auto — Truck Trailers	0.2
Medical — Wholesale Drug Distribution	0.2
Electronic Security Devices	0.2
Housewares	0.2
Printing — Commercial	0.2
Building Products — Wood	0.2
Power Converter/Supply Equipment	0.2
Casino Hotels	0.2
Computers — Other	0.2
Banks — Mortgage	0.2
Retail — Sporting Goods	0.2
Agricultural Operations	0.2
Internet Content — Information/News	0.2
Cosmetics & Toiletries	0.2
Publishing — Newspapers	0.2
Medical Labs & Testing Services	0.2
Finance — Leasing Companies	0.2
Machinery — Pumps	0.1
Electric — Distribution	0.1
Footwear & Related Apparel	0.1
Multimedia	0.1
Telecommunication Equipment	0.1
Transactional Software	0.1
X-Ray Equipment	0.1
Oil & Gas Drilling	0.1
Retail — Home Furnishings	0.1
Medical — Nursing Homes	0.1
Audio/Video Products	0.1
E-Marketing/Info	0.1
Containers — Paper/Plastic	0.1
Lasers — System/Components	0.1
Commercial Services — Finance	0.1
Food — Canned	0.1
Machinery — Material Handling	0.1
Medical Instruments	0.1
Retail — Arts & Crafts	0.1
Metal Products — Distribution	0.1
Night Clubs	0.1
Machinery — Thermal Process	0.1
Broadcast Services/Program	0.1

78

VALIC Company II Small Cap Value Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited) — (continued)

Industry Allocation* (continued)

Building Products — Doors & Windows	0.1	%
Advertising Services	0.1
Computer Data Security	0.1
Drug Delivery Systems	0.1
E-Commerce/Products	0.1
Computer Software	0.1
Satellite Telecom	0.1
Hazardous Waste Disposal	0.1
Retail — Drug Store	0.1
Auto — Heavy Duty Trucks	0.1
Dental Supplies & Equipment	0.1
	100.3%

* Calculated as a percentage of net assets

79

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.1%
Advertising Services — 0.1%
National CineMedia, Inc.		64,100	$	302,552
Aerospace/Defense - Equipment — 1.0%
AAR Corp.		38,100		1,515,618
Astronics Corp.†		63,600		1,004,880
Barnes Group, Inc.		15,600		816,660
Ducommun, Inc.†		2,700		146,880
Moog, Inc., Class A		9,300		722,238
Triumph Group, Inc.		25,500		371,535
				4,577,811
Agricultural Operations — 0.2%
Andersons, Inc.		5,800		151,612
Bunge, Ltd.		3,900		298,662
Fresh Del Monte Produce, Inc.		12,200		314,028
				764,302
Airlines — 1.0%
Allegiant Travel Co.		6,600		1,664,454
Hawaiian Holdings, Inc.		28,500		764,370
SkyWest, Inc.		28,000		1,578,360
Spirit Airlines, Inc.†		17,000		609,960
				4,617,144
Apparel Manufacturers — 0.3%
Deckers Outdoor Corp.†		3,000		978,330
Lakeland Industries, Inc.†		18,900		593,271
				1,571,601
Applications Software — 0.3%
BM Technologies, Inc.†		8,494		107,024
Cerence, Inc.†		7,600		845,272
IBEX Holdings, Ltd.†		30,600		673,506
				1,625,802
Audio/Video Products — 0.1%
Universal Electronics, Inc.†		8,200		477,158
Auto - Heavy Duty Trucks — 0.1%
Navistar International Corp.†		6,000		264,360
Auto - Truck Trailers — 0.2%
Wabash National Corp.		58,600		971,588
Auto/Truck Parts & Equipment - Original — 1.6%
Adient PLC†		50,600		1,876,248
American Axle & Manufacturing Holdings, Inc.†		50,400		492,408
Dana, Inc.		118,500		2,821,485
Gentherm, Inc.†		13,400		948,586
Meritor, Inc.†		36,500		1,108,505
Methode Electronics, Inc.		3,500		136,255
				7,383,487
Auto/Truck Parts & Equipment - Replacement — 0.0%
Douglas Dynamics, Inc.		3,900		187,902
Banks - Commercial — 14.0%
1st Source Corp.		13,020		577,697
Amalgamated Bank, Class A†		17,900		314,324
American National Bankshares, Inc.		600		18,600
Ameris Bancorp		20,100		957,564
Atlantic Capital Bancshares, Inc.†		8,100		164,835
Atlantic Union Bankshares Corp.		900		33,057
BancFirst Corp.		13,280		848,326
Bancorp, Inc.†		62,700		1,270,929
BancorpSouth Bank		8,300		249,498
Bank of Commerce Holdings		4,000		43,480
Bank of N.T. Butterfield & Son, Ltd.		15,400		561,946

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Banner Corp.		8,800	$	455,664
Bar Harbor Bankshares		16,600		464,634
Bridgewater Bancshares, Inc.†		20,200		291,890
Bryn Mawr Bank Corp.		3,300		124,839
Business First Bancshares, Inc.#		10,900		239,473
Cadence BanCorp		129,300		2,653,236
California Bancorp, Inc.†		6,600		101,772
Capital Bancorp, Inc.†		4,200		66,990
Capstar Financial Holdings, Inc.		10,300		166,963
Cathay General Bancorp		67,390		2,536,560
Central Pacific Financial Corp.		47,400		1,072,662
Central Valley Community Bancorp		5,800		102,486
Century Bancorp, Inc., Class A		418		37,892
Chemung Financial Corp.		1,000		35,210
CIT Group, Inc.		72,200		3,274,270
Citizens & Northern Corp.		1,500		31,380
City Holding Co.		6,800		511,428
Columbia Banking System, Inc.		23,900		1,058,531
Community Bank System, Inc.		13,380		952,522
Community Trust Bancorp, Inc.		17,418		711,699
ConnectOne Bancorp, Inc.		43,000		998,890
Customers Bancorp, Inc.†		56,900		1,523,782
Dime Community Bancshares, Inc.		9,972		293,277
East West Bancorp, Inc.		1,273		91,860
Enterprise Financial Services Corp.		22,400		963,200
Equity Bancshares, Inc., Class A†		10,300		267,800
Evans Bancorp, Inc.		2,700		87,480
Farmers National Banc Corp.		11,700		161,928
FB Financial Corp.		1,826		77,441
Financial Institutions, Inc.		22,000		602,360
First Bancorp		7,600		306,052
First BanCorp/Puerto Rico		229,200		2,404,308
First Business Financial Services, Inc.		6,100		135,420
First Choice Bancorp		7,000		138,530
First Citizens BancShares, Inc., Class A		690		509,144
First Commonwealth Financial Corp.		102,000		1,367,820
First Community Bankshares, Inc.		6,400		164,224
First Community Corp.		3,300		58,806
First Financial Corp.		4,700		199,186
First Hawaiian, Inc.		10,000		278,900
First Horizon Corp.		65,208		1,056,370
First Internet Bancorp		6,300		206,325
First Interstate BancSystem, Inc., Class A		7,170		325,661
First Merchants Corp.		17,500		735,875
First Midwest Bancorp, Inc.		19,300		381,754
First Northwest Bancorp		2,400		39,072
Flagstar Bancorp, Inc.		36,000		1,562,040
Fulton Financial Corp.		39,700		613,365
Glacier Bancorp, Inc.		6,300		341,460
Great Southern Bancorp, Inc.		18,000		950,220
Great Western Bancorp, Inc.		52,700		1,413,941
Hancock Whitney Corp.		55,421		2,092,143
Hanmi Financial Corp.		43,200		739,584
HBT Financial, Inc.		10,300		166,242
Heritage Commerce Corp.		6,900		65,619
Hilltop Holdings, Inc.		41,800		1,381,072
Home BancShares, Inc.		40,700		994,708
HomeStreet, Inc.		7,100		305,016
Hope Bancorp, Inc.		90,827		1,195,283
Independent Bank Corp.		20,500		423,735
Investar Holding Corp.		12,200		234,240
Kearny Financial Corp.		61,000		692,350
LCNB Corp.		5,800		98,426
Luther Burbank Corp.		26,500		270,565
Mercantile Bank Corp.		2,000		58,480

80

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Meridian Corp.		3,000	$	73,320
Meta Financial Group, Inc.		14,400		637,776
Metropolitan Bank Holding Corp.†		1,400		72,422
Midland States Bancorp, Inc.		3,500		85,750
Northrim BanCorp, Inc.		2,700		103,923
OFG Bancorp		15,800		305,098
Old National Bancorp		51,800		939,134
Old Second Bancorp, Inc.		11,400		136,458
OP Bancorp		13,500		124,065
Orrstown Financial Services, Inc.		5,800		112,984
PacWest Bancorp		5,135		186,092
Peapack-Gladstone Financial Corp.		13,700		376,887
Pinnacle Financial Partners, Inc.		5,200		422,084
Preferred Bank		1,900		110,105
Premier Financial Bancorp, Inc.		2,425		37,684
Premier Financial Corp.		13,320		408,391
Provident Bancorp, Inc.		18,000		220,500
RBB Bancorp		7,800		146,640
Renasant Corp.		1,500		58,920
Republic Bancorp, Inc., Class A		2,400		100,896
S&T Bancorp, Inc.		2,380		68,734
Sandy Spring Bancorp, Inc.		16,600		623,828
Select Bancorp, Inc.†		56,373		616,721
Shore Bancshares, Inc.		3,300		50,490
Sierra Bancorp		4,100		97,785
Tompkins Financial Corp.		2,348		181,571
TriCo Bancshares		5,000		215,350
TriState Capital Holdings, Inc.†		5,800		133,110
Trustmark Corp.		54,700		1,649,752
UMB Financial Corp.		23,560		1,987,757
Umpqua Holdings Corp.		94,514		1,613,354
United Bankshares, Inc.		32,500		1,200,875
United Community Banks, Inc.		45,500		1,504,230
Valley National Bancorp		4,920		60,270
Veritex Holdings, Inc.		29,022		843,960
Washington Trust Bancorp, Inc.		3,980		189,249
Webster Financial Corp.		11,800		652,658
West BanCorp, Inc.		1,330		30,364
Westamerica BanCorp		17,424		1,047,357
Western Alliance Bancorp		3,600		329,436
Western New England Bancorp, Inc.		6,900		55,269
Wintrust Financial Corp.		7,700		567,182
				65,282,742
Banks - Mortgage — 0.2%
Walker & Dunlop, Inc.		7,900		787,314
Broadcast Services/Program — 0.1%
Hemisphere Media Group, Inc.†		28,000		309,400
Building & Construction Products - Misc. — 1.1%
Builders FirstSource, Inc.†		74,550		3,225,406
Gibraltar Industries, Inc.†		5,800		506,630
Louisiana-Pacific Corp.		9,700		461,817
Summit Materials, Inc., Class A†		27,200		753,712
				4,947,565
Building & Construction - Misc. — 0.7%
EMCOR Group, Inc.		28,298		2,755,376
MYR Group, Inc.†		5,000		294,750
				3,050,126
Building Products - Doors & Windows — 0.1%
Cornerstone Building Brands, Inc.†		26,600		302,974
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.		6,200		55,924

Security Description	Shares		Value (Note 2)
Building Products - Wood — 0.2%
Boise Cascade Co.		18,000	$	898,920
Building - Heavy Construction — 2.2%
Aegion Corp.†		15,400		398,090
Arcosa, Inc.		18,500		1,049,505
Dycom Industries, Inc.†		3,000		229,740
Great Lakes Dredge & Dock Corp.†		29,700		451,143
MasTec, Inc.†		32,050		2,780,337
Primoris Services Corp.		88,300		2,955,401
Sterling Construction Co., Inc.†		31,500		717,570
Tutor Perini Corp.†		110,800		1,628,760
				10,210,546
Building - Maintenance & Services — 0.6%
ABM Industries, Inc.		64,200		2,772,156
Building - Residential/Commercial — 0.7%
KB Home		8,700		351,306
Meritage Homes Corp.†		6,600		556,446
Taylor Morrison Home Corp.†		17,300		475,923
Tri Pointe Homes, Inc.†#		97,400		1,850,600
				3,234,275
Cable/Satellite TV — 0.4%
Liberty Latin America, Ltd., Class A†		59,500		652,715
Liberty Latin America, Ltd., Class C†		70,250		769,940
WideOpenWest, Inc.†		42,400		595,720
				2,018,375
Casino Hotels — 0.2%
Boyd Gaming Corp.†		14,300		839,410
Casino Services — 0.3%
Caesars Entertainment, Inc.†		10,100		943,744
Scientific Games Corp.†		5,500		257,565
				1,201,309
Chemicals - Diversified — 0.4%
AdvanSix, Inc.†		5,200		144,560
Koppers Holdings, Inc.†		41,800		1,396,538
Orion Engineered Carbons SA		11,700		207,090
				1,748,188
Chemicals - Specialty — 0.8%
H.B. Fuller Co.		2,000		112,140
Kraton Corp.†		10,100		375,619
Minerals Technologies, Inc.		10,560		752,189
PQ Group Holdings, Inc.		20,300		311,808
Tronox Holdings PLC, Class A		113,800		2,087,092
				3,638,848
Circuit Boards — 0.0%
TTM Technologies, Inc.†		15,800		223,096
Coal — 0.7%
Arch Resources, Inc., Class A		21,800		1,044,656
SunCoke Energy, Inc.		184,200		1,177,038
Warrior Met Coal, Inc.		63,300		1,213,461
				3,435,155
Commercial Services — 0.4%
LiveRamp Holdings, Inc.†		7,800		492,648
SP Plus Corp.†		16,600		550,290
Team, Inc.†		27,600		306,084
WW International, Inc.†		14,100		415,809
				1,764,831

81

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services - Finance — 0.1%
Green Dot Corp., Class A†		9,000	$	425,340
Computer Data Security — 0.1%
Cognyte Software, Ltd.†		5,200		150,124
SecureWorks Corp., Class A†		8,911		128,586
				278,710
Computer Services — 0.5%
Perspecta, Inc.		24,800		724,160
StarTek, Inc.†		49,000		397,390
Sykes Enterprises, Inc.†		19,800		809,028
Unisys Corp.†		22,200		545,010
				2,475,588
Computer Software — 0.1%
Cloudera, Inc.†		16,600		267,924
Computers - Integrated Systems — 0.3%
Diebold Nixdorf, Inc.†		92,400		1,341,648
Computers - Other — 0.2%
3D Systems Corp.†		22,500		806,400
Consulting Services — 0.5%
GP Strategies Corp.†		27,400		359,762
Huron Consulting Group, Inc.†		13,200		671,880
Kelly Services, Inc., Class A		57,500		1,197,150
				2,228,792
Consumer Products - Misc. — 0.6%
Central Garden & Pet Co., Class A†		40,000		1,660,400
Quanex Building Products Corp.		25,300		615,549
Spectrum Brands Holdings, Inc.		4,500		348,975
				2,624,924
Containers - Metal/Glass — 0.2%
Greif, Inc., Class A		4,200		202,860
O-I Glass, Inc.		73,600		859,648
				1,062,508
Containers - Paper/Plastic — 0.1%
Pactiv Evergreen Inc		22,500		314,550
TriMas Corp.†		3,700		124,283
				438,833
Cosmetics & Toiletries — 0.2%
Edgewell Personal Care Co.		24,200		740,278
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		7,600		236,056
Distribution/Wholesale — 2.0%
Avient Corp.		41,400		1,789,308
Core-Mark Holding Co., Inc.		22,900		746,082
G-III Apparel Group, Ltd.†		54,700		1,574,813
H&E Equipment Services, Inc.		3,700		114,441
KAR Auction Services, Inc.		3,400		47,294
Resideo Technologies, Inc.†		5,500		132,110
ScanSource, Inc.†		68,900		1,959,516
Veritiv Corp.†		20,300		482,734
WESCO International, Inc.†		28,757		2,308,612
				9,154,910
Diversified Manufacturing Operations — 0.3%
EnPro Industries, Inc.		10,000		803,400
Fabrinet†		5,200		459,316
				1,262,716

Security Description	Shares		Value (Note 2)
Drug Delivery Systems — 0.1%
Revance Therapeutics, Inc.†		10,500	$	275,730
E-Commerce/Products — 0.1%
Overstock.com, Inc.†		4,000		268,680
E-Commerce/Services — 0.4%
Cars.com, Inc.†		118,600		1,384,062
Groupon, Inc.†		10,500		455,700
				1,839,762
E-Marketing/Info — 0.1%
comScore, Inc.†		123,900		452,235
Electric Products - Misc. — 0.0%
Graham Corp.		2,700		41,418
Electric - Distribution — 0.1%
Genie Energy, Ltd., Class B		6,500		49,075
Spark Energy, Inc., Class A#		31,400		313,058
Unitil Corp.		6,600		276,144
				638,277
Electric - Integrated — 1.2%
ALLETE, Inc.		13,200		820,116
Avista Corp.		14,180		570,178
Black Hills Corp.		19,200		1,135,872
IDACORP, Inc.		8,000		689,920
NorthWestern Corp.		4,300		251,464
Portland General Electric Co.		48,500		2,044,760
				5,512,310
Electronic Components - Misc. — 1.9%
Bel Fuse, Inc., Class B		19,000		337,250
Benchmark Electronics, Inc.		73,621		2,090,836
Comtech Telecommunications Corp.		3,700		99,456
Sanmina Corp.†		43,800		1,560,156
SMART Global Holdings, Inc.†		58,800		2,745,372
Vishay Intertechnology, Inc.		81,600		1,947,792
				8,780,862
Electronic Components - Semiconductors — 0.4%
Alpha & Omega Semiconductor, Ltd.†		7,500		263,925
Amkor Technology, Inc.		56,900		1,359,341
GSI Technology, Inc.†		7,700		56,518
Photronics, Inc.†		29,600		352,536
				2,032,320
Electronic Security Devices — 0.2%
API Group Corp.†*		51,000		943,500
Energy - Alternate Sources — 1.1%
FutureFuel Corp.		35,300		518,204
Green Plains, Inc.†		42,700		1,081,164
Maxeon Solar Technologies, Ltd.†		7,925		266,835
Renewable Energy Group, Inc.†		23,300		1,812,041
REX American Resources Corp.†		5,600		526,792
Sunnova Energy International, Inc.†		8,500		381,140
SunPower Corp.†#		13,800		479,826
				5,066,002
Engineering/R&D Services — 0.5%
Fluor Corp.		19,300		331,188
KBR, Inc.		64,200		1,990,200
				2,321,388
Enterprise Software/Service — 0.8%
ACI Worldwide, Inc.†		11,900		455,294
Asure Software, Inc.†		33,500		260,965

82

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
Donnelley Financial Solutions, Inc.†		19,100	$	496,409
Evolent Health, Inc., Class A†		24,900		501,735
MicroStrategy, Inc., Class A†#		2,400		1,800,984
Verint Systems, Inc.†		5,900		290,811
				3,806,198
Finance - Commercial — 0.4%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		29,600		1,664,408
Marlin Business Services Corp.		12,000		182,400
MMA Capital Holdings, Inc.†		1,900		42,180
				1,888,988
Finance - Consumer Loans — 0.5%
Enova International, Inc.†		13,500		414,450
EZCORP, Inc., Class A†		28,100		134,880
Navient Corp.		77,600		960,688
Nelnet, Inc., Class A		12,400		900,240
Regional Management Corp.		3,500		113,295
				2,523,553
Finance - Investment Banker/Broker — 0.5%
Cowen, Inc., Class A#		44,255		1,498,032
Piper Sandler Cos.		7,000		744,240
				2,242,272
Finance - Leasing Companies — 0.2%
PROG Holdings, Inc.		14,200		710,000
Finance - Mortgage Loan/Banker — 0.5%
Mr. Cooper Group, Inc.†		41,000		1,289,450
Oportun Financial Corp.†		14,200		231,744
PennyMac Financial Services, Inc.		11,200		663,152
				2,184,346
Finance - Other Services — 0.0%
BGC Partners, Inc., Class A		12,800		57,344
Financial Guarantee Insurance — 0.8%
MBIA, Inc.†		16,900		123,370
MGIC Investment Corp.		77,900		948,822
NMI Holdings, Inc., Class A†		28,600		653,796
Radian Group, Inc.		109,000		2,223,600
				3,949,588
Food - Canned — 0.1%
Seneca Foods Corp., Class A†		7,600		413,896
Food - Misc./Diversified — 0.3%
B&G Foods, Inc.#		10,500		318,465
BellRing Brands, Inc., Class A†		37,900		861,088
				1,179,553
Food - Wholesale/Distribution — 0.4%
Performance Food Group Co.†		16,600		900,384
SpartanNash Co.		32,400		590,652
United Natural Foods, Inc.†		11,800		312,110
				1,803,146
Footwear & Related Apparel — 0.1%
Wolverine World Wide, Inc.		18,100		632,595
Gas - Distribution — 0.9%
New Jersey Resources Corp.		17,300		679,717
Northwest Natural Holding Co.		3,300		158,367
ONE Gas, Inc.		10,500		703,185
Southwest Gas Holdings, Inc.		26,340		1,642,299
Spire, Inc.		15,600		1,036,152
				4,219,720
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		10,100		264,822

Security Description		Shares		Value (Note 2)
Home Furnishings — 0.7%
Herman Miller, Inc.			39,400	$	1,511,187
Hooker Furniture Corp.			8,500		287,385
Purple Innovation, Inc.†			19,500		717,405
Sleep Number Corp.†			6,800		932,484
					3,448,461
Housewares — 0.2%
Lifetime Brands, Inc.			30,500		395,585
Tupperware Brands Corp.†			17,500		534,975
	��				930,560
Human Resources — 1.8%
Barrett Business Services, Inc.			13,600		968,320
Cross Country Healthcare, Inc.†			90,000		999,900
Heidrick & Struggles International, Inc.			49,500		1,776,555
Insperity, Inc.			1,100		97,570
Korn Ferry			39,800		2,449,690
TrueBlue, Inc.†			90,100		1,876,783
					8,168,818
Independent Power Producers — 0.7%
Clearway Energy, Inc., Class A			54,600		1,427,790
Clearway Energy, Inc., Class C			43,900		1,205,494
Vistra Corp.			43,329		747,425
					3,380,709
Insurance - Life/Health — 0.7%
American Equity Investment Life Holding Co.			39,000		1,077,570
CNO Financial Group, Inc.			78,820		1,896,409
Security National Financial Corp., Class A†			6,262		56,421
					3,030,400
Insurance - Property/Casualty — 0.7%
Ambac Financial Group, Inc.†			19,600		332,220
FedNat Holding Co.			6,100		42,212
First American Financial Corp.			8,375		440,023
Heritage Insurance Holdings, Inc.			18,900		183,519
Horace Mann Educators Corp.			8,580		330,673
ProAssurance Corp.			27,500		680,625
Selective Insurance Group, Inc.			1,800		122,094
Stewart Information Services Corp.			16,200		764,640
United Insurance Holdings Corp.			31,000		192,820
					3,088,826
Insurance - Reinsurance — 0.6%
Argo Group International Holdings, Ltd.			15,375		710,479
Essent Group, Ltd.			51,200		2,110,976
					2,821,455
Internet Content - Information/News — 0.2%
Yelp, Inc.†			20,100		757,971
Investment Management/Advisor Services — 1.4%
Artisan Partners Asset Management, Inc., Class A			6,000		285,000
Blucora, Inc.†			14,300		231,660
Boston Private Financial Holdings, Inc.			50,000		688,000
Federated Hermes, Inc.			27,800		742,816
Stifel Financial Corp.			53,850		3,289,158
Virtus Investment Partners, Inc.			5,200		1,304,680
					6,541,314
Lasers - System/Components — 0.1%
II-VI, Inc.†			5,200		438,360
Machinery - Construction & Mining — 0.8%
Astec Industries, Inc.			14,200		964,464
Manitowoc Co, Inc.†			33,300		542,457

83

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - Construction & Mining (continued)
Terex Corp.		54,300	$	2,236,074
				3,742,995
Machinery - Electrical — 0.6%
Argan, Inc.		48,200		2,410,964
Bloom Energy Corp., Class A†		17,300		493,569
				2,904,533
Machinery - Farming — 0.3%
AGCO Corp.		10,060		1,302,569
Machinery - General Industrial — 0.7%
Altra Industrial Motion Corp.		34,500		1,998,240
Applied Industrial Technologies, Inc.		4,800		409,776
Chart Industries, Inc.†		1,500		214,635
DXP Enterprises, Inc.†		17,800		534,712
Gencor Industries, Inc.†		6,700		95,140
				3,252,503
Machinery - Material Handling — 0.1%
Columbus McKinnon Corp.		8,100		407,754
Machinery - Pumps — 0.1%
Cactus, Inc., Class A		10,100		321,887
CIRCOR International, Inc.†		10,200		363,222
				685,109
Machinery - Thermal Process — 0.1%
Thermon Group Holdings, Inc.†		16,100		328,923
Medical Information Systems — 0.3%
Allscripts Healthcare Solutions, Inc.†		96,300		1,485,909
Computer Programs & Systems, Inc.		3,200		100,640
				1,586,549
Medical Instruments — 0.1%
Apyx Medical Corp.†		36,700		383,515
Medical Labs & Testing Services — 0.2%
MEDNAX, Inc.†		29,600		723,128
Medical Products — 0.4%
Avanos Medical, Inc.†		8,700		400,026
Hanger, Inc.†		9,600		211,008
Invacare Corp.		27,400		249,340
LivaNova PLC†		3,000		232,620
Orthofix Medical, Inc.†		16,800		781,368
				1,874,362
Medical - Biomedical/Gene — 2.1%
Acceleron Pharma, Inc.†		4,800		653,568
Akero Therapeutics, Inc.†		10,300		313,120
ANI Pharmaceuticals, Inc.†		9,800		285,180
Arcus Biosciences, Inc.†		28,730		1,013,020
BioCryst Pharmaceuticals, Inc.†		24,800		267,344
Epizyme, Inc.†		20,400		195,636
Fate Therapeutics, Inc.†		15,000		1,345,800
Five Prime Therapeutics, Inc.†		14,000		311,220
Intra-Cellular Therapies, Inc.†		11,500		407,445
Iovance Biotherapeutics, Inc.†		20,700		772,110
Karyopharm Therapeutics, Inc.†		13,200		182,424
Myriad Genetics, Inc.†		8,500		259,165
Novavax, Inc.†#		12,600		2,913,498
Scholar Rock Holding Corp.†		12,800		692,480
WaVe Life Sciences, Ltd.†		33,600		316,176
				9,928,186
Medical - Drugs — 0.9%
89bio, Inc.†		14,200		348,752

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Enanta Pharmaceuticals, Inc.†		3,000	$	147,960
Kala Pharmaceuticals, Inc.†#		16,100		119,301
Lannett Co., Inc.†		223,938		1,357,064
Minerva Neurosciences, Inc.†#		21,600		66,960
Protagonist Therapeutics, Inc.†		49,400		1,164,358
Spectrum Pharmaceuticals, Inc.†		123,700		424,291
Spero Therapeutics, Inc.†#		17,162		311,834
Zogenix, Inc.†#		3,100		65,751
				4,006,271
Medical - Generic Drugs — 0.5%
Endo International PLC†		310,400		2,461,472
Medical - HMO — 0.0%
Tivity Health, Inc.†		7,600		180,880
Medical - Hospitals — 0.8%
Surgery Partners, Inc.†		25,400		1,002,538
Tenet Healthcare Corp.†		50,600		2,581,612
				3,584,150
Medical - Nursing Homes — 0.1%
National HealthCare Corp.		6,900		479,895
Medical - Wholesale Drug Distribution — 0.2%
Owens & Minor, Inc.		28,300		962,483
Metal Processors & Fabrication — 0.2%
AZZ, Inc.		7,000		357,630
LB Foster Co., Class A†		5,200		88,140
Mueller Industries, Inc.		1,300		52,832
Rexnord Corp.		11,600		521,420
				1,020,022
Metal Products - Distribution — 0.1%
Worthington Industries, Inc.		5,240		334,784
Metal - Aluminum — 0.8%
Alcoa Corp.†		61,500		1,509,825
Arconic Corp.†		52,000		1,139,840
Century Aluminum Co.†		9,200		126,316
Kaiser Aluminum Corp.		10,075		1,149,557
				3,925,538
Multimedia — 0.1%
E.W. Scripps Co., Class A		33,000		621,060
Networking Products — 0.3%
Infinera Corp.†		77,500		761,437
NeoPhotonics Corp.†		57,000		547,770
				1,309,207
Night Clubs — 0.1%
RCI Hospitality Holdings, Inc.		5,200		334,100
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		23,300		197,584
Office Furnishings - Original — 0.4%
HNI Corp.		11,100		395,049
Knoll, Inc.		24,500		399,595
Steelcase, Inc., Class A		90,300		1,258,782
				2,053,426
Office Supplies & Forms — 0.3%
ACCO Brands Corp.		189,500		1,534,950
Oil & Gas Drilling — 0.1%
Patterson-UTI Energy, Inc.		70,900		524,660
Oil Companies - Exploration & Production — 2.1%
Antero Resources Corp.†		33,800		304,200
Berry Corp.		154,800		767,808

84

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
Bonanza Creek Energy, Inc.†		6,800	$	217,124
CNX Resources Corp.†		27,300		344,253
Evolution Petroleum Corp.		19,700		69,935
Falcon Minerals Corp.		93,600		369,720
Kosmos Energy, Ltd.		35,900		110,572
Magnolia Oil & Gas Corp., Class A†#		103,200		1,244,592
Matador Resources Co.†		33,100		691,459
Ovintiv, Inc.		92,500		2,133,975
PDC Energy, Inc.†		65,600		2,292,720
Range Resources Corp.†		66,600		642,024
Southwestern Energy Co.†		27,000		109,350
Talos Energy, Inc.†		9,800		103,782
W&T Offshore, Inc.†#		58,200		191,478
				9,592,992
Oil Refining & Marketing — 0.4%
CVR Energy, Inc.		32,000		706,560
Delek US Holdings, Inc.		37,100		911,176
Par Pacific Holdings, Inc.†		15,600		275,652
PBF Energy, Inc., Class A		6,900		97,980
				1,991,368
Oil - Field Services — 1.9%
Bristow Group, Inc.†		2,933		78,076
ChampionX Corp.†		38,500		818,895
Helix Energy Solutions Group, Inc.†		36,500		178,850
Liberty Oilfield Services, Inc., Class A		11,200		130,928
Matrix Service Co.†		93,200		1,264,724
MRC Global, Inc.†		74,200		648,508
National Energy Services Reunited Corp.†#		11,400		151,050
NexTier Oilfield Solutions, Inc.†		103,066		479,257
NOW, Inc.†		226,900		2,411,947
Oceaneering International, Inc.†		67,500		796,500
Oil States International, Inc.†		43,300		317,389
ProPetro Holding Corp.†		69,300		794,871
Select Energy Services, Inc., Class A†		116,300		735,016
Solaris Oilfield Infrastructure, Inc., Class A		15,900		187,779
				8,993,790
Paper & Related Products — 1.0%
Domtar Corp.		46,740		1,731,717
Glatfelter Corp.		23,500		377,175
Neenah, Inc.		9,200		508,944
Schweitzer-Mauduit International, Inc.		32,300		1,508,410
Verso Corp., Class A		42,000		525,000
				4,651,246
Pastoral & Agricultural — 0.4%
Darling Ingredients, Inc.†		28,600		1,802,944
Power Converter/Supply Equipment — 0.2%
Powell Industries, Inc.		28,500		887,205
Precious Metals — 0.2%
Coeur Mining, Inc.†		37,100		334,271
Hecla Mining Co.		108,300		707,199
				1,041,470
Printing - Commercial — 0.2%
Cimpress PLC†#		1,100		108,988
Deluxe Corp.		8,800		347,864
Quad/Graphics, Inc.		101,200		443,256
				900,108
Publishing - Books — 0.4%
Gannett Co, Inc.†		97,400		482,130

Security Description	Shares		Value (Note 2)
Publishing - Books (continued)
Houghton Mifflin Harcourt Co.†		254,200	$	1,550,620
				2,032,750
Publishing - Newspapers — 0.2%
TEGNA, Inc.		40,600		740,138
Publishing - Periodicals — 0.0%
Meredith Corp.		5,000		123,900
Racetracks — 0.5%
Penn National Gaming, Inc.†#		20,700		2,396,646
Real Estate Investment Trusts — 9.1%
Acadia Realty Trust		26,700		504,897
Agree Realty Corp.		5,700		367,992
Alexander & Baldwin, Inc.		54,675		955,172
American Assets Trust, Inc.		17,600		547,008
American Finance Trust, Inc.		71,900		637,034
Apollo Commercial Real Estate Finance, Inc.		52,300		695,067
Ares Commercial Real Estate Corp.		57,700		796,837
Armada Hoffler Properties, Inc.		47,400		611,934
Blackstone Mtg. Trust, Inc., Class A		51,900		1,515,480
Broadstone Net Lease, Inc., Class A		45,600		824,904
BRT Apartments Corp.		2,500		39,600
CareTrust REIT, Inc.		14,400		319,392
CatchMark Timber Trust, Inc., Class A		16,600		169,486
Centerspace		3,600		247,068
Chatham Lodging Trust		15,600		217,308
Cherry Hill Mtg. Investment Corp.#		2,987		29,332
City Office REIT, Inc.		84,000		853,440
Colony Capital, Inc.#		117,600		696,192
Colony Credit Real Estate, Inc.		5,100		42,075
Columbia Property Trust, Inc.		10,100		142,612
CorePoint Lodging, Inc.		25,800		235,038
Cousins Properties, Inc.		13,449		451,080
DiamondRock Hospitality Co.†		203,034		2,054,704
Diversified Healthcare Trust		19,100		85,950
Easterly Government Properties, Inc.		5,700		125,286
Ellington Financial, Inc.		13,000		204,360
Essential Properties Realty Trust, Inc.		23,200		538,240
First Industrial Realty Trust, Inc.		15,900		679,089
Getty Realty Corp.		28,446		795,919
Gladstone Commercial Corp.		37,100		693,028
Global Medical REIT, Inc.		10,500		141,435
Global Net Lease, Inc.		34,700		644,726
Granite Point Mtg. Trust, Inc.		28,700		320,292
Great Ajax Corp.		6,300		70,875
Healthcare Realty Trust, Inc.		21,700		626,262
Hersha Hospitality Trust†		2,700		30,024
Highwoods Properties, Inc.		10,500		419,580
Innovative Industrial Properties, Inc.		4,000		780,000
Kite Realty Group Trust		30,800		590,436
KKR Real Estate Finance Trust, Inc.		29,000		534,470
Ladder Capital Corp.		114,500		1,309,880
Lexington Realty Trust		30,900		331,248
Mack-Cali Realty Corp.		15,800		220,726
National Health Investors, Inc.		1,100		75,097
New Senior Investment Group, Inc.		194,600		1,189,006
New York Mtg. Trust, Inc.		85,200		355,284
NexPoint Residential Trust, Inc.		1,117		45,842
Pebblebrook Hotel Trust		11,193		253,633
PennyMac Mtg. Investment Trust		50,200		952,294
Physicians Realty Trust		27,200		462,400
Piedmont Office Realty Trust, Inc., Class A		40,700		694,342
Plymouth Industrial REIT, Inc.		2,000		29,840
PotlatchDeltic Corp.		31,100		1,578,325

85

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
QTS Realty Trust, Inc., Class A#		800	$	49,696
Ready Capital Corp.		18,900		247,968
Redwood Trust, Inc.		144,400		1,420,896
Retail Opportunity Investments Corp.		21,500		339,915
Retail Properties of America, Inc., Class A		86,400		909,792
Retail Value, Inc.		6,621		110,571
RLJ Lodging Trust		28,726		450,998
Ryman Hospitality Properties, Inc.		2,200		170,038
Sabra Health Care REIT, Inc.		67,600		1,164,072
Saul Centers, Inc.		1,200		42,504
Service Properties Trust		41,540		533,374
SITE Centers Corp.		62,500		833,750
STAG Industrial, Inc.#		41,500		1,309,325
Summit Hotel Properties, Inc.		13,200		136,620
Sunstone Hotel Investors, Inc.		216,872		2,864,879
TPG RE Finance Trust, Inc.		54,500		568,980
Two Harbors Investment Corp.		89,805		648,392
UMH Properties, Inc.		4,200		71,694
Urban Edge Properties		41,300		681,450
Urstadt Biddle Properties, Inc., Class A		8,200		132,184
Xenia Hotels & Resorts, Inc.		89,800		1,793,306
				42,211,945
Real Estate Management/Services — 0.5%
Newmark Group, Inc., Class A		66,929		670,629
Realogy Holdings Corp.†#		105,800		1,595,464
				2,266,093
Rental Auto/Equipment — 1.0%
Aaron’s Co., Inc.†		7,100		155,916
Herc Holdings, Inc.†		46,100		4,045,736
Rent-A-Center, Inc.		11,200		646,912
				4,848,564
Resort/Theme Parks — 0.6%
Marriott Vacations Worldwide Corp.		17,400		2,952,954
Retail - Apparel/Shoe — 1.2%
Abercrombie & Fitch Co., Class A		92,900		2,542,673
Caleres, Inc.		32,700		518,622
Children’s Place, Inc.†		4,700		325,475
Genesco, Inc.†		28,400		1,276,296
Guess?, Inc.#		36,800		927,728
				5,590,794
Retail - Appliances — 0.0%
Conn’s, Inc.†		5,600		79,464
Retail - Arts & Crafts — 0.1%
Michaels Cos., Inc.†#		23,100		346,500
Retail - Automobile — 0.7%
Group 1 Automotive, Inc.		5,800		884,152
Lithia Motors, Inc., Class A		2,500		934,875
Rush Enterprises, Inc., Class A		11,900		504,917
Sonic Automotive, Inc., Class A		19,400		894,534
				3,218,478
Retail - Bedding — 0.3%
Bed Bath & Beyond, Inc.		53,400		1,434,324
Retail - Building Products — 0.7%
Beacon Roofing Supply, Inc.†		15,700		750,931
GMS, Inc.†		62,500		2,287,500
				3,038,431

