VALIC Co I 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 811-03738

VALIC Company I

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

John T. Genoy

President

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street,

Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2021

Item 1. Reports to Stockholders

VALIC Company I

SEMI-ANNUAL REPORT NOVEMBER 30, 2021

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolio of Investments:
Aggressive Growth Lifestyle Fund	5
Asset Allocation Fund	6
Blue Chip Growth Fund	20
Capital Appreciation Fund	24
Conservative Growth Lifestyle Fund	27
Core Bond Fund	29
Dividend Value Fund	59
Dynamic Allocation Fund	63
Emerging Economies Fund	66
Global Real Estate Fund	69
Global Strategy Fund	72
Government Money Market I Fund	84
Government Securities Fund	86
Growth Fund	92
High Yield Bond Fund	98
Inflation Protected Fund	110
International Equities Index Fund	121
International Government Bond Fund	132
International Growth Fund	140
International Opportunities Fund	143
International Socially Responsible Fund	151
International Value Fund	159
Large Capital Growth Fund	162
Mid Cap Index Fund	165
Mid Cap Strategic Growth Fund	174
Mid Cap Value Fund	178
Moderate Growth Lifestyle Fund	183
Nasdaq-100® Index Fund	185
Science & Technology Fund	189
Small Cap Growth Fund	196
Small Cap Index Fund	202
Small Cap Special Values Fund	227
Small Cap Value Fund	231
Stock Index Fund	242
Systematic Core Fund	252
Systematic Value Fund	265
U.S. Socially Responsible Fund	270
Statements of Assets and Liabilities	276
Statements of Operations	282
Statements of Changes in Net Assets	288
Notes to Financial Statements	298
Financial Highlights	330
Approval of Advisory Agreements	349
Supplements to the Prospectus	363

VALIC Company I

PRESIDENT’S LETTER

Dear Valued Investor:

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

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

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

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

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

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

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

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

* Not FDIC or NCUA/NCUSIF Insured

* May Lose Value * No Bank of Credit Union Guarantee

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

1

VALIC Company I

EXPENSE EXAMPLE — November 30, 2021 (unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at June 1, 2021 and held until November 30, 2021. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRAs”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract, Plans or IRAs.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months ended November 30, 2021” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended November 30, 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 November 30, 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 these Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months ended November 30, 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 November 30, 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 only and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.

2

VALIC Company I

EXPENSE EXAMPLE — November 30, 2021 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at June 1, 2021		Ending Account Value Using Actual Return at November  30, 2021		Expenses Paid During the Six Months Ended November  30, 2021		Beginning Account Value at June 1, 2021		Ending Account Value Using a Hypothetical 5% Annual Return at November  30, 2021		Expenses Paid During the Six Months Ended November  30, 2021		Annualized Expense Ratio*
Aggressive Growth Lifestyle#	$	1,000.00		1,010.74		0.45	$	1,000.00		1,024.62		0.46		0.09	%
Asset Allocation#	$	1,000.00		1,064.67		3.36	$	1,000.00		1,021.81		3.29		0.65	%
Blue Chip Growth#	$	1,000.00		1,100.91		4.16	$	1,000.00		1,021.11		4.00		0.79	%
Capital Appreciation#	$	1,000.00		1,100.55		3.16	$	1,000.00		1,022.06		3.04		0.60	%
Conservative Growth Lifestyle#	$	1,000.00		1,005.97		0.65	$	1,000.00		1,024.42		0.66		0.13	%
Core Bond	$	1,000.00		1,007.92		2.52	$	1,000.00		1,022.56		2.54		0.50	%
Dividend Value#	$	1,000.00		983.30		3.33	$	1,000.00		1,021.71		3.40		0.67	%
Dynamic Allocation#	$	1,000.00		1,024.60		1.62	$	1,000.00		1,023.46		1.62		0.32	%
Emerging Economies	$	1,000.00		882.24		4.29	$	1,000.00		1,020.51		4.61		0.91	%
Global Real Estate	$	1,000.00		1,024.60		4.26	$	1,000.00		1,020.86		4.26		0.84	%
Global Strategy#.	$	1,000.00		1,001.97		4.07	$	1,000.00		1,021.01		4.10		0.81	%
Government Money Market I#	$	1,000.00		1,000.05		0.10	$	1,000.00		1,024.97		0.10		0.02	%
Government Securities	$	1,000.00		1,002.78		3.31	$	1,000.00		1,021.76		3.35		0.66	%
Growth#	$	1,000.00		1,141.95		3.28	$	1,000.00		1,022.01		3.09		0.61	%
High Yield Bond#	$	1,000.00		1,005.21		3.42	$	1,000.00		1,021.66		3.45		0.68	%
Inflation Protected#	$	1,000.00		1,045.11		2.67	$	1,000.00		1,022.46		2.64		0.52	%
International Equities Index	$	1,000.00		963.01		2.02	$	1,000.00		1,023.01		2.08		0.41	%
International Government Bond	$	1,000.00		972.69		3.31	$	1,000.00		1,021.71		3.40		0.67	%
International Growth#	$	1,000.00		1,023.00		4.26	$	1,000.00		1,020.86		4.26		0.84	%
International Opportunities#	$	1,000.00		976.11		4.71	$	1,000.00		1,020.31		4.81		0.95	%
International Socially Responsible	$	1,000.00		978.55		3.17	$	1,000.00		1,021.86		3.24		0.64	%
International Value#	$	1,000.00		896.16		3.52	$	1,000.00		1,021.36		3.75		0.74	%
Large Capital Growth	$	1,000.00		1,079.89		3.86	$	1,000.00		1,021.36		3.75		0.74	%
Mid Cap Index	$	1,000.00		997.12		1.70	$	1,000.00		1,023.36		1.72		0.34	%
Mid Cap Strategic Growth	$	1,000.00		1,059.18		3.82	$	1,000.00		1,021.36		3.75		0.74	%
Mid Cap Value	$	1,000.00		982.00		3.93	$	1,000.00		1,021.11		4.00		0.79	%
Moderate Growth Lifestyle	$	1,000.00		1,016.74		0.61	$	1,000.00		1,024.47		0.61		0.12	%
Nasdaq -100® Index	$	1,000.00		1,180.00		2.73	$	1,000.00		1,022.56		2.54		0.50	%
Science & Technology	$	1,000.00		1,079.74		4.90	$	1,000.00		1,020.36		4.76		0.94	%
Small Cap Growth#	$	1,000.00		957.99		4.32	$	1,000.00		1,020.66		4.46		0.88	%
Small Cap Index	$	1,000.00		972.74		2.03	$	1,000.00		1,023.01		2.08		0.41	%
Small Cap Special Values	$	1,000.00		969.85		4.35	$	1,000.00		1,020.66		4.46		0.88	%
Small Cap Value#	$	1,000.00		978.81		3.82	$	1,000.00		1,021.21		3.90		0.77	%
Stock Index#	$	1,000.00		1,092.29		1.52	$	1,000.00		1,023.61		1.47		0.29	%
Systematic Core#	$	1,000.00		1,070.65		3.27	$	1,000.00		1,021.91		3.19		0.63	%
Systematic Value#	$	1,000.00		1,017.53		2.43	$	1,000.00		1,022.66		2.43		0.48	%
U.S. Socially Responsible	$	1,000.00		1,072.84		1.82	$	1,000.00		1,023.31		1.78		0.35	%

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

# During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 2021” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 2021” and the “Annualized Expense Ratio” would have been lower.

3

VALIC Company I Aggressive Growth Lifestyle Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	50.1	%
International Equity Investment Companies	22.2
Domestic Fixed Income Investment Companies	19.7
Domestic Money Market Investment Companies	6.4
International Fixed Income Investment Companies	1.6
	100.0	%

* Calculated as a percentage of net assets

4

VALIC Company I Aggressive Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 50.1%
VALIC Co. I Blue Chip Growth Fund		534	$	14,783
VALIC Co. I Capital Appreciation Fund		1,423,899		33,974,239
VALIC Co. I Dividend Value Fund		1,699,667		22,010,692
VALIC Co. I Large Capital Growth Fund		907,887		20,618,114
VALIC Co. I Mid Cap Index Fund		564,299		17,555,338
VALIC Co. I Mid Cap Strategic Growth Fund		1,095,449		26,860,417
VALIC Co. I Mid Cap Value Fund		1,041,868		22,733,552
VALIC Co. I Nasdaq-100® Index Fund		409,818		11,606,050
VALIC Co. I Science & Technology Fund		540,792		22,994,469
VALIC Co. I Small Cap Growth Fund		385,633		8,441,515
VALIC Co. I Small Cap Index Fund		453,135		10,349,612
VALIC Co. I Small Cap Special Values Fund		355,589		4,917,790
VALIC Co. I Small Cap Value Fund		321,856		4,905,082
VALIC Co. I Stock Index Fund		1,419,776		81,665,528
VALIC Co. I Systematic Core Fund		546,646		15,573,947
VALIC Co. I Systematic Value Fund		4,699,734		62,741,447
Total Domestic Equity Investment Companies
(cost $295,204,853)				366,962,575
Domestic Fixed Income Investment Companies — 19.7%
VALIC Co. I Core Bond Fund		8,228,972		94,304,014
VALIC Co. I Government Securities Fund		98,774		1,067,743
VALIC Co. I High Yield Bond Fund		2,434,930		18,797,656
VALIC Co. I Inflation Protected Fund		2,399,995		30,023,935
Total Domestic Fixed Income Investment Companies
(cost $140,580,577)				144,193,348

Security Description	Shares			Value (Note 2)
Domestic Money Market Investment Companies — 6.4%
VALIC Co. I Government Money Market I Fund(2)
(cost $46,870,817)		46,870,817		$	46,870,817
International Equity Investment Companies — 22.2%
VALIC Co. I Emerging Economies Fund		1,786,711			17,134,556
VALIC Co. I Global Real Estate Fund		2,825,138			23,533,399
VALIC Co. I International Equities Index Fund		6,137,176			49,527,012
VALIC Co. I International Growth Fund		585,282			11,453,966
VALIC Co. I International Opportunities Fund		1,760,275			39,553,381
VALIC Co. I International Value Fund		2,132,573			21,901,527
Total International Equity Investment Companies
(cost $146,468,283)					163,103,841
International Fixed Income Investment Companies — 1.6%
VALIC Co. I International Government Bond Fund
(cost $11,536,639)		987,122			11,954,053
TOTAL INVESTMENTS
(cost $640,661,169)(3)		100.0	%		733,084,634
Liabilities in excess of other assets		(0.0	)		(131,155	)
NET ASSETS		100.0	%	$	732,953,479

# The Aggressive Growth Lifestyle Fund invests in various VALIC Company I Funds. 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 November 30, 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 November 30, 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	$	733,084,634	$	—	$	—	$	733,084,634

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

See Notes to Financial Statements

5

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Diversified Financial Services	7.8	%
Applications Software	5.7
Web Portals/ISP	4.2
United States Treasury Notes	4.2
E-Commerce/Products	4.1
Medical — Drugs	4.0
Semiconductor Components — Integrated Circuits	3.6
Government National Mtg. Assoc.	3.5
Computers	3.3
Electric — Integrated	3.3
United States Treasury Bonds	3.2
Repurchase Agreements	3.2
Real Estate Investment Trusts	3.1
Banks-Super Regional	2.9
Auto-Cars/Light Trucks	2.6
Diversified Banking Institutions	2.4
Federal National Mtg. Assoc.	2.3
Diversified Manufacturing Operations	2.1
Finance — Credit Card	2.0
Medical — Biomedical/Gene	1.8
Commercial Services — Finance	1.7
Electronic Components — Semiconductors	1.7
Retail — Restaurants	1.6
Medical Instruments	1.6
Chemicals — Diversified	1.6
Banks — Commercial	1.4
Transport — Rail	1.4
Federal Home Loan Mtg. Corp.	1.4
Hotels/Motels	1.3
Machinery — Farming	1.2
Aerospace/Defense	1.1
Uniform Mtg. Backed Securities	1.0
Retail — Building Products	1.0
Athletic Footwear	0.9
Medical — HMO	0.8
Investment Management/Advisor Services	0.8
Beverages — Non-alcoholic	0.8
Computer Services	0.7
Retail — Apparel/Shoe	0.7
Pipelines	0.7
Retail — Auto Parts	0.6
Internet Content — Entertainment	0.6
Tools — Hand Held	0.5
Airlines	0.5
Finance — Leasing Companies	0.5
Enterprise Software/Service	0.5
Telephone — Integrated	0.4
Insurance — Property/Casualty	0.4
Cable/Satellite TV	0.3
Oil Companies — Exploration & Production	0.3
Independent Power Producers	0.3
Internet Application Software	0.3
Medical — Generic Drugs	0.2
Medical — Hospitals	0.2
Brewery	0.2
Insurance — Life/Health	0.2
Retail — Convenience Store	0.2
Cellular Telecom	0.1
Oil Companies — Integrated	0.1
Drug Delivery Systems	0.1
Multimedia	0.1
Food — Meat Products	0.1
Tobacco	0.1
Gas — Distribution	0.1
Chemicals — Specialty	0.1
Software Tools	0.1
Pharmacy Services	0.1
Oil — Field Services	0.1

Food — Misc./Diversified	0.1
Food — Wholesale/Distribution	0.1
Registered Investment Companies	0.1
Semiconductor Equipment	0.1
Medical Products	0.1
Broadcast Services/Program	0.1
Rental Auto/Equipment	0.1
Building — Residential/Commercial	0.1
Insurance — Mutual	0.1
Electric — Distribution	0.1
Metal — Diversified	0.1
	101.1	%

* Calculated as a percentage of net assets

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 61.8%
Aerospace/Defense — 0.8%
Northrop Grumman Corp.		3,744	$	1,305,907
Applications Software — 5.7%
Microsoft Corp.		27,610		9,127,590
Athletic Footwear — 0.9%
NIKE, Inc., Class B		8,004		1,354,597
Auto-Cars/Light Trucks — 2.1%
Rivian Automotive, Inc., Class A†		2,899		347,184
Tesla, Inc.†		2,572		2,944,323
				3,291,507
Banks-Commercial — 1.4%
Truist Financial Corp.		38,608		2,289,841
Banks-Super Regional — 2.7%
US Bancorp		35,016		1,937,786
Wells Fargo & Co.		48,594		2,321,821
				4,259,607
Beverages-Non-alcoholic — 0.7%
Coca-Cola Co.		22,456		1,177,817
Chemicals-Diversified — 1.5%
Eastman Chemical Co.		4,876		508,518
PPG Industries, Inc.		11,760		1,813,039
				2,321,557
Commercial Services-Finance — 1.7%
Affirm Holdings, Inc.†		1,633		206,869
FleetCor Technologies, Inc.†		2,852		590,735
S&P Global, Inc.		4,173		1,901,761
				2,699,365
Computer Services — 0.6%
Leidos Holdings, Inc.		11,363		998,921
Computers — 3.2%
Apple, Inc.		30,978		5,120,663
Diversified Banking Institutions — 0.6%
Morgan Stanley		10,831		1,026,995
Diversified Manufacturing Operations — 1.9%
Eaton Corp. PLC		18,327		2,970,074
E-Commerce/Products — 4.1%
Amazon.com, Inc.†		1,870		6,558,221
Electric-Integrated — 2.3%
NextEra Energy, Inc.		29,122		2,527,207
Xcel Energy, Inc.		18,024		1,148,670
				3,675,877
Electronic Components-Semiconductors — 1.4%
Advanced Micro Devices, Inc.†		14,222		2,252,338
Enterprise Software/Service — 0.4%
Ceridian HCM Holding, Inc.†		5,842		639,115
Finance-Credit Card — 1.9%
Mastercard, Inc., Class A		9,639		3,035,514
Hotels/Motels — 1.3%
Marriott International, Inc., Class A†		13,549		1,999,290
Insurance-Property/Casualty — 0.4%
Progressive Corp.		6,680		620,839
Internet Application Software — 0.3%
Shopify, Inc., Class A†		268		407,840

Security Description	Shares/ Principal Amount		Value (Note 2)
Internet Content-Entertainment — 0.6%
Meta Platforms, Inc.†		1,903	$	617,447
Snap, Inc., Class A†		7,452		354,790
				972,237
Investment Management/Advisor Services — 0.8%
Ameriprise Financial, Inc.		4,570		1,323,472
Machinery-Farming — 1.2%
Deere & Co.		5,347		1,847,602
Medical Instruments — 1.6%
Boston Scientific Corp.†		39,240		1,493,867
Intuitive Surgical, Inc.†		3,218		1,043,726
				2,537,593
Medical-Biomedical/Gene — 1.5%
Biogen, Inc.†		3,091		728,673
Regeneron Pharmaceuticals, Inc.†		2,606		1,658,797
				2,387,470
Medical-Drugs — 3.7%
AbbVie, Inc.		21,540		2,483,131
Bristol-Myers Squibb Co.		32,164		1,724,955
Eli Lilly & Co.		7,039		1,745,954
				5,954,040
Medical-HMO — 0.8%
Centene Corp.†		18,152		1,296,234
Oil Companies-Exploration & Production — 0.2%
Pioneer Natural Resources Co.		1,632		291,018
Real Estate Investment Trusts — 2.1%
Prologis, Inc.		22,038		3,322,229
Retail-Apparel/Shoe — 0.7%
Ross Stores, Inc.		9,800		1,069,082
Retail-Auto Parts — 0.5%
O’Reilly Automotive, Inc.†		1,270		810,463
Retail-Building Products — 0.9%
Lowe’s Cos., Inc.		5,844		1,429,384
Retail-Restaurants — 1.6%
McDonald’s Corp.		6,894		1,686,272
Yum! Brands, Inc.		6,946		853,247
				2,539,519
Semiconductor Components-Integrated Circuits — 3.6%
Analog Devices, Inc.		14,765		2,661,391
NXP Semiconductors NV		14,142		3,158,757
				5,820,148
Tools-Hand Held — 0.5%
Stanley Black & Decker, Inc.		4,945		864,188
Transport-Rail — 1.4%
Norfolk Southern Corp.		8,608		2,283,444
Web Portals/ISP — 4.2%
Alphabet, Inc., Class A†		2,348		6,663,508
Total Common Stocks
(cost $84,530,150)				98,545,106
ASSET BACKED SECURITIES — 7.8%
Diversified Financial Services — 7.8%
ACC Auto Trust Series 2021-A, Class A 1.08% due 04/15/2027*	$	80,200		80,067

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
ACC Auto Trust Series 2021-A, Class B 1.79% due 04/15/2027*	$	105,000	$	104,340
ACC Trust Series 2021-1, Class B 1.43% due 07/22/2024*		100,000		99,638
Accelerated Assets LLC Series 2021-1H, Class B 1.90% due 10/20/2040*		71,779		70,925
ACRE Commercial Mtg., Ltd. FRS Series 2021-FL4, Class A 0.92% (1 ML+0.83%) due 12/18/2037*(1)(2)		155,368		154,934
ACRE Commercial Mtg., Ltd. FRS Series 2021-FL4, Class AS 1.19% (1 ML+1.10%) due 12/18/2037*(1)(2)		110,000		109,598
Affirm Asset Securitization Trust Series 2021-A, Class A 0.88% due 08/15/2025*		145,000		145,086
Ajax Mtg. Loan Trust Series 2021-B, Class A 2.24% due 06/25/2066*(3)		132,065		131,405
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 1.94% due 08/15/2046*		95,000		94,111
American Credit Acceptance Receivables Trust Series 2021-1, Class B 0.61% due 03/13/2025*		45,000		45,002
AMSR Trust Series 2020-SFR3, Class E2 2.76% due 09/17/2037*		100,000		99,256
Bayview Finance LLC CMO Series 2021-3, Class F 1.48% due 07/12/2033(4)		137,235		137,235
Bayview Opportunity Master Fund Trust Series 2021-IV, Class B 1.60% due 01/10/2031(4)		21,758		21,758
BPR Trust FRS Series 2021-KEN, Class A 1.34% (1 ML+1.25%) due 02/15/2029*(1)		145,000		145,174
Business Jet Securities LLC Series 2021-1A, Class A 2.16% due 04/15/2036*		108,571		108,647
Business Jet Securities LLC Series 2021-1A, Class B 2.92% due 04/15/2036*		142,201		142,360
BVRT Financing Trust Series 2021-2F, Class M1 1.57% due 01/10/2032(4)		13,030		13,030
BVRT Financing Trust Series 2021-CR, Class T2 1.84% due 11/10/2032(4)		4,531		4,531
Cascade MH Asset Trust Series 2021-MH1, Class A1 1.75% due 02/25/2046*(5)		161,171		159,043
CF Hippolyta LLC Series 2021-1A, Class A1 1.53% due 03/15/2061*		97,362		95,752
CFMT LLC VRS Series 2021-HB5, Class A 0.80% due 02/25/2031*(5)(6)		298,268		298,061
CPS Auto Receivables Trust Series 2021-A, Class A 0.35% due 01/16/2024*		42,177		42,174

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
CPS Auto Receivables Trust Series 2021-A, Class B 0.61% due 02/18/2025*	$	105,000	$	105,002
CPS Auto Receivables Trust Series 2021-A, Class C 0.83% due 09/15/2026*		300,000		298,276
CPS Auto Receivables Trust Series 2021-B, Class C 1.23% due 03/15/2027*		100,000		99,347
Credit Acceptance Auto Loan Trust Series 2021-2A, Class A 0.96% due 02/15/2030*		250,000		249,044
Credito Real USA Auto Receivables Trust Series 2021-1A, Class A 1.35% due 02/16/2027*		41,154		41,107
Crossroads Asset Trust Series 2021-A, Class A2 0.82% due 03/20/2024*		85,855		85,904
Crossroads Asset Trust Series 2021-A, Class B 1.12% due 06/20/2025*		205,000		203,989
CSMC Trust VRS Series 2021-RPL1, Class A1 1.67% due 09/27/2060*(5)(6)		156,762		156,169
DataBank Issuer LLC Series 2021-1A, Class A2 2.06% due 02/27/2051*		175,000		172,006
Diamond Resorts Owner Trust Series 2021-1A, Class A 1.51% due 11/21/2033*		146,768		145,804
DT Auto Owner Trust Series 2021-1A, Class C 0.84% due 10/15/2026*		50,000		49,601
DT Auto Owner Trust Series 2019-4A, Class D 2.85% due 07/15/2025*		85,000		87,026
Elara HGV Timeshare Issuer LLC Series 2021-A, Class B 1.74% due 08/27/2035*		97,826		96,957
Exeter Automobile Receivables Trust Series 2021-1A, Class C 0.74% due 01/15/2026		240,000		239,708
Exeter Automobile Receivables Trust Series 2021-2A, Class C 0.98% due 06/15/2026		95,000		94,862
FHF Trust Series 2021-1A, Class A 1.27% due 03/15/2027*		52,146		51,903
Finance of America HECM Buyout VRS Series 2021-HB1, Class A 0.88% due 02/25/2031*(6)		95,892		95,841
Flagship Credit Auto Trust Series 2021-2, Class A 0.37% due 12/15/2026*		177,839		177,121
Flagship Credit Auto Trust Series 2021-1, Class B 0.68% due 02/16/2027*		65,000		64,448
FMC GMSR Issuer Trust VRS Series 2021-GT2, Class A 3.85% due 10/25/2026*(5)(6)		100,000		99,860
Freed ABS Trust Series 2021-1CP, Class A 0.66% due 03/20/2028*		32,515		32,513
Freed ABS Trust Series 2021-2, Class B 1.03% due 06/19/2028*		100,000		99,699

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
GLS Auto Receivables Trust Series 2021-2A, Class B 0.77% due 09/15/2025*	$	100,000	$	99,589
Home Partners of America Trust Series 2021-2, Class C 2.40% due 12/17/2026*		130,000		129,077
Legacy Mtg. Asset Trust Series 2021-GS1, Class A1 1.89% due 10/25/2066*(3)(5)		99,725		99,717
Lendbuzz Securitization Trust Series 2021-1A, Class A 1.46% due 06/15/2026*		146,558		146,221
Lendingpoint Asset Securitization Trust Series 2021-A, Class A 1.00% due 12/15/2028*		179,956		179,588
Lendingpoint Asset Securitization Trust Series 2021-B, Class A 1.11% due 02/15/2029*		184,163		183,993
Lendingpoint Asset Securitization Trust Series 2021-B, Class B 1.68% due 02/15/2029*		100,000		99,322
LHOME Mtg. Trust VRS Series 2021-RTL1, Class A1 2.09% due 09/25/2026*(5)(6)		200,000		199,561
Mariner Finance Issuance Trust Series 2021-AA, Class A 1.86% due 03/20/2036*		130,000		128,256
Marlette Funding Trust Series 2021-1A, Class B 1.00% due 06/16/2031*		101,000		100,778
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A 1.54% due 03/20/2026*		140,000		140,086
Mission Lane Credit Card Master Trust Series 2021-A, Class A 1.59% due 09/15/2026*		110,000		109,412
MVW LLC Series 2021-2A, Class C 2.23% due 05/20/2039*		162,000		161,219
NRZ Excess Spread-Collateralized Notes Series 2021-FNT1, Class A 2.98% due 03/25/2026*		121,002		120,253
NRZ Excess Spread-Collateralized Notes Series 2021-FNT2, Class A 3.23% due 05/25/2026*		182,763		181,576
Octane Receivables Trust Series 2021-1A, Class A 0.93% due 03/22/2027*		85,793		85,506
Oportun Funding XIV LLC Series 2021-A, Class A 1.21% due 03/08/2028*		100,000		99,913
Oportun Funding XIV LLC Series 2021-A, Class B 1.76% due 03/08/2028*		245,000		244,767
Oportun Issuance Trust Series 2021-B, Class A 1.47% due 05/08/2031*		255,000		254,086
Pagaya AI Debt Selection Trust Series 2021-3, Class A 1.15% due 05/15/2029*		196,787		196,137
Pagaya AI Debt Selection Trust Series 2021-1, Class A 1.18% due 11/15/2027*		356,232		355,752

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Pagaya AI Debt Selection Trust Series 2021-HG1, Class A 1.22% due 01/16/2029*	$	197,933	$	197,355
PRET LLC VRS Series 2021-RN4, Class A1 2.49% due 11/25/2061*(5)(6)		150,000		150,129
Pretium Mtg. Credit Partners I LLC Series 2021-NPL1, Class A1 2.24% due 09/27/2060*(3)		199,896		199,131
Progress Residential Trust Series 2021-SFR2, Class D 2.20% due 04/19/2038*		267,000		262,574
PRPM LLC VRS Series 2021-2, Class A1 2.12% due 03/25/2026*(5)(6)		223,031		221,914
Regional Management Issuance Trust Series 2021-1, Class A 1.68% due 03/17/2031*		125,000		123,763
Republic Finance Issuance Trust Series 2021-A, Class A 2.30% due 12/22/2031*		189,000		189,153
Sierra Timeshare Receivables Funding LLC Series 2021-2A, Class B 1.80% due 09/20/2038*		94,438		93,941
SLG Office Trust Series 2021-OVA, Class A 2.59% due 07/15/2041*(1)		110,000		112,911
Theorem Funding Trust Series 2021-1A, Class A 1.21% due 12/15/2027*		148,973		148,822
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(5)(6)		234,977		235,819
Tricolor Auto Securitization Trust Series 2021-1A, Class B 1.00% due 06/17/2024*		120,000		119,698
Tricolor Auto Securitization Trust Series 2021-1A, Class C 1.33% due 09/16/2024*		115,000		114,577
United Auto Credit Securitization Trust Series 2021-1, Class C 0.84% due 06/10/2026*		115,000		114,607
Upstart Pass-Through Trust Series 2021-ST2, Class A 2.50% due 04/20/2027*		76,404		76,810
Upstart Securitization Trust Series 2021-1, Class A 0.87% due 03/20/2031*		84,755		84,506
US Auto Funding Series 2021-1A, Class B 1.49% due 03/17/2025*		100,000		99,379
VCAT LLC Series 2021-NPL2, Class A1 2.12% due 03/27/2051*(3)		79,657		79,657
Veros Auto Receivables Trust Series 2021-1, Class A 0.92% due 10/15/2026*		82,126		82,038
VOLT XCII LLC Series 2021-NPL1, Class A1 1.89% due 02/27/2051*(3)		93,422		93,239
VOLT XCIII LLC Series 2021-NPL2, Class A1 1.89% due 02/27/2051*(3)		271,361		269,756
VOLT XCVI LLC Series 2021-NPL5, Class A1 2.12% due 03/27/2051*(3)		173,458		173,011

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
VOLT XCIV LLC Series 2021-NPL3, Class A1 2.24% due 02/27/2051*(3)	$	229,549	$	229,053
VOLT XCVII LLC Series 2021-NPL6, Class A1 2.24% due 04/25/2051*(3)		196,334		195,606
VOLT XCV LLC Series 2021-NPL4, Class A1 2.24% due 03/27/2051*(3)		166,036		165,498
Westlake Automobile Receivables Trust Series 2021-1A, Class C 0.95% due 03/16/2026*		190,000		189,034
ZH Trust Series 2021-2, Class A 2.35% due 10/17/2027*(5)		130,000		127,931
Total Asset Backed Securities
(cost $12,567,478)				12,513,035
U.S. CORPORATE BONDS & NOTES — 11.1%
Aerospace/Defense — 0.3%
Boeing Co. Senior Notes 1.43% due 02/04/2024		10,000		10,001
Boeing Co. Senior Notes 2.20% due 02/04/2026		5,000		4,991
Boeing Co. Senior Notes 2.70% due 02/01/2027		270,000		275,378
Boeing Co. Senior Notes 3.45% due 11/01/2028		19,000		19,884
Northrop Grumman Corp. Senior Notes 3.85% due 04/15/2045		68,000		78,211
Raytheon Technologies Corp. Senior Notes 2.25% due 07/01/2030		86,000		85,877
				474,342
Agricultural Operations — 0.0%
Bunge, Ltd. Finance Corp. Company Guar. Notes 2.75% due 05/14/2031		45,000		45,478
Airlines — 0.5%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2021-1, Class A 2.88% due 01/11/2036		83,000		80,752
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030		115,775		117,483
American Airlines Pass-Through Trust Pass-Through Certs. Series 2019-1, Class AA 3.15% due 08/15/2033		187,418		191,538
American Airlines Pass-Through Trust Pass-Through Certs. Series 2021-1, Class B 3.95% due 01/11/2032		104,000		105,068
Delta Air Lines Pass Through Trust Pass-Through Certs. Series 2020-1, Class A 2.50% due 12/10/2029		64,585		64,765

Security Description	Principal Amount		Value (Note 2)
Airlines (continued)
JetBlue Pass-Through Trust Pass-Through Certs. Series 2020-1, Class B 7.75% due 05/15/2030	$	46,574	$	54,768
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class A 3.10% due 04/07/2030		27,599		27,587
United Airlines Pass-Through Trust Pass-Through Certs. Series 2019-2, Class B 3.50% due 11/01/2029		50,135		49,803
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class B 3.65% due 04/07/2027		52,593		52,605
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-1, Class B 3.65% due 07/07/2027		58,119		58,270
United Airlines Pass-Through Trust Pass-Through Certs. Series 2018-1, Class A 3.70% due 09/01/2031		38,641		39,618
				842,257
Applications Software — 0.0%
Roper Technologies, Inc. Senior Notes 1.75% due 02/15/2031		57,000		53,157
Auto-Cars/Light Trucks — 0.5%
General Motors Co. Senior Notes 6.80% due 10/01/2027		121,000		148,105
General Motors Financial Co., Inc. Senior Notes 2.70% due 06/10/2031		20,000		19,820
Hyundai Capital America Senior Notes 2.38% due 10/15/2027*		120,000		119,867
Hyundai Capital America Senior Notes 2.65% due 02/10/2025*		37,000		38,129
Hyundai Capital America Senior Notes 3.00% due 02/10/2027*		200,000		208,391
Nissan Motor Acceptance Corp. Senior Notes 2.80% due 01/13/2022*		186,000		186,413
				720,725
Auto/Truck Parts & Equipment-Original — 0.0%
Lear Corp. Senior Notes 2.60% due 01/15/2032		15,000		14,759
Banks-Super Regional — 0.2%
KeyCorp Senior Notes 2.25% due 04/06/2027		140,000		143,169
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		69,000		71,004

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Super Regional (continued)
Wells Fargo & Co. Sub. Notes 4.10% due 06/03/2026	$	131,000	$	142,930
				357,103
Beverages-Non-alcoholic — 0.1%
Keurig Dr Pepper, Inc. Company Guar. Notes 3.20% due 05/01/2030		94,000		99,843
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		239,000		261,404
Broadcast Services/Program — 0.1%
Discovery Communications LLC Company Guar. Notes 3.63% due 05/15/2030		94,000		100,562
Building Products-Cement — 0.0%
Martin Marietta Materials, Inc. Senior Notes 2.50% due 03/15/2030		57,000		57,471
Building Products-Wood — 0.0%
Masco Corp. Senior Notes 2.00% due 10/01/2030		57,000		54,819
Building-Residential/Commercial — 0.1%
Lennar Corp. Company Guar. Notes 5.00% due 06/15/2027		84,000		95,795
Cable/Satellite TV — 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.80% due 04/01/2031		180,000		178,162
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.50% due 06/01/2041		35,000		34,283
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		154,000		163,329
Cox Communications, Inc. Company Guar. Notes 1.80% due 10/01/2030*		142,000		134,920
				510,694
Cellular Telecom — 0.1%
T-Mobile USA, Inc. Senior Sec. Notes 2.55% due 02/15/2031		142,000		140,005
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041		87,000		83,649
				223,654
Chemicals-Diversified — 0.1%
LYB International Finance III LLC Company Guar. Notes 1.25% due 10/01/2025		140,000		138,279

Security Description	Principal Amount		Value (Note 2)
Chemicals-Specialty — 0.1%
International Flavor & Fragrances, Inc. Company Guar. Notes 3.47% due 12/01/2050*	$	154,000	$	162,716
Commercial Services — 0.0%
Quanta Services, Inc. Senior Notes 2.35% due 01/15/2032		45,000		44,255
Commercial Services-Finance — 0.0%
Global Payments, Inc. Senior Notes 3.20% due 08/15/2029		27,000		27,958
Computer Services — 0.1%
Leidos, Inc. Company Guar. Notes 2.30% due 02/15/2031		141,000		136,561
Computer Software — 0.0%
Citrix Systems, Inc. Senior Notes 1.25% due 03/01/2026		10,000		9,695
Computers — 0.1%
Dell International LLC/EMC Corp. Senior Notes 6.20% due 07/15/2030		141,000		179,590
Containers-Paper/Plastic — 0.0%
Graphic Packaging International LLC Senior Sec. Notes 1.51% due 04/15/2026*		33,000		32,510
Diagnostic Equipment — 0.0%
Thermo Fisher Scientific, Inc. Senior Notes 2.00% due 10/15/2031		40,000		39,176
Diversified Banking Institutions — 1.3%
Bank of America Corp. Senior Notes 2.57% due 10/20/2032		40,000		40,252
Bank of America Corp. Senior Notes 2.68% due 06/19/2041		144,000		139,865
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		149,000		160,974
Bank of America Corp. Sub. Notes 4.00% due 01/22/2025		309,000		330,706
Citigroup, Inc. Senior Notes 2.52% due 11/03/2032		15,000		14,993
Citigroup, Inc. Sub. Notes 3.88% due 03/26/2025		271,000		290,244
Citigroup, Inc. Senior Notes 3.88% due 01/24/2039		67,000		76,449
Goldman Sachs Group, Inc. Senior Notes 0.67% due 03/08/2024		96,000		95,678
Goldman Sachs Group, Inc. Senior Notes 1.95% due 10/21/2027		25,000		24,946

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032	$	15,000	$	14,737
Goldman Sachs Group, Inc. Senior Notes 3.69% due 06/05/2028		40,000		43,128
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		440,000		478,749
Morgan Stanley Sub. Notes 3.95% due 04/23/2027		150,000		164,034
Morgan Stanley Senior Notes 4.46% due 04/22/2039		171,000		207,084
				2,081,839
Diversified Manufacturing Operations — 0.2%
Eaton Corp. Company Guar. Notes 4.15% due 11/02/2042		67,000		79,870
General Electric Co. Senior Notes 3.45% due 05/01/2027		169,000		184,070
				263,940
Drug Delivery Systems — 0.1%
Becton Dickinson & Co. Senior Notes 4.67% due 06/06/2047		183,000		231,980
Electric-Distribution — 0.1%
New England Power Co. Senior Notes 2.81% due 10/06/2050*		58,000		53,918
Oklahoma Gas and Electric Co. Senior Notes 0.55% due 05/26/2023		20,000		19,893
				73,811
Electric-Integrated — 1.0%
Duke Energy Corp. Senior Notes 3.40% due 06/15/2029		160,000		170,740
Edison International Senior Notes 5.75% due 06/15/2027#		17,000		19,412
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		174,000		206,661
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		151,000		157,236
Exelon Generation Co. LLC Senior Notes 3.25% due 06/01/2025		299,000		314,344
Jersey Central Power & Light Co. Senior Notes 4.30% due 01/15/2026*		65,000		70,849
OGE Energy Corp. Senior Notes 0.70% due 05/26/2023		15,000		14,928
Pacific Gas & Electric Co. Senior Sec. Notes 1.37% due 03/10/2023		80,000		79,580

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
Pacific Gas & Electric Co. 1st Mtg. Notes 1.70% due 11/15/2023	$	20,000	$	19,982
Pacific Gas and Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045		10,000		10,285
PacifiCorp 1st Mtg. Notes 4.15% due 02/15/2050		183,000		219,480
Southern California Edison Co. 1st Mtg. Notes 1.20% due 02/01/2026		112,000		109,727
WEC Energy Group, Inc. Senior Notes 1.38% due 10/15/2027		140,000		135,251
				1,528,475
Electronic Components-Semiconductors — 0.2%
Broadcom, Inc. Senior Notes 3.19% due 11/15/2036*		10,000		9,877
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030		188,000		205,843
Microchip Technology, Inc. Senior Sec. Notes 0.97% due 02/15/2024*		47,000		46,589
Microchip Technology, Inc. Senior Sec. Notes 0.98% due 09/01/2024*		40,000		39,445
Xilinx, Inc. Senior Notes 2.38% due 06/01/2030		71,000		72,475
				374,229
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 3.80% due 11/15/2037		163,000		173,710
Entertainment Software — 0.0%
Activision Blizzard Inc Senior Notes 1.35% due 09/15/2030		28,000		25,622
Finance-Credit Card — 0.1%
Capital One Financial Corp. Senior Notes 3.80% due 01/31/2028		94,000		102,901
Finance-Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 1.88% due 08/15/2026		10,000		9,851
Air Lease Corp. Senior Notes 3.38% due 07/01/2025		129,000		135,275
				145,126
Food-Meat Products — 0.1%
Smithfield Foods, Inc. Senior Notes 3.00% due 10/15/2030*		122,000		122,555

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Meat Products (continued)
Tyson Foods, Inc. Senior Notes 3.55% due 06/02/2027	$	94,000	$	101,224
				223,779
Food-Misc./Diversified — 0.1%
Conagra Brands, Inc. Senior Notes 1.38% due 11/01/2027		141,000		135,156
Food-Wholesale/Distribution — 0.1%
Sysco Corp. Company Guar. Notes 2.40% due 02/15/2030		122,000		123,275
Gas-Distribution — 0.1%
Atmos Energy Corp. Senior Notes 0.63% due 03/09/2023		15,000		14,974
Atmos Energy Corp. Senior Notes 2.85% due 02/15/2052		35,000		35,114
CenterPoint Energy Resources Corp. Senior Notes 1.75% due 10/01/2030		141,000		132,547
				182,635
Independent Power Producers — 0.3%
Alexander Funding Trust Senior Sec. Notes 1.84% due 11/15/2023*		74,000		74,799
NRG Energy, Inc. Senior Sec. Notes 2.00% due 12/02/2025*		47,000		47,433
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		308,000		305,210
				427,442
Insurance Brokers — 0.0%
Brown & Brown, Inc. Senior Notes 2.38% due 03/15/2031		56,000		55,325
Insurance-Life/Health — 0.2%
Athene Global Funding Sec. Notes 2.75% due 06/25/2024*		56,000		58,071
Empower Finance 2020 LP Company Guar. Notes 3.08% due 09/17/2051*		68,000		70,987
F&G Global Funding Sec. Notes 1.75% due 06/30/2026*		25,000		24,932
Northwestern Mutual Global Funding Senior Sec. Notes 1.70% due 06/01/2028*		25,000		24,852
Teachers Insurance & Annuity Association of America Sub. Notes 3.30% due 05/15/2050*		58,000		61,411
				240,253
Insurance-Mutual — 0.1%
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		68,000		79,162

Security Description	Principal Amount		Value (Note 2)
Machinery-General Industrial — 0.0%
Otis Worldwide Corp. Senior Notes 3.11% due 02/15/2040	$	67,000	$	68,956
Medical Products — 0.1%
Zimmer Biomet Holdings, Inc. Senior Notes 2.60% due 11/24/2031#		33,000		33,168
Zimmer Biomet Holdings, Inc. Senior Notes 3.55% due 03/20/2030		66,000		71,773
				104,941
Medical-Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040		68,000		69,602
Gilead Sciences, Inc. Senior Notes 2.60% due 10/01/2040		143,000		137,324
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		56,000		52,507
				259,433
Medical-Drugs — 0.3%
AbbVie, Inc. Senior Notes 2.95% due 11/21/2026		19,000		19,969
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		47,000		50,018
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039		277,000		317,684
Bristol-Myers Squibb Co. Senior Notes 4.13% due 06/15/2039		48,000		57,052
				444,723
Medical-Generic Drugs — 0.2%
Utah Acquisition Sub, Inc. Company Guar. Notes 3.95% due 06/15/2026		159,000		171,038
Viatris, Inc. Company Guar. Notes 3.85% due 06/22/2040		153,000		162,921
				333,959
Medical-HMO — 0.0%
Anthem, Inc. Senior Notes 2.25% due 05/15/2030		57,000		56,800
Medical-Hospitals — 0.2%
HCA, Inc. Senior Sec. Notes 3.50% due 07/15/2051		15,000		15,340
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		158,000		177,739
MedStar Health, Inc. Sec. Notes 3.63% due 08/15/2049		46,000		51,155