Security Description	Shares		Value (Note 2)
Retail - Discount — 0.3%
Big Lots, Inc.		9,100	$	578,214
Citi Trends, Inc.		9,400		732,166
				1,310,380
Retail - Drug Store — 0.1%
Rite Aid Corp.†		13,504		264,408
Retail - Home Furnishings — 0.1%
Haverty Furniture Cos., Inc.		14,100		509,997
Retail - Jewelry — 0.3%
Movado Group, Inc.		2,800		63,840
Signet Jewelers, Ltd.†		31,200		1,553,136
				1,616,976
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		2,400		107,160
Retail - Office Supplies — 0.3%
ODP Corp.		40,000		1,530,800
Retail - Petroleum Products — 0.0%
Murphy USA, Inc.		1,800		224,370
Retail - Regional Department Stores — 0.9%
Dillard’s, Inc., Class A		19,300		1,538,210
Macy’s, Inc.		166,100		2,526,381
				4,064,591
Retail - Restaurants — 0.7%
BJ’s Restaurants, Inc.†		15,000		832,950
Brinker International, Inc.		31,700		2,174,303
Dine Brands Global, Inc.		4,800		379,728
				3,386,981
Retail - Sporting Goods — 0.2%
Zumiez, Inc.†		17,300		779,884
Rubber - Tires — 0.4%
Cooper Tire & Rubber Co.		20,900		1,196,316
Goodyear Tire & Rubber Co.†		47,900		805,199
				2,001,515
Rubber/Plastic Products — 0.3%
Myers Industries, Inc.		3,858		85,416
Trinseo SA		23,645		1,530,068
				1,615,484
Satellite Telecom — 0.1%
Gogo, Inc.†#		16,000		189,600
KVH Industries, Inc.†		5,700		77,862
				267,462
Savings & Loans/Thrifts — 2.5%
Axos Financial, Inc.†		24,000		1,110,480
Berkshire Hills Bancorp, Inc.		45,200		911,232
Brookline Bancorp, Inc.		24,500		348,635
ESSA Bancorp, Inc.		4,300		67,553
Flushing Financial Corp.		20,400		423,300
FS Bancorp, Inc.		1,700		103,071
HomeTrust Bancshares, Inc.		20,700		478,998
Investors Bancorp, Inc.		178,500		2,381,190
Meridian Bancorp, Inc.		32,800		549,400
Northfield Bancorp, Inc.		65,800		900,802
OceanFirst Financial Corp.		51,300		1,114,749
Pacific Premier Bancorp, Inc.		10,700		431,210
Provident Financial Holdings, Inc.		1,700		26,775
Provident Financial Services, Inc.		62,677		1,267,956
Territorial Bancorp, Inc.		1,800		44,244

86

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts (continued)
Washington Federal, Inc.		36,600	$	1,106,052
WSFS Financial Corp.		10,356		550,318
				11,815,965
Schools — 0.0%
American Public Education, Inc.†		3,100		91,264
Semiconductor Equipment — 0.4%
Cohu, Inc.		18,700		812,515
Veeco Instruments, Inc.†		52,400		1,126,600
				1,939,115
Steel - Producers — 1.0%
Carpenter Technology Corp.		15,000		609,900
Cleveland-Cliffs, Inc.		162,700		2,170,418
Commercial Metals Co.		67,100		1,687,565
				4,467,883
Steel - Specialty — 0.3%
Allegheny Technologies, Inc.†		78,900		1,551,174
Telecom Services — 0.2%
ATN International, Inc.		5,700		277,476
Consolidated Communications Holdings, Inc.†		82,400		433,424
Spok Holdings, Inc.		29,100		311,952
				1,022,852
Telecommunication Equipment — 0.1%
ADTRAN, Inc.		34,900		587,716
Television — 0.7%
AMC Networks, Inc., Class A†		24,600		1,613,514
Gray Television, Inc.†		22,700		412,005
Sinclair Broadcast Group, Inc., Class A		34,700		1,073,271
				3,098,790
Textile - Products — 0.0%
Albany International Corp., Class A		1,000		79,050
Theaters — 0.4%
AMC Entertainment Holdings, Inc., Class A#		24,700		197,847
Cinemark Holdings, Inc.		72,200		1,620,890
				1,818,737
Transactional Software — 0.1%
Synchronoss Technologies, Inc.†		130,700		579,001
Transport - Air Freight — 0.0%
Atlas Air Worldwide Holdings, Inc.†		1,100		60,643
Transport - Marine — 0.3%
Costamare, Inc.		96,000		926,400
DHT Holdings, Inc.		22,100		123,318
Dorian LPG, Ltd.†		24,400		303,780
International Seaways, Inc.		8,500		147,390
				1,500,888
Transport - Services — 0.5%
Echo Global Logistics, Inc.†		62,600		1,744,036
Hub Group, Inc., Class A†		10,800		621,864
				2,365,900
Transport - Truck — 0.8%
ArcBest Corp.		62,620		3,693,954
Covenant Logistics Group, Inc.†		4,500		81,810
				3,775,764
Travel Services — 0.3%
Liberty TripAdvisor Holdings, Inc., Class A†		224,800		1,265,624

Security Description	Shares/ Principal Amount			Value (Note 2)
Water — 0.0%
Consolidated Water Co., Ltd.		11,600		$	150,220
Wireless Equipment — 0.2%
Maxar Technologies, Inc.		21,200			1,014,420
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		11,900			272,867
ViewRay, Inc.†		67,848			295,817
					568,684
Total Long-Term Investment Securities
(cost $339,225,957)					446,691,277
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 0.05%(1)(2) (cost $1,293,321)		1,293,321			1,293,321
REPURCHASE AGREEMENTS — 3.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount of $7,494,000 and collateralized by $7,565,300 of United States Treasury Notes, bearing interest at 2.13% due 05/31/2021 and having an approximate value of $7,643,906	$	7,494,000			7,494,000
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount of $10,680,000 and collateralized by $10,485,000 of United States Treasury Notes, bearing interest at 1.50% due 11/30/2024 and having an approximate value of $10,893,688		10,680,000			10,680,000
Total Repurchase Agreements
(cost $18,174,000)					18,174,000
TOTAL INVESTMENTS
(cost $358,693,278)(3)		100.3	%		466,158,598
Liabilities in excess of other assets		(0.3	)		(1,192,185	)
NET ASSETS		100.0	%	$	464,966,413

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At February 28, 2021, the aggregate value of these securities was $943,500 representing 0.2% of net assets.

(1) The rate shown is the 7-day yield as of February 28, 2021.

(2) At February 28, 2021, the Fund had loaned securities with a total value of $11,178,613. This was secured by collateral of $1,293,321, which was received in cash and subsequently invested in short-term investments currently valued at $1,293,321 as reported in the Portfolio of Investments. Additional collateral of $10,097,451 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

87

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

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

Securities	Coupon Range	Maturity Date Range	Value as of February 28, 2021
Federal Home Loan Mtg. Corp.	1.00% to 3.50%	02/01/2036 to 11/01/2050	$	246,434
Federal National Mtg. Assoc.	1.24% to 4.50%	07/25/2030 to 09/01/2050		583,166
Government National Mtg. Assoc.	1.00% to 2.70%	09/20/2046 to 05/16/2053		115,480
United States Cash Management Bills	0.00%	06/01/2021 to 06/01/2021		490
United States Treasury Bills	0.00%	03/18/2021 to 12/30/2021		406,143
United States Treasury Notes/Bonds	0.07% to 8.13%	03/15/2021 to 11/15/2050		8,745,738

(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)
	158	Long	Russell 2000 E-Mini Index		March 2021	$	18,006,711	$	17,373,680	$	(633,031	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	446,691,277	$	—	$	—	$	446,691,277
Short-Term Investment Securities		1,293,321		—		—		1,293,321
Repurchase Agreements		—		18,174,000		—		18,174,000
Total Investments at Value	$	447,984,598	$	18,174,000	$	—	$	466,158,598
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	633,031	$	—	$	—	$	633,031

* 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

88

VALIC Company II Strategic Bond Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*

Sovereign	13.3	%
Registered Investment Companies	10.5
Federal National Mtg. Assoc.	8.5
United States Treasury Notes	3.9
Federal Home Loan Mtg. Corp.	3.9
Pipelines	3.1
Oil Companies — Exploration & Production	2.7
Diversified Banking Institutions	2.6
Real Estate Investment Trusts	2.4
Uniform Mtg. Backed Securities	2.3
Diversified Financial Services	1.9
Government National Mtg. Assoc.	1.8
Banks — Commercial	1.7
Oil Companies — Integrated	1.4
Medical — Hospitals	1.4
Auto — Cars/Light Trucks	1.2
Telephone — Integrated	1.2
Electric — Integrated	1.1
Cruise Lines	1.1
Cable/Satellite TV	1.1
Airlines	1.0
Satellite Telecom	1.0
Electric — Generation	1.0
Casino Hotels	0.9
Independent Power Producers	0.8
Finance — Consumer Loans	0.8
Steel — Producers	0.7
Metal — Copper	0.7
Food — Misc./Diversified	0.6
Human Resources	0.6
Distribution/Wholesale	0.6
Enterprise Software/Service	0.6
Containers — Paper/Plastic	0.6
Chemicals — Specialty	0.6
Protection/Safety	0.5
Oil — Field Services	0.5
Electric — Distribution	0.5
Medical — Drugs	0.5
Finance — Mortgage Loan/Banker	0.5
Hotels/Motels	0.5
Cellular Telecom	0.5
Rental Auto/Equipment	0.5
Paper & Related Products	0.5
Food — Wholesale/Distribution	0.5
Insurance — Life/Health	0.5
Broadcast Services/Program	0.5
Retail — Petroleum Products	0.5
Cosmetics & Toiletries	0.4
Retail — Restaurants	0.4
Aerospace/Defense — Equipment	0.4
Food — Retail	0.4
Resorts/Theme Parks	0.4
Security Services	0.4
Television	0.4
Federal Home Loan Bank	0.4
Theaters	0.4
Real Estate Operations & Development	0.4
Chemicals — Diversified	0.4
Finance — Credit Card	0.3
Agricultural Chemicals	0.3
Auto — Heavy Duty Trucks	0.3
Real Estate Management/Services	0.3
E-Commerce/Services	0.3
Investment Companies	0.3
Computer Software	0.3
Commercial Services — Finance	0.3
Investment Management/Advisor Services	0.3
Transport — Air Freight	0.3
Motion Pictures & Services	0.3

Multimedia	0.3
Vitamins & Nutrition Products	0.3
Poultry	0.3
Applications Software	0.3
Direct Marketing	0.3
Building Products — Doors & Windows	0.3
Research & Development	0.3
Transport — Services	0.3
Telecom Services	0.2
Computer Services	0.2
Transport — Equipment & Leasing	0.2
Casino Services	0.2
Computers — Integrated Systems	0.2
Coal	0.2
Finance — Auto Loans	0.2
Metal — Aluminum	0.2
Diversified Minerals	0.2
Medical — Generic Drugs	0.2
Computers	0.2
Auction Houses/Art Dealers	0.2
Non — Hazardous Waste Disposal	0.2
Recycling	0.2
Metal — Iron	0.2
Dialysis Centers	0.2
Insurance — Property/Casualty	0.2
SupraNational Banks	0.2
Building — Residential/Commercial	0.2
Retail — Pawn Shops	0.2
Medical Labs & Testing Services	0.2
Oil Refining & Marketing	0.2
Internet Content — Entertainment	0.2
Commercial Services	0.2
Finance — Investment Banker/Broker	0.2
Energy — Alternate Sources	0.2
Banks — Super Regional	0.2
Auto/Truck Parts & Equipment — Original	0.2
Food — Dairy Products	0.2
Pharmacy Services	0.2
Building & Construction Products — Misc.	0.2
Metal — Diversified	0.2
Building & Construction — Misc.	0.2
Containers — Metal/Glass	0.1
Insurance — Multi — line	0.1
Internet Telephone	0.1
Retail — Appliances	0.1
Batteries/Battery Systems	0.1
Financial Guarantee Insurance	0.1
Machinery — Farming	0.1
Regional Agencies	0.1
Finance — Leasing Companies	0.1
Regional Authority	0.1
Warehousing & Harbor Transportation Services	0.1
Sovereign Agency	0.1
Medical — Biomedical/Gene	0.1
Food — Meat Products	0.1
Insurance — Mutual	0.1
Chemicals — Other	0.1
Electronic Parts Distribution	0.1
Brewery	0.1
Insurance Brokers	0.1
Savings & Loans/Thrifts	0.1
Banks — Special Purpose	0.1
Oil Field Machinery & Equipment	0.1
Transport — Rail	0.1
Auto Repair Centers	0.1
Petrochemicals	0.1
Medical Information Systems	0.1
Circuit Boards	0.1
Medical Products	0.1

89

VALIC Company II Strategic Bond Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited) — (continued)

Industry Allocation* (continued)

Retail — Sporting Goods	0.1	%
Machinery — Construction & Mining	0.1
Drug Delivery Systems	0.1
Insurance — Reinsurance	0.1
Retail — Regional Department Stores	0.1
Industrial Gases	0.1
Airport Development/Maintenance	0.1
Trucking/Leasing	0.1
Telecom Equipment — Fiber Optics	0.1
Internet Financial Services	0.1
Quarrying	0.1
Electronic Components — Semiconductors	0.1
edical — HMO	0.1
Transport — Truck	0.1
Computer Graphics	0.1
	105.1	%

Credit Quality†#

Aaa	23.8	%
Aa	2.2
A	5.4
Baa	12.9
Ba	20.1
B	23.9
Caa	5.1
Ca	0.2
Not Rated@	6.4
	100.0	%

* Calculated as a percentage of net assets.

† 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.

90

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Principal Amount(17)		Value (Note 2)
ASSET BACKED SECURITIES — 1.5%
Diversified Financial Services — 1.5%
AmeriCredit Automobile Receivables Trust Series 2019-1, Class A3 2.97% due 11/20/2023	$	365,642	$	369,921
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		500,000		511,212
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		318,000		319,062
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		680,000		727,700
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		850,000		962,796
BMW Vehicle Lease Trust Series 2019-1, Class A4 2.92% due 08/22/2022		350,000		352,693
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.11% (1 ML+1.00%) due 04/15/2034*(1)		700,000		699,126
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		100,000		101,550
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		200,000		204,241
CarMax Auto Owner Trust Series 2019-2, Class A3 2.68% due 03/15/2024		250,000		255,001
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		297,248		302,925
Chase Mtg. Finance Corp. VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(3)		411,467		427,112
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7 3.96% due 10/13/2030		100,000		117,907
Citigroup Commercial Mtg. Trust VRS Series 2018-C5, Class A4 4.23% due 06/10/2051(1)(2)		1,000,000		1,151,648
COMM Mtg. Trust VRS Series 2015-CR22, Class XA 0.89% due 03/10/2048(1)(2)(4)		4,131,470		111,598
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.83% due 02/10/2036*(1)(2)		250,000		271,855
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		150,000		152,692
CSAIL Commercial Mtg. Trust Series 2019-C17, Class A2 3.00% due 09/15/2052(1)		1,675,000		1,766,157
CSAIL Commercial Mtg. Trust Series 2015-C1, Class A4 3.51% due 04/15/2050(1)		490,000		532,133
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*		200,000		201,208
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		129,307		131,132
Honda Auto Receivables Owner Trust Series 2020-3, Class A4 0.46% due 04/19/2027		60,000		59,900

Security Description	Principal Amount(17)		Value (Note 2)
Diversified Financial Services (continued)
Honda Auto Receivables Owner Trust Series 2020-2, Class A4 1.09% due 10/15/2026	$	100,000	$	101,566
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		187,321		190,169
JP Morgan Mtg. Trust VRS Series 2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		243,044		243,550
JP Morgan Mtg. Trust VRS Series 2018-1, Class A5 3.50% due 06/25/2048*(2)(3)		148,123		148,402
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 1.01% (1 ML+0.90%) due 12/15/2033*(1)		550,000		550,541
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		640,000		658,953
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(2)(3)		263,888		268,707
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		425,000		450,453
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		200,000		206,782
Volkswagen Auto Loan Enhanced Trust Series 2020-1, Class A4 1.26% due 08/20/2026		340,000		346,457
Volkswagen Auto Loan Enhanced Trust Series 2018-2, Class A4 3.33% due 02/20/2025		150,000		155,454
Total Asset Backed Securities
(cost $12,584,245)				13,050,603
U.S. CONVERTIBLE BONDS & NOTES — 0.1%
Oil Field Machinery & Equipment — 0.1%
Hi-Crush, Inc. Senior Sec. Notes 8.00% due 04/09/2026(5)(6)(7) (cost $650,268)		718,000		718,000
U.S. CORPORATE BONDS & NOTES — 37.3%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc. Senior Notes 3.38% due 03/01/2041		182,000		183,133
Aerospace/Defense — 0.0%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		351,000		390,679
Aerospace/Defense-Equipment — 0.4%
Moog, Inc. Company Guar. Notes 4.25% due 12/15/2027*		1,850,000		1,900,875
Spirit AeroSystems, Inc. Sec. Notes 7.50% due 04/15/2025*		1,594,000		1,686,643
				3,587,518
Airlines — 0.8%
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		2,300,000		2,737,000

91

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
Delta Air Lines, Inc. Senior Notes 3.75% due 10/28/2029	$	340,000	$	337,423
Delta Air Lines, Inc. Senior Notes 4.38% due 04/19/2028		447,000		462,155
Delta Air Lines, Inc. Senior Sec. Notes 7.00% due 05/01/2025*		1,407,000		1,634,221
United Airlines Holdings, Inc. Company Guar. Notes 4.88% due 01/15/2025#		1,036,000		1,061,447
United Airlines Holdings, Inc. Company Guar. Notes 5.00% due 02/01/2024#		972,000		997,515
				7,229,761
Applications Software — 0.2%
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		1,515,000		1,604,461
Auction Houses/Art Dealers — 0.2%
Sotheby’s Senior Sec. Notes 7.38% due 10/15/2027*		1,515,000		1,636,200
Auto-Cars/Light Trucks — 1.0%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		107,000		107,330
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		3,419,000		3,458,318
Ford Motor Co. Senior Notes 6.63% due 10/01/2028		2,726,000		3,206,458
Ford Motor Co. Senior Notes 7.45% due 07/16/2031		285,000		369,431
Ford Motor Credit Co. LLC Senior Notes 2.90% due 02/16/2028		203,000		200,970
Ford Motor Credit Co. LLC Senior Notes 4.00% due 11/13/2030		419,000		428,428
General Motors Financial Co., Inc. Senior Notes 0.85% due 02/26/2026	EUR	550,000		673,443
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025		199,000		209,061
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		179,000		192,074
				8,845,513
Auto-Heavy Duty Trucks — 0.3%
Allison Transmission, Inc. Company Guar. Notes 3.75% due 01/30/2031*		1,619,000		1,548,169
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*		1,220,000		1,287,100
PACCAR Financial Corp. Senior Notes 0.80% due 06/08/2023		190,000		191,663
				3,026,932

Security Description	Principal Amount(17)		Value (Note 2)
Auto/Truck Parts & Equipment-Original — 0.1%
Dana, Inc. Senior Notes 5.38% due 11/15/2027	$	1,021,000	$	1,066,945
Banks-Commercial — 0.4%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		475,000		539,220
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030		531,000		611,092
Citizens Financial Group, Inc. Sub. Notes 2.64% due 09/30/2032*		265,000		263,009
First Horizon Bank Sub. Notes 5.75% due 05/01/2030		500,000		610,721
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		395,000		581,389
Santander Holdings USA, Inc. Senior Notes 3.24% due 10/05/2026		110,000		117,476
Signature Bank Sub. Notes 4.00% due 10/15/2030		636,000		657,772
SunTrust Bank Senior Notes 3.50% due 08/02/2022		5,000		5,065
Synovus Bank Senior Notes 2.29% due 02/10/2023		250,000		252,868
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		229,000		236,530
				3,875,142
Banks-Super Regional — 0.2%
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		264,000		273,258
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		425,000		431,840
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		666,000		766,253
				1,471,351
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc. Company Guar. Notes 4.38% due 03/31/2029*		1,315,000		1,311,712
Beverages-Non-alcoholic — 0.0%
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025		214,000		225,212
Brewery — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		373,000		444,985
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		358,000		411,268
				856,253

92

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Broadcast Services/Program — 0.4%
Discovery Communications LLC Company Guar. Notes 1.90% due 03/19/2027	EUR	250,000	$	322,689
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		182,000		224,217
Univision Communications, Inc. Senior Sec. Notes 5.13% due 02/15/2025*		199,000		199,189
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		2,750,000		2,866,875
				3,612,970
Building & Construction Products-Misc. — 0.2%
Owens Corning Senior Notes 4.30% due 07/15/2047		123,000		138,260
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		1,245,000		1,191,826
				1,330,086
Building Products-Air & Heating — 0.0%
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040		275,000		282,585
Building Products-Doors & Windows — 0.2%
Griffon Corp. Company Guar. Notes 5.75% due 03/01/2028		1,478,000		1,551,900
Building Products-Wood — 0.0%
Masco Corp. Senior Notes 3.13% due 02/15/2051		156,000		152,171
Cable/Satellite TV — 0.8%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*		1,228,000		1,255,630
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		1,565,000		1,686,632
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.50% due 06/01/2041		75,000		72,110
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.85% due 04/01/2061		336,000		306,595
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		211,000		229,862
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		21,000		24,950
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		67,000		88,334

Security Description	Principal Amount(17)		Value (Note 2)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 2.45% due 08/15/2052	$	180,000	$	155,156
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		209,000		230,700
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		91,000		101,796
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		40,000		45,843
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		144,000		177,832
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		1,922,000		2,020,502
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		258,000		348,405
				6,744,347
Casino Hotels — 0.4%
Boyd Gaming Corp. Company Guar. Notes 4.75% due 12/01/2027		1,055,000		1,073,093
Boyd Gaming Corp. Company Guar. Notes 6.38% due 04/01/2026		1,041,000		1,075,489
Genting New York LLC/GENNY Capital, Inc. Senior Notes 3.30% due 02/15/2026*		1,363,000		1,367,879
				3,516,461
Casino Services — 0.2%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		2,000,000		2,117,490
Cellular Telecom — 0.1%
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041*		358,000		334,096
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060*		138,000		128,517
				462,613
Chemicals-Diversified — 0.1%
LYB International Finance III LLC Company Guar. Notes 3.80% due 10/01/2060		126,000		125,315
Westlake Chemical Corp. Senior Notes 1.63% due 07/17/2029	EUR	365,000		452,648
				577,963
Chemicals-Specialty — 0.4%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		151,000		155,148
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		122,000		137,452

93

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Specialty (continued)
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*	$	1,365,000	$	1,423,217
Tronox, Inc. Company Guar. Notes 6.50% due 04/15/2026*		1,560,000		1,610,903
				3,326,720
Circuit Boards — 0.1%
TTM Technologies, Inc. Company Guar. Notes 4.00% due 03/01/2029*		562,000		567,789
Coal — 0.2%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*		2,101,000		2,180,418
Commercial Services — 0.2%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*		544,000		575,280
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.88% due 10/01/2030*		860,000		929,875
				1,505,155
Commercial Services-Finance — 0.2%
MPH Acquisition Holdings LLC Company Guar. Notes 5.75% due 11/01/2028*#		1,635,000		1,622,737
Computer Services — 0.2%
Banff Merger Sub, Inc. Senior Notes 9.75% due 09/01/2026*		1,165,000		1,241,447
IBM Credit LLC Senior Notes 3.00% due 02/06/2023		565,000		594,708
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025*		128,000		141,567
Leidos, Inc. Company Guar. Notes 4.38% due 05/15/2030*		69,000		78,354
				2,056,076
Computer Software — 0.1%
Rackspace Technology Global, Inc. Senior Sec. Notes 3.50% due 02/15/2028*		1,140,000		1,117,667
Computers — 0.2%
Apple, Inc. Senior Notes 1.38% due 05/24/2029	EUR	270,000		355,811
Apple, Inc. Senior Notes 2.05% due 09/11/2026		165,000		172,095
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*		236,000		347,849
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026		457,000		463,738

Security Description	Principal Amount(17)		Value (Note 2)
Computers (continued)
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035	$	173,000	$	224,166
				1,563,659
Computers-Integrated Systems — 0.2%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024#		1,159,000		1,182,180
Diebold Nixdorf, Inc. Senior Sec. Notes 9.38% due 07/15/2025*		793,000		886,177
				2,068,357
Consumer Products-Misc. — 0.0%
Kimberly-Clark Corp. Senior Notes 3.10% due 03/26/2030		5,000		5,479
Containers-Paper/Plastic — 0.0%
Sonoco Products Co Senior Notes 3.13% due 05/01/2030		262,000		277,851
Cosmetics & Toiletries — 0.4%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*		2,506,000		2,471,167
Edgewell Personal Care Co. Senior Notes 4.13% due 04/01/2029*		1,425,000		1,417,875
				3,889,042
Data Processing/Management — 0.0%
Fiserv, Inc. Senior Notes 1.63% due 07/01/2030	EUR	315,000		408,007
Dialysis Centers — 0.2%
DaVita, Inc. Company Guar. Notes 4.63% due 06/01/2030*		1,791,000		1,820,104
Direct Marketing — 0.2%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		1,480,000		1,584,525
Distribution/Wholesale — 0.5%
H&E Equipment Services, Inc. Company Guar. Notes 3.88% due 12/15/2028*		1,625,000		1,563,250
KAR Auction Services, Inc. Company Guar. Notes 5.13% due 06/01/2025*		1,549,000		1,572,235
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		1,194,000		1,255,252
				4,390,737
Diversified Banking Institutions — 1.0%
Bank of America Corp. Senior Notes 1.49% due 05/19/2024		414,000		423,009
Bank of America Corp. Senior Notes 1.90% due 07/23/2031		195,000		188,064

94

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Bank of America Corp. Senior Notes 2.46% due 10/22/2025	$	268,000	$	283,075
Bank of America Corp. Senior Notes 3.65% due 03/31/2029	EUR	275,000		403,207
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		234,000		261,352
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		50,000		57,214
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		433,000		489,022
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		196,000		268,796
Citigroup, Inc. Senior Notes 2.67% due 01/29/2031		199,000		204,558
Citigroup, Inc. Senior Notes 2.75% due 01/24/2024	GBP	130,000		190,931
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		251,000		278,468
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		237,000		272,443
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		131,000		160,670
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		178,000		231,645
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		229,000		305,217
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		297,000		325,792
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030		191,000		216,053
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		368,000		532,841
Goldman Sachs Group., Inc. Senior Notes SR UNSECURED 1.63% due 07/27/2026	EUR	390,000		502,905
JPMorgan Chase & Co. Senior Notes 0.65% due 09/16/2024		294,000		295,673
JPMorgan Chase & Co. Senior Notes 1.64% due 05/18/2028	EUR	275,000		356,784
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		649,000		671,226
JPMorgan Chase & Co. Senior Notes 2.53% due 11/19/2041		881,000		834,223
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		76,000		78,980

Security Description	Principal Amount(17)		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029	$	58,000	$	63,825
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		4,000		4,552
Morgan Stanley Senior Notes 3.62% due 04/01/2031		146,000		161,798
Morgan Stanley Senior Notes 3.63% due 01/20/2027		560,000		626,278
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		46,000		53,587
				8,742,188
Diversified Manufacturing Operations — 0.0%
General Electric Co. Senior Notes 4.25% due 05/01/2040		73,000		80,328
General Electric Co. Senior Notes 4.35% due 05/01/2050		77,000		84,632
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		163,000		176,457
				341,417
Drug Delivery Systems — 0.1%
Becton Dickinson & Co. Senior Notes 1.90% due 12/15/2026	EUR	400,000		524,600
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		106,000		136,468
E-Commerce/Services — 0.3%
Booking Holdings, Inc. Senior Notes 1.80% due 03/03/2027	EUR	300,000		392,275
Expedia Group, Inc. Company Guar. Notes 2.50% due 06/03/2022	EUR	360,000		442,986
Expedia Group, Inc. Company Guar. Notes 2.95% due 03/15/2031*		249,000		244,823
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		1,476,000		1,537,402
				2,617,486
Electric Products-Misc. — 0.0%
Emerson Electric Co. Senior Notes 0.88% due 10/15/2026		197,000		193,769
Electric-Distribution — 0.2%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		512,000		546,486
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*		1,275,000		1,348,313

95

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Distribution (continued)
NSTAR Electric Co. Senior Notes 3.95% due 04/01/2030	$	189,000	$	220,057
				2,114,856
Electric-Generation — 0.4%
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		189,000		218,660
Liberty Utilities Finance GP Company Guar. Notes 2.05% due 09/15/2030*		128,000		124,422
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*		1,385,000		1,441,110
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		1,554,000		1,626,261
				3,410,453
Electric-Integrated — 0.8%
AES Corp. Senior Notes 2.45% due 01/15/2031*		368,000		359,334
Appalachian Power Co. Senior Notes 3.70% due 05/01/2050		202,000		214,658
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025		474,000		511,021
Consolidated Edison Co. of New York, Inc. Senior Notes 3.95% due 04/01/2050		45,000		50,388
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		186,000		235,225
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		348,000		409,833
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039		394,000		461,601
Exelon Corp. Senior Notes 4.70% due 04/15/2050		143,000		175,353
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		319,000		440,220
Georgia Power Co. Senior Notes 3.25% due 03/15/2051		379,000		379,984
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		193,000		201,909
Kentucky Utilities Co. 1st Mtg. Bonds 3.30% due 06/01/2050		82,000		82,481
Pacific Gas & Electric Co. 1st Mtg. Notes 3.95% due 12/01/2047		159,000		152,680
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045		186,000		187,707

Security Description	Principal Amount(17)		Value (Note 2)
Electric-Integrated (continued)
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051	$	334,000	$	320,721
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028		243,000		273,371
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		176,000		208,260
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		363,000		507,185
Southern California Edison Co. 1st Mtg. Notes 2.95% due 02/01/2051		135,000		122,119
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050		17,000		17,265
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*		788,000		813,610
Talen Energy Supply LLC Senior Sec. Notes 7.25% due 05/15/2027*		643,000		673,543
Union Electric Co Senior Sec. Notes 2.95% due 06/15/2027		192,000		208,014
				7,006,482
Electronic Measurement Instruments — 0.0%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		24,000		27,107
Electronic Parts Distribution — 0.0%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		119,000		129,114
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024		125,000		143,335
				272,449
Energy-Alternate Sources — 0.1%
Hanwha Energy USA Holdings Corp. Company Guar. Notes 2.38% due 07/30/2022*		420,000		430,430
Enterprise Software/Service — 0.2%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024		1,225,000		1,277,063
Oracle Corp. Senior Notes 2.50% due 04/01/2025		467,000		493,529
				1,770,592
Finance-Auto Loans — 0.2%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*		225,000		228,420
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		1,781,000		1,861,145
				2,089,565

96

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Consumer Loans — 0.6%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*	$	2,254,000	$	2,293,445
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		365,000		372,483
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029		1,311,000		1,383,105
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		415,000		468,070
Synchrony Financial Senior Notes 4.50% due 07/23/2025		762,000		849,038
				5,366,141
Finance-Credit Card — 0.3%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*		2,195,000		2,238,900
American Express Co. Senior Notes 3.40% due 02/22/2024		158,000		170,868
American Express Co. Senior Notes 4.20% due 11/06/2025		117,000		133,484
Mastercard, Inc. Senior Notes 2.00% due 03/03/2025		258,000		269,944
Visa, Inc. Senior Notes 0.75% due 08/15/2027		82,000		79,396
				2,892,592
Finance-Investment Banker/Broker — 0.1%
LPL Holdings, Inc. Company Guar. Notes 4.63% due 11/15/2027*		375,000		383,550
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*		697,000		718,049
				1,101,599
Finance-Mortgage Loan/Banker — 0.5%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*		1,841,000		1,989,440
LD Holdings Group LLC Company Guar. Notes 6.50% due 11/01/2025*		1,605,000		1,701,300
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*		626,000		619,740
Quicken Loans, Inc. Company Guar. Notes 5.25% due 01/15/2028*		423,000		446,286
				4,756,766
Financial Guarantee Insurance — 0.1%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		1,110,000		1,254,300
Food-Dairy Products — 0.0%
Land O’ Lakes, Inc. Junior Sub. Notes 7.00% due 09/18/2028*(8)		110,000		110,275

Security Description	Principal Amount(17)		Value (Note 2)
Food-Meat Products — 0.0%
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*	$	138,000	$	152,067
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		217,000		251,276
				403,343
Food-Misc./Diversified — 0.6%
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		186,000		243,000
Dole Food Co., Inc. Senior Sec. Notes 7.25% due 06/15/2025*		1,595,000		1,630,887
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049		1,055,000		1,231,200
Mars, Inc. Senior Notes 2.38% due 07/16/2040*		122,000		114,981
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		335,000		369,801
Post Holdings, Inc. Senior Notes 4.50% due 09/15/2031*		1,655,000		1,653,031
				5,242,900
Food-Retail — 0.3%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*		1,677,000		1,736,793
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.75% due 03/15/2025		160,000		165,000
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.88% due 02/15/2028*		709,000		755,085
				2,656,878
Food-Wholesale/Distribution — 0.5%
C&S Group Enterprises LLC Company Guar. Notes 5.00% due 12/15/2028*		1,620,000		1,591,650
Sysco Corp. Company Guar. Notes 4.45% due 03/15/2048		177,000		201,043
Sysco Corp. Company Guar. Notes 4.50% due 04/01/2046		198,000		224,831
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030		84,000		107,317
Sysco Corp. Company Guar. Bonds 6.60% due 04/01/2040		192,000		271,363
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		77,000		112,774
US Foods, Inc. Senior Sec. Notes 6.25% due 04/15/2025*		1,475,000		1,572,719
				4,081,697

97

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Gas-Distribution — 0.0%
National Fuel Gas Co. Senior Notes 2.95% due 03/01/2031	$	127,000	$	125,114
Hotels/Motels — 0.5%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024		1,395,000		1,454,288
Marriott International, Inc. Senior Notes 4.63% due 06/15/2030		343,000		388,634
Wyndham Destinations, Inc. Senior Sec. Notes 6.63% due 07/31/2026*		860,000		970,768
Wyndham Worldwide Corp. Senior Sec. Notes 6.00% due 04/01/2027		1,400,000		1,557,500
				4,371,190
Human Resources — 0.5%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*		1,486,000		1,547,223
Team Health Holdings, Inc. Company Guar. Notes 6.38% due 02/01/2025*		1,450,000		1,305,906
TriNet Group, Inc. Company Guar. Notes 3.50% due 03/01/2029*		1,655,000		1,642,075
				4,495,204
Independent Power Producers — 0.8%
Calpine Corp. Senior Sec. Notes 3.75% due 03/01/2031*		1,945,000		1,876,925
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		1,945,000		2,078,719
NRG Energy, Inc. Company Guar. Notes 3.38% due 02/15/2029*		569,000		559,754
NRG Energy, Inc. Company Guar. Notes 3.63% due 02/15/2031*		1,635,000		1,596,005
NRG Yield Operating LLC Company Guar. Notes 5.00% due 09/15/2026		721,000		742,630
				6,854,033
Instruments-Controls — 0.0%
Honeywell International, Inc. Senior Notes 0.48% due 08/19/2022		155,000		155,178
Insurance Brokers — 0.0%
Willis North America, Inc. Company Guar. Notes 3.88% due 09/15/2049		45,000		49,924
Insurance-Life/Health — 0.3%
Athene Global Funding Sec. Notes 0.63% due 01/12/2028	EUR	760,000		900,749
Athene Global Funding Sec. Notes 1.75% due 11/24/2027	GBP	200,000		278,675