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Hospitals (continued)
Piedmont Healthcare, Inc. Sec. Bonds 2.86% due 01/01/2052	$	25,000	$	25,014
Universal Health Services, Inc. Senior Sec. Notes 2.65% due 01/15/2032*		25,000		24,739
				293,987
Metal-Diversified — 0.1%
Glencore Funding LLC Company Guar. Notes 2.50% due 09/01/2030*		75,000		72,882
Multimedia — 0.1%
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		96,000		108,191
Viacom, Inc. Senior Notes 5.85% due 09/01/2043		10,000		13,536
Walt Disney Co. Company Guar. Notes 3.50% due 05/13/2040		96,000		105,844
				227,571
Oil Companies-Exploration & Production — 0.1%
Coterra Energy, Inc. Senior Notes 3.90% due 05/15/2027*		46,000		49,901
Diamondback Energy, Inc. Company Guar. Notes 3.25% due 12/01/2026		74,000		77,701
Pioneer Natural Resources Co. Senior Notes 1.90% due 08/15/2030		57,000		53,980
				181,582
Oil Companies-Integrated — 0.1%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050		145,000		137,058
Exxon Mobil Corp. Senior Notes 3.00% due 08/16/2039		86,000		88,798
				225,856
Oil Refining & Marketing — 0.0%
HollyFrontier Corp. Senior Notes 2.63% due 10/01/2023		56,000		57,333
Oil-Field Services — 0.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. Senior Notes 3.34% due 12/15/2027#		65,000		69,469
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		65,000		70,779
				140,248
Pharmacy Services — 0.1%
CVS Health Corp. Senior Notes 2.70% due 08/21/2040		94,000		90,002

Security Description	Principal Amount		Value (Note 2)
Pharmacy Services (continued)
CVS Health Corp. Senior Notes 4.88% due 07/20/2035	$	47,000	$	57,648
				147,650
Pipelines — 0.6%
Enable Midstream Partners LP Senior Notes 3.90% due 05/15/2024		110,000		115,499
Enable Midstream Partners LP Senior Notes 4.40% due 03/15/2027		50,000		54,074
Energy Transfer LP Senior Notes 3.90% due 07/15/2026		84,000		90,466
Enterprise Products Operating LLC Company Guar. Notes 4.45% due 02/15/2043		68,000		78,136
Flex Intermediate Holdco LLC Senior Sec. Notes 3.36% due 06/30/2031*		25,000		25,267
Flex Intermediate Holdco LLC Senior Sec. Notes 4.32% due 12/30/2039*		15,000		15,818
Gray Oak Pipeline LLC Senior Notes 2.60% due 10/15/2025*		139,000		141,427
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*		41,000		42,751
MPLX LP Senior Notes 2.65% due 08/15/2030		141,000		139,383
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		25,000		25,321
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.65% due 10/15/2025		84,000		91,710
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 03/01/2025		65,000		72,499
Tennessee Gas Pipeline Co. LLC Company Guar. Notes 2.90% due 03/01/2030*		70,000		71,096
				963,447
Real Estate Investment Trusts — 0.9%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.38% due 08/15/2031		66,000		71,524
American Campus Communities Operating Partnership LP Company Guar. Notes 2.25% due 01/15/2029		20,000		19,821
American Tower Corp. Senior Notes 1.50% due 01/31/2028		47,000		44,769
American Tower Corp. Senior Notes 1.88% due 10/15/2030		246,000		231,892
American Tower Corp. Senior Notes 2.95% due 01/15/2051		57,000		53,626

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
American Tower Corp. Senior Notes 3.10% due 06/15/2050	$	88,000	$	85,467
Brixmor Operating Partnership LP Senior Notes 2.25% due 04/01/2028		30,000		30,058
Brixmor Operating Partnership LP Senior Notes 2.50% due 08/16/2031		15,000		14,605
Corporate Office Properties LP Company Guar. Notes 2.75% due 04/15/2031		36,000		36,097
Crown Castle International Corp. Senior Notes 3.10% due 11/15/2029		66,000		68,509
CubeSmart LP Company Guar. Notes 2.00% due 02/15/2031		85,000		82,843
Equinix, Inc. Senior Notes 2.90% due 11/18/2026		85,000		88,237
Healthcare Trust of America Holdings LP Company Guar. Notes 2.00% due 03/15/2031		56,000		52,839
Healthpeak Properties, Inc. Senior Notes 2.13% due 12/01/2028#		38,000		37,971
Healthpeak Properties, Inc. Senior Notes 2.88% due 01/15/2031		56,000		58,123
Life Storage LP Company Guar. Notes 2.40% due 10/15/2031		35,000		34,347
Mid-America Apartments LP Senior Notes 3.60% due 06/01/2027		19,000		20,624
Office Properties Income Trust Senior Notes 2.40% due 02/01/2027#		45,000		43,796
Office Properties Income Trust Senior Notes 3.45% due 10/15/2031		10,000		9,739
Physicians Realty LP Company Guar. Notes 2.63% due 11/01/2031		15,000		14,982
Public Storage Senior Notes 1.95% due 11/09/2028		18,000		17,903
Public Storage Senior Notes 2.25% due 11/09/2031		15,000		14,932
Sabra Health Care LP Company Guar. Notes 3.20% due 12/01/2031		25,000		24,530
Safehold Operating Partnership LP Company Guar. Notes 2.85% due 01/15/2032#		46,000		45,002
UDR, Inc. Company Guar. Notes 2.10% due 08/01/2032		57,000		54,396
WP Carey, Inc. Senior Notes 2.40% due 02/01/2031		141,000		139,532
				1,396,164

Security Description	Principal Amount		Value (Note 2)
Retail-Auto Parts — 0.1%
AutoZone, Inc. Senior Notes 3.63% due 04/15/2025	$	84,000	$	89,711
O’Reilly Automotive, Inc. Senior Notes 3.90% due 06/01/2029		66,000		73,215
				162,926
Retail-Building Products — 0.1%
Lowe’s Cos., Inc. Senior Notes 3.70% due 04/15/2046		67,000		74,589
Retail-Convenience Store — 0.1%
7-Eleven, Inc. Senior Notes 0.63% due 02/10/2023*		85,000		84,767
Retail-Major Department Stores — 0.0%
Nordstrom, Inc. Senior Notes 4.25% due 08/01/2031#		47,000		44,965
Retail-Regional Department Stores — 0.0%
Kohl’s Corp. Senior Notes 3.38% due 05/01/2031#		44,000		45,259
Semiconductor Components-Integrated Circuits — 0.0%
Analog Devices, Inc. Senior Notes 2.80% due 10/01/2041		26,000		26,556
Semiconductor Equipment — 0.1%
KLA Corp. Senior Notes 3.30% due 03/01/2050		105,000		114,018
Software Tools — 0.1%
VMware, Inc. Senior Notes 1.40% due 08/15/2026		47,000		45,951
VMware, Inc. Senior Notes 4.70% due 05/15/2030		94,000		109,079
				155,030
Steel-Producers — 0.0%
Steel Dynamics, Inc. Senior Notes 1.65% due 10/15/2027		56,000		54,530
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 2.75% due 06/01/2031		180,000		182,972
AT&T, Inc. Senior Notes 3.50% due 06/01/2041		87,000		89,531
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		30,000		30,337
Verizon Communications, Inc. Senior Notes 2.65% due 11/20/2040		57,000		54,475
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		151,000		160,230

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
Verizon Communications, Inc. Senior Notes 3.85% due 11/01/2042	$	96,000	$	108,812
				626,357
Tobacco — 0.1%
Altria Group, Inc. Company Guar. Notes 2.45% due 02/04/2032		50,000		47,069
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		113,000		110,421
BAT Capital Corp. Company Guar. Notes 3.73% due 09/25/2040		38,000		36,730
				194,220
Toys — 0.0%
Hasbro, Inc. Senior Notes 3.90% due 11/19/2029		47,000		51,672
Transport-Rail — 0.0%
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		22,000		27,943
Total U.S. Corporate Bonds & Notes
(cost $18,282,570)				17,789,827
FOREIGN CORPORATE BONDS & NOTES — 1.5%
Banks-Commercial — 0.0%
Westpac Banking Corp. Sub. Notes 3.13% due 11/18/2041		25,000		24,791
Cellular Telecom — 0.0%
Rogers Communications, Inc. Company Guar. Notes 3.70% due 11/15/2049		68,000		71,537
Commercial Services-Finance — 0.0%
IHS Markit, Ltd. Senior Notes 4.25% due 05/01/2029		44,000		49,761
Computer Services — 0.0%
CGI, Inc. Senior Notes 2.30% due 09/14/2031*		42,000		40,627
Diversified Banking Institutions — 0.5%
HSBC Holdings PLC Senior Notes 6.10% due 01/14/2042		95,000		136,004
Macquarie Group, Ltd. Senior Bonds 2.87% due 01/14/2033*		100,000		100,208
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.74% due 03/07/2029		130,000		142,756
NatWest Markets PLC Senior Notes 1.60% due 09/29/2026*		200,000		196,984
Societe Generale SA Sub. Notes 4.25% due 04/14/2025*		200,000		213,125
				789,077

Security Description	Principal Amount		Value (Note 2)
Electronic Components-Semiconductors — 0.1%
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 2.50% due 05/11/2031*	$	40,000	$	40,076
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.25% due 05/11/2041*		40,000		41,018
				81,094
Finance-Leasing Companies — 0.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 2.45% due 10/29/2026		150,000		150,437
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 3.00% due 10/29/2028		150,000		150,967
Avolon Holdings Funding, Ltd. Company Guar. Notes 2.53% due 11/18/2027*		78,000		76,113
Avolon Holdings Funding, Ltd. Company Guar. Notes 2.88% due 02/15/2025*		24,000		24,522
Avolon Holdings Funding, Ltd. Company Guar. Notes 4.25% due 04/15/2026*		47,000		50,199
Avolon Holdings Funding, Ltd. Senior Notes 5.50% due 01/15/2026*		154,000		171,234
Park Aerospace Holdings, Ltd. Company Guar. Notes 4.50% due 03/15/2023*		46,000		47,680
Park Aerospace Holdings, Ltd. Company Guar. Notes 5.50% due 02/15/2024*		7,000		7,541
				678,693
Medical-Biomedical/Gene — 0.1%
Royalty Pharma PLC Company Guar. Notes 3.30% due 09/02/2040		142,000		142,114
Metal-Iron — 0.0%
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		37,000		37,192
Oil Companies-Integrated — 0.0%
TotalEnergies Capital International SA Company Guar. Bonds 2.99% due 06/29/2041		58,000		59,308
Pipelines — 0.1%
TransCanada PipeLines, Ltd. Senior Notes 4.10% due 04/15/2030		66,000		73,398
Real Estate Investment Trusts — 0.1%
Scentre Group Trust 1/Scentre Group Trust 2 Company Guar. Notes 3.63% due 01/28/2026*		140,000		150,431
Rental Auto/Equipment — 0.1%
Triton Container International, Ltd. Company Guar. Notes 2.05% due 04/15/2026*		100,000		99,226

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Retail-Convenience Store — 0.1%
Alimentation Couche-Tard, Inc. Senior Notes 2.95% due 01/25/2030*	$	56,000	$	58,347
Alimentation Couche-Tard, Inc. Company Guar. Notes 3.44% due 05/13/2041*		35,000		36,294
Alimentation Couche-Tard, Inc. Company Guar. Notes 3.63% due 05/13/2051*		35,000		37,457
				132,098
Total Foreign Corporate Bonds & Notes
(cost $2,479,140)				2,429,347
U.S. GOVERNMENT AGENCIES — 8.2%
Federal Home Loan Mtg. Corp. — 1.4%
2.50% due 02/01/2051		180,459		185,233
3.00% due 11/01/2050		151,859		159,811
3.50% due 05/01/2042		70,823		76,193
3.50% due 01/01/2050		223,870		239,515
Federal Home Loan Mtg. Corp. MSCR FRS Series 2021-MN2, Class M1 1.85% (SOFR30A+1.80%) due 07/25/2041*(1)(5)		104,049		104,049
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS
Series 2017-KGX1, Class BFX 3.71% due 10/25/2027*(1)(6)		65,000		66,716
Series 2016-K58, Class B 3.87% due 09/25/2049*(1)(6)		260,000		279,688
Series 2016-K56, Class B 4.08% due 06/25/2049*(1)(6)		50,000		54,042
Federal Home Loan Mtg. Corp. REMIC Series 3910, Class CU 4.00% due 03/15/2041(5)		46,000		49,057
Federal Home Loan Mtg. Corp. SCRT
Series 2018-1, Class M60C 3.50% due 05/25/2057(5)		141,040		149,579
Series 2018-2, Class M55D 4.00% due 11/25/2057(5)		221,426		237,507
Series 2018-4, Class M55D 4.00% due 03/25/2058(5)		40,829		43,809
Series 2019-2, Class M55D 4.00% due 08/25/2058(5)		196,426		211,834
Series 2019-3, Class M55D 4.00% due 10/25/2058(5)		197,268		212,996
Federal Home Loan Mtg. Corp. SCRT VRS
Series 2018-3, Class M55D 4.00% due 08/25/2057(5)(6)		182,332		196,759
				2,266,788
Federal National Mtg. Assoc. — 2.3%
2.70% due 07/01/2026		154,284		162,817
2.97% due 08/01/2026		160,000		170,258
3.00% due 05/01/2050		112,131		118,164
3.00% due 01/01/2051		266,523		278,321
3.33% due 04/01/2030		330,169		368,162
3.77% due 12/01/2025		71,469		77,670
4.00% due 06/01/2049		75,191		80,931
4.00% due 02/01/2051		759,836		826,746
4.34% due 01/01/2029		57,096		65,354
5.07% due 03/01/2028		61,739		72,042
Federal National Mtg. Assoc. Grantor Trust
Series 2001-T12, Class A1 6.50% due 08/25/2041(5)		111,942		125,903

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2002-T4, Class A1 6.50% due 12/25/2041(5)	$	12,656	$	14,439
Federal National Mtg. Assoc. REMIC
Series 2021-M3, Class 1A1 1.00% due 11/25/2033(1)		116,550		115,285
Series 2018-72, Class VB 3.50% due 10/25/2031(5)		194,896		207,596
Series 2019-7, Class CA 3.50% due 11/25/2057(5)		303,452		319,437
Series 2017-35, Class VA 4.00% due 07/25/2028(5)		102,365		108,706
Series 2002-W3, Class A4 6.50% due 11/25/2041(5)		108,447		123,037
Series 2002-W8, Class A1 6.50% due 06/25/2042(5)		53,657		60,564
Federal National Mtg. Assoc. REMIC VRS
Series 2017-M15, Class A1 3.06% due 09/25/2027(1)(6)		151,700		159,795
Series 2018-M10, Class A1 3.48% due 07/25/2028(1)(6)		134,144		144,648
				3,599,875
Government National Mtg. Assoc. — 3.5%
2.50% due 12/20/2050		254,570		260,518
2.50% due 10/20/2051		503,356		517,967
3.00% due 02/20/2051		782,071		832,205
3.00% due 03/20/2051		782,995		821,077
3.00% due 04/20/2051		457,574		485,663
3.00% due 07/20/2051		295,401		311,408
3.50% due 01/20/2051		249,686		273,016
3.50% due 02/20/2051		692,164		747,485
3.50% due 03/20/2051		457,236		494,455
3.50% due 07/20/2051		397,407		430,717
4.00% due 05/20/2038		146,634		155,926
4.00% due 03/20/2051		79,089		84,924
4.50% due 12/20/2031		42,175		45,043
Government National Mtg. Assoc. REMIC VRS Series 2021-H14, Class YD 8.64% due 06/20/2071(5)(6)		123,044		163,251
				5,623,655
Uniform Mtg. Backed Securities — 1.0%
2.50% due February 30 TBA		1,485,000		1,514,990
Total U.S. Government Agencies
(cost $13,169,849)				13,005,308
U.S. GOVERNMENT TREASURIES — 7.4%
United States Treasury Bonds — 3.2%
zero coupon due 05/15/2027 STRIPS		310,000		289,438
zero coupon due 11/15/2027 STRIPS		900,000		831,957
zero coupon due 05/15/2041 STRIPS		450,000		305,789
1.13% due 05/15/2040		531,000		471,097
1.13% due 08/15/2040		303,000		267,989
1.38% due 11/15/2040		720,000		664,200
1.38% due 08/15/2050		832,000		751,758
1.63% due 11/15/2050		800,000		767,875
1.88% due 02/15/2051		485,000		493,582
2.25% due 05/15/2041		73,000		77,722
2.25% due 08/15/2046		210,000		227,063
				5,148,470
United States Treasury Notes — 4.2%
0.38% due 12/31/2025		2,090,000		2,032,607
0.63% due 11/30/2027		180,000		173,292
0.63% due 12/31/2027		1,300,000		1,250,082

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
1.00% due 07/31/2028	$	260,000		$	254,262
1.13% due 02/15/2031		160,000			156,200
1.25% due 03/31/2028		245,000			244,148
1.63% due 05/15/2031		75,000			76,453
1.75% due 07/31/2024		2,375,000			2,439,663
					6,626,707
Total U.S. Government Treasuries
(cost $11,819,978)					11,775,177
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(4)		18			216
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		44,000			242
Total Escrows And Litigation Trusts
(cost $0)					458
Total Long-Term Investment Securities
(cost $142,849,165)					156,058,258
SHORT-TERM INVESTMENT SECURITIES — 0.1%
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(7)(8) (cost $116,793)		116,793			116,793
REPURCHASE AGREEMENTS — 3.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $5,056,000 and collateralized by $5,301,700 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $5,157,144 (cost $5,056,000)		5,056,000			5,056,000
TOTAL INVESTMENTS
(cost $148,021,958)(9)		101.1	%		161,231,051
Liabilities in excess of other assets		(1.1	)		(1,717,875	)
NET ASSETS		100.0	%	$	159,513,176

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $16,495,272 representing 10.3% of net assets.

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

(1) Commercial Mortgage Backed Security

(2) Collateralized Loan Obligation

(3) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2021.

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

(5) Collateralized Mortgage Obligation

(6) 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.

(7) The rate shown is the 7-day yield as of November 30, 2021.

(8) At November 30, 2021, the Fund had loaned securities with a total value of $321,457. This was secured by collateral of $116,793, which was received in cash and subsequently invested in short-term investments currently valued at $116,793 as reported in the Portfolio of Investments. Additional collateral of $211,516 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	02/03/2022	$	12,411
United States Treasury Notes/Bonds	0.13% to 3.88%	01/15/2022 to 05/15/2051		199,105

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

MSCR — Multifamily Structured Credit Risk

REMIC — Real Estate Mortgage Investment Conduit

SCRT — Seasoned Credit Risk Transfer Trust

STRIPS — Separate Trading of Registered Interest and Principal Securities

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

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at November 30, 2021 and unless noted otherwise, the dates are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

SOFR30A — Secured Overnight Financing Rate 30 day average

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	2	Long	S&P 500 E-Mini Index		December 2021	$	467,567	$	456,625	$	(10,942	)

* 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.

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	98,545,106	$	—	$	—	$	98,545,106
Asset Backed Securities		—		12,336,481		176,554		12,513,035
U.S. Corporate Bonds & Notes		—		17,789,827		—		17,789,827
Foreign Corporate Bonds & Notes		—		2,429,347		—		2,429,347
U.S. Government Agencies		—		13,005,308		—		13,005,308
U.S. Government Treasuries		—		11,775,177		—		11,775,177
Escrows and Litigation Trusts		—		242		216		458
Short-Term Investment Securities		116,793		—		—		116,793
Repurchase Agreements		—		5,056,000		—		5,056,000
Total Investments at Value	$	98,661,899	$	62,392,382	$	176,770	$	161,231,051
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	10,942	$	—	$	—	$	10,942

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

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

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

See Notes to Financial Statements

19

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

E-Commerce/Products	13.2	%
Applications Software	12.2
Internet Content — Entertainment	11.2
Web Portals/ISP	9.7
Electronic Components — Semiconductors	6.7
Computers	5.5
Auto — Cars/Light Trucks	4.1
Finance — Credit Card	3.9
Commercial Services — Finance	3.3
Medical — HMO	2.2
Medical — Drugs	1.9
Diagnostic Equipment	1.8
Enterprise Software/Service	1.7
Retail — Apparel/Shoe	1.7
Medical Instruments	1.6
E-Commerce/Services	1.5
Computer Software	1.3
Retail — Automobile	1.2
Computer Aided Design	1.0
Diversified Banking Institutions	1.0
Data Processing/Management	1.0
Retail — Restaurants	1.0
Semiconductor Equipment	0.9
Athletic Footwear	0.9
Medical Products	0.8
Internet Application Software	0.8
Medical — Hospitals	0.7
Computer Data Security	0.7
Retail — Discount	0.6
Communications Software	0.5
Internet Content — Information/News	0.5
Finance — Investment Banker/Broker	0.4
Registered Investment Companies	0.4
Multimedia	0.3
Semiconductor Components — Integrated Circuits	0.3
Diversified Manufacturing Operations	0.3
Distribution/Wholesale	0.3
Commercial Services	0.3
Insurance — Multi-line	0.3
Industrial Gases	0.3
Disposable Medical Products	0.2
Insurance Brokers	0.2
Electronic Connectors	0.2
Cellular Telecom	0.2
Retail — Major Department Stores	0.2
Decision Support Software	0.1
Diversified Financial Services	0.1
Coatings/Paint	0.1
	99.3	%

* Calculated as a percentage of net assets

20

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.9%
Applications Software — 12.2%
Intuit, Inc.		35,155	$	22,931,606
Microsoft Corp.		225,805		74,648,875
Roper Technologies, Inc.		10,559		4,900,960
ServiceNow, Inc.†		39,984		25,897,637
				128,379,078
Athletic Footwear — 0.9%
NIKE, Inc., Class B		53,905		9,122,882
Auto - Cars/Light Trucks — 4.1%
Rivian Automotive, Inc.† Class A		42,953		5,144,051
Rivian Automotive, Inc. Lock-up shares(1)		63,500		7,224,522
Tesla, Inc.†		27,034		30,947,442
				43,316,015
Cellular Telecom — 0.2%
T-Mobile US, Inc.†		17,984		1,956,839
Coatings/Paint — 0.1%
Sherwin-Williams Co.		1,857		615,113
Commercial Services — 0.3%
Cintas Corp.		2,795		1,180,021
CoStar Group, Inc.†		21,107		1,641,280
				2,821,301
Commercial Services - Finance — 3.3%
Affirm Holdings, Inc.†		37,244		4,718,070
Equifax, Inc.		5,383		1,499,973
Global Payments, Inc.		6,109		727,215
PayPal Holdings, Inc.†		56,693		10,481,969
S&P Global, Inc.		15,748		7,176,836
Square, Inc., Class A†		38,805		8,084,246
Toast, Inc., Class A†		4,296		171,797
TransUnion		15,210		1,691,200
				34,551,306
Communications Software — 0.5%
Zoom Video Communications, Inc., Class A†		25,963		5,488,838
Computer Aided Design — 1.0%
Synopsys, Inc.†		31,092		10,602,372
Computer Data Security — 0.7%
Crowdstrike Holdings, Inc., Class A†		5,124		1,112,625
Fortinet, Inc.†		20,088		6,671,426
				7,784,051
Computer Software — 1.3%
Datadog, Inc., Class A†		15,932		2,840,516
MongoDB, Inc.†		13,674		6,811,019
Snowflake, Inc., Class A†		6,313		2,147,367
Twilio, Inc., Class A†		5,703		1,631,914
				13,430,816
Computers — 5.5%
Apple, Inc.		350,601		57,954,345
Data Processing/Management — 1.0%
DocuSign, Inc.†		21,678		5,340,592
Fiserv, Inc.†		49,789		4,805,634
				10,146,226
Decision Support Software — 0.1%
MSCI, Inc.		2,246		1,413,745
Diagnostic Equipment — 1.8%
Danaher Corp.		39,111		12,579,662
Thermo Fisher Scientific, Inc.		10,414		6,590,292
				19,169,954

Security Description	Shares		Value (Note 2)
Disposable Medical Products — 0.2%
Teleflex, Inc.		7,561	$	2,248,793
Distribution/Wholesale — 0.3%
Copart, Inc.†		20,202		2,932,522
Diversified Banking Institutions — 1.0%
Goldman Sachs Group, Inc.		27,809		10,594,951
Diversified Financial Services — 0.1%
ANT International Co., Ltd., Class C(1)(2)		402,788		1,474,969
Diversified Manufacturing Operations — 0.3%
General Electric Co.		31,254		2,968,818
E-Commerce/Products — 13.2%
Amazon.com, Inc.†		32,814		115,080,995
Coupang, Inc.†#		24,262		642,943
Sea, Ltd. ADR†		77,702		22,383,615
				138,107,553
E-Commerce/Services — 1.5%
Booking Holdings, Inc.†		2,242		4,712,348
Delivery Hero SE†*		13,160		1,756,738
DoorDash, Inc., Class A†		45,067		8,056,627
Opendoor Technologies, Inc.†		97,715		1,547,806
				16,073,519
Electronic Components - Semiconductors — 6.7%
Advanced Micro Devices, Inc.†		98,462		15,593,427
Marvell Technology, Inc.		60,680		4,318,596
Monolithic Power Systems, Inc.		7,542		4,174,195
NVIDIA Corp.		126,818		41,439,050
Texas Instruments, Inc.		26,055		5,012,200
				70,537,468
Electronic Connectors — 0.2%
TE Connectivity, Ltd.		13,083		2,013,866
Enterprise Software/Service — 1.7%
Atlassian Corp. PLC, Class A†		12,790		4,813,133
Bill.com Holdings, Inc.†		15,673		4,401,762
Coupa Software, Inc.†		10,626		2,089,709
Paycom Software, Inc.†		1,911		836,024
salesforce.com, Inc.†		8,918		2,541,274
Veeva Systems, Inc., Class A†		11,955		3,378,244
				18,060,146
Finance - Credit Card — 3.9%
Mastercard, Inc., Class A		56,244		17,712,361
Visa, Inc., Class A		119,246		23,106,297
				40,818,658
Finance - Investment Banker/Broker — 0.4%
Charles Schwab Corp.		60,192		4,658,259
Industrial Gases — 0.3%
Linde PLC		8,628		2,744,912
Insurance Brokers — 0.2%
Marsh & McLennan Cos., Inc.		12,460		2,043,689
Insurance - Multi-line — 0.3%
Chubb, Ltd.		15,353		2,755,403
Internet Application Software — 0.8%
Shopify, Inc., Class A†		5,202		7,916,352
Internet Content - Entertainment — 11.2%
Meta Platforms, Inc.†		221,941		72,010,977
Netflix, Inc.†		34,197		21,951,054
Pinterest, Inc., Class A†		112,459		4,505,107
Roku, Inc.†		4,172		949,589

21

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Content - Entertainment (continued)
Snap, Inc., Class A†		302,657	$	14,409,500
Spotify Technology SA†		14,254		3,399,579
				117,225,806
Internet Content - Information/News — 0.5%
Tencent Holdings, Ltd.		91,000		5,361,041
Medical Instruments — 1.6%
Intuitive Surgical, Inc.†		50,377		16,339,276
Medical Products — 0.8%
Align Technology, Inc.†		3,032		1,854,159
Stryker Corp.		28,792		6,813,051
				8,667,210
Medical - Drugs — 1.9%
AstraZeneca PLC ADR		41,978		2,301,654
Eli Lilly & Co.		44,588		11,059,607
Zoetis, Inc.		29,475		6,544,629
				19,905,890
Medical - HMO — 2.2%
Humana, Inc.		8,410		3,529,761
UnitedHealth Group, Inc.		43,214		19,196,523
				22,726,284
Medical - Hospitals — 0.7%
HCA Healthcare, Inc.		34,903		7,873,768
Multimedia — 0.3%
Walt Disney Co.†		25,314		3,667,999
Retail - Apparel/Shoe — 1.7%
Lululemon Athletica, Inc.†		21,360		9,706,198
Ross Stores, Inc.		70,094		7,646,554
				17,352,752
Retail - Automobile — 1.2%
Carvana Co.†		46,213		12,959,050
Retail - Discount — 0.6%
Dollar General Corp.		30,843		6,825,556
Retail - Major Department Stores — 0.2%
TJX Cos., Inc.		26,506		1,839,516
Retail - Restaurants — 1.0%
Chipotle Mexican Grill, Inc.†		4,528		7,441,360
Starbucks Corp.		23,667		2,594,850
				10,036,210
Semiconductor Components - Integrated Circuits — 0.3%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		29,327		3,435,658
Semiconductor Equipment — 0.9%
ASML Holding NV		11,920		9,434,799
Web Portals/ISP — 9.7%
Alphabet, Inc., Class A†		6,556		18,605,600
Alphabet, Inc., Class C†		29,105		82,921,309
				101,526,909
Total Common Stocks
(cost $521,490,790)				1,037,880,483

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES — 0.0%
Decision Support Software — 0.0%
Databricks, Inc. Series G(1)(2) (cost $323,873)		1,826		$	402,546
Total Long-Term Investment Securities
(cost $521,814,663)					1,038,283,029
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.03%(3)		500,000			500,000
T. Rowe Price Government Reserve Fund 0.05%(3)		3,307,006			3,307,006
Total Short-Term Investment Securities
(cost $3,807,006)					3,807,006
TOTAL INVESTMENTS
(cost $525,621,669)(5)		99.3	%		1,042,090,035
Other assets less liabilities		0.7			6,868,180
NET ASSETS		100.0	%	$	1,048,958,215

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $1,756,738 representing 0.2% of net assets.

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

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2021, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ANT International Co., Ltd., Class C		06/07/2018		402,788	$	1,535,177	$	1,474,969	$	3.66		0.14%
Rivian Automotive, Inc. Lock-up shares		01/19/2021		63,500		2,339,975		7,224,522		113.77		0.69%
Convertible Preferred Securities
Databricks, Inc. Series G		02/01/2021		1,826		323,874		402,546		220.45		0.04%
							$	9,102,037				0.87%

22

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

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

(3) The rate shown is the 7-day yield as of November 30, 2021.

(4) At November 30, 2021, the Fund had loaned securities with a total value of $5,751. This was secured by collateral of $ 5,967 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	12/30/2021 to 06/16/2022	$	301
United States Treasury Notes/Bonds	0.07% to 4.38%	12/31/2021 to 08/15/2051		5,666

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

ADR — American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
Auto - Cars/Light Trucks	$	36,091,493	$	7,224,522		$	—	$	43,316,015
Diversified Financial Services		—		—			1,474,969		1,474,969
Other Industries		985,971,720		7,117,779	**		—		993,089,499
Convertible Preferred Securities		—		—			402,546		402,546
Short-Term Investment Securities		3,807,006		—			—		3,807,006
Total Investments at Value	$	1,025,870,219	$	14,342,301		$	1,877,515	$	1,042,090,035

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

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

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

See Notes to Financial Statements

23

VALIC Company I Capital Appreciation Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Applications Software	10.8	%
Computers	8.5
Electronic Components — Semiconductors	8.4
Web Portals/ISP	6.9
E-Commerce/Products	4.7
Internet Content — Entertainment	4.3
Electronic Forms	3.4
Finance — Credit Card	3.4
Medical — Biomedical/Gene	2.8
Apparel Manufacturers	2.4
Diversified Manufacturing Operations	2.4
Medical Products	1.8
Retail — Auto Parts	1.8
Consulting Services	1.5
Retail — Perfume & Cosmetics	1.5
Computer Data Security	1.5
Retail — Discount	1.5
Transport — Rail	1.5
Cosmetics & Toiletries	1.5
Resorts/Theme Parks	1.4
Wireless Equipment	1.4
Medical — Drugs	1.3
Retail — Restaurants	1.3
Internet Security	1.2
Internet Infrastructure Software	1.2
Commercial Services — Finance	1.1
Therapeutics	1.1
Banks — Super Regional	1.1
Insurance — Multi-line	1.1
Food — Confectionery	1.1
Cable/Satellite TV	1.0
Non-Hazardous Waste Disposal	1.0
Entertainment Software	1.0
Patient Monitoring Equipment	0.9
Industrial Automated/Robotic	0.9
Medical Instruments	0.9
Computer Software	0.8
Real Estate Investment Trusts	0.8
Real Estate Management/Services	0.7
Funeral Services & Related Items	0.7
Enterprise Software/Service	0.6
Web Hosting/Design	0.6
Insurance — Property/Casualty	0.6
Athletic Footwear	0.6
Tools — Hand Held	0.5
Dialysis Centers	0.5
Containers — Paper/Plastic	0.5
Schools	0.5
Medical — Hospitals	0.4
Beverages — Non-alcoholic	0.4
Computer Aided Design	0.4
Data Processing/Management	0.3
	98.5%

* Calculated as a percentage of net assets

24

VALIC Company I Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Apparel Manufacturers — 2.4%
Carter’s, Inc.		14,350	$	1,449,780
Deckers Outdoor Corp.†		5,629		2,281,997
				3,731,777
Applications Software — 10.8%
Microsoft Corp.		40,686		13,450,385
ServiceNow, Inc.†		5,045		3,267,646
				16,718,031
Athletic Footwear — 0.6%
NIKE, Inc., Class B		5,246		887,833
Banks - Super Regional — 1.1%
US Bancorp		31,075		1,719,691
Beverages - Non-alcoholic — 0.4%
Monster Beverage Corp.†		7,346		615,448
Cable/Satellite TV — 1.0%
Charter Communications, Inc., Class A†		2,469		1,595,665
Commercial Services - Finance — 1.1%
FleetCor Technologies, Inc.†		2,856		591,563
TransUnion		10,561		1,174,278
				1,765,841
Computer Aided Design — 0.4%
Autodesk, Inc.†		2,253		572,690
Computer Data Security — 1.5%
Fortinet, Inc.†		6,939		2,304,511
Computer Software — 0.8%
Dropbox, Inc., Class A†		52,330		1,287,841
Computers — 8.5%
Apple, Inc.		78,894		13,041,178
Consulting Services — 1.5%
Booz Allen Hamilton Holding Corp.		12,856		1,079,133
Gartner, Inc.†		4,142		1,293,339
				2,372,472
Containers - Paper/Plastic — 0.5%
WestRock Co.		16,957		735,764
Cosmetics & Toiletries — 1.5%
Estee Lauder Cos., Inc., Class A		4,431		1,471,402
Procter & Gamble Co.		5,332		770,901
				2,242,303
Data Processing/Management — 0.3%
Fair Isaac Corp.†		1,301		459,422
Dialysis Centers — 0.5%
DaVita, Inc.†		7,815		738,518
Diversified Manufacturing Operations — 2.4%
3M Co.		13,190		2,242,827
Carlisle Cos., Inc.		6,408		1,443,082
				3,685,909
E-Commerce/Products — 4.7%
Amazon.com, Inc.†		2,059		7,221,057
Electronic Components - Semiconductors — 8.4%
Broadcom, Inc.		7,699		4,262,782
NVIDIA Corp.		16,491		5,388,599
Texas Instruments, Inc.		17,321		3,332,041
				12,983,422

Security Description	Shares		Value (Note 2)
Electronic Forms — 3.4%
Adobe, Inc.†		7,887	$	5,283,107
Enterprise Software/Service — 0.6%
Veeva Systems, Inc., Class A†		3,533		998,355
Entertainment Software — 1.0%
Electronic Arts, Inc.		12,249		1,521,571
Finance - Credit Card — 3.4%
Mastercard, Inc., Class A		13,134		4,136,159
Visa, Inc., Class A		5,652		1,095,188
				5,231,347
Food - Confectionery — 1.1%
Hershey Co.		9,479		1,682,428
Funeral Services & Related Items — 0.7%
Service Corp. International		16,101		1,065,242
Industrial Automated/Robotic — 0.9%
Cognex Corp.		18,165		1,403,246
Insurance - Multi-line — 1.1%
Allstate Corp.		15,487		1,683,747
Insurance - Property/Casualty — 0.6%
Progressive Corp.		10,275		954,959
Internet Content - Entertainment — 4.3%
Meta Platforms, Inc.†		20,317		6,592,054
Internet Infrastructure Software — 1.2%
F5 Networks, Inc.†		7,957		1,810,854
Internet Security — 1.2%
Palo Alto Networks, Inc.†#		3,521		1,925,776
Medical Instruments — 0.9%
Bio-Techne Corp.		2,789		1,316,492
Medical Products — 1.8%
Align Technology, Inc.†		3,536		2,162,370
Novocure, Ltd.†		7,337		687,037
				2,849,407
Medical - Biomedical/Gene — 2.8%
Exelixis, Inc.†		52,819		886,831
Illumina, Inc.†		2,717		992,602
Vertex Pharmaceuticals, Inc.†		13,078		2,444,801
				4,324,234
Medical - Drugs — 1.3%
Eli Lilly & Co.		3,969		984,471
Zoetis, Inc.		4,483		995,405
				1,979,876
Medical - Hospitals — 0.4%
Acadia Healthcare Co., Inc.†		12,224		686,622
Non-Hazardous Waste Disposal — 1.0%
Waste Management, Inc.		9,539		1,532,631
Patient Monitoring Equipment — 0.9%
Insulet Corp.†		4,980		1,436,431
Real Estate Investment Trusts — 0.8%
Public Storage		3,556		1,164,163
Real Estate Management/Services — 0.7%
CBRE Group, Inc., Class A†		11,148		1,065,414
Resort/Theme Parks — 1.4%
Vail Resorts, Inc.		6,530		2,166,066

25

VALIC Company I Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Auto Parts — 1.8%
AutoZone, Inc.†		1,534	$	2,787,385
Retail - Discount — 1.5%
Target Corp.		9,335		2,276,247
Retail - Perfume & Cosmetics — 1.5%
Ulta Beauty, Inc.†		6,101		2,342,479
Retail - Restaurants — 1.3%
Starbucks Corp.		17,854		1,957,513
Schools — 0.5%
Chegg, Inc.†		26,164		728,667
Therapeutics — 1.1%
Neurocrine Biosciences, Inc.†		20,864		1,736,928
Tools - Hand Held — 0.5%
Snap-on, Inc.		3,894		801,814
Transport - Rail — 1.5%
Union Pacific Corp.		9,544		2,248,948
Web Hosting/Design — 0.6%
GoDaddy, Inc., Class A†		14,093		988,906
Web Portals/ISP — 6.9%
Alphabet, Inc., Class A†		844		2,395,230
Alphabet, Inc., Class C†		2,902		8,267,914
				10,663,144

Security Description	Shares			Value (Note 2)
Wireless Equipment — 1.4%
Motorola Solutions, Inc.		8,550		$	2,164,689
TOTAL INVESTMENTS
(cost $94,230,689)(1)		98.5	%		152,050,115
Other assets less liabilities		1.5			2,325,893
NET ASSETS		100.0	%	$	154,376,008

† Non-income producing security

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

At November 30, 2021, the Fund had loaned securities with a total value of $1,296,795. This was secured by collateral of $1,357,760 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Notes/Bonds	0.08% to 6.88%	01/15/2022 to 11/15/2050	$1,357,760

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	152,050,115	$	—	$	—	$	152,050,115

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

See Notes to Financial Statements

26

VALIC Company I Conservative Growth Lifestyle Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Domestic Fixed Income Investment Companies	56.7	%
Domestic Equity Investment Companies	20.5
International Equity Investment Companies	12.1
Domestic Money Market Investment Companies	6.6
International Fixed Income Investment Companies	4.1
	100.0	%

* Calculated as a percentage of net assets

27

VALIC Company I Conservative Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 20.5%
VALIC Co. I Capital Appreciation Fund		382,639	$	9,129,758
VALIC Co. I Dividend Value Fund		834,526		10,807,115
VALIC Co. I Large Capital Growth Fund		122,085		2,772,554
VALIC Co. I Mid Cap Index Fund		71,561		2,226,252
VALIC Co. I Mid Cap Strategic Growth Fund		291,980		7,159,355
VALIC Co. I Mid Cap Value Fund		89,091		1,943,969
VALIC Co. I Nasdaq-100® Index Fund		93,924		2,659,926
VALIC Co. I Science & Technology Fund		85,363		3,629,619
VALIC Co. I Small Cap Growth Fund		100,922		2,209,188
VALIC Co. I Small Cap Index Fund		47,303		1,080,407
VALIC Co. I Small Cap Special Values Fund		104,155		1,440,457
VALIC Co. I Small Cap Value Fund		30,761		468,797
VALIC Co. I Stock Index Fund		164,824		9,480,663
VALIC Co. I Systematic Core Fund		147,837		4,211,878
VALIC Co. I Systematic Value Fund		1,210,913		16,165,686
Total Domestic Equity Investment Companies
(cost $64,617,107)				75,385,624
Domestic Fixed Income Investment Companies — 56.7%
VALIC Co. I Core Bond Fund		13,259,639		151,955,466
VALIC Co. I Government Securities Fund		693,335		7,494,951
VALIC Co. I High Yield Bond Fund		3,817,839		29,473,716
VALIC Co. I Inflation Protected Fund		1,584,648		19,823,946
Total Domestic Fixed Income Investment Companies
(cost $205,264,260)				208,748,079
Domestic Money Market Investment Companies — 6.6%
VALIC Co. I Government Money Market I Fund(2)
(cost $24,491,893)		24,491,893		24,491,893

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 12.1%
VALIC Co. I Emerging Economies Fund		296,015		$	2,838,786
VALIC Co. I Global Real Estate Fund		1,184,396			9,866,015
VALIC Co. I International Equities Index Fund		1,727,920			13,944,318
VALIC Co. I International Growth Fund		29,119			569,866
VALIC Co. I International Opportunities Fund		608,443			13,671,723
VALIC Co. I International Value Fund		374,183			3,842,861
Total International Equity Investment Companies
(cost $39,871,066)					44,733,569
International Fixed Income Investment Companies — 4.1%
VALIC Co. I International Government Bond Fund
(cost $14,588,457)		1,242,796			15,050,260
TOTAL INVESTMENTS
(cost $348,832,783)(3)		100.0	%		368,409,425
Liabilities in excess of other assets		(0.0	)		(94,377	)
NET ASSETS		100.0	%	$	368,315,048

# The Conservative Growth Lifestyle Fund invests in various VALIC Company I Funds. 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 November 30, 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 November 30, 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	$	368,409,425	$	—	$	—	$	368,409,425

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

See Notes to Financial Statements

28

VALIC Company I Core Bond Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	20.0	%
Registered Investment Companies	11.0
Federal Home Loan Mtg. Corp.	8.4
Uniform Mtg. Backed Securities	6.4	��
Diversified Banking Institutions	5.4
United States Treasury Notes	5.3
Government National Mtg. Assoc.	4.9
United States Treasury Bonds	4.5
Sovereign	4.0
Banks — Commercial	3.3
Diversified Financial Services	2.4
Electric — Integrated	2.3
Pipelines	1.7
Oil Companies — Exploration & Production	1.4
Telephone — Integrated	1.3
Insurance — Life/Health	1.2
Real Estate Investment Trusts	1.1
Cable/Satellite TV	1.0
Oil Companies — Integrated	1.0
Paper & Related Products	0.9
Auto — Cars/Light Trucks	0.8
SupraNational Banks	0.7
Diversified Manufacturing Operations	0.6
Banks — Super Regional	0.6
Finance — Consumer Loans	0.6
Cellular Telecom	0.6
Computers	0.5
Medical — Drugs	0.5
Enterprise Software/Service	0.4
Rental Auto/Equipment	0.4
Hotels/Motels	0.4
Food — Wholesale/Distribution	0.4
Chemicals — Diversified	0.3
Federal Home Loan Bank	0.3
Electric — Generation	0.3
Brewery	0.3
Medical — Hospitals	0.3
Electric — Distribution	0.3
Oil — Field Services	0.3
Airlines	0.3
Retail — Restaurants	0.3
Finance — Credit Card	0.3
Food — Misc./Diversified	0.3
Cruise Lines	0.3
Banks — Special Purpose	0.3
Commercial Services — Finance	0.2
Machinery — Construction & Mining	0.2
Multimedia	0.2
Medical — Biomedical/Gene	0.2
Transport — Rail	0.2
Insurance — Property/Casualty	0.2
Food — Meat Products	0.2
Computer Services	0.2
Medical — Generic Drugs	0.2
Retail — Regional Department Stores	0.2
Diversified Minerals	0.2
Investment Companies	0.2
Pharmacy Services	0.2
Containers — Paper/Plastic	0.2
Finance — Leasing Companies	0.2
Satellite Telecom	0.2
Medical — HMO	0.2
Machinery — Farming	0.2
Transport — Equipment & Leasing	0.2
Gold Mining	0.2
Security Services	0.2
Broadcast Services/Program	0.2
Electronic Measurement Instruments	0.2
Agricultural Chemicals	0.2

Transport — Services	0.1
Independent Power Producers	0.1
Insurance — Mutual	0.1
Steel — Producers	0.1
Television	0.1
Electronic Components — Semiconductors	0.1
Telecom Equipment — Fiber Optics	0.1
Finance — Auto Loans	0.1
E-Commerce/Services	0.1
Medical — Wholesale Drug Distribution	0.1
Auto — Heavy Duty Trucks	0.1
Retail — Automobile	0.1
Retail — Petroleum Products	0.1
Tools — Hand Held	0.1
Finance — Mortgage Loan/Banker	0.1
Trucking/Leasing	0.1
Building Products — Air & Heating	0.1
Savings & Loans/Thrifts	0.1
Coatings/Paint	0.1
Casino Hotels	0.1
Real Estate Operations & Development	0.1
Telecom Services	0.1
Resorts/Theme Parks	0.1
Protection/Safety	0.1
Vitamins & Nutrition Products	0.1
Semiconductor Components — Integrated Circuits	0.1
Retail — Major Department Stores	0.1
Coal	0.1
Non — Hazardous Waste Disposal	0.1
Finance — Investment Banker/Broker	0.1
Aerospace/Defense — Equipment	0.1
Electronic Parts Distribution	0.1
Investment Management/Advisor Services	0.1
Human Resources	0.1
Food — Retail	0.1
Chemicals — Specialty	0.1
Commercial Services	0.1
Beverages — Non-alcoholic	0.1
Building Products — Doors & Windows	0.1
Auction Houses/Art Dealers	0.1
Oil Field Machinery & Equipment	0.1
Financial Guarantee Insurance	0.1
Poultry	0.1
Batteries/Battery Systems	0.1
Electric Products — Misc.	0.1
Recreational Vehicles	0.1
Dialysis Centers	0.1
Agricultural Operations	0.1
Medical Products	0.1
Motion Pictures & Services	0.1
Machinery — Pumps	0.1
Internet Financial Services	0.1
Non-Profit Charity	0.1
Gambling (Non-Hotel)	0.1
Recycling	0.1
Transport — Air Freight	0.1
Steel — Specialty	0.1
Auto/Truck Parts & Equipment — Original	0.1
Retail — Apparel/Shoe	0.1
Finance — Commercial	0.1
Food — Dairy Products	0.1
	108.8	%

* Calculated as a percentage of net assets

29

VALIC Company I Core Bond Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited) — (continued)

Credit Quality†#

Aaa	53.0	%
Aa	1.7
A	8.9
Baa	17.7
Ba	6.6
B	5.9
Caa	1.0
Not Rated@	5.2
	100.0	%

† Source: Moody’s

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

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

30

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 2.4%
Diversified Financial Services — 2.4%
American Express Credit Account Master Trust Series 2019-2, Class A 2.67% due 11/15/2024	$	2,000,000	$	2,018,206
AmeriCredit Automobile Receivables Trust Series 2019-1, Class A3 2.97% due 11/20/2023		100,278		100,390
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		1,500,000		1,514,954
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		3,457,000		3,593,997
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)		1,398,189		1,424,174
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		4,335,000		4,754,118
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.09% (1 ML+1.00%) due 04/15/2034*(1)		3,300,000		3,292,765
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 1.16% (1 ML+1.07%) due 12/15/2037*(1)		750,000		748,818
Capital One Multi-Asset Execution Trust Series 2021-A1, Class A1 0.55% due 07/15/2026		2,700,000		2,669,004
Capital One Multi-Asset Execution Trust Series 2021-A2, Class A2 1.39% due 07/15/2030		1,850,000		1,824,651
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		532,576		536,667
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		1,017,534		1,028,159
CarMax Auto Owner Trust Series 2019-2, Class A3 2.68% due 03/15/2024		681,098		688,517
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		467,327		471,190
Chase Mtg. Finance Trust VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(3)		1,384,026		1,405,433
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7 3.96% due 10/13/2030		900,000		1,030,258
Citigroup Commercial Mtg. Trust VRS Series 2018-C5, Class A4 4.23% due 06/10/2051(1)(3)		1,000,000		1,131,236
CNH Equipment Trust Series 2021-A, Class A3 0.40% due 12/15/2025		1,950,000		1,933,700
COMM Mtg. Trust VRS Series 2015-CR22, Class XA 1.02% due 03/10/2048(1)(3)(4)		4,019,985		86,316
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.96% due 02/10/2036*(1)(3)		1,629,000		1,726,195
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		2,006,836		2,013,253

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
CSAIL Commercial Mtg. Trust Series 2019-C17, Class A2 3.00% due 09/15/2052(1)	$	1,900,000	$	1,956,473
CSAIL Commercial Mtg. Trust Series 2015-C1, Class A4 3.51% due 04/15/2050(1)		490,000		516,895
Dell Equipment Finance Trust Series 2021-2, Class A3 0.53% due 12/22/2026*		1,440,000		1,427,278
Discover Card Execution Note Trust Series 2019-A1, Class A1 3.04% due 07/15/2024		400,000		401,329
Ford Credit Floorplan Master Owner Trust Series 2020-2, Class A 1.06% due 09/15/2027		2,000,000		1,968,924
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		588,657		592,962
Hertz Vehicle Financing LLC Series 2021-1A, Class A 1.21% due 12/26/2025*		2,700,000		2,680,788
Honda Auto Receivables Owner Trust Series 2020-3, Class A4 0.46% due 04/19/2027		1,490,000		1,479,140
Honda Auto Receivables Owner Trust Series 2020-2, Class A4 1.09% due 10/15/2026		800,000		804,185
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		263,600		265,391
John Deere Owner Trust Series 2021-A, Class A4 0.62% due 12/15/2027		1,340,000		1,321,421
Mercedes-Benz Auto Receivables Trust Series 2021-1, Class A3 0.46% due 06/15/2026		1,720,000		1,704,060
MSDB Trust VRS Series 2017-712F, Class A 3.43% due 07/11/2039*(1)(3)		5,310,000		5,580,351
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 0.99% (1 ML+0.90%) due 12/15/2033*(1)		3,750,000		3,740,835
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		4,630,000		4,738,527
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(2)(3)		367,359		370,325
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		1,425,000		1,475,449
Toyota Auto Receivables Owner Trust Series 2019-B, Class A3 2.57% due 08/15/2023		1,320,237		1,330,435
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		550,000		557,461
Verizon Master Trust Series 2021-2, Class C 1.38% due 04/20/2028		3,000,000		2,994,765
Volkswagen Auto Loan Enhanced Trust Series 2020-1, Class A4 1.26% due 08/20/2026		590,000		595,062

31

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Volkswagen Auto Loan Enhanced Trust Series 2018-2, Class A4 3.33% due 02/20/2025	$	650,000	$	658,683
Total Asset Backed Securities
(cost $70,384,882)				71,152,740
U.S. CONVERTIBLE BONDS & NOTES — 0.1%
Oil Field Machinery & Equipment — 0.1%
Hi-Crush, Inc. Senior Sec. Notes 10.00% due 04/09/2026(5)(6)(7) (cost $733,138)		792,850		2,128,009
U.S. CORPORATE BONDS & NOTES — 28.9%
Aerospace/Defense — 0.0%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		1,272,000		1,372,593
Lockheed Martin Corp. Senior Notes 2.80% due 06/15/2050		15,000		15,235
				1,387,828
Aerospace/Defense - Equipment — 0.1%
Moog, Inc. Company Guar. Notes 4.25% due 12/15/2027*		1,337,000		1,370,425
Spirit AeroSystems, Inc. Sec. Notes 7.50% due 04/15/2025*		1,043,000		1,091,239
				2,461,664
Agricultural Chemicals — 0.1%
CF Industries, Inc. Company Guar. Notes 5.38% due 03/15/2044		1,292,000		1,634,419
Airlines — 0.2%
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		2,496,000		3,027,960
British Airways Pass Through Trust Pass-Through Certs. 2.90% due 09/15/2036*		1,629,000		1,649,348
United Airlines Holdings, Inc. Company Guar. Notes 4.88% due 01/15/2025#		409,000		415,135
United Airlines, Inc. Senior Sec. Notes 4.38% due 04/15/2026*		405,000		406,612
United Airlines, Inc. Senior Sec. Notes 4.63% due 04/15/2029*		1,255,000		1,247,671
				6,746,726
Auction Houses/Art Dealers — 0.1%
Sotheby’s Senior Sec. Notes 5.88% due 06/01/2029*		880,000		883,575
Sotheby’s Senior Sec. Notes 7.38% due 10/15/2027*		1,266,000		1,322,970
				2,206,545

Security Description	Principal Amount		Value (Note 2)
Auto Repair Centers — 0.0%
Metis Merger Sub LLC Senior Notes 6.50% due 05/15/2029*	$	1,425,000	$	1,392,937
Auto - Cars/Light Trucks — 0.7%
BMW US Capital LLC Company Guar. Notes 3.90% due 04/09/2025*		2,581,000		2,786,059
Ford Motor Co. Senior Notes 3.25% due 02/12/2032		450,000		450,765
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		3,113,000		3,330,910
Ford Motor Credit Co. LLC Senior Notes 2.90% due 02/16/2028		1,162,000		1,142,397
Ford Motor Credit Co. LLC Senior Notes 4.00% due 11/13/2030		3,499,000		3,675,153
General Motors Financial Co., Inc. Senior Notes 2.70% due 06/10/2031		1,133,000		1,122,786
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025		2,017,000		2,085,491
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		1,735,000		1,821,385
Toyota Motor Credit Corp. Senior Notes 1.90% due 04/06/2028		2,636,000		2,631,704
				19,046,650
Auto - Heavy Duty Trucks — 0.1%
Allison Transmission, Inc. Company Guar. Notes 3.75% due 01/30/2031*		1,484,000		1,419,075
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*		661,000		690,005
PACCAR Financial Corp. Senior Notes 0.80% due 06/08/2023		1,192,000		1,194,065
				3,303,145
Auto/Truck Parts & Equipment - Original — 0.1%
Dornoch Debt Merger Sub, Inc. Senior Notes 6.63% due 10/15/2029*		1,450,000		1,421,000
Banks - Commercial — 1.4%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		3,385,000		3,740,307
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030		6,360,000		7,305,594
Citizens Financial Group, Inc. Sub. Notes 2.64% due 09/30/2032		5,261,000		5,264,067
Citizens Financial Group, Inc. Senior Notes 3.25% due 04/30/2030		755,000		803,068

32

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
First Horizon Bank Sub. Notes 5.75% due 05/01/2030	$	4,022,000	$	4,847,716
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		2,181,000		3,302,130
Signature Bank Sub. Notes 4.00% due 10/15/2030		4,154,000		4,399,631
SunTrust Bank Senior Notes 3.20% due 04/01/2024		440,000		461,680
Synovus Bank Senior Notes 2.29% due 02/10/2023		1,222,000		1,224,423
Texas Capital Bancshares, Inc. Sub. Notes 4.00% due 05/06/2031		2,133,000		2,236,972
Valley National Bancorp Sub. Notes 3.00% due 06/15/2031		2,019,000		2,052,074
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		4,637,000		4,846,942
				40,484,604
Banks - Super Regional — 0.6%
Bank of America NA Senior Notes 3.34% due 01/25/2023		480,000		481,959
US Bancorp Sub. Notes 2.49% due 11/03/2036		4,854,000		4,825,768
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		856,000		866,998
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		2,567,000		2,641,569
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		6,309,000		7,004,101
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044		531,000		649,612
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044		993,000		1,340,055
				17,810,062
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc. Company Guar. Notes 4.38% due 03/31/2029*		1,141,000		1,080,755
EnerSys Company Guar. Notes 4.38% due 12/15/2027*		799,000		822,970
				1,903,725
Beverages - Non-alcoholic — 0.1%
Keurig Dr Pepper, Inc. Company Guar. Notes 4.06% due 05/25/2023		14,000		14,629

Security Description	Principal Amount		Value (Note 2)
Beverages - Non-alcoholic (continued)
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025	$	2,200,000	$	2,272,548
				2,287,177
Brewery — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		3,727,000		4,724,344
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		3,487,000		4,265,724
				8,990,068
Broadcast Services/Program — 0.2%
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		1,824,000		2,323,106
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		1,980,000		2,118,006
				4,441,112
Building & Construction Products - Misc. — 0.0%
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		1,482,000		1,365,648
Building & Construction - Misc. — 0.0%
VM Consolidated, Inc. Company Guar. Notes 5.50% due 04/15/2029*		1,394,000		1,394,000
Building Products - Air & Heating — 0.1%
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040		2,839,000		2,960,299
Building Products - Doors & Windows — 0.1%
Griffon Corp. Company Guar. Notes 5.75% due 03/01/2028		1,038,000		1,069,789
PGT Innovations, Inc. Company Guar. Notes 4.38% due 10/01/2029*		1,150,000		1,139,799
				2,209,588
Cable/Satellite TV — 0.9%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*		1,380,000		1,393,800
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		1,330,000		1,339,975
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		361,000		371,830
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		1,006,000		1,064,167
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.25% due 01/15/2029		1,898,000		1,839,528

33

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.50% due 06/01/2041	$	749,000	$	733,656
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.85% due 04/01/2061		3,436,000		3,280,636
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		1,831,000		2,071,836
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		234,000		281,253
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		837,000		1,084,821
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		2,091,000		2,243,163
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		543,000		620,604
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		1,498,000		1,823,576
CSC Holdings LLC Senior Notes 4.63% due 12/01/2030*		2,170,000		2,018,100
CSC Holdings LLC Company Guar. Bonds 5.38% due 02/01/2028*		856,000		874,190
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		485,000		497,957
CSC Holdings LLC Senior Notes 5.75% due 01/15/2030*		955,000		935,308
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		2,387,000		3,197,407
				25,671,807
Casino Services — 0.0%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		1,305,000		1,356,913
Cellular Telecom — 0.2%
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041		2,275,000		2,187,373
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060		1,088,000		1,083,816
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060*		1,163,000		1,158,528
				4,429,717

Security Description	Principal Amount		Value (Note 2)
Chemicals - Diversified — 0.1%
Westlake Chemical Corp. Senior Notes 3.13% due 08/15/2051	$	2,165,000	$	2,112,951
Westlake Chemical Corp. Senior Notes 3.38% due 08/15/2061		2,037,000		2,002,873
				4,115,824
Chemicals - Specialty — 0.0%
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*		921,000		928,865
Circuit Boards — 0.0%
TTM Technologies, Inc. Company Guar. Notes 4.00% due 03/01/2029*		1,388,000		1,348,262
Coal — 0.1%
SunCoke Energy, Inc. Senior Sec. Notes 4.88% due 06/30/2029*		1,409,000		1,369,210
Warrior Met Coal, Inc. Senior Sec. Notes 7.88% due 12/01/2028*		1,181,000		1,192,148
				2,561,358
Coatings/Paint — 0.1%
RPM International, Inc. Senior Notes 4.55% due 03/01/2029		2,588,000		2,946,056
Commercial Services — 0.1%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*		392,000		400,146
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.88% due 10/01/2030*		892,000		928,019
Quanta Services, Inc. Senior Bonds 3.05% due 10/01/2041		988,000		981,882
				2,310,047
Commercial Services - Finance — 0.2%
Automatic Data Processing, Inc. Senior Notes 1.70% due 05/15/2028		1,082,000		1,080,586
Block Financial LLC Company Guar. Notes 3.88% due 08/15/2030		1,806,000		1,917,529
MoneyGram International, Inc. Senior Sec. Notes 5.38% due 08/01/2026*		1,715,000		1,697,850
MPH Acquisition Holdings LLC Company Guar. Notes 5.75% due 11/01/2028#*		2,173,000		1,930,254
				6,626,219
Computer Services — 0.2%
Ahead DB Holdings LLC Company Guar. Notes 6.63% due 05/01/2028*		1,430,000		1,427,998
Kyndryl Holdings, Inc. Senior Notes 2.05% due 10/15/2026*		1,510,000		1,474,937

34

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computer Services (continued)
Kyndryl Holdings, Inc. Senior Notes 3.15% due 10/15/2031*	$	1,835,000	$	1,766,686
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		1,273,000		1,357,094
				6,026,715
Computer Software — 0.0%
Rackspace Technology Global, Inc. Senior Sec. Notes 3.50% due 02/15/2028*		996,000		933,262
Computers — 0.5%
Apple, Inc. Senior Notes 1.40% due 08/05/2028		2,207,000		2,155,861
Dell International LLC/EMC Corp. Senior Notes 8.10% due 07/15/2036		2,362,000		3,597,009
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026		4,609,000		4,612,017
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		213,000		281,388
Hewlett Packard Enterprise Co. Senior Notes 6.35% due 10/15/2045		1,803,000		2,447,430
				13,093,705
Computers - Integrated Systems — 0.0%
NCR Corp. Company Guar. Notes 5.13% due 04/15/2029*		1,349,000		1,369,235
Containers - Paper/Plastic — 0.1%
Amcor Flexibles North America, Inc. Company Guar. Notes 2.69% due 05/25/2031		923,000		938,063
LABL, Inc. Senior Sec. Notes 5.88% due 11/01/2028*		1,249,000		1,236,510
LABL, Inc. Senior Notes 8.25% due 11/01/2029*		227,000		216,785
				2,391,358
Cosmetics & Toiletries — 0.0%
Edgewell Personal Care Co. Company Guar. Notes 4.13% due 04/01/2029*		1,246,000		1,227,298
Dialysis Centers — 0.1%
DaVita, Inc. Company Guar. Notes 4.63% due 06/01/2030*		1,887,000		1,859,025
Direct Marketing — 0.0%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		925,000		980,222
Disposable Medical Products — 0.0%
Mozart Debt Merger Sub, Inc. Senior Sec. Notes 3.88% due 04/01/2029*		1,017,000		1,004,287

Security Description	Principal Amount		Value (Note 2)
Disposable Medical Products (continued)
Mozart Debt Merger Sub, Inc. Senior Notes 5.25% due 10/01/2029*	$	379,000	$	379,000
				1,383,287
Distribution/Wholesale — 0.0%
H&E Equipment Services, Inc. Company Guar. Notes 3.88% due 12/15/2028*		1,395,000		1,361,185
Diversified Banking Institutions — 2.8%
Bank of America Corp. Senior Notes 1.49% due 05/19/2024		4,121,000		4,150,103
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		5,005,000		5,153,976
Bank of America Corp. Senior Notes 2.97% due 07/21/2052		912,000		930,538
Bank of America Corp. Senior Notes 3.31% due 04/22/2042		1,777,000		1,885,552
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		1,518,000		1,639,994
Bank of America Corp. Senior Notes 4.08% due 04/23/2040		2,459,000		2,841,898
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		3,051,000		3,338,631
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		2,420,000		3,255,538
Citigroup, Inc. Senior Notes 2.67% due 01/29/2031		394,000		399,961
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		1,920,000		2,071,149
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		2,244,000		2,495,971
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		2,182,000		2,796,668
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		5,221,000		6,773,718
Goldman Sachs Group, Inc. Senior Notes 1.54% due 09/10/2027		2,257,000		2,211,446
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		1,583,000		1,555,221
Goldman Sachs Group, Inc. Senior Notes 3.21% due 04/22/2042		1,481,000		1,540,708
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		3,397,000		3,623,582
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030		624,000		684,110

35

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037	$	3,301,000	$	4,650,755
JPMorgan Chase & Co. Senior Notes 0.65% due 09/16/2024		2,845,000		2,829,494
JPMorgan Chase & Co. Senior Notes 1.58% due 04/22/2027		909,000		898,636
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		6,599,000		6,691,235
JPMorgan Chase & Co. Senior Notes 2.07% due 06/01/2029		485,000		479,198
JPMorgan Chase & Co. Senior Notes 2.53% due 11/19/2041		6,434,000		6,110,950
Morgan Stanley Senior Notes 0.79% due 05/30/2025		716,000		705,423
Morgan Stanley Senior Notes 1.16% due 10/21/2025		1,101,000		1,092,902
Morgan Stanley Senior Notes 1.51% due 07/20/2027		2,156,000		2,116,383
Morgan Stanley Sub. Notes 2.48% due 09/16/2036		319,000		308,699
Morgan Stanley Senior Notes 3.22% due 04/22/2042		1,744,000		1,839,371
Morgan Stanley Senior Notes 3.63% due 01/20/2027		5,399,000		5,846,278
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		463,000		517,817
				81,435,905
Diversified Manufacturing Operations — 0.1%
General Electric Co. Senior Notes 4.25% due 05/01/2040		382,000		473,466
General Electric Co. Senior Notes 4.35% due 05/01/2050		1,478,000		1,992,742
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		1,730,000		1,822,590
				4,288,798
E-Commerce/Services — 0.1%
Expedia Group, Inc. Company Guar. Notes 2.95% due 03/15/2031		2,494,000		2,519,501
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		925,000		927,313
				3,446,814

Security Description	Principal Amount		Value (Note 2)
Electric Products - Misc. — 0.1%
Emerson Electric Co. Senior Notes 0.88% due 10/15/2026#	$	1,951,000	$	1,880,910
Electric - Distribution — 0.2%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		4,945,000		5,168,889
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*		1,044,000		1,068,002
				6,236,891
Electric - Generation — 0.1%
Liberty Utilities Finance GP Company Guar. Notes 2.05% due 09/15/2030*		1,267,000		1,221,161
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*		1,225,000		1,246,438
Vistra Operations Co., LLC Company Guar. Notes 5.00% due 07/31/2027*		1,602,000		1,618,917
				4,086,516
Electric - Integrated — 2.0%
AES Corp. Senior Notes 2.45% due 01/15/2031		2,864,000		2,803,495
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025		4,914,000		5,187,720
Consolidated Edison Co. of New York, Inc. Senior Notes 3.60% due 06/15/2061		3,649,000		3,978,661
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		2,043,000		2,496,242
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		1,733,000		2,093,100
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		1,897,000		2,253,084
Entergy Mississippi LLC 1st Mtg. Notes 3.50% due 06/01/2051		775,000		868,195
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039		2,968,000		3,546,326
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		3,216,000		4,277,280
FirstEnergy Transmission LLC Senior Notes 4.55% due 04/01/2049*		1,988,000		2,324,085
Georgia Power Co. Senior Notes 3.25% due 03/15/2051		2,166,000		2,170,086
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		1,495,000		1,649,179
Pacific Gas & Electric Co. 1st Mtg. Notes 3.95% due 12/01/2047		1,391,000		1,377,322

36

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045	$	1,860,000	$	1,912,966
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051		3,324,000		3,310,458
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028		1,589,000		1,748,008
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		1,475,000		1,823,333
Public Service Co. of Oklahoma Senior Notes 2.20% due 08/15/2031#		1,724,000		1,679,271
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		2,432,000		3,592,213
Southern California Edison Co. 1st Mtg. Bonds 1.10% due 04/01/2024		4,667,000		4,662,398
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*		1,203,000		1,097,738
Union Electric Co Senior Sec. Notes 2.95% due 06/15/2027		1,994,000		2,108,797
				56,959,957
Electronic Components - Semiconductors — 0.1%
Broadcom, Inc. Company Guar. Notes 2.45% due 02/15/2031*		2,068,000		1,994,392
Broadcom, Inc. Senior Notes 3.19% due 11/15/2036*		1,996,000		1,971,444
				3,965,836
Electronic Measurement Instruments — 0.2%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		169,000		184,420
Vontier Corp. Company Guar. Notes 2.95% due 04/01/2031*		4,222,000		4,166,270
				4,350,690
Electronic Parts Distribution — 0.1%
Arrow Electronics Inc Senior Notes 2.95% due 02/15/2032		1,028,000		1,039,495
Imola Merger Corp. Senior Sec. Notes 4.75% due 05/15/2029*		1,380,000		1,390,350
				2,429,845
Enterprise Software/Service — 0.4%
Clarivate Science Holdings Corp. Senior Sec. Notes 3.88% due 07/01/2028*		285,000		280,164
Clarivate Science Holdings Corp. Senior Notes 4.88% due 07/01/2029*		843,000		825,508

Security Description	Principal Amount		Value (Note 2)
Enterprise Software/Service (continued)
Oracle Corp. Senior Notes 2.30% due 03/25/2028	$	4,330,000	$	4,356,092
Oracle Corp. Senior Notes 3.80% due 11/15/2037		3,553,000		3,786,444
Oracle Corp. Senior Notes 4.00% due 11/15/2047		2,758,000		2,964,137
				12,212,345
Finance - Auto Loans — 0.1%
Cobra AcquisitionCo LLC Company Guar. Notes 6.38% due 11/01/2029*		2,037,000		2,011,537
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*		134,000		136,680
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		1,440,000		1,502,993
				3,651,210
Finance - Commercial — 0.1%
Burford Capital Global Finance LLC Company Guar. Notes 6.25% due 04/15/2028*		1,340,000		1,413,700
Finance - Consumer Loans — 0.6%
Curo Group Holdings Corp. Senior Sec. Notes 7.50% due 08/01/2028*		1,340,000		1,339,129
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		480,000		484,800
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		925,000		945,813
LFS Topco LLC Company Guar. Notes 5.88% due 10/15/2026*		1,134,000		1,173,543
SLM Corp. Senior Notes 3.13% due 11/02/2026		2,575,000		2,519,354
Synchrony Financial Senior Notes 2.88% due 10/28/2031		1,036,000		1,025,944
Synchrony Financial Senior Notes 4.50% due 07/23/2025		7,826,000		8,498,896
				15,987,479
Finance - Credit Card — 0.3%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*		1,340,000		1,358,425
American Express Co. Senior Notes 3.40% due 02/22/2024		1,674,000		1,757,748
American Express Co. Senior Notes 4.20% due 11/06/2025		1,178,000		1,300,226
Mastercard, Inc. Senior Notes 2.00% due 03/03/2025		2,479,000		2,549,745

37

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Credit Card (continued)
Visa, Inc. Senior Notes 0.75% due 08/15/2027	$	815,000	$	781,068
				7,747,212
Finance - Investment Banker/Broker — 0.1%
Aretec Escrow Issuer, Inc. Senior Notes 7.50% due 04/01/2029*		1,450,000		1,497,125
LPL Holdings, Inc. Company Guar. Notes 4.00% due 03/15/2029*		767,000		768,917
LPL Holdings, Inc. Company Guar. Notes 4.63% due 11/15/2027*		195,000		199,875
				2,465,917
Finance - Mortgage Loan/Banker — 0.1%
Enact Holdings, Inc. Senior Notes 6.50% due 08/15/2025*		1,904,000		2,070,210
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*		970,000		950,600
				3,020,810
Financial Guarantee Insurance — 0.1%
Assured Guaranty U.S. Holdings, Inc. Company Guar. Notes 3.60% due 09/15/2051		1,187,000		1,281,026
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		711,000		805,613
				2,086,639
Food - Meat Products — 0.2%
Hormel Foods Corp. Senior Notes 0.65% due 06/03/2024		1,340,000		1,329,743
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*		1,507,000		1,624,832
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		1,729,000		1,980,580
				4,935,155
Food - Misc./Diversified — 0.3%
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		1,784,000		2,330,741
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049		724,000		902,652
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		2,869,000		3,094,114
Post Holdings, Inc. Senior Notes 4.50% due 09/15/2031*		1,407,000		1,354,237
				7,681,744

Security Description	Principal Amount		Value (Note 2)
Food - Retail — 0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*	$	1,460,000	$	1,513,509
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.88% due 02/15/2028*		779,000		819,983
				2,333,492
Food - Wholesale/Distribution — 0.4%
C&S Group Enterprises LLC Company Guar. Notes 5.00% due 12/15/2028*		1,399,000		1,303,448
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		1,056,000		1,087,680
Sysco Corp. Company Guar. Notes 4.45% due 03/15/2048		3,311,000		3,924,766
Sysco Corp. Company Guar. Notes 4.50% due 04/01/2046		1,980,000		2,366,318
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030		480,000		601,866
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		704,000		1,106,684
				10,390,762
Gambling (Non-Hotel) — 0.1%
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. Company Guar. Notes 5.63% due 09/01/2029*		801,000		801,000
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. Company Guar. Notes 5.88% due 09/01/2031*		801,000		804,004
				1,605,004
Hotels/Motels — 0.4%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Senior Notes 5.00% due 06/01/2029*		1,800,000		1,787,143
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024		697,000		718,349
Marriott International, Inc. Senior Notes 2.85% due 04/15/2031		3,293,000		3,307,356
Marriott International, Inc. Senior Notes 4.63% due 06/15/2030		4,035,000		4,541,404
Travel & Leisure Co. Senior Sec. Notes 6.00% due 04/01/2027		1,247,000		1,314,338
				11,668,590
Human Resources — 0.1%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*		928,000		954,680

38

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Human Resources (continued)
TriNet Group, Inc. Company Guar. Notes 3.50% due 03/01/2029*	$	1,425,000	$	1,407,900
				2,362,580
Independent Power Producers — 0.1%
Calpine Corp. Senior Sec. Notes 3.75% due 03/01/2031*		933,000		888,683
Calpine Corp. Senior Notes 5.00% due 02/01/2031*		543,000		522,447
Clearway Energy Operating LLC Company Guar. Notes 3.75% due 01/15/2032*		192,000		188,659
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		857,000		899,850
NRG Energy, Inc. Company Guar. Notes 3.38% due 02/15/2029*		201,000		192,458
NRG Energy, Inc. Company Guar. Notes 3.63% due 02/15/2031*		1,266,000		1,202,016
				3,894,113
Insurance - Life/Health — 1.1%
Americo Life, Inc. Senior Notes 3.45% due 04/15/2031*		1,336,000		1,305,693
Athene Global Funding Sec. Notes 1.73% due 10/02/2026*		2,931,000		2,877,132
Brighthouse Financial Global Funding Senior Sec. Notes 0.60% due 06/28/2023*		2,172,000		2,165,619
Equitable Financial Life Global Funding Sec. Notes 0.50% due 04/06/2023*#		3,482,000		3,475,026
Equitable Financial Life Global Funding Sec. Notes 1.30% due 07/12/2026*		2,213,000		2,170,719
F&G Global Funding Senior Sec. Notes 0.90% due 09/20/2024*		1,972,000		1,947,569
Jackson Financial, Inc. Senior Bonds 4.00% due 11/23/2051*		1,179,000		1,179,859
Maple Grove Funding Trust I Senior Notes 4.16% due 08/15/2051*		1,730,000		1,834,051
Ohio National Financial Services, Inc. Senior Notes 5.80% due 01/24/2030*		2,934,000		3,369,122
Primerica, Inc. Senior Notes 2.80% due 11/19/2031		1,762,000		1,782,017
Principal Life Global Funding II Sec. Notes 0.50% due 01/08/2024*		2,075,000		2,059,173
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026		4,676,000		4,692,982

Security Description	Principal Amount		Value (Note 2)
Insurance - Life/Health (continued)
Prudential Financial, Inc. Senior Notes 3.91% due 12/07/2047	$	455,000	$	537,773
SBL Holdings, Inc. Senior Notes 5.00% due 02/18/2031*		1,546,000		1,622,262
Security Benefit Global Funding Sec. Notes 1.25% due 05/17/2024*		902,000		899,978
				31,918,975
Insurance - Mutual — 0.0%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		1,294,000		1,352,537
Insurance - Property/Casualty — 0.0%
Chubb INA Holdings, Inc. Company Guar. Notes 3.05% due 12/15/2061		1,177,000		1,212,515
Internet Telephone — 0.0%
Cablevision Lightpath LLC Senior Sec. Notes 3.88% due 09/15/2027*		834,000		810,023
Investment Management/Advisor Services — 0.1%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		1,206,000		1,245,195
NFP Corp. Senior Sec. Notes 4.88% due 08/15/2028*		1,153,000		1,135,705
				2,380,900
Machinery - Construction & Mining — 0.1%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023		3,058,000		3,060,985
Machinery - Farming — 0.2%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		2,290,000		2,428,023
John Deere Capital Corp. Senior Notes 0.63% due 09/10/2024		1,421,000		1,407,352
John Deere Capital Corp. Senior Notes 1.30% due 10/13/2026		1,057,000		1,046,115
				4,881,490
Medical Labs & Testing Services — 0.0%
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		500,000		516,875
Medical - Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 2.80% due 08/15/2041		3,378,000		3,292,385
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		608,000		570,079
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050		479,000		451,500
				4,313,964

39

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - Drugs — 0.4%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039	$	1,796,000	$	2,059,781
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		2,169,000		2,615,218
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		2,731,000		2,667,338
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		1,515,000		1,572,673
Organon & Co./Organon Foreign Debt Co-Issuer BV Senior Sec. Notes 4.13% due 04/30/2028*		682,000		680,391
Organon & Co./Organon Foreign Debt Co-Issuer BV Senior Notes 5.13% due 04/30/2031*		1,446,000		1,474,920
				11,070,321
Medical - Generic Drugs — 0.2%
Viatris, Inc. Company Guar. Notes 3.85% due 06/22/2040		1,459,000		1,553,605
Viatris, Inc. Company Guar. Notes 4.00% due 06/22/2050		4,082,000		4,406,318
				5,959,923
Medical - HMO — 0.2%
Humana, Inc. Senior Notes 1.35% due 02/03/2027		1,078,000		1,046,349
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		2,528,000		2,520,188
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		1,289,000		1,398,758
				4,965,295
Medical - Hospitals — 0.3%
Acadia Healthcare Co., Inc. Company Guar. Notes 5.00% due 04/15/2029*		669,000		679,035
Acadia Healthcare Co., Inc. Company Guar. Notes 5.50% due 07/01/2028*		646,000		672,615
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*		912,000		934,800
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		2,599,000		2,706,572
HCA, Inc. Senior Sec. Notes 3.50% due 07/15/2051		2,374,000		2,427,734
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		1,156,000		1,138,059
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		392,000		395,920
				8,954,735

Security Description	Principal Amount		Value (Note 2)
Medical - Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043	$	2,836,000	$	3,313,416
Multimedia — 0.2%
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		6,288,000		7,086,509
Non-Hazardous Waste Disposal — 0.0%
Covanta Holding Corp. Company Guar. Notes 5.00% due 09/01/2030		632,000		635,160
Covert Mergeco, Inc. Company Guar. Notes 4.88% due 12/01/2029*		215,000		216,058
				851,218
Non-Profit Charity — 0.1%
Ford Foundation Notes 2.82% due 06/01/2070		1,573,000		1,648,811
Oil & Gas Drilling — 0.0%
Nabors Industries, Inc. Company Guar. Notes 7.38% due 05/15/2027*		1,043,000		1,022,244
Oil Companies - Exploration & Production — 1.2%
Antero Resources Corp. Company Guar. Notes 5.38% due 03/01/2030*		1,210,000		1,247,812
Apache Corp. Senior Notes 4.38% due 10/15/2028		958,000		1,010,288
Apache Corp. Senior Notes 4.75% due 04/15/2043		828,000		881,820
Apache Corp. Senior Notes 5.35% due 07/01/2049		1,745,000		1,989,562
California Resources Corp. Company Guar. Notes 7.13% due 02/01/2026*		2,093,000		2,162,409
Civitas Resources, Inc. Company Guar. Notes 5.00% due 10/15/2026*		1,164,000		1,155,270
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029		1,172,000		1,229,588
Diamondback Energy, Inc. Company Guar. Notes 4.40% due 03/24/2051		1,648,000		1,867,212
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*		777,000		808,080
Hess Corp. Senior Notes 6.00% due 01/15/2040		4,015,000		5,097,845
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.75% due 02/01/2029*		672,000		667,491
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 6.00% due 02/01/2031*		1,194,000		1,194,000

40

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production (continued)
Independence Energy Finance LLC Senior Notes 7.25% due 05/01/2026*	$	1,108,000	$	1,148,996
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		2,787,000		3,686,223
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		1,302,000		1,675,217
Oasis Petroleum, Inc. Company Guar. Notes 6.38% due 06/01/2026*		674,000		692,535
Occidental Petroleum Corp. Senior Notes 3.50% due 08/15/2029		578,000		566,041
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025		618,000		663,831
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031		616,000		719,211
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		1,383,000		1,576,620
Occidental Petroleum Corp. Senior Notes 7.50% due 05/01/2031		849,000		1,063,372
Rockcliff Energy II LLC Senior Notes 5.50% due 10/15/2029*		1,086,000		1,093,428
Southwestern Energy Co. Company Guar. Notes 5.38% due 02/01/2029		1,245,000		1,282,350
Southwestern Energy Co. Company Guar. Notes 5.38% due 03/15/2030		814,000		847,578
				34,326,779
Oil Companies - Integrated — 0.6%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050		3,217,000		3,040,789
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		2,202,000		2,144,947
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027		5,398,000		5,830,444
Chevron Corp. Senior Notes 1.55% due 05/11/2025		2,893,000		2,914,927
Chevron Corp. Senior Notes 2.36% due 12/05/2022		859,000		870,287
Chevron USA, Inc. Company Guar. Notes 4.20% due 10/15/2049		1,112,000		1,379,017
Murphy Oil Corp. Senior Notes 6.38% due 07/15/2028		1,371,000		1,412,130
				17,592,541

Security Description	Principal Amount		Value (Note 2)
Oil Refining & Marketing — 0.0%
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028	$	1,820,000	$	1,086,540
Oil - Field Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*		1,301,000		1,353,040
Halliburton Co. Senior Notes 4.75% due 08/01/2043		1,106,000		1,294,270
Halliburton Co. Senior Notes 4.85% due 11/15/2035		1,925,000		2,288,762
Schlumberger Holdings Corp. Senior Notes 3.90% due 05/17/2028*		1,199,000		1,309,357
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		1,198,000		1,218,965
				7,464,394
Paper & Related Products — 0.6%
Clearwater Paper Corp. Company Guar. Notes 4.75% due 08/15/2028*		919,000		928,190
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044#		5,162,000		5,455,880
Georgia-Pacific LLC Senior Notes 0.95% due 05/15/2026*		7,658,000		7,413,476
Glatfelter Corp. Company Guar. Notes 4.75% due 11/15/2029*		1,121,000		1,135,012
Sylvamo Corp. Company Guar. Notes 7.00% due 09/01/2029*		1,700,000		1,740,375
				16,672,933
Pharmacy Services — 0.2%
Cigna Corp. Senior Notes 3.40% due 03/15/2051		1,125,000		1,193,277
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		3,086,000		3,772,590
Option Care Health, Inc. Company Guar. Notes 4.38% due 10/31/2029*		421,000		418,979
				5,384,846
Pipelines — 1.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*		1,365,000		1,402,674
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		1,535,000		1,488,950
Cheniere Energy Partners LP Company Guar. Notes 3.25% due 01/31/2032*		995,000		966,394

41

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027	$	747,000	$	834,317
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*		479,000		632,280
DT Midstream, Inc. Company Guar. Notes 4.13% due 06/15/2029*		232,000		230,260
DT Midstream, Inc. Company Guar. Notes 4.38% due 06/15/2031*		1,018,000		1,010,365
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		1,390,000		1,549,822
Energy Transfer LP Senior Notes 6.13% due 12/15/2045		1,249,000		1,570,020
Energy Transfer Operating LP Senior Notes 4.90% due 03/15/2035		2,161,000		2,469,235
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		218,000		201,652
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		697,000		792,529
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		1,499,000		1,484,909
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025		552,000		539,608
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 8.00% due 01/15/2027		1,317,000		1,305,529
Gray Oak Pipeline LLC Senior Notes 2.00% due 09/15/2023*		3,045,000		3,081,105
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*		1,679,000		1,750,719
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		1,913,000		1,982,308
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		1,864,000		1,854,680
ITT Holdings LLC Senior Notes 6.50% due 08/01/2029*		1,710,000		1,661,060
NGL Energy Operating LLC/NGL Energy Finance Corp. Senior Sec. Notes 7.50% due 02/01/2026*		1,695,000		1,693,305
NuStar Logistics LP Company Guar. Notes 5.75% due 10/01/2025		517,000		546,133
NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030		880,000		934,358
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		3,013,000		4,027,615