Security Description	Principal Amount(17)		Value (Note 2)
Insurance-Life/Health (continued)
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047	$	75,000	$	78,419
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		235,000		283,972
Ohio National Financial Services, Inc. Senior Notes 5.55% due 01/24/2030*		268,000		285,910
Principal Life Global Funding II Sec. Notes 0.50% due 01/08/2024*		207,000		206,892
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026		454,000		463,202
Prudential Financial, Inc. Senior Notes 3.91% due 12/07/2047		55,000		61,956
Unum Group Senior Notes 4.50% due 03/15/2025		82,000		91,711
				2,651,486
Insurance-Multi-line — 0.0%
Metropolitan Life Global Funding I Sec. Notes 0.63% due 12/08/2027	GBP	215,000		287,944
Insurance-Mutual — 0.0%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		287,000		306,344
Insurance-Property/Casualty — 0.1%
Chubb INA Holdings, Inc. Company Guar. Notes 1.55% due 03/15/2028	EUR	550,000		713,838
Internet Content-Entertainment — 0.2%
Netflix, Inc. Senior Notes 4.88% due 06/15/2030*		1,325,000		1,523,750
Internet Telephone — 0.1%
Cablevision Lightpath LLC Senior Sec. Notes 3.88% due 09/15/2027*		935,000		927,988
Cablevision Lightpath LLC Senior Notes 5.63% due 09/15/2028*		212,000		215,445
				1,143,433
Investment Management/Advisor Services — 0.2%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		1,885,000		1,979,250
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		199,000		204,643
				2,183,893
Machine Tools & Related Products — 0.0%
Kennametal, Inc. Senior Notes 2.80% due 03/01/2031		48,000		47,909

98

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Machinery-Construction & Mining — 0.1%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023	$	303,000	$	305,088
Caterpillar Financial Services Corp. Senior Notes 1.10% due 09/14/2027		233,000		228,163
				533,251
Machinery-Farming — 0.1%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		253,000		276,992
John Deere Capital Corp. Senior Notes 0.70% due 01/15/2026		382,000		375,183
John Deere Capital Corp. Senior Notes 2.65% due 06/10/2026		160,000		172,180
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		106,000		115,247
				939,602
Medical Labs & Testing Services — 0.1%
Catalent Pharma Solutions, Inc. Company Guar. Notes 3.13% due 02/15/2029*		223,000		220,320
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		650,000		680,062
				900,382
Medical Products — 0.1%
Stryker Corp. Senior Notes 0.75% due 03/01/2029	EUR	450,000		553,524
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040		641,000		655,503
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		231,000		217,752
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050		182,000		160,664
				1,033,919
Medical-Drugs — 0.1%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039		175,000		198,665
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		209,000		238,994
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		275,000		273,107
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		116,000		123,648
				834,414

Security Description	Principal Amount(17)		Value (Note 2)
Medical-Generic Drugs — 0.2%
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*	$	1,095,000	$	1,177,125
Viatris, Inc. Company Guar. Notes 4.00% due 06/22/2050*		405,000		416,334
				1,593,459
Medical-HMO — 0.1%
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		254,000		255,924
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		153,000		170,450
				426,374
Medical-Hospitals — 1.3%
Acadia Healthcare Co., Inc. Company Guar. Notes 5.00% due 04/15/2029*		314,000		326,560
Acadia Healthcare Co., Inc. Company Guar. Notes 5.50% due 07/01/2028*		1,163,000		1,226,965
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*		1,525,000		1,606,108
CHS/Community Health Systems, Inc. Sec. Notes 6.88% due 04/15/2029*		794,000		815,835
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		3,065,000		3,168,508
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		1,109,000		1,102,435
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		1,075,000		1,091,125
Tenet Healthcare Corp. Company Guar. Notes 6.13% due 10/01/2028*		2,044,000		2,148,673
				11,486,209
Medical-Wholesale Drug Distribution — 0.0%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		337,000		376,243
Metal-Copper — 0.4%
Freeport-McMoRan, Inc. Company Guar. Notes 4.13% due 03/01/2028		1,061,000		1,114,050
Freeport-McMoRan, Inc. Company Guar. Notes 4.25% due 03/01/2030		956,000		1,037,853
Freeport-McMoRan, Inc. Company Guar. Notes 4.38% due 08/01/2028		695,000		739,306
Freeport-McMoRan, Inc. Company Guar. Notes 4.63% due 08/01/2030		695,000		767,975
				3,659,184
Multimedia — 0.2%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*		1,425,000		1,446,375

99

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Multimedia (continued)
Walt Disney Co. Company Guar. Bonds 2.75% due 09/01/2049	$	277,000	$	257,860
				1,704,235
Non-Hazardous Waste Disposal — 0.2%
Covanta Holding Corp. Company Guar. Notes 5.00% due 09/01/2030		1,638,000		1,699,425
Non-Profit Charity — 0.0%
Ford Foundation Notes 2.82% due 06/01/2070		162,000		149,786
Oil Companies-Exploration & Production — 2.1%
Antero Resources Corp. Company Guar. Notes 7.63% due 02/01/2029*		1,002,000		1,068,383
Apache Corp. Senior Notes 4.38% due 10/15/2028		1,310,000		1,326,375
Apache Corp. Senior Notes 4.63% due 11/15/2025		188,000		194,815
Apache Corp. Senior Notes 4.75% due 04/15/2043		969,000		947,207
Apache Corp. Senior Notes 4.88% due 11/15/2027		287,000		301,350
California Resources Corp. Company Guar. Notes 7.13% due 02/01/2026*		1,625,000		1,626,016
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026		1,480,000		1,166,758
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		374,000		393,530
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		899,000		1,015,870
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029		244,000		255,707
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*		863,000		912,191
EOG Resources, Inc. Senior Bonds 4.95% due 04/15/2050		79,000		98,791
Hess Corp. Senior Notes 6.00% due 01/15/2040		321,000		391,802
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.75% due 02/01/2029*		702,000		716,040
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 6.00% due 02/01/2031*		1,437,000		1,460,394
Indigo Natural Resources LLC Senior Notes 5.38% due 02/01/2029*		1,494,000		1,486,530
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		265,000		341,637

Security Description	Principal Amount(17)		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032	$	136,000	$	173,453
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025#		1,058,000		1,147,930
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031#		780,000		864,825
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		1,632,000		1,811,520
Occidental Petroleum Corp. Senior Notes 7.50% due 05/01/2031		127,000		149,225
Pioneer Natural Resources Co. Senior Notes 1.90% due 08/15/2030		72,000		68,737
Range Resources Corp. Company Guar. Notes 8.25% due 01/15/2029*		903,000		970,454
				18,889,540
Oil Companies-Integrated — 0.3%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050		314,000		273,645
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061		221,000		207,707
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027		543,000		602,298
Chevron Corp. Senior Notes 1.55% due 05/11/2025		387,000		395,752
Chevron USA, Inc. Company Guar. Notes 1.02% due 08/12/2027		138,000		134,188
Chevron USA, Inc. Company Guar. Notes 4.20% due 10/15/2049		116,000		135,291
Chevron USA, Inc. Company Guar. Notes 5.25% due 11/15/2043		182,000		243,182
Exxon Mobil Corp. Senior Notes 1.41% due 06/26/2039	EUR	290,000		346,016
				2,338,079
Oil Refining & Marketing — 0.2%
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028		1,889,000		1,199,515
Phillips 66 Company Guar. Notes 2.15% due 12/15/2030		189,000		182,992
Valero Energy Corp. Senior Notes 2.15% due 09/15/2027		143,000		142,451
				1,524,958

100

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil-Field Services — 0.5%
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*	$	1,729,000	$	1,824,475
ChampionX Corp Company Guar. Notes 6.38% due 05/01/2026		1,305,000		1,370,250
Halliburton Co. Senior Notes 2.92% due 03/01/2030#		72,000		73,503
Halliburton Co. Senior Notes 4.75% due 08/01/2043		114,000		126,035
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		185,000		206,590
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		1,211,000		1,250,357
				4,851,210
Paper & Related Products — 0.4%
Clearwater Paper Corp. Company Guar. Notes 4.75% due 08/15/2028*		1,805,000		1,848,464
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		483,000		631,512
Georgia-Pacific LLC Senior Notes 0.95% due 05/15/2026*		768,000		753,411
				3,233,387
Petrochemicals — 0.0%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		104,000		109,994
Pharmacy Services — 0.1%
CVS Health Corp. Senior Notes 2.70% due 08/21/2040		88,000		82,691
CVS Health Corp. Senior Notes 4.25% due 04/01/2050		98,000		112,378
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		228,000		275,595
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		202,000		252,851
				723,515
Pipelines — 2.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*		1,650,000		1,663,406
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*		591,000		604,297
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		1,531,000		1,550,137

Security Description	Principal Amount(17)		Value (Note 2)
Pipelines (continued)
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029	$	209,000	$	225,014
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		1,085,000		1,137,894
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025		462,000		474,844
Cheniere Energy, Inc. Senior Sec. Notes 4.63% due 10/15/2028*		1,149,000		1,197,832
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. Company Guar. Notes 4.15% due 08/15/2026*		118,000		132,102
DCP Midstream Operating LP Company Guar. Notes 5.60% due 04/01/2044		465,000		482,438
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027		792,000		857,126
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*		363,000		408,375
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		149,000		167,426
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035		243,000		262,088
Energy Transfer Operating LP Company Guar. Notes 6.13% due 12/15/2045		241,000		276,968
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		13,000		10,335
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 01/31/2051		210,000		207,970
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		147,000		158,412
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		1,915,000		1,876,700
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025		625,000		606,437
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 8.00% due 01/15/2027		1,140,000		1,152,352
Gray Oak Pipeline LLC Senior Notes 2.00% due 09/15/2023*		299,000		303,443
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*		175,000		179,944
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		2,170,000		2,304,269
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		2,249,000		2,265,778

101

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Kinder Morgan, Inc. Company Guar. Notes 5.05% due 02/15/2046	$	190,000	$	218,507
MPLX LP Senior Notes 2.65% due 08/15/2030		157,000		155,334
NGL Energy Operating LLC/NGL Energy Finance Corp. Senior Sec. Notes 7.50% due 02/01/2026*		1,925,000		1,985,252
NGPL PipeCo LLC Senior Notes 4.38% due 08/15/2022*		198,000		206,101
NuStar Logistics LP Company Guar. Notes 5.75% due 10/01/2025		669,000		712,485
NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030		1,006,000		1,111,841
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		116,000		147,771
ONEOK, Inc. Company Guar. Notes 6.35% due 01/15/2031		83,000		104,323
ONEOK, Inc. Company Guar. Notes 7.15% due 01/15/2051		78,000		104,484
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043		90,000		84,295
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.35% due 05/15/2045		138,000		147,253
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*		1,382,000		1,417,241
Valero Energy Partners LP Company Guar. Notes 4.38% due 12/15/2026		275,000		311,443
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		301,000		373,393
				25,585,310
Poultry — 0.3%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		1,099,000		1,179,062
Simmons Foods, Inc. Sec. Notes 4.63% due 03/01/2029*		1,086,000		1,100,010
				2,279,072
Protection/Safety — 0.5%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 3.38% due 08/31/2027*		1,275,000		1,242,972
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.25% due 04/15/2024*		1,512,000		1,612,170
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*		640,000		689,600
Prime Security Services Borrower LLC/Prime Finance, Inc. Sec. Notes 6.25% due 01/15/2028*		1,276,000		1,321,847
				4,866,589

Security Description	Principal Amount(17)		Value (Note 2)
Real Estate Investment Trusts — 2.2%
American Tower Corp. Senior Notes 1.38% due 04/04/2025	EUR	290,000	$	364,643
American Tower Corp. Senior Notes 3.10% due 06/15/2050		179,000		167,198
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		263,000		278,825
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025		2,074,000		2,138,335
ESH Hospitality, Inc. Company Guar. Notes 4.63% due 10/01/2027*		1,485,000		1,508,196
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		140,000		142,713
Essex Portfolio LP Company Guar. Notes 2.65% due 09/01/2050		4,000		3,444
Federal Realty Investment Trust Senior Notes 1.25% due 02/15/2026		272,000		271,472
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 5.25% due 07/15/2024*		304,000		314,193
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 6.00% due 04/15/2025*		1,180,000		1,239,000
Hospitality Properties Trust Senior Notes 4.38% due 02/15/2030		1,164,000		1,082,520
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030		414,000		418,368
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		2,130,000		2,055,450
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027		1,387,000		1,567,310
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 3.50% due 03/15/2031		714,000		726,566
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		1,599,000		1,703,255
National Health Investors, Inc. Company Guar. Notes 3.00% due 02/01/2031		169,000		163,125
Omega Healthcare Investors, Inc. Company Guar. Notes 3.38% due 02/01/2031		175,000		178,336
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer Senior Sec. Notes 5.88% due 10/01/2028*		1,655,000		1,733,612
Piedmont Operating Partnership LP Company Guar. Notes 3.15% due 08/15/2030		226,000		224,984

102

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Public Storage Senior Notes 0.88% due 01/24/2032	EUR	270,000	$	325,972
Service Properties Trust Senior Notes 4.75% due 10/01/2026		297,000		292,545
Service Properties Trust Senior Notes 4.95% due 10/01/2029		185,000		178,525
Service Properties Trust Senior Notes 5.25% due 02/15/2026		302,000		305,775
Service Properties Trust Company Guar. Notes 5.50% due 12/15/2027		146,000		156,810
Simon Property Group LP Senior Notes 3.25% due 09/13/2049		163,000		154,519
Spirit Realty LP Company Guar. Notes 2.70% due 02/15/2032		131,000		129,122
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		1,792,000		1,831,738
Starwood Property Trust, Inc. Senior Notes 5.50% due 11/01/2023*		317,000		330,473
VEREIT Operating Partnership LP Company Guar. Notes 2.85% due 12/15/2032		109,000		108,008
				20,095,032
Real Estate Management/Services — 0.3%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*		1,346,000		1,455,093
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023		1,080,000		1,170,048
				2,625,141
Real Estate Operations & Development — 0.2%
Kennedy-Wilson, Inc. Company Guar. Notes 4.75% due 03/01/2029		1,299,000		1,338,879
Recycling — 0.2%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*		1,784,000		1,859,820
Rental Auto/Equipment — 0.5%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		2,767,000		2,324,280
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.38% due 03/01/2029*		359,000		367,113
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.75% due 07/15/2027*		1,412,000		1,457,890
				4,149,283
Research & Development — 0.2%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 4.63% due 06/15/2025*		273,000		284,602

Security Description	Principal Amount(17)		Value (Note 2)
Research & Development (continued)
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*	$	1,045,000	$	1,102,475
				1,387,077
Resorts/Theme Parks — 0.4%
SeaWorld Parks & Entertainment, Inc. Senior Sec. Notes 8.75% due 05/01/2025*#		1,515,000		1,636,200
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*#		1,495,000		1,526,600
Six Flags Theme Parks, Inc. Senior Sec. Notes 7.00% due 07/01/2025*		130,000		140,144
				3,302,944
Retail-Apparel/Shoe — 0.0%
Ross Stores, Inc. Senior Notes 1.88% due 04/15/2031		256,000		245,397
Retail-Appliances — 0.1%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022		1,314,000		1,314,000
Retail-Auto Parts — 0.0%
Advance Auto Parts, Inc. Company Guar. Notes 1.75% due 10/01/2027		145,000		144,995
Genuine Parts Co. Senior Notes 1.88% due 11/01/2030		175,000		165,216
				310,211
Retail-Convenience Store — 0.0%
7-Eleven, Inc. Senior Notes 1.80% due 02/10/2031*		205,000		195,972
Retail-Discount — 0.0%
Walmart, Inc. Senior Notes 2.55% due 04/11/2023		293,000		305,348
Retail-Pawn Shops — 0.2%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		1,529,000		1,588,509
Retail-Petroleum Products — 0.2%
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029		1,544,000		1,655,940
Retail-Regional Department Stores — 0.1%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		352,000		401,145
Kohl’s Corp. Senior Notes 9.50% due 05/15/2025		94,000		121,146
				522,291
Retail-Restaurants — 0.3%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		932,000		969,280

103

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Restaurants (continued)
Dave & Buster’s, Inc. Senior Sec. Notes 7.63% due 11/01/2025*	$	1,610,000	$	1,706,600
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049		111,000		118,191
McDonald’s Corp. Senior Notes 4.20% due 04/01/2050		114,000		132,253
				2,926,324
Satellite Telecom — 0.3%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026#		2,513,000		2,805,513
Savings & Loans/Thrifts — 0.1%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		431,000		453,957
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		340,000		354,738
				808,695
Security Services — 0.2%
Brink’s Co. Company Guar. Notes 4.63% due 10/15/2027*		2,005,000		2,066,233
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. Company Guar. Notes 4.20% due 05/01/2030		170,000		194,198
Steel-Producers — 0.6%
Cleveland-Cliffs, Inc. Company Guar. Notes 4.63% due 03/01/2029*		839,000		821,381
Cleveland-Cliffs, Inc. Company Guar. Notes 4.88% due 03/01/2031*		258,000		252,608
Cleveland-Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025#		1,044,000		1,068,743
Cleveland-Cliffs, Inc. Senior Sec. Notes 6.75% due 03/15/2026*		1,016,000		1,088,390
Commercial Metals Co. Senior Notes 3.88% due 02/15/2031		1,627,000		1,625,861
Periama Holdings LLC Company Guar. Notes 5.95% due 04/19/2026		500,000		530,250
Reliance Steel & Aluminum Co. Senior Notes 2.15% due 08/15/2030		302,000		294,995
Steel Dynamics, Inc. Senior Notes 3.45% due 04/15/2030		5,000		5,403
				5,687,631
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		375,000		482,755
Telephone-Integrated — 1.1%
AT&T, Inc. Senior Notes 3.55% due 09/15/2055*		91,000		82,592

Security Description	Principal Amount(17)		Value (Note 2)
Telephone-Integrated (continued)
AT&T, Inc. Senior Notes 4.50% due 05/15/2035	$	805,000	$	920,451
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		22,000		25,053
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		226,000		261,085
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		244,000		289,239
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		1,345,000		1,403,144
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024		1,279,000		1,435,678
Frontier Communications Corp. Senior Sec. Notes 5.00% due 05/01/2028*		1,608,000		1,660,260
Verizon Communications, Inc. Senior Notes 0.88% due 04/08/2027	EUR	290,000		361,789
Verizon Communications, Inc. Senior Notes 1.50% due 09/18/2030		353,000		331,149
Verizon Communications, Inc. Senior Notes 2.50% due 04/08/2031	GBP	200,000		293,047
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056*		510,000		453,516
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		99,000		114,348
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		104,000		122,677
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*		1,754,000		1,808,550
				9,562,578
Television — 0.4%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027		1,030,000		1,184,500
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		1,105,000		1,276,275
Scripps Escrow II, Inc. Senior Notes 5.38% due 01/15/2031*		144,000		146,340
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		704,000		788,031
				3,395,146
Theaters — 0.2%
Live Nation Entertainment, Inc. Senior Sec. Notes 3.75% due 01/15/2028*		275,000		275,605
Live Nation Entertainment, Inc. Company Guar. Notes 4.75% due 10/15/2027*		1,266,000		1,278,913
				1,554,518

104

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tools-Hand Held — 0.0%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026	$	157,000	$	173,238
Transport-Air Freight — 0.3%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*		2,351,000		2,439,162
Transport-Equipment & Leasing — 0.0%
GATX Corp. Senior Notes 3.10% due 06/01/2051		77,000		72,488
GATX Corp. Senior Notes 4.35% due 02/15/2024		271,000		297,340
				369,828
Transport-Marine — 0.0%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		168,000		182,184
Transport-Rail — 0.1%
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029		147,000		153,682
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		145,000		172,889
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049		232,000		264,862
				591,433
Transport-Services — 0.1%
FedEx Corp. Pass Through Trust Senior Sec. Notes Series 2020-1, Class AA 1.88% due 08/20/2035		272,514		271,973
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		137,000		152,357
				424,330
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		39,000		41,538
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		272,000		297,161
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.20% due 04/01/2027*		131,000		149,337
				488,036
Vitamins & Nutrition Products — 0.2%
HLF Financing SARL LLC/Herbalife International, Inc. Company Guar. Notes 7.25% due 08/15/2026*		1,622,000		1,685,964
Water — 0.0%
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		118,000		119,547
Total U.S. Corporate Bonds & Notes
(cost $318,085,534)				333,642,132

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 15.1%
Aerospace/Defense — 0.0%
BAE Systems PLC Senior Notes 3.40% due 04/15/2030*	$	229,000	$	248,545
Agricultural Chemicals — 0.3%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		1,461,000		1,486,567
OCI NV Senior Sec. Notes 5.25% due 11/01/2024*		1,540,000		1,591,975
				3,078,542
Airlines — 0.1%
Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd. Senior Sec. Notes 5.75% due 01/20/2026*		1,091,081		1,150,414
Airport Development/Maintenance — 0.1%
Heathrow Funding, Ltd. Senior Sec. Notes 1.50% due 10/12/2027	EUR	400,000		498,676
Appliances — 0.0%
Whirlpool EMEA Finance SARL Company Guar. Notes 0.50% due 02/20/2028	EUR	255,000		306,601
Auto-Cars/Light Trucks — 0.2%
FCE Bank PLC Senior Notes 1.13% due 02/10/2022	EUR	500,000		604,289
Hyundai Capital Services, Inc. Senior Notes 1.25% due 02/08/2026*		215,000		211,395
Nissan Motor Co., Ltd. Senior Notes 3.04% due 09/15/2023*		200,000		210,219
RCI Banque SA Senior Notes 1.75% due 04/10/2026	EUR	275,000		350,085
Volkswagen International Finance NV Company Guar. Notes 4.13% due 11/16/2038	EUR	200,000		328,483
				1,704,471
Banks-Commercial — 1.3%
Australia & New Zealand Banking Group, Ltd. Sub. Notes 2.95% due 07/22/2030*		212,000		220,520
Banco de Credito del Peru Sub. Notes 3.13% due 07/01/2030*		780,000		795,990
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		970,000		1,070,221
Banco de Sabadell SA Senior Notes 1.13% due 03/11/2027	EUR	400,000		493,344
Banco de Sabadell SA Senior Notes 1.75% due 05/10/2024	EUR	300,000		369,291
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander Senior Notes 5.38% due 04/17/2025*		298,000		338,766

105

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Bank of Montreal Senior Notes 2.05% due 11/01/2022	$	269,000	$	276,546
CaixaBank SA Senior Notes 1.38% due 06/19/2026	EUR	500,000		624,390
Canadian Imperial Bank of Commerce Senior Notes 0.50% due 12/14/2023		193,000		193,070
Canadian Imperial Bank of Commerce Senior Notes 0.95% due 10/23/2025#		138,000		136,955
Canadian Imperial Bank of Commerce Senior Notes 2.25% due 01/28/2025		319,000		332,632
Cooperatieve Rabobank UA Senior Notes 1.00% due 09/24/2026*		680,000		674,114
Danske Bank A/S Sub. Notes 1.38% due 02/12/2030	EUR	365,000		445,392
Danske Bank A/S Senior Notes 2.25% due 01/14/2028	GBP	230,000		328,684
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*		322,000		345,231
DBS Group Holdings, Ltd. Senior Notes 2.85% due 04/16/2022*		277,000		284,510
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*		1,000,000		1,036,200
ING Groep NV Senior Notes 1.40% due 07/01/2026*		404,000		405,268
ING Groep NV Senior Notes 4.63% due 01/06/2026*		220,000		253,317
Malayan Banking Bhd Sub. Notes 3.91% due 10/29/2026		550,000		559,927
National Bank of Canada Company Guar. Notes 0.55% due 11/15/2024		250,000		250,250
Philippine National Bank Senior Notes 3.28% due 09/27/2024		1,300,000		1,380,840
Standard Chartered PLC Senior Notes 0.90% due 07/02/2027	EUR	350,000		434,124
Standard Chartered PLC Sub. Notes 3.27% due 02/18/2036*		472,000		464,635
				11,714,217
Banks-Special Purpose — 0.1%
BNG Bank NV Senior Notes 0.50% due 11/24/2025*		206,000		202,381
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*		568,000		565,411
				767,792

Security Description	Principal Amount(17)		Value (Note 2)
Beverages-Non-alcoholic — 0.0%
Coca-Cola Femsa SAB de CV Company Guar. Notes 1.85% due 09/01/2032	$	247,000	$	233,395
Building Products-Cement — 0.0%
Holcim Finance Luxembourg SA Company Guar. Notes 0.50% due 04/23/2031	EUR	215,000		252,338
Building-Residential/Commercial — 0.2%
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*		600,000		623,250
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		940,000		987,000
				1,610,250
Cable/Satellite TV — 0.2%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		1,551,000		1,558,755
Casino Hotels — 0.3%
Melco Resorts Finance, Ltd. Senior Notes 5.38% due 12/04/2029*		1,334,000		1,411,746
Wynn Macau, Ltd. Senior Notes 5.13% due 12/15/2029*		1,640,000		1,672,800
				3,084,546
Cellular Telecom — 0.3%
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*		739,000		793,871
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*		1,511,000		1,576,275
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		200,000		213,061
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		153,000		185,540
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		124,000		158,043
				2,926,790
Chemicals-Diversified — 0.2%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		290,000		299,787
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		360,000		365,472
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		300,000		304,560
Covestro AG Senior Notes 1.38% due 06/12/2030	EUR	350,000		449,094
				1,418,913

106

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Chemicals-Other — 0.1%
MEGlobal Canada ULC Company Guar. Notes 5.00% due 05/18/2025*	$	800,000	$	887,472
Chemicals-Specialty — 0.1%
Albemarle New Holding GmbH Company Guar. Notes 1.63% due 11/25/2028	EUR	290,000		370,282
Albemarle Wodgina Pty, Ltd. Company Guar. Notes 3.45% due 11/15/2029		231,000		240,672
				610,954
Computer Software — 0.1%
Camelot Finance SA Senior Sec. Notes 4.50% due 11/01/2026*		1,105,000		1,146,438
Computers — 0.0%
Dell Bank International DAC Senior Notes 1.63% due 06/24/2024	EUR	300,000		376,154
Containers-Metal/Glass — 0.1%
Trivium Packaging Finance BV Company Guar. Notes 8.50% due 08/15/2027*		1,018,000		1,091,805
Containers-Paper/Plastic — 0.4%
Cascades, Inc./Cascades USA, Inc. Company Guar. Notes 5.38% due 01/15/2028*		1,053,000		1,112,231
Intertape Polymer Group, Inc. Company Guar. Notes 7.00% due 10/15/2026*		1,538,000		1,618,745
Klabin Austria GmbH Company Guar. Notes 7.00% due 04/03/2049*		379,000		472,992
				3,203,968
Cruise Lines — 1.0%
Carnival Corp. Senior Notes 5.75% due 03/01/2027*		1,965,000		1,994,475
Carnival Corp. Senior Notes 7.63% due 03/01/2026*		331,000		347,964
NCL Corp., Ltd. Senior Notes 3.63% due 12/15/2024*		2,315,000		2,163,830
NCL Corp., Ltd. Company Guar. Notes 5.88% due 03/15/2026*		500,000		502,662
Silversea Cruise Finance, Ltd. Senior Sec. Notes 7.25% due 02/01/2025*		1,615,000		1,671,703
Viking Ocean Cruises Ship VII, Ltd. Senior Sec. Notes 5.63% due 02/15/2029*		223,000		224,449
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		2,196,000		2,169,868
				9,074,951
Diversified Banking Institutions — 1.4%
Banco Santander SA Senior Notes 1.38% due 01/05/2026	EUR	400,000		504,816

Security Description	Principal Amount(17)		Value (Note 2)
Diversified Banking Institutions (continued)
Banco Santander SA Senior Notes 2.71% due 06/27/2024	$	200,000	$	212,114
Barclays PLC Senior Notes 0.75% due 06/09/2025	EUR	400,000		489,473
Barclays PLC Senior Notes 3.00% due 05/08/2026	GBP	230,000		343,026
Barclays PLC Sub. Notes 3.56% due 09/23/2035		454,000		463,189
BNP Paribas SA Senior Notes 0.50% due 09/01/2028	EUR	500,000		600,012
BNP Paribas SA Senior Notes 1.32% due 01/13/2027*		567,000		560,067
BNP Paribas SA Senior Notes 3.38% due 01/23/2026	GBP	200,000		306,104
Credit Agricole SA Senior Notes 0.13% due 12/09/2027	EUR	500,000		591,095
Credit Agricole SA Senior Notes 1.91% due 06/16/2026*		250,000		255,998
Credit Agricole SA Sub. Notes 2.81% due 01/11/2041*		336,000		316,234
Credit Suisse Group AG Senior Notes 2.19% due 06/05/2026*		321,000		331,147
Credit Suisse Group AG Senior Notes 3.25% due 04/02/2026	EUR	400,000		539,981
Deutsche Bank AG Senior Notes 1.00% due 11/19/2025	EUR	400,000		490,101
Deutsche Bank AG Senior Notes 1.75% due 11/19/2030	EUR	200,000		250,204
Deutsche Bank AG Senior Notes 2.22% due 09/18/2024		152,000		156,338
HSBC Holdings PLC Senior Notes 1.59% due 05/24/2027		394,000		392,781
HSBC Holdings PLC Senior Notes 3.00% due 07/22/2028	GBP	275,000		412,520
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		205,000		212,761
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		643,000		677,557
Natwest Group PLC Senior Notes 1.75% due 03/02/2026	EUR	550,000		699,928
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035		649,000		636,085
NatWest Markets PLC Senior Notes 2.38% due 05/21/2023*		183,000		190,445
Royal Bank of Scotland Group PLC Senior Notes 2.36% due 05/22/2024		319,000		330,093

107

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Societe Generale SA Company Guar. Notes 3.63% due 03/01/2041*	$	210,000	$	206,539
UBS Group AG Senior Notes 0.25% due 11/05/2028	EUR	380,000		452,199
UniCredit SpA Senior Notes 1.25% due 06/16/2026	EUR	500,000		620,956
UniCredit SpA Senior Notes 2.57% due 09/22/2026*		377,000		379,759
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*		408,000		439,192
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		377,000		394,826
				12,455,540
Diversified Financial Services — 0.4%
Fairstone Financial, Inc. Senior Notes 7.88% due 07/15/2024*		1,629,000		1,709,375
GE Capital European Funding Company Guar. Notes 6.03% due 03/01/2038	EUR	340,000		641,977
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		890,000		1,008,737
				3,360,089
Diversified Manufacturing Operations — 0.0%
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		250,000		270,873
Diversified Minerals — 0.2%
Anglo American Capital PLC Company Guar. Notes 2.63% due 09/10/2030*		223,000		224,899
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 4.50% due 09/15/2027*		1,153,000		1,266,859
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		395,000		511,693
				2,003,451
Electric-Distribution — 0.3%
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027#		1,000,000		1,063,760
Infraestructura Energetica Nova SAB de CV Senior Notes 4.75% due 01/15/2051*		650,000		652,762
National Grid PLC Senior Notes 0.55% due 09/18/2029	EUR	335,000		405,519
OmGrid Funding, Ltd. Company Guar. Notes 5.20% due 05/16/2027		500,000		515,000
				2,637,041
Electric-Generation — 0.6%
ACEA SpA Senior Notes 1.50% due 06/08/2027	EUR	310,000		400,895

Security Description	Principal Amount(17)		Value (Note 2)
Electric-Generation (continued)
Electricite de France SA Senior Notes 5.00% due 09/21/2048*	$	200,000	$	248,440
Electricite de France SA Senior Notes 6.13% due 06/02/2034	GBP	200,000		401,645
LLPL Capital Pte, Ltd. Senior Sec. Notes 6.88% due 02/04/2039		912,000		1,089,566
Minejesa Capital BV Senior Sec. Notes 5.63% due 08/10/2037		1,000,000		1,057,500
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029		1,200,000		1,218,000
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL Company Guar. Notes 4.65% due 10/30/2023		650,000		704,125
				5,120,171
Electric-Integrated — 0.3%
E.ON International Finance BV Company Guar. Notes 6.25% due 06/03/2030	GBP	275,000		523,308
Empresas Publicas de Medellin ESP Senior Notes 4.38% due 02/15/2031*		805,000		823,121
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*		278,000		343,348
Engie Energia Chile SA Senior Notes 3.40% due 01/28/2030*		209,000		219,450
Fortum Oyj Senior Notes 1.63% due 02/27/2026	EUR	465,000		597,515
				2,506,742
Electric-Transmission — 0.0%
RTE Reseau de Transport d’Electricite SADIR Senior Notes 1.13% due 07/08/2040	EUR	200,000		252,620
Energy-Alternate Sources — 0.1%
ReNew Power Synthetic Senior Sec. Notes 6.67% due 03/12/2024		500,000		524,510
ReNew Power, Ltd. Senior Sec. Notes 6.45% due 09/27/2022		510,000		531,675
				1,056,185
Finance-Consumer Loans — 0.2%
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		1,395,000		1,443,825
Finance-Leasing Companies — 0.1%
BOC Aviation, Ltd. Senior Notes 2.63% due 09/17/2030*		1,165,000		1,130,460
Food-Meat Products — 0.1%
BRF SA Senior Notes 4.88% due 01/24/2030*		500,000		520,625

108

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Food-Retail — 0.1%
Auchan Holding SA Senior Notes 3.25% due 07/23/2027	EUR	400,000	$	557,154
Tesco Corp.orate Treasury Services PLC Company Guar. Notes 0.88% due 05/29/2026	EUR	450,000		559,762
				1,116,916
Gas-Transportation — 0.0%
National Grid Gas PLC Senior Notes 1.13% due 01/14/2033	GBP	185,000		239,836
Gold Mining — 0.0%
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.75% due 10/01/2030		266,000		279,720
Industrial Gases — 0.1%
Yingde Gases Investment, Ltd. Company Guar. Notes 6.25% due 01/19/2023		500,000		515,259
Insurance-Life/Health — 0.1%
Athene Holding, Ltd. Senior Notes 3.50% due 01/15/2031		214,000		221,767
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		300,000		328,947
				550,714
Insurance-Property/Casualty — 0.0%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		361,000		411,051
Insurance-Reinsurance — 0.1%
Fairfax Financial Holdings, Ltd. Senior Notes 2.75% due 03/29/2028	EUR	400,000		524,176
Investment Companies — 0.3%
Huarong Finance II Co., Ltd. Company Guar. Notes 3.75% due 05/29/2024		590,000		625,172
Huarong Finance II Co., Ltd. Company Guar. Notes 4.63% due 06/03/2026		1,000,000		1,095,068
JAB Holdings BV Company Guar. Notes 2.50% due 06/25/2029	EUR	400,000		548,434
MDGH - GMTN BV Company Guar. Notes 3.70% due 11/07/2049		600,000		614,730
				2,883,404
Machinery-Farming — 0.0%
CNH Industrial Finance Europe SA Company Guar. Notes 1.75% due 03/25/2027	EUR	200,000		257,151
Medical-Drugs — 0.3%
Bayer AG Senior Notes 1.38% due 07/06/2032	EUR	200,000		247,847
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Senior Sec. Notes 5.88% due 10/15/2024*		760,000		761,900
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 06/30/2028*		1,113,000		977,214

Security Description	Principal Amount(17)		Value (Note 2)
Medical-Drugs (continued)
Takeda Pharmaceutical Co., Ltd. Senior Notes 1.38% due 07/09/2032	EUR	410,000	$	516,284
Upjohn Finance BV Company Guar. Notes 1.91% due 06/23/2032	EUR	200,000		258,106
				2,761,351
Metal-Aluminum — 0.1%
Constellium SE Company Guar. Notes 3.75% due 04/15/2029*		628,000		623,416
Indonesia Asahan Aluminium Persero PT Senior Notes 6.53% due 11/15/2028		500,000		612,125
				1,235,541
Metal-Copper — 0.3%
First Quantum Minerals, Ltd. Company Guar. Notes 6.88% due 03/01/2026*		1,319,000		1,376,706
Hudbay Minerals, Inc. Company Guar. Notes 4.50% due 04/01/2026*		905,000		917,471
				2,294,177
Metal-Diversified — 0.1%
Chinalco Capital Holdings, Ltd. Company Guar. Notes 4.25% due 04/21/2022		400,000		407,233
Glencore Capital Finance DAC Company Guar. Notes 1.13% due 03/10/2028	EUR	200,000		246,572
				653,805
Metal-Iron — 0.2%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		1,649,000		1,825,196
Motion Pictures & Services — 0.3%
Banijay Entertainment SASU Senior Sec. Notes 5.38% due 03/01/2025*		2,390,000		2,437,800
Multimedia — 0.1%
Globo Comunicacao e Participacoes SA Senior Notes 4.88% due 01/22/2030*		700,000		727,132
Non-Ferrous Metals — 0.0%
Corp Nacional del Cobre de Chile Senior Notes 3.15% due 01/15/2051*		200,000		179,356
Oil Companies-Exploration & Production — 0.6%
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 07/15/2030		139,000		141,786
MEG Energy Corp. Company Guar. Notes 5.88% due 02/01/2029*		325,000		329,973
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		2,250,000		2,320,312
MEG Energy Corp. Company Guar. Notes 7.13% due 02/01/2027*		1,050,000		1,108,831
Saka Energi Indonesia PT Senior Notes 4.45% due 05/05/2024		700,000		634,900

109

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Wintershall Dea Finance B.V. Company Guar. Notes 1.33% due 09/25/2028	EUR	300,000	$	369,640
				4,905,442
Oil Companies-Integrated — 1.0%
BP Capital Markets PLC Company Guar. Notes 0.83% due 11/08/2027	EUR	300,000		371,753
BP Capital Markets PLC Company Guar. Notes 2.27% due 07/03/2026	GBP	260,000		382,568
Ecopetrol SA Senior Notes 5.88% due 05/28/2045		500,000		540,415
Ecopetrol SA Senior Notes 6.88% due 04/29/2030		700,000		854,630
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		114,000		117,212
Pertamina Persero PT Senior Notes 6.50% due 05/27/2041		500,000		632,500
Petro-Canada Senior Notes 5.95% due 05/15/2035		98,000		124,242
Petrobras Global Finance BV Company Guar. Notes 5.60% due 01/03/2031		1,000,000		1,080,800
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		920,000		786,600
Petroleos Mexicanos Company Guar. Notes 6.49% due 01/23/2027		900,000		943,425
Petroleos Mexicanos Company Guar. Notes 6.50% due 03/13/2027		530,000		555,519
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		1,600,000		1,519,292
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		1,000,000		879,000
Shell International Finance BV Company Guar. Notes 1.50% due 04/07/2028	EUR	300,000		392,462
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049		94,000		96,507
				9,276,925
Paper & Related Products — 0.1%
Suzano Austria GmbH Company Guar. Notes 3.75% due 01/15/2031		833,000		879,815
Petrochemicals — 0.1%
Equate Petrochemical BV Company Guar. Notes 4.25% due 11/03/2026		500,000		543,500
Pipelines — 0.1%
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.63% due 03/31/2036		500,000		491,127

Security Description	Principal Amount(17)		Value (Note 2)
Real Estate Investment Trusts — 0.2%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 2.00% due 05/18/2032	$	62,000	$	59,993
Digital Dutch Finco BV Company Guar. Notes 0.63% due 07/15/2025	EUR	290,000		355,751
Scentre Group Trust 1/Scentre Group Trust 2 Company Guar. Notes 1.45% due 03/28/2029	EUR	480,000		609,615
Unibail-Rodamco-Westfield SE Company Guar. Notes 1.13% due 09/15/2025	EUR	400,000		496,962
				1,522,321
Real Estate Operations & Development — 0.2%
Aroundtown SA Senior Notes 0.63% due 07/09/2025	EUR	400,000		488,284
Aroundtown SA Senior Notes 1.45% due 07/09/2028	EUR	500,000		628,173
Aroundtown SA Senior Notes 3.25% due 07/18/2027	GBP	230,000		345,728
Logicor Financing Sarl Company Guar. Notes 0.75% due 07/15/2024	EUR	250,000		306,153
				1,768,338
Retail-Convenience Store — 0.0%
Alimentation Couche-Tard, Inc. Company Guar. Notes 1.88% due 05/06/2026	EUR	230,000		295,067
Retail-Petroleum Products — 0.2%
Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*		1,835,000		1,885,187
Satellite Telecom — 0.6%
Connect Finco SARL/Connect US Finco LLC Senior Sec. Notes 6.75% due 10/01/2026*		2,059,000		2,134,308
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*		571,000		590,985
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*		2,232,000		2,303,491
				5,028,784
Security Services — 0.2%
Garda World Security Corp. Senior Sec. Notes 4.63% due 02/15/2027*		1,565,000		1,553,262
Semiconductor Components-Integrated Circuits — 0.0%
TSMC Global, Ltd. Company Guar. Notes 0.75% due 09/28/2025*		251,000		245,836
Steel-Producers — 0.1%
Shandong Iron & Steel Xinheng International Co., Ltd. Company Guar. Notes 6.85% due 09/25/2022		620,000		637,371
SupraNational Banks — 0.2%
African Development Bank Senior Notes 0.75% due 04/03/2023		290,000		292,900

110

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
SupraNational Banks (continued)
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025	$	358,000	$	369,990
International Bank for Reconstruction & Development Senior Notes 0.75% due 11/24/2027		423,000		409,067
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		220,000		242,970
International Finance Corp. Senior Notes 0.50% due 03/20/2023#		417,000		419,034
				1,733,961
Telecom Services — 0.2%
Altice France Holding SA Company Guar. Notes 6.00% due 02/15/2028*		1,555,000		1,521,956
NTT Finance Corp. Company Guar. Notes 0.34% due 03/03/2030*	EUR	290,000		348,535
NTT Finance Corp. Company Guar. Notes 1.16% due 04/03/2026*		204,000		202,621
				2,073,112
Telephone-Integrated — 0.0%
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		157,000		178,454
Transport-Rail — 0.0%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		76,000		118,032
Transport-Services — 0.2%
Rumo Luxembourg SARL Company Guar. Notes 5.25% due 01/10/2028*		730,000		775,443
Yunda Holding Investment, Ltd. Company Guar. Notes 2.25% due 08/19/2025		580,000		573,910
				1,349,353
Vitamins & Nutrition Products — 0.1%
Herbalife Nutrition, Ltd./HLF Financing, Inc. Company Guar. Notes 7.88% due 09/01/2025*		565,000		611,613
Warehousing & Harbor Transportation Services — 0.1%
DP World PLC Senior Notes 4.70% due 09/30/2049		1,000,000		1,062,300
Total Foreign Corporate Bonds & Notes
(cost $130,036,329)				134,755,994
FOREIGN GOVERNMENT OBLIGATIONS — 13.6%
Regional Agencies — 0.1%
Kommunekredit Senior Notes 0.00% due 08/27/2030	EUR	950,000		1,138,784
Regional Authority — 0.1%
Province of Quebec, Canada Senior Notes 0.00% due 10/15/2029	EUR	900,000		1,075,612

Security Description	Principal Amount(17)		Value (Note 2)
Sovereign — 13.3%
Arab Republic of Egypt Senior Notes 5.75% due 05/29/2024*	$	1,500,000	$	1,586,100
Arab Republic of Egypt Senior Notes 7.05% due 01/15/2032*		930,000		959,063
Arab Republic of Egypt Senior Notes 7.60% due 03/01/2029		2,000,000		2,204,956
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		1,024,000		1,064,223
Dominican Republic Senior Notes 4.88% due 09/23/2032		1,200,000		1,222,500
Dominican Republic Senior Notes 5.88% due 01/30/2060*		900,000		875,250
Emirate of Abu Dhabi Senior Notes 2.50% due 04/16/2025*		1,250,000		1,323,257
Emirate of Abu Dhabi Senior Notes 3.13% due 10/11/2027		2,390,000		2,621,830
Emirate of Abu Dhabi Senior Notes 3.13% due 09/30/2049		1,600,000		1,542,480
Emirate of Abu Dhabi Senior Bonds 3.88% due 04/16/2050*		385,000		423,500
Federal Republic of Ethiopia Senior Notes 6.63% due 12/11/2024		2,380,000		2,208,926
Federal Republic of Nigeria Senior Notes 9.25% due 01/21/2049		1,080,000		1,234,440
Federative Republic of Brazil Senior Notes 3.88% due 06/12/2030		1,300,000		1,293,500
Federative Republic of Brazil Senior Notes 4.75% due 01/14/2050		1,250,000		1,171,888
Federative Republic of Brazil Senior Notes 5.00% due 01/27/2045		1,550,000		1,514,350
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041		1,100,000		1,155,561
Government of Romania Senior Notes 3.00% due 02/14/2031		730,000		738,304
Government of Romania Senior Notes 4.00% due 02/14/2051*		1,300,000		1,260,090
Government of Ukraine Senior Notes 7.25% due 03/15/2033*		550,000		558,960
Government of Ukraine Senior Notes 7.25% due 03/15/2033		700,000		711,403
Government of Ukraine Senior Notes 7.75% due 09/01/2022		750,000		789,068
Government of Ukraine Senior Notes 7.75% due 09/01/2024		550,000		594,688

111

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of Ukraine Senior Notes 9.75% due 11/01/2028	$	2,200,000	$	2,598,385
Islamic Republic of Pakistan Senior Notes 6.88% due 12/05/2027		1,275,000		1,364,250
Islamic Republic of Pakistan Senior Notes 8.25% due 04/15/2024		1,990,000		2,196,462
Kingdom of Bahrain Senior Notes 4.25% due 01/25/2028*		1,300,000		1,285,960
Kingdom of Bahrain Senior Notes 5.25% due 01/25/2033*#		1,200,000		1,176,000
Kingdom of Bahrain Senior Notes 6.00% due 09/19/2044		400,000		385,399
Kingdom of Bahrain Senior Notes 7.38% due 05/14/2030*		945,000		1,076,128
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030*		2,900,000		3,100,715
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030#		1,850,000		1,978,042
Kingdom of Saudi Arabia Senior Notes 3.63% due 03/04/2028		710,000		782,826
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060*#		850,000		961,061
Kingdom of Saudi Arabia Senior Notes 4.63% due 10/04/2047		1,700,000		1,936,300
Kingdom of Saudi Arabia Senior Notes 5.00% due 04/17/2049		750,000		901,233
Oriental Republic of Uruguay Senior Notes 4.38% due 01/23/2031		496,323		572,638
People’s Republic of China Senior Bonds 2.25% due 10/21/2050*		1,600,000		1,441,434
Republic of the Philippines Senior Notes 7.75% due 01/14/2031		1,080,000		1,592,795
Republic of Angola Senior Notes 9.13% due 11/26/2049		940,000		905,577
Republic of Angola Senior Notes 9.50% due 11/12/2025		1,200,000		1,273,440
Republic of Cameroon Senior Notes 9.50% due 11/19/2025		1,080,000		1,167,750
Republic of Chile Senior Notes 2.45% due 01/31/2031		1,550,000		1,571,715
Republic of Colombia Senior Notes 3.13% due 04/15/2031		1,848,000		1,838,760

Security Description	Principal Amount(17)		Value (Note 2)
Sovereign (continued)
Republic of Colombia Senior Notes 4.50% due 03/15/2029	$	1,200,000	$	1,324,512
Republic of Colombia Senior Notes 5.00% due 06/15/2045		600,000		649,500
Republic of Colombia Senior Notes 10.38% due 01/28/2033		1,200,000		1,905,012
Republic of El Salvador Senior Notes 6.38% due 01/18/2027		850,000		833,000
Republic of El Salvador Senior Notes 8.63% due 02/28/2029		225,000		235,125
Republic of El Salvador Senior Notes 9.50% due 07/15/2052		700,000		733,250
Republic of Ghana Senior Notes 8.63% due 06/16/2049		1,500,000		1,449,690
Republic of Ghana Senior Notes 8.75% due 03/11/2061*		533,000		509,740
Republic of Ghana Bank Guar. Notes 10.75% due 10/14/2030		1,000,000		1,304,920
Republic of Indonesia Senior Notes 1.85% due 03/12/2031#		2,700,000		2,560,704
Republic of Indonesia Senior Notes 3.85% due 10/15/2030#		1,200,000		1,324,333
Republic of Indonesia Senior Bonds 4.13% due 01/15/2025		800,000		881,368
Republic of Italy Senior Notes 4.00% due 10/17/2049		279,000		289,795
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		1,900,000		2,042,500
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		1,000,000		1,110,000
Republic of Kazakhstan Senior Notes 5.13% due 07/21/2025		200,000		233,584
Republic of Kazakhstan Senior Notes 6.50% due 07/21/2045		850,000		1,243,407
Republic of Kenya Senior Notes 6.88% due 06/24/2024		1,280,000		1,419,507
Republic of Kenya Senior Notes 7.00% due 05/22/2027		1,750,000		1,929,410
Republic of Kenya Senior Notes 8.25% due 02/28/2048		750,000		827,895
Republic of Panama Senior Notes 3.87% due 07/23/2060		800,000		790,000
Republic of Panama Senior Notes 4.50% due 04/01/2056		400,000		440,604

112

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Panama Senior Notes 6.70% due 01/26/2036	$	500,000	$	671,880
Republic of Paraguay Senior Notes 4.95% due 04/28/2031*		1,200,000		1,356,000
Republic of South Africa Senior Notes 4.30% due 10/12/2028		1,260,000		1,247,589
Republic of South Africa Senior Bonds 4.88% due 04/14/2026		660,000		696,696
Republic of Sri Lanka Senior Notes 5.75% due 04/18/2023		1,975,000		1,186,541
Republic of Sri Lanka Senior Notes 6.75% due 04/18/2028		1,000,000		566,570
Republic of Sri Lanka Senior Notes 6.85% due 11/03/2025		700,000		406,091
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030*		2,310,000		1,315,568
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030		2,300,000		1,309,873
Republic of the Philippines Senior Notes 2.95% due 05/05/2045		1,155,000		1,093,655
Republic of the Philippines Senior Notes 3.75% due 01/14/2029		500,000		559,582
Republic of Turkey Senior Notes 4.25% due 03/13/2025		1,250,000		1,242,150
Republic of Turkey Senior Notes 5.13% due 02/17/2028		1,200,000		1,189,202
Republic of Turkey Senior Notes 7.63% due 04/26/2029		1,270,000		1,427,035
Russian Federation Senior Notes 4.38% due 03/21/2029		3,000,000		3,393,840
State of Qatar Senior Notes 3.40% due 04/16/2025*		865,000		945,013
State of Qatar Senior Notes 3.75% due 04/16/2030*		900,000		1,015,169
State of Qatar Senior Notes 4.40% due 04/16/2050*		2,280,000		2,670,951
State of Qatar Senior Notes 4.82% due 03/14/2049		1,600,000		1,972,621
State of Qatar Senior Notes 5.10% due 04/23/2048		780,000		991,770
Sultanate of Oman Senior Notes 5.38% due 03/08/2027		1,600,000		1,653,760
Sultanate of Oman Senior Notes 6.75% due 10/28/2027*		2,700,000		2,976,318

Security Description	Principal Amount(17)		Value (Note 2)
Sovereign (continued)
Sultanate of Oman Senior Notes 7.38% due 10/28/2032*	$	2,130,000	$	2,388,262
United Mexican States Senior Notes 2.66% due 05/24/2031		1,425,000		1,372,645
United Mexican States Senior Notes 4.50% due 04/22/2029		255,000		285,858
United Mexican States Senior Notes 4.50% due 01/31/2050		830,000		841,421
United Mexican States Senior Bonds 4.75% due 03/08/2044		143,000		151,224
United Mexican States Senior Notes 5.00% due 04/27/2051		2,410,000		2,617,284
				118,743,631
Sovereign Agency — 0.1%
Kommunalbanken AS Senior Notes 0.05% due 10/24/2029	EUR	850,000		1,025,417
Total Foreign Government Obligations
(cost $121,461,450)				121,983,444
U.S. GOVERNMENT AGENCIES — 16.9%
Federal Home Loan Bank — 0.4%
2.13% due 09/14/2029		2,000,000		2,109,369
3.25% due 11/16/2028		1,000,000		1,142,023
				3,251,392
Federal Home Loan Mtg. Corp. — 3.9%
2.00% due 03/01/2051		5,500,000		5,536,832
2.50% due 01/01/2028		109,995		116,120
2.50% due 04/01/2028		237,451		250,681
2.50% due 03/01/2031		158,182		165,336
2.50% due 10/01/2032		1,951,145		2,039,391
2.50% due 11/01/2032		1,066,615		1,133,363
3.00% due 04/01/2043		317,291		344,048
3.00% due 11/01/2046		3,615,615		3,886,116
3.50% due 03/01/2042		169,260		184,115
3.50% due 04/01/2042		329,597		358,575
3.50% due 08/01/2042		324,915		354,696
3.50% due 09/01/2043		24,637		26,885
3.50% due 07/01/2045		2,947,566		3,188,384
3.50% due 01/01/2046		235,786		255,450
3.50% due 03/01/2046		459,467		494,374
3.50% due 11/01/2047		1,066,905		1,136,465
3.50% due 03/01/2048		7,635,136		8,286,493
4.00% due 01/01/2046		181,366		200,415
4.00% due 01/01/2047		47,394		52,473
4.00% due 07/01/2049		1,705,062		1,859,269
4.00% due 01/01/2050		1,559,028		1,671,057
4.50% due 03/01/2023		3,527		3,697
4.50% due 07/01/2045		2,505,343		2,821,771
5.00% due 05/01/2034		24,365		27,383
5.00% due 11/01/2043		32,130		37,363
5.50% due 06/01/2022		2,100		2,143
5.50% due 07/01/2035		10,826		12,640
6.00% due 03/01/2040		31,759		38,152
6.50% due 02/01/2036		6,362		7,384
Federal Home Loan Mtg. Corp. FRS 1.74% (6 ML+1.49%) due 02/01/2037		6,023		6,248
3.24% (12 ML+1.88%) due 11/01/2037		75,518		80,271

113

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp., REMIC Series 4740, Class BA 3.00% due 09/15/2045(3)	$	234,371	$	241,985
Series 4800, Class KG 3.50% due 11/15/2045(3)		80,121		81,540
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 6.69% (6.80%-1 ML) due 09/15/2039(3)(4)(9)		73,321		11,603
				34,912,718
Federal National Mtg. Assoc. — 8.5%
2.00% due 11/01/2035		1,467,077		1,525,587
2.00% due 12/01/2050		2,966,275		2,997,875
2.50% due 12/01/2026		337,564		352,736
2.50% due 08/01/2031		2,038,060		2,129,662
2.50% due 02/01/2032		800,370		846,413
2.50% due 04/01/2035		707,490		739,289
2.50% due 05/01/2050		1,837,413		1,911,366
2.50% due 06/01/2050		2,884,506		2,983,410
2.50% due 08/01/2050		4,473,143		4,625,697
2.50% due 10/01/2050		966,401		1,001,160
3.00% due 10/01/2027		102,779		108,447
3.00% due 12/01/2027		170,587		180,179
3.00% due 10/01/2030		183,188		193,328
3.00% due 02/01/2033		2,651,698		2,797,336
3.00% due 11/01/2039		1,163,436		1,217,319
3.00% due 12/01/2042		86,362		93,075
3.00% due 12/01/2046		365,895		388,327
3.00% due 01/01/2047		1,840,672		1,940,757
3.00% due 04/01/2047		2,142,104		2,263,769
3.00% due 09/01/2048		2,746,751		2,893,032
3.00% due 11/01/2048		1,137,012		1,195,909
3.00% due 06/01/2049		2,734,991		2,914,752
3.00% due 03/01/2050		1,178,842		1,245,978
3.50% due 09/01/2026		103,433		110,308
3.50% due 08/01/2027		22,758		24,246
3.50% due 10/01/2028		107,262		116,002
3.50% due 08/01/2042		242,901		255,016
3.50% due 10/01/2045		300,831		326,998
3.50% due 11/01/2045		150,804		161,819
3.50% due 02/01/2046		228,523		245,939
3.50% due 07/01/2046		2,862,920		3,101,977
3.50% due 01/01/2047		436,771		466,377
3.50% due 12/01/2047		4,305,645		4,616,306
3.50% due 04/01/2048		2,464,178		2,666,426
4.00% due 11/01/2025		43,589		46,435
4.00% due 03/01/2039		1,459,605		1,575,355
4.00% due 12/01/2040		18,670		20,684
4.00% due 01/01/2043		1,289,424		1,427,474
4.00% due 02/01/2045		1,702,427		1,885,683
4.00% due 06/01/2046		308,031		335,722
4.00% due 01/01/2047		12,757		13,823
4.00% due 05/01/2047		250,946		271,584
4.00% due 07/01/2047		1,603,634		1,733,745
4.00% due 08/01/2047		3,450,374		3,732,191
4.00% due 06/01/2048		1,915,619		2,089,360
4.00% due 09/01/2048		429,765		461,614
4.00% due 01/01/2049		3,088,288		3,315,233
4.50% due 08/01/2045		2,627,325		2,975,358
4.50% due 11/01/2048		1,738,137		1,910,410
5.00% due 01/01/2023		5,898		6,180
5.00% due 04/01/2023		7,235		7,583
5.00% due 03/01/2037		2,755		3,049
5.00% due 05/01/2040		94,358		107,844

Security Description	Principal Amount(17)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
5.00% due 06/01/2040	$	32,440	$	37,550
5.00% due 02/01/2045		340,006		392,465
5.50% due 08/01/2037		181,044		211,547
5.50% due 06/01/2038		18,772		22,005
6.00% due 02/01/2032		2,639		2,962
6.00% due 10/01/2034		99		111
6.00% due 09/01/2038		34,380		41,301
6.00% due 11/01/2038		10,477		12,502
6.00% due 06/01/2040		9,277		11,035
6.50% due 11/01/2037		26,614		30,315
Federal National Mtg. Assoc. FRS
1.79% (6 ML+1.54%) due 09/01/2035		67,990		70,684
2.29% (12 ML+1.77%) due 05/01/2040		64,707		68,145
2.33% (12 ML+1.83%) due 10/01/2040		28,432		29,942
2.33% (12 ML+1.82%) due 10/01/2040		16,045		16,914
2.36% (12 ML+1.57%) due 05/01/2037		12,309		12,921
2.59% (1 Yr USTYCR+2.22%) due 10/01/2035		52,882		55,563
2.74% (12 ML+1.67%) due 07/01/2039		57,039		59,565
2.87% (12 ML+1.91%) due 08/01/2035		45,283		47,908
3.00% (1 Yr USTYCR+2.27%) due 11/01/2036		28,266		30,103
Federal National Mtg. Assoc. REMIC
Series 2017-100, Class NP 3.00% due 12/25/2047(3)		785,365		839,352
Series 2018-27, Class EA 3.00% due 05/25/2048(3)		1,961,392		2,089,689
Series 2018-35, Class CD 3.00% due 05/25/2048(3)		1,497,179		1,582,204
				76,220,927
Government National Mtg. Assoc. — 1.8%
2.50% due 05/20/2050		1,684,002		1,743,928
2.50% due 12/20/2050		994,129		1,029,990
3.00% due 03/20/2046		191,315		202,383
3.00% due 04/20/2046		1,879,859		1,987,731
3.00% due 05/20/2046		2,707,306		2,864,102
3.00% due 09/20/2047		900,470		949,728
3.00% due 05/20/2050		2,495,497		2,598,015
3.50% due 07/20/2046		353,058		377,520
3.50% due 03/20/2047		202,304		216,110
4.50% due 10/20/2045		2,417,170		2,715,169
4.50% due 04/20/2047		1,510,138		1,655,544
				16,340,220
Uniform Mtg. Backed Securities — 2.3%
1.50% due March 15 TBA		1,300,000		1,312,188
1.50% due March 30 TBA		1,500,000		1,467,187
2.00% due March 15 TBA		3,000,000		3,096,562
2.00% due March 30 TBA		8,000,000		8,047,500
2.50% due March 30 TBA		6,000,000		6,198,750
				20,122,187
Total U.S. Government Agencies
(cost $146,640,068)				150,847,444

114

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. GOVERNMENT TREASURIES — 3.9%
United States Treasury Bonds — 0.0%
1.38% due 08/15/2050	$	307,000	$	251,932
United States Treasury Notes — 3.9%
0.13% due 05/31/2022		9,200,000		9,201,078
0.13% due 01/31/2023		9,100,000		9,095,379
0.13% due 12/15/2023		600,000		597,328
0.13% due 01/15/2024		7,750,000		7,711,250
0.38% due 01/31/2026#		4,600,000		4,512,312
1.38% due 01/31/2025		500,000		515,957
1.50% due 02/15/2030		3,460,000		3,495,141
				35,128,445
Total U.S. Government Treasuries
(cost $35,637,498)				35,380,377
LOANS(14)(15)(16) — 4.9%
Aerospace/Defense-Equipment — 0.0%
Spirit Aerosystems, Inc. FRS BTL-B 6.00% (1 ML+5.25%) due 01/15/2025		295,628		296,737
Airlines — 0.1%
American Airlines, Inc. FRS BTL-B 1.88% (1 ML+1.75%) due 06/27/2025		267,429		242,395
American Airlines, Inc. FRS BTL-B coupon TBD due 06/27/2025		44,571		40,399
WestJet Airlines, Ltd. FRS BTL-B 4.00% (6 ML+3.00%) due 12/11/2026		478,546		463,292
				746,086
Apparel Manufacturers — 0.0%
Samsonite IP Holdings Sarl FRS BTL-B2 5.50% (1 ML+4.50%) due 04/25/2025		330,340		332,818
Applications Software — 0.1%
Project Boost Purchaser LLC FRS BTL-B 3.61% (1 ML+3.50%) due 06/01/2026		432,202		430,582
VS Buyer LLC FRS BTL 3.11% (1 ML+3.00%) due 02/28/2027		231,443		231,346
				661,928
Athletic Equipment — 0.0%
Varsity Brands Holding Co., Inc. FRS 1st Lien 4.50% (1 ML+3.50%) due 12/15/2024		395,722		380,202
Auction Houses/Art Dealers — 0.0%
Sotheby’s FRS BTL-B 5.50% (3 ML+4.75%) due 01/15/2027		287,430		290,424
Auto Repair Centers — 0.1%
Mavis Tire Express Services Corp. FRS 1st Lien 3.50% (3 ML+3.25%) due 03/20/2025		430,621		426,853

Security Description	Principal Amount(17)		Value (Note 2)
Auto Repair Centers (continued)
Wand NewCo. 3, Inc. FRS BTL 3.11% (1 ML+3.00%) due 02/05/2026	$	247,818	$	245,959
				672,812
Auto/Truck Parts & Equipment-Original — 0.1%
TI Group Automotive Systems LLC FRS BTL 4.00% (3 ML+3.75%) due 12/16/2024		393,774		394,102
Broadcast Services/Program — 0.1%
NEP Group, Inc. FRS BTL 3.36% (1 ML+3.25%) due 10/20/2025		436,125		424,313
Building & Construction-Misc. — 0.1%
Verra Mobility Corp. FRS BTL 3.36% (1 ML+3.25%) due 02/28/2025		400,360		400,160
Building Products-Air & Heating — 0.0%
API Heat Transfer ThermaSys Corp. FRS 1st Lien 12.25% (3 ML+12.00%) due 12/29/2023(5)(6)(10)		428,184		181,978
Building Products-Doors & Windows — 0.1%
CHI Doors Holdings Corp. FRS BTL 4.50% (1 ML+3.50%) due 07/31/2025		383,971		385,891
Building-Heavy Construction — 0.0%
USIC Holdings, Inc. FRS BTL 4.00% (1 ML+3.00%) due 12/08/2023		295,437		295,252
Cable/Satellite TV — 0.1%
CSC Holdings LLC FRS BTL-B5 2.61% (1 ML+2.50%) due 04/15/2027		482,849		481,265
UPC Broadband Holdings BV FRS BTL-B1 3.61% (1 ML+3.50%) due 01/31/2029		135,692		135,946
UPC Broadband Holdings BV FRS BTL-B2 3.61% (1 ML+3.50%) due 01/31/2029		135,692		135,946
Virgin Media Bristol LLC FRS BTL-Q coupon TBD due 01/31/2029		174,500		174,500
				927,657
Casino Hotels — 0.2%
Caesars Resort Collection LLC FRS BTL-B 2.86% (1 ML+2.75%) due 12/23/2024		437,970		433,590
CityCenter Holdings LLC FRS BTL-B 2.36% (1 ML+2.25%) due 04/18/2024		381,630		378,132

115

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
LOANS (continued)
Casino Hotels (continued)
Golden Nugget, Inc. FRS BTL-B 3.25% (2 ML+2.50%) due 10/04/2023	$	416,649	$	412,118
Station Casinos LLC FRS BTL-B 2.50% (1 ML+2.25%) due 02/08/2027		303,995		300,471
				1,524,311
Casino Services — 0.0%
Stars Group Holdings FRS BTL 3.75% (3 ML+3.50%) due 07/10/2025		145,208		145,727
Cellular Telecom — 0.1%
Altice France SA FRS BTL-B13 4.20% (3 ML+4.00%) due 08/14/2026		434,988		434,117
CCI Buyer, Inc. FRS BTL 4.75% (3 ML+4.00%) due 12/17/2027		354,197		356,677
Numericable Group SA FRS BTL-B 3.80% (1 ML+3.69%) due 01/31/2026		134,652		134,189
				924,983
Chemicals-Diversified — 0.1%
Hexion, Inc. FRS BTL 3.74% (3 ML+3.50%) due 07/01/2026		443,101		440,885
Chemicals-Specialty — 0.1%
Diamond BC BV FRS BTL 3.11% (1 ML+3.00%) due 09/06/2024		356,786		354,612
PQ Corp. FRS BTL-B 4.00% (3 ML+3.00%) due 02/07/2027		134,711		134,767
Starfruit US HoldCo. LLC FRS BTL-B 3.11% (1 ML+3.00%) due 10/01/2025		316,210		315,090
				804,469
Commercial Services-Finance — 0.1%
MoneyGram International, Inc. FRS BTL 7.00% (3 ML+6.00%) due 06/30/2023		343,746		342,801
MPH Acquisition Holdings LLC FRS BTL-B 3.75% (3 ML+2.75%) due 06/07/2023		306,295		305,797
Travelport Finance Luxembourg SARL FRS BTL 2.50% (3 ML+1.50%) due 02/28/2025		226,227		224,700

Security Description	Principal Amount(17)		Value (Note 2)
Commercial Services-Finance (continued)
Travelport Finance Luxembourg SARL FRS BTL 5.25% (3 ML+5.00%) due 05/29/2026	$	278,686	$	216,678
				1,089,976
Computer Data Security — 0.0%
McAfee LLC FRS BTL-B1 3.86% (1 ML+3.75%) due 09/30/2024		338,655		339,267
Computer Graphics — 0.1%
Corel, Inc. FRS BTL 5.19% (3 ML+5.00%) due 07/02/2026		407,641		405,263
Computer Services — 0.0%
Tempo Acquisition LLC FRS BTL-B 3.75% (1 ML+3.25%) due 11/02/2026		328,228		328,331
Computer Software — 0.1%
Camelot Finance SA FRS BTL-B 3.11% (1 ML+3.00%) due 10/30/2026		288,719		288,630
Cornerstone OnDemand, Inc. FRS BTL-B 4.36% (1 ML+4.25%) due 04/22/2027		262,199		263,641
				552,271
Computers-Integrated Systems — 0.0%
Everi Payments, Inc. FRS BTL 11.50% (1 ML+10.50%) due 05/09/2024		159,753		166,143
Containers-Metal/Glass — 0.0%
Mauser Packaging Solutions Holding, Co. FRS BTL 3.41% (1 ML+3.25%) due 04/03/2024		991		973
Mauser Packaging Solutions Holding, Co. FRS BTL 3.44% (3 ML+3.25%) due 04/03/2024		381,596		374,646
				375,619
Containers-Paper/Plastic — 0.2%
Charter NEX FRS BTL 5.00% (1 ML+4.25%) due 12/01/2027		233,666		235,418
Graham Packaging Co., Inc. FRS BTL 4.75% (1 ML+3.75%) due 08/04/2027		318,911		319,230
Patriot Container Corp. FRS 1st Lein 4.50% (1 ML+3.50%) due 03/20/2025		306,714		305,181
Reynolds Group Holdings, Inc. FRS BTL 3.36% (1 ML+3.25%) due 02/05/2026		274,387		273,187

116

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
LOANS (continued)
Containers-Paper/Plastic (continued)
Trident TPI Holdings, Inc. FRS BTL-B1 4.00% (3 ML+3.00%) due 10/17/2024	$	228,803	$	228,588
				1,361,604
Cosmetics & Toiletries — 0.0%
Sunshine Luxembourg VII SARL FRS BTL 5.00% (3 ML+4.00%) due 10/01/2026		332,240		333,279
Cruise Lines — 0.1%
Carnival Corp. FRS Term B 8.50% (1 ML+7.50%) due 06/30/2025		327,793		337,899
Hornblower Sub LLC FRS BTL-B 5.50% (3 ML+4.50%) due 04/27/2025		285,520		244,120
				582,019
Data Processing/Management — 0.0%
CCC Information Services, Inc. FRS 1st Lien 4.00% (1 ML+3.00%) due 04/29/2024		376,724		377,195
Direct Marketing — 0.1%
Terrier Media Buyer, Inc. FRS BTL-B 3.61% (4.25%-1ML) due 12/17/2026		409,315		408,803
Distribution/Wholesale — 0.1%
Fastlane Parent Co., Inc. FRS 1st Lien 4.61% (1 ML+4.50%) due 02/04/2026		337,842		337,842
Univar USA, Inc. FRS BTL-B3 2.36% (1 ML+2.25%) due 07/01/2024		270,463		270,407
				608,249
E-Commerce/Products — 0.0%
CNT Holdings I Corp. FRS BTL 4.50% (6 ML+3.75%) due 11/08/2027		228,098		229,060
CNT Holdings I Corp. FRS BTL 7.50% (3 ML+6.75%) due 10/16/2028		69,045		70,339
				299,399
E-Commerce/Services — 0.0%
RentPath LLC FRS 2nd Lien 1.61% (3 ML+0.00%) due 12/17/2022†(5)(6)(11)(18)		2,178,597		326,790
Electronic Components-Misc. — 0.0%
AI Ladder Luxembourg Subco SARL FRS BTL 4.61% (1 ML+4.50%) due 07/09/2025		362,135		362,814

Security Description	Principal Amount(17)		Value (Note 2)
Electronic Components-Semiconductors — 0.1%
Bright Bidco BV FRS BTL-B 4.50% (6 ML+3.50%) due 06/30/2024	$	567,655	$	431,791
Electronic Parts Distribution — 0.1%
Tech Data Corp. FRS BTL 3.61% (1 ML+3.50%) due 06/30/2025		277,227		279,029
Tech Data Corp. FRS BTL 5.61% (1 ML+5.50%) due 06/30/2025		316,875		318,460
				597,489
Enterprise Software/Service — 0.4%
Applied Systems, Inc. FRS 1st Lein 4.00% (3 ML+3.00%) due 09/19/2024		361,172		361,643
Banff Merger Sub, Inc. FRS BTL 3.90% (3 ML+3.75%) due 10/02/2025		300,016		300,155
Dcert Buyer, Inc. FRS BTL-B 4.11% (1 ML+4.00%) due 10/16/2026		275,528		275,585
Epicor Software Corp. FRS BTL 4.00% (1 ML+3.25%) due 07/30/2027		281,295		282,638
Epicor Software Corp. FRS BTL 8.75% (1 ML+7.75%) due 07/31/2028		35,981		37,480
Finastra USA, Inc. FRS BTL-B 4.50% (3 ML+3.50%) due 06/13/2024		273,402		270,295
Finastra USA, Inc. FRS BTL-B 4.50% (6 ML+3.50%) due 06/13/2024		106,777		105,563
Greeneden US Holdings II LLC FRS BTL-B 4.75% (1 ML+4.00%) due 12/01/2027		338,248		339,516
MYOB US Borrower LLC FRS BTL 4.11% (1 ML+4.00%) due 05/06/2026		327,099		325,463
Sophia L.P. FRS 1st Lien 4.50% (3 ML+3.75%) due 10/07/2027		428,392		429,731
UKG, Inc. FRS BTL 4.00% (3 ML+3.25%) due 05/04/2026		55,609		55,887
Ultimate Software Group, Inc. FRS 1st Lien 3.86% (1 ML+3.75%) due 05/04/2026		263,752		264,929

117

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
LOANS (continued)
Enterprise Software/Service (continued)
Ultimate Software Group, Inc. FRS 2nd Lien 7.50% (3 ML+6.75%) due 05/03/2027	$	92,341	$	95,227
				3,144,112
Finance-Credit Card — 0.0%
Pi US Mergerco, Inc. FRS BTL 4.50% (1 ML+3.50%) due 01/03/2025		367,535		367,328
Finance-Investment Banker/Broker — 0.1%
Deerfield Dakota Holding LLC FRS BTL 4.75% (1 ML+3.75%) due 04/09/2027		179,908		180,839
Motion Finco SARL FRS BTL-B2 3.50% (3 ML+3.25%) due 11/12/2026		25,620		24,766
Motion Finco Sarl FRS BTL-B1 3.50% (3 ML+3.25%) due 11/12/2026		194,939		188,441
				394,046
Food-Misc./Diversified — 0.0%
Dole Food Co., Inc. FRS BTL-B 5.00% (3 ML+1.75%) due 04/06/2024		218,014		217,686
Froneri US, Inc. FRS BTL 2.36% (1 ML+2.25%) due 01/29/2027		161,178		159,676
				377,362
Gambling (Non-Hotel) — 0.0%
Scientific Games International, Inc. FRS BTL-B5 2.86% (1 ML+2.75%) due 08/14/2024		389,818		383,240
Human Resources — 0.1%
Creative Artists Agency LLC FRS BTL-B 3.86% (1 ML+3.75%) due 11/27/2026		304,063		301,565
Team Health Holdings, Inc. FRS 1st Lien 3.75% (1 ML+2.75%) due 02/06/2024		405,740		377,789
				679,354
Insurance Brokers — 0.1%
Alliant Holdings Intermediate LLC FRS BTL-B1 3.36% (1 ML+3.25%) due 05/09/2025		400,474		397,494
HUB International, Ltd. FRS BTL-B 2.91% (2 ML+2.75%) due 04/25/2025		1,017		1,006
HUB International, Ltd. FRS BTL-B 2.97% (3 ML+2.75%) due 04/25/2025		395,662		391,260
				789,760