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043	$	895,000	$	905,844
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 6.65% due 01/15/2037		2,175,000		2,827,779
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.35% due 05/15/2045		1,295,000		1,503,738
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031		1,181,000		1,266,623
Venture Global Calcasieu Pass LLC Senior Sec. Notes 3.88% due 08/15/2029*		1,651,000		1,657,472
Williams Cos., Inc. Senior Notes 3.50% due 10/15/2051		1,252,000		1,268,895
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		2,742,000		3,574,262
				47,014,440
Poultry — 0.1%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		917,000		962,850
Simmons Foods, Inc. Sec. Notes 4.63% due 03/01/2029*		964,000		948,586
				1,911,436
Printing - Commercial — 0.0%
Deluxe Corp. Company Guar. Notes 8.00% due 06/01/2029*		1,345,000		1,393,756
Protection/Safety — 0.1%
APX Group, Inc. Company Guar. Notes 5.75% due 07/15/2029*		1,425,000		1,389,375
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 3.38% due 08/31/2027*		973,000		920,701
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*		435,000		460,013
				2,770,089
Real Estate Investment Trusts — 1.1%
Boston Properties LP Senior Notes 2.55% due 04/01/2032		1,019,000		1,015,255
Brixmor Operating Partnership LP Senior Notes 2.50% due 08/16/2031		705,000		686,432
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		2,123,000		2,275,411
Corporate Office Properties LP Company Guar. Notes 2.90% due 12/01/2033		1,741,000		1,714,728
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 3.88% due 06/30/2028*		680,000		666,400

42

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
EPR Properties Senior Notes 3.60% due 11/15/2031	$	934,000	$	936,519
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 3.38% due 06/15/2026*		715,000		703,381
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 6.00% due 04/15/2025*		740,000		765,900
Hospitality Properties Trust Senior Notes 4.38% due 02/15/2030		1,747,000		1,572,300
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030		3,492,000		3,576,428
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		1,836,000		1,825,168
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.75% due 06/15/2029*		345,000		343,275
Lexington Realty Trust Company Guar. Notes 2.38% due 10/01/2031		1,534,000		1,473,016
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 3.50% due 03/15/2031		1,454,000		1,439,460
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		137,000		143,231
National Health Investors, Inc. Company Guar. Notes 3.00% due 02/01/2031		1,369,000		1,324,162
Office Properties Income Trust Senior Notes 3.45% due 10/15/2031		1,159,000		1,128,738
Omega Healthcare Investors, Inc. Company Guar. Notes 3.25% due 04/15/2033#		3,293,000		3,203,890
Omega Healthcare Investors, Inc. Company Guar. Notes 3.38% due 02/01/2031		1,719,000		1,730,974
Service Properties Trust Senior Notes 3.95% due 01/15/2028		48,000		43,198
Service Properties Trust Senior Notes 4.75% due 10/01/2026		660,000		630,660
Service Properties Trust Senior Notes 4.95% due 10/01/2029		155,000		144,786
Service Properties Trust Senior Notes 5.25% due 02/15/2026		288,000		282,960
Service Properties Trust Company Guar. Notes 5.50% due 12/15/2027		78,000		79,168
Spirit Realty LP Company Guar. Notes 2.70% due 02/15/2032		500,000		498,621
Starwood Property Trust, Inc. Senior Notes 3.63% due 07/15/2026*		350,000		345,968

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025	$	1,739,000	$	1,803,695
Vornado Realty LP Senior Notes 2.15% due 06/01/2026#		703,000		706,044
Vornado Realty LP Senior Notes 3.40% due 06/01/2031		64,000		65,976
				31,125,744
Real Estate Management/Services — 0.0%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*		1,266,000		1,354,620
Real Estate Operations & Development — 0.1%
Kennedy-Wilson, Inc. Company Guar. Notes 4.75% due 03/01/2029		1,072,000		1,086,579
Kennedy-Wilson, Inc. Company Guar. Notes 4.75% due 02/01/2030		750,000		753,750
				1,840,329
Recreational Vehicles — 0.1%
Brunswick Corp. Senior Notes 2.40% due 08/18/2031		1,940,000		1,862,522
Recycling — 0.1%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*		1,524,000		1,543,050
Rental Auto/Equipment — 0.1%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		1,295,000		1,217,300
Hertz Corp. Company Guar. Notes 5.00% due 12/01/2029*		1,465,000		1,436,623
PROG Holdings, Inc. Company Guar. Notes 6.00% due 11/15/2029*		1,516,000		1,497,520
				4,151,443
Research & Development — 0.0%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 4.63% due 06/15/2025*		170,000		175,737
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*		627,000		671,674
				847,411
Resorts/Theme Parks — 0.1%
SeaWorld Parks & Entertainment, Inc. Company Guar. Notes 5.25% due 08/15/2029*		1,480,000		1,485,402
SeaWorld Parks & Entertainment, Inc. Senior Sec. Notes 8.75% due 05/01/2025*		1,285,000		1,368,525
				2,853,927

43

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Apparel/Shoe — 0.1%
Gap, Inc. Company Guar. Notes 3.63% due 10/01/2029*	$	1,140,000	$	1,090,729
Gap, Inc. Company Guar. Notes 3.88% due 10/01/2031*		345,000		329,837
				1,420,566
Retail - Automobile — 0.1%
Asbury Automotive Group, Inc. Company Guar. Notes 4.63% due 11/15/2029*		1,495,000		1,506,810
Carvana Co. Company Guar. Notes 4.88% due 09/01/2029*		545,000		518,442
Carvana Co. Company Guar. Notes 5.50% due 04/15/2027*		1,091,000		1,088,851
				3,114,103
Retail - Building Products — 0.0%
Park River Holdings, Inc. Senior Notes 6.75% due 08/01/2029*		1,397,000		1,386,425
Retail - Discount — 0.0%
Walmart, Inc. Senior Notes 2.55% due 04/11/2023		1,076,000		1,099,769
Retail - Major Department Stores — 0.1%
Nordstrom, Inc. Senior Notes 2.30% due 04/08/2024		817,000		804,745
Nordstrom, Inc. Senior Notes 4.25% due 08/01/2031#		572,000		547,238
Nordstrom, Inc. Senior Notes 5.00% due 01/15/2044#		1,337,000		1,242,093
				2,594,076
Retail - Pawn Shops — 0.0%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		1,342,000		1,335,397
Retail - Petroleum Products — 0.0%
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029		1,326,000		1,374,664
Retail - Regional Department Stores — 0.2%
Kohl’s Corp. Senior Notes 3.38% due 05/01/2031		1,232,000		1,267,246
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		3,581,000		4,321,003
				5,588,249
Retail - Restaurants — 0.3%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		933,000		981,983
Carrols Restaurant Group, Inc. Company Guar. Notes 5.88% due 07/01/2029#*		1,870,000		1,608,200

Security Description	Principal Amount		Value (Note 2)
Retail - Restaurants (continued)
CEC Entertainment LLC Senior Sec. Notes 6.75% due 05/01/2026*	$	1,399,000	$	1,367,760
Dave & Buster’s, Inc. Senior Sec. Notes 7.63% due 11/01/2025*		1,044,000		1,106,640
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049		1,133,000		1,263,630
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		1,396,000		1,729,855
				8,058,068
Satellite Telecom — 0.1%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		1,260,000		1,398,600
Savings & Loans/Thrifts — 0.1%
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028#		2,761,000		2,957,637
Security Services — 0.1%
Allied Universal Holdco LLC/Allied Universal Finance Corp. Senior Notes 6.00% due 06/01/2029*		775,000		736,250
Brink’s Co. Company Guar. Notes 4.63% due 10/15/2027*		1,119,000		1,141,380
Brink’s Co. Company Guar. Notes 5.50% due 07/15/2025*		220,000		229,057
				2,106,687
Steel - Producers — 0.1%
Cleveland-Cliffs, Inc. Company Guar. Notes 4.63% due 03/01/2029*		645,000		650,240
Cleveland-Cliffs, Inc. Senior Sec. Notes 6.75% due 03/15/2026*		775,000		818,594
Cliffs Natural Resources, Inc. Senior Notes 6.25% due 10/01/2040		809,000		861,585
Commercial Metals Co. Senior Notes 3.88% due 02/15/2031		1,385,000		1,378,075
Periama Holdings LLC Company Guar. Notes COMPANY GUARNT 5.95% due 04/19/2026		200,000		210,792
				3,919,286
Steel - Specialty — 0.1%
Allegheny Technologies, Inc. Senior Notes 4.88% due 10/01/2029		495,000		489,075
Allegheny Technologies, Inc. Senior Notes 5.13% due 10/01/2031		965,000		953,034
				1,442,109

44

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc. Senior Notes 5.45% due 11/15/2079	$	2,847,000	$	3,892,305
Telephone - Integrated — 1.2%
AT&T, Inc. Senior Notes 3.85% due 06/01/2060		763,000		798,261
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		7,577,000		8,735,682
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		909,000		1,107,318
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		1,648,000		1,998,747
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		2,933,000		3,548,822
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		918,000		919,607
Lumen Technologies, Inc. Senior Notes 5.38% due 06/15/2029*		1,565,000		1,520,006
Verizon Communications, Inc. Senior Notes 2.55% due 03/21/2031		1,296,000		1,308,160
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		1,795,000		1,784,531
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056		5,679,000		5,496,305
Verizon Communications, Inc. Senior Notes 3.00% due 11/20/2060		2,863,000		2,762,560
Verizon Communications, Inc. Senior Notes 3.40% due 03/22/2041		1,196,000		1,271,606
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		1,008,000		1,187,833
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		736,000		862,835
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*		1,206,000		1,135,147
				34,437,420
Television — 0.1%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027		828,000		956,340
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		924,000		1,083,390
Gray Escrow II, Inc. Company Guar. Notes 5.38% due 11/15/2031*		569,000		571,219
Gray Television, Inc. Company Guar. Notes 4.75% due 10/15/2030*		1,421,000		1,369,489
				3,980,438

Security Description	Principal Amount		Value (Note 2)
Transport - Air Freight — 0.1%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*	$	1,476,000	$	1,501,830
Transport - Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 4.35% due 02/15/2024		2,713,000		2,891,948
Transport - Rail — 0.1%
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		1,015,000		1,289,209
Norfolk Southern Corp. Senior Notes 2.30% due 05/15/2031#		386,000		389,265
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049		1,098,000		1,327,967
				3,006,441
Transport - Services — 0.1%
FedEx Corp. Company Guar. Notes 2.40% due 05/15/2031		601,000		605,285
FedEx Corp. Pass Through Trust Senior Sec. Notes Series 2020-1, Class AA 1.88% due 08/20/2035		2,177,960		2,143,930
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		1,425,000		1,542,653
				4,291,868
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		2,804,000		2,981,793
Vitamins & Nutrition Products — 0.1%
HLF Financing Sarl LLC/Herbalife International, Inc. Company Guar. Notes 4.88% due 06/01/2029*		2,900,000		2,725,507
Water — 0.0%
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		1,120,000		1,192,000
Total U.S. Corporate Bonds & Notes
(cost $824,400,633)				844,121,193
FOREIGN CORPORATE BONDS & NOTES — 11.2%
Agricultural Chemicals — 0.1%
Consolidated Energy Finance SA Company Guar. Notes 5.63% due 10/15/2028*		1,461,000		1,392,464
Agricultural Operations — 0.1%
Viterra Finance BV Company Guar. Notes 3.20% due 04/21/2031*		1,817,000		1,850,097
Airlines — 0.1%
Air Canada Senior Sec. Notes 3.88% due 08/15/2026*		1,430,000		1,425,381

45

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Auto - Cars/Light Trucks — 0.1%
Hyundai Capital Services, Inc. Senior Notes 1.25% due 02/08/2026*	$	1,451,000	$	1,415,716
Kia Corp. Senior Notes 1.00% due 04/16/2024*		1,560,000		1,557,018
				2,972,734
Banks - Commercial — 1.9%
Banco de Credito del Peru Sub. Notes 3.13% due 07/01/2030*		875,000		857,937
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027#		200,000		213,968
Banco Santander Chile Senior Notes 3.18% due 10/26/2031#*		3,636,000		3,673,742
Bank Hapoalim BM Sub. Notes 3.26% due 01/21/2032*		3,090,000		3,073,685
Bank of Montreal Senior Notes 2.05% due 11/01/2022		1,698,000		1,722,205
Barclays Bank PLC Senior Notes 1.70% due 05/12/2022		514,000		516,222
BPCE SA Sub. Bonds 3.58% due 10/19/2042*		4,152,000		4,278,774
Canadian Imperial Bank of Commerce Senior Notes 0.50% due 12/14/2023		1,935,000		1,914,768
Canadian Imperial Bank of Commerce Senior Notes 0.95% due 10/23/2025		1,363,000		1,338,551
Canadian Imperial Bank of Commerce Senior Notes 2.25% due 01/28/2025		1,213,000		1,246,379
Cooperatieve Rabobank UA Senior Notes 1.00% due 09/24/2026*		5,040,000		4,938,047
Danske Bank A/S Senior Notes 0.98% due 09/10/2025*		2,430,000		2,398,224
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*		2,250,000		2,343,621
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*		700,000		667,625
ING Groep NV Senior Notes 1.40% due 07/01/2026*		4,323,000		4,284,550
ING Groep NV Senior Notes 4.63% due 01/06/2026*		1,185,000		1,324,759
Intesa Sanpaolo SpA Sub. Notes 4.95% due 06/01/2042*		2,864,000		2,956,594
National Bank of Canada Company Guar. Notes 0.55% due 11/15/2024		2,443,000		2,421,116

Security Description	Principal Amount		Value (Note 2)
Banks - Commercial (continued)
National Bank of Canada Senior Notes 2.15% due 10/07/2022*	$	2,096,000	$	2,125,018
Royal Bank of Canada Senior Notes 2.30% due 11/03/2031		2,258,000		2,275,655
Standard Chartered PLC Senior Notes 2.82% due 01/30/2026*		1,530,000		1,571,367
Sumitomo Mitsui Trust Bank, Ltd. Senior Notes 0.85% due 03/25/2024*		5,347,000		5,317,813
Swedbank AB Senior Notes 1.54% due 11/16/2026#*		4,742,000		4,707,803
				56,168,423
Building - Residential/Commercial — 0.0%
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		914,000		949,079
Cable/Satellite TV — 0.1%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		2,608,000		2,451,520
UPC Broadband Finco BV Senior Sec. Notes 4.88% due 07/15/2031*		1,255,000		1,267,550
				3,719,070
Casino Hotels — 0.1%
Melco Resorts Finance, Ltd. Senior Notes 5.38% due 12/04/2029*		1,285,000		1,253,428
Wynn Macau, Ltd. Senior Notes 5.13% due 12/15/2029*		1,551,000		1,388,145
Wynn Macau, Ltd. Senior Notes 5.63% due 08/26/2028*		315,000		289,724
				2,931,297
Cellular Telecom — 0.4%
Altice France SA Senior Sec. Notes 5.13% due 07/15/2029*		1,665,000		1,582,383
Altice France SA Senior Sec. Notes 5.50% due 01/15/2028*		121,000		119,790
Altice France SA Senior Sec. Notes 5.50% due 10/15/2029*		2,225,000		2,147,125
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		215,000		229,330
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*		265,000		265,665
Empresa Nacional de Telecomunicaciones SA Senior Notes 3.05% due 09/14/2032*		1,875,000		1,797,656
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		1,338,000		1,391,640

46

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049	$	1,587,000	$	1,989,135
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		1,217,000		1,588,915
				11,111,639
Chemicals - Diversified — 0.2%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		1,974,000		2,003,116
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		3,088,000		3,101,927
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		200,000		200,902
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Company Guar. Notes 5.13% due 04/01/2029*		927,000		928,159
				6,234,104
Chemicals - Specialty — 0.1%
Methanex Corp. Senior Notes 5.13% due 10/15/2027		1,325,000		1,384,625
Coffee — 0.0%
JDE Peet’s NV Company Guar. Notes 2.25% due 09/24/2031*		1,376,000		1,342,834
Commercial Services - Finance — 0.0%
Paysafe Finance PLC/Paysafe Holdings US Corp. Senior Sec. Notes 4.00% due 06/15/2029*		1,415,000		1,287,650
Containers - Paper/Plastic — 0.1%
Klabin Austria GmbH Company Guar. Notes 7.00% due 04/03/2049*		2,658,000		2,972,255
Cruise Lines — 0.3%
Carnival Corp. Senior Notes 5.75% due 03/01/2027*		1,530,000		1,488,919
Carnival Corp. Company Guar. Notes 6.00% due 05/01/2029*		697,000		677,832
Carnival Corp. Senior Notes 7.63% due 03/01/2026*		177,000		181,475
NCL Corp., Ltd. Senior Notes 3.63% due 12/15/2024*		1,721,000		1,579,671
NCL Corp., Ltd. Company Guar. Notes 5.88% due 03/15/2026*		687,000		669,564
Royal Caribbean Cruises, Ltd. Senior Notes 4.25% due 07/01/2026*		1,277,000		1,204,505
Royal Caribbean Cruises, Ltd. Senior Notes 5.50% due 04/01/2028*		532,000		517,370

Security Description	Principal Amount		Value (Note 2)
Cruise Lines (continued)
Viking Ocean Cruises Ship VII, Ltd. Senior Sec. Notes SR SECURED 5.63% due 02/15/2029*	$	301,000	$	289,713
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		1,075,000		1,030,656
				7,639,705
Diversified Banking Institutions — 2.4%
Banco Santander SA Senior Notes 1.72% due 09/14/2027		1,600,000		1,570,938
Banco Santander SA Senior Notes 2.71% due 06/27/2024		1,800,000		1,867,248
Bank of Nova Scotia Senior Notes 0.40% due 09/15/2023		4,859,000		4,825,408
Barclays PLC Sub. Notes 3.56% due 09/23/2035		3,548,000		3,648,916
BNP Paribas SA Senior Notes 1.32% due 01/13/2027*		2,590,000		2,524,796
BNP Paribas SA Senior Notes 1.68% due 06/30/2027*		2,993,000		2,947,626
BNP Paribas SA Senior Notes 2.87% due 04/19/2032*		3,941,000		3,983,168
Credit Agricole SA Senior Notes 1.25% due 01/26/2027*		2,068,000		2,012,095
Deutsche Bank AG Senior Notes 2.22% due 09/18/2024		1,250,000		1,268,381
Deutsche Bank AG/New York NY Senior Notes 2.31% due 11/16/2027		1,521,000		1,520,863
HSBC Holdings PLC Senior Notes 1.59% due 05/24/2027		3,771,000		3,686,056
HSBC Holdings PLC Senior Notes 2.25% due 11/22/2027		3,040,000		3,046,362
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026		1,310,000		1,419,210
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		2,146,000		2,201,251
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		4,097,000		4,224,602
Mizuho Financial Group, Inc. Sub. Notes 2.56% due 09/13/2031		1,986,000		1,957,030
Natwest Group PLC Senior Notes 1.64% due 06/14/2027		1,415,000		1,394,510
Natwest Group PLC Senior Notes 2.36% due 05/22/2024		1,603,000		1,634,038

47

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035	$	3,069,000	$	3,037,365
Natwest Group PLC Senior Notes 4.27% due 03/22/2025		531,000		565,187
NatWest Markets PLC Senior Notes 0.80% due 08/12/2024*		1,489,000		1,469,686
Societe Generale SA Senior Notes 2.89% due 06/09/2032*		849,000		848,161
Societe Generale SA Company Guar. Notes 3.63% due 03/01/2041*		1,420,000		1,462,741
UBS Group AG Senior Notes 1.49% due 08/10/2027*		1,610,000		1,575,363
UBS Group Funding Switzerland AG Senior Notes 3.49% due 05/23/2023*		616,000		624,153
UBS Group Funding Switzerland AG Senior Notes 4.13% due 09/24/2025*		269,000		293,047
UniCredit SpA Senior Notes 2.57% due 09/22/2026*		3,353,000		3,364,151
UniCredit SpA Senior Notes 3.13% due 06/03/2032*		3,127,000		3,106,737
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*		4,901,000		5,319,488
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		2,107,000		2,120,611
				69,519,188
Diversified Manufacturing Operations — 0.5%
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		8,714,000		10,532,017
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.15% due 03/11/2031*		1,212,000		1,212,751
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		1,771,000		1,884,886
				13,629,654
Diversified Minerals — 0.2%
FMG Resources August 2006 Pty., Ltd. Company Guar. Notes 4.38% due 04/01/2031*		405,000		408,507
FMG Resources August 2006 Pty., Ltd. Company Guar. Notes 4.50% due 09/15/2027*		1,406,000		1,456,876
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		2,799,000		3,694,050
				5,559,433

Security Description	Principal Amount		Value (Note 2)
Electric - Distribution — 0.0%
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027	$	400,000	$	412,004
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027		200,000		206,002
Infraestructura Energetica Nova SAB de CV Senior Notes 4.75% due 01/15/2051*		450,000		439,875
				1,057,881
Electric - Generation — 0.2%
Colbun SA Senior Notes 3.15% due 01/19/2032*		1,911,000		1,849,848
Inkia Energy, Ltd. Senior Notes 5.88% due 11/09/2027		810,000		823,170
LLPL Capital Pte, Ltd. Senior Sec. Notes 6.88% due 02/04/2039		448,350		512,464
LLPL Capital Pte, Ltd. Senior Sec. Notes 6.88% due 02/04/2039		179,340		204,986
Minejesa Capital BV Senior Sec. Notes 4.63% due 08/10/2030		400,000		411,000
Minejesa Capital BV Senior Sec. Notes 5.63% due 08/10/2037		500,000		525,000
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029		550,000		530,750
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029		250,000		241,250
				5,098,468
Electric - Integrated — 0.2%
Empresas Publicas de Medellin ESP Senior Notes 4.25% due 07/18/2029		200,000		189,200
Empresas Publicas de Medellin ESP Senior Notes 4.38% due 02/15/2031*		845,000		796,421
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*		2,025,000		2,540,081
Engie Energia Chile SA Senior Notes 3.40% due 01/28/2030*		1,517,000		1,518,911
				5,044,613
Electric - Transmission — 0.0%
Transelec SA Senior Notes 4.25% due 01/14/2025		200,000		212,502
Energy - Alternate Sources — 0.0%
Greenko Solar Mauritius, Ltd. Senior Sec. Notes 5.95% due 07/29/2026		200,000		210,497

48

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Energy - Alternate Sources (continued)
ReNew Power Synthetic Senior Sec. Notes 6.67% due 03/12/2024	$	600,000	$	620,931
ReNew Power, Ltd. Senior Sec. Notes 6.45% due 09/27/2022		400,000		404,000
				1,235,428
Finance - Consumer Loans — 0.0%
goeasy, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		1,227,000		1,254,608
Finance - Leasing Companies — 0.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 2.45% due 10/29/2026		2,649,000		2,656,720
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 3.30% due 01/30/2032		1,746,000		1,757,799
BOC Aviation, Ltd. Senior Notes 2.63% due 09/17/2030*		665,000		662,460
				5,076,979
Food - Meat Products — 0.0%
BRF SA Senior Notes 4.88% due 01/24/2030*		400,000		392,820
Minerva Luxembourg SA Company Guar. Notes 4.38% due 03/18/2031*		900,000		847,922
				1,240,742
Gold Mining — 0.2%
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.38% due 11/01/2028		2,789,000		2,741,211
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.75% due 10/01/2030#		1,779,000		1,770,461
				4,511,672
Independent Power Producers — 0.0%
Termocandelaria Power, Ltd. Company Guar. Notes 7.88% due 01/30/2029		832,500		820,354
Insurance - Property/Casualty — 0.2%
Enstar Group, Ltd. Senior Notes 3.10% due 09/01/2031		1,173,000		1,151,516
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		3,641,000		4,126,468
				5,277,984
Internet Financial Services — 0.1%
ION Trading Technologies SARL Senior Sec. Notes 5.75% due 05/15/2028*		1,640,000		1,680,508
Investment Companies — 0.2%
Temasek Financial I, Ltd. Company Guar. Notes 2.75% due 08/02/2061*		5,143,000		5,407,130

Security Description	Principal Amount		Value (Note 2)
Machinery - Construction & Mining — 0.1%
Weir Group PLC Senior Notes 2.20% due 05/13/2026*	$	4,218,000	$	4,179,893
Machinery - Pumps — 0.1%
nVent Finance SARL Company Guar. Notes 2.75% due 11/15/2031		1,759,000		1,763,619
Medical Labs & Testing Services — 0.0%
Auna SAA Senior Notes 6.50% due 11/20/2025		665,000		677,216
Medical Products — 0.1%
STERIS PLC Company Guar. Notes 3.75% due 03/15/2051		1,640,000		1,814,747
Medical - Biomedical/Gene — 0.1%
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		2,614,000		2,486,866
Medical - Drugs — 0.1%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		1,458,000		1,543,135
Metal - Aluminum — 0.0%
Indonesia Asahan Aluminium Persero PT Senior Notes 6.53% due 11/15/2028		600,000		717,312
Metal - Copper — 0.0%
Hudbay Minerals, Inc. Company Guar. Notes 6.13% due 04/01/2029*		1,320,000		1,369,500
Metal - Diversified — 0.0%
Chinalco Capital Holdings, Ltd. Company Guar. Notes 4.25% due 04/21/2022		400,000		403,000
Metal - Iron — 0.0%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		1,262,000		1,358,959
Motion Pictures & Services — 0.1%
Banijay Entertainment SASU Senior Sec. Notes 5.38% due 03/01/2025*		1,751,000		1,786,143
Non-Hazardous Waste Disposal — 0.1%
Waste Connections, Inc. Senior Notes 2.20% due 01/15/2032		751,000		734,897
Waste Connections, Inc. Senior Bonds 2.95% due 01/15/2052		890,000		893,381
				1,628,278
Oil Companies - Exploration & Production — 0.2%
Lundin Energy Finance BV Company Guar. Notes 3.10% due 07/15/2031*		1,130,000		1,141,819
MEG Energy Corp. Company Guar. Notes 7.13% due 02/01/2027*		895,000		921,850

49

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production (continued)
Oil India, Ltd. Senior Notes 5.13% due 02/04/2029	$	200,000	$	223,981
Saka Energi Indonesia PT Senior Notes 4.45% due 05/05/2024		200,000		193,000
Santos Finance, Ltd. Company Guar. Notes 3.65% due 04/29/2031*		1,969,000		2,014,620
Strathcona Resources, Ltd. Senior Notes 6.88% due 08/01/2026*		1,424,000		1,399,080
				5,894,350
Oil Companies - Integrated — 0.3%
Ecopetrol SA Senior Notes 5.38% due 06/26/2026		150,000		157,500
Ecopetrol SA Senior Notes 5.88% due 05/28/2045		150,000		139,875
Ecopetrol SA Senior Notes 6.88% due 04/29/2030		540,000		595,350
Lukoil Securities BV Company Guar. Notes 3.88% due 05/06/2030		200,000		205,900
Petro-Canada Senior Notes 5.95% due 05/15/2035		926,000		1,208,375
Petroleos Mexicanos Company Guar. Notes 5.35% due 02/12/2028		1,700,000		1,629,892
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		600,000		482,295
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		2,970,000		2,740,983
Petroleos Mexicanos Company Guar. Bonds 6.63% due 06/15/2038		560,000		493,136
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		600,000		493,500
Petroleos Mexicanos Company Guar. Notes 6.84% due 01/23/2030		400,000		400,160
				8,546,966
Oil - Field Services — 0.0%
Weatherford International, Ltd. Senior Sec. Notes 6.50% due 09/15/2028*		803,000		824,858
Paper & Related Products — 0.3%
Inversiones CMPC SA Company Guar. Notes 3.00% due 04/06/2031*		2,803,000		2,690,880
Suzano Austria GmbH Company Guar. Notes 2.50% due 09/15/2028#		1,980,000		1,850,706
Suzano Austria GmbH Company Guar. Notes 3.13% due 01/15/2032		1,328,000		1,237,298

Security Description	Principal Amount		Value (Note 2)
Paper & Related Products (continued)
Suzano Austria GmbH Company Guar. Notes 3.75% due 01/15/2031	$	2,566,000	$	2,519,504
				8,298,388
Petrochemicals — 0.0%
Equate Petrochemical BV Company Guar. Notes 4.25% due 11/03/2026		200,000		216,724
Pipelines — 0.0%
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes SR SECURED 2.63% due 03/31/2036		800,000		778,237
Real Estate Investment Trusts — 0.0%
Trust Fibra Uno Senior Notes 6.39% due 01/15/2050		400,000		461,200
Real Estate Operations & Development — 0.0%
Ontario Teachers’ Cadillac Fairview Properties Trust Senior Notes 2.50% due 10/15/2031*		1,061,000		1,066,347
Rental Auto/Equipment — 0.3%
Triton Container International, Ltd. Company Guar. Notes 2.05% due 04/15/2026*		4,015,000		3,983,905
Triton Container International, Ltd. Company Guar. Notes 3.15% due 06/15/2031*		3,744,000		3,764,807
				7,748,712
Retail - Petroleum Products — 0.1%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*		1,725,000		1,737,938
Satellite Telecom — 0.1%
Connect Finco SARL/Connect US Finco LLC Senior Sec. Notes 6.75% due 10/01/2026*		2,005,000		2,090,213
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*		999,000		872,876
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*		879,000		685,356
				3,648,445
Security Services — 0.1%
Atlas Luxco 4 SARL Senior Sec. Notes 4.63% due 06/01/2028*		410,000		396,675
Atlas Luxco 4 SARL Senior Sec. Notes 4.63% due 06/01/2028*		200,000		193,500
Garda World Security Corp. Senior Sec. Notes 4.63% due 02/15/2027*		586,000		572,815
Garda World Security Corp. Senior Notes 6.00% due 06/01/2029*		1,239,000		1,173,952
				2,336,942

50

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Semiconductor Components - Integrated Circuits — 0.1%
TSMC Global, Ltd. Company Guar. Notes 0.75% due 09/28/2025*	$	2,791,000	$	2,711,959
Sovereign — 0.0%
Hazine Mustesarligi Varlik Kiralama AS Senior Notes 5.13% due 06/22/2026*#		1,000,000		975,000
Steel - Producers — 0.0%
Shandong Iron & Steel Xinheng International Co., Ltd. Company Guar. Notes 6.85% due 09/25/2022		320,000		327,272
SupraNational Banks — 0.7%
African Development Bank Senior Notes 0.75% due 04/03/2023		3,010,000		3,023,245
Asian Infrastructure Investment Bank Senior Notes 0.50% due 10/30/2024#		3,533,000		3,496,373
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025		3,597,000		3,658,964
Inter-American Development Bank Bonds 1.13% due 07/20/2028		4,247,000		4,170,529
International Bank for Reconstruction & Development Senior Notes 0.75% due 11/24/2027		4,242,000		4,095,036
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		2,085,000		2,251,976
				20,696,123
Telecom Services — 0.1%
Iliad Holding SAS Senior Sec. Notes 6.50% due 10/15/2026*		343,000		350,779
Iliad Holding SAS Senior Sec. Notes 7.00% due 10/15/2028*		1,085,000		1,112,125
NTT Finance Corp. Company Guar. Notes 1.16% due 04/03/2026*		1,469,000		1,443,553
				2,906,457
Telephone - Integrated — 0.1%
Telefonica Emisiones SAU Company Guar. Notes 4.90% due 03/06/2048		1,464,000		1,775,918
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		500,000		630,517
				2,406,435
Transport - Rail — 0.1%
Canadian Pacific Railway Co. Company Guar. Notes 1.35% due 12/02/2024		2,385,000		2,384,438
Canadian Pacific Railway Co. Company Guar. Notes 3.00% due 12/02/2041		471,000		478,380

Security Description	Principal Amount		Value (Note 2)
Transport - Rail (continued)
Canadian Pacific Railway Co. Company Guar. Notes 6.13% due 09/15/2115	$	566,000	$	856,915
				3,719,733
Transport - Services — 0.0%
Yunda Holding Investment, Ltd. Company Guar. Notes COMPANY GUARNT 2.25% due 08/19/2025		600,000		583,035
Warehousing & Harbor Transportation Services — 0.0%
DP World PLC Senior Notes 4.70% due 09/30/2049		700,000		755,140
Total Foreign Corporate Bonds & Notes
(cost $325,240,131)				326,377,430
FOREIGN GOVERNMENT OBLIGATIONS — 4.3%
Banks - Special Purpose — 0.3%
BNG Bank NV Senior Notes 0.50% due 11/24/2025*		1,102,000		1,072,687
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*		4,975,000		4,939,627
Korea Development Bank Senior Notes 0.50% due 10/27/2023		1,289,000		1,283,521
				7,295,835
Sovereign — 4.0%
Arab Republic of Egypt Senior Notes 5.75% due 05/29/2024*		1,350,000		1,359,504
Arab Republic of Egypt Senior Notes 7.05% due 01/15/2032*		200,000		175,676
Arab Republic of Egypt Senior Notes 7.60% due 03/01/2029		1,450,000		1,381,125
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		550,000		466,290
Arab Republic of Egypt Senior Bonds 8.75% due 09/30/2051*		2,300,000		1,966,362
Arab Republic of Egypt Senior Notes 8.88% due 05/29/2050*		1,900,000		1,634,000
Dominican Republic Senior Notes 4.88% due 09/23/2032		1,520,000		1,512,415
Dominican Republic Senior Notes 5.88% due 01/30/2060*		200,000		186,000
Dominican Republic Senior Notes 5.88% due 01/30/2060		1,100,000		1,023,000
Emirate of Abu Dhabi Senior Notes 2.50% due 04/16/2025		650,000		674,196

51

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 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 10/11/2027	$	1,100,000	$	1,178,848
Emirate of Abu Dhabi Senior Notes 3.13% due 04/16/2030*		3,650,000		3,932,875
Emirate of Abu Dhabi Senior Notes 3.13% due 09/30/2049		400,000		406,000
Federal Republic of Nigeria Senior Notes 6.50% due 11/28/2027		1,100,000		1,072,720
Federal Republic of Nigeria Senior Notes 7.14% due 02/23/2030		1,200,000		1,138,584
Federal Republic of Nigeria Senior Notes 7.63% due 11/28/2047		1,000,000		858,000
Federal Republic of Nigeria Senior Bonds 8.25% due 09/28/2051*#		1,800,000		1,619,784
Federal Republic of Nigeria Senior Notes 9.25% due 01/21/2049		250,000		245,232
Federative Republic of Brazil Senior Notes 2.88% due 06/06/2025#		400,000		400,080
Federative Republic of Brazil Senior Notes 3.88% due 06/12/2030		2,100,000		1,973,286
Federative Republic of Brazil Senior Notes 4.75% due 01/14/2050		1,600,000		1,370,000
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041		1,900,000		1,862,893
Government of Romania Senior Notes 3.00% due 02/14/2031		1,270,000		1,255,166
Government of Romania Senior Notes 4.00% due 02/14/2051*		1,900,000		1,843,912
Government of Ukraine Senior Notes 7.25% due 03/15/2033*		1,620,000		1,509,030
Government of Ukraine Senior Notes 7.25% due 03/15/2033		2,200,000		2,049,300
Government of Ukraine Senior Notes 7.75% due 09/01/2023		1,950,000		1,965,658
Government of Ukraine Senior Notes 7.75% due 09/01/2024		100,000		100,188
Government of Ukraine Senior Notes 9.75% due 11/01/2028		550,000		590,150
Islamic Republic of Pakistan Senior Notes 6.00% due 04/08/2026		2,700,000		2,662,897
Islamic Republic of Pakistan Senior Notes 6.88% due 12/05/2027		300,000		298,500

Security Description	Principal Amount		Value (Note 2)
Sovereign (continued)
Islamic Republic of Pakistan Senior Notes 8.25% due 04/15/2024	$	1,500,000	$	1,590,000
Kingdom of Bahrain Senior Notes 4.25% due 01/25/2028*#		1,520,000		1,468,715
Kingdom of Bahrain Senior Notes 5.25% due 01/25/2033*#		930,000		862,527
Kingdom of Bahrain Senior Notes 7.38% due 05/14/2030		3,200,000		3,491,731
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030		3,250,000		3,456,212
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060*		1,100,000		1,323,498
Kingdom of Saudi Arabia Senior Notes 4.63% due 10/04/2047		1,400,000		1,654,170
Republic of Angola Senior Notes 8.25% due 05/09/2028		350,000		328,370
Republic of Chile Senior Notes 3.10% due 05/07/2041		3,908,000		3,843,948
Republic of Chile Senior Bonds 3.25% due 09/21/2071		914,000		853,831
Republic of Colombia Senior Notes 3.13% due 04/15/2031		3,732,000		3,349,470
Republic of Colombia Senior Notes 4.50% due 03/15/2029		300,000		306,861
Republic of Colombia Senior Notes 5.00% due 06/15/2045		1,000,000		915,230
Republic of Colombia Senior Notes 7.38% due 09/18/2037		200,000		233,972
Republic of Colombia Senior Notes 10.38% due 01/28/2033		300,000		424,500
Republic of Ecuador Senior Bonds 0.50% due 07/31/2040(13)		1,800,000		1,026,000
Republic of Ecuador Senior Bonds 1.00% due 07/31/2035(13)		3,400,000		2,193,000
Republic of El Salvador Senior Notes 5.88% due 01/30/2025		1,100,000		737,011
Republic of El Salvador Senior Notes 6.38% due 01/18/2027		300,000		193,350
Republic of El Salvador Senior Notes 8.63% due 02/28/2029		50,000		33,251
Republic of Ghana Senior Notes 8.63% due 04/07/2034*		740,000		584,822

52

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Ghana Senior Notes 8.63% due 06/16/2049	$	1,150,000	$	872,689
Republic of Ghana Senior Notes 8.75% due 03/11/2061		700,000		530,754
Republic of Ghana Bank Guar. Notes 10.75% due 10/14/2030		1,250,000		1,362,500
Republic of Guatemala Senior Notes 4.90% due 06/01/2030		2,550,000		2,728,500
Republic of Indonesia Senior Notes 3.85% due 10/15/2030#		300,000		333,808
Republic of Indonesia Senior Bonds 4.13% due 01/15/2025		300,000		324,647
Republic of Indonesia Senior Notes 8.50% due 10/12/2035		800,000		1,253,920
Republic of Italy Senior Notes 3.88% due 05/06/2051		1,462,000		1,594,923
Republic of Ivory Coast Senior Notes 5.75% due 12/31/2032(13)		545,556		535,005
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		1,500,000		1,529,280
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		2,050,000		2,201,782
Republic of Kazakhstan Senior Notes 4.88% due 10/14/2044		1,100,000		1,343,243
Republic of Kazakhstan Senior Notes 5.13% due 07/21/2025		300,000		337,891
Republic of Kazakhstan Senior Notes 6.50% due 07/21/2045		200,000		286,500
Republic of Panama Senior Notes 2.25% due 09/29/2032		3,000,000		2,795,910
Republic of Panama Senior Notes 6.70% due 01/26/2036		100,000		131,381
Republic of Paraquay Senior Notes 4.95% due 04/28/2031		2,350,000		2,585,023
Republic of Peru Senior Notes 2.78% due 01/23/2031		1,100,000		1,089,308
Republic of Peru Senior Notes 3.55% due 03/10/2051		560,000		560,017
Republic of Peru Senior Notes 3.60% due 01/15/2072		600,000		570,402
Republic of Peru Senior Notes 4.13% due 08/25/2027		500,000		546,805

Security Description	Principal Amount		Value (Note 2)
Sovereign (continued)
Republic of the Philippines Senior Notes 1.65% due 06/10/2031	$	800,000	$	759,472
Republic of the Philippines Senior Notes 2.95% due 05/05/2045		250,000		239,963
Republic of the Philippines Senior Notes 7.75% due 01/14/2031		250,000		359,345
Republic of Turkey Senior Notes 6.63% due 02/17/2045#		1,000,000		875,740
Russian Federation Senior Notes 5.10% due 03/28/2035		1,400,000		1,650,250
State of Qatar Senior Notes 3.40% due 04/16/2025*		200,000		212,550
State of Qatar Senior Notes 3.75% due 04/16/2030*		1,800,000		2,003,724
State of Qatar Senior Notes 3.75% due 04/16/2030		600,000		667,908
State of Qatar Senior Notes 4.40% due 04/16/2050		2,000,000		2,450,040
State of Qatar Senior Notes 4.82% due 03/14/2049		1,400,000		1,807,792
Sultanate of Oman Senior Notes 4.75% due 06/15/2026		1,100,000		1,111,238
Sultanate of Oman Senior Notes 5.38% due 03/08/2027		600,000		616,051
Sultanate of Oman Senior Notes 6.75% due 10/28/2027*		1,000,000		1,095,100
Sultanate of Oman Senior Notes 6.75% due 01/17/2048		1,600,000		1,536,480
United Mexican States Senior Notes 2.66% due 05/24/2031#		1,230,000		1,187,344
United Mexican States Senior Notes 4.28% due 08/14/2041		5,782,000		5,910,360
United Mexican States Senior Notes 4.50% due 01/31/2050		900,000		934,290
United Mexican States Senior Bonds 4.75% due 03/08/2044		1,363,000		1,462,853
United Mexican States Senior Notes 5.00% due 04/27/2051		1,400,000		1,558,466
				117,535,394
Total Foreign Government Obligations
(cost $129,940,113)				124,831,229