Security Description	Principal Amount(17)		Value (Note 2)
Insurance-Property/Casualty — 0.1%
Asurion LLC FRS BTL-B6 3.11% (1 ML+3.00%) due 11/03/2023	$	249,469	$	249,053
Asurion LLC FRS BTL-B1 3.36% (1 ML+3.25%) due 12/23/2026		124,672		124,243
Sedgwick Claims Management Services, Inc. FRS BTL 3.36% (1 ML+3.25%) due 12/31/2025		318,045		315,620
				688,916
Internet Content-Information/News — 0.0%
Ancestry Com Inc 2020 Term Loan FRS BTL 4.25% (1 ML+3.25%) due 12/06/2027		303,025		303,025
Internet Financial Services — 0.1%
ION Trading Finance, Ltd. FRS BTL 5.00% (3 ML+4.00%) due 11/21/2024		445,504		445,968
Internet Gambling — 0.0%
Golden Nugget, Inc. FRS BTL 13.00% (3 ML+12.00%) due 10/04/2023		38,363		43,734
Internet Telephone — 0.0%
Cablevision Lightpath LLC FRS BTL-B 3.75% (1 ML+3.25%) due 11/30/2027		184,466		184,789
Investment Management/Advisor Services — 0.1%
Advisor Group Holdings, Inc. FRS BTL 4.61% (1 ML+4.50%) due 07/31/2026		412,830		413,346
Machinery-Electrical — 0.0%
Alliance Laundry Systems LLC FRS BTL-B 4.25% (3 ML+3.50%) due 10/08/2027		227,366		228,096
Machinery-General Industrial — 0.0%
Vertical US Newco, Inc. FRS BTL-B 4.48% (6 ML+4.25%) due 07/30/2027		363,613		366,522
Machinery-Pumps — 0.0%
STS Operating, Inc. FRS BTL 5.25% (1 ML+4.25%) due 12/11/2024		352,920		341,450
Medical Information Systems — 0.1%
Navicure, Inc. FRS BTL-B 4.75% (1 ML+4.00%) due 10/22/2026		299,586		300,335

118

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
LOANS (continued)
Medical Information Systems (continued)
VVC Holding Corp. FRS BTL-B 4.70% (3 ML+4.50%) due 02/11/2026	$	328,329	$	330,108
				630,443
Medical Labs & Testing Services — 0.1%
Envision Healthcare Corp. FRS 1st Lien 3.86% (1 ML+3.75%) due 10/10/2025		736,485		632,325
Medical-Drugs — 0.1%
Akorn Operating Co. LLC FRS BTL 8.50% (3 ML+7.50%) due 10/01/2025		158,495		159,486
Alphabet Holding Co., Inc. FRS 1st Lien 3.61% (1 ML+3.50%) due 09/26/2024		438,665		437,294
Bausch Health Americas, Inc. FRS BTL 2.87% (1 ML+2.75%) due 11/27/2025		219,043		218,868
Bausch Health Americas, Inc. FRS BTL 3.12% (1 ML+3.00%) due 06/02/2025		41,569		41,608
				857,256
Medical-Generic Drugs — 0.0%
Endo Luxembourg Finance Co. I SARL FRS BTL-B 5.00% (3 ML+4.25%) due 04/29/2024		355,160		353,606
Medical-Hospitals — 0.1%
Cano Health LLC FRS Delayed Draw 0.50% (3 ML+0.50%) due 11/19/2027(21)		63,524		63,544
Cano Health LLC FRS BTL 5.50% (3 ML+4.75%) due 11/19/2027		174,237		174,292
RegionalCare Hospital Partners Holdings, Inc. FRS BTL-B 3.86% (1 ML+3.75%) due 11/16/2025		290,442		290,574
				528,410
Miscellaneous Manufacturing — 0.0%
Excelitas Technologies Corp. FRS 2nd Lien 8.50% (3 ML+7.50%) due 12/01/2025		338,000		338,282
Non-Hazardous Waste Disposal — 0.0%
GFL Environmental, Inc. FRS BTL 3.50% (3 ML+3.00%) due 05/30/2025		203,827		204,701

Security Description	Principal Amount(17)		Value (Note 2)
Oil Companies-Exploration & Production — 0.0%
Osum Production Corp. FRS BTL 8.50% (3 ML+7.50%) due 07/31/2022	$	370,749	$	367,042
Oil-Field Services — 0.0%
Apergy Corp. FRS BTL 6.00% (3 ML+5.00%) due 06/03/2027		314,747		319,862
Pharmacy Services — 0.1%
Change Healthcare Holdings LLC FRS BTL 3.50% (1 ML+2.50%) due 03/01/2024		246,705		246,936
HC Group Holdings II, Inc. FRS BTL-B 3.86% (1 ML+3.75%) due 08/06/2026		365,243		365,320
				612,256
Pipelines — 0.1%
Blackstone CQP Holdco LP FRS BTL-B 3.74% (3 ML+3.50%) due 09/30/2024		409,213		409,110
Hercules Merger Sub LLC FRS BTL-B 5.00% (USFRBPLR+1.75%) due 11/01/2026		444,215		443,589
Medallion Midland Acquisition LLC FRS BTL 4.25% (1 ML+3.25%) due 10/30/2024		381,785		378,285
				1,230,984
Protection/Safety — 0.0%
Prime Security Services Borrower LLC FRS BTL 3.50% (1 ML+2.75%) due 09/23/2026		327,215		327,337
Publishing-Periodicals — 0.0%
Nielsen Finance LLC FRS BTL-B4 2.12% (1 ML+2.00%) due 10/04/2023		381,721		381,138
Quarrying — 0.1%
US Silica Co. FRS BTL-B 5.00% (1 ML+4.00%) due 05/01/2025		467,740		442,404
Real Estate Investment Trusts — 0.0%
Claros Mtg. Trust, Inc. FRS BTL-B 6.00% (1 ML+5.00%) due 08/09/2026		233,816		234,401
Real Estate Management/Services — 0.0%
Cushman & Wakefield FRS BTL 2.86% (1 ML+2.75%) due 08/21/2025		387,543		384,567

119

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
LOANS (continued)
Research & Development — 0.1%
PAREXEL International Corp. FRS BTL 2.86% (1 ML+2.75%) due 09/27/2024	$	399,959	$	397,647
Resort/Theme Parks — 0.0%
SeaWorld Parks & Entertainment, Inc. FRS BTL-B5 3.75% (1 ML+3.00%) due 03/31/2024		361,505		355,631
Retail-Auto Parts — 0.0%
LS Group OpCo Acquisition LLC FRS BTL-B 4.25% (6 ML+3.50%) due 11/02/2027		227,421		228,179
Retail-Building Products — 0.0%
LBM Acquisition LLC FRS BTL coupon TBD due 12/17/2027		30,739		30,799
LBM Acquisition LLC FRS BTL-B 4.50% (3 ML+3.75%) due 12/17/2027		138,324		138,596
				169,395
Retail-Petroleum Products — 0.1%
EG America LLC FRS BTL 4.25% (3 ML+4.00%) due 02/07/2025		386,354		385,098
Retail-Restaurants — 0.1%
IRB Holding Corp. FRS BTL-B 3.75% (6 ML+2.75%) due 02/05/2025		356,061		355,504
Whatabrands LLC FRS BTL-B 2.86% (1 ML+2.75%) due 07/31/2026		315,878		315,702
Wok Holdings, Inc. FRS BTL 6.36% (1 ML+6.25%) due 03/01/2026		350,647		333,991
Zaxby’s Operating Co. LP FRS 1st Lien 4.50% (1 ML+3.75%) due 12/28/2027		156,274		157,120
				1,162,317
Retail-Sporting Goods — 0.1%
Bass Pro Group LLC FRS BTL 5.75% (1 ML+5.00%) due 09/25/2024		550,985		551,138
Rubber/Plastic Products — 0.0%
Gates Global LLC FRS BTL-B2 3.75% (1 ML+2.75%) due 04/01/2024		242,506		241,900
Satellite Telecom — 0.1%
Connect Finco SARL FRS BTL-B 4.50% (1 ML+3.50%) due 12/11/2026		305,690		306,673

Security Description	Principal Amount(17)		Value (Note 2)
Satellite Telecom (continued)
Intelsat Jackson Holdings SA FRS DIP 6.50% (3 ML+5.50%) due 07/13/2022	$	73,350	$	74,236
Intelsat Jackson Holdings SA FRS BTL-B3 8.00% (USFRBPLR+4.75%) due 11/27/2023(11)		355,000		359,808
Iridium Satellite LLC FRS BTL-B 3.75% (1 ML+2.75%) due 11/04/2026		380,557		382,256
				1,122,973
Telecom Services — 0.0%
West Corp. FRS BTL-B1 4.50% (1 ML+3.50%) due 10/10/2024		996		974
West Corp. FRS BTL-B1 4.50% (3 ML+3.50%) due 10/10/2024		387,624		379,079
				380,053
Telecommunication Equipment — 0.0%
CommScope, Inc. FRS BTL-B 3.36% (1 ML+3.25%) due 04/06/2026		274,302		273,616
Telephone-Integrated — 0.1%
CenturyLink, Inc. FRS BTL-B 2.36% (1 ML+2.25%) due 03/15/2027		235,255		234,292
Zayo Group Holdings, Inc. FRS BTL 3.11% (1 ML+3.00%) due 03/09/2027		276,153		275,548
				509,840
Theaters — 0.2%
William Morris Endeavor Entertainment LLC FRS BTL-B1 2.87% (1 ML+2.75%) due 05/18/2025		915,226		862,601
William Morris Endeavor Entertainment LLC FRS BTL-B1 2.94% (3 ML+2.75%) due 05/18/2025		803,068		756,891
				1,619,492
Transactional Software — 0.0%
Solera LLC FRS BTL-B 2.86% (1 ML+2.75%) due 03/03/2023		321,623		321,141
Transport-Truck — 0.1%
Pods LLC FRS 1st Lien 3.75% (1 ML+2.75%) due 12/06/2024		410,609		411,225
Total Loans
(cost $46,062,438)				44,302,744

120

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares/ Principal Amount(17)		Value (Note 2)
COMMON STOCKS — 0.0%
Building Products-Air & Heating — 0.0%
API Heat Transfer, Inc.†(5)(6)		407,576	$	0
Oil Field Machinery & Equipment — 0.0%
Hi-Crush, Inc.†(5)(6)		37,863		6,437
Total Common Stocks
(cost $184,440)				6,437
PREFERRED SECURITIES — 0.0%
Building Products-Air & Heating — 0.0%
API Heat Transfer, Inc., Class A †(5)(6)(22)		87		0
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. Series Z 8.38%†#		2,592		13,660
Total Preferred Securities
(cost $40,107)				13,660
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.3%
Auto-Cars/Light Trucks — 0.0%
Volkswagen International Finance NV 3.50% due 06/17/2025(8)	EUR	200,000		251,562
Building & Construction-Misc. — 0.1%
China Minmetals Corp. 3.75% due 11/13/2022(8)	$	485,000		495,924
Diversified Banking Institutions — 0.2%
BNP Paribas SA 0.34% due 09/30/2021(8)		300,000		254,904
JPMorgan Chase & Co. 6.13% due 04/30/2024(8)		334,000		360,689
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(8)		245,000		287,875
Societe Generale SA 7.88% due 12/18/2023*#(8)		351,000		387,634
				1,291,102
Electric-Distribution — 0.0%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		227,000		236,239
Electric-Generation — 0.0%
Electricite de France SA 4.00% due 07/04/2024(8)	EUR	200,000		257,420
Electric-Integrated — 0.0%
CMS Energy Corp. 3.75% due 12/01/2050		112,000		112,314
CMS Energy Corp. 4.75% due 06/01/2050		138,000		151,709
Dominion Resources, Inc. 5.75% due 10/01/2054		89,000		97,331
				361,354
Food-Dairy Products — 0.2%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		1,152,000		1,347,840
Insurance-Life/Health — 0.1%
Aviva PLC 6.13% due 09/29/2022(8)	GBP	260,000		385,144
Prudential Financial, Inc. 5.63% due 06/15/2043		237,000		254,707
Prudential Financial, Inc. 5.70% due 09/15/2048		61,000		69,888
Voya Financial, Inc. 4.70% due 01/23/2048		146,000		150,792
				860,531

Security Description	Principal Amount(17)		Value (Note 2)
Insurance-Multi-line — 0.1%
Aegon NV 4.00% due 04/25/2044	EUR	335,000	$	438,221
Allianz SE 3.50% due 11/17/2025*(8)		200,000		203,048
Allianz SE 4.75% due 10/24/2023(8)	EUR	300,000		400,877
				1,042,146
Insurance-Mutual — 0.1%
Liberty Mutual Group, Inc. 4.30% due 02/01/2061*		654,000		598,267
Medical-Drugs — 0.0%
Bayer AG 3.75% due 07/01/2074	EUR	280,000		356,077
Metal-Aluminum — 0.1%
Chalco Hong Kong Investment Co., Ltd. 4.25% due 11/07/2021(8)		800,000		811,129
Metal-Diversified — 0.1%
Chinalco Capital Holdings, Ltd. 4.10% due 09/11/2024(8)		500,000		519,008
Oil Companies-Integrated — 0.1%
BP Capital Markets PLC 4.88% due 03/22/2030(8)		242,000		259,787
TOTAL SE 1.75% due 04/04/2024(8)	EUR	290,000		356,023
				615,810
Pipelines — 0.0%
EnLink Midstream Partners LP 6.00% due 12/15/2022(8)		100,000		59,625
Enterprise Products Operating LLC 5.25% due 08/16/2077		73,000		72,759
				132,384
Real Estate Investment Trusts — 0.0%
Scentre Group Trust 2 5.13% due 09/24/2080*		206,000		214,382
Tools-Hand Held — 0.0%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		304,000		321,890
Transport-Equipment & Leasing — 0.2%
AerCap Global Aviation Trust 6.50% due 06/15/2045*		1,860,000		1,939,310
Total Preferred Securities/Capital Securities
(cost $10,981,460)				11,652,375
ESCROWS AND LITIGATION TRUSTS — 0.0%
Hellas Telecommunications Luxembourg II SCA Sub. Notes 8.46% due 01/15/2015†*(5)(11)(12)		560,000		0
Lehman Brothers Holdings Capital Trust VII Escrow Notes 0.00%†(5)		101,000		10
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		97,000		990
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(5)		111,000		11

121

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Principal Amount(17)			Value (Note 2)
ESCROWS AND LITIGATION TRUSTS (continued)
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(5)	$	143,000		$	14
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(5)(11)(12)		25,000			0
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014†*(5)		262,396			1,889
Total Escrows and Litigation Trusts
(cost $844,261)					2,914
Total Long-Term Investment Securities
(cost $823,208,098)					846,356,124
SHORT-TERM INVESTMENT SECURITIES — 10.5%
Registered Investment Companies — 10.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.03%(13)		71,987,507			71,987,507
State Street Navigator Securities Lending Government Money Market Portfolio 0.05%9(13)(20)		21,545,306			21,545,306
Total Short-Term Investment Securities
(cost $93,532,813)					93,532,813
TOTAL INVESTMENTS
(cost $916,740,911)(19)		105.1	%		939,888,937
Liabilities in excess of other assets		(5.1	)		(45,536,174	)
NET ASSETS		100.0	%	$	894,352,763

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At February 28, 2021, the aggregate value of these securities was $297,333,054 representing 33.2% of net assets.

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

† Non-income producing security

(1) Commercial Mortgage Backed Security

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

(3) Collateralized Mortgage Obligation

(4) Interest Only

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

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

In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of February 28, 2021, the Fund held the following restricted securities:

Name	Acquisition Date		Par Amount/ Shares		Acquisition Cost		Value		Value per Share/ Par Amount		% of Net Assets
U.S. Convertible Bonds & Notes
Hi-Crush, Inc. 8.00% due 04/09/2026		10/8/2020		718,000	$	650,268	$	718,000	$	100.00		0.08	%
Loans
API Heat Transfer ThermaSys Corp. 12.25% due 12/29/2023		2/28/2019		378,402		378,402
		3/31/2020		12,382		12,382
		6/30/2020		6,373		6,373
		6/30/2020		5,926		5,926
		9/30/2020		12,361		12,361
		1/4/2021		12,740		12,740
				428,184		428,184		181,978		42.50		0.02	%
RentPath LLC 1.61% due 12/17/2022		6/4/2015		802,597		794,469
		7/20/2015		400,000		396,123
		2/14/2017		41,000		39,738
		7/13/2017		935,000		924,174
				2,178,597		2,154,504		326,790		15.00		0.04	%
Common Stocks
API Heat Transfer, Inc.		12/31/2018		407,576		134,500		0		0.00		0.00	%
Hi-Crush, Inc.		2/28/2021		37,863		49,940		6,437		0.17		0.00	%
Preferred Securities
API Heat Transfer, Inc. Class A		12/31/2018		87		87		0		0.00		0.00	%
							$	1,233,205				0.14	%

(7) 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.

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

(9) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at February 28, 2021.

(10) 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 0.25%. The security is also currently paying interest in the form of additional loans at 12.00%.

(11) Company has filed for bankruptcy protection.

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

(13) The rate shown is the 7-day yield as of February 28, 2021.

(14) 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.

(15) The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank 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.

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

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

122

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

(18) Security in default of interest.

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

(20) At February 28, 2021, the Fund had loaned securities with a total value of $22,906,691. This was secured by collateral of $21,545,306, which was received in cash and subsequently invested in short-term investments currently valued at $21,545,306 as reported in the Portfolio of Investments. Additional collateral of $1,959,153 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of February 28, 2021
United States Treasury Bills	0.00%	04/08/2021 to 04/29/2021	$	279,021
United States Treasury Notes/Bonds	0.13% to 3.88%	03/31/2021 to 08/15/2048		1,680,132

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

(22) Traded in units. 1 unit equals 1,000 shares.

BTL — Bank Term Loan

DIP — Debtor in Possession

REMIC — Real Estate Mortgage Investment Conduit

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

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

ULC — Unlimited Liability Corp.

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at February 28, 2021 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

USFRBPLR — US Federal Reserve Bank Prime Loan Rate

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	23,600,000		USD	28,749,013		04/15/2021	$	245,393	$	–
		EUR	6,810,000		USD	8,268,423		06/10/2021		33,518		–
		GBP	3,515,000		USD	4,927,945		04/15/2021		29,644		–
		USD	947,047		EUR	780,000		04/15/2021		–		(4,978	)
		USD	85,869		GBP	61,000		04/15/2021		–		(863	)
Unrealized Appreciation (Depreciation)									$	308,555	$	(5,841	)

EUR—Euro Currency

GBP—British Pound

USD—United States Dollar

123

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	—	$	13,050,603	$	—	$	13,050,603
U.S. Convertible Bonds & Notes		—		—		718,000		718,000
U.S. Corporate Bonds & Notes		—		333,642,132		—		333,642,132
Foreign Corporate Bonds & Notes		—		134,755,994		—		134,755,994
Foreign Government Obligations		—		121,983,444		—		121,983,444
U.S. Government Agencies		—		150,847,444		—		150,847,444
U.S. Government Treasuries		—		35,380,377		—		35,380,377
Loans:
Building Products - Air & Heating		—		—		181,978		181,978
E-Commerce/Services		—		—		326,790		326,790
Other Industries		—		43,793,976		—		43,793,976
Common Stocks :
Building Produsts - Air & Heating		—		—		0		0
Oil Field Machinery & Equipment		—		—		6,437		6,437
Preferred Securities:
Building Products - Air & Heating		—		—		0		0
Sovereign Agency		13,660		—		—		13,660
Preferred Securities/Capital Securities		—		11,652,375		—		11,652,375
Escrows and Litigation Trusts		—		990		1,924		2,914
Short-Term Investment Securities		93,532,813		—		—		93,532,813
Total Investments at Value	$	93,546,473	$	845,107,335	$	1,235,129	$	939,888,937
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	308,555	$	—	$	308,555
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	5,841	$	—	$	5,841

* 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 transfers during the reporting period.

See Notes to Financial Statements

124

VALIC Company II U.S. Socially Responsible Fund

PORTFOLIO PROFILE — February 28, 2021 (unaudited)

Industry Allocation*

Web Portals/ISP	5.4	%
Finance — Credit Card	5.0
Electronic Components — Semiconductors	4.9
Commercial Services — Finance	4.0
Medical — Biomedical/Gene	2.6
Telephone — Integrated	2.5
Diagnostic Equipment	2.5
Electronic Forms	2.3
Beverages — Non-alcoholic	2.1
Repurchase Agreements	2.0
Applications Software	2.0
Real Estate Investment Trusts	2.0
Computer Aided Design	2.0
Retail — Building Products	1.9
Multimedia	1.9
Banks — Super Regional	1.7
Diversified Manufacturing Operations	1.7
Computers	1.6
Auto — Cars/Light Trucks	1.6
Electric — Integrated	1.6
Internet Content — Entertainment	1.5
Networking Products	1.5
Entertainment Software	1.4
Enterprise Software/Service	1.4
Data Processing/Management	1.3
Medical Products	1.3
Investment Management/Advisor Services	1.2
Finance — Other Services	1.2
Transport — Rail	1.2
Medical — HMO	1.2
Cosmetics & Toiletries	1.1
Industrial Gases	1.1
Cable/Satellite TV	1.1
Computers — Memory Devices	1.1
Semiconductor Components — Integrated Circuits	1.1
Insurance — Multi-line	1.0
Retail — Restaurants	1.0
Food — Misc./Diversified	1.0
Airlines	1.0
Semiconductor Equipment	1.0
E-Commerce/Services	1.0
Medical — Drugs	0.9
Oil Companies — Exploration & Production	0.8
Banks — Fiduciary	0.8
Banks — Commercial	0.8
Machinery — Construction & Mining	0.8
Retail — Discount	0.8
Machinery — Farming	0.8
Insurance Brokers	0.7
Diversified Banking Institutions	0.7
Transport — Services	0.7
Insurance — Life/Health	0.7
Pipelines	0.7
Finance — Investment Banker/Broker	0.7
Electric Products — Misc.	0.7
Insurance — Property/Casualty	0.6
Auto — Heavy Duty Trucks	0.6
E-Commerce/Products	0.6
Oil — Field Services	0.6
Electric — Distribution	0.5
Electronic Measurement Instruments	0.5
Non-Hazardous Waste Disposal	0.5
Chemicals — Specialty	0.5
Medical — Hospitals	0.5
Retail — Major Department Stores	0.4
Medical Labs & Testing Services	0.4
Water	0.4
Decision Support Software	0.4
Consumer Products — Misc.	0.4

Consulting Services	0.4
U.S. Government Treasuries	0.3
Containers — Paper/Plastic	0.3
Retail — Drug Store	0.3
Computer Data Security	0.3
Oil Refining & Marketing	0.2
Dental Supplies & Equipment	0.2
Food — Retail	0.2
Drug Delivery Systems	0.2
Chemicals — Diversified	0.2
Steel — Producers	0.2
Diagnostic Kits	0.2
Paper & Related Products	0.2
Electronic Connectors	0.2
Medical Instruments	0.2
Containers — Metal/Glass	0.2
Respiratory Products	0.2
Wireless Equipment	0.2
Retail — Apparel/Shoe	0.2
Gold Mining	0.2
Food — Meat Products	0.2
Disposable Medical Products	0.1
Machinery — General Industrial	0.1
Food — Confectionery	0.1
Computer Software	0.1
Distribution/Wholesale	0.1
Web Hosting/Design	0.1
Medical Information Systems	0.1
Instruments — Controls	0.1
Coatings/Paint	0.1
Industrial Automated/Robotic	0.1
Tools — Hand Held	0.1
Retail — Auto Parts	0.1
Broadcast Services/Program	0.1
Registered Investment Companies	0.1
Commercial Services	0.1
Medical — Wholesale Drug Distribution	0.1
Telecom Equipment — Fiber Optics	0.1
	100.0%

* Calculated as a percentage of net assets

125

VALIC Company II U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.6%
Airlines — 1.0%
Delta Air Lines, Inc.		75,802	$	3,633,948
Southwest Airlines Co.		66,486		3,864,831
				7,498,779
Applications Software — 2.0%
Intuit, Inc.		19,584		7,640,502
Roper Technologies, Inc.		3,328		1,256,719
ServiceNow, Inc.†		12,586		6,714,128
				15,611,349
Auto - Cars/Light Trucks — 1.6%
Tesla, Inc.†		18,692		12,626,446
Auto - Heavy Duty Trucks — 0.6%
Cummins, Inc.		9,263		2,345,391
PACCAR, Inc.		25,530		2,322,975
				4,668,366
Banks - Commercial — 0.8%
First Republic Bank		4,598		757,520
M&T Bank Corp.		302		45,584
Truist Financial Corp.		101,247		5,767,029
				6,570,133
Banks - Fiduciary — 0.8%
Bank of New York Mellon Corp.		74,641		3,146,864
Northern Trust Corp.		14,624		1,391,181
State Street Corp.		28,527		2,075,910
				6,613,955
Banks - Super Regional — 1.7%
PNC Financial Services Group, Inc.		41,760		7,030,714
US Bancorp		128,981		6,449,050
				13,479,764
Beverages - Non-alcoholic — 2.1%
Monster Beverage Corp.†		27,721		2,432,241
PepsiCo, Inc.		107,933		13,943,864
				16,376,105
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†#		9,710		514,921
Cable/Satellite TV — 1.1%
Comcast Corp., Class A		164,910		8,694,055
DISH Network Corp., Class A†		5,385		169,682
				8,863,737
Chemicals - Diversified — 0.2%
LyondellBasell Industries NV, Class A		2,411		248,550
PPG Industries, Inc.		10,519		1,418,172
				1,666,722
Chemicals - Specialty — 0.5%
Ecolab, Inc.		15,410		3,226,238
International Flavors & Fragrances, Inc.		3,197		433,225
				3,659,463
Coatings/Paint — 0.1%
Sherwin-Williams Co.		1,310		891,245
Commercial Services — 0.1%
Cintas Corp.		1,245		403,803
Commercial Services - Finance — 4.0%
Automatic Data Processing, Inc.		24,431		4,251,483
IHS Markit, Ltd.		20,187		1,820,060
MarketAxess Holdings, Inc.		1,522		846,141

Security Description	Shares		Value (Note 2)
Commercial Services - Finance (continued)
Moody’s Corp.		16,715	$	4,594,786
PayPal Holdings, Inc.†		49,827		12,947,546
S&P Global, Inc.		20,664		6,805,895
				31,265,911
Computer Aided Design — 2.0%
ANSYS, Inc.†		8,015		2,733,035
Autodesk, Inc.†		16,641		4,592,916
Cadence Design Systems, Inc.†		29,019		4,094,291
Synopsys, Inc.†		16,146		3,959,160
				15,379,402
Computer Data Security — 0.3%
Fortinet, Inc.†		11,910		2,011,003
Computer Software — 0.1%
Akamai Technologies, Inc.†		3,973		375,449
Citrix Systems, Inc.		4,116		549,815
				925,264
Computers — 1.6%
Hewlett Packard Enterprise Co.		402,768		5,864,302
HP, Inc.		240,436		6,965,431
				12,829,733
Computers - Memory Devices — 1.1%
NetApp, Inc.		43,129		2,699,875
Seagate Technology PLC		52,141		3,818,285
Western Digital Corp.		33,839		2,318,987
				8,837,147
Consulting Services — 0.4%
Verisk Analytics, Inc.		17,136		2,807,734
Consumer Products - Misc. — 0.4%
Clorox Co.		5,539		1,002,836
Kimberly-Clark Corp.		14,540		1,865,918
				2,868,754
Containers - Metal/Glass — 0.2%
Ball Corp.		16,092		1,374,096
Containers - Paper/Plastic — 0.3%
Amcor PLC		56,705		620,352
Packaging Corp. of America		4,139		546,431
WestRock Co.		25,232		1,099,863
				2,266,646
Cosmetics & Toiletries — 1.1%
Colgate-Palmolive Co.		48,487		3,646,223
Estee Lauder Cos., Inc., Class A		18,555		5,304,132
				8,950,355
Data Processing/Management — 1.3%
Fidelity National Information Services, Inc.		32,015		4,418,070
Fiserv, Inc.†		38,735		4,468,857
Paychex, Inc.		16,552		1,507,391
				10,394,318
Decision Support Software — 0.4%
MSCI, Inc.		7,360		3,050,867
Dental Supplies & Equipment — 0.2%
Align Technology, Inc.†		1,972		1,118,341
DENTSPLY SIRONA, Inc.		11,597		615,453
				1,733,794

126

VALIC Company II U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diagnostic Equipment — 2.5%
Danaher Corp.		44,510	$	9,777,512
Thermo Fisher Scientific, Inc.		22,030		9,915,262
				19,692,774
Diagnostic Kits — 0.2%
IDEXX Laboratories, Inc.†		3,138		1,632,293
Dialysis Centers — 0.0%
DaVita, Inc.†		2,350		240,005
Disposable Medical Products — 0.1%
Teleflex, Inc.		2,804		1,116,328
Distribution/Wholesale — 0.1%
Fastenal Co.		19,922		923,783
Diversified Banking Institutions — 0.7%
Morgan Stanley		72,940		5,606,898
Diversified Manufacturing Operations — 1.7%
Eaton Corp. PLC		36,496		4,751,414
Illinois Tool Works, Inc.		26,504		5,358,579
Parker-Hannifin Corp.		7,474		2,144,739
Trane Technologies PLC		4,905		751,642
				13,006,374
Drug Delivery Systems — 0.2%
DexCom, Inc.†		4,317		1,717,216
E-Commerce/Products — 0.6%
eBay, Inc.		77,410		4,367,472
Etsy, Inc.†		1,126		248,024
				4,615,496
E-Commerce/Services — 1.0%
Booking Holdings, Inc.†		2,648		6,165,894
Expedia Group, Inc.		8,065		1,298,465
				7,464,359
Electric Products - Misc. — 0.7%
AMETEK, Inc.		9,370		1,105,379
Emerson Electric Co.		47,990		4,122,341
				5,227,720
Electric - Distribution — 0.5%
Consolidated Edison, Inc.		63,006		4,136,344
Electric - Integrated — 1.6%
AES Corp.		9,891		262,705
Alliant Energy Corp.		17,853		824,094
CMS Energy Corp.		28,391		1,536,237
Eversource Energy		40,506		3,219,417
FirstEnergy Corp.		34,658		1,148,566
PPL Corp.		48,342		1,266,077
WEC Energy Group, Inc.		52,686		4,248,599
				12,505,695
Electronic Components - Semiconductors — 4.9%
Advanced Micro Devices, Inc.†		39,812		3,364,512
Broadcom, Inc.		15,598		7,329,032
Microchip Technology, Inc.		2,819		430,264
Micron Technology, Inc.†		46,130		4,222,279
NVIDIA Corp.		23,702		13,002,443
Texas Instruments, Inc.		53,901		9,285,525
Xilinx, Inc.		5,672		739,062
				38,373,117
Electronic Connectors — 0.2%
Amphenol Corp., Class A		4,555		572,473

Security Description	Shares			Value (Note 2)
Electronic Connectors (continued)
TE Connectivity, Ltd.		6,511		$	846,625
					1,419,098
Electronic Forms — 2.3%
Adobe, Inc.†		39,819			18,303,600
Electronic Measurement Instruments — 0.5%
Agilent Technologies, Inc.		20,089			2,452,264
Fortive Corp.		14,304			941,489
Keysight Technologies, Inc.†		4,419			625,377
					4,019,130
Enterprise Software/Service — 1.4%
Paycom Software, Inc.†		2,405			900,047
salesforce.com, Inc.†		45,632			9,879,328
Tyler Technologies, Inc.†		783			362,858
					11,142,233
Entertainment Software — 1.4%
Activision Blizzard, Inc.		70,318			6,723,104
Electronic Arts, Inc.		22,324			2,990,746
Take-Two Interactive Software, Inc.†		8,780			1,619,559
					11,333,409
Finance - Credit Card — 5.0%
American Express Co.		44,035			5,956,174
Mastercard, Inc., Class A		40,663			14,388,603
Visa, Inc., Class A		87,621			18,609,824
					38,954,601
Finance - Investment Banker/Broker — 0.7%
Charles Schwab Corp.		88,575			5,466,849
Finance - Other Services — 1.2%
Cboe Global Markets, Inc.		5,059			500,639
CME Group, Inc.		17,909			3,576,427
Intercontinental Exchange, Inc.		41,034			4,526,460
Nasdaq, Inc.		7,806			1,079,492
					9,683,018
Food - Confectionery — 0.1%
J.M. Smucker Co.		8,311			930,832
Food - Meat Products — 0.2%
Hormel Foods Corp.#		24,929			1,155,958
Food - Misc./Diversified — 1.0%
Campbell Soup Co.		8,974			408,138
General Mills, Inc.		40,330			2,218,553
Kellogg Co.		19,790			1,142,081
Kraft Heinz Co.		77,319			2,812,865
Lamb Weston Holdings, Inc.		274			21,857
McCormick & Co., Inc.		15,256			1,285,776
					7,889,270
Food - Retail — 0.2%
Kroger Co.		53,606			1,726,649
Gas - Distribution — 0.0%
NiSource, Inc.		10,728			231,725
Gold Mining — 0.2%
Newmont Corp.		22,820			1,240,952
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		3,642			886,026
Industrial Gases — 1.1%
Air Products & Chemicals, Inc.		11,874			3,035,232
Linde PLC		24,135			5,895,456
			��
					8,930,688

127

VALIC Company II U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments - Controls — 0.1%
Mettler-Toledo International, Inc.†		802	$	895,072
Instruments - Scientific — 0.0%
Waters Corp.†		287		78,604
Insurance Brokers — 0.7%
Aon PLC, Class A		9,116		2,075,805
Marsh & McLennan Cos., Inc.		25,365		2,922,555
Willis Towers Watson PLC		3,797		837,770
				5,836,130
Insurance - Life/Health — 0.7%
Aflac, Inc.		51,882		2,484,629
Prudential Financial, Inc.		34,496		2,991,493
				5,476,122
Insurance - Multi-line — 1.0%
Allstate Corp.		18,664		1,989,583
Chubb, Ltd.		32,403		5,268,080
Hartford Financial Services Group, Inc.		4,628		234,593
Loews Corp.		12,251		585,720
				8,077,976
Insurance - Property/Casualty — 0.6%
Progressive Corp.		24,142		2,075,005
Travelers Cos., Inc.		20,398		2,967,909
				5,042,914
Internet Content - Entertainment — 1.5%
Netflix, Inc.†		19,418		10,463,389
Twitter, Inc.†		20,735		1,597,839
				12,061,228
Internet Security — 0.0%
NortonLifeLock, Inc.		11,033		215,254
Investment Management/Advisor Services — 1.2%
BlackRock, Inc.		9,485		6,587,333
Franklin Resources, Inc.		22,289		583,303
Invesco, Ltd.		16,155		362,195
T. Rowe Price Group, Inc.		13,879		2,250,341
				9,783,172
Machinery - Construction & Mining — 0.8%
Caterpillar, Inc.		29,985		6,473,162
Machinery - Farming — 0.8%
Deere & Co.		18,100		6,319,072
Machinery - General Industrial — 0.1%
Otis Worldwide Corp.		14,953		952,656
Westinghouse Air Brake Technologies Corp.		716		51,860
				1,004,516
Medical Information Systems — 0.1%
Cerner Corp.		13,310		920,253
Medical Instruments — 0.2%
Edwards Lifesciences Corp.†		16,784		1,394,750
Medical Labs & Testing Services — 0.4%
IQVIA Holdings, Inc.†		9,279		1,788,898
Laboratory Corp. of America Holdings†		4,976		1,193,792
Quest Diagnostics, Inc.		4,347		502,470
				3,485,160
Medical Products — 1.3%
ABIOMED, Inc.†		808		262,236
Baxter International, Inc.		36,034		2,799,481
Cooper Cos., Inc.		3,125		1,206,656