53

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 40.0%
Federal Home Loan Bank — 0.3%
2.13% due 09/14/2029	$	7,765,000	$	8,136,896
3.25% due 11/16/2028		1,000,000		1,117,124
5.50% due 07/15/2036		250,000		365,553
				9,619,573
Federal Home Loan Mtg. Corp. — 8.4%
2.00% due 05/01/2051		5,921,397		5,930,659
2.00% due 06/01/2051		16,350,473		16,376,047
2.00% due 09/01/2051		24,356,223		24,394,319
2.50% due 01/01/2028		456,692		476,721
2.50% due 04/01/2028		1,184,082		1,236,058
2.50% due 03/01/2031		720,762		751,006
2.50% due 10/01/2032		3,247,044		3,381,298
2.50% due 11/01/2032		867,878		911,223
2.50% due 09/01/2051		11,847,988		12,157,010
2.50% due 11/01/2051		21,911,892		22,483,403
3.00% due 08/01/2027		197,517		207,637
3.00% due 05/01/2035		2,998,748		3,151,983
3.00% due 10/01/2042		1,183,481		1,262,103
3.00% due 11/01/2042		818,665		867,928
3.00% due 02/01/2043		783,021		836,975
3.00% due 04/01/2043		1,639,255		1,737,356
3.00% due 05/01/2043		1,052,033		1,121,930
3.00% due 08/01/2043		3,009,973		3,189,807
3.00% due 10/01/2045		2,291,522		2,413,365
3.00% due 08/01/2046		826,897		868,223
3.00% due 11/01/2046		2,843,354		2,999,151
3.00% due 06/01/2051		25,004,023		25,958,602
3.50% due 01/01/2032		2,716,351		2,883,555
3.50% due 11/01/2041		215,783		233,168
3.50% due 03/01/2042		2,333,246		2,520,360
3.50% due 04/01/2042		1,487,559		1,606,879
3.50% due 06/01/2042		525,836		567,953
3.50% due 08/01/2042		1,124,434		1,215,039
3.50% due 09/01/2043		621,976		670,843
3.50% due 03/01/2045		695,158		744,974
3.50% due 07/01/2045		5,631,467		6,027,302
3.50% due 08/01/2045		1,223,775		1,313,946
3.50% due 11/01/2045		1,400,830		1,496,144
3.50% due 01/01/2046		962,315		1,027,316
3.50% due 03/01/2046		1,036,088		1,105,463
3.50% due 12/01/2046		297,614		315,652
3.50% due 11/01/2047		6,684,729		7,066,728
3.50% due 01/01/2048		6,772,725		7,217,799
3.50% due 03/01/2048		9,793,446		10,437,158
3.50% due 08/01/2049		4,496,242		4,775,354
3.50% due 04/01/2050		4,303,027		4,520,573
3.50% due 08/01/2051		10,815,675		11,602,778
4.00% due 03/01/2023		32		33
4.00% due 09/01/2040		590,051		647,120
4.00% due 07/01/2044		36,058		39,523
4.00% due 10/01/2045		1,235,881		1,345,926
4.00% due 01/01/2046		12,501,649		13,593,477
4.00% due 01/01/2047		36,012		39,340
4.00% due 07/01/2049		3,802,860		4,112,362
4.00% due 01/01/2050		1,970,291		2,095,932
4.50% due 03/01/2023		1,100		1,146
4.50% due 12/01/2039		379,899		418,458
4.50% due 04/01/2044		52,583		57,762
4.50% due 07/01/2045		8,895,032		9,547,638
4.50% due 05/01/2048		1,183,057		1,277,592
4.50% due 12/01/2048		6,339,110		6,804,834
5.00% due 10/01/2033		433		475
5.00% due 05/01/2034		17,212		19,045
5.00% due 06/01/2039		195,338		222,722

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
5.00% due 07/01/2040	$	266,023	$	300,296
5.00% due 11/01/2043		1,750,592		1,988,952
5.50% due 06/01/2022		338		340
5.50% due 11/01/2032		4,763		5,403
5.50% due 07/01/2034		15,462		17,553
5.50% due 02/01/2035		57,835		64,196
5.50% due 07/01/2035		9,317		10,758
5.50% due 01/01/2036		99,457		114,185
5.50% due 05/01/2037		16,671		19,288
6.00% due 10/01/2033		72,443		81,023
6.00% due 07/01/2035		63,310		70,577
6.00% due 03/01/2040		105,026		122,963
6.50% due 02/01/2035		1,290		1,446
6.50% due 02/01/2036		12,240		13,873
6.50% due 09/01/2036		153		171
6.50% due 05/01/2037		14,683		16,768
6.75% due 09/15/2029		500,000		694,234
6.75% due 03/15/2031		250,000		362,363
Federal Home Loan Mtg. Corp. FRS 1.68% (6 ML+1.49%) due 02/01/2037		71,034		73,716
2.17% (12 ML+1.87%) due 11/01/2037		788,713		833,605
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(2)		1,271,140		1,294,917
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 6.71% (6.80%-1 ML) due 09/15/2039(2)(4)(8)		488,394		67,342
				246,439,142
Federal National Mtg. Assoc. — 20.0%
1.50% due 05/01/2036		4,087,689		4,111,096
1.50% due 03/01/2051		6,265,042		6,063,860
2.00% due 07/01/2035		6,511,183		6,682,630
2.00% due 11/01/2035		6,588,486		6,769,556
2.00% due 05/01/2036		17,516,760		17,977,996
2.00% due 05/01/2041		7,609,748		7,762,777
2.00% due 10/01/2050		9,257,320		9,310,302
2.00% due 12/01/2050		11,504,313		11,522,307
2.00% due 04/01/2051		33,864,138		33,917,105
2.00% due 05/01/2051		19,259,499		19,297,659
2.00% due 06/01/2051		26,811,792		26,853,728
2.00% due 10/01/2051		17,863,948		17,891,889
2.00% due 11/01/2051		9,518,678		9,543,446
2.00% due 12/01/2051		25,000,000		25,039,103
2.50% due 12/01/2026		235,652		245,112
2.50% due 02/01/2028		569,268		592,748
2.50% due 04/01/2028		312,163		325,870
2.50% due 07/01/2031		1,861,406		1,937,990
2.50% due 08/01/2031		8,501,686		8,848,461
2.50% due 01/01/2032		1,537,574		1,601,592
2.50% due 02/01/2032		645,015		670,390
2.50% due 04/01/2035		4,227,615		4,382,258
2.50% due 05/01/2035		6,926,047		7,180,282
2.50% due 05/01/2050		8,884,142		9,165,105
2.50% due 06/01/2050		413,168		424,000
2.50% due 07/01/2050		7,165,501		7,412,718
2.50% due 08/01/2050		3,100,155		3,181,014
2.50% due 10/01/2050		1,636,569		1,681,310
2.50% due 05/01/2051		14,175,868		14,545,606
2.50% due 06/01/2051		24,743,402		25,388,765
3.00% due 10/01/2027		208,986		219,236
3.00% due 12/01/2027		608,286		638,690

54

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
3.00% due 01/01/2028	$	1,020,694	$	1,071,680
3.00% due 03/01/2030		821,429		866,966
3.00% due 10/01/2030		1,342,058		1,411,255
3.00% due 10/01/2032		2,746,501		2,887,879
3.00% due 02/01/2033		11,115,741		11,660,930
3.00% due 07/01/2034		537,429		564,374
3.00% due 11/01/2039		3,631,176		3,784,373
3.00% due 03/01/2042		1,479,732		1,568,317
3.00% due 12/01/2042		1,801,741		1,909,113
3.00% due 02/01/2043		2,850,838		3,018,525
3.00% due 05/01/2043		1,305,201		1,382,689
3.00% due 02/01/2045		169,040		177,525
3.00% due 05/01/2046		1,257,211		1,320,327
3.00% due 08/01/2046		3,820,926		4,028,476
3.00% due 09/01/2046		676,625		712,032
3.00% due 12/01/2046		236,727		250,369
3.00% due 01/01/2047		1,407,606		1,479,865
3.00% due 04/01/2047		3,130,046		3,294,360
3.00% due 09/01/2048		4,216,726		4,418,624
3.00% due 11/01/2048		9,219,361		9,687,570
3.00% due 06/01/2049		6,015,947		6,346,207
3.00% due 03/01/2050		5,198,473		5,445,289
3.00% due 06/01/2051		24,966,395		25,964,000
3.00% due 08/01/2051		6,644,422		6,909,882
3.50% due 08/01/2026		393,079		415,667
3.50% due 09/01/2026		479,335		506,923
3.50% due 08/01/2027		84,178		88,938
3.50% due 10/01/2028		1,185,359		1,261,212
3.50% due 03/01/2033		952,463		1,010,475
3.50% due 08/01/2033		177,129		187,600
3.50% due 12/01/2041		413,806		444,042
3.50% due 03/01/2042		285,791		306,617
3.50% due 08/01/2042		2,602,663		2,800,944
3.50% due 09/01/2042		199,171		215,080
3.50% due 02/01/2043		1,653,618		1,798,636
3.50% due 07/01/2045		975,788		1,047,476
3.50% due 08/01/2045		969,203		1,035,160
3.50% due 09/01/2045		262,130		279,915
3.50% due 10/01/2045		2,119,840		2,281,921
3.50% due 11/01/2045		1,715,197		1,830,653
3.50% due 12/01/2045		4,488,904		4,791,571
3.50% due 02/01/2046		991,610		1,060,375
3.50% due 03/01/2046		2,922,148		3,109,413
3.50% due 07/01/2046		5,207,073		5,580,182
3.50% due 01/01/2047		3,049,507		3,235,811
3.50% due 09/01/2047		10,191,751		10,864,387
3.50% due 12/01/2047		13,232,390		14,050,470
3.50% due 04/01/2048		7,309,203		7,797,552
3.50% due 08/01/2049		600,595		630,424
3.50% due 04/01/2050		9,311,214		9,787,582
4.00% due 11/01/2025		37,721		39,855
4.00% due 03/01/2039		1,889,958		2,027,524
4.00% due 07/01/2040		96,292		106,116
4.00% due 09/01/2040		45,665		50,211
4.00% due 10/01/2040		95,917		104,620
4.00% due 12/01/2040		1,216,554		1,338,203
4.00% due 10/01/2041		669,695		734,363
4.00% due 11/01/2041		523,953		575,392
4.00% due 01/01/2043		2,290,714		2,517,992
4.00% due 02/01/2045		3,127,605		3,426,345
4.00% due 02/01/2046		909,252		987,753
4.00% due 06/01/2046		515,058		559,101
4.00% due 01/01/2047		1,701,906		1,836,712
4.00% due 05/01/2047		1,343,266		1,444,804
4.00% due 06/01/2047		2,420,202		2,614,567

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
4.00% due 07/01/2047	$	6,690,332	$	7,189,454
4.00% due 08/01/2047		4,361,851		4,681,325
4.00% due 06/01/2048		4,926,880		5,321,344
4.00% due 09/01/2048		3,220,416		3,443,475
4.00% due 12/01/2048		1,106,869		1,179,787
4.00% due 01/01/2049		4,323,913		4,607,401
4.00% due 03/01/2049		1,484,657		1,581,552
4.00% due 03/01/2050		4,256,593		4,530,094
4.00% due 08/01/2050		11,920,169		12,677,030
4.50% due 11/01/2022		186		194
4.50% due 10/01/2024		151,062		157,748
4.50% due 03/01/2025		137,048		143,401
4.50% due 02/01/2040		656,592		733,223
4.50% due 05/01/2040		134,052		147,232
4.50% due 08/01/2045		7,300,740		8,131,882
4.50% due 06/01/2048		4,082,429		4,405,246
4.50% due 10/01/2048		2,794,764		3,010,151
4.50% due 11/01/2048		3,349,644		3,599,292
4.50% due 12/01/2048		4,879,262		5,249,253
4.50% due 10/01/2049		3,428,338		3,689,879
5.00% due 06/01/2022		1,089		1,126
5.00% due 01/01/2023		2,461		2,543
5.00% due 04/01/2023		3,670		3,795
5.00% due 10/01/2024		38,406		39,764
5.00% due 09/01/2033		262,743		297,417
5.00% due 10/01/2033		1,215		1,378
5.00% due 03/01/2034		21,442		24,352
5.00% due 03/01/2037		2,665		2,920
5.00% due 04/01/2040		264,182		290,083
5.00% due 05/01/2040		335,034		378,837
5.00% due 06/01/2040		1,114,219		1,260,548
5.00% due 07/01/2040		113,857		126,970
5.00% due 02/01/2045		1,111,528		1,264,027
5.50% due 12/01/2029		93,607		103,998
5.50% due 04/01/2033		26,073		29,805
5.50% due 12/01/2033		43,852		50,298
5.50% due 07/01/2037		134,268		155,472
5.50% due 08/01/2037		1,226,273		1,416,439
5.50% due 06/01/2038		102,766		119,141
5.50% due 09/01/2039		251,950		292,096
6.00% due 02/01/2032		2,435		2,709
6.00% due 08/01/2034		12,543		14,637
6.00% due 11/01/2035		14,428		16,068
6.00% due 06/01/2036		28,119		32,957
6.00% due 12/01/2036		205,536		240,912
6.00% due 07/01/2038		246,288		288,690
6.00% due 09/01/2038		151,946		178,098
6.00% due 11/01/2038		127,606		149,577
6.00% due 06/01/2040		41,685		48,791
6.50% due 10/01/2037		9,015		10,216
6.50% due 11/01/2037		20,169		22,586
Federal National Mtg. Assoc. FRS 1.67% (6 ML+1.54%) due 09/01/2035		798,498		828,884
1.85% (12 ML+1.57%) due 05/01/2037		113,527		118,764
1.94% (12 ML+1.65%) due 07/01/2039		541,003		563,060
2.07% (12 ML+1.82%) due 10/01/2040		118,491		124,451
2.08% (12 ML+1.83%) due 10/01/2040		312,268		328,023
2.09% (12 ML+1.77%) due 05/01/2040		658,067		690,285

55

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
2.18% (12 ML+1.91%) due 08/01/2035	$	454,294	$	478,294
2.28% (1 Yr USTYCR+2.22%) due 10/01/2035		519,739		544,719
2.35% (1 Yr USTYCR+2.27%) due 11/01/2036		255,065		270,776
Federal National Mtg. Assoc. REMIC
Series 2017-100, Class NP 3.00% due 12/25/2047(2)		3,253,774		3,391,138
Series 2018-27, Class EA 3.00% due 05/25/2048(2)		4,870,636		5,063,694
Series 2018-35, Class CD 3.00% due 05/25/2048(2)		4,714,056		4,884,546
				584,759,659
Government National Mtg. Assoc. — 4.9%
2.00% due 11/20/2050		14,147,081		14,343,140
2.50% due 05/20/2050		7,513,580		7,731,687
2.50% due 07/20/2051		29,418,803		30,272,781
2.50% due 09/20/2051		31,245,433		32,152,436
3.00% due 02/20/2045		2,101,339		2,207,346
3.00% due 05/20/2045		602,916		633,411
3.00% due 07/20/2045		147,107		153,833
3.00% due 11/20/2045		1,550,967		1,621,761
3.00% due 12/20/2045		1,051,253		1,099,241
3.00% due 01/20/2046		5,259,718		5,499,537
3.00% due 03/20/2046		2,697,957		2,820,980
3.00% due 04/20/2046		4,378,040		4,574,697
3.00% due 05/20/2046		6,642,200		6,944,138
3.00% due 09/20/2047		4,778,636		5,002,130
3.00% due 05/20/2050		9,225,875		9,580,136
3.50% due 03/20/2045		533,336		566,037
3.50% due 04/20/2045		209,846		222,892
3.50% due 07/20/2045		256,065		272,894
3.50% due 07/20/2046		288,043		304,514
3.50% due 03/20/2047		1,462,702		1,543,023
3.50% due 10/20/2047		1,468,565		1,555,355
4.00% due 03/20/2044		306,770		333,712
4.00% due 07/20/2045		888,127		964,231
4.00% due 05/20/2048		2,283,271		2,429,132
4.00% due 03/20/2049		1,734,716		1,840,053
4.50% due 05/15/2039		363,555		419,303
4.50% due 10/20/2045		1,742,564		1,917,048
4.50% due 04/20/2047		2,449,067		2,651,297
5.00% due 01/15/2040		324,931		374,643
5.50% due 12/15/2039		423,078		481,824
6.00% due 10/15/2039		123,385		137,145
Government National Mtg. Assoc. REMIC VRS Series 2013-118, Class B 2.50% due 10/16/2043(1)(3)		1,900,000		1,927,265
				142,577,622
Uniform Mtg. Backed Securities — 6.4%
1.50% due December 15 TBA		26,000,000		26,134,063
1.50% due December 30 TBA		17,000,000		16,439,531
2.00% due December 15 TBA		21,000,000		21,537,305
2.00% due December 30 TBA		61,800,000		61,853,109
2.50% due December 30 TBA		47,000,000		48,178,672
3.00% due December 30 TBA		11,000,000		11,421,523
				185,564,203
Total U.S. Government Agencies
(cost $1,163,519,861)				1,168,960,199

Security Description	Principal Amount/ Shares		Value (Note 2)
U.S. GOVERNMENT TREASURIES — 9.8%
United States Treasury Bonds — 4.5%
1.75% due 08/15/2041	$	20,744,000	$	20,371,256
1.88% due 02/15/2051		5,500,000		5,597,324
2.00% due 08/15/2051		995,000		1,043,040
2.38% due 11/15/2049		26,081,000		29,479,680
2.38% due 05/15/2051		25,172,000		28,578,086
2.75% due 11/15/2042		406,000		469,279
2.75% due 08/15/2047		1,246,000		1,485,466
2.88% due 11/15/2046		384,000		465,030
3.00% due 05/15/2045		570,000		695,400
3.00% due 11/15/2045		1,729,000		2,119,646
3.00% due 05/15/2047		8,292,000		10,304,429
3.13% due 11/15/2041		2,303,000		2,805,612
3.13% due 02/15/2042		392,000		478,439
3.38% due 11/15/2048		13,798,000		18,514,113
3.75% due 08/15/2041		35,000		46,297
3.88% due 08/15/2040		301,000		402,411
4.25% due 05/15/2039		256,000		356,040
4.38% due 11/15/2039		105,000		148,399
4.38% due 05/15/2040		3,057,000		4,339,029
4.38% due 05/15/2041		433,000		618,175
4.63% due 02/15/2040		65,000		94,631
4.75% due 02/15/2037		564,000		813,262
5.00% due 05/15/2037		153,000		226,237
5.25% due 11/15/2028		354,000		446,635
				129,897,916
United States Treasury Notes — 5.3%
0.13% due 04/30/2023		5,000,000		4,983,203
0.13% due 12/15/2023		1,100,000		1,090,504
0.25% due 09/30/2023#		33,000,000		32,869,805
0.25% due 05/15/2024		4,100,000		4,056,437
0.38% due 09/15/2024#		33,000,000		32,644,219
0.50% due 02/28/2026		1,000,000		975,703
0.75% due 04/30/2026		10,100,000		9,946,133
1.13% due 10/31/2026		2,308,000		2,305,836
1.13% due 02/29/2028		1,000,000		990,469
1.13% due 02/15/2031		5,400,000		5,271,750
1.25% due 08/15/2031		5,835,000		5,741,093
1.38% due 10/15/2022		10,000,000		10,100,781
1.38% due 01/31/2025		1,500,000		1,523,789
1.38% due 10/31/2028		1,974,000		1,976,159
1.50% due 11/30/2024		1,500,000		1,530,059
1.50% due 02/15/2030#		8,520,000		8,601,539
1.63% due 02/15/2026		4,839,000		4,948,445
1.63% due 11/30/2026		1,600,000		1,638,437
1.63% due 08/15/2029		10,100,000		10,299,633
1.75% due 11/15/2029#		6,700,000		6,898,644
2.00% due 02/15/2025		1,729,000		1,789,785
2.00% due 11/15/2026		384,000		400,080
2.25% due 04/30/2024		167,000		173,302
2.25% due 11/15/2024		3,596,000		3,747,004
2.25% due 08/15/2027#		576,000		607,995
2.38% due 05/15/2029		500,000		535,547
2.63% due 02/15/2029		171,000		185,822
				155,832,173
Total U.S. Government Treasuries
(cost $274,915,564)				285,730,089
COMMON STOCKS — 0.0%
Oil Field Machinery & Equipment — 0.0%
Hi-Crush, Inc.†(5)(6) (cost $88,083)		66,782		33,391

56

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 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 $115,290)		7,467	$	27,404
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.1%
Banks - Money Center — 0.0%
BBVA Bancomer SA 5.13% due 01/18/2033*	$	1,302,000		1,326,087
Building & Construction - Misc. — 0.0%
China Minmetals Corp. 3.75% due 11/13/2022(9)		600,000		609,044
Cellular Telecom — 0.0%
Vodafone Group PLC 5.13% due 06/04/2081		686,000		694,575
Diversified Banking Institutions — 0.2%
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(9)		2,513,000		2,644,932
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(9)		1,096,000		1,269,990
Societe Generale SA 7.88% due 12/18/2023*#(9)		1,554,000		1,694,171
				5,609,093
Electric - Distribution — 0.1%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		1,374,000		1,394,610
Electric - Integrated — 0.1%
CMS Energy Corp. 3.75% due 12/01/2050		1,142,000		1,122,986
CMS Energy Corp. 4.75% due 06/01/2050		1,373,000		1,508,584
Dominion Resources, Inc. 5.75% due 10/01/2054		938,000		1,004,701
				3,636,271
Food - Dairy Products — 0.1%
Land O’ Lakes, Inc. Junior Sub. Notes 7.00% due 09/18/2028*(9)		360,000		375,300
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		885,000		1,013,325
				1,388,625
Insurance - Life/Health — 0.1%
Prudential Financial, Inc. 5.63% due 06/15/2043		1,528,000		1,595,236
Prudential Financial, Inc. 5.70% due 09/15/2048		1,133,000		1,287,921
Voya Financial, Inc. 4.70% due 01/23/2048		1,166,000		1,209,916
				4,093,073
Insurance - Mutual — 0.1%
Liberty Mutual Group, Inc. Company Guar. Notes 4.30% due 02/01/2061*		3,509,000		3,272,142
Metal - Diversified — 0.0%
Chinalco Capital Holdings, Ltd. 4.10% due 09/11/2024(9)		400,000		409,001
Oil Companies - Integrated — 0.1%
BP Capital Markets PLC 4.88% due 03/22/2030(9)		2,460,000		2,647,575

Security Description	Principal Amount/ Shares			Value (Note 2)
Pipelines — 0.1%
EnLink Midstream Partners LP 6.00% due 12/15/2022(9)	$	1,017,000		$	803,430
Enterprise Products Operating LLC 5.25% due 08/16/2077		897,000			922,303
					1,725,733
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		3,010,000			3,053,284
Transport - Equipment & Leasing — 0.1%
AerCap Global Aviation Trust 6.50% due 06/15/2045*		1,529,000			1,638,125
Total Preferred Securities/Capital Securities
(cost $30,411,166)					31,497,238
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(5)		395			4,750
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		186,000			1,023
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(5)		267,418			1,926
Total Escrows And Litigation Trusts
(cost $267,418)					7,699
Total Long-Term Investment Securities
(cost $2,820,016,279)					2,854,866,621
SHORT-TERM INVESTMENT SECURITIES — 11.0%
Registered Investment Companies — 11.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.03%(10)		262,663,036			262,663,036
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(10)(12)		58,534,094			58,534,094
Total Short-Term Investment Securities
(cost $321,197,130)					321,197,130
TOTAL INVESTMENTS
(cost $3,141,213,409)(11)		108.8	%		3,176,063,751
Liabilities in excess of other assets		(8.8	)		(257,941,360	)
NET ASSETS		100.0	%	$	2,918,122,391

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $500,034,633 representing 17.1% of net assets.

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

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

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

(4) Interest Only

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

(6) 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

57

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2021, the Fund held the following restricted securities:

Description	Acquisition Date		Principal Amount/ Shares		Acquisition Cost		Value		Value Per Par/Share		% of Net Assets
Convertible Bonds & Notes
Hi-Crush, Inc. 10.00% due 04/09/2026	��	10/8/2020	$	792,850	$	692,677	$	2,128,009	$	268.40		0.07	%
Common Stocks
Hi-Crush, Inc.		1/29/2021		66,782		88,083		33,391		0.50		0.00
							$	2,161,400				0.07	%

(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 the form of additional securities at the coupon rate listed.

(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 November 30, 2021.

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

(10) The rate shown is the 7-day yield as of November 30, 2021.

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

(12) At November 30, 2021, the Fund had loaned securities with a total value of $106,847,190. This was secured by collateral of $58,534,094, which was received in cash and subsequently invested in short-term investments currently valued at $58,534,094 as

reported in the Portfolio of Investments. Additional collateral of $50,558,914 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
Federal Home Loan Mtg. Corp.	1.25% to 4.59%	07/01/2022 to 11/01/2046	$	92,867
Federal National Mtg. Assoc.	1.18% to 9.00%	12/01/2021 to 09/01/2057		548,916
United States Treasury Bills	0.00%	01/13/2022 to 04/21/2022		7,976,197
United States Treasury Notes/Bonds	0.07% to 7.13%	12/15/2021 to 05/15/2051		41,940,934

(13) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2021.

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

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 at November 30, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	—	$	71,152,740	$	—	$	71,152,740
U.S. Convertible Bonds & Notes		—		—		2,128,009		2,128,009
U.S. Corporate Bonds & Notes		—		844,121,193		—		844,121,193
Foreign Corporate Bonds & Notes		—		326,377,430		—		326,377,430
Foreign Government Obligations		—		124,831,229		—		124,831,229
U.S. Government Agencies		—		1,168,960,199		—		1,168,960,199
U.S. Government Treasuries		—		285,730,089		—		285,730,089
Common Stocks		—		—		33,391		33,391
Preferred Securities		27,404		—		—		27,404
Preferred Securities/Capital Securities		—		31,497,238		—		31,497,238
Escrows and Litigation Trusts		—		1,023		6,676		7,699
Short-Term Investment Securities		321,197,130		—		—		321,197,130
Total Investments at Value	$	321,224,534	$	2,852,671,141	$	2,168,076	$	3,176,063,751

* 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

58

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Diversified Banking Institutions	7.0	%
Medical — Drugs	6.0
Registered Investment Companies	4.1
Medical — HMO	4.0
Electric — Integrated	3.9
Banks — Super Regional	3.4
Insurance — Multi-line	3.3
Aerospace/Defense	3.2
Applications Software	3.2
Pipelines	2.7
Networking Products	2.3
Investment Management/Advisor Services	2.2
Finance — Credit Card	2.2
Cosmetics & Toiletries	2.0
Cable/Satellite TV	2.0
Computers	1.9
Computer Services	1.8
Oil Companies — Exploration & Production	1.7
Pharmacy Services	1.7
Insurance — Property/Casualty	1.6
Electronic Components — Semiconductors	1.5
Enterprise Software/Service	1.5
Chemicals — Diversified	1.5
Oil Companies — Integrated	1.5
Diversified Manufacturing Operations	1.4
Auto — Cars/Light Trucks	1.4
Transport — Rail	1.3
Medical Products	1.3
Telephone — Integrated	1.3
Medical Instruments	1.3
Retail — Building Products	1.3
Beverages — Non-alcoholic	1.2
Insurance — Life/Health	1.1
Retail — Apparel/Shoe	1.0
Data Processing/Management	0.9
Retail — Discount	0.9
Real Estate Investment Trusts	0.9
Industrial Gases	0.9
Insurance Brokers	0.9
Tobacco	0.9
Broadcast Services/Program	0.8
Brewery	0.8
Cellular Telecom	0.8
Finance — Investment Banker/Broker	0.8
Food — Misc./Diversified	0.8
Drug Delivery Systems	0.8
Transport — Services	0.8
Private Equity	0.7
Building Products — Cement	0.7
Machinery — Construction & Mining	0.7
Food — Confectionery	0.7
Non-Hazardous Waste Disposal	0.6
Electric — Distribution	0.6
Chemicals — Specialty	0.6
Banks — Commercial	0.5
Multimedia	0.5
Containers — Paper/Plastic	0.4
Agricultural Biotech	0.4
Medical — Wholesale Drug Distribution	0.4
Auto/Truck Parts & Equipment — Original	0.4
Oil Refining & Marketing	0.4
Home Decoration Products	0.4
Audio/Video Products	0.3
Gas — Distribution	0.3
Entertainment Software	0.3
Semiconductor Components — Integrated Circuits	0.3
Soap & Cleaning Preparation	0.2
Food — Dairy Products	0.2

Machinery — General Industrial	0.2
Shipbuilding	0.2
	99.8	%

* Calculated as a percentage of net assets

59

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.7%
Aerospace/Defense — 3.2%
BAE Systems PLC		2,388,372	$	17,338,615
Lockheed Martin Corp.		10,539		3,512,859
Northrop Grumman Corp.		16,750		5,842,400
Raytheon Technologies Corp.		256,925		20,790,371
				47,484,245
Agricultural Biotech — 0.4%
Corteva, Inc.		121,788		5,480,460
Applications Software — 3.2%
CDK Global, Inc.		231,201		8,933,606
Microsoft Corp.		114,125		37,728,584
				46,662,190
Audio/Video Products — 0.3%
Panasonic Corp.		473,600		5,172,960
Auto - Cars/Light Trucks — 1.4%
General Motors Co.†		349,956		20,251,954
Auto/Truck Parts & Equipment - Original — 0.4%
Lear Corp.		31,478		5,281,694
Banks - Commercial — 0.5%
First Citizens BancShares, Inc., Class A		9,825		7,899,104
Banks - Super Regional — 3.4%
PNC Financial Services Group, Inc.		40,230		7,925,310
US Bancorp		113,630		6,288,284
Wells Fargo & Co.		761,218		36,370,996
				50,584,590
Beverages - Non-alcoholic — 1.2%
Coca-Cola Co.		341,800		17,927,410
Brewery — 0.8%
Constellation Brands, Inc., Class A		53,629		12,084,223
Broadcast Services/Program — 0.8%
Fox Corp., Class A		335,866		11,993,775
Fox Corp., Class B		2,797		93,979
				12,087,754
Building Products - Cement — 0.7%
Vulcan Materials Co.		51,860		9,938,450
Cable/Satellite TV — 2.0%
Comcast Corp., Class A		572,692		28,623,146
Cellular Telecom — 0.8%
Rogers Communications, Inc., Class B		269,582		12,062,552
Chemicals - Diversified — 1.5%
DuPont de Nemours, Inc.		36,606		2,707,380
PPG Industries, Inc.		123,136		18,983,877
				21,691,257
Chemicals - Specialty — 0.6%
Ecolab, Inc.		40,900		9,058,123
Computer Services — 1.8%
Cognizant Technology Solutions Corp., Class A		212,238		16,550,319
Leidos Holdings, Inc.		111,016		9,759,417
				26,309,736
Computers — 1.9%
Apple, Inc.		168,340		27,826,602
Containers - Paper/Plastic — 0.4%
Sealed Air Corp.		102,208		6,349,161

Security Description	Shares		Value (Note 2)
Cosmetics & Toiletries — 2.0%
Procter & Gamble Co.		81,560	$	11,791,945
Unilever PLC ADR		354,999		18,051,699
				29,843,644
Data Processing/Management — 0.9%
Fidelity National Information Services, Inc.		130,927		13,681,871
Diversified Banking Institutions — 7.0%
Bank of America Corp.		836,315		37,190,928
Citigroup, Inc.		464,440		29,584,828
JPMorgan Chase & Co.		139,346		22,132,325
Morgan Stanley		146,205		13,863,158
				102,771,239
Diversified Manufacturing Operations — 1.4%
General Electric Co.		148,727		14,127,578
Siemens AG		40,232		6,442,301
				20,569,879
Drug Delivery Systems — 0.8%
Becton Dickinson & Co.		47,989		11,380,111
Electric - Distribution — 0.6%
Sempra Energy		75,570		9,058,576
Electric - Integrated — 3.9%
Ameren Corp.		65,785		5,367,398
American Electric Power Co., Inc.		50,593		4,100,563
CenterPoint Energy, Inc.		269,376		6,979,532
Edison International		225,790		14,739,571
Exelon Corp.		62,850		3,314,080
NextEra Energy, Inc.		87,050		7,554,199
Public Service Enterprise Group, Inc.		232,867		14,551,859
				56,607,202
Electronic Components - Semiconductors — 1.5%
Broadcom, Inc.		15,060		8,338,421
Samsung Electronics Co., Ltd. GDR		4,079		6,102,337
Texas Instruments, Inc.		40,680		7,825,612
				22,266,370
Enterprise Software/Service — 1.5%
Open Text Corp.		14,990		710,676
Oracle Corp.		95,690		8,682,911
SS&C Technologies Holdings, Inc.		165,004		12,594,755
				21,988,342
Entertainment Software — 0.3%
Activision Blizzard, Inc.		82,160		4,814,576
Finance - Credit Card — 2.2%
Capital One Financial Corp.		47,356		6,654,939
Mastercard, Inc., Class A		25,910		8,159,577
Visa, Inc., Class A		90,323		17,501,888
				32,316,404
Finance - Investment Banker/Broker — 0.8%
Charles Schwab Corp.		151,357		11,713,518
Food - Confectionery — 0.7%
Mondelez International, Inc., Class A		164,900		9,719,206
Food - Dairy Products — 0.2%
Danone SA		44,337		2,614,334
Food - Misc./Diversified — 0.8%
Nestle SA ADR		89,190		11,460,915
Gas - Distribution — 0.3%
NiSource, Inc.		210,334		5,155,286

60

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Home Decoration Products — 0.4%
Newell Brands, Inc.		241,256	$	5,179,766
Industrial Gases — 0.9%
Linde PLC		40,150		12,773,321
Insurance Brokers — 0.9%
Arthur J. Gallagher & Co.		42,773		6,967,722
Willis Towers Watson PLC		25,678		5,799,119
				12,766,841
Insurance - Life/Health — 1.1%
Equitable Holdings, Inc.		245,907		7,736,234
Prudential Financial, Inc.		87,307		8,928,014
				16,664,248
Insurance - Multi-line — 3.3%
Allstate Corp.		36,096		3,924,357
Chubb, Ltd.		50,290		9,025,546
Hartford Financial Services Group, Inc.		132,550		8,761,555
MetLife, Inc.		463,894		27,212,022
				48,923,480
Insurance - Property/Casualty — 1.6%
Fidelity National Financial, Inc.		218,538		10,688,694
Progressive Corp.		43,340		4,028,020
Travelers Cos., Inc.		59,470		8,739,116
				23,455,830
Investment Management/Advisor Services — 2.2%
Apollo Global Management, Inc.#		298,727		21,143,897
Raymond James Financial, Inc.		119,542		11,749,783
				32,893,680
Machinery - Construction & Mining — 0.7%
Komatsu, Ltd.		428,700		9,770,139
Machinery - General Industrial — 0.2%
Otis Worldwide Corp.		30,970		2,489,988
Medical Instruments — 1.3%
Alcon, Inc.		51,359		4,045,231
Medtronic PLC		137,434		14,664,208
				18,709,439
Medical Products — 1.3%
Koninklijke Philips NV		212,554		7,497,233
Zimmer Biomet Holdings, Inc.		101,338		12,120,025
				19,617,258
Medical - Drugs — 6.0%
AstraZeneca PLC		161,433		17,711,354
Bayer AG		243,871		12,313,812
Johnson & Johnson		63,480		9,898,436
Merck & Co., Inc.		153,049		11,464,901
Pfizer, Inc.		180,540		9,700,414
Sanofi		186,056		17,695,831
Zoetis, Inc.		38,180		8,477,487
				87,262,235
Medical - HMO — 4.0%
Anthem, Inc.		62,070		25,214,696
Humana, Inc.		31,603		13,264,095
UnitedHealth Group, Inc.		45,222		20,088,517
				58,567,308
Medical - Wholesale Drug Distribution — 0.4%
McKesson Corp.		25,131		5,447,396

Security Description	Shares		Value (Note 2)
Multimedia — 0.5%
Walt Disney Co.†		52,870	$	7,660,863
Networking Products — 2.3%
Cisco Systems, Inc.		611,804		33,551,331
Non-Hazardous Waste Disposal — 0.6%
Waste Management, Inc.		57,140		9,180,684
Oil Companies - Exploration & Production — 1.7%
ConocoPhillips		205,430		14,406,806
EQT Corp.†		159,695		3,102,874
Pioneer Natural Resources Co.		45,540		8,120,693
				25,630,373
Oil Companies - Integrated — 1.5%
BP PLC		3,914,612		16,949,444
Equinor ASA		181,223		4,541,291
				21,490,735
Oil Refining & Marketing — 0.4%
Marathon Petroleum Corp.		85,348		5,193,426
Pharmacy Services — 1.7%
Cigna Corp.		61,831		11,865,369
CVS Health Corp.		139,979		12,466,530
				24,331,899
Pipelines — 2.7%
Enbridge, Inc.		284,140		10,666,616
Enterprise Products Partners LP		768,750		16,443,562
Williams Cos., Inc.		455,690		12,207,935
				39,318,113
Private Equity — 0.7%
Blackstone, Inc., Class A		76,170		10,774,246
Real Estate Investment Trusts — 0.9%
American Tower Corp.		33,920		8,903,322
Boston Properties, Inc.#		36,630		3,950,179
				12,853,501
Retail - Apparel/Shoe — 1.0%
Ross Stores, Inc.		133,843		14,600,933
Retail - Building Products — 1.3%
Home Depot, Inc.		36,450		14,602,235
Lowe’s Cos., Inc.		16,341		3,996,845
				18,599,080
Retail - Discount — 0.9%
Dollar General Corp.		60,170		13,315,621
Semiconductor Components - Integrated Circuits — 0.3%
Analog Devices, Inc.		24,266		4,373,947
Shipbuilding — 0.2%
Huntington Ingalls Industries, Inc.		12,860		2,282,779
Soap & Cleaning Preparation — 0.2%
Reckitt Benckiser Group PLC		36,718		2,976,879
Telephone - Integrated — 1.3%
Verizon Communications, Inc.		375,520		18,877,390
Tobacco — 0.9%
Altria Group, Inc.		121,650		5,187,156
British American Tobacco PLC		222,133		7,456,767
				12,643,923
Transport - Rail — 1.3%
Union Pacific Corp.		83,809		19,748,753

61

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Transport - Services — 0.8%
United Parcel Service, Inc., Class B		56,400		$	11,188,068
Total Long-Term Investment Securities
(cost $1,314,292,084)					1,401,850,557
SHORT-TERM INVESTMENT SECURITIES — 4.1%
Registered Investment Companies — 4.1%
State Street Institutional Liquid Reserves Fund, Premier Class  0.04%(1)		52,687,002			52,697,539
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.03%(1)		7,270,160			7,270,160
Total Short-Term Investment Securities
(cost $59,967,699)					59,967,699
TOTAL INVESTMENTS
(cost $1,374,259,783)(2)		99.8	%		1,461,818,256
Other assets less liabilities		0.2			3,472,584
NET ASSETS		100.0	%	$	1,465,290,840

† Non-income producing security

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

At November 30, 2021, the Fund had loaned securities with a total value of $24,658,778. This was secured by collateral of $26,280,639 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
Federal Home Loan Mtg. Corp.	1.25% to 2.50%	03/01/2050 to 10/25/2050	$	2,331,405
Federal National Mtg. Assoc.	2.00% to 3.50%	06/01/2049 to 09/01/2050		7,885,549
Government National Mtg. Assoc.	1.00% to 2.70%	06/20/2038 to 05/16/2053		4,659,909
United States Treasury Bills	0.00%	12/09/2021 to 06/16/2022		1,166,741
United States Treasury Notes/Bonds	0.13% to 3.88%	01/15/2022 to 05/15/2051		10,237,035

(1) The rate shown is the 7-day yield as of November 30, 2021.

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	1,263,222,029	$	138,628,528	**	$	—	$	1,401,850,557
Short-Term Investment Securities		59,967,699		—			—		59,967,699
Total Investments at Value	$	1,323,189,728	$	138,628,528		$	—	$	1,461,818,256

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

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

See Notes to Financial Statements

62

VALIC Company I Dynamic Allocation Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	53.0	%
Domestic Fixed Income Investment Companies	19.7
United States Treasury Notes	13.8
International Equity Investment Companies	9.5
Registered Investment Companies	3.6
Options — Purchased	1.0
International Fixed Income Investment Companies	0.4
	101.0	%

* Calculated as a percentage of net assets

63

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 82.6%(1)@
Domestic Equity Investment Companies — 53.0%
VALIC Co. I Blue Chip Growth Fund†		266,616	$	7,387,918
VALIC Co. I Capital Appreciation Fund		257,713		6,149,026
VALIC Co. I Dividend Value Fund		592,667		7,675,035
VALIC Co. I Growth Fund		311,768		7,900,208
VALIC Co. I Large Capital Growth Fund		264,916		6,016,242
VALIC Co. I Mid Cap Index Fund		65,578		2,040,116
VALIC Co. I Mid Cap Strategic Growth Fund		88,473		2,169,370
VALIC Co. I Mid Cap Value Fund		111,317		2,428,942
VALIC Co. I Small Cap Growth Fund		40,960		896,625
VALIC Co. I Small Cap Index Fund		48,595		1,109,903
VALIC Co. I Small Cap Special Values Fund		93,158		1,288,382
VALIC Co. I Small Cap Value Fund		30,216		460,488
VALIC Co. I Stock Index Fund		266,789		15,345,697
VALIC Co. I Systematic Core Fund		414,540		11,810,241
VALIC Co. I Systematic Value Fund		1,422,857		18,995,138
VALIC Co. I U.S. Socially Responsible Fund		357,097		9,520,217
Total Domestic Equity Investment Companies
(cost $84,442,392)				101,193,548
Domestic Fixed Income Investment Companies — 19.7%
VALIC Co. I Core Bond Fund		2,168,008		24,845,373
VALIC Co. I Government Securities Fund		782,812		8,462,205
VALIC Co. I High Yield Bond Fund		196,480		1,516,830
VALIC Co. I Inflation Protected Fund		226,779		2,837,011
Total Domestic Fixed Income Investment Companies
(cost $37,125,414)				37,661,419
International Equity Investment Companies — 9.5%
VALIC Co. I Emerging Economies Fund		116,335		1,115,650
VALIC Co. I Global Real Estate Fund		144,211		1,201,276
VALIC Co. I International Equities Index Fund		419,634		3,386,447
VALIC Co. I International Growth Fund†		242,452		4,744,780
VALIC Co. I International Opportunities Fund		26,560		596,804
VALIC Co. I International Socially Responsible Fund		94,576		2,458,965
VALIC Co. I International Value Fund		459,998		4,724,177
Total International Equity Investment Companies
(cost $15,054,836)				18,228,099
International Fixed Income Investment Companies — 0.4%
VALIC Co. I International Government Bond Fund
(cost $719,429)		61,002		738,734
Total Affiliated Registered Investment Companies
(cost $137,342,071)				157,821,800

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 13.8%
United States Treasury Notes — 13.8%
0.63% due 05/15/2030	$	2,385,500		$	2,239,761
0.63% due 08/15/2030		1,051,800			985,076
0.88% due 11/15/2030		4,901,900			4,687,059
1.13% due 02/15/2031		3,751,300			3,662,207
1.25% due 08/15/2031		3,160,300			3,109,439
1.50% due 02/15/2030		2,236,000			2,257,399
1.63% due 08/15/2029#		2,574,300			2,625,183
1.63% due 05/15/2031		3,390,300			3,455,987
1.75% due 11/15/2029		2,664,100			2,743,086
2.38% due 05/15/2029		650,100			696,318
Total U.S. Government Treasuries
(cost $26,621,291)					26,461,515
OPTIONS - PURCHASED†(2) — 1.0%
Over the Counter Purchased Put Options
(cost $1,800,542)					1,976,021
Total Long-Term Investment Securities
(cost $165,763,904)					186,259,336
SHORT-TERM INVESTMENT SECURITIES — 3.6%
Registered Investment Companies — 3.6%
AB Government Money Market Portfolio, Class AB 0.08%(3)
(cost $6,845,143)		6,845,143			6,845,143
TOTAL INVESTMENTS
(cost $172,609,047)(4)		101.0	%		193,104,479
Liabilities in excess of other assets		(1.0	)		(1,963,753	)
NET ASSETS		100.0	%	$	191,140,726

@ The Dynamic Allocation Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such funds’ prospectuses and shareholder reports are available at our website, www.valic.com.