Security Description	Shares		Value (Note 2)
Medical Products (continued)
Hologic, Inc.†		12,739	$	918,355
STERIS PLC		4,206		735,209
Stryker Corp.		17,478		4,241,736
				10,163,673
Medical - Biomedical/Gene — 2.6%
Alexion Pharmaceuticals, Inc.†		8,720		1,331,980
Amgen, Inc.		26,474		5,954,532
Biogen, Inc.†		7,294		1,990,387
Illumina, Inc.†		6,745		2,963,820
Incyte Corp.†		8,072		634,943
Regeneron Pharmaceuticals, Inc.†		6,394		2,880,945
Vertex Pharmaceuticals, Inc.†		21,411		4,550,908
				20,307,515
Medical - Drugs — 0.9%
Zoetis, Inc.		43,591		6,767,067
Medical - Generic Drugs — 0.0%
Perrigo Co. PLC		310		12,512
Medical - HMO — 1.2%
Anthem, Inc.		9,201		2,789,651
Centene Corp.†		42,257		2,473,725
Humana, Inc.		10,687		4,057,320
				9,320,696
Medical - Hospitals — 0.5%
HCA Healthcare, Inc.		20,754		3,570,311
Medical - Wholesale Drug Distribution — 0.1%
Henry Schein, Inc.†		6,303		389,841
Multimedia — 1.9%
Walt Disney Co.†		77,642		14,677,444
Networking Products — 1.5%
Cisco Systems, Inc.		267,236		11,990,879
Non-Hazardous Waste Disposal — 0.5%
Republic Services, Inc.		10,924		973,219
Waste Management, Inc.		24,233		2,687,198
				3,660,417
Oil Companies - Exploration & Production — 0.8%
Cabot Oil & Gas Corp.		4,780		88,478
EOG Resources, Inc.		35,285		2,277,999
Hess Corp.		20,934		1,371,805
Occidental Petroleum Corp.		51,331		1,365,918
Pioneer Natural Resources Co.		10,389		1,543,494
				6,647,694
Oil Refining & Marketing — 0.2%
Valero Energy Corp.		23,622		1,818,422
Oil - Field Services — 0.6%
Baker Hughes Co.		29,011		710,189
Schlumberger NV		129,954		3,627,016
				4,337,205
Paper & Related Products — 0.2%
International Paper Co.		28,830		1,431,409
Pipelines — 0.7%
Kinder Morgan, Inc.		186,084		2,735,435
ONEOK, Inc.		19,353		857,144
Williams Cos., Inc.		82,311		1,879,983
				5,472,562

128

VALIC Company II U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts — 2.0%
American Tower Corp.		19,192	$	4,147,967
Crown Castle International Corp.		20,444		3,184,153
Digital Realty Trust, Inc.		5,613		756,239
Equinix, Inc.		2,565		1,662,992
Equity Residential		7,243		473,765
Prologis, Inc.		36,294		3,595,647
Public Storage		4,868		1,138,820
SBA Communications Corp.		1,677		427,853
				15,387,436
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		639		190,026
Respiratory Products — 0.2%
ResMed, Inc.		6,875		1,325,362
Retail - Apparel/Shoe — 0.2%
Ross Stores, Inc.		11,209		1,307,418
Retail - Auto Parts — 0.1%
Genuine Parts Co.		5,495		578,898
Retail - Building Products — 1.9%
Home Depot, Inc.		39,524		10,210,630
Lowe’s Cos., Inc.		28,772		4,596,327
				14,806,957
Retail - Discount — 0.8%
Dollar General Corp.		13,115		2,478,604
Target Corp.		21,327		3,912,225
				6,390,829
Retail - Drug Store — 0.3%
Walgreens Boots Alliance, Inc.		46,324		2,220,309
Retail - Major Department Stores — 0.4%
TJX Cos., Inc.		53,053		3,500,967
Retail - Restaurants — 1.0%
McDonald’s Corp.		8,810		1,816,093
Starbucks Corp.		57,296		6,189,687
				8,005,780
Semiconductor Components - Integrated Circuits — 1.1%
Analog Devices, Inc.		15,018		2,340,105
QUALCOMM, Inc.		46,720		6,362,797
				8,702,902
Semiconductor Equipment — 1.0%
Applied Materials, Inc.		33,619		3,973,430
KLA Corp.		3,017		938,981
Lam Research Corp.		4,522		2,564,833
				7,477,244
Steel - Producers — 0.2%
Nucor Corp.		27,568		1,649,118
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc.		9,983		381,750
Telephone - Integrated — 2.5%
AT&T, Inc.		197,486		5,507,885
Verizon Communications, Inc.		256,545		14,186,938
				19,694,823
Theaters — 0.0%
Live Nation Entertainment, Inc.†		1,832		162,792
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc.		3,966		693,415

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Rail — 1.2%
CSX Corp.		34,770		$	3,183,194
Norfolk Southern Corp.		11,267			2,839,960
Union Pacific Corp.		16,965			3,494,111
					9,517,265
Transport - Services — 0.7%
United Parcel Service, Inc., Class B		34,748			5,484,277
Water — 0.4%
American Water Works Co., Inc.		23,512			3,335,883
Web Hosting/Design — 0.1%
VeriSign, Inc.†		4,751			921,837
Web Portals/ISP — 5.4%
Alphabet, Inc., Class A†		21,156			42,775,528
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		7,514			1,318,557
Total Long-Term Investment Securities (cost $497,921,205)					767,172,657
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 0.05%(1)(2)		509,775			509,775
U.S. Government Treasuries — 0.3%
United States Treasury Bills 0.12% due 11/04/2021(4)	$	1,000,000			999,604
0.13% due 10/07/2021(4)		1,700,000			1,699,480
					2,699,084
Total Short-Term Investment Securities (cost $3,207,660)					3,208,859
REPURCHASE AGREEMENTS — 2.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount of $15,909,000 and collateralized by $15,165,100 of United States Treasury Notes, bearing interest at 2.25% due 11/15/2024 and having an approximate value of $16,227,187 (cost $15,909,000)		15,909,000			15,909,000
TOTAL INVESTMENTS
(cost $517,037,865)(3)		100.0	%		786,290,516
Other assets less liabilities		0.0			62,388
NET ASSETS		100.0	%	$	786,352,904

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of February 28, 2021.

(2) At February 28, 2021, the Fund had loaned securities with a total value of $1,131,874. This was secured by collateral of $509,775, which was received in cash and subsequently invested in short-term investments currently valued at $509,775 as reported in the Portfolio of Investments. Additional collateral of $641,470 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.

129

VALIC Company II U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)

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

Securities	Coupon Range	Maturity Date Range	Value as of February 28, 2021
Federal Home Loan Mtg. Corp.	1.00% to 3.50%	02/01/2036 to 11/01/2050	$	161,234
Federal National Mtg. Assoc.	1.24% to 4.50%	07/25/2030 to 09/01/2050		381,547
Government National Mtg. Assoc.	1.00% to 2.70%	09/20/2046 to 05/16/2053		75,555
United States Treasury Bills	0.00%	07/15/2021 to 07/15/2021		4,144
United States Treasury Notes/Bonds	0.13% to 8.13%	04/30/2021 to 05/15/2046		18,990

(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)
	96	Long	S&P 500 E-Mini Index		March 2021	$	18,256,169	$	18,284,160	$	27,991

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

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (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	$	767,172,657	$	—	$	—	$	767,172,657
Short Term Investment Securities:
Registered Investment Companies		509,775		—		—		509,775
U.S. Government Treasuries		—		2,699,084		—		2,699,084
Repurchase Agreements		—		15,909,000		—		15,909,000
Total Investments at Value	$	767,682,432	$	18,608,084	$	—	$	786,290,516
Other Financial Instruments:+
Futures Contracts	$	27,991	$	—	$	—	$	27,991

* 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

130

VALIC Company II

STATEMENTS OF ASSETS AND LIABILITIES — February 28, 2021 (unaudited)

	AGGRESSIVE GROWTH LIFESTYLE FUND		CAPITAL APPRECIATION FUND		CONSERVATIVE GROWTH LIFESTYLE FUND		CORE BOND FUND		GOVERNMENT MONEY MARKET II FUND			HIGH YIELD BOND FUND		INTERNATIONAL OPPORTUNITIES FUND
ASSETS:
Investment at value (unaffiliated)*+	$	–	$	129,761,463	$	–	$	1,709,472,260	$	130,700,041		$	522,687,480	$	709,554,827
Investment at value (affiliated)*+		687,086,785		–		359,574,189		–		–			–		–
Repurchase agreements (cost equals market value)		–		–		–		–		127,000			26,895,000		4,733,000
Cash		1		859,301		2		8,843		2,000,262			1		4,500,990
Foreign cash*		–		–		–		–		–			–		21,045
Cash collateral for futures contracts		–		–		–		–		–			–		–
Due from broker		–		–		–		–		–			–		–
Receivable for:
Fund shares sold		52,538		3,263		16,643		1,516,735		745,030			28,981		70,802
Dividends and interest		–		111,615		–		9,875,269		30,041			6,449,747		1,156,729
Investments sold		–		1,103,758		7,542		2,354,215		–			–		3,994,266
Investments sold on an extended settlement basis		–		–		–		371,628		–			–		–
Securities lending income		–		2		–		3,097		–			2,956		17,125
Prepaid expenses and other assets		21,628		11,365		15,198		47,438		21,575			27,562		43,446
Due from investment adviser for expense reimbursements/fee waivers		29,589		15,973		18,531		40,246		74,387			22,277		27,027
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–			102,378		–
TOTAL ASSETS		687,190,541		131,866,740		359,632,105		1,723,689,731		133,698,336			556,216,382		724,119,257
LIABILITIES:
Payable for:
Fund shares reacquired		18,672		139,786		23,803		112,472		6,230			361,246		371,895
Investments purchased		33,146		–		3		8,188,338		–			32,190		1,043,524
Investments purchased on an extended settlement basis		–		–		–		122,346,918		–			510,000		–
Investment advisory and management fees		53,419		57,057		27,939		502,747		26,097			256,537		459,423
Administrative service fees		–		6,919		–		79,356		6,963			28,087		37,666
Shareholder services		–		25,935		–		297,436		26,097			105,275		141,175
Transfer agent fees and expenses		753		1,504		753		1,529		562			1,504		1,317
Trustees’ fees and expenses		21,161		6,597		13,040		47,011		15,330			23,687		39,883
Other accrued expenses		100,817		60,602		72,814		224,714		58,579			135,277		209,417
Accrued foreign tax on capital gains		–		–		–		–		–			–		188,376
Collateral upon return of securities loaned		–		–		–		23,437,686		–			4,379,360		18,495,420
Variation margin on futures contracts		–		–		–		–		–			–		–
Due to broker		–		–		–		–		–			–		–
Commitments (Note 12)		–		–		–		–		–			–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–			–		–
TOTAL LIABILITIES		227,968		298,400		138,352		155,238,207		139,858			5,833,163		20,988,096
NET ASSETS	$	686,962,573	$	131,568,340	$	359,493,753	$	1,568,451,524	$	133,558,478		$	550,383,219	$	703,131,161
NET ASSETS REPRESENTED BY:
Trust shares at par value of $0.01 per share	$	582,086	$	64,760	$	269,682	$	1,312,657	$	1,335,371		$	698,197	$	303,521
Additional paid in capital		548,415,911		78,449,068		307,290,286		1,396,916,939		132,230,967			508,986,816		474,520,378
Total accumulated earnings(loss)		137,964,576		53,054,512		51,933,785		170,221,928		(7,860	)		40,698,206		228,307,262
NET ASSETS	$	686,962,573	$	131,568,340	$	359,493,753	$	1,568,451,524	$	133,558,478		$	550,383,219	$	703,131,161
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		58,208,587		6,475,965		26,968,239		131,265,710		133,537,119			69,819,688		30,352,113
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	11.80	$	20.32	$	13.33	$	11.95	$	1.00		$	7.88	$	23.17
*  Cost
Investments (unaffiliated)	$	–	$	84,057,914	$	–	$	1,667,002,887	$	130,700,041		$	493,644,648	$	582,061,279
Investments (affiliated)	$	579,743,444	$	–	$	322,189,102	$	–	$	–		$	–	$	–
Foreign cash	$	–	$	–	$	–	$	–	$	–		$	–	$	21,298
† Including securities on loan	$	–	$	–	$	–	$	25,476,605	$	–		$	11,497,668	$	24,563,988

See Notes to Financial Statements

131

VALIC Company II

STATEMENTS OF ASSETS AND LIABILITIES — February 28, 2021 (unaudited) — (continued)

	LARGE CAP VALUE FUND		MID CAP GROWTH FUND		MID CAP VALUE FUND		MODERATE GROWTH LIFESTYLE FUND		SMALL CAP GROWTH FUND		SMALL CAP VALUE FUND		STRATEGIC BOND FUND		U.S. SOCIALLY RESPONSIBLE FUND
ASSETS:
Investment at value (unaffiliated)*+	$	317,827,307	$	287,494,578	$	889,988,026	$	–	$	299,155,187		447,984,598		939,888,937	$	770,381,516
Investment at value (affiliated)*+		–		–		–		1,110,552,103		–		–		–		–
Repurchase agreements (cost equals market value)		–		425,000		570,000		–		–		18,174,000		–		15,909,000
Cash		1,038,539		688		608		2		3,688,211		718		–		818
Foreign cash*		–		158		53		–		–		–		808,931		–
Cash collateral for futures contracts		–		–		–		–		–		1,046,000		–		–
Due from broker		–		–		–		–		–		–		–		268
Receivable for:
Fund shares sold		9,194		45,787		17,566		17,280		84,951		38,145		122,774		421,654
Dividends and interest		534,954		119,148		873,806		–		56,139		356,471		8,952,455		742,762
Investments sold		1,851,101		897,878		2,996,504		171,852		347,133		32,329		4,421,416		–
Investments sold on an extended settlement basis		–		–		–		–		–		–		1,553,352		–
Securities lending income		14		1,820		1,330		–		1,054		1,820		4,771		420
Prepaid expenses and other assets		33,637		16,415		53,197		31,774		12,831		33,697		40,172		48,040
Due from investment adviser for expense reimbursements/fee waivers		–		18,380		21,222		42,789		21,263		16,183		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–		308,555		–
TOTAL ASSETS		321,294,746		289,019,852		894,522,312		1,110,815,800		303,366,769		467,683,961		956,101,363		787,504,478
LIABILITIES:
Payable for:
Fund shares reacquired		72,281		147,018		563,146		187,958		19,775		500,611		199,264		33,736
Investments purchased		2,239,463		1,075,406		2,512,597		4		902,483		384,523		4,743,460		–
Investments purchased on an extended settlement basis		–		–		–		–		–		22,500		34,408,339		–
Investment advisory and management fees		121,959		160,762		470,424		86,358		193,771		204,956		345,007		151,584
Administrative service fees		16,269		14,922		45,124		–		15,836		20,638		46,021		40,443
Shareholder services		60,979		55,930		169,131		–		59,355		77,354		172,493		151,584
Transfer agent fees and expenses		1,460		1,279		1,692		753		1,504		1,279		2,060		998
Trustees’ fees and expenses		16,054		12,159		49,523		33,469		8,563		26,058		38,763		44,637
Other accrued expenses		97,691		90,054		125,173		135,942		72,692		179,947		178,522		128,577
Accrued foreign tax on capital gains		–		–		–		–		–		–		–		–
Collateral upon return of securities loaned		70,200		654,738		–		–		3,273,474		1,293,321		21,545,306		509,775
Variation margin on futures contracts		–		–		–		–		–		6,320		–		90,240
Due to broker		–		–		–		–		–		41		–		–
Commitments (Note 12)		–		–		–		–		–		–		63,524		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–		5,841		–
TOTAL LIABILITIES		2,696,356		2,212,268		3,936,810		444,484		4,547,453		2,717,548		61,748,600		1,151,574
NET ASSETS	$	318,598,390	$	286,807,584	$	890,585,502	$	1,110,371,316	$	298,819,316		464,966,413	$	894,352,763	$	786,352,904
NET ASSETS REPRESENTED BY:
Trust shares at par value of $0.01 per share	$	137,359	$	205,701	$	444,894	$	699,141	$	109,840	$	330,633	$	760,917	$	336,952
Additional paid in capital		253,587,410		172,319,611		667,200,025		905,271,521		156,558,486		350,461,689		836,381,480		407,935,358
Total accumulated earnings(loss)		64,873,621		114,282,272		222,940,583		204,400,654		142,150,990		114,174,091		57,210,366		378,080,594
NET ASSETS	$	318,598,390	$	286,807,584	$	890,585,502	$	1,110,371,316	$	298,819,316	$	464,966,413	$	894,352,763	$	786,352,904
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		13,735,927		20,570,057		44,489,441		69,914,122		10,983,952		33,063,319		76,091,666		33,695,217
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	23.19	$	13.94	$	20.02	$	15.88	$	27.21	$	14.06	$	11.75	$	23.34
*  Cost
Investments (unaffiliated)	$	264,384,945	$	220,360,937	$	680,322,700	$	–	$	204,874,587	$	340,519,278	$	916,740,911	$	501,128,865
Investments (affiliated)	$	–	$	–	$	–	$	955,272,905	$	–	$	–	$	–	$	–
Foreign cash	$	–	$	151	$	53	$	–	$	–	$	–	$	813,213	$	–
† Including securities on loan	$	67,002	$	13,064,882	$	7,124,715	$	–	$	5,711,584	$	11,178,613	$	22,906,691	$	1,131,874

See Notes to Financial Statements

132

VALIC Company II

STATEMENTS OF OPERATIONS — For the Six Months Ended February 28, 2021 (unaudited)

	AGGRESSIVE GROWTH LIFESTYLE FUND			CAPITAL APPRECIATION FUND			CONSERVATIVE GROWTH LIFESTYLE FUND			CORE BOND FUND			GOVERNMENT MONEY MARKET II FUND			HIGH YIELD BOND FUND			INTERNATIONAL OPPORTUNITIES FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	–		$	461,331		$	–		$	7,745		$	–		$	–		$	3,042,874
Dividends (affiliated)		52			–			73			–			–			–			–
Securities lending income		–			14			–			18,746			–			13,490			86,603
Interest (unaffiliated)		–			–			–			20,720,797			48,446			14,041,701			691
Total investment income*		52			461,345			73			20,747,288			48,446			14,055,191			3,130,168
EXPENSES:
Investment advisory and management fees		320,174			340,607			173,262			3,422,966			170,534			1,613,259			2,757,145
Administrative service fee		–			41,300			–			541,708			45,487			176,061			225,707
Shareholder services fee		–			154,821			–			2,030,878			170,533			660,043			846,114
Transfer agent fees and expenses		996			1,990			996			1,985			744			1,990			1,742
Custodian and accounting fees		7,650			12,921			7,650			73,791			23,625			34,776			165,252
Reports to shareholders		33,141			6,115			18,770			91,398			6,606			33,715			38,834
Audit and tax fees		18,241			20,271			18,241			27,730			18,737			24,838			31,840
Legal fees		20,812			10,043			14,871			43,972			10,137			18,547			22,256
Trustees’ fees and expenses		29,261			5,778			15,615			75,899			6,193			23,523			31,506
Interest expense		–			–			–			–			–			–			5
Other expenses		17,915			18,635			14,756			27,208			7,126			18,457			32,367
Total expenses before fee waivers, expense reimbursements, fees paid indirectly		448,190			612,481			264,161			6,337,535			459,722			2,605,209			4,152,768
Fees waived and expenses reimbursed by investment adviser (Note 3)		(128,017	)		(86,086	)		(90,900	)		(82,432	)		(418,093	)		(149,851	)		(87,399	)
Fees paid indirectly (Note 7)		–			–			–			–			–			–			(2,070	)
Net expenses		320,173			526,395			173,261			6,255,103			41,629			2,455,358			4,063,299
Net investment income (loss)		(320,121	)		(65,050	)		(173,188	)		14,492,185			6,817			11,599,833			(933,131	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		–			7,346,559			–			31,384,016			–			3,220,880			62,915,783
Investments (affiliated)		5,476,407			–			4,909,639			–			–			–			–
Futures contracts		–			–			–			–			–			–			–
Forward contracts		–			–			–			–			–			(324,353	)		–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–			2,437			(337,017	)
Net realized gain on capital gain distributions received from underlying funds (affliliated)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		5,476,407			7,346,559			4,909,639			31,384,016			–			2,898,964			62,578,766
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		–			3,679,262			–			(43,567,695	)		–			13,498,819			13,578,830
Investments (affiliated)		87,734,738			–			23,104,314			–			–			–			–
Futures contracts		–			–			–			–			–			–			–
Forward contracts		–			–			–			–			–			204,052			–
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–			(2,280	)		(35,118	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			(72,715	)
Net unrealized gain (loss) on investments and foreign currencies		87,734,738			3,679,262			23,104,314			(43,567,695	)		–			13,700,591			13,470,997
Net realized and unrealized gain (loss) on investments and foreign currencies		93,211,145			11,025,821			28,013,953			(12,183,679	)		–			16,599,555			76,049,763
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	92,891,024		$	10,960,771		$	27,840,765		$	2,308,506		$	6,817		$	28,199,388		$	75,116,632
*  Net of foreign withholding taxes on interest and dividends of	$	–		$	–		$	–		$	1,100		$	–		$	–		$	263,543
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	9,361

See Notes to Financial Statements

133

VALIC Company II

STATEMENTS OF OPERATIONS — For the Six Months Ended February 28, 2021 (unaudited) — (continued)

	LARGE CAP VALUE FUND			MID CAP GROWTH FUND			MID CAP VALUE FUND			MODERATE GROWTH LIFESTYLE FUND			SMALL CAP GROWTH FUND			SMALL CAP VALUE FUND			STRATEGIC BOND FUND			U.S. SOCIALLY RESPONSIBLE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	2,723,858		$	1,092,071		$	5,953,439		$	–		$	280,385		$	3,381,337		$	2,425		$	5,597,209
Dividends (affiliated)		–			–			–			110			–			–			–			–
Securities lending income		269			10,816			5,197			–			115,659			169,134			26,942			6,288
Interest (unaffiliated)		666			–			–			–			–			–			18,833,362			1,513
Total investment income*		2,724,793			1,102,887			5,958,636			110			396,044			3,550,471			18,862,729			5,605,010
EXPENSES:
Investment advisory and management fees		708,060			952,589			2,770,560			525,588			1,052,997			1,149,570			2,253,353			931,481
Administrative service fee		94,439			87,661			264,063			–			85,718			115,404			300,857			248,470
Shareholder services fee		354,030			328,619			989,898			–			321,313			432,606			1,127,890			931,480
Transfer agent fees and expenses		1,946			1,703			2,239			996			1,990			1,703			2,727			1,243
Custodian and accounting fees		27,282			35,571			31,782			7,677			14,953			102,139			98,727			21,725
Reports to shareholders		13,833			12,732			48,591			54,580			11,176			18,318			48,158			40,645
Audit and tax fees		15,716			15,714			20,407			18,241			20,281			21,408			21,353			21,253
Legal fees		14,821			14,264			23,625			29,571			12,330			14,263			27,113			23,270
Trustees’ fees and expenses		12,775			12,108			36,420			47,628			11,458			15,820			41,734			34,236
Interest expense		505			137			34			–			–			191			–			3,356
Other expenses		21,768			17,467			36,056			21,029			20,572			24,214			19,413			26,769
Total expenses before fee waivers, expense reimbursements, fees paid indirectly		1,265,175			1,478,565			4,223,675			705,310			1,552,788			1,895,636			3,941,325			2,283,928
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			(45,784	)		(66,103	)		(179,722	)		(100,452	)		(130,413	)		–			–
Fees paid indirectly (Note 7)		(8,763	)		(674	)		(5,399	)		–			(2,960	)		(17,929	)		–			–
Net expenses		1,256,412			1,432,107			4,152,173			525,588			1,449,376			1,747,294			3,941,325			2,283,928
Net investment income (loss)		1,468,381			(329,220	)		1,806,463			(525,478	)		(1,053,332	)		1,803,177			14,921,404			3,321,082
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		13,751,144			20,197,006			20,419,538			–			24,728,073			19,706,304			20,175,659			74,824,070
Investments (affiliated)		–			–			–			9,581,351			–			–			–			–
Futures contracts		–			–			–			–			–			2,270,272			–			2,856,658
Forward contracts		–			–			–			–			–			–			(3,540,649	)		–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–			(683	)		–			–			–			(33,636	)		–
Net realized gain on capital gain distributions received from underlying funds (affliliated)		–			–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		13,751,144			20,197,006			20,418,855			9,581,351			24,728,073			21,976,576			16,601,374			77,680,728
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		50,319,897			43,313,307			189,747,033			–			47,582,157			113,203,872			(8,882,979	)		1,984,999
Investments (affiliated)		–			–			–			113,282,020			–			–			–			–
Futures contracts		–			–			–			–			–			(679,956	)		–			(676,140	)
Forward contracts		–			–			–			–			–			–			2,946,869			–
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		–			(3	)		(322	)		–			–			–			(15,657	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		50,319,897			43,313,304			189,746,711			113,282,020			47,582,157			112,523,916			(5,951,767	)		1,308,859
Net realized and unrealized gain (loss) on investments and foreign currencies		64,071,041			63,510,310			210,165,566			122,863,371			72,310,230			134,500,492			10,649,607			78,989,587
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	65,539,422		$	63,181,090		$	211,972,029		$	122,337,893		$	71,256,898		$	136,303,669		$	25,571,011		$	82,310,669
*  Net of foreign withholding taxes on interest and dividends of	$	5,213		$	353		$	15,750		$	–		$	–		$	5,942		$	2,170		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

134

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS

	AGGRESSIVE GROWTH LIFESTYLE FUND						CAPITAL APPRECIATION FUND						CONSERVATIVE GROWTH LIFESTYLE FUND						CORE BOND FUND
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	(320,121	)	$	10,809,057		$	(65,050	)	$	129,475		$	(173,188	)	$	8,772,571		$	14,492,185		$	37,584,465
Net realized gain (loss) on investments and foreign currencies		5,476,407			21,064,111			7,346,559			825,860			4,909,639			5,804,089			31,384,016			50,886,281
Net unrealized gain (loss) on investments and foreign currencies		87,734,738			24,144,105			3,679,262			27,664,564			23,104,314			10,453,344			(43,567,695	)		17,926,616
Net increase (decrease) in net assets resulting from operations		92,891,024			56,017,273			10,960,771			28,619,899			27,840,765			25,030,004			2,308,506			106,397,362
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(45,983,658	)		–			(3,756,144	)		–			(12,913,300	)		–			(52,196,618	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(18,540,991	)		23,530,314			(1,846,847	)		(5,489,650	)		(8,217,270	)		3,317,197			(218,035,795	)		140,760,517
TOTAL INCREASE (DECREASE) IN NET ASSETS		74,350,033			33,563,929			9,113,924			19,374,105			19,623,495			15,433,901			(215,727,289	)		194,961,261
NET ASSETS:
Beginning of period		612,612,540			579,048,611			122,454,416			103,080,311			339,870,258			324,436,357			1,784,178,813			1,589,217,552
End of period	$	686,962,573		$	612,612,540		$	131,568,340		$	122,454,416		$	359,493,753		$	339,870,258		$	1,568,451,524		$	1,784,178,813

See Notes to Financial Statements

135

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	GOVERNMENT MONEY MARKET II FUND						HIGH YIELD BOND FUND						INTERNATIONAL OPPORTUNITIES FUND						LARGE CAP VALUE FUND
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	6,817		$	752,517		$	11,599,833		$	26,110,996		$	(933,131	)	$	2,621,153		$	1,468,381		$	3,983,930
Net realized gain (loss) on investments and foreign currencies		–			(362	)		2,898,964			(9,795,262	)		62,578,766			44,253,770			13,751,144			821,948
Net unrealized gain (loss) on investments and foreign currencies		–			–			13,700,591			8,797,920			13,470,997			38,489,025			50,319,897			(7,981,145	)
Net increase (decrease) in net assets resulting from operations		6,817			752,155			28,199,388			25,113,654			75,116,632			85,363,948			65,539,422			(3,175,267	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(6,820	)		(752,517	)		–			(35,881,009	)		–			(13,556,100	)		–			(17,648,656	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(2,386,486	)		16,578,907			(16,531,978	)		(107,881,248	)		17,590,060			(37,580,434	)		(8,023,515	)		10,419,819
TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,386,489	)		16,578,545			11,667,410			(118,648,603	)		92,706,692			34,227,414			57,515,907			(10,404,104	)
NET ASSETS:
Beginning of period		135,944,967			119,366,422			538,715,809			657,364,412			610,424,469			576,197,055			261,082,483			271,486,587
End of period	$	133,558,478		$	135,944,967		$	550,383,219		$	538,715,809		$	703,131,161		$	610,424,469		$	318,598,390		$	261,082,483

See Notes to Financial Statements

136

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	MID CAP GROWTH FUND						MID CAP VALUE FUND						MODERATE GROWTH LIFESTYLE FUND						SMALL CAP GROWTH FUND
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	(329,220	)	$	(313,777	)	$	1,806,463		$	5,922,314		$	(525,478	)	$	21,580,823		$	(1,053,332	)	$	(1,121,524)
Net realized gain (loss) on investments and foreign currencies		20,197,006			29,497,943			20,418,855			(953,657	)		9,581,351			30,367,188			24,728,073			27,635,795
Net unrealized gain (loss) on investments and foreign currencies		43,313,304			(8,130,588	)		189,746,711			(27,616,644	)		113,282,020			32,611,982			47,582,157			34,691,004
Net increase (decrease) in net assets resulting from operations		63,181,090			21,053,578			211,972,029			(22,647,987	)		122,337,893			84,559,993			71,256,898			61,205,275
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(9,576,138	)		–			(49,023,543	)		–			(64,466,953	)		–			(23,166,804	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(17,637,154	)		(12,725,938	)		(45,486,111	)		52,310,920			(26,317,749	)		50,946,826			17,065,733			(19,883,009	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		45,543,936			(1,248,498	)		166,485,918			(19,360,610	)		96,020,144			71,039,866			88,322,631			18,155,462
NET ASSETS:
Beginning of period		241,263,648			242,512,146			724,099,584			743,460,194			1,014,351,172			943,311,306			210,496,685			192,341,223
End of period	$	286,807,584		$	241,263,648		$	890,585,502		$	724,099,584		$	1,110,371,316		$	1,014,351,172		$	298,819,316		$	210,496,685

See Notes to Financial Statements

137

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP VALUE FUND					STRATEGIC BOND FUND						U.S. SOCIALLY RESPONSIBLE FUND
	For the Six Months Ended February 28, 2021 (Unaudited)		For the Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Year Ended August 31, 2020
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	1,803,177	$	2,942,834		$	14,921,404		$	27,739,668		$	3,321,082		$	8,521,501
Net realized gain (loss) on investments and foreign currencies		21,976,576		(13,937,045	)		16,601,374			8,807,699			77,680,728			20,690,964
Net unrealized gain (loss) on investments and foreign currencies		112,523,916		(7,396,404	)		(5,951,767	)		12,323,640			1,308,859			82,594,880
Net increase (decrease) in net assets resulting from operations		136,303,669		(18,390,615	)		25,571,011			48,871,007			82,310,669			111,807,345
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–		(13,323,759	)		–			(39,987,192	)		–			(134,438,913	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		26,542,732		17,792,516			(58,623,757	)		79,962,869			(41,397,467	)		48,286,997
TOTAL INCREASE (DECREASE) IN NET ASSETS		162,846,401		(13,921,858	)		(33,052,746	)		88,846,684			40,913,202			25,655,429
NET ASSETS:
Beginning of period		302,120,012		316,041,870			927,405,509			838,558,825			745,439,702			719,784,273
End of period	$	464,966,413	$	302,120,012		$	894,352,763		$	927,405,509		$	786,352,904		$	745,439,702

See Notes to Financial Statements

138

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1 — Organization

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

Aggressive Growth Lifestyle Fund*	Mid Cap Growth Fund
Capital Appreciation Fund	Mid Cap Value Fund
Conservative Growth Lifestyle Fund*	Moderate Growth Lifestyle Fund*
Core Bond Fund	Small Cap Growth Fund
Government Money Market II Fund	Small Cap Value Fund
High Yield Bond Fund	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.

Each Fund is diversified as defined by the 1940 Act.

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

Note 2 — Significant Accounting Policies

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

A. Security Valuation

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

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

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

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

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

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

The summary of the Funds’ assets and liabilities classified in the fair value hierarchy as of February 28, 2021, 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

139

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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

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

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

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

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

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

For the Government Money Market II Fund, securities are valued at amortized cost, which approximates market value and are generally categorized as Level 2. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with Rule 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

140

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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

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

Futures: During the period, the Small Cap Value Fund and 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.

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.

141

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

The following tables represent the value of derivatives held as of February 28, 2021, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the six months ended February 28, 2021. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of February 28, 2021, please refer to the schedule at the end of each Fund’s Portfolio of Investments.

	Asset Derivatives				Liability Derivatives
Fund	Futures Contracts(1)(4)		Foreign Forward Exchange Contracts(2)		Futures Contracts(1)(4)		Foreign Forward Exchange Contracts(3)
	Equity Contracts				Equity Contracts
Small Cap Value	$	—	$	—	$	6,320	$	—
U.S. Socially Responsible		—		—		90,240		—
	Foreign Exchange Contracts				Foreign Exchange Contracts
High Yield Bond		—		102,378		—		—
Strategic Bond		—		308,555		—		5,841

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Unrealized appreciation on forward foreign currency contracts

(3) Unrealized depreciation on forward foreign currency contracts

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

Fund	Cumulative Appreciation (Depreciation)
Small Cap Value	$	(633,031	)
U.S. Socially Responsible		27,991

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(1)		Foreign Forward Exchange Contracts(2)
	Equity Contracts
Small Cap Value	$	2,270,272	$	—
U.S. Socially Responsible		2,856,658		—
	Foreign Exchange Contracts
High Yield Bond		—		(324,353	)
Strategic Bond		—		(3,540,649	)

142

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(3)			Foreign Forward Exchange Contracts(4)
	Equity Contracts
Small Cap Value	$	(679,956	)	$	—
U.S. Socially Responsible		(676,140	)		—
	Foreign Exchange Contracts
High Yield Bond		—			204,052
Strategic Bond		—			2,946,869

Statement of Operations Location:

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

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

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

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

The following table represents the average monthly balances of derivatives held during the six months ended February 28, 2021.

	Average Amount Outstanding During the Period
Fund	Futures Contracts(1)		Foreign Exchange Contracts(1)
High Yield Bond	$	—	$	12,822,158
Small Cap Value		8,102,299		—
Strategic Bond		—		60,879,633
U.S. Socially Responsible		15,068,209		—

(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 February 28, 2021. The repurchase agreements held by the Funds and securities on loan as of February 28, 2021, 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)
UBS AG	$	102,378	$	—	$	—	$	102,378	$	—	$	—	$	—	$	—	$	102,378	$	—	$	102,378
	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.	$	308,555	$	—	$	—	$	308,555	$	5,841	$	—	$	—	$	5,841	$	302,714	$	—	$	302,714

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

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

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

143

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (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 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

144

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. The Funds federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

K. Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

L. LIBOR Risk

A fund’s investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offer Rate (“LIBOR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This announcement and any additional regulatory or market changes may have an adverse impact on a fund or its investments.

145

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

In advance of 2021, regulators and market participants will work together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a fund or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a fund’s performance and/or NAV.

M. Recent Accounting and Regulatory Developments

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Adoption of the ASU had no material impact on the Funds.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management is currently evaluating the Rule and its impact to the Funds.

In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides, optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and IBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is evaluating the potential impact of ASU 2020-04 to the 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(1)	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

(1) Pursuant to an Advisory Fee Waiver Agreement, VALIC agreed to waive the Small Cap Growth Fund’s advisory fees in order that such fees equal: 0.82% of the Fund’s average daily net assets on Fund’s first $100 million and 0.77% of the Fund’s net average daily net assets when the Fund’s assets exceed $100 million.

146

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

For the six months ended February 28, 2021, the amount of investment advisory fees waived was $38,558 for the Small Cap Growth Fund.

VALIC has entered into subadvisory agreements with the following:

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

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

Delaware Investments Fund Advisers (“DIFA”)—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.

Mellon Investments Corporation (“Mellon”)—subadviser for a portion of the Large Cap Value Fund.

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

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

Wellington Management Company LLP (“Wellington Management”)—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, 2021. 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, 2021, 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		0.93	%
International Opportunities		1.20	%
Mid Cap Growth		1.09	%
Mid Cap Value		1.05	%
Moderate Growth Lifestyle		0.10	%
Small Cap Growth		1.13	%
Small Cap Value		1.02	%
Strategic Bond		0.89	%

147

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

For the six months ended February 28, 2021, pursuant to the contractual expense limitations in the above table, VALIC waived fees and/or reimbursed expenses as follows:

Fund	Amount
Aggressive Growth Lifestyle	$	128,017
Capital Appreciation		86,086
Conservative Growth Lifestyle		90,900
Core Bond		82,432
Government Money Market II		84,550
High Yield Bond		149,851
International Opportunities		87,399
Mid Cap Growth		45,784
Mid Cap Value		66,103
Moderate Growth Lifestyle		179,722
Small Cap Growth		61,894
Small Cap Value		130,413

VALIC may also voluntarily waive fees and/or reimburse expenses to avoid a negative yield on the Government Money Market II Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Government Money Market II Fund will be able to avoid a negative yield. For the six months ended February 28, 2021, VALIC voluntarily waived $333,543 of expenses for the Government Money Market II Fund.