† Non-income producing security

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

(1) See Note 3

(2) Options — Purchased

Over the Counter Purchased Put Options
Issue	Counter Party		Expiration Month		Strike Price		No. of Contracts		Notional Amount*		Premiums Paid		Value at November 30, 2021		Unrealized Appreciation (Depreciation)
S&P 500 Index		Citibank, N.A.		April 2021		3,550		6,000	$	27,402,000	$	450,250	$	321,216	$	(129,034	)
S&P 500 Index		Goldman Sachs International		May 2021		3,900		3,500		15,984,500		326,914		383,043		56,129
S&P 500 Index		JP Morgan Chase Bank, N.A.		May 2021		3,900		2,000		9,134,000		193,228		218,882		25,654
S&P 500 Index		UBS AG		April 2021		3,550		2,000		9,134,000		135,700		107,072		(28,628	)
S&P 500 Index		UBS AG		May 2021		3,900		5,500		25,118,500		434,500		601,924		167,424
S&P 500 Index		UBS AG		June 2021		3,825		3,000		13,701,000		259,950		343,884		83,934
								22,000	$	100,474,000	$	1,800,542	$	1,976,021	$	175,479

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

(3) The rate shown is the 7-day yield as of November 30, 2021

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

64

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	20	Short	S&P 500 E-Mini Index		December 2021	$	4,574,421	$	4,566,250	$	8,171

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	157,821,800	$	—	$	—	$	157,821,800
U.S. Government Treasuries		—		26,461,515		—		26,461,515
Options - Purchased		—		1,976,021		—		1,976,021
Short-Term Investment Securities		6,845,143		—		—		6,845,143
Total Investments at Value	$	164,666,943	$	28,437,536	$	—	$	193,104,479
Other Financial Instruments:†
Futures Contracts	$	8,171	$	—	$	—	$	8,171

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

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

See Notes to Financial Statements

65

VALIC Company I Emerging Economies Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Semiconductor Components — Integrated Circuits	11.1	%
Banks — Commercial	10.9
Electronic Components — Semiconductors	8.5
Internet Content — Information/News	6.6
Oil Companies — Integrated	6.1
E-Commerce/Products	3.6
Diversified Financial Services	3.6
Steel — Producers	2.2
Finance — Mortgage Loan/Banker	1.8
Oil Companies — Exploration & Production	1.8
Retail — Apparel/Shoe	1.5
Communications Software	1.5
Gas — Distribution	1.4
Auto — Cars/Light Trucks	1.4
Retail — Automobile	1.4
Real Estate Operations & Development	1.4
E-Commerce/Services	1.3
Brewery	1.3
Finance — Investment Banker/Broker	1.2
Energy — Alternate Sources	1.2
Retail — Hypermarkets	1.2
Building Products — Doors & Windows	1.2
Metal — Diversified	1.1
Petrochemicals	1.1
Investment Management/Advisor Services	1.1
Finance — Leasing Companies	1.1
Insurance — Property/Casualty	1.1
Computers	0.9
Insurance — Life/Health	0.9
Real Estate Management/Services	0.9
Metal — Iron	0.8
Aerospace/Defense — Equipment	0.8
Finance — Consumer Loans	0.8
Computer Services	0.8
Cellular Telecom	0.8
Electronic Components — Misc.	0.7
Non-Ferrous Metals	0.7
Diamonds/Precious Stones	0.7
Batteries/Battery Systems	0.7
Banks — Money Center	0.6
Building Products — Cement	0.6
Diversified Manufacturing Operations	0.6
Food — Retail	0.5
Wire & Cable Products	0.5
Diversified Operations	0.5
Circuit Boards	0.5
Banks — Special Purpose	0.5
Diversified Minerals	0.4
Computers — Periphery Equipment	0.4
Oil Refining & Marketing	0.4
Retail — Misc./Diversified	0.4
Beverages — Non-alcoholic	0.4
Agricultural Chemicals	0.3
Airport Development/Maintenance	0.3
Transport — Marine	0.3
Home Furnishings	0.3
Internet Brokers	0.3
Metal — Aluminum	0.3
Insurance Brokers	0.3
Food — Dairy Products	0.3
Audio/Video Products	0.3
Chemicals — Plastics	0.3
Chemicals — Other	0.3
Building & Construction — Misc.	0.3
Retail — Convenience Store	0.3
Building & Construction Products — Misc.	0.3
Retail — Major Department Stores	0.3
Coal	0.2
Medical Products	0.2

Transport — Services	0.2
Investment Companies	0.2
Machinery — General Industrial	0.2
Dental Supplies & Equipment	0.2
Agricultural Operations	0.2
Registered Investment Companies	0.2
	99.6	%

Country Allocation*

Cayman Islands	18.2	%
South Korea	17.2
Taiwan	15.8
China	13.8
Russia	8.7
India	7.9
Brazil	3.8
Mexico	3.7
South Africa	3.4
Thailand	1.5
Hong Kong	1.5
Bermuda	1.0
United States	1.0
Chile	0.6
Poland	0.6
Malaysia	0.5
Vietnam	0.4
	99.6	%

* Calculated as a percentage of net assets

66

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.4%
Bermuda — 1.0%
Brilliance China Automotive Holdings, Ltd.†(1)		4,556,000	$	2,129,012
China Resources Gas Group, Ltd.		458,000		2,360,148
Kunlun Energy Co., Ltd.		2,748,000		2,586,602
				7,075,762
Brazil — 3.8%
Banco do Brasil SA		1,124,834		6,370,628
Petroleo Brasileiro SA (Preference Shares)		1,851,568		9,692,832
Porto Seguro SA		555,353		2,198,948
Sao Martinho SA		360,007		2,248,343
SLC Agricola SA		216,542		1,478,318
Vale SA ADR		490,839		6,071,678
				28,060,747
Cayman Islands — 18.2%
Alibaba Group Holding, Ltd.†		1,624,144		26,043,229
Bosideng International Holdings, Ltd.#		4,806,000		3,352,575
Chailease Holding Co., Ltd.		924,400		8,107,574
China Hongqiao Group, Ltd.		3,352,500		3,220,398
China Lesso Group Holdings, Ltd.		1,297,000		1,870,224
China Medical System Holdings, Ltd.		1,107,000		1,812,514
China Meidong Auto Holdings, Ltd.		528,000		2,559,426
China Yongda Automobiles Services Holdings, Ltd.		1,530,500		2,313,759
Country Garden Services Holdings Co., Ltd.		1,112,000		6,626,115
Haitian International Holdings, Ltd.		601,000		1,665,136
Li Ning Co., Ltd.		481,000		5,419,375
Longfor Group Holdings, Ltd.*		929,000		4,371,485
Meituan, Class B†*		269,400		8,222,262
Parade Technologies, Ltd.		36,000		2,716,327
Silicon Motion Technology Corp. ADR		32,509		2,244,096
SITC International Holdings Co., Ltd.		626,000		2,501,727
Tencent Holdings, Ltd.		682,700		40,219,592
Xinyi Glass Holdings, Ltd.		1,082,000		2,639,092
Xtep International Holdings, Ltd.#		1,663,500		2,238,166
Zhongsheng Group Holdings, Ltd.		667,500		5,491,168
				133,634,240
Chile — 0.6%
Banco Santander Chile ADR		133,084		2,356,918
Falabella SA		596,382		1,845,279
				4,202,197
China — 13.8%
Anhui Conch Cement Co., Ltd.		976,500		4,409,401
BOE Technology Group Co., Ltd., Class A		4,068,600		3,075,931
China Construction Bank Corp.		16,705,000		10,835,585
China Vanke Co., Ltd.		1,766,400		4,022,730
Chongqing Brewery Co., Ltd., Class A†		220,594		4,971,930
Contemporary Amperex Technology Co., Ltd. Class A		44,950		4,789,351
East Money Information Co., Ltd., Class A		453,749		2,460,769
ENN Natural Gas Co., Ltd., Class A		958,435		2,925,028
GF Securities Co., Ltd.		4,657,600		8,119,832
Gigadevice Semiconductor Beijing, Inc., Class A		88,483		2,086,409
Haitong Securities Co., Ltd.		2,594,400		2,179,189
Industrial Bank Co., Ltd., Class A		2,416,930		6,799,102
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		358,000		2,181,416
LONGi Green Energy Technology Co., Ltd., Class A		468,280		6,416,548
PICC Property & Casualty Co., Ltd.		6,516,000		5,573,444
Ping An Bank Co., Ltd., Class A		2,929,599		7,990,012
Postal Savings Bank of China Co., Ltd.*		6,904,000		4,651,414
Seazen Holdings Co., Ltd., Class A		349,953		1,704,193
TBEA Co., Ltd., Class A		1,105,300		3,948,067
Wanhua Chemical Group Co., Ltd.†		136,343		2,042,937
Xiamen C & D, Inc., Class A		1,378,098		1,743,000
Xilinmen Furniture Co., Ltd. Class A		561,300		2,468,159

Security Description	Shares		Value (Note 2)
China (continued)
Zhuzhou Kibing Group Co., Ltd., Class A		2,313,073	$	5,805,343
				101,199,790
Hong Kong — 1.5%
China Resources Beer Holdings Co., Ltd.		516,000		4,207,357
Lenovo Group, Ltd.		6,740,000		6,842,723
				11,050,080
India — 7.9%
Bharat Electronics, Ltd.		2,140,258		5,758,989
GAIL India, Ltd.		3,112,632		5,377,429
HDFC Bank, Ltd. ADR		66,556		4,357,421
Hindalco Industries, Ltd.		408,905		2,224,133
Hindustan Petroleum Corp., Ltd.		719,168		2,811,925
Housing Development Finance Corp., Ltd.		368,941		13,152,359
Mindtree, Ltd.		98,951		5,628,649
Oil & Natural Gas Corp., Ltd.		2,628,411		4,950,567
Tech Mahindra, Ltd.		518,864		10,657,715
UPL, Ltd.		284,367		2,582,692
				57,501,879
Malaysia — 0.5%
Public Bank Bhd		4,163,000		3,897,676
Mexico — 3.7%
Arca Continental SAB de CV		442,669		2,699,264
Grupo Aeroportuario del Sureste SAB de CV, Class B		136,849		2,514,563
Grupo Financiero Banorte SAB de CV, Class O		970,378		5,780,860
Grupo Mexico SAB de CV, Class B		1,268,350		5,282,795
Orbia Advance Corp SAB de CV		890,102		2,076,801
Wal-Mart de Mexico SAB de CV		2,688,212		8,449,830
				26,804,113
Poland — 0.6%
Bank Polska Kasa Opieki SA		71,444		2,060,535
Powszechny Zaklad Ubezpieczen SA		242,082		2,114,323
				4,174,858
Russia — 8.7%
Alrosa PJSC†		2,815,974		4,854,917
Gazprom PJSC ADR#		1,324,202		11,851,608
Lukoil PJSC ADR		116,189		10,245,546
Magnitogorsk Iron & Steel Works PJSC†		4,998,278		4,011,278
MMC Norilsk Nickel PJSC ADR#		289,829		8,373,160
Rosneft PJSC†		1,041,591		7,963,062
Sberbank of Russia PJSC ADR#		710,195		12,009,397
Severstal PAO GDR		215,764		4,531,044
				63,840,012
South Africa — 3.4%
Capitec Bank Holdings, Ltd.		49,266		5,637,647
Exxaro Resources, Ltd.		194,670		1,857,976
FirstRand, Ltd.		2,070,121		7,257,563
Mr. Price Group, Ltd.		218,254		2,709,481
MTN Group, Ltd.†		336,952		3,398,354
Shoprite Holdings, Ltd.		325,311		4,020,297
				24,881,318
South Korea — 17.2%
AfreecaTV Co., Ltd.		20,911		3,569,286
BGF retail Co., Ltd.		15,550		1,917,726
GS Engineering & Construction Corp.		62,444		1,941,532
Hana Financial Group, Inc.		237,728		7,934,375
Industrial Bank of Korea		434,834		3,760,129
Kia Corp.		128,181		8,445,455
KIWOOM Securities Co., Ltd.		36,018		2,978,686

67

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
South Korea (continued)
LG Chem, Ltd.		13,994	$	8,183,254
Osstem Implant Co., Ltd.		17,630		1,649,751
POSCO		32,943		7,269,442
S-Oil Corp.		45,295		3,037,058
Samsung Electro-Mechanics Co., Ltd.		37,975		5,363,867
Samsung Electronics Co., Ltd.		533,493		32,202,561
Samsung Securities Co. Ltd.		95,063		3,527,703
Shinhan Financial Group Co., Ltd.		255,029		7,462,196
SK Hynix, Inc.		195,250		18,878,240
SK Square Co., Ltd.†		30,396		1,739,985
SK Telecom Co., Ltd.		47,018		2,158,971
SKC Co., Ltd.		25,809		4,249,289
				126,269,506
Taiwan — 15.8%
ASE Technology Holding Co., Ltd.		1,278,000		4,645,595
Cathay Financial Holding Co., Ltd.		3,169,000		6,773,462
ChipMOS Technologies, Inc.		1,109,000		1,813,499
Fubon Financial Holding Co., Ltd.		3,820,300		9,993,520
Lite-On Technology Corp.		974,000		2,111,064
Micro-Star International Co., Ltd.		659,000		3,833,869
Nanya Technology Corp.		1,309,000		3,485,073
Novatek Microelectronics Corp.		252,000		4,150,526
Realtek Semiconductor Corp.		232,000		4,556,834
Taiwan Semiconductor Manufacturing Co., Ltd.		2,516,000		53,527,791
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		56,604		6,631,158
United Microelectronics Corp.		2,694,000		6,065,885
Yuanta Financial Holding Co., Ltd.		9,555,520		8,100,186
				115,688,462
Thailand — 1.5%
PTT Exploration & Production PCL		2,198,300		7,404,319
Siam Cement PCL		344,200		3,850,832
				11,255,151
United States — 0.8%
MercadoLibre, Inc.†		4,879		5,798,252
Vietnam — 0.4%
Vietnam Joint Stock Commercial Bank for Industry and Trade		1,998,997		2,955,312
Total Long-Term Investment Securities
(cost $697,690,014)				728,289,355

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.2%
Registered Investment Companies — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(3) (cost $1,201,797)		1,201,797		$	1,201,797
TOTAL INVESTMENTS
(cost $698,891,811)(4)		99.6	%		729,491,152
Other assets less liabilities		0.4			3,221,472
NET ASSETS		100.0	%	$	732,712,624

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $17,245,161 representing 2.4% of net assets.

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

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

(2) At November 30, 2021, the Fund had loaned securities with a total value of $12,344,180. This was secured by collateral of $1,201,797, which was received in cash and subsequently invested in short-term investments currently valued at $1,201,797 as reported in the Portfolio of Investments. Additional collateral of $11,926,962 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Notes/Bonds	0.08% to 6.88%	01/15/2022 to 11/15/2050	$11,926,962

(3) The rate shown is the 7-day yield as of November 30, 2021.

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	—	$	4,946,750	**	$	2,129,012	$	7,075,762
Russia		47,010,755		16,829,257			—		63,840,012
Other Countries		91,093,122		566,280,459	**		—		657,373,581
Short-Term Investment Securities		1,201,797		—			—		1,201,797
Total Investments at Value	$	139,305,674	$	588,056,466		$	2,129,012	$	729,491,152

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

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

At the beginning and 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

68

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	77.8	%
Real Estate Operations & Development	11.3
Real Estate Management/Services	6.3
Registered Investment Companies	1.7
Telecom Services	1.1
Hotels/Motels	0.8
Building — Heavy Construction	0.6
Building — Residential/Commercial	0.5
Private Equity	0.2
	100.3	%

Country Allocation*

United States	51.9	%
Japan	11.3
United Kingdom	7.4
Australia	4.6
Germany	4.6
Canada	3.9
Hong Kong	2.8
Cayman Islands	2.4
Singapore	2.3
France	2.2
Sweden	1.8
Spain	1.3
Bermuda	1.2
Switzerland	1.1
Belgium	0.9
Netherlands	0.4
Ireland	0.2
	100.3	%

* Calculated as a percentage of net assets

69

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.3%
Australia — 4.6%
BGP Holdings PLC†(1)		479,213	$	0
Goodman Group		504,478		8,775,096
Ingenia Communities Group		1,809,792		7,823,620
NEXTDC, Ltd.†		459,028		3,888,767
Scentre Group		2,428,829		5,294,971
				25,782,454
Belgium — 0.9%
Warehouses De Pauw CVA		108,287		5,019,153
Bermuda — 1.2%
Hongkong Land Holdings, Ltd.		653,100		3,525,403
Shangri-La Asia, Ltd.†		3,904,000		3,076,214
				6,601,617
Canada — 3.9%
Allied Properties Real Estate Investment Trust		128,144		4,137,884
Canadian Apartment Properties REIT		158,782		7,067,474
Chartwell Retirement Residences		301,416		2,602,543
Granite Real Estate Investment Trust		51,966		4,008,556
Summit Industrial Income REIT		234,018		4,125,473
				21,941,930
Cayman Islands — 2.4%
CIFI Holdings Group Co., Ltd.		3,066,000		1,657,014
CK Asset Holdings, Ltd.		1,208,000		6,909,053
ESR Cayman, Ltd.†*		776,200		2,560,850
GDS Holdings, Ltd. ADR†		42,243		2,367,298
				13,494,215
France — 2.2%
Gecina SA		57,078		7,729,642
Klepierre SA		224,632		4,760,840
				12,490,482
Germany — 4.3%
Instone Real Estate Group AG*		91,352		1,917,518
Vonovia SE		407,314		22,641,449
				24,558,967
Hong Kong — 2.8%
Link REIT		991,100		8,550,393
Sun Hung Kai Properties, Ltd.		331,004		4,024,003
Swire Properties, Ltd.		1,373,400		3,240,726
				15,815,122
Ireland — 0.2%
Dalata Hotel Group PLC†		322,798		1,241,637
Japan — 11.3%
Comforia Residential REIT, Inc.†		540		1,524,105
GLP J-REIT		4,166		6,648,550
Hulic REIT, Inc.		2,597		3,829,879
Japan Metropolitan Fund Investment Corp.		5,035		4,348,670
Keihanshin Building Co., Ltd.		260,000		3,158,552
Kenedix Realty Investment Corp.		627		3,821,947
Kenedix Retail REIT Corp.		923		2,286,870
Mitsubishi Estate Co., Ltd.		613,000		8,456,927
Mitsui Fudosan Co., Ltd.		433,600		8,929,101
Mitsui Fudosan Logistics Park, Inc.		282		1,454,773
Nippon Prologis REIT, Inc.#		655		2,142,236
Open House Co., Ltd.		53,100		2,976,274
Sankei Real Estate, Inc.		2,932		3,213,113
Sumitomo Realty & Development Co., Ltd.		139,300		4,341,815
United Urban Investment Corp.#		5,454		6,964,198
				64,097,010

Security Description	Shares		Value (Note 2)
Netherlands — 0.4%
CTP BV*#		102,273	$	2,136,873
Singapore — 2.3%
Ascendas India Trust		2,522,600		2,571,375
Ascendas Real Estate Investment Trust		2,042,300		4,363,717
Capitaland Investment, Ltd.†		391,720		960,298
Keppel DC REIT		1,808,100		3,114,703
Lendlease Global Commercial REIT		3,535,700		2,276,410
				13,286,503
Spain — 1.3%
Cellnex Telecom SA*		62,279		3,674,325
Merlin Properties Socimi SA		334,943		3,742,616
				7,416,941
Sweden — 1.8%
Castellum AB		356,536		10,054,662
Switzerland — 1.1%
PSP Swiss Property AG		51,496		6,054,249
United Kingdom — 7.4%
Big Yellow Group PLC		299,156		6,462,618
Capital & Counties Properties PLC		1,088,713		2,325,138
Derwent London PLC		103,839		4,676,074
Life Science REIT PLC†		1,042,548		1,383,764
LondonMetric Property PLC		1,493,001		5,375,376
Segro PLC		592,621		11,067,597
Tritax EuroBox PLC*		2,484,055		3,552,821
UNITE Group PLC		485,426		6,843,959
				41,687,347
United States — 50.2%
Agree Realty Corp.		34,691		2,343,724
Alexandria Real Estate Equities, Inc.		40,788		8,160,455
American Homes 4 Rent, Class A		87,636		3,513,327
American Tower Corp.		80,597		21,155,101
Americold Realty Trust		48,825		1,593,648
Apple Hospitality REIT, Inc.		105,089		1,578,437
AvalonBay Communities, Inc.		53,888		12,872,227
Brixmor Property Group, Inc.		249,252		5,667,990
Camden Property Trust		38,942		6,433,608
Crown Castle International Corp.		51,563		9,366,419
CubeSmart		38,212		2,060,391
CyrusOne, Inc.		10,651		948,152
Duke Realty Corp.		213,951		12,479,762
Equinix, Inc.		27,435		22,282,707
Equity LifeStyle Properties, Inc.		835		67,886
Equity Residential		39,211		3,345,090
Essential Properties Realty Trust, Inc.		112,633		3,044,470
Gaming and Leisure Properties, Inc.		36,869		1,663,529
Invitation Homes, Inc.		321,842		13,015,290
JBG SMITH Properties		68,506		1,903,782
Life Storage, Inc.		42,904		5,669,335
Mid-America Apartment Communities, Inc.		45,473		9,378,806
NETSTREIT Corp.		38,674		825,303
Outfront Media, Inc.		145,877		3,645,466
PotlatchDeltic Corp.		33,589		1,818,508
Prologis, Inc.		174,585		26,318,689
Regency Centers Corp.		36,425		2,525,710
Rexford Industrial Realty, Inc.		159,523		11,179,372
RLJ Lodging Trust		162,622		2,047,411
Ryman Hospitality Properties, Inc.†		53,311		4,126,271
SBA Communications Corp.		24,531		8,433,758
Simon Property Group, Inc.		49,037		7,494,815
SITE Centers Corp.		156,024		2,349,721
Sun Communities, Inc.		15,051		2,838,318

70

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Sunstone Hotel Investors, Inc.†		173,109		$	1,881,695
UDR, Inc.		257,788			14,624,313
Urban Edge Properties		222,188			3,828,299
Ventas, Inc.		231,631			10,868,127
VICI Properties, Inc.#		336,634			9,156,445
Welltower, Inc.		161,823			12,884,347
Weyerhaeuser Co.		222,531			8,369,391
Xenia Hotels & Resorts, Inc.†		7,455			116,820
					283,876,915
Total Common Stocks
(cost $509,948,137)					555,556,077
RIGHTS†— 0.3%
China — 0.0%
CIFI Holdings Group Co., Ltd Expires 12/20/2021		153,300			4,215
Germany — 0.3%
Vonovia SE Expires 12/07/2021		407,314			1,436,618
Total Rights
(cost $0)					1,440,833
Total Long-Term Investment Securities
(cost $509,948,137)					556,996,910
SHORT-TERM INVESTMENT SECURITIES — 1.7%
Registered Investment Companies — 1.7%
State Street Institutional U.S. Government Money Market Fund, Administration Class 0.01%(2)		4,647,081			4,647,081
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(2)(3)		4,812,401			4,812,401
Total Short-Term Investment Securities
(cost $9,459,482)					9,459,482
TOTAL INVESTMENTS —
(cost $519,407,619)(4)		100.3	%		566,456,392
Liabilities in excess of other assets		(0.3	)		(1,452,213	)
NET ASSETS		100.0	%	$	565,004,179

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $13,842,387 representing 2.4% of net assets.

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

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

(2) The rate shown is the 7-day yield as of November 30, 2021.

(3) At November 30, 2021, the Fund had loaned securities with a total value of $17,142,340. This was secured by collateral of $4,812,401, which was received in cash and subsequently invested in short-term investments currently valued at $4,812,401 as reported in the Portfolio of Investments. Additional collateral of $13,299,117 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	12/30/2021 to 06/16/2022	$209,556
United States Treasury Notes/Bonds	0.07% to 6.88%	12/31/2021 to 08/15/2051	13,089,561

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

ADR—American Depositary Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
Australia	$	—	$	25,782,454	$	0	$	25,782,454
Other Countries		309,569,906		220,203,717		—		529,773,623
Rights		1,436,618		4,215		—		1,440,833
Short-Term Investment Securities		9,459,482		—		—		9,459,482
Total Investments at Value	$	320,466,006	$	245,990,386	$	0	$	566,456,392

* 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

71

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Sovereign	18.9	%
Medical — Drugs	7.0
Foreign Government Obligations	4.2
U.S. Government Agencies	3.9
U.S. Government Treasuries	3.8
Semiconductor Equipment	2.8
Medical — Biomedical/Gene	2.5
Computer Services	2.4
Electronic Components — Semiconductors	2.3
Retail — Building Products	1.9
Telephone — Integrated	1.9
Tobacco	1.8
Semiconductor Components — Integrated Circuits	1.8
Applications Software	1.8
Cosmetics & Toiletries	1.7
Central Bank	1.6
Retail — Discount	1.6
Computers	1.2
Commercial Services — Finance	1.2
Real Estate Investment Trusts	1.1
Banks — Commercial	1.1
Enterprise Software/Service	1.0
Repurchase Agreements	1.0
Metal — Diversified	1.0
Food — Misc./Diversified	0.9
Electronic Forms	0.9
Transport — Services	0.9
Beverages — Non-alcoholic	0.8
Web Portals/ISP	0.8
Food — Retail	0.8
Networking Products	0.8
Diversified Manufacturing Operations	0.7
Diversified Minerals	0.7
Internet Content — Entertainment	0.7
United States Treasury Notes	0.7
Distribution/Wholesale	0.6
Finance — Credit Card	0.6
Diversified Banking Institutions	0.6
Building — Residential/Commercial	0.6
Electric — Integrated	0.6
Cellular Telecom	0.5
Electronic Components — Misc.	0.5
Aerospace/Defense	0.5
Registered Investment Companies	0.5
Metal — Iron	0.5
Entertainment Software	0.5
Commercial Services	0.5
Gold Mining	0.5
Medical Products	0.4
Transport — Rail	0.4
Telecom Services	0.4
Data Processing/Management	0.4
Steel — Producers	0.4
Consumer Products — Misc.	0.3
Chemicals — Diversified	0.3
Auto — Cars/Light Trucks	0.3
Investment Management/Advisor Services	0.3
Insurance — Property/Casualty	0.3
Apparel Manufacturers	0.3
Computers — Memory Devices	0.3
Insurance — Life/Health	0.3
Transport — Truck	0.3
Retail — Apparel/Shoe	0.3
Diversified Financial Services	0.3
Auto — Heavy Duty Trucks	0.2
Industrial Gases	0.2
Diagnostic Kits	0.2
Real Estate Operations & Development	0.2
E-Commerce/Products	0.2

Toys	0.2
Soap & Cleaning Preparation	0.2
Computer Aided Design	0.2
Retail — Auto Parts	0.2
Computer Data Security	0.2
Food — Confectionery	0.2
Private Equity	0.2
Electronic Connectors	0.2
Machinery — Electrical	0.2
Beverages — Wine/Spirits	0.2
Food — Meat Products	0.2
Import/Export	0.2
Instruments — Controls	0.2
Multimedia	0.2
Industrial Automated/Robotic	0.2
Machinery — General Industrial	0.2
Paper & Related Products	0.2
Real Estate Management/Services	0.2
Precious Metals	0.2
Building Products — Cement	0.2
Diversified Operations	0.2
Retail — Drug Store	0.1
Building & Construction Products — Misc.	0.1
Medical — Hospitals	0.1
Auto/Truck Parts & Equipment — Original	0.1
Pipelines	0.1
Oil Companies — Integrated	0.1
Retail — Consumer Electronics	0.1
Retail — Gardening Products	0.1
Coal	0.1
Rubber — Tires	0.1
Retail — Convenience Store	0.1
Food — Dairy Products	0.1
Machinery — Construction & Mining	0.1
Human Resources	0.1
Chemicals — Specialty	0.1
Containers — Paper/Plastic	0.1
Medical Information Systems	0.1
Broadcast Services/Program	0.1
Retail — Jewelry	0.1
Respiratory Products	0.1
Retail — Hypermarkets	0.1
Bicycle Manufacturing	0.1
Retail — Restaurants	0.1
Advertising Agencies	0.1
Gambling (Non-Hotel)	0.1
Computers — Periphery Equipment	0.1
Non-Ferrous Metals	0.1
Internet Infrastructure Software	0.1
MRI/Medical Diagnostic Imaging	0.1
Coatings/Paint	0.1
Cable/Satellite TV	0.1
Computers — Integrated Systems	0.1
Brewery	0.1
Instruments — Scientific	0.1
Tools — Hand Held	0.1
Communications Software	0.1
Platinum	0.1
Gas — Transportation	0.1
Rubber/Plastic Products	0.1
Non-Hazardous Waste Disposal	0.1
	99.7%

72

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited) — (continued)

Country Allocation*

United States	46.5	%
South Korea	8.0
Japan	7.5
Indonesia	3.8
United Kingdom	3.7
India	3.3
Brazil	3.0
Switzerland	2.9
Australia	2.0
Norway	2.0
Canada	2.0
Mexico	1.7
Netherlands	1.5
China	1.4
Taiwan	1.3
Denmark	1.2
Colombia	1.1
Ireland	1.0
Spain	0.9
Singapore	0.7
Ghana	0.6
Cayman Islands	0.6
France	0.4
Russia	0.4
Sweden	0.3
Hong Kong	0.3
Finland	0.2
South Africa	0.2
Italy	0.2
Jersey	0.2
Germany	0.1
New Zealand	0.1
Malaysia	0.1
United Arab Emirates	0.1
Israel	0.1
Bermuda	0.1
Turkey	0.1
Thailand	0.1
	99.7%

* Calculated as a percentage of net assets

73

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 65.1%
Australia — 2.0%
AGL Energy, Ltd.#		8,637	$	32,925
Aurizon Holdings, Ltd.		24,940		59,485
BHP Group, Ltd.#		41,243		1,158,956
Brambles, Ltd.		18,977		134,373
Coles Group, Ltd.		16,042		204,443
CSL, Ltd.		5,667		1,224,947
Endeavour Group, Ltd.		14,791		71,440
Evolution Mining, Ltd.#		21,172		60,067
Fortescue Metals Group, Ltd.		37,957		441,764
Magellan Financial Group, Ltd.#		1,701		39,566
Medibank Private, Ltd.		38,525		93,876
Newcrest Mining, Ltd.		8,500		140,952
REA Group, Ltd.		733		83,481
Rio Tinto, Ltd.		6,568		426,100
Sonic Healthcare, Ltd.		5,364		161,202
Telstra Corp., Ltd.		55,769		160,270
Washington H. Soul Pattinson & Co., Ltd.#		899		19,462
Wesfarmers, Ltd.		16,345		656,887
Woolworths Group, Ltd.		14,791		427,153
				5,597,349
Austria — 0.0%
OMV AG		1,226		64,930
Belgium — 0.0%
Etablissements Franz Colruyt NV#		774		36,299
Proximus SADP#		2,222		40,367
				76,666
Bermuda — 0.1%
Brilliance China Automotive Holdings, Ltd.†(1)		36,000		16,823
CK Infrastructure Holdings, Ltd.		4,000		23,092
Hopson Development Holdings, Ltd.#		6,830		16,641
Invesco, Ltd.		4,442		99,190
Nine Dragons Paper Holdings, Ltd.		22,000		24,617
Shenzhen International Holdings, Ltd.		10,500		11,410
				191,773
Brazil — 0.4%
AMBEV SA		49,200		140,550
BB Seguridade Participacoes SA		11,600		43,083
Bradespar SA (Preference Shares)		1,833		16,221
Cia Energetica de Minas Gerais (Preference Shares)		6,700		15,660
Cia Paranaense de Energia, Class B (Preference Shares)		12,000		13,106
CPFL Energia SA		1,300		6,105
Engie Brasil Energia SA		2,500		17,134
Telefonica Brasil SA		6,800		60,829
TIM SA		9,700		23,810
Vale SA		52,200		649,500
Vibra Energia SA		4,500		17,418
				1,003,416
Canada — 2.0%
Algonquin Power & Utilities Corp.#		5,600		75,795
Alimentation Couche-Tard, Inc., Class B		7,200		263,775
B2Gold Corp.		14,500		57,435
Bank of Nova Scotia		6,900		430,923
BCE, Inc.		1,300		65,425
Canadian Apartment Properties REIT		900		40,059
Canadian National Railway Co.#		8,100		1,026,315
CCL Industries, Inc., Class B		800		39,259
CGI, Inc.†		2,400		200,499
Constellation Software, Inc.		300		510,476
Dollarama, Inc.		2,900		125,267
Empire Co., Ltd., Class A		1,900		54,481
Fairfax Financial Holdings, Ltd.		200		88,763

Security Description	Shares		Value (Note 2)
Canada (continued)
Franco-Nevada Corp.		2,200	$	301,692
Hydro One, Ltd.*		3,700		90,454
IGM Financial, Inc.		900		32,528
Keyera Corp.#		2,300		50,521
Kirkland Lake Gold, Ltd.		3,900		154,205
Magna International, Inc.		3,800		284,825
Metro, Inc.		2,900		138,388
Power Corp. of Canada		6,545		211,139
Quebecor, Inc., Class B		2,100		46,736
RioCan Real Estate Investment Trust		2,300		38,260
Rogers Communications, Inc., Class B		4,000		178,982
Saputo, Inc.#		2,600		57,558
Shaw Communications, Inc., Class B		5,200		150,613
TC Energy Corp.		5,500		257,983
TELUS Corp. (Non Voting Shares)		5,000		114,300
West Fraser Timber Co., Ltd.		700		57,558
Wheaton Precious Metals Corp.		4,900		204,907
				5,349,121
Cayman Islands — 0.6%
360 DigiTech, Inc.†		300		6,984
Agile Group Holdings, Ltd.		2,000		1,305
China Conch Venture Holdings, Ltd.		21,500		104,908
China Feihe, Ltd.*		28,000		37,111
China Hongqiao Group, Ltd.		23,500		22,574
China Lesso Group Holdings, Ltd.		12,000		17,304
China Medical System Holdings, Ltd.		22,000		36,021
China Overseas Property Holdings, Ltd.		10,000		9,324
China Resources Cement Holdings, Ltd.		40,000		29,084
CK Asset Holdings, Ltd.		27,500		157,284
CK Hutchison Holdings, Ltd.		24,500		153,478
Country Garden Services Holdings Co., Ltd.		17,000		101,299
Dali Foods Group Co., Ltd.*		29,000		15,247
Haitian International Holdings, Ltd.		6,000		16,624
Hello Group, Inc. ADR		900		10,413
Hengan International Group Co., Ltd.		4,000		19,313
Kingboard Holdings, Ltd.		9,500		47,550
Kingboard Laminates Holdings, Ltd.		13,000		23,039
Lee & Man Paper Manufacturing, Ltd.		18,000		12,419
NetEase, Inc. ADR		3,610		388,905
Perennial Energy Holdings, Ltd.		25,000		5,242
Seazen Group, Ltd.		24,000		16,875
Smoore International Holdings, Ltd.#*		8,000		47,807
Uni-President China Holdings, Ltd.		8,000		7,848
Vipshop Holdings, Ltd. ADR†		3,619		35,358
Want Want China Holdings, Ltd.		47,000		39,719
WH Group, Ltd.*		84,000		52,345
Wharf Real Estate Investment Co., Ltd.		14,000		70,755
Xinyi Glass Holdings, Ltd.		20,000		48,782
Yadea Group Holdings, Ltd.*		12,000		21,513
Yihai International Holding, Ltd.#		5,000		26,863
Zhen Ding Technology Holding, Ltd.		7,000		24,539
				1,607,832
Chile — 0.0%
Colbun SA		97,842		6,407
Enel Americas SA		302,579		38,992
Enel Chile SA		321,345		13,982
				59,381
China — 1.4%
A-Living Smart City Services Co., Ltd.#*		4,500		10,607
Agricultural Bank of China, Ltd.		381,000		125,567
Agricultural Bank of China, Ltd., Class A		54,500		24,881
Anhui Conch Cement Co., Ltd.		20,000		90,310

74

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
China (continued)
Anhui Conch Cement Co., Ltd., Class A		3,600	$	20,422
Anhui Kouzi Distillery Co., Ltd., Class A		100		1,039
Apeloa Pharmaceutical Co., Ltd., Class A		500		3,275
Bank of Beijing Co., Ltd., Class A		15,800		10,843
Bank of Chengdu Co., Ltd., Class A		1,800		3,152
Bank of China, Ltd.		1,197,000		414,706
Bank of China, Ltd., Class A		26,600		12,729
Bank of Communications Co., Ltd.		127,000		73,939
Bank of Communications Co., Ltd., Class A		31,000		22,191
Bank of Hangzhou Co., Ltd., Class A		3,600		7,726
Bank of Jiangsu Co., Ltd., Class A Class A		5,200		4,783
Bank of Nanjing Co., Ltd., Class A		6,300		8,930
Bank of Shanghai Co., Ltd., Class A Class A		4,800		5,382
Baoshan Iron & Steel Co., Ltd., Class A		13,700		13,864
By-health Co., Ltd., Class A		700		2,589
C&S Paper Co., Ltd., Class A		500		1,307
Chaozhou Three-Circle Group Co., Ltd., Class A		1,000		6,561
China Cinda Asset Management Co., Ltd.		121,000		19,297
China CITIC Bank Corp., Ltd.		131,000		55,948
China Communications Services Corp., Ltd.		12,000		5,713
China Construction Bank Corp.		1,204,000		780,966
China Construction Bank Corp., Class A		5,900		5,319
China Everbright Bank Co., Ltd.		44,000		15,054
China Everbright Bank Co., Ltd., Class A		28,700		15,034
China Minsheng Banking Corp., Ltd.#		83,000		31,658
China Minsheng Banking Corp., Ltd., Class A		27,600		16,838
China National Building Material Co., Ltd.		44,000		47,056
China Pacific Insurance Group Co., Ltd.		26,800		77,671
China Pacific Insurance Group Co., Ltd., Class A		3,809		16,139
China Petroleum & Chemical Corp.		156,000		68,183
China Petroleum & Chemical Corp., Class A†		19,100		12,038
China Railway Group, Ltd.		41,000		19,506
China Shenhua Energy Co., Ltd.		54,000		111,432
China Shenhua Energy Co., Ltd., Class A		5,200		15,955
China South Publishing & Media Group Co., Ltd., Class A		1,400		2,018
China Yangtze Power Co., Ltd., Class A		14,300		43,708
Chongqing Brewery Co., Ltd., Class A†		300		6,762
Chongqing Rural Commercial Bank Co., Ltd.		33,000		11,192
Chongqing Rural Commercial Bank Co., Ltd. Class A		3,100		1,854
Da An Gene Co., Ltd. of Sun Yat-Sen University, Class A		884		2,943
Daqin Railway Co., Ltd., Class A		13,100		12,497
Dongfeng Motor Group Co., Ltd.		40,000		37,138
Financial Street Holdings Co., Ltd.		1,100		948
Focus Media Information Technology Co., Ltd., Class A		9,600		10,652
Foshan Haitian Flavouring & Food Co., Ltd., Class A		2,558		44,952
Fujian Sunner Development Co., Ltd., Class A		1,100		3,782
Greenland Holdings Corp., Ltd., Class A		5,255		3,376
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd., Class A		300		1,117
Guangzhou R&F Properties Co., Ltd.#		16,800		8,959
Guangzhou Shiyuan Electronic Technology Co., Ltd., Class A		400		4,361
Guangzhou Wondfo Biotech Co., Ltd., Class A		220		1,335
Hangzhou Robam Appliances Co., Ltd., Class A		500		2,465
Heilongjiang Agriculture Co., Ltd., Class A		1,100		2,462
Henan Shuanghui Investment & Development Co., Ltd., Class A		2,300		10,263
Hithink RoyalFlush Information Network Co., Ltd., Class A		300		5,498
Huaxia Bank Co., Ltd., Class A		7,300		6,458
Huaxin Cement Co., Ltd., Class A		1,300		3,629
Hunan Valin Steel Co., Ltd., Class A		4,900		3,866
Industrial & Commercial Bank of China, Ltd.		748,000		395,199
Industrial & Commercial Bank of China, Ltd., Class A		38,400		27,568