VC II, on behalf of each Fund, other than the Lifestyle Funds, has entered into an Administrative Services Agreement with SunAmerica (“Administrator”), an affiliate of VALIC. SunAmerica receives from each Fund in the Series, other than the Lifestyle Funds, an annual fee of 0.06% based upon each Fund’s average daily net assets, plus the following Accounting Basis Point Fee†: 0.0061% on the first $25 billion; 0.0070% on the next $75 billion; and 0.0050% in excess of $100 billion. Pursuant to the Administrative Services Agreement, SunAmerica provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. For the six months ended February 28, 2021, the Administrator earned fees as reflected in the Statements of Operations based upon the aforementioned rate.

VC II, on behalf of each Fund, entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC I an annual fee of $132,510, which is allocated to each Fund in the Series and VC I based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the six months ended February 28, 2021, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.

VC II, on behalf of each Fund, other than the Lifestyle Funds, has entered into a Shareholder Services Agreement with VALIC. Under the agreement, VALIC provides record keeping, account maintenance, and other administrative and shareholder services for contract owners and participants. VALIC receives from each Fund, other than the Lifestyle Funds, an annual fee of 0.25% based on average daily net assets of the Fund. For the six months ended February 28, 2021, VALIC earned fees as reflected in the Statements of Operations based upon the aforementioned rate.

On January 23, 2001, the Board ratified a Deferred Compensation Plan for its independent trustees who are not officers, directors, or employees of VALIC, or an affiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferred payment was made in March of 2001. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred may be invested in affiliated mutual funds that are specified in the plan as selected by the trustees. Obligations under the deferred compensation plan represents unsecured claims against the general assets of the Funds. For the six months ended February 28, 2021, VC II has deferred $10,710 of trustee compensation.

During the six months ended February 28, 2021, the following Fund incurred brokerage commissions with brokers which are affiliates of a sub-advisor:

Affiliated Broker	Large Cap Value
Pershing LLC	$	65

† 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.”

148

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

At February 28, 2021, 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 . . . . . . . . . . . .		—			—			39.06			5.16			5.78			28.48			21.52
Conservative Growth Lifestyle . . . . . . .		—			—			100.00			—			—			—			—
Core Bond . . . . . . . . . .		—			—			88.73			0.62			4.01			6.41			0.23
Government Money Market II. . . . . . . . . . . . . . . .		—			—			100.00			—			—			—			—
High Yield Bond . . . . . . . . . . . . . . . . .		0.01			—			86.62			0.28			4.59			5.81			2.69
International Opportunities . . . . . . . . . . . . . .		—			—			87.41			0.02			1.85			5.35			5.37
Large Cap Value . . . . . . . . . . . . . . .		—			—			61.07			1.34			3.54			20.48			13.57
Mid Cap Growth . . . . . . . . . . . . . . . .		—			—			88.56			0.89			1.28			5.30			3.97
Mid Cap Value . . . . . . . . . . . . . . .		0.26			—			86.48			0.28			1.45			6.99			4.54
Moderate Growth Lifestyle . . . . . . . . . . . .		—			—			100.00			—			—			—			—
Small Cap Growth. . . . . . . . . . . . . .		—			—			91.94			0.23			0.81			3.90			3.12
Small Cap Value . . . . . . . . .		—			—			92.13			0.10			0.67			3.63			3.47
Strategic Bond . . . . . . . . . . . . . . . . .		0.07			0.01			81.03			0.29			5.38			9.59			3.63
U.S. Socially Responsible . . . . . . . . . . . . . . . . . . . .		0.02			—			99.77			0.21			—			—			—

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

As disclosed in the Portfolio of Investments, certain Funds own shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the six months ended February 28, 2021, transactions in these securities were as follows:

Aggressive Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2020		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 02/28/2021
VALIC Co. I Blue Chip Growth Fund	$	—	$	—	$	12,299	$	—	$	—	$	—		$	411		$	12,710
VALIC Co. I Capital Conservation Fund		—		—		5,000,770		1,926,221		2,260,779		206,629			(255,097	)		4,617,744
VALIC Co. I Dividend Value Fund		—		—		39,574,288		4,848,905		—		—			7,053,601			51,476,794
VALIC Co. I Emerging Economies Fund		—		—		21,713,054		14,443,294		—		—			7,502,738			43,659,086
VALIC Co. I Global Real Estate Fund		—		—		19,468,392		—		—		—			1,282,193			20,750,585
VALIC Co. I Government Money Market I Fund		52		—		253,686		2,632,554		1,421,061		—			—			1,465,179
VALIC Co. I Government Securities Fund		—		—		2,736,338		898,903		1,485,655		150,413			(202,691	)		2,097,308
VALIC Co. I Inflation Protected Fund		—		—		34,132,728		—		—		—			(424,185	)		33,708,543
VALIC Co. I International Equities Index Fund		—		—		37,898,432		15,559,493		4,982,051		2,419			5,240,554			53,718,847
VALIC Co. I International Government Bond Fund		—		—		16,491,391		—		1,937,811		224,716			(240,016	)		14,538,280
VALIC Co. I International Growth Fund		—		—		11,589,734		—		—		—			2,042,074			13,631,808
VALIC Co. I International Value Fund		—		—		22,626,059		—		—		—			3,575,167			26,201,226
VALIC Co. I Large Cap Core Fund		—		—		11,678,348		—		—		—			1,457,611			13,135,959
VALIC Co. I Large Capital Growth Fund		—		—		12,266,661		—		—		—			1,198,139			13,464,800
VALIC Co. I Mid Cap Index Fund		—		—		24,989,678		673,547		9,303,563		(731,191	)		6,966,722			22,595,193
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		10,572,500		—		—		—			2,659,960			13,232,460
VALIC Co. I Nasdaq-100® Index Fund		—		—		8,554,193		—		6,046,114		1,686,313			(1,529,820	)		2,664,572
VALIC Co. I Science & Technology Fund		—		—		23,610,360		—		6,046,114		932,941			2,664,788			21,161,975
VALIC Co. I Small Cap Index Fund		—		—		16,145,359		339,687		7,167,078		372,557			4,304,599			13,995,124
VALIC Co. I Small Cap Special Values Fund		—		—		6,996,429		950,321		—		—			3,152,929			11,099,679
VALIC Co. I Stock Index Fund		—		—		65,528,961		6,449,047		21,209,829		1,693,913			3,547,308			56,009,400
VALIC Co. I Value Fund		—		—		14,127,519		—		—		—			2,443,493			16,571,012
VALIC Co. II Capital Appreciation Fund		—		—		25,948,620		—		—		—			2,369,101			28,317,721
VALIC Co. II Core Bond Fund		—		—		13,086,407		5,778,663		15,358,885		489,319			(471,058	)		3,524,446
VALIC Co. II High Yield Bond Fund		—		—		17,153,504		—		3,229,685		116,162			755,415			14,795,396
VALIC Co. II International Opportunities Fund		—		—		27,751,474		6,086,159		—		—			3,914,598			37,752,231
VALIC Co. II Large Cap Value Fund		—		—		34,424,450		—		—		—			8,815,791			43,240,241
VALIC Co. II Mid Cap Growth Fund		—		—		8,985,023		—		—		—			2,391,109			11,376,132

149

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Aggressive Growth Lifestyle Fund (continued)

Security	Income		Capital Gain Distribution Received		Value at 08/31/2020		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)		Value at 02/28/2021
VALIC Co. II Mid Cap Value Fund	$	—	$	—	$	31,056,403	$	—	$	—	$	—	$	9,369,422	$	40,425,825
VALIC Co. II Small Cap Growth Fund		—		—		7,017,945		—		—		—		2,293,670		9,311,615
VALIC Co. II Small Cap Value Fund		—		—		9,411,936		1,484,142		—		—		5,220,104		16,116,182
VALIC Co. II Strategic Bond Fund		—		—		31,743,048		8,779,861		9,072,521		332,216		636,108		32,418,712
	$	52	$	—	$	612,545,989	$	70,850,797	$	89,521,146	$	5,476,407	$	87,734,738	$	687,086,785

† Includes reinvestment of distributions paid.

Conservative Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2020		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 02/28/2021
VALIC Co. I Capital Conservation Fund	$	—	$	—	$	16,175,501	$	1,046,131	$	—	$	—		$	(199,094	)	$	17,022,538
VALIC Co. I Dividend Value Fund		—		—		12,988,253		2,026,535		—		—			2,386,942			17,401,730
VALIC Co. I Emerging Economies Fund		—		—		6,149,394		2,556,157		—		—			1,981,675			10,687,226
VALIC Co. I Global Real Estate Fund		—		—		8,161,824		—		—		—			537,539			8,699,363
VALIC Co. I Government Money Market I Fund		73		—		702,202		1,429,787		—		—			—			2,131,989
VALIC Co. I Government Securities		—		—		7,702,750		488,195		—		—			(187,194	)		8,003,751
VALIC Co. I Inflation Protected Fund		—		—		23,467,073		—		—		—			(291,637	)		23,175,436
VALIC Co. I International Equities Index Fund		—		—		12,841,805		1,179,876		794,548		(55,998	)		1,810,002			14,981,137
VALIC Co. I International Government Bond Fund		—		—		16,636,537		—		—		—			(77,260	)		16,559,277
VALIC Co. I International Growth Fund		—		—		1,847,300		—		—		—			325,488			2,172,788
VALIC Co. I International Value Fund		—		—		5,150,182		—		—		—			813,786			5,963,968
VALIC Co. I Large Cap Core Fund		—		—		3,158,338		—		—		—			394,201			3,552,539
VALIC Co. I Large Capital Growth Fund		—		—		2,025,563		—		—		—			197,845			2,223,408
VALIC Co. I Mid Cap Index Fund		—		—		7,066,354		192,978		3,119,841		(137,794	)		1,803,859			5,805,556
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		2,303,439		—		—		—			579,528			2,882,967
VALIC Co. I Nasdaq-100® Index Fund		—		—		6,291,109		—		4,264,885		1,152,545			(1,053,577	)		2,125,192
VALIC Co. I Science & Technology Fund		—		—		7,577,936		—		2,521,332		484,156			581,354			6,122,114
VALIC Co. I Small Cap Index Fund		—		—		4,714,759		91,996		3,331,421		512,834			439,849			2,428,017
VALIC Co. I Small Cap Special Values Fund		—		—		2,484,245		529,852		—		—			1,199,900			4,213,997
VALIC Co. I Stock Index Fund		—		—		20,980,178		3,245,743		16,847,097		2,766,540			(1,021,582	)		9,123,782
VALIC Co. I Value Fund		—		—		3,321,880		—		—		—			574,552			3,896,432
VALIC Co. II Capital Appreciation Fund		—		—		6,973,066		—		—		—			636,639			7,609,705
VALIC Co. II Core Bond Fund		—		—		54,300,125		10,807,539		2,208,728		240,637			(278,521	)		62,861,052
VALIC Co. II High Yield Bond Fund		—		—		25,671,217		—		1,750,538		(21,565	)		1,369,575			25,268,689
VALIC Co. II International Opportunities Fund		—		—		11,674,963		—		—		—			1,374,188			13,049,151
VALIC Co. II Large Cap Value Fund		—		—		8,987,126		—		—		—			2,301,522			11,288,648
VALIC Co. II Mid Cap Growth Fund		—		—		2,906,031		—		—		—			773,358			3,679,389
VALIC Co. II Mid Cap Value Fund		—		—		10,793,002		—		1,075,758		(140,343	)		3,359,816			12,936,717
VALIC Co. II Small Cap Growth Fund		—		—		1,836,633		—		—		—			600,265			2,436,898
VALIC Co. II Small Cap Value Fund		—		—		1,287,013		827,484		—		—			1,015,540			3,130,037
VALIC Co. II Strategic Bond Fund		—		—		43,713,449		6,444,383		3,281,519		108,627			1,155,756			48,140,696
	$	73	$	—	$	339,889,247	$	30,866,656	$	39,195,667	$	4,909,639		$	23,104,314		$	359,574,189

† Includes reinvestment of distributions paid.

150

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Moderate Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2020		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 02/28/2021
VALIC Co. I Blue Chip Growth Fund	$	—	$	—	$	43,393	$	—	$	—	$	—		$	1,447		$	44,840
VALIC Co. I Capital Conservation Fund		—		—		25,918,890		3,177,060		3,721,905		295,734			(574,161	)		25,095,618
VALIC Co. I Dividend Value Fund		—		—		60,565,105		10,073,823		—		—			11,227,259			81,866,187
VALIC Co. I Emerging Economies Fund		—		—		19,068,908		20,289,150		—		—			7,513,481			46,871,539
VALIC Co. I Global Real Estate Fund		—		—		21,900,375		—		—		—			1,442,364			23,342,739
VALIC Co. I Government Money Market I Fund		110		—		915,885		4,342,093		2,339,483		—			—			2,918,495
VALIC Co. I Government Securities Fund		—		—		9,441,911		1,482,628		1,488,762		150,727			(369,145	)		9,217,359
VALIC Co. I Inflation Protected Fund		—		—		62,760,235		—		—		—			(779,953	)		61,980,282
VALIC Co. I International Equities Index Fund		—		—		41,949,073		16,241,679		4,450,933		76,133			5,995,359			59,811,311
VALIC Co. I International Government Bond Fund		—		—		34,693,474		—		2,020,462		211,548			(308,763	)		32,575,797
VALIC Co. I International Growth Fund		—		—		7,278,145		—		—		—			1,282,386			8,560,531
VALIC Co. I International Value Fund		—		—		20,587,514		—		—		—			3,253,054			23,840,568
VALIC Co. I Large Cap Core Fund		—		—		12,262,538		—		—		—			1,530,527			13,793,065
VALIC Co. I Large Capital Growth Fund		—		—		19,244,090		6,583,579		—		—			1,858,029			27,685,698
VALIC Co. I Mid Cap Index Fund		—		—		31,479,683		1,107,122		11,677,305		(464,093	)		8,491,497			28,936,904
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		14,151,149		—		—		—			3,560,320			17,711,469
VALIC Co. I Nasdaq-100® Index Fund		—		—		27,384,305		—		12,823,434		3,112,537			(2,249,806	)		15,423,602
VALIC Co. I Science & Technology Fund		—		—		19,657,005		—		7,528,335		2,139,239			472,903			14,740,812
VALIC Co. I Small Cap Index Fund		—		—		22,229,486		569,584		10,240,301		382,363			6,173,447			19,114,579
VALIC Co. I Small Cap Special Values Fund		—		—		9,451,322		1,578,602		1,097,263		(77,628	)		4,399,829			14,254,862
VALIC Co. I Stock Index Fund		—		—		109,295,461		4,214,919		27,579,549		2,426,400			7,018,492			95,375,723
VALIC Co. I Value Fund		—		—		19,392,535		—		—		—			3,354,129			22,746,664
VALIC Co. II Capital Appreciation Fund		—		—		34,333,662		—		—		—			3,134,652			37,468,314
VALIC Co. II Core Bond Fund		—		—		105,733,986		10,455,046		15,650,220		1,036,822			(970,661	)		100,604,973
VALIC Co. II High Yield Bond Fund		—		—		35,447,217		—		5,317,008		11,810			1,808,491			31,950,510
VALIC Co. II International Opportunities Fund		—		—		33,650,046		—		—		—			3,960,739			37,610,785
VALIC Co. II Large Cap Value Fund		—		—		51,949,412		—		—		—			13,303,774			65,253,186
VALIC Co. II Mid Cap Growth Fund		—		—		12,012,967		—		—		—			3,196,912			15,209,879
VALIC Co. II Mid Cap Value Fund		—		—		46,705,472		2,021,973		1,097,263		(91,816	)		14,741,398			62,279,764
VALIC Co. II Small Cap Growth Fund		—		—		8,787,552		—		—		—			2,872,029			11,659,581
VALIC Co. II Small Cap Value Fund		—		—		9,714,207		2,465,345		1,097,263		(183,701	)		5,961,507			16,860,095
VALIC Co. II Strategic Bond Fund		—		—		86,536,769		12,946,516		16,272,673		555,276			1,980,484			85,746,372
	$	110	$	—	$	1,014,541,772	$	97,549,119	$	124,402,159	$	9,581,351		$	113,282,020		$	1,110,552,103

† Includes reinvestment of distributions paid.

Note 4 — Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended February 28, 2021 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	$	70,850,745	$	89,521,146	$	—	$	—
Capital Appreciation		27,978,132		30,733,742		—		—
Conservative Growth Lifestyle		30,866,583		39,195,667		—		—
Core Bond		288,458,063		422,104,370		96,977,517		196,610,271
Government Money Market II		—		—		—		—
High Yield Bond		108,306,273		112,801,149		—		—
International Opportunities		247,184,328		230,536,571		—		—
Large Cap Value		113,971,827		120,467,293		—		—
Mid Cap Growth		51,574,276		69,205,822		—		—
Mid Cap Value		171,935,191		213,376,607		—		—

151

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Purchases of Investment Securities (Excluding U.S. Government Securities)		Sales of Investment Securities (Excluding U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Moderate Growth Lifestyle	$	97,549,009	$	124,402,159	$	—	$	—
Small Cap Growth		77,971,002		58,420,794		—		—
Small Cap Value		155,842,077		138,473,553		—		—
Strategic Bond		300,108,429		380,320,206		54,945,319		35,310,930
U.S. Socially Responsible		108,699,266		158,274,224		—		—

Note 5 — Federal Income Taxes

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

The information in the following table is presented on the basis of cost for federal income tax purposes at February 28, 2021.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
Aggressive Growth Lifestyle	$	587,756,094	$	107,381,682	$	(8,050,991	)	$	99,330,691
Capital Appreciation		84,097,988		46,220,358		(556,883	)		45,663,475
Conservative Growth Lifestyle		325,705,061		37,385,087		(3,515,959	)		33,869,128
Core Bond		1,667,388,487		55,431,739		(13,347,966	)		42,083,773
Government Money Market II		130,827,041		—		—			—
High Yield Bond		520,544,510		32,480,191		(3,238,169	)		29,242,022
International Opportunities		591,843,746		144,720,258		(22,273,344	)		122,446,914
Large Cap Value		267,591,104		57,237,896		(7,001,693	)		50,236,203
Mid Cap Growth		222,015,941		71,414,429		(5,510,792	)		65,903,637
Mid Cap Value		695,617,802		215,940,884		(21,000,660	)		194,940,224
Moderate Growth Lifestyle		969,348,815		155,279,198		(14,075,910	)		141,203,288
Small Cap Growth		208,481,685		99,332,406		(8,658,904	)		90,673,502
Small Cap Value		367,629,528		115,770,772		(17,921,658	)		97,849,114
Strategic Bond		917,002,140		38,181,938		(12,348,270	)		25,833,668
U.S. Socially Responsible		517,515,169		285,285,428		(17,186,222	)		268,099,206

@ Unrealized appreciation (depreciation) includes amounts for derivatives.

The tax character of distributions paid may differ from the Statement of Changes in Net Assets due to short-term gains treated as ordinary income distributions for tax purposes. The tax basis distributable earnings at August 31, 2020 and the tax character of distributions paid during the year ended August 31, 2020 were as follows:

	Distributable Earnings								Tax Distributions
	For the year ended August 31, 2020
Fund	Ordinary Income		Long- term Capital Gains and Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Aggressive Growth Lifestyle	$	11,396,513	$	23,295,533		$	11,595,953		$	14,400,846	$	31,582,812
Capital Appreciation		127,706		2,781,564			41,984,213			394,062		3,362,082
Conservative Growth Lifestyle		8,959,670		4,857,572			10,764,814			8,185,705		4,727,595
Core Bond		75,089,181		7,223,119			85,651,468			52,196,618		—
Government Money Market II		8,771		(7,017	)		—			752,517		—
High Yield Bond		23,220,376		(13,404,018	)		15,541,159			35,881,009		—
International Opportunities		3,312,585		48,699,799			108,798,549			3,966,791		9,589,309
Large Cap Value		3,793,534		(3,495,205	)		(83,694	)		5,898,259		11,750,397
Mid Cap Growth		2,568,700		26,546,940			22,590,340			77,627		9,498,511
Mid Cap Value		5,738,934		4,316,684			5,193,513			6,350,802		42,672,741
Moderate Growth Lifestyle		22,479,421		32,655,302			27,921,268			22,793,531		41,673,422
Small Cap Growth		2,516,878		26,094,410			43,091,345			1,684,305		21,482,499

152

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Distributable Earnings								Tax Distributions
	For the year ended August 31, 2020
Fund	Ordinary Income		Long- term Capital Gains and Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Small Cap Value	$	3,471,474	$	(839,744	)	$	(14,674,802	)	$	4,325,951	$	8,997,808
Strategic Bond		25,472,034		(21,870,367	)		31,792,690			39,987,192		—
U.S. Socially Responsible		8,765,901		21,987,667			266,790,347			12,375,586		122,063,327

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

As of August 31, 2020, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:

	Unlimited
Fund	ST		LT
Aggressive Growth Lifestyle	$	—	$	—
Capital Appreciation		—		—
Conservative Growth Lifestyle		—		—
Core Bond		—		—
Government Money Market II		7,017		—
High Yield Bond		803,393		12,600,625
International Opportunities		—		—
Large Cap Value		3,495,205		—
Mid Cap Growth		—		—
Mid Cap Value		—		—
Moderate Growth Lifestyle		—		—
Small Cap Growth		—		—
Small Cap Value		839,744		—
Strategic Bond		1,297,164		20,573,203
U.S. Socially Responsible		—		—

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, 2020, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

Fund	Deferred Late Year Ordinary Loss			Deferred Post-October Short-Term Capital Loss			Deferred Post-October Long-Term Capital Loss
Aggressive Growth Lifestyle	$	—		$	1,199,801		$	—
Capital Appreciation		—			2,795,437			—
Conservative Growth Lifestyle		—			479,902			—
Core Bond		—			—			—
Government Money Market II		—			—			—
High Yield Bond		701,873			(2,957,151	)		14,955,037
International Opportunities		—			7,537,496			—
Large Cap Value		—			(969,306	)		1,839,754
Mid Cap Growth		597,164			—			—
Mid Cap Value		3,867			4,494,860			(251,548	)
Moderate Growth Lifestyle		—			978,087			—
Small Cap Growth		803,020			—			—
Small Cap Value		—			6,326,408			3,741,715
Strategic Bond		1,588,087			—			1,627,426
U.S. Socially Responsible		—			1,745,963			—
Government Money Market II		—			—			—
High Yield Bond		(594,510	)		594,510			—
International Opportunities		319,296			(319,296	)		—
Large Cap Value		—			—			—
Mid Cap Growth		2,946			(2,946	)		—
Mid Cap Value		(3,494	)		3,494			—
Moderate Growth Lifestyle		894,999			(894,999	)		—

153

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital Loss			Deferred Post-October Long-Term Capital Loss
Small Cap Growth	$	153,127	$	(153,127	)	$	—
Small Cap Value		353,626		(353,626	)		—
Strategic Bond		2,733,127		(2,733,127	)		—
U.S. Socially Responsible		160,091		(160,091	)		—

Note 6 — Capital Share Transactions

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

	Aggressive Growth Lifestyle												Capital Appreciation
	For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020						For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		901,510		$	9,882,111			2,915,146		$	29,423,066			112,921		$	2,203,808			190,469		$	2,953,433
Reinvested dividends		—			—			4,750,378			45,983,658			—			—			230,438			3,756,144
Shares redeemed		(2,613,605	)		(28,423,102	)		(5,122,206	)		(51,876,410	)		(213,031	)		(4,050,655	)		(767,916	)		(12,199,227	)
Net increase (decrease)		(1,712,095	)	$	(18,540,991	)		2,543,318		$	23,530,314			(100,110	)	$	(1,846,847	)		(347,009	)	$	(5,489,650	)
	Conservative Growth Lifestyle												Core Bond
	For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020						For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		793,800		$	10,196,611			2,510,732		$	30,063,091			11,432,233		$	137,563,702			44,459,509		$	523,558,703
Reinvested dividends		—			—			1,096,205			12,913,300			—			—			4,453,636			52,196,618
Shares redeemed		(1,440,490	)		(18,413,881	)		(3,360,650	)		(39,659,194	)		(29,567,509	)		(355,599,497	)		(37,321,003	)		(434,994,804	)
Net increase (decrease)		(646,690	)	$	(8,217,270	)		246,287		$	3,317,197			(18,135,276	)	$	(218,035,795	)		11,592,142		$	140,760,517
	Government Money Market II												High Yield Bond
	For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020						For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		24,860,221		$	24,860,221			65,703,620		$	65,703,620			4,875,064		$	37,992,262			7,221,194		$	53,813,459
Reinvested dividends		6,820			6,820			752,517			752,517			—			—			4,997,355			35,881,009
Shares redeemed		(27,253,525	)		(27,253,527	)		(49,877,230	)		(49,877,230	)		(7,143,537	)		(54,524,240	)		(25,971,664	)		(197,575,716	)
Net increase (decrease)		(2,386,484	)	$	(2,386,486	)		16,578,907		$	16,578,907			(2,268,473	)	$	(16,531,978	)		(13,753,115	)	$	(107,881,248	)
	International Opportunities												Large Cap Value
	For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020						For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,333,864		$	72,060,809			3,212,375		$	59,553,208			531,352		$	11,509,511			876,181		$	15,466,238
Reinvested dividends		—			—			714,984			13,556,100			—			—			957,605			17,648,656
Shares redeemed		(2,429,193	)		(54,470,749	)		(5,732,849	)		(110,689,742	)		(931,071	)		(19,533,026	)		(1,197,968	)		(22,695,075	)
Net increase (decrease)		904,671		$	17,590,060			(1,805,490	)	$	(37,580,434	)		(399,719	)	$	(8,023,515	)		635,818		$	10,419,819

154

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Mid Cap Growth												Mid Cap Value
	For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020						For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		992,653		$	11,887,981			2,338,955		$	23,751,039			685,500		$	12,480,647			6,124,128		$	94,129,950
Reinvested dividends		—			—			910,279			9,576,138			—			—			3,132,495			49,023,543
Shares redeemed		(2,334,973	)		(29,525,135	)		(4,385,019	)		(46,053,115	)		(3,262,854	)		(57,966,758	)		(5,446,144	)		(90,842,573	)
Net increase (decrease)		(1,342,320	)	$	(17,637,154	)		(1,135,785	)	$	(12,725,938	)		(2,577,354	)	$	(45,486,111	)		3,810,479		$	52,310,920
	Moderate Growth Lifestyle												Small Cap Growth
	For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020						For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,224,849		$	18,380,949			4,748,351		$	66,688,707			1,246,428		$	30,188,369			660,174		$	11,896,856
Reinvested dividends		—			—			4,785,965			64,466,953			—			—			1,309,599			23,166,804
Shares redeemed		(2,966,573	)		(44,698,698	)		(5,843,056	)		(80,208,834	)		(533,929	)		(13,122,636	)		(3,084,269	)		(54,946,669	)
Net increase (decrease)		(1,741,724	)	$	(26,317,749	)		3,691,260		$	50,946,826			712,499		$	17,065,733			(1,114,496	)	$	(19,883,009	)
	Small Cap Value												Strategic Bond
	For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020						For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		5,449,180		$	75,661,904			5,058,552		$	45,307,520			6,498,565		$	75,735,964			14,540,970		$	162,906,621
Reinvested dividends		—			—			1,365,139			13,323,759			—			—			3,592,740			39,987,192
Shares redeemed		(4,163,764	)		(49,119,172	)		(4,026,321	)		(40,838,763	)		(11,550,579	)		(134,359,721	)		(10,882,885	)		(122,930,944	)
Net increase (decrease)		1,285,416		$	26,542,732			2,397,370		$	17,792,516			(5,052,014	)	$	(58,623,757	)		7,250,825		$	79,962,869
	U.S. Socially Responsible
	For the six months ended February 28, 2021 (Unaudited)						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		883,931		$	19,714,697			1,763,899		$	39,577,158
Reinvested dividends		—			—			6,919,141			134,438,913
Shares redeemed		(2,831,553	)		(61,112,164	)		(5,715,684	)		(125,729,074	)
Net increase (decrease)		(1,947,622	)	$	(41,397,467	)		2,967,356		$	48,286,997

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the six months ended February 28, 2021, 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

155

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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. Prior to October 2, 2020, interest is payable on the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Series, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. Effective October 2, 2020, interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the Federal Funds Effective Rate on such date and (b) the Overnight Bank Funding Rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the Federal Funds Effective Rate or the Overnight Bank Funding Rate shall be less than zero, then the Federal Funds Effective Rate or the Overnight Bank Funding Rate, shall be deemed to be zero for the purposes of determining the rate. The Series, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $40,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. For the six months ended February 28, 2021, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
International Opportunities		1	$	5	$	125,000		1.45	%
Large Cap Value		11		505		1,143,182		1.45
Mid Cap Growth		10		137		342,500		1.45
Mid Cap Value		3		34		283,333		1.45
U.S. Socially Responsible		9		526		1,450,000		1.45

At February 28, 2021, there were no borrowings outstanding.

Note 10 — Interfund Lending Agreement

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

For the six months ended February 28, 2021, 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 six months ended February 28, 2021, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)
International Opportunities	$	510,998	$	—	$	—
Mid Cap Growth		—		93,853		(41,464	)
Mid Cap Value		1,379,552		—		—

156

VALIC Company II

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Note 12 — Unfunded Loan Commitments

At February 28, 2021, Strategic Bond Fund had the following unfunded loan commitment which could be extended at the option of the Borrower:

Borrower	Type		Maturity Date		Principal Amount		Value
Cano Health LLC		Delayed Draw		11/19/2027	$	63,524	$	63,544

Note 13 — Other Matters

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Note 14 — Subsequent Events

At a meeting of the shareholders of the Mid Cap Growth Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund, a series of VALIC Company II, into the Mid Cap Strategic Growth Fund (the “Acquiring Fund”), a series of VALIC Company I (the “Reorganization”). Effective April 19, 2021, pursuant to the Reorganization, the assets and liabilities of the Target Fund were exchanged for shares of the Acquiring Fund, and Target Fund shareholders become shareholders of the Acquiring Fund.

At a meeting of the shareholders of the Large Cap Value Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund, a series of VALIC Company II, into the Systematic Value Fund (the “Acquiring Fund”), a series of VALIC Company I (the “Reorganization”). Effective April 19, 2021, pursuant to the Reorganization, the assets and liabilities of the Target Fund were exchanged for shares of the Acquiring Fund, and Target Fund shareholders become shareholders of the Acquiring Fund.

The Board of Directors of VC I and the Board of Trustees of VC II, on behalf of each of their respective funds below, (each, a “Target Fund”), have each determined that it is in the best interests of each of its respective Target Funds to reorganize into a series of VC I (each, an “Acquiring Fund”). Each proposed transaction is referred to as a “Reorganization.” The Target Fund and the Acquiring Fund for each Reorganization are shown in the tables below. Each Target Fund expects to convene a special meeting of its shareholders on or about May 11, 2021 for the Phase II Reorganizations, to vote on the approval of its Reorganization. Upon the closing of each Reorganization, shareholders of each Target Fund will receive shares of the corresponding Acquiring Fund, the total value of which will be equal to the total value of their shares of the Target Fund on the date of the Reorganization, and the Target Fund will liquidate and cease operations.

Phase II Reorganizations

Target Fund	Acquiring Fund
Aggressive Growth Lifestyle Fund, a series of VC II	Aggressive Growth Lifestyle Fund, a series of VC I
Capital Appreciation Fund, a series of VC II	Capital Appreciation Fund, a series of VC I
Capital Conservation Fund, a series of VC I	Core Bond Fund, a series of VC I
Conservative Growth Lifestyle Fund, a series of VC II	Conservative Growth Lifestyle Fund, a series of VC I
Core Bond Fund, a series of VC II	Core Bond Fund, a series of VC I
Government Money Market II Fund, a series of VCII	Government Money Market I Fund, a series of VCI
High Yield Bond Fund, a series of VC II	High Yield Bond Fund, a series of VC I
International Opportunities Fund, a series of VC II	International Opportunities Fund, a series of VC I
Mid Cap Value Fund, a series of VC II	Mid Cap Value Fund, a series of VC I
Moderate Growth Lifestyle Fund, a series of VC II	Moderate Growth Lifestyle Fund, a series of VC I
Small Cap Aggressive Growth Fund, a series of VC I	Small Cap Growth Fund, a series of VC I
Small Cap Fund, a series of VC I	Small Cap Growth Fund, a series of VC I
Small Cap Growth Fund, a series of VC II	Small Cap Growth Fund, a series of VC I
Small Cap Value Fund, a series of VC II	Small Cap Value Fund, a series of VC I
Strategic Bond Fund, a series of VC II	Core Bond Fund, a series of VC I
U.S. Socially Responsible Fund, a series of VC II	U.S. Socially Responsible Fund, a series of VC I

157

VALIC Company II

FINANCIAL HIGHLIGHTS

	Aggressive Growth Lifestyle Fund																		Capital Appreciation Fund
	Six Months Ended February  28, 2021(f)			Year Ended August 31,															Six Months Ended February 28, 2021(f)			Year Ended August 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	10.22		$	10.09		$	11.34		$	10.68		$	10.41		$	10.67		$	18.62		$	14.89		$	20.13		$	16.55		$	15.99		$	16.35
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		0.19			0.17			0.17			0.16			0.19			(0.01	)		0.02			0.07			0.04			0.08			0.09
Net realized and unrealized gain (loss) on investments and foreign currencies		1.59			0.77			(0.24	)		1.04			0.93			0.56			1.71			4.28			(0.26	)		4.51			2.12			1.20
Total income (loss) from investment operations		1.58			0.96			(0.07	)		1.21			1.09			0.75			1.70			4.30			(0.19	)		4.55			2.20			1.29
Distributions from:
Net investment income		–			(0.26	)		(0.21	)		(0.16	)		(0.21	)		(0.23	)		–			(0.06	)		(0.05	)		(0.08	)		(0.08	)		(0.06	)
Net realized gain on securities		–			(0.57	)		(0.97	)		(0.39	)		(0.61	)		(0.78	)		–			(0.51	)		(5.00	)		(0.89	)		(1.56	)		(1.59	)
Total distributions		–			(0.83	)		(1.18	)		(0.55	)		(0.82	)		(1.01	)		–			(0.57	)		(5.05	)		(0.97	)		(1.64	)		(1.65	)
Net asset value at end of period	$	11.80		$	10.22		$	10.09		$	11.34		$	10.68		$	10.41		$	20.32		$	18.62		$	14.89		$	20.13		$	16.55		$	15.99
TOTAL RETURN(a)		15.46	%		9.91	%		(0.52	)%		11.39	%		10.61	%		7.53	%		9.13	%		29.44	%		(0.35	)%		27.94	%		14.13	%		8.33	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)(g)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.85	%(g)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.14	%(e)(g)		0.14	%(e)		0.14	%(e)		0.14	%(e)		0.14	%(e)		0.15	%(e)		0.99	%(g)		1.00	%		1.00	%		0.99	%		0.99	%		1.00	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			0.00	%		0.00	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		(0.10	)%(e)(g)		1.88	%(e)		1.56	%(e)		1.49	%(e)		1.47	%(e)		1.78	%(e)		(0.11	)%(g)		0.12	%		0.38	%		0.22	%		0.50	%		0.52	%
Ratio of net investment income (loss) to average net assets(c)		(0.14	)%(e)(g)		1.83	%(e)		1.52	%(e)		1.45	%(e)		1.44	%(e)		1.73	%(e)		(0.24	)%(g)		(0.03	)%		0.23	%		0.08	%		0.36	%		0.37	%
Portfolio turnover rate		11	%		48	%		37	%		49	%		36	%		24	%		23	%		62	%		60	%		124	%		66	%		54	%
Number of shares outstanding at end of period (000’s)		58,209			59,921			57,377			53,660			53,168			51,410			6,476			6,576			6,923			5,449			5,535			5,313
Net assets at the end of period (000’s)	$	686,963		$	612,613		$	579,049		$	608,709		$	567,843		$	535,245		$	131,568		$	122,454		$	103,080		$	109,697		$	91,579		$	84,946

^(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.