Security Description	Shares		Value (Note 2)
China (continued)
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A		6,000	$	4,969
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		3,600		21,936
Intco Medical Technology Co., Ltd., Class A		300		3,068
Jafron Biomedical Co., Ltd., Class A		600		4,814
Jason Furniture Hangzhou Co., Ltd., Class A		200		2,090
Jiangsu Expressway Co., Ltd.		16,000		15,508
Jiangsu Hengli Hydraulic Co., Ltd., Class A		700		8,651
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		800		21,825
Jiangsu Zhongtian Technology Co., Ltd., Class A		1,800		5,227
Jiangxi Zhengbang Technology Co., Ltd., Class A		2,100		3,192
Juewei Food Co., Ltd., Class A		400		4,063
Kingfa Sci & Tech Co., Ltd., Class A		900		1,916
Kunlun Tech Co., Ltd., Class A		800		2,646
Kweichow Moutai Co., Ltd., Class A		900		272,756
Luzhou Laojiao Co., Ltd., Class A		1,000		36,111
Maxscend Microelectronics Co., Ltd., Class A		100		5,859
Muyuan Foods Co., Ltd., Class A		3,858		31,683
NanJi E-Commerce Co., Ltd., Class A		1,700		1,748
New China Life Insurance Co., Ltd.		5,300		14,171
New Hope Liuhe Co., Ltd., Class A†		2,900		6,534
Ningxia Baofeng Energy Group Co., Ltd., Class A		2,300		5,840
Offcn Education Technology Co., Ltd., Class A†		1,300		1,940
Ovctek China, Inc., Class A		540		4,816
People’s Insurance Co. Group of China, Ltd.		81,000		23,582
Perfect World Co., Ltd., Class A		1,200		3,518
PetroChina Co., Ltd.		136,000		58,730
PICC Property & Casualty Co., Ltd.		64,000		54,742
Postal Savings Bank of China Co., Ltd.*		97,000		65,352
RiseSun Real Estate Development Co., Ltd., Class A		3,200		2,077
Seazen Holdings Co., Ltd., Class A		1,500		7,305
Shaanxi Coal Industry Co., Ltd., Class A		7,400		13,685
Shandong Buchang Pharmaceuticals Co., Ltd., Class A		800		2,352
Shandong Hualu Hengsheng Chemical Co., Ltd., Class A		1,520		6,992
Shandong Sun Paper Industry JSC, Ltd., Class A		1,600		2,875
Shanghai Pharmaceuticals Holding Co., Ltd.		6,700		12,218
Shanghai Pudong Development Bank Co., Ltd., Class A		18,800		25,084
Shanxi Lu’an Environmental Energy Development Co., Ltd., Class A		2,000		3,368
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A		700		34,061
Shenzhen Goodix Technology Co., Ltd., Class A		300		5,161
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		800		45,205
Shenzhen Salubris Pharmaceuticals Co., Ltd., Class A†		800		3,546
Sichuan Chuantou Energy Co., Ltd., Class A		2,500		4,476
Sichuan Swellfun Co., Ltd., Class A		300		6,140
Suofeiya Home Collection Co., Ltd., Class A		300		793
Tangshan Jidong Cement Co., Ltd., Class A		800		1,479
Toly Bread Co., Ltd., Class A		600		2,902
Tonghua Dongbao Pharmaceutical Co., Ltd., Class A		1,100		1,905
Tongkun Group Co., Ltd., Class A		1,300		4,010
Topchoice Medical Corp., Class A†		200		6,201
Weifu High-Technology Group Co., Ltd., Class A		700		2,305
Weihai Guangwei Composites Co., Ltd., Class A		300		3,969
Wens Foodstuffs Group Co., Ltd., Class A		6,400		16,013
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A		2,000		7,397
Wuliangye Yibin Co., Ltd., Class A		2,500		85,508
Xiamen C & D, Inc., Class A		1,900		2,403
Yanzhou Coal Mining Co., Ltd.#		18,000		28,165
Yanzhou Coal Mining Co., Ltd., Class A		1,500		5,348
Yealink Network Technology Corp., Ltd., Class A		600		7,279
Yintai Gold Co., Ltd., Class A		1,000		1,411
Yunda Holding Co., Ltd., Class A		1,790		5,554
Zhejiang Expressway Co., Ltd.		16,000		15,121
Zhejiang Longsheng Group Co., Ltd., Class A		1,800		3,542

75

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
China (continued)
Zhejiang NHU Co., Ltd., Class A		1,700	$	7,730
Zhejiang Semir Garment Co., Ltd., Class A		1,600		1,814
Zhejiang Supor Co., Ltd., Class A		400		3,856
Zhejiang Weixing New Building Materials Co., Ltd., Class A		1,200		3,490
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd., Class A		300		2,628
Zhengzhou Yutong Bus Co., Ltd., Class A†		1,100		1,907
Zhuzhou Kibing Group Co., Ltd., Class A		900		2,259
				3,920,433
Czech Republic — 0.0%
CEZ AS		956		31,236
Denmark — 1.2%
AP Moller — Maersk A/S, Series B		34		102,837
Coloplast A/S, Class B		1,985		325,668
Genmab A/S†		381		148,014
Novo Nordisk A/S, Class B		22,074		2,363,671
Novozymes A/S, Class B		2,156		163,835
Pandora A/S		1,601		198,576
				3,302,601
Egypt — 0.0%
Eastern Co. SAE		19,090		13,563
Fawry for Banking & Payment Technology Services SAE†		2,979		2,456
				16,019
Finland — 0.2%
Elisa Oyj		1,844		110,685
Kone Oyj, Class B		3,543		233,155
Orion Oyj, Class B		1,575		64,703
UPM-Kymmene Oyj		5,068		183,974
				592,517
France — 0.4%
BioMerieux		382		54,176
Hermes International		379		710,684
Ipsen SA		372		36,342
Klepierre SA		1,993		42,240
Orange SA		12,600		135,899
Sartorius Stedim Biotech		267		157,359
				1,136,700
Germany — 0.1%
Fuchs Petrolub SE (Preference Shares)		741		33,284
HelloFresh SE†		1,460		148,098
Porsche Automobil Holding SE (Preference Shares)		1,977		166,234
				347,616
Greece — 0.0%
Hellenic Telecommunications Organization SA		2,636		45,539
JUMBO SA		1,183		16,571
				62,110
Hong Kong — 0.3%
Beijing Enterprises Holdings, Ltd.		4,500		15,143
China Merchants Port Holdings Co., Ltd.		14,000		21,531
China Resources Power Holdings Co., Ltd.		18,000		46,400
China Taiping Insurance Holdings Co., Ltd.		17,200		23,851
CLP Holdings, Ltd.		10,000		97,801
Guangdong Investment, Ltd.		32,000		42,428
Henderson Land Development Co., Ltd.		10,000		40,705
Power Assets Holdings, Ltd.		19,000		114,275
Shenzhen Investment, Ltd.		26,000		5,848
Sino Land Co., Ltd.		42,000		50,079
Sinotruk Hong Kong, Ltd.#		7,500		11,061
Sun Hung Kai Properties, Ltd.		13,500		164,119

Security Description	Shares		Value (Note 2)
Hong Kong (continued)
Wharf Holdings, Ltd.		15,000	$	52,500
Yuexiu Property Co., Ltd.		17,400		16,244
				701,985
Hungary — 0.0%
Richter Gedeon Nyrt		809		21,466
India — 1.3%
Adani Total Gas, Ltd.		1,776		37,364
Ambuja Cements, Ltd.		4,499		22,338
Asian Paints, Ltd.		3,713		154,973
Bajaj Auto, Ltd.		929		39,849
Britannia Industries, Ltd.		1,283		60,491
Coal India, Ltd.		22,718		45,846
Colgate-Palmolive India, Ltd.		1,543		29,367
Container Corp. Of India, Ltd.		2,252		18,657
Dabur India, Ltd.		6,272		49,654
GAIL India, Ltd.		20,844		36,010
HCL Technologies, Ltd.		13,111		198,893
HDFC Asset Management Co., Ltd.*		657		21,843
Hero MotoCorp, Ltd.		1,538		49,875
Hindustan Petroleum Corp., Ltd.		9,315		36,421
Hindustan Unilever, Ltd.		10,860		335,158
Indian Oil Corp., Ltd.		11,909		18,669
Indraprastha Gas, Ltd.		2,608		16,782
Indus Towers, Ltd.		6,135		23,038
Infosys, Ltd.		43,907		999,825
Ipca Laboratories, Ltd.		602		16,671
ITC, Ltd.		42,908		125,928
Larsen & Toubro Infotech, Ltd.*		452		40,545
Marico, Ltd.		6,597		47,217
Nestle India, Ltd.		444		112,579
Page Industries, Ltd.		70		36,112
Petronet LNG, Ltd.		8,630		25,074
Pidilite Industries, Ltd.		1,668		49,327
REC, Ltd.		9,660		17,509
Tata Consultancy Services, Ltd.		13,426		632,177
Tech Mahindra, Ltd.		6,681		137,231
Wipro, Ltd.		8,130		68,461
				3,503,884
Indonesia — 0.1%
Adaro Energy Tbk PT		178,800		21,213
Gudang Garam Tbk PT		5,800		12,716
Indofood CBP Sukses Makmur Tbk PT		26,400		15,575
Indofood Sukses Makmur Tbk PT		44,600		19,618
Kalbe Farma Tbk PT		210,700		23,538
Telekomunikasi Indonesia Persero Tbk PT		658,000		183,848
Unilever Indonesia Tbk PT		116,900		36,566
United Tractors Tbk PT		21,400		31,819
				344,893
Ireland — 1.0%
Accenture PLC, Class A		6,100		2,180,140
Jazz Pharmaceuticals PLC†		700		83,909
Seagate Technology Holdings PLC		3,800		390,146
				2,654,195
Israel — 0.1%
Check Point Software Technologies, Ltd.†		1,528		170,082
ICL Group, Ltd.		7,354		63,951
				234,033
Italy — 0.2%
DiaSorin SpA		325		69,552
Moncler SpA		2,283		165,456

76

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Italy (continued)
Recordati Industria Chimica e Farmaceutica SpA		1,314	$	82,564
Snam SpA		22,219		125,259
Telecom Italia SpA		61,617		32,103
Telecom Italia SpA (RSP)		66,371		32,441
				507,375
Japan — 3.9%
ABC-Mart, Inc.		100		4,690
Advantest Corp.		2,000		173,739
Astellas Pharma, Inc.		21,100		330,919
Azbil Corp.		800		35,313
Bridgestone Corp.		6,700		271,721
Brother Industries, Ltd.		2,100		36,045
Capcom Co., Ltd.		1,800		44,840
Chugai Pharmaceutical Co., Ltd.		7,700		248,216
Cosmos Pharmaceutical Corp.		100		15,491
Daito Trust Construction Co., Ltd.		1,100		119,083
Hitachi, Ltd.		9,200		541,533
Hoya Corp.		4,900		774,127
Hulic Co., Ltd.		3,700		34,875
Iida Group Holdings Co., Ltd.		1,800		37,154
ITOCHU Corp.		16,800		482,098
Japan Post Bank Co., Ltd.		4,900		40,113
Japan Post Holdings Co., Ltd.		9,000		67,649
Japan Tobacco, Inc.		17,300		346,446
Kajima Corp.		4,500		49,572
Kakaku.com, Inc.		2,000		55,862
Kao Corp.		5,400		276,760
KDDI Corp.		23,600		687,319
Koei Tecmo Holdings Co, Ltd.		650		27,242
Lasertec Corp.†		700		182,485
MEIJI Holdings Co., Ltd.		1,100		64,700
Mitsubishi Gas Chemical Co., Inc.		1,900		31,542
Mizuho Financial Group, Inc.		13,900		171,860
MonotaRO Co., Ltd.		2,800		55,693
Murata Manufacturing Co., Ltd.		4,900		359,400
Nexon Co., Ltd.		6,100		122,018
Nihon M&A Center Holdings, Inc.		2,800		81,771
Nintendo Co., Ltd.		1,400		621,794
Nippon Telegraph & Telephone Corp.		19,400		534,847
Nitori Holdings Co., Ltd.		800		127,142
Nitto Denko Corp.		1,400		97,392
Nomura Research Institute, Ltd.		3,200		137,197
Obayashi Corp.		8,000		58,891
OBIC Co., Ltd.		800		147,658
Ono Pharmaceutical Co., Ltd.		3,200		70,607
Oracle Corp. Japan		500		48,872
Pigeon Corp.		1,000		20,288
Sekisui House, Ltd.		8,000		155,677
Seven & I Holdings Co., Ltd.		4,400		176,692
SG Holdings Co., Ltd.		2,700		59,661
Shimano, Inc.		700		192,690
Shimizu Corp.		5,000		31,586
Shionogi & Co., Ltd.		3,500		244,464
SoftBank Corp.		37,700		519,741
Sumitomo Mitsui Financial Group, Inc.		11,500		375,274
Taisei Corp.		1,900		55,406
Tokyo Electron, Ltd.		2,000		1,051,069
Tosoh Corp.		3,600		51,686
Toyo Suisan Kaisha, Ltd.		800		32,398
Tsuruha Holdings, Inc.		400		45,151
USS Co., Ltd.		2,300		33,742
Welcia Holdings Co., Ltd.		900		32,116
ZOZO, Inc.		1,900		60,014
				10,752,331

Security Description	Shares		Value (Note 2)
Jersey — 0.2%
Ferguson PLC		2,328	$	353,805
Polymetal International PLC#		4,758		86,873
				440,678
Malaysia — 0.1%
AMMB Holdings Bhd†		16,700		12,529
DiGi.Com Bhd		44,600		44,379
Fraser & Neave Holdings Bhd		1,500		9,126
Hartalega Holdings Bhd		24,200		37,237
Kossan Rubber Industries		18,800		9,600
MISC Bhd		8,000		12,618
Nestle Malaysia Bhd		1,000		31,708
Petronas Gas Bhd		10,500		41,841
RHB Bank Bhd		10,000		12,536
Sime Darby Bhd		17,100		8,884
Supermax Corp. Bhd		20,993		9,375
Top Glove Corp. Bhd		86,900		60,361
Westports Holdings Bhd		12,100		11,638
				301,832
Mexico — 0.2%
Arca Continental SAB de CV		2,200		13,415
Fibra Uno Administracion SA de CV		32,500		29,935
Grupo Mexico SAB de CV, Class B		30,500		127,035
Kimberly-Clark de Mexico SAB de CV, Class A		20,900		32,906
Megacable Holdings SAB de CV		3,900		10,853
Wal-Mart de Mexico SAB de CV		61,600		193,626
				407,770
Netherlands — 1.5%
Adyen NV†*		158		438,189
ASML Holding NV		2,543		1,992,690
Ferrari NV		1,362		357,551
Koninklijke Ahold Delhaize NV		13,578		455,584
Koninklijke KPN NV		28,780		84,855
LyondellBasell Industries NV, Class A		3,451		300,686
NN Group NV		3,230		160,299
Randstad NV		737		46,281
Stellantis NV		14,437		247,086
				4,083,221
New Zealand — 0.1%
a2 Milk Co., Ltd.†#		8,252		34,086
Fisher & Paykel Healthcare Corp., Ltd.		8,683		196,447
Spark New Zealand, Ltd.		28,358		88,806
				319,339
Norway — 0.1%
Orkla ASA		8,768		80,094
Telenor ASA		9,073		133,978
Yara International ASA		1,646		80,743
				294,815
Philippines — 0.0%
Globe Telecom, Inc.		410		26,668
Manila Electric Co.		2,840		16,262
Metro Pacific Investments Corp.		128,000		10,276
PLDT, Inc.		830		27,731
				80,937
Poland — 0.0%
Polski Koncern Naftowy Orlen SA		2,692		47,197
Polskie Gornictwo Naftowe I Gazownictwo SA		16,163		21,759
				68,956

77

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Portugal — 0.0%
Jeronimo Martins SGPS SA		2,710	$	59,073
Russia — 0.4%
Alrosa PJSC		39,100		67,397
Inter RAO UES PJSC		612,800		35,467
MMC Norilsk Nickel PJSC		1,183		346,032
Mobile TeleSystems PJSC ADR		6,900		55,269
Moscow Exchange MICEX-RTS PJSC		15,950		32,810
Novolipetsk Steel PJSC		24,330		70,946
PhosAgro PJSC GDR		2,074		45,752
Polyus PJSC		535		103,173
Severstal PAO		4,543		96,724
Tatneft PJSC		22,818		145,454
				999,024
Singapore — 0.1%
Singapore Exchange, Ltd.		14,600		95,592
Singapore Technologies Engineering, Ltd.		9,500		26,549
Singapore Telecommunications, Ltd.		107,900		185,929
Venture Corp., Ltd.		3,600		48,883
				356,953
South Africa — 0.2%
African Rainbow Minerals, Ltd.		1,348		17,459
Anglo American Platinum, Ltd.		310		32,957
AngloGold Ashanti, Ltd.		4,863		103,115
Exxaro Resources, Ltd.		3,965		37,843
Gold Fields, Ltd.		5,328		61,290
Impala Platinum Holdings, Ltd.		7,646		97,257
Kumba Iron Ore, Ltd.		1,241		35,021
Mr. Price Group, Ltd.		3,256		40,421
Sibanye Stillwater, Ltd.		17,115		53,488
Thungela Resources, Ltd.†#		1,577		7,056
Tiger Brands, Ltd.		1,926		21,635
Vodacom Group, Ltd.		8,984		74,842
				582,384
South Korea — 0.9%
Coway Co, Ltd.		654		37,415
Hana Financial Group, Inc.		3,681		122,857
Industrial Bank of Korea		3,404		29,435
KB Financial Group, Inc.		4,380		194,780
Korea Zinc Co., Ltd.		92		38,282
KT&G Corp.		1,573		108,641
Kumho Petrochemical Co., Ltd.		217		28,115
LG Household & Health Care, Ltd. (Preference Shares)		25		12,515
NCSoft Corp.		173		98,833
S-1 Corp.		206		12,784
Samsung Electronics Co., Ltd.		21,320		1,286,912
Samsung Electronics Co., Ltd. (Preference Shares)		3,865		208,953
Seegene, Inc.		409		26,284
Shinhan Financial Group Co., Ltd.		5,001		146,330
Woori Financial Group, Inc.		5,732		60,563
				2,412,699
Spain — 0.9%
Banco Bilbao Vizcaya Argentaria SA		38,206		202,463
Banco Santander SA		164,167		508,937
CaixaBank SA		32,314		82,974
Enagas SA#		2,823		64,230
Endesa SA		4,299		96,240
Iberdrola SA		63,466		709,828
Industria de Diseno Textil SA		12,386		390,237
Red Electrica Corp. SA		5,321		112,963
Telefonica SA#		55,490		251,336
				2,419,208

Security Description	Shares		Value (Note 2)
SupraNational — 0.0%
HKT Trust & HKT, Ltd.		48,000	$	65,124
Sweden — 0.3%
Boliden AB		3,523		121,523
Epiroc AB, Class A		5,893		142,628
Epiroc AB, Class B		4,069		81,870
Evolution AB*		1,719		180,161
Husqvarna AB, Class B		2,430		34,271
ICA Gruppen AB		1,029		60,911
Industrivarden AB, Class A		619		18,392
Industrivarden AB, Class C		918		27,086
Kinnevik AB, Class B†		1,828		65,147
Swedish Match AB		15,594		113,813
				845,802
Switzerland — 2.9%
EMS-Chemie Holding AG		110		104,977
Garmin, Ltd.		1,940		259,068
Geberit AG		475		362,489
Kuehne & Nagel International AG		531		152,333
Logitech International SA		2,175		172,477
Nestle SA		14,633		1,881,121
Novartis AG		20,191		1,613,986
Partners Group Holding AG		323		555,948
Roche Holding AG (BR)		106		44,005
Roche Holding AG (NES)		5,164		2,021,057
SGS SA		53		160,186
Swisscom AG		324		180,068
TE Connectivity, Ltd.		3,529		543,219
				8,050,934
Taiwan — 1.3%
Accton Technology Corp.		3,000		30,830
Acer, Inc.		16,000		15,808
Advantech Co., Ltd.		1,000		13,650
Asia Cement Corp.		21,000		31,542
Asustek Computer, Inc.		5,000		62,907
China Development Financial Holding Corp.		142,000		83,140
Chunghwa Telecom Co., Ltd.		45,000		181,255
Compal Electronics, Inc.		25,000		20,773
Eclat Textile Co., Ltd.		1,000		20,762
Far EasTone Telecommunications Co., Ltd.		18,000		39,806
Feng TAY Enterprise Co., Ltd.		4,200		30,568
Fubon Financial Holding Co., Ltd.		42,900		112,222
Globalwafers Co., Ltd.		3,000		87,109
Largan Precision Co., Ltd.		1,000		70,896
Lite-On Technology Corp.		27,000		58,520
Micro-Star International Co., Ltd.		8,000		46,542
Nien Made Enterprise Co., Ltd.		2,000		27,272
Novatek Microelectronics Corp.		8,000		131,763
Pegatron Corp.		17,000		40,530
Powertech Technology, Inc.		8,000		28,249
Quanta Computer, Inc.		15,000		46,076
Ruentex Development Co., Ltd.		11,200		25,597
Synnex Technology International Corp.		14,000		29,191
Taiwan Cement Corp.		55,050		91,006
Taiwan Mobile Co., Ltd.		19,000		66,272
Taiwan Semiconductor Manufacturing Co., Ltd.		87,914		1,870,367
United Microelectronics Corp.		99,000		222,911
Vanguard International Semiconductor Corp.		11,000		60,096
Wan Hai Lines, Ltd.		4,400		24,344
Wiwynn Corp.		1,000		37,487
WPG Holdings, Ltd.		19,000		34,330
				3,641,821

78

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Thailand — 0.1%
Bumrungrad Hospital PCL		5,200	$	22,221
Siam Cement PCL		9,100		101,809
				124,030
Turkey — 0.1%
Aselsan Elektronik Sanayi Ve Ticaret AS		7,125		11,237
BIM Birlesik Magazalar AS		6,169		31,276
Eregli Demir ve Celik Fabrikalari TAS		21,952		36,147
Ford Otomotiv Sanayi AS		1,147		20,524
Turkcell Iletisim Hizmetleri AS		17,312		24,077
Turkiye Is Bankasi, Class C		19,678		9,367
				132,628
United Arab Emirates — 0.1%
Abu Dhabi National Oil Co. for Distribution PJSC		20,533		23,098
Dubai Islamic Bank PJSC		20,225		28,380
Emirates Telecommunications Group Co. PJSC		22,689		197,747
				249,225
United Kingdom — 3.7%
Admiral Group PLC		3,364		131,709
Anglo American PLC		15,779		577,610
Antofagasta PLC		2,460		44,924
AstraZeneca PLC ADR		5,274		289,173
Auto Trader Group PLC*		12,199		118,493
BAE Systems PLC		28,888		209,715
Berkeley Group Holdings PLC		1,327		75,397
BHP Group PLC		29,823		816,717
British American Tobacco PLC		29,784		999,817
British Land Co. PLC		11,302		76,147
BT Group PLC†		115,012		242,314
Croda International PLC		1,306		175,346
Direct Line Insurance Group PLC		16,160		58,026
Evraz PLC		9,208		70,318
GlaxoSmithKline PLC		68,608		1,390,359
Hargreaves Lansdown PLC		5,546		98,582
Hikma Pharmaceuticals PLC		1,801		52,942
Imperial Brands PLC		16,818		344,434
Intertek Group PLC		1,986		140,748
Kingfisher PLC		23,710		99,760
Land Securities Group PLC#		8,271		79,755
M&G PLC		30,206		74,805
Mondi PLC		6,018		137,074
Persimmon PLC		4,529		164,387
RELX PLC		24,438		758,689
Rio Tinto PLC		19,551		1,203,760
Spirax-Sarco Engineering PLC		611		126,632
Unilever PLC		29,135		1,494,057
				10,051,690
United States — 36.6%
3M Co.		6,260		1,064,450
A.O. Smith Corp.		1,440		113,832
AbbVie, Inc.		15,177		1,749,605
ABIOMED, Inc.†		474		149,206
Adobe, Inc.†		3,662		2,452,991
Air Products & Chemicals, Inc.		2,392		687,556
Alphabet, Inc., Class A†		390		1,106,801
Alphabet, Inc., Class C†		387		1,102,578
Altria Group, Inc.		32,958		1,405,329
American Tower Corp.		5,218		1,369,621
Amgen, Inc.		7,008		1,393,751
Analog Devices, Inc.		2,125		383,031
Apple, Inc.		14,263		2,357,674
Applied Materials, Inc.		11,833		1,741,699

Security Description	Shares		Value (Note 2)
United States (continued)
Arista Networks, Inc.†		2,284	$	283,353
AT&T, Inc.		57,504		1,312,816
Best Buy Co., Inc.		3,102		331,480
Bio-Rad Laboratories, Inc., Class A†		186		140,095
Biogen, Inc.†		2,414		569,076
BorgWarner, Inc.		2,435		105,387
Bristol-Myers Squibb Co.		24,932		1,337,103
Broadridge Financial Solutions, Inc.		1,259		212,230
C.H. Robinson Worldwide, Inc.		1,639		155,853
Cadence Design Systems, Inc.†		3,430		608,688
Campbell Soup Co.		2,137		86,185
Celanese Corp.		1,300		196,768
Cerner Corp.		2,978		209,800
Church & Dwight Co., Inc.		2,682		239,717
Cisco Systems, Inc.		33,810		1,854,140
Citrix Systems, Inc.		1,496		120,323
Clorox Co.		1,931		314,463
Cognizant Technology Solutions Corp., Class A		6,364		496,265
Colgate-Palmolive Co.		10,086		756,652
Conagra Brands, Inc.		4,195		128,157
Cooper Cos., Inc.		283		106,541
Copart, Inc.†		2,582		374,803
Cummins, Inc.		1,868		391,813
D.R. Horton, Inc.		4,015		392,266
Dell Technologies, Inc., Class C†		1,585		89,505
Dollar General Corp.		2,795		618,534
Domino’s Pizza, Inc.		358		187,642
eBay, Inc.		7,387		498,327
Electronic Arts, Inc.		3,193		396,634
Eli Lilly & Co.		9,119		2,261,877
Expeditors International of Washington, Inc.		2,110		256,618
Extra Space Storage, Inc.		1,470		294,000
F5, Inc.†		719		163,630
FactSet Research Systems, Inc.		455		213,199
Fastenal Co.		8,093		478,863
Fortinet, Inc.†		1,241		412,149
Fox Corp., Class A		3,984		142,269
Fox Corp., Class B		1,884		63,302
General Mills, Inc.		7,683		474,579
Gilead Sciences, Inc.		16,411		1,131,210
HCA Healthcare, Inc.		1,703		384,180
Hershey Co.		1,977		350,898
Hewlett Packard Enterprise Co.		11,452		164,336
Home Depot, Inc.		5,586		2,237,807
Hormel Foods Corp.#		3,761		155,705
HP, Inc.		15,528		547,828
Huntington Ingalls Industries, Inc.		238		42,247
IDEXX Laboratories, Inc.†		1,004		610,502
Illinois Tool Works, Inc.		3,677		853,616
Intel Corp.		32,722		1,609,922
International Business Machines Corp.		11,135		1,303,909
Intuit, Inc.		3,173		2,069,748
Iron Mountain, Inc.		1,921		87,290
J.M. Smucker Co.		1,205		152,396
Jack Henry & Associates, Inc.		924		140,106
JB Hunt Transport Services, Inc.		1,005		192,116
Johnson & Johnson		10,462		1,631,340
Kellogg Co.		2,903		177,606
Kimberly-Clark Corp.		4,955		645,686
KLA Corp.		1,898		774,631
Kraft Heinz Co.		3,835		128,894
Kroger Co.		9,287		385,689
Kyndryl Holdings, Inc.†		2,225		35,155
Lam Research Corp.		1,653		1,123,792
Lennar Corp., Class A		1,668		175,223

79

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Lockheed Martin Corp.		3,516	$	1,171,953
Lowe’s Cos., Inc.		9,169		2,242,646
Lumen Technologies, Inc.		8,725		107,667
MarketAxess Holdings, Inc.		447		157,652
Masco Corp.		1,569		103,397
Mastercard, Inc., Class A		4,950		1,558,854
Merck & Co., Inc.		22,380		1,676,486
Meta Platforms, Inc.†		5,745		1,864,023
Mettler-Toledo International, Inc.†		303		458,781
Microsoft Corp.		7,291		2,410,332
Moderna, Inc.†		2,274		801,426
Monolithic Power Systems, Inc.		370		204,780
Monster Beverage Corp.†		4,921		412,281
Moody’s Corp.		2,119		827,766
NetApp, Inc.		3,126		277,839
NRG Energy, Inc.		2,096		75,498
Nucor Corp.		3,709		394,118
NVR, Inc.†		43		224,690
O’Reilly Automotive, Inc.†		939		599,232
Old Dominion Freight Line, Inc.		1,236		438,990
Omnicom Group, Inc.		2,567		172,785
Oracle Corp.		22,671		2,057,167
Organon & Co.		2,236		65,358
PACCAR, Inc.		3,737		311,741
Packaging Corp. of America		1,128		147,306
Paychex, Inc.		3,870		461,304
PepsiCo, Inc.		12,112		1,935,255
Pfizer, Inc.		44,455		2,388,567
Philip Morris International, Inc.		18,375		1,579,148
Pool Corp.		373		206,687
PPL Corp.		7,895		219,718
Procter & Gamble Co.		12,985		1,877,371
Progressive Corp.		6,342		589,425
Public Storage		2,529		827,944
PulteGroup, Inc.		3,220		161,097
QUALCOMM, Inc.		12,124		2,189,109
Quest Diagnostics, Inc.		818		121,620
Regeneron Pharmaceuticals, Inc.†		1,311		834,491
Robert Half International, Inc.		1,597		177,538
Rockwell Automation, Inc.		1,298		436,388
Rollins, Inc.		2,637		87,759
S&P Global, Inc.		3,567		1,625,589
Sealed Air Corp.		930		57,772
SEI Investments Co.		1,161		69,230
Simon Property Group, Inc.		4,176		638,260
Skyworks Solutions, Inc.		2,377		360,496
Snap-on, Inc.		669		137,754
Steel Dynamics, Inc.		2,564		153,327
T. Rowe Price Group, Inc.		2,613		522,469
Take-Two Interactive Software, Inc.†		1,128		187,113
Target Corp.		6,643		1,619,829
Teradyne, Inc.		1,710		261,408
Texas Instruments, Inc.		9,874		1,899,461
Tractor Supply Co.		1,435		323,349
Tyson Foods, Inc., Class A		3,557		280,861
United Parcel Service, Inc., Class B		8,199		1,626,436
Veeva Systems, Inc., Class A†		1,185		334,857
Verizon Communications, Inc.		30,722		1,544,395
Vertex Pharmaceuticals, Inc.†		2,948		551,099
ViacomCBS, Inc., Class B		6,347		196,440
VMware, Inc., Class A		698		81,485
Walgreens Boots Alliance, Inc.		8,204		367,539
Walmart, Inc.		12,838		1,805,408
Waters Corp.†		423		138,774
West Pharmaceutical Services, Inc.		753		333,323

Security Description	Shares/ Principal Amount(4)		Value (Note 2)
United States (continued)
Western Union Co.		5,092	$	80,555
Whirlpool Corp.		629		136,958
WW Grainger, Inc.		540		259,961
Xilinx, Inc.		2,753		628,923
				100,544,318
Total Common Stocks
(cost $146,868,121)				178,612,323
FOREIGN GOVERNMENT OBLIGATIONS — 20.5%
Brazil — 2.6%
Federative Republic of Brazil Bills zero coupon due 01/01/2024	BRL	2,930,000		413,948
Federative Republic of Brazil Bills zero coupon due 07/01/2024	BRL	15,600,000		2,093,117
Federative Republic of Brazil Bills zero coupon due 01/01/2025	BRL	20,970,000		2,661,959
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2025	BRL	1,700,000		304,067
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2027	BRL	6,920,000		1,221,147
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2029	BRL	730,000		127,367
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2031	BRL	1,160,000		200,268
				7,021,873
Colombia — 1.1%
Republic of Colombia Senior Notes 4.38% due 03/21/2023	COP	64,000,000		15,924
Republic of Colombia Bonds 5.75% due 11/03/2027	COP	724,000,000		163,310
Republic of Colombia Bonds 6.00% due 04/28/2028	COP	2,472,300,000		557,446
Republic of Colombia Bonds 6.25% due 11/26/2025	COP	1,052,000,000		254,618
Republic of Colombia Bonds 7.50% due 08/26/2026	COP	6,465,700,000		1,614,968
Republic of Colombia Bonds 7.75% due 09/18/2030	COP	204,000,000		49,406
Republic of Colombia Bonds 10.00% due 07/24/2024	COP	1,920,000,000		519,823
				3,175,495
Ghana — 0.6%
Republic of Ghana Senior Notes 18.30% due 03/02/2026	GHS	50,000		7,676

80

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Ghana (continued)
Republic of Ghana Bonds 18.75% due 01/24/2022	GHS	1,400,000	$	228,836
Republic of Ghana Bonds 18.85% due 09/28/2023	GHS	50,000		8,011
Republic of Ghana Bonds 19.00% due 11/02/2026	GHS	4,210,000		652,891
Republic of Ghana Bonds 19.75% due 03/25/2024	GHS	1,400,000		226,723
Republic of Ghana Bonds 19.75% due 03/15/2032	GHS	4,210,000		643,849
				1,767,986
India — 2.0%
Republic of India Senior Notes 5.15% due 11/09/2025	INR	121,700,000		1,603,423
Republic of India Bonds 6.79% due 05/15/2027	INR	118,010,000		1,630,965
Republic of India Bonds 6.84% due 12/19/2022	INR	40,000,000		545,866
Republic of India Bonds 7.16% due 05/20/2023	INR	96,000,000		1,324,411
Republic of India Bonds 8.20% due 09/24/2025	INR	29,700,000		430,599
				5,535,264
Indonesia — 3.7%
Republic of Indonesia Bonds 5.50% due 04/15/2026	IDR	50,404,000,000		3,580,101
Republic of Indonesia Bonds 5.63% due 05/15/2023	IDR	6,415,000,000		459,569
Republic of Indonesia Bonds 6.50% due 06/15/2025	IDR	19,039,000,000		1,403,748
Republic of Indonesia Bonds 7.00% due 05/15/2022	IDR	3,435,000,000		243,648
Republic of Indonesia Bonds 7.00% due 05/15/2027	IDR	283,000,000		21,202
Republic of Indonesia Bonds 8.38% due 03/15/2024	IDR	46,834,000,000		3,578,971
Republic of Indonesia Bonds 10.25% due 07/15/2022	IDR	116,000,000		8,452
Republic of Indonesia Senior Notes 12.90% due 06/15/2022	IDR	10,859,000,000		798,763
				10,094,454
Mexico — 1.5%
United Mexican States Bonds 6.50% due 06/09/2022	MXN	29,764,000		1,390,846

Security Description	Principal Amount(4)		Value (Note 2)
Mexico (continued)
United Mexican States Senior Notes 6.75% due 03/09/2023	MXN	10,255,000	$	480,279
United Mexican States Senior Notes 8.00% due 12/07/2023	MXN	38,822,000		1,848,465
United Mexican States Bonds 10.00% due 12/05/2024	MXN	6,840,000		343,032
				4,062,622
Norway — 1.9%
Kingdom of Norway Bonds 1.50% due 02/19/2026*	NOK	2,523,000		280,655
Kingdom of Norway Bonds 1.75% due 03/13/2025*	NOK	4,250,000		476,860
Kingdom of Norway Bonds 2.00% due 05/24/2023*	NOK	27,341,000		3,064,937
Kingdom of Norway Bonds 3.00% due 03/14/2024*	NOK	12,599,000		1,449,783
				5,272,235
South Korea — 7.1%
Republic of South Korea Bonds 0.88% due 12/10/2023	KRW	4,086,000,000		3,378,977
Republic of South Korea Senior Notes 0.91% due 04/02/2023	KRW	5,120,000,000		4,268,748
Republic of South Korea Senior Notes 1.13% due 06/10/2024	KRW	1,406,000,000		1,161,981
Republic of South Korea Bonds 1.38% due 09/10/2024	KRW	2,374,500,000		1,971,064
Republic of South Korea Bonds 1.88% due 03/10/2024	KRW	2,889,000,000		2,436,205
Republic of South Korea Bonds 2.25% due 09/10/2023	KRW	2,742,000,000		2,329,281
Republic of South Korea Bonds 3.00% due 09/10/2024	KRW	189,100,000		163,932
Republic of South Korea Bonds 3.38% due 09/10/2023	KRW	4,345,000,000		3,762,624
				19,472,812
Total Foreign Government Obligations
(cost $60,793,676)				56,402,741
U.S. GOVERNMENT TREASURIES — 0.7%
United States Treasury Notes
1.63% due 10/31/2026		1,210,000		1,238,832
2.13% due 05/31/2026		550,000		574,750
Total U.S. Government Treasuries
(cost $1,819,391)				1,813,582
Total Long-Term Investment Securities
(cost $209,481,188)				236,828,646

81

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(4)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 12.4%
Foreign Government Obligations — 4.2%
Government of Japan
(0.11)% due 12/10/2021	JPY	5,200,000		$	46,004
(0.12)% due 12/06/2021	JPY	165,800,000			1,466,822
(0.12)%-(0.15)% due 02/10/2022	JPY	761,000,000			6,734,309
(0.13)% due 12/20/2021	JPY	175,150,000			1,549,615
					9,796,750
Republic of Singapore
0.51% due 02/11/2022	SGD	290,000			212,351
0.54% due 01/14/2022	SGD	2,040,000			1,494,269
					1,706,620
					11,503,370
Registered Investment Companies — 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(2)(3)		1,347,757			1,347,757
U.S. Government Agencies — 3.9%
Federal Home Loan Bank Disc. Notes 0.01% due 12/01/2021	$	10,710,000			10,710,000
U.S. Government Treasuries — 3.8%
United States Treasury Bills
0.04% due 01/13/2022		10,000,000			9,999,642
0.04% due 01/27/2022		615,000			614,956
					10,614,598
Total Short-Term Investment Securities
(cost $34,580,299)					34,175,725
REPURCHASE AGREEMENTS — 1.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $2,030,000 and collateralized by $2,128,700 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $2,070,659		2,030,000			2,030,000
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $665,000 and collateralized by $697,400 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $678,385		665,000			665,000
Total Repurchase Agreements
(cost $2,695,000)					2,695,000
TOTAL INVESTMENTS
(cost $246,756,487)(5)		99.7	%		273,699,371
Other assets less liabilities		0.3			851,310
NET ASSETS		100.0	%	$	274,550,681

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $6,411,902 representing 2.3% of net assets.

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

(2) At November 30, 2021, the Fund had loaned securities with a total value of $3,333,610. This was secured by collateral of $1,347,757, which was received in cash and subsequently invested in short-term investments currently valued at $1,347,757 as reported in the Portfolio of Investments. Additional collateral of $2,174,734 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
Federal Home Loan Mtg. Corp.	1.25% to 2.50%	03/01/2050 to 10/25/2050	$	24,710
Federal National Mtg. Assoc.	2.00% to 3.50%	06/01/2049 to 09/01/2050		83,575
Government National Mtg. Assoc.	1.00% to 2.70%	06/20/2038 to 05/16/2053		49,388
United States Treasury Bills	0.00%	12/09/2021 to 03/17/2022		23,885
United States Treasury Notes/Bonds	0.13% to 6.63%	12/31/2021 to 02/15/2051		1,993,176

(3) The rate shown is the 7-day yield as of November 30, 2021.

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

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

ADR—American Depositary Receipt

BR—Bearer Shares

BRL—Brazilian Real

COP—Colombian Peso

GDR—Global Depositary Receipt

GHS—Ghanaian Cedi

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NES—Non-Voting Equity Securities

NOK—Norwegian Krone

RSP—Risparmio Shares-Savings Shares on the Italian Stock Exchange

SGD—Singapore Dollar

82

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	99,190	$	75,760	**	$	16,823	$	191,773
Other Countries		112,247,140		66,173,410	**		—		178,420,550
Foreign Government Obligations		—		56,402,741			—		56,402,741
U.S. Government Treasuries		—		1,813,582			—		1,813,582
Short-Term Investment Securities:
Registered Investment Companies		1,347,757		—			—		1,347,757
Other Short-Term Investments		—		32,827,968			—		32,827,968
Repurchase Agreements		—		2,695,000			—		2,695,000
Total Investments at Value	$	113,694,087	$	159,988,461		$	16,823	$	273,699,371

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

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

At the beginning and 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

83

VALIC Company I Government Money Market I Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

U.S. Government Treasuries	66.4	%
U.S. Government Agencies	30.8
Repurchase Agreements	3.2
	100.4	%

Credit Quality†#

P-1 100.0 % 

* Calculated as a percentage of net assets

† Source: Moody’s

# Calculated as a percentage of total debt issues

Weighted Average days to Maturity – 31.7 days

84

VALIC Company I Government Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 97.2%
U.S. Government Agencies — 30.8%
Federal Farm Credit Bank 0.01% due 12/01/2021	$	5,000,000	$	5,000,000
Federal Home Loan Bank 0.01% due 12/01/2021		64,500,000		64,500,000
0.02% due 12/03/2021		7,000,000		6,999,991
0.02% due 12/06/2021		8,900,000		8,899,975
0.03% due 12/03/2021		13,000,000		12,999,983
0.03% due 12/15/2021		10,000,000		9,999,887
0.03% due 01/19/2022		9,500,000		9,499,612
0.04% due 12/15/2021		11,000,000		10,999,829
0.04% due 12/22/2021		22,200,000		22,199,430
0.04% due 12/27/2021		20,000,000		19,999,410
0.04% due 12/31/2021		10,000,000		9,999,667
0.04% due 01/19/2022		10,000,000		9,999,524
0.05% due 02/25/2022		10,000,000		9,998,901
Total U.S. Government Agencies (amortized cost $201,096,209)				201,096,209
U.S. Government Treasuries — 66.4%
United States Cash Management Bills 0.00% due 02/08/2022		3,000,000		2,999,974
0.03% due 02/08/2022		11,000,000		10,999,357
0.04% due 02/22/2022		10,000,000		9,998,986
0.04% due 03/01/2022		9,000,000		8,999,010
United States Treasury Bills 0.01% due 12/02/2021		12,000,000		11,999,997
0.01% due 12/07/2021		8,000,000		7,999,986
0.02% due 12/02/2021		10,000,000		9,999,994
0.02% due 12/07/2021		10,000,000		9,999,970
0.02% due 12/09/2021		20,000,000		19,999,921
0.02% due 12/14/2021		20,000,000		19,999,848
0.02% due 12/16/2021		15,000,000		14,999,875
0.03% due 12/16/2021		5,000,000		4,999,930
0.03% due 12/21/2021		11,000,000		10,999,826
0.04% due 01/11/2022		7,000,000		6,999,653
0.04% due 01/13/2022		20,000,000		19,999,074
0.04% due 01/18/2022		13,000,000		12,999,324
0.04% due 01/20/2022		10,000,000		9,999,408
0.04% due 01/25/2022		20,000,000		19,998,724
0.04% due 01/27/2022		25,000,000		24,998,507
0.04% due 02/01/2022		23,000,000		22,998,355
0.04% due 02/03/2022		20,000,000		19,998,548
0.04% due 02/24/2022		10,000,000		9,999,044
0.05% due 12/21/2021		10,000,000		9,999,714
0.05% due 12/23/2021		20,000,000		19,999,387

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries (continued)
0.05% due 12/28/2021	$	20,000,000		$	19,999,212
0.05% due 12/30/2021		20,000,000			19,999,194
0.05% due 01/04/2022		11,000,000			10,999,522
0.05% due 01/11/2022		13,000,000			12,999,334
0.05% due 01/18/2022		7,000,000			6,999,575
0.05% due 01/20/2022		10,000,000			9,999,375
0.06% due 01/04/2022		10,000,000			9,999,471
0.06% due 01/06/2022		20,000,000			19,998,883
Total U.S. Government Treasuries
(amortized cost $432,980,978)					432,980,978
Total Short-Term Investment Securities — 97.2%
(amortized cost $634,077,187)					634,077,187
REPURCHASE AGREEMENTS — 3.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $20,418,000 and collateralized by $21,382,500 of United States Treasury Notes, bearing interest at 0.25% due 07/31/2025 and having an approximate value of $20,826,401 (cost $20,418,000)		20,418,000			20,418,000
TOTAL INVESTMENTS (amortized cost $654,495,187)(1)		100.4	%		654,495,187
Liabilities in excess of other assets		(0.4	)		(2,351,818	)
NET ASSETS		100.0	%	$	652,143,369

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	—	$	634,077,187	$	—	$	634,077,187
Repurchase Agreements		—		20,418,000		—		20,418,000
Total Investments at Value	$	—	$	654,495,187	$	—	$	654,495,187

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

See Notes to Financial Statements

85

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

United States Treasury Notes	28.4	%
Federal National Mtg. Assoc.	23.9
United States Treasury Bonds	11.3
Diversified Financial Services	9.4
Federal Home Loan Mtg. Corp.	9.4
Government National Mtg. Assoc.	5.4
Registered Investment Companies	5.4
Repurchase Agreements	4.3
Sovereign	1.5
Uniform Mtg. Backed Securities	1.5
Federal Farm Credit Bank	1.0
Diversified Banking Institutions	0.8
Electric — Distribution	0.6
Electronic Components — Semiconductors	0.6
Banks — Super Regional	0.5
Airlines	0.5
Telephone — Integrated	0.3
Multimedia	0.3
Tennessee Valley Authority	0.3
Retail — Building Products	0.3
Pipelines	0.2
Real Estate Investment Trusts	0.1
Electric — Integrated	0.1
Pharmacy Services	0.1
Medical — Biomedical/Gene	0.1
Medical — Drugs	0.1
Oil Companies — Integrated	0.1
Transport — Rail	0.1
Finance — Credit Card	0.1
	106.7%

Credit Quality#†

Aaa	90.0	%
Aa	0.1
A	4.4
Baa	1.5
Not Rated@	4.0
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Moody’s

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

86

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 9.4%
Diversified Financial Services — 9.4%
ACC Auto Trust Series 2021-A, Class A 1.08% due 04/15/2027*	$	336,840	$	336,283
ACC Trust Series 2021-1, Class A 0.74% due 11/20/2023*		344,371		344,188
AMSR Trust Series 2020-SFR3, Class A 1.36% due 09/17/2037*		568,738		559,313
AMSR Trust Series 2021-SFR2, Class A 1.53% due 08/17/2038*		1,000,000		980,801
AMSR Trust VRS Series 2021-SFR1, Class A 1.95% due 06/17/2038*(1)		300,000		296,164
BANK Series 2021-BN35, Class A5 2.29% due 06/15/2064(2)		1,250,000		1,259,382
BANK Series 2020-BN26, Class A4 2.40% due 03/15/2063(2)		500,000		509,771
BBCMS Trust Series 2015-VFM, Class A1 2.47% due 03/10/2036*(2)		224,442		226,266
Citigroup Commercial Mtg. Trust Series 2020-GC46, Class A5 2.72% due 02/15/2053(2)		1,250,000		1,303,420
COMM Mtg. Trust VRS Series 2012-CR2, Class XA 1.77% due 08/15/2045(1)(2)(3)		725,539		2,130
COMM Mtg. Trust VRS Series 2020-CBM, Class A1 2.31% due 02/10/2037*(1)(2)		600,000		598,987
DT Auto Owner Trust Series 2021-3A, Class A 0.33% due 04/15/2025*		514,554		513,797
Eleven Madison Mtg. Trust VRS Series 2015-11MD, Class A 3.67% due 09/10/2035*(1)(2)		398,000		421,551
FirstKey Homes Trust Series 2021-SFR1, Class A 1.54% due 08/17/2038*		1,324,375		1,303,118
GS Mtg. Securities Corp. Trust Series 2017-GS7, ClassA4 3.43% due 08/10/2050(2)		1,100,000		1,185,343
Progress Residential Trust Series 2021-SFR6, Class A 1.52% due 07/17/2038*		1,000,000		981,292
Progress Residential Trust Series 2021-SFR4, Class A 1.56% due 05/17/2038*		700,000		688,765
SLG Office Trust Series 2021-OVA, Class A 2.59% due 07/15/2041*(2)		1,000,000		1,026,463
Sofi Professional Loan Program Trust Series 2018-B, Class A2FX 3.34% due 08/25/2047*		473,223		482,144
UBS Commercial Mtg. Trust Series 2018-C14, Class A2 4.26% due 12/15/2051(2)		1,500,000		1,573,191
UBS-BAMLL Trust Series 2012-WRM, Class A 3.66% due 06/10/2030*(2)		217,000		217,598

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
US Auto Funding Series 2021-1A, Class A 0.79% due 07/15/2024*	$	913,346	$	911,993
Total Asset Backed Securities
(cost $15,753,975)				15,721,960
U.S. CORPORATE BONDS & NOTES — 4.5%
Airlines — 0.5%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030		577,329		585,849
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-2, Class AA 3.35% due 04/15/2031		265,057		270,279
				856,128
Banks - Super Regional — 0.5%
Wells Fargo & Co. Senior Notes 2.16% due 02/11/2026		900,000		918,665
Diversified Banking Institutions — 0.4%
Citigroup, Inc. Senior Notes 3.40% due 05/01/2026		400,000		430,440
Citigroup, Inc. Senior Notes 4.50% due 01/14/2022		162,000		162,788
				593,228
Electric - Distribution — 0.6%
Entergy Louisiana LLC Collateral Trust Bonds 3.25% due 04/01/2028#		1,000,000		1,075,678
Electric - Integrated — 0.1%
San Diego Gas & Electric Co. 1st Mtg. Bonds 6.00% due 06/01/2026		200,000		236,234
Electronic Components - Semiconductors — 0.6%
NVIDIA Corp. Senior Notes 2.00% due 06/15/2031		1,000,000		993,135
Finance - Credit Card — 0.1%
American Express Co. Sub. Notes 3.63% due 12/05/2024		104,000		111,006
Medical - Biomedical/Gene — 0.1%
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		144,000		152,707
Medical - Drugs — 0.1%
AbbVie, Inc. Senior Notes 3.45% due 03/15/2022		126,000		126,438
Multimedia — 0.3%
Walt Disney Co. Company Guar. Notes 2.00% due 09/01/2029		500,000		499,177
Oil Companies - Integrated — 0.1%
Chevron USA, Inc. Company Guar. Notes 3.90% due 11/15/2024		116,000		124,653

87

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pharmacy Services — 0.1%
CVS Health Corp. Senior Notes 4.30% due 03/25/2028	$	171,000	$	192,541
Pipelines — 0.2%
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 02/15/2026		127,000		136,667
Magellan Midstream Partners LP Senior Notes 3.20% due 03/15/2025		137,000		142,367
				279,034
Real Estate Investment Trusts — 0.1%
Boston Properties LP Senior Notes 2.75% due 10/01/2026		240,000		250,001
Retail - Building Products — 0.3%
Home Depot, Inc. Senior Notes 0.90% due 03/15/2028		450,000		430,223
Telephone - Integrated — 0.3%
AT&T, Inc. Senior Notes 1.65% due 02/01/2028		580,000		563,909
Transport - Rail — 0.1%
Norfolk Southern Corp. Senior Notes 2.90% due 02/15/2023		89,000		90,773
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/2025		19,000		21,551
				112,324
Total U.S. Corporate Bonds & Notes
(cost $7,408,696)				7,515,081
FOREIGN CORPORATE BONDS & NOTES — 0.4%
Diversified Banking Institutions — 0.4%
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.76% due 09/13/2026		217,000		226,547
Mizuho Financial Group, Inc. Senior Notes 2.95% due 02/28/2022		363,000		365,273
Total Foreign Corporate Bonds & Notes
(cost $580,000)				591,820
U.S. GOVERNMENT AGENCIES — 41.5%
Federal Farm Credit Bank — 1.0%
3.33% due 04/28/2037		500,000		585,300
3.35% due 10/21/2025		1,000,000		1,086,409
				1,671,709
Federal Home Loan Mtg. Corp. — 9.4%
2.00% due 09/01/2051		1,729,604		1,733,466
2.50% due 05/01/2050		588,622		606,151
3.50% due 06/01/2033		657,736		694,987
4.50% due 09/01/2039		158,286		174,021
4.50% due 11/01/2039		94,264		104,636
4.50% due 02/01/2040		135,177		149,585
4.50% due 04/01/2040		13,793		15,164
4.50% due 06/01/2040		24,610		26,872
4.50% due 08/01/2040		153,510		170,322
4.50% due 03/01/2041		470,784		517,227

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
4.50% due 04/01/2041	$	86,151	$	95,599
4.50% due 06/01/2041		110,053		120,978
5.00% due 10/01/2034		19,246		21,081
5.50% due 12/01/2036		9,249		10,301
6.00% due 11/01/2033		44,367		51,791
6.50% due 02/01/2032		13,004		14,690
8.00% due 08/01/2030		82		91
8.00% due 06/01/2031		582		591
Federal Home Loan Mtg. Corp. FRS 2.18% (12 ML+1.80%) due 12/01/2035		2,657		2,678
Federal Home Loan Mtg. Corp. STRIPS Series 264, Class 30 3.00% due 07/15/2042(4)		360,430		373,828
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K130, Class A2 1.72% due 06/25/2031(2)		670,000		669,092
Series KJ14, Class A2 2.81% due 09/25/2024(2)		591,000		613,707
Federal Home Loan Mtg. Corp. REMIC Series 4594, Class GN 2.50% due 02/15/2045(4)		495,254		511,828
Series 3981, Class PA 3.00% due 04/15/2031(4)		78,039		80,145
Series 4097, Class YK 3.00% due 08/15/2032(4)		1,750,000		1,871,366
Series 4150, Class IG 3.00% due 01/15/2033(3)(4)		1,706,308		133,638
Series 4838, Class CY 3.00% due 01/15/2038(4)		1,000,000		1,080,308
Series 4365, Class HZ 3.00% due 01/15/2040(4)		610,784		641,158
Series 4599, Class PA 3.00% due 09/15/2045(4)		801,418		832,890
Series 4057, Class WY 3.50% due 06/15/2027(4)		1,000,000		1,062,843
Series 3813, Class D 4.00% due 02/15/2026(4)		672,072		702,363
Series 3917, Class B 4.50% due 08/15/2026(4)		465,000		495,224
Series 3927, Class AY 4.50% due 09/15/2026(4)		1,494,968		1,593,662
Series 3786, Class PB 4.50% due 07/15/2040(4)		382,836		405,936
Federal Home Loan Mtg. Corp. REMIC FRS Series 4039, Class SA 6.41% (6.50%-1 ML) due 05/15/2042(3)(4)(5)		199,942		34,508
				15,612,727
Federal National Mtg. Assoc. — 23.9%
1.73% due 08/01/2031		650,000		647,483
2.04% due 06/01/2037		250,802		248,249
2.14% due 10/01/2029		1,000,000		1,038,009
2.50% due 07/01/2050		1,371,144		1,406,906
2.55% due 09/01/2034		700,000		703,238
2.81% due 04/01/2025		800,000		839,769
2.94% due 01/01/2026		1,522,751		1,611,433
3.00% due 03/01/2043		784,703		834,321
3.00% due 02/01/2050		544,233		570,172
3.30% due 02/01/2030		2,869,095		3,125,265
3.64% due 07/01/2028		1,471,264		1,642,196
3.69% due 05/01/2030		1,449,046		1,651,591
4.00% due 09/01/2040		46,800		51,482

88

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.00% due 10/01/2040	$	32,380	$	35,412
4.00% due 12/01/2040		59,415		65,359
4.00% due 01/01/2041		118,152		129,972
4.00% due 02/01/2041		590,658		649,662
4.00% due 03/01/2041		627,430		685,085
4.00% due 06/01/2042		548,629		588,589
4.00% due 03/01/2043		1,117,303		1,209,395
5.00% due 12/01/2036		3,877		4,246
5.50% due 12/01/2033		7,775		8,649
5.50% due 10/01/2034		6,753		7,496
6.50% due 07/01/2032		2,887		3,301
7.00% due 09/01/2031		7,107		7,600
Federal National Mtg. Assoc. FRS 1.69% (12 ML+1.32%) due 02/01/2035		603		606
1.75% (6 ML+1.50%) due 01/01/2036		2,825		2,886
2.37% (1 Yr USTYCR+2.25%) due 11/01/2034		2,587		2,556
Federal National Mtg. Assoc. STRIPS Series 384, Class 23 6.00% due 08/25/2037(3)(4)		95,622		19,027
Federal National Mtg. Assoc. VRS 2.64% due 12/01/2026(1)		1,849,878		1,944,992
Federal National Mtg. Assoc. Grantor Trust Series 2017-T1, Class A 2.90% due 06/25/2027		1,122,922		1,192,973
Federal National Mtg. Assoc. REMIC Series 2002-34, Class AO zero coupon due 05/18/2032(4)(6)		111,482		107,302
Series 2020-M8, Class A2 1.82% due 02/25/2030(2)		800,000		804,977
Series 2020-12, Class JC 2.00% due 03/25/2050(4)		1,080,428		1,097,139
Series 2013-23, Class KJ 2.25% due 05/25/2042(4)		906,284		927,274
Series 2012-93, Class ME 2.50% due 01/25/2042(4)		850,631		868,906
Series 2013-73, Class TD 2.50% due 09/25/2042(4)		334,539		343,125
Series 2019-M31, Class A2 2.85% due 04/25/2034(2)		1,000,000		1,049,797
Series 2013-100, Class DE 3.00% due 11/25/2030(4)		288,595		291,106
Series 2013-106, Class PY 3.00% due 10/25/2033(4)		2,900,000		3,075,273
Series 2016-30, Class PA 3.00% due 04/25/2045(4)		466,722		485,879
Series 2016-25, Class LA 3.00% due 07/25/2045(4)		349,756		365,064
Series 2016-33, Class JA 3.00% due 07/25/2045(4)		352,200		367,590
Series 2015-97, Class N 3.00% due 11/25/2045(4)		2,000,000		2,092,894
Series 2016-30, Class LY 3.50% due 05/25/2036(4)		800,000		895,558
Series 2012-47, Class VB 4.00% due 04/25/2031(4)		254,179		254,385
Series 2010-117, Class DY 4.50% due 10/25/2025(4)		966,253		1,010,763
Series 2010-134, Class MB 4.50% due 12/25/2040(4)		250,000		292,050
Series 2007-116, Class PB 5.50% due 08/25/2035(4)		34,298		39,304

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. REMIC VRS Series 2015-M13, Class A2 2.80% due 06/25/2025(1)(2)	$	440,406	$	460,163
Series 2016-M1, Class A2 2.94% due 01/25/2026(1)(2)		1,146,725		1,212,047
Series 2014-M13, Class A2 3.02% due 08/25/2024(1)(2)		870,868		909,322
Series 2018-M4, Class A2 3.16% due 03/25/2028(1)(2)		1,299,182		1,405,620
Federal National Mtg. Assoc., REMIC Series 2016-38, Class NA 3.00% due 01/25/2046(4)		622,808		659,842
				39,943,300
Government National Mtg. Assoc. — 5.4%
2.50% due 03/20/2051		1,572,227		1,650,293
3.50% due 09/15/2048		843,542		941,041
3.50% due 10/15/2048		815,350		909,517
3.50% due 02/15/2049		955,028		1,065,484
3.50% due 08/20/2051		1,509,499		1,636,733
3.50% due 09/20/2051		697,976		757,032
4.50% due 03/15/2038		5,663		6,307
4.50% due 03/15/2039		2,600		2,928
4.50% due 05/15/2039		66,292		74,710
4.50% due 06/15/2039		44,283		49,717
4.50% due 07/15/2039		115,303		129,124
4.50% due 09/15/2039		1,556		1,760
4.50% due 12/15/2039		56,708		63,205
4.50% due 04/15/2040		53,884		60,860
4.50% due 06/15/2040		113,837		128,369
4.50% due 08/15/2040		21,203		23,941
5.00% due 09/15/2035		737		853
5.00% due 02/15/2036		27,640		31,953
5.00% due 05/15/2036		5,441		6,145
6.00% due 01/15/2032		4,608		5,147
7.50% due 02/15/2029		1,885		1,893
7.50% due 07/15/2030		102		104
7.50% due 01/15/2031		3,616		4,014
Government National Mtg. Assoc. REMIC
Series 2014-58, Class EP 4.00% due 04/20/2044(4)		432,000		497,629
Series 2004-18, Class Z 4.50% due 03/16/2034(4)		142,467		153,527
Series 2008-6, Class GL 4.50% due 02/20/2038(4)		522,008		545,296
Series 2005-21, Class Z 5.00% due 03/20/2035(4)		260,761		289,365
				9,036,947
Tennessee Valley Authority — 0.3%
0.75% due 05/15/2025		500,000		496,140
Uniform Mtg. Backed Securities — 1.5%
2.50% due February 30 TBA		2,500,000		2,550,488
Total U.S. Government Agencies
(cost $67,050,164)				69,311,311
U.S. GOVERNMENT TREASURIES — 39.7%
United States Treasury Bonds — 11.3%
1.88% due 02/15/2041		1,800,000		1,806,399
2.00% due 02/15/2050		3,000,000		3,137,461
2.88% due 08/15/2045		1,000,000		1,198,125
3.00% due 02/15/2048		750,000		938,203
3.13% due 02/15/2043		1,000,000		1,222,539
3.75% due 08/15/2041		4,000,000		5,291,094

89

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount/ Shares			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Bonds (continued)
3.75% due 11/15/2043	$	1,000,000		$	1,342,656
3.88% due 08/15/2040		1,500,000			2,005,371
zero coupon due 08/15/2024		2,040,000			1,997,930
					18,939,778
United States Treasury Notes — 28.4%
0.38% due 07/15/2024		2,000,000			1,981,875
0.50% due 03/31/2025		8,000,000			7,892,813
0.63% due 03/31/2027#		9,000,000			8,745,117
0.63% due 08/15/2030		1,000,000			936,563
0.75% due 04/30/2026		4,000,000			3,939,062
1.25% due 06/30/2028		1,500,000			1,491,797
1.63% due 05/15/2031		5,000,000			5,096,875
1.75% due 05/15/2023		6,000,000			6,120,703
2.50% due 08/15/2023		3,000,000			3,104,531
2.75% due 02/15/2024		2,500,000			2,617,773
2.88% due 08/15/2028		5,000,000			5,496,094
					47,423,203
Total U.S. Government Treasuries
(cost $63,657,954)					66,362,981
FOREIGN GOVERNMENT OBLIGATIONS — 1.5%
Sovereign — 1.5%
Israel Government AID Government Guar. Notes zero coupon due 02/15/2024 (cost $2,521,014)		2,641,000			2,574,521
Total Long-Term Investment Securities
(cost $156,971,803)					162,077,674
SHORT-TERM INVESTMENT SECURITIES — 5.4%
Registered Investment Companies — 5.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(7)(8) (cost $8,926,738)		8,926,738			8,926,738
REPURCHASE AGREEMENTS — 4.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $7,254,000 and collateralized by $7,606,500 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $7,399,101 (cost $7,254,000)	$	7,254,000			7,254,000
TOTAL INVESTMENTS
(cost $173,152,541)(9)		106.7	%		178,258,412
Liabilities in excess of other assets		(6.7	)		(11,118,013	)
NET ASSETS		100.0	%	$	167,140,399

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $9,888,723 representing 5.9% of net assets.

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

(1) 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.

(2) Commercial Mortgage Backed Security

(3) Interest Only

(4) Collateralized Mortgage Obligation

(5) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at November 30, 2021.

(6) Principal Only

(7) The rate shown is the 7-day yield as of November 30, 2021.

(8) At November 30, 2021, the Fund had loaned securities with a total value of $8,757,062. This was secured by collateral of $8,926,738, which was received in cash and subsequently invested in short-term investments currently valued at $8,926,738 as reported in the Portfolio of Investments.

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

REMIC—Real Estate Mortgage Investment Conduit

STRIPS—Separate Trading of Registered Interest and Principal Securities

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

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at November 30, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

90

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	—	$	15,721,960	$	—	$	15,721,960
U.S. Corporate Bonds & Notes		—		7,515,081		—		7,515,081
Foreign Corporate Bonds & Notes		—		591,820		—		591,820
U.S. Government Agencies		—		69,311,311		—		69,311,311
U.S. Government Treasuries		—		66,362,981		—		66,362,981
Foreign Government Obligations		—		2,574,521		—		2,574,521
Short-Term Investment Securities		8,926,738		—		—		8,926,738
Repurchase Agreements		—		7,254,000		—		7,254,000
Total Investments at Value	$	8,926,738	$	169,331,674	$	—	$	178,258,412

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

See Notes to Financial Statements

91

VALIC Company I Growth Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Applications Software	15.9	%
E-Commerce/Products	12.6
Internet Content — Entertainment	7.0
Electronic Components — Semiconductors	6.9
Computers	5.4
Web Portals/ISP	4.8
Commercial Services — Finance	4.5
Finance — Credit Card	3.0
Electronic Forms	2.7
Semiconductor Equipment	2.6
E-Commerce/Services	2.6
Athletic Footwear	2.4
Medical — Drugs	2.1
Medical Labs & Testing Services	2.1
Internet Application Software	1.9
Diagnostic Equipment	1.8
Auto — Cars/Light Trucks	1.7
Semiconductor Components — Integrated Circuits	1.7
Enterprise Software/Service	1.6
Textile — Apparel	1.5
Distribution/Wholesale	1.5
Medical Products	1.5
Machinery — General Industrial	1.3
Aerospace/Defense	1.3
Exchange-Traded Funds	1.2
Gambling (Non-Hotel)	1.1
Repurchase Agreements	0.8
Oil Companies — Exploration & Production	0.6
Registered Investment Companies	0.6
Retail — Building Products	0.5
Medical — Biomedical/Gene	0.3
Retail — Discount	0.3
Medical — HMO	0.3
Cosmetics & Toiletries	0.3
Retail — Restaurants	0.2
Real Estate Investment Trusts	0.2
Beverages — Non-alcoholic	0.2
Computer Aided Design	0.2
Cable/Satellite TV	0.2
Transport — Rail	0.2
Transport — Services	0.2
Computer Services	0.2
Medical Instruments	0.2
Industrial Gases	0.1
Investment Management/Advisor Services	0.1
Insurance Brokers	0.1
Electric — Integrated	0.1
Electronic Measurement Instruments	0.1
Data Processing/Management	0.1
Machinery — Farming	0.1
Diversified Manufacturing Operations	0.1
Entertainment Software	0.1
Finance — Other Services	0.1
Banks — Commercial	0.1
Chemicals — Specialty	0.1
Coatings/Paint	0.1
Drug Delivery Systems	0.1
Decision Support Software	0.1
Retail — Auto Parts	0.1
Diagnostic Kits	0.1
Consulting Services	0.1
Machinery — Construction & Mining	0.1
Electronic Connectors	0.1
Computer Data Security	0.1
Cellular Telecom	0.1
Transport — Truck	0.1
	100.5%

* Calculated as a percentage of net assets

92

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Aerospace/Defense — 1.3%
Lockheed Martin Corp.		1,699	$	566,311
Teledyne Technologies, Inc.†		343		142,444
TransDigm Group, Inc.†		31,022		17,932,267
				18,641,022
Aerospace/Defense - Equipment — 0.0%
L3Harris Technologies, Inc.		1,717		358,990
Applications Software — 15.9%
Intuit, Inc.		74,935		48,880,101
Microsoft Corp.		412,175		136,260,933
PTC, Inc.†		1,583		173,465
Roper Technologies, Inc.		36,127		16,768,347
ServiceNow, Inc.†		42,759		27,695,004
				229,777,850
Athletic Footwear — 2.4%
NIKE, Inc., Class B		204,749		34,651,721
Auto - Cars/Light Trucks — 1.7%
Tesla, Inc.†		21,699		24,840,147
Auto - Heavy Duty Trucks — 0.0%
Cummins, Inc.		925		194,019
Auto/Truck Parts & Equipment - Original — 0.0%
Aptiv PLC†		2,717		435,671
Banks - Commercial — 0.1%
First Republic Bank		1,400		293,524
SVB Financial Group†		879		608,558
				902,082
Beverages - Non-alcoholic — 0.2%
Coca-Cola Co.		20,379		1,068,878
Monster Beverage Corp.†		5,628		471,514
PepsiCo, Inc.		8,700		1,390,086
				2,930,478
Beverages - Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		1,369		96,323
Building & Construction Products - Misc. — 0.0%
Fortune Brands Home & Security, Inc.		1,178		118,424
Building Products - Air & Heating — 0.0%
Carrier Global Corp.		8,323		450,441
Building Products - Cement — 0.0%
Vulcan Materials Co.		835		160,019
Building Products - Wood — 0.0%
Masco Corp.		1,630		107,417
Building - Maintenance & Services — 0.0%
Rollins, Inc.		3,392		112,886
Building - Residential/Commercial — 0.0%
D.R. Horton, Inc.		2,931		286,359
PulteGroup, Inc.		1,983		99,209
				385,568
Cable/Satellite TV — 0.2%
Charter Communications, Inc., Class A†		1,901		1,228,578
Comcast Corp., Class A		30,204		1,509,596
				2,738,174
Casino Services — 0.0%
Caesars Entertainment, Inc.†		1,855		167,080
Cellular Telecom — 0.1%
T-Mobile US, Inc.†		6,066		660,041

Security Description	Shares		Value (Note 2)
Chemicals - Diversified — 0.0%
Dow, Inc.		5,477	$	300,852
FMC Corp.		1,929		193,266
				494,118
Chemicals - Specialty — 0.1%
Albemarle Corp.		1,753		467,157
Ecolab, Inc.		1,716		380,043
				847,200
Coatings/Paint — 0.1%
Sherwin-Williams Co.		2,505		829,756
Commercial Services — 0.0%
Cintas Corp.		866		365,617
Quanta Services, Inc.		1,209		137,560
				503,177
Commercial Services - Finance — 4.5%
Adyen NV†*#		6,564		18,204,245
Automatic Data Processing, Inc.		3,044		702,829
Equifax, Inc.		913		254,408
FleetCor Technologies, Inc.†		533		110,400
IHS Markit, Ltd.		3,883		496,325
MarketAxess Holdings, Inc.		570		201,033
Moody’s Corp.		1,748		682,839
PayPal Holdings, Inc.†		17,611		3,256,098
S&P Global, Inc.		88,640		40,395,907
				64,304,084
Computer Aided Design — 0.2%
ANSYS, Inc.†		1,308		512,056
Autodesk, Inc.†		3,298		838,319
Cadence Design Systems, Inc.†		4,148		736,104
Synopsys, Inc.†		2,286		779,526
				2,866,005
Computer Data Security — 0.1%
Fortinet, Inc.†		2,032		674,848
Computer Services — 0.2%
Accenture PLC, Class A		5,322		1,902,083
Cognizant Technology Solutions Corp., Class A		4,017		313,245
				2,215,328
Computer Software — 0.0%
Akamai Technologies, Inc.†		1,562		176,038
Citrix Systems, Inc.		1,210		97,320
				273,358
Computers — 5.4%
Apple, Inc.		470,788		77,821,256
Consulting Services — 0.1%
Gartner, Inc.†		664		207,334
Verisk Analytics, Inc.		2,419		543,961
				751,295
Consumer Products - Misc. — 0.0%
Clorox Co.		1,234		200,957
Kimberly-Clark Corp.		1,918		249,934
				450,891
Containers - Metal/Glass — 0.0%
Ball Corp.		3,132		292,685
Containers - Paper/Plastic — 0.0%
Sealed Air Corp.		1,483		92,124

93

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cosmetics & Toiletries — 0.3%
Colgate-Palmolive Co.		6,574	$	493,181
Estee Lauder Cos., Inc., Class A		1,946		646,208
Procter & Gamble Co.		17,463		2,524,801
				3,664,190
Data Processing/Management — 0.1%
Broadridge Financial Solutions, Inc.		870		146,656
Fiserv, Inc.†		6,074		586,262
Jack Henry & Associates, Inc.		535		81,122
Paychex, Inc.		2,544		303,245
				1,117,285
Decision Support Software — 0.1%
MSCI, Inc.		1,236		778,000
Diagnostic Equipment — 1.8%
Danaher Corp.		67,943		21,853,187
PerkinElmer, Inc.		1,681		306,211
Thermo Fisher Scientific, Inc.		5,897		3,731,798
				25,891,196
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		1,276		775,897
Dialysis Centers — 0.0%
DaVita, Inc.†		1,005		94,973
Disposable Medical Products — 0.0%
Teleflex, Inc.		330		98,149
Distribution/Wholesale — 1.5%
Copart, Inc.†		144,420		20,964,008
Fastenal Co.		6,460		382,238
Pool Corp.		601		333,026
WW Grainger, Inc.		400		192,564
				21,871,836
Diversified Manufacturing Operations — 0.1%
Illinois Tool Works, Inc.		1,890		438,764
Parker-Hannifin Corp.		1,006		303,872
Trane Technologies PLC		1,638		305,733
				1,048,369
Drug Delivery Systems — 0.1%
DexCom, Inc.†		1,450		815,756
E-Commerce/Products — 12.6%
Amazon.com, Inc.†		38,305		134,338,316
eBay, Inc.		9,743		657,263
Etsy, Inc.†		86,853		23,848,097
Sea, Ltd. ADR†		79,391		22,870,165
				181,713,841
E-Commerce/Services — 2.6%
Booking Holdings, Inc.†		234		491,833
Expedia Group, Inc.†		784		126,294
Match Group, Inc.†		147,888		19,223,961
MercadoLibre, Inc.†		14,592		17,341,279
				37,183,367
E-Services/Consulting — 0.0%
CDW Corp.		906		171,560
Electric Products - Misc. — 0.0%
AMETEK, Inc.		1,698		231,777
Emerson Electric Co.		3,584		314,819
				546,596

Security Description	Shares		Value (Note 2)
Electric - Integrated — 0.1%
AES Corp.		3,795	$	88,727
NextEra Energy, Inc.		12,642		1,097,073
				1,185,800
Electronic Components - Misc. — 0.0%
Garmin, Ltd.		1,276		170,397
Electronic Components - Semiconductors — 6.9%
Advanced Micro Devices, Inc.†		18,178		2,878,850
Broadcom, Inc.		4,181		2,314,936
IPG Photonics Corp.†		241		39,570
Marvell Technology, Inc.		555,945		39,566,606
Microchip Technology, Inc.		5,914		493,405
Monolithic Power Systems, Inc.		647		358,089
NVIDIA Corp.		155,282		50,739,946
Qorvo, Inc.†		1,666		243,619
Skyworks Solutions, Inc.		1,287		195,186
Texas Instruments, Inc.		7,333		1,410,649
Xilinx, Inc.		3,709		847,321
				99,088,177
Electronic Connectors — 0.1%
Amphenol Corp., Class A		5,559		447,944
TE Connectivity, Ltd.		1,868		287,541
				735,485
Electronic Forms — 2.7%
Adobe, Inc.†		58,113		38,926,993
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		3,274		494,046
Keysight Technologies, Inc.†		1,573		305,917
Trimble, Inc.†		3,771		323,816
				1,123,779
Electronic Security Devices — 0.0%
Allegion PLC		565		69,857
Energy - Alternate Sources — 0.0%
Enphase Energy, Inc.†		2,017		504,250
Engineering/R&D Services — 0.0%
Jacobs Engineering Group, Inc.		1,211		172,640
Enterprise Software/Service — 1.6%
Ceridian HCM Holding, Inc.†		1,193		130,514
Oracle Corp.		13,579		1,232,159
Paycom Software, Inc.†		721		315,423
salesforce.com, Inc.†		71,441		20,357,827
Tyler Technologies, Inc.†		612		317,616
				22,353,539
Entertainment Software — 0.1%
Activision Blizzard, Inc.		6,877		402,992
Electronic Arts, Inc.		2,303		286,079
Take-Two Interactive Software, Inc.†		1,746		289,626
				978,697
Finance - Credit Card — 3.0%
Mastercard, Inc., Class A		8,878		2,795,860
Visa, Inc., Class A		210,932		40,872,293
				43,668,153
Finance - Other Services — 0.1%
Cboe Global Markets, Inc.		815		105,086
Intercontinental Exchange, Inc.		4,558		595,822
Nasdaq, Inc.		1,140		231,682
				932,590

94

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Confectionery — 0.0%
Hershey Co.		894	$	158,676
Food - Misc./Diversified — 0.0%
Lamb Weston Holdings, Inc.		804		41,744
McCormick & Co., Inc.		1,644		141,088
				182,832
Gambling (Non-Hotel) — 1.1%
Evolution AB*		144,465		15,140,737
Gold Mining — 0.0%
Newmont Corp.		6,587		361,758
Hotels/Motels — 0.0%
Hilton Worldwide Holdings, Inc.†		1,545		208,683
Independent Power Producers — 0.0%
NRG Energy, Inc.		2,164		77,947
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		974		327,459
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		1,526		438,633
Linde PLC		4,489		1,428,131
				1,866,764
Instruments - Controls — 0.0%
Mettler-Toledo International, Inc.†		347		525,403
Instruments - Scientific — 0.0%
Waters Corp.†		505		165,675
Insurance Brokers — 0.1%
Aon PLC, Class A		1,759		520,260
Arthur J. Gallagher & Co.		1,332		216,983
Brown & Brown, Inc.		3,503		225,628
Marsh & McLennan Cos., Inc.		3,720		610,154
				1,573,025
Insurance - Property/Casualty — 0.0%
Progressive Corp.		5,613		521,672
Internet Application Software — 1.3%
Shopify, Inc., Class A†		11,784		17,932,773
Internet Content - Entertainment — 7.0%
Meta Platforms, Inc.†		179,267		58,164,971
Netflix, Inc.†		42,206		27,092,032
Snap, Inc., Class A†		325,951		15,518,527
Twitter, Inc.†		11,960		525,522
				101,301,052
Internet Infrastructure Software — 0.0%
F5, Inc.†		397		90,349
Investment Management/Advisor Services — 0.1%
BlackRock, Inc.		1,500		1,356,915
T. Rowe Price Group, Inc.		2,041		408,098
				1,765,013
Machinery - Construction & Mining — 0.1%
Caterpillar, Inc.		3,857		745,751
Machinery - Farming — 0.1%
Deere & Co.		3,191		1,102,618
Machinery - General Industrial — 1.3%
Chart Industries, Inc.†		108,350		18,912,493
IDEX Corp.		512		114,990
Otis Worldwide Corp.		3,326		267,410
				19,294,893

Security Description	Shares		Value (Note 2)
Machinery - Pumps — 0.0%
Xylem, Inc.		1,242	$	150,419
Medical Information Systems — 0.0%
Cerner Corp.		1,905		134,207
Medical Instruments — 0.2%
Bio-Techne Corp.		583		275,194
Edwards Lifesciences Corp.†		5,325		571,426
Intuitive Surgical, Inc.†		3,742		1,213,680
				2,060,300
Medical Labs & Testing Services — 2.1%
Catalent, Inc.†		2,553		328,469
Charles River Laboratories International, Inc.†		756		276,598
IQVIA Holdings, Inc.†		1,838		476,281
Lonza Group AG		35,436		28,587,349
				29,668,697
Medical Products — 1.5%
Abbott Laboratories		15,676		1,971,571
ABIOMED, Inc.†		681		214,365
Align Technology, Inc.†		29,361		17,955,132
Cooper Cos., Inc.		303		114,070
Hologic, Inc.†		2,735		204,387
STERIS PLC		852		186,188
Stryker Corp.		2,464		583,056
West Pharmaceutical Services, Inc.		1,109		490,910
				21,719,679
Medical - Biomedical/Gene — 0.3%
Amgen, Inc.		4,255		846,234
Bio-Rad Laboratories, Inc., Class A†		322		242,530
Biogen, Inc.†		1,184		279,116
Illumina, Inc.†		1,099		401,498
Incyte Corp.†		1,772		120,000
Moderna, Inc.†		3,052		1,075,616
Regeneron Pharmaceuticals, Inc.†		1,575		1,002,535
Vertex Pharmaceuticals, Inc.†		3,888		726,823
				4,694,352
Medical - Drugs — 2.1%
AbbVie, Inc.		19,599		2,259,373
Bristol-Myers Squibb Co.		17,318		928,764
Eli Lilly & Co.		7,259		1,800,522
Johnson & Johnson		15,781		2,460,731
Merck & Co., Inc.		18,211		1,364,186
Organon & Co.		1,824		53,316
Zoetis, Inc.		97,218		21,586,285
				30,453,177
Medical - HMO — 0.3%
Humana, Inc.		1,002		420,549
UnitedHealth Group, Inc.		7,348		3,264,129
				3,684,678
Metal - Copper — 0.0%
Freeport-McMoRan, Inc.		13,641		505,808
Networking Products — 0.0%
Arista Networks, Inc.†		3,356		416,345
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc.		2,265		363,918
Office Automation & Equipment — 0.0%
Zebra Technologies Corp., Class A†		584		343,848
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		522		107,047

95

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production — 0.6%
Hess Corp.		2,189	$	163,124
Pioneer Natural Resources Co.		49,978		8,912,077
				9,075,201
Power Converter/Supply Equipment — 0.0%
Generac Holdings, Inc.†		946		398,493
Racetracks — 0.0%
Penn National Gaming, Inc.†		1,494		76,538
Real Estate Investment Trusts — 0.2%
American Tower Corp.		3,479		913,168
Crown Castle International Corp.		3,887		706,073
Duke Realty Corp.		2,325		135,617
Equinix, Inc.		780		633,516
Extra Space Storage, Inc.		963		192,600
Public Storage		982		321,487
SBA Communications Corp.		1,067		366,835
				3,269,296
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		1,085		367,533
Respiratory Products — 0.0%
ResMed, Inc.		2,181		555,828
Retail - Auto Parts — 0.1%
AutoZone, Inc.†		181		328,890
O’Reilly Automotive, Inc.†		703		448,626
				777,516
Retail - Building Products — 0.5%
Home Depot, Inc.		11,474		4,596,599
Lowe’s Cos., Inc.		7,522		1,839,806
				6,436,405
Retail - Consumer Electronics — 0.0%
Best Buy Co., Inc.		1,689		180,487
Retail - Discount — 0.3%
Costco Wholesale Corp.		3,511		1,893,763
Dollar General Corp.		3,540		783,402
Target Corp.		4,894		1,193,353
				3,870,518
Retail - Gardening Products — 0.0%
Tractor Supply Co.		1,714		386,216
Retail - Misc./Diversified — 0.0%
Bath & Body Works, Inc.		2,222		166,939
Retail - Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		419		160,875
Retail - Restaurants — 0.2%
Chipotle Mexican Grill, Inc.†		421		691,876
Domino’s Pizza, Inc.		552		289,325
McDonald’s Corp.		4,477		1,095,074
Starbucks Corp.		10,249		1,123,701
Yum! Brands, Inc.		1,905		234,010
				3,433,986
Semiconductor Components - Integrated Circuits — 1.7%
Analog Devices, Inc.		118,834		21,419,829
NXP Semiconductors NV		206		46,012
QUALCOMM, Inc.		16,906		3,052,547
				24,518,388
Semiconductor Equipment — 2.6%
Applied Materials, Inc.		13,698		2,016,209
ASML Holding NV		41,363		32,739,228

Security Description	Shares/ Principal Amount		Value (Note 2)
Semiconductor Equipment (continued)
KLA Corp.		2,289	$	934,209
Lam Research Corp.		2,135		1,451,480
Teradyne, Inc.		2,472		377,895
				37,519,021
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		2,465		220,322
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.		5,415		200,842
Textile - Apparel — 1.5%
LVMH Moet Hennessy Louis Vuitton SE		28,461		22,092,947
Transport - Rail — 0.2%
CSX Corp.		17,570		608,976
Kansas City Southern		695		202,141
Norfolk Southern Corp.		1,666		441,940
Union Pacific Corp.		4,691		1,105,387
				2,358,444
Transport - Services — 0.2%
Expeditors International of Washington, Inc.		1,655		201,281
FedEx Corp.		2,359		543,443
United Parcel Service, Inc., Class B		7,640		1,515,547
				2,260,271
Transport - Truck — 0.1%
JB Hunt Transport Services, Inc.		744		142,223
Old Dominion Freight Line, Inc.		1,406		499,369
				641,592
Water — 0.0%
American Water Works Co., Inc.		1,360		229,255
Web Hosting/Design — 0.0%
VeriSign, Inc.†		612		146,825
Web Portals/ISP — 4.8%
Alphabet, Inc., Class A†		20,334		57,706,875
Alphabet, Inc., Class C†		4,223		12,031,496
				69,738,371
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		1,142		289,132
Total Common Stocks
(cost $858,038,227)				1,402,842,646
CONVERTIBLE PREFERRED SECURITIES — 0.6%
ByteDance, Ltd., Series E-1†(2)(3) (cost $5,436,961)		49,619		8,340,872
EXCHANGE - TRADED FUNDS — 1.2%
iShares S&P 500 Growth ETF		127,600		10,427,472
SPDR Portfolio S&P 500 Growth ETF#		106,464		7,546,168
Total Exchange