^(f)  Unaudited

^(g)  Annualized

See Notes to Financial Statements

158

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	Conservative Growth Lifestyle Fund																		Core Bond Fund
	Six Months Ended February 28, 2021(f)			Year Ended August 31,															Six Months Ended February 28, 2021(f)			Year Ended August 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	12.31		$	11.85		$	12.31		$	12.07		$	11.82		$	11.95		$	11.94		$	11.53		$	10.74		$	11.15		$	11.30		$	10.93
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		0.32			0.25			0.31			0.28			0.30			0.11			0.28			0.33			0.30			0.27			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		1.03			0.63			0.17			0.28			0.39			0.41			(0.10	)		0.52			0.70			(0.45	)		(0.12	)		0.38
Total income (loss) from investment operations		1.02			0.95			0.42			0.59			0.67			0.71			0.01			0.80			1.03			(0.15	)		0.15			0.62
Distributions from:
Net investment income		–			(0.31	)		(0.36	)		(0.28	)		(0.32	)		(0.34	)		–			(0.39	)		(0.24	)		(0.26	)		(0.30	)		(0.22	)
Net realized gain on securities		–			(0.18	)		(0.52	)		(0.07	)		(0.10	)		(0.50	)		–			–			–			(0.00	)		–			(0.03	)
Total distributions		–			(0.49	)		(0.88	)		(0.35	)		(0.42	)		(0.84	)		–			(0.39	)		(0.24	)		(0.26	)		(0.30	)		(0.25	)
Net asset value at end of period	$	13.33		$	12.31		$	11.85		$	12.31		$	12.07		$	11.82		$	11.95		$	11.94		$	11.53		$	10.74		$	11.15		$	11.30
TOTAL RETURN(a)		8.29	%		8.14	%		3.52	%		4.94	%		5.76	%		6.19	%		0.08	%		7.05	%		9.64	%		(1.32	)%		1.37	%		5.78	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)(g)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.77	%(g)		0.77	%		0.77	%		0.77	%		0.77	%		0.77	%
Ratio of expenses to average net assets(c)		0.15	%(e)(g)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.78	%(g)		0.78	%		0.78	%		0.78	%		0.80	%		0.79	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.10	)%(e)(g)		2.68	%(e)		2.06	%(e)		2.47	%(e)		2.31	%(e)		2.51	%(e)		1.78	%(g)		2.39	%		2.99	%		2.80	%		2.40	%		2.16	%
Ratio of net investment income (loss) to average net assets(c)		(0.15	)%(e)(g)		2.62	%(e)		2.01	%(e)		2.43	%(e)		2.27	%(e)		2.46	%(e)		1.77	%(g)		2.37	%		2.99	%		2.78	%		2.37	%		2.15	%
Portfolio turnover rate		9	%		38	%		45	%		44	%		38	%		27	%		24	%		93	%		97	%		73	%		76	%		139	%
Number of shares outstanding at end of period (000’s)		26,968			27,615			27,369			27,516			27,674			27,779			131,266			149,401			137,809			119,431			100,052			106,434
Net assets at the end of period (000’s)	$	359,494		$	339,870		$	324,436		$	338,793		$	333,907		$	328,390		$	1,568,452		$	1,784,179		$	1,589,218		$	1,282,586		$	1,115,936		$	1,202,915

^(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.

^(f)  Unaudited

^(g)  Annualized

See Notes to Financial Statements

159

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	Government Money Market II Fund																		High Yield Bond Fund
	Six Months Ended February 28, 2021(e)			Year Ended August 31,															Six Months Ended February 28, 2021(e)			Year Ended August 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	7.47		$	7.66		$	7.53		$	7.75		$	7.56		$	7.40
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			0.01			0.02			0.01			0.00			0.00			0.17			0.36			0.39			0.40			0.41			0.37
Net realized and unrealized gain (loss) on investments and foreign currencies		0.00			(0.00	)		0.00			(0.00	)		0.00			0.00			0.24			(0.00	)		0.09			(0.18	)		0.15			0.13
Total income (loss) from investment operations		0.00			0.01			0.02			0.01			0.00			0.00			0.41			0.36			0.48			0.22			0.56			0.50
Distributions from:
Net investment income		(0.00	)		(0.01	)		(0.02	)		(0.01	)		(0.00	)		(0.00	)		–			(0.55	)		(0.35	)		(0.44	)		(0.37	)		(0.34	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		(0.00	)		(0.01	)		(0.02	)		(0.01	)		(0.00	)		(0.00	)		–			(0.55	)		(0.35	)		(0.44	)		(0.37	)		(0.34	)
Net asset value at end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	7.88		$	7.47		$	7.66		$	7.53		$	7.75		$	7.56
TOTAL RETURN(a)		0.00	%		0.63	%		1.75	%		0.91	%		0.16	%		0.01	%		5.49	%		5.01	%		6.47	%		2.89	%		7.54	%		7.07	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.06	%(f)		0.35	%		0.55	%		0.55	%		0.50	%		0.32	%		0.93	%(f)		0.94	%		0.96	%		0.96	%		0.96	%		0.96	%
Ratio of expenses to average net assets(c)		0.67	%(f)		0.66	%		0.67	%		0.65	%		0.70	%		0.66	%		0.99	%(f)		0.98	%		0.97	%		0.97	%		0.97	%		0.99	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.01	%(f)		0.59	%		1.73	%		0.91	%		0.16	%		0.01	%		4.39	%(f)		4.79	%		5.25	%		5.16	%		5.27	%		5.16	%
Ratio of net investment income (loss) to average net assets(c)		(0.60	)%(f)		0.27	%		1.61	%		0.81	%		(0.04	)%		(0.33	)%		4.34	%(f)		4.75	%		5.24	%		5.15	%		5.26	%		5.13	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A			N/A			21	%		49	%		34	%		26	%		52	%		36	%
Number of shares outstanding at end of period (000’s)		133,537			135,924			119,345			136,966			132,916			141,263			69,820			72,088			85,841			76,525			72,461			78,148
Net assets at the end of period (000’s)	$	133,558		$	135,945		$	119,366		$	136,987		$	132,944		$	141,291		$	550,383		$	538,716		$	657,364		$	576,553		$	561,480		$	590,679

^(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)  Unaudited

^(f)  Annualized

See Notes to Financial Statements

160

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	International Opportunities Fund																		Large Cap Value Fund
	Six Months Ended February 28, 2021(e)			Year Ended August 31,															Six Months Ended February 28, 2021(e)			Year Ended August 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	20.73		$	18.44		$	21.31		$	19.38		$	16.00		$	15.08		$	18.47		$	20.11		$	22.76		$	20.66		$	18.41		$	17.08
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.03	)		0.09			0.16			0.13			0.14			0.14			0.11			0.30			0.36			0.30			0.24			0.27
Net realized and unrealized gain (loss) on investments and foreign currencies		2.47			2.64			(2.10	)		1.97			3.49			0.94			4.61			(0.60	)		(0.92	)		2.80			2.27			1.27
Total income (loss) from investment operations		2.44			2.73			(1.94	)		2.10			3.63			1.08			4.72			(0.30	)		(0.56	)		3.10			2.51			1.54
Distributions from:
Net investment income		–			(0.13	)		(0.19	)		(0.17	)		(0.25	)		(0.16	)		–			(0.36	)		(0.27	)		(0.26	)		(0.26	)		(0.21	)
Net realized gain on securities		–			(0.31	)		(0.74	)		–			–			–			–			(0.98	)		(1.82	)		(0.74	)		–			–
Total distributions		–			(0.44	)		(0.93	)		(0.17	)		(0.25	)		(0.16	)		–			(1.34	)		(2.09	)		(1.00	)		(0.26	)		(0.21	)
Net asset value at end of period	$	23.17		$	20.73		$	18.44		$	21.31		$	19.38		$	16.00		$	23.19		$	18.47		$	20.11		$	22.76		$	20.66		$	18.41
TOTAL RETURN(a)		11.77	%		15.03	%		(9.20	)%		10.81	%		22.81	%		7.23	%		25.56	%		(1.45	)%		(2.39	)%		15.12	%		13.66	%		9.09	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.20	%(f)		1.13	%		1.00	%		1.00	%		1.00	%		1.00	%		0.89	%(f)		0.86	%		0.81	%		0.81	%		0.81	%		0.81	%
Ratio of expenses to average net assets(c)		1.23	%(f)		1.22	%		1.22	%		1.20	%		1.22	%		1.21	%		0.89	%(f)		0.89	%		0.89	%		0.88	%		0.88	%		0.89	%
Ratio of expense reductions to average net assets		0.00	%(f)		0.00	%		0.00	%		–			–			0.00	%		0.01	%(f)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		(0.28	)%(f)		0.45	%		0.83	%		0.61	%		0.82	%		0.91	%		1.03	%(f)		1.51	%		1.68	%		1.35	%		1.21	%		1.59	%
Ratio of net investment income (loss) to average net assets(c)		(0.30	)%(f)		0.36	%		0.60	%		0.41	%		0.60	%		0.70	%		1.03	%(f)		1.48	%		1.60	%		1.27	%		1.14	%		1.51	%
Portfolio turnover rate		35	%		45	%		41	%		46	%		62	%		58	%		41	%		82	%		81	%		90	%		77	%		71	%
Number of shares outstanding at end of period (000’s)		30,352			29,447			31,253			33,984			34,637			37,260			13,736			14,136			13,500			12,480			10,969			12,540
Net assets at the end of period (000’s)	$	703,131		$	610,424		$	576,197		$	724,027		$	671,097		$	596,055		$	318,598		$	261,082		$	271,487		$	284,086		$	226,626		$	230,844

^(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)  Unaudited

^(f)  Annualized

See Notes to Financial Statements

161

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Growth Fund																		Mid Cap Value Fund
	Six Months Ended February 28, 2021(e)			Year Ended August 31,															Six Months Ended February 28, 2021(e)			Year Ended August 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	11.01		$	10.52		$	10.71		$	10.06		$	8.42		$	8.81		$	15.38		$	17.19		$	22.13		$	21.23		$	20.45		$	21.82
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.02	)		(0.01	)		(0.01	)		(0.02	)		0.00			(0.02	)		0.04			0.13			0.14			0.09			0.07			0.14
Net realized and unrealized gain (loss) on investments and foreign currencies		2.95			0.94			0.19			2.56			1.64			0.24			4.60			(0.81	)		(1.11	)		2.62			2.17			1.73
Total income (loss) from investment operations		2.93			0.93			0.18			2.54			1.64			0.22			4.64			(0.68	)		(0.97	)		2.71			2.24			1.87
Distributions from:
Net investment income		–			–			–			(0.02	)		–			–			–			(0.15	)		(0.11	)		(0.09	)		(0.13	)		(0.06	)
Net realized gain on securities		–			(0.44	)		(0.37	)		(1.87	)		–			(0.61	)		–			(0.98	)		(3.86	)		(1.72	)		(1.33	)		(3.18	)
Total distributions		–			(0.44	)		(0.37	)		(1.89	)		–			(0.61	)		–			(1.13	)		(3.97	)		(1.81	)		(1.46	)		(3.24	)
Net asset value at end of period	$	13.94		$	11.01		$	10.52		$	10.71		$	10.06		$	8.42		$	20.02		$	15.38		$	17.19		$	22.13		$	21.23		$	20.45
TOTAL RETURN(a)		26.61	%		9.04	%		1.72	%		25.54	%		19.48	%		3.01	%		30.17	%		(4.12	)%		(4.14	)%		12.90	%		11.02	%		9.62	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.09	%(f)		1.01	%		0.85	%		0.85	%		0.85	%		0.85	%		1.05	%(f)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of expenses to average net assets(c)		1.12	%(f)		1.12	%		1.12	%		1.15	%		1.17	%		1.17	%		1.07	%(f)		1.07	%		1.06	%		1.05	%		1.05	%		1.06	%
Ratio of expense reductions to average net assets		0.00	%(f)		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		0.00	%(f)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		(0.25	)%(f)		(0.13	)%		(0.08	)%		(0.18	)%		0.04	%		(0.27	)%		0.45	%(f)		0.82	%		0.73	%		0.40	%		0.32	%		0.65	%
Ratio of net investment income (loss) to average net assets(c)		(0.29	)%(f)		(0.25	)%		(0.35	)%		(0.49	)%		(0.28	)%		(0.59	)%		0.44	%(f)		0.80	%		0.72	%		0.40	%		0.32	%		0.64	%
Portfolio turnover rate		20	%		47	%		32	%		35	%		162	%		92	%		22	%		63	%		44	%		44	%		44	%		44	%
Number of shares outstanding at end of period (000’s)		20,570			21,912			23,048			20,584			13,313			14,338			44,489			47,067			43,256			41,411			49,262			48,776
Net assets at the end of period (000’s)	$	286,808		$	241,264		$	242,512		$	220,444		$	133,988		$	120,774		$	890,586		$	724,100		$	743,460		$	916,284		$	1,046,046		$	997,576

^(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)  Unaudited

^(f)  Annualized

See Notes to Financial Statements

162

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	Moderate Growth Lifestyle Fund																		Small Cap Growth Fund
	Six Months Ended February 28, 2021(f)			Year Ended August 31,															Six Months Ended February 28, 2021(f)			Year Ended August 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	14.16		$	13.88		$	15.00		$	14.23		$	13.98		$	14.09		$	20.49		$	16.89		$	23.31		$	16.98		$	14.20		$	15.31
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		0.31			0.24			0.26			0.24			0.30			(0.10	)		(0.11	)		(0.11	)		(0.12	)		(0.08	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currencies		1.73			0.93			(0.00	)		1.08			0.92			0.70			6.82			6.21			(1.22	)		7.14			3.72			0.42
Total income (loss) from investment operations		1.72			1.24			0.24			1.34			1.16			1.00			6.72			6.10			(1.33	)		7.02			3.64			0.39
Distributions from:
Net investment income		–			(0.34	)		(0.32	)		(0.24	)		(0.32	)		(0.32	)		–			–			–			–			–			–
Net realized gain on securities		–			(0.62	)		(1.04	)		(0.33	)		(0.59	)		(0.79	)		–			(2.50	)		(5.09	)		(0.69	)		(0.86	)		(1.50	)
Total distributions		–			(0.96	)		(1.36	)		(0.57	)		(0.91	)		(1.11	)		–			(2.50	)		(5.09	)		(0.69	)		(0.86	)		(1.50	)
Net asset value at end of period	$	15.88		$	14.16		$	13.88		$	15.00		$	14.23		$	13.98		$	27.21		$	20.49		$	16.89		$	23.31		$	16.98		$	14.20
TOTAL RETURN(a)		12.15	%		9.26	%		1.71	%		9.44	%		8.42	%		7.48	%		32.80	%		38.49	%		(5.47	)%		41.51	%		26.05	%		4.40	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)(g)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		1.13	%(g)		1.14	%		1.16	%		1.16	%		1.16	%		1.16	%
Ratio of expenses to average net assets(c)		0.13	%(e)(g)		0.14	%(e)		0.13	%(e)		0.13	%(e)��		0.14	%(e)		0.14	%(e)		1.21	%(g)		1.24	%		1.23	%		1.22	%		1.25	%		1.29	%
Ratio of expense reduction to average net assets		–			–			–			–			–			–			0.00	%(g)		0.01	%		0.01	%		0.00	%		0.00	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		(0.10	)%(e)(g)		2.24	%(e)		1.69	%(e)		1.75	%(e)		1.68	%(e)		2.15	%(e)		(0.82	)%(g)		(0.61	)%		(0.54	)%		(0.61	)%		(0.53	)%		(0.22	)%
Ratio of net investment income (loss) to average net assets(c)		(0.13	)%(e)(g)		2.20	%(e)		1.66	%(e)		1.72	%(e)		1.65	%(e)		2.11	%(e)		(0.90	)%(g)		(0.70	)%		(0.61	)%		(0.67	)%		(0.62	)%		(0.35	)%
Portfolio turnover rate		9	%		49	%		39	%		47	%		36	%		33	%		23	%		48	%		60	%		63	%		40	%		39	%
Number of shares outstanding at end of period (000’s)		69,914			71,656			67,965			64,297			63,003			60,581			10,984			10,271			11,386			9,239			8,088			7,035
Net assets at the end of period (000’s)	$	1,110,371		$	1,014,351		$	943,311		$	964,607		$	896,346		$	846,974		$	298,819		$	210,497		$	192,341		$	215,384		$	137,330		$	99,884

^(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.

^(f)  Unaudited

^(g)  Annualized

See Notes to Financial Statements

163

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Value Fund																		Strategic Bond Fund
	Six Months Ended February 28, 2021(e)			Year Ended August 31,															Six Months Ended February 28, 2021(e)			Year Ended August 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	9.51		$	10.76		$	15.74		$	14.47		$	13.57		$	14.01		$	11.43		$	11.35		$	10.86		$	11.38		$	11.28		$	11.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.06			0.10			0.15			0.15			0.11			0.13			0.19			0.37			0.43			0.42			0.39			0.38
Net realized and unrealized gain (loss) on investments and foreign currencies		4.49			(0.92	)		(2.80	)		2.36			1.48			1.27			0.13			0.26			0.46			(0.53	)		0.13			0.39
Total income (loss) from investment operations		4.55			(0.82	)		(2.65	)		2.51			1.59			1.40			0.32			0.63			0.89			(0.11	)		0.52			0.77
Distributions from:
Net investment income		–			(0.14	)		(0.21	)		(0.13	)		(0.14	)		(0.17	)		–			(0.55	)		(0.40	)		(0.41	)		(0.42	)		(0.45	)
Net realized gain on securities		–			(0.29	)		(2.12	)		(1.11	)		(0.55	)		(1.67	)		–			–			–			–			–			(0.04	)
Total distributions		–			(0.43	)		(2.33	)		(1.24	)		(0.69	)		(1.84	)		–			(0.55	)		(0.40	)		(0.41	)		(0.42	)		(0.49	)
Net asset value at end of period	$	14.06		$	9.51		$	10.76		$	15.74		$	14.47		$	13.57		$	11.75		$	11.43		$	11.35		$	10.86		$	11.38		$	11.28
TOTAL RETURN(a)		47.84	%		(7.72	)%		(17.24	)%		17.40	%		11.61	%		11.27	%		2.80	%		5.65	%		8.27	%		(0.96	)%		4.75	%		7.15	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.02	%(f)		0.99	%		0.95	%		0.95	%		0.95	%		0.95	%		0.87	%(f)		0.87	%		0.87	%		0.87	%		0.88	%		0.88	%
Ratio of expenses to average net assets(c)		1.10	%(f)		1.09	%		1.06	%		1.03	%		1.03	%		1.04	%		0.87	%(f)		0.87	%		0.87	%		0.87	%		0.88	%		0.88	%
Ratio of expense reductions to average net assets		0.01	%(f)		0.01	%		0.01	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.03	%(f)		0.97	%		1.07	%		0.96	%		0.71	%		0.98	%		3.31	%(f)		3.31	%		3.92	%		3.73	%		3.48	%		3.51	%
Ratio of net investment income (loss) to average net assets(c)		0.96	%(f)		0.87	%		0.96	%		0.88	%		0.62	%		0.89	%		3.31	%(f)		3.31	%		3.92	%		3.73	%		3.48	%		3.51	%
Portfolio turnover rate		41	%		69	%		55	%		46	%		79	%		59	%		41	%		103	%		95	%		133	%		118	%		162	%
Number of shares outstanding at end of period (000’s)		33,063			31,778			29,381			33,971			36,582			37,866			76,092			81,144			73,893			78,574			65,845			72,983
Net assets at the end of period (000’s)	$	464,966		$	302,120		$	316,042		$	534,548		$	529,505		$	513,783		$	894,353		$	927,406		$	838,559		$	853,401		$	749,055		$	823,464

^(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)  Unaudited

^(f)  Annualized

See Notes to Financial Statements

164

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	U.S. Socially Responsible Fund
	Six Months Ended February 28, 2021(e)			Year Ended August 31,
				2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	20.91		$	22.03		$	23.09		$	20.15		$	19.23		$	18.55
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.26			0.27			0.30			0.29			0.28
Net realized and unrealized gain (loss) on investments and foreign currencies		2.33			3.15			0.72			3.39			2.33			1.89
Total income (loss) from investment operations		2.43			3.41			0.99			3.69			2.62			2.17
Distributions from:
Net investment income		–			(0.33	)		(0.34	)		(0.35	)		(0.29	)		(0.28	)
Net realized gain on securities		–			(4.20	)		(1.71	)		(0.40	)		(1.41	)		(1.21	)
Total distributions		–			(4.53	)		(2.05	)		(0.75	)		(1.70	)		(1.49	)
Net asset value at end of period	$	23.34		$	20.91		$	22.03		$	23.09		$	20.15		$	19.23
TOTAL RETURN(a)		11.62	%		17.06	%		4.46	%		18.49	%		13.90	%		12.16	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.61	%(f)		0.60	%		0.56	%		0.56	%		0.56	%		0.56	%
Ratio of expenses to average net assets(c)		0.61	%(f)		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)		0.89	%(f)		1.20	%		1.22	%		1.37	%		1.46	%		1.47	%
Ratio of net investment income (loss) to average net assets(c)		0.89	%(f)		1.18	%		1.17	%		1.33	%		1.41	%		1.42	%
Portfolio turnover rate		15	%		14	%		36	%		5	%		0	%		25	%
Number of shares outstanding at end of period (000’s)		33,695			35,643			32,675			34,175			39,701			39,360
Net assets at the end of period (000’s)	$	786,353		$	745,440		$	719,784		$	789,118		$	799,898		$	756,821

^(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)  Unaudited

^(f)  Annualized

See Notes to Financial Statements

165

VALIC Company II

SUPPLEMENTS TO PROSPECTUS (unaudited)

THE SUPPLEMENT IS NOT PART OF THE SEMI-ANNUAL REPORT

Filed under Rule 497(e) and Rule 497(k)

Registration Nos. 002-83631

333-53589

VALIC Company I

Core Equity Fund

Health Sciences Fund

Large Cap Core Fund

Mid Cap Strategic Growth Fund

Science & Technology Fund

Small-Mid Growth Fund

Systematic Core Fund

Systematic Value Fund

Value Fund

VALIC Company II

Large Cap Value Fund

Mid Cap Growth Fund

(each, a “Fund”)

Supplement to the Summary Prospectuses and Prospectuses of each Fund,

as supplemented and amended to date

The Board of Directors of VALIC Company I (“VC I”), on behalf of each of the Value Fund, the Core Equity Fund, the Large Cap Core Fund, the Small-Mid Growth Fund and the Health Sciences Fund, and the Board of Trustees of VALIC Company II, on behalf of each of the Large Cap Value Fund and the Mid Cap Growth Fund, (each, a “Target Fund”), have each determined that it is in the best interests of each of its respective Target Funds to reorganize into an existing series of VC I (each, an “Acquiring Fund”). Each proposed transaction is referred to as a “Reorganization.” The Target Fund and the Acquiring Fund for each Reorganization are shown in the table below.

Target Funds	Acquiring Funds
Large Cap Value Fund	Systematic Value Fund
Value Fund	Systematic Value Fund
Core Equity Fund	Systematic Core Fund
Large Cap Core Fund	Systematic Core Fund
Mid Cap Growth Fund	Mid Cap Strategic Growth Fund
Small-Mid Growth Fund	Mid Cap Strategic Growth Fund
Health Sciences Fund	Science & Technology Fund

In each Reorganization, all of the Target Fund’s assets and liabilities would be transferred to the respective Acquiring Fund in exchange for shares of the Acquiring Fund. If the Reorganization is completed, shareholders of the Target Fund will receive shares of the respective Acquiring Fund, the total value of which will be equal to the total value of their shares of the Target Fund on the date of the Reorganization, after which the Target Fund will cease operations.

Each Target Fund expects to convene a special meeting of its shareholders on or about April 5, 2021 to vote on the approval of its Reorganization. Shareholders of record of each Target Fund as of January 11, 2021 (the “Record Date”), are entitled to notice of and to vote at the special meeting, and they will receive proxy materials describing the relevant Reorganization. The Reorganization of one Target Fund is not contingent upon the Reorganization of any other Target Fund.

Until a Reorganization is completed, each Target Fund will continue sales and redemptions of its shares as described in its Prospectus. However, holders of shares purchased after the Record Date set for each special meeting of shareholders will not be entitled to vote those shares at the special meeting.

Date: October 28, 2020

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

166

VALIC Company II

SUPPLEMENTS TO PROSPECTUS (unaudited) — (continued)

THE SUPPLEMENT IS NOT PART OF THE SEMI-ANNUAL REPORT

Filed under Rules 497(e) and 497(k)

Registration Nos. 002-83631

333-53589

VALIC Company I

Capital Conservation Fund

Small Cap Aggressive Growth Fund Small Cap Fund

VALIC Company II

Aggressive Growth Lifestyle Fund

Capital Appreciation Fund

Conservative Growth Lifestyle Fund

Core Bond Fund

Government Money Market II Fund

High Yield Bond Fund

International Opportunities Fund

Mid Cap Value Fund

Moderate Growth Lifestyle Fund

Small Cap Growth Fund

Small Cap Value Fund

Strategic Bond Fund

U.S. Socially Responsible Fund

(each, a “Fund”)

Supplement to the Summary Prospectus and Prospectus of each Fund,

as supplemented and amended to date

The Board of Directors of VALIC Company I (“VC I”), on behalf of each of the Capital Conservation Fund, the Small Cap Aggressive Growth Fund and the Small Cap Fund, and the Board of Trustees of VALIC Company II (“VC II”), on behalf of each of the Aggressive Growth Lifestyle Fund, the Capital Appreciation Fund, the Conservative Growth Lifestyle Fund, the Core Bond Fund, the High Yield Bond Fund, the International Opportunities Fund, the Mid Cap Value Fund, the Moderate Growth Lifestyle Fund, the Small Cap Growth Fund, the Small Cap Value Fund, the Strategic Bond Fund and the U.S. Socially Responsible Fund, (each, a “Target Fund”), have each determined that it is in the best interests of each of its respective Target Funds to reorganize into a shell series of VC I (each, a “Shell Acquiring Fund”), as shown in the table below. Each Shell Acquiring Fund in the table below will have the same investment objectives, strategies and policies as the Target Fund of the same name.

Target Fund	Shell Acquiring Fund
Aggressive Growth Lifestyle Fund, a series of VC II	Aggressive Growth Lifestyle Fund, a series of VC I
Capital Appreciation Fund, a series of VC II	Capital Appreciation Fund, a series of VC I
Capital Conservation Fund, a series of VC I	Core Bond Fund, a series of VC I
Conservative Growth Lifestyle Fund, a series of VC II	Conservative Growth Lifestyle Fund, a series of VC I
Core Bond Fund, a series of VC II	Core Bond Fund, a series of VC I
High Yield Bond Fund, a series of VC II	High Yield Bond Fund, a series of VC I
International Opportunities Fund, a series of VC II	International Opportunities Fund, a series of VC I
Mid Cap Value Fund, a series of VC II	Mid Cap Value Fund, a series of VC I
Moderate Growth Lifestyle Fund, a series of VC II	Moderate Growth Lifestyle Fund, a series of VC I
Small Cap Aggressive Growth Fund, a series of VC I	Small Cap Growth Fund, a series of VC I
Small Cap Fund, a series of VC I	Small Cap Growth Fund, a series of VC I
Small Cap Growth Fund, a series of VC II	Small Cap Growth Fund, a series of VC I
Small Cap Value Fund, a series of VC II	Small Cap Value Fund, a series of VC I
Strategic Bond Fund, a series of VC II	Core Bond Fund, a series of VC I
U.S. Socially Responsible Fund, a series of VC II	U.S. Socially Responsible Fund, a series of VC I

In addition, the Board of Trustees of VC II has determined that it is in the best interests of the Government Money Market II Fund to reorganize into the Government Money Market I Fund, an existing series of VC I (the “Existing Acquiring Fund”). Each proposed transaction is referred to as a “Reorganization” and each Shell Acquiring Fund and the Existing Acquiring Fund is referred to as an “Acquiring Fund.”

In each Reorganization, all of the Target Fund’s assets and liabilities would be transferred to the respective Acquiring Fund in exchange for shares of the Acquiring Fund. If the Reorganization is completed, shareholders of the Target Fund will receive shares of the respective Acquiring Fund, the total value of which will be equal to the total value of their shares of the Target Fund on the date of the Reorganization, after which the Target Fund will cease operations.

167

VALIC Company II

SUPPLEMENTS TO PROSPECTUS (unaudited) — (continued)

Each Target Fund expects to convene a special meeting of its shareholders on or about May 11, 2021 to vote on the approval of its Reorganization. Shareholders of record of each Target Fund as of February 26, 2021 (the “Record Date”), are entitled to notice of and to vote at the special meeting, and they will receive proxy materials describing the relevant Reorganization. The Reorganization of one Target Fund is not contingent upon the Reorganization of any other Target Fund.

Until a Reorganization is completed, each Target Fund will continue sales and redemptions of its shares as described in its Prospectus. However, holders of shares purchased after the Record Date set for each special meeting of shareholders will not be entitled to vote those shares at the special meeting.

Date: January 27, 2021

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

168

VALIC Company II

SUPPLEMENTS TO PROSPECTUS (unaudited) — (continued)

THE SUPPLEMENT IS NOT PART OF THE SEMI-ANNUAL REPORT

Filed under Rule 497(e) and Rule 497(k)

Registration No. 333-53589

VALIC COMPANY II

Large Cap Value Fund

Supplement dated April 6, 2021 to the

Summary Prospectus, Prospectus and Statement of Additional Information,

each dated January 1, 2021, as supplemented and amended to date

At a meeting of the shareholders of the Large Cap Value Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund, a series of VALIC Company II, into the Systematic Value Fund (the “Acquiring Fund”), a series of VALIC Company I (the “Reorganization”).

Pursuant to the Reorganization, the assets and liabilities of the Target Fund will be exchanged for shares of the Acquiring Fund, and Target Fund shareholders will become shareholders of the Acquiring Fund. The Acquiring Fund shares to be received by Target Fund shareholders will be equal in value to the Target Fund shares held by such shareholders immediately prior to the Reorganization.

The Reorganization is expected to close on or about April 19, 2021. Until the Reorganization is completed, the Target Fund will continue sales and redemptions of its shares as described in its Prospectus. After the Reorganization is complete, the Target Fund will be liquidated.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

169

VALIC Company II

SUPPLEMENTS TO PROSPECTUS (unaudited) — (continued)

THE SUPPLEMENT IS NOT PART OF THE SEMI-ANNUAL REPORT

Filed under Rule 497(e) and Rule 497(k)

Registration No. 333-53589

VALIC COMPANY II

Mid Cap Growth Fund

Supplement dated April 6, 2021 to the

Summary Prospectus, Prospectus and Statement of Additional Information,

each dated January 1, 2021, as supplemented and amended to date

At a meeting of the shareholders of the Mid Cap Growth Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund, a series of VALIC Company II, into the Mid Cap Strategic Growth Fund (the “Acquiring Fund”), a series of VALIC Company I (the “Reorganization”).

Pursuant to the Reorganization, the assets and liabilities of the Target Fund will be exchanged for shares of the Acquiring Fund, and Target Fund shareholders will become shareholders of the Acquiring Fund. The Acquiring Fund shares to be received by Target Fund shareholders will be equal in value to the Target Fund shares held by such shareholders immediately prior to the Reorganization.

The Reorganization is expected to close on or about April 19, 2021. Until the Reorganization is completed, the Target Fund will continue sales and redemptions of its shares as described in its Prospectus. After the Reorganization is complete, the Target Fund will be liquidated.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

170

VALIC Company II

SUPPLEMENTS TO PROSPECTUS (unaudited) — (continued)

THE SUPPLEMENT IS NOT PART OF THE SEMI-ANNUAL REPORT

Filed under Rules 497(e) and 497(k)

Registration No. 333-53589

VALIC Company II

International Opportunities Fund (the “Fund”)

Supplement dated March 31, 2021

to the Fund’s Summary Prospectus and Prospectus dated

January 1, 2021, as supplemented and amended to date

Effective March 31, 2021, in the section of the Summary Prospectus entitled “Investment Adviser” and in the section of the Prospectus entitled “Fund Summary: International Opportunities Fund – Investment Adviser,” in the table under the heading “Portfolio Managers,” the following is added under the subsection “MFS”:

Name and Title	Portfolio Manager of the Portfolio Since
Lionel Gomez
Portfolio Manager		2021

Effective March 31, 2021, in the section of the Prospectus entitled “Management,” under the heading “Information about the Subadviser,” the second paragraph under “Massachusetts Financial Services. (“MFS”)” is deleted and replaced with the following:

MFS manages a portion of the asset of the International Opportunities Fund using a team of portfolio managers. The team is comprised of David Antonelli, Peter Fruzzetti, Jose Luis Garcia, Robert Lau, Sandeep Mehta and Lionel Gomez. Mr. Antonelli is a Vice Chairman of MFS and Messrs. Fruzzetti, Garcia, Mehta, Lau and Gomez are each Investment Officers of MFS. Mr. Antonelli has been employed in the investment area of MFS since 1991. Mr. Fruzzeti has been employed in the investment area of MFS since 2000. Mr. Garcia has been employed in the investment of MFS since 2002. Mr. Lau has been employed in the investment area of MFS since 2001. Mr. Mehta has been employed in the investment area of MFS since 2008. Mr. Gomez has been employed in the investment area since 2013.

Effective April 15, 2021, Mr. Antonelli will no longer be a portfolio manager of the fund.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

171

VALIC Company II

RESULTS OF SPECIAL SHAREHOLDER MEETINGS (unaudited)

On April 5, 2021, a Special Meeting of Shareholders was held to consider a proposal to approve an Agreement and Plan of Reorganization pursuant to which the Large Cap Value Fund (the “Acquired Fund”), a series of the VALIC Company II, would transfer all of its assets to the Systematic Value Fund (the “Acquiring Fund”), a series of VALIC Company I, in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund and shares of the Acquiring Fund, which shares will be distributed by the Acquired Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:

For	Against	Abstain
11,886,842.598	936,479.709	980,539.260

On April 5, 2021, a Special Meeting of Shareholders was held to consider a proposal to approve an Agreement and Plan of Reorganization pursuant to which the Mid Cap Growth Fund (the “Acquired Fund”), a series of the VALIC Company II, would transfer all of its assets to the Mid Cap Strategic Growth Fund (the “Acquiring Fund”), a series of VALIC Company I, in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund and shares of the Acquiring Fund, which shares will be distributed by the Acquired Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:

For	Against	Abstain
18,844,285.824	903,869.082	1,185,369.993

172

VALIC Company II

BOARD OF TRUSTEES

Thomas J. Brown

Judith L. Craven

Yvonne M. Curl

Timothy J. Ebner

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

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

60 East 42nd Street, Suite 1550

New York, New York 10165

Delaware Investments Fund Advisers

2005 Market Street

Philadelphia, PA 19103

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, NY 10017

Janus Capital Management LLC

151 Detroit Street

Denver, Colorado 80206

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, MA 02199

Mellon Investments Corporation

One Boston Place

Boston, Massachusetts 02108

PineBridge Investments, LLC

399 Park Avenue

New York, NY 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

Sharon French,

Executive Vice President

John Packs,

Vice President and Senior Investment Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Kathleen D. Fuentes,

Vice President, Chief Legal Officer and Secretary

Kevin J. Adamson

Vice President

Gregory N. Bressler,

Vice President

Thomas M. Ward,

Vice President

Shawn Parry,

Vice President and Assistant Treasurer

Donna McManus,

Vice President and Assistant Treasurer

Christopher C. Joe,

Vice President and Chief Compliance Officer

Matthew J. Hackethal,

Anti-Money Laundering Compliance Officer

DISCLOSURE OF QUARTERLY FUND PORTFOLIO HOLDINGS

The Series is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Series’ Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

VOTING PROXIES ON VALIC COMPANY 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.

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

173

aig.com/RetirementServices — Account access

Manage your account online

You will need to create an online security profile with a unique user ID and password.

With your PIN, you can also access your account via the 24-hour VALIC automated phone line at 1-800-448-2542.

• Print and download account transaction confirmations and tax statements

• View transaction history and download it to Quicken using Direct Connect^SM

• Use the Account Aggregation feature to display information from other accounts in addition to your AIG Retirement Services accounts

• Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password and more

PersonalDeliver-e^®

• It’s easy to sign up

• Simply visit aig.com/RetirementServices today to get started

Initiate account transactions including:

• Change allocation

• Transfer money among investment options

• Rebalance account to your desired allocation mix

• Change contributions

Start exploring your account online today!

• Visit aig.com/RetirementServices

• Register for online access

• Follow steps to create a security profile

Please note:

Email delivery is not accessible to certain annuity contract owners.

Sign up today at aig.com/RetirementServices

We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.

Your Future is Calling. Sign up for PersonalDeliver-e^® today.

CLICK aig.com/RetirementServices    CALL 1-800-448-2542      VISIT your financial advisor

Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (VFA), member FINRA, SIPC and an SEC-registered investment adviser.

Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA.

AIG Retirement Services represents AIG member companies — The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO). All are members of American International Group, Inc. (AIG).

^© American International Group, Inc. All rights reserved.

VC 23800 (09/2019) J359703 EE

VALIC Company II P.O. Box 3206 Houston, TX 77253-3206 PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1793

VC 11387   (03/2021)   J600501

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407)(as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the most recent fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits.

(a) (1) Not applicable.

(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(4) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b)  under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company II
By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: May 7, 2021

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

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

Date: May 7, 2021

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

Date: May 7, 2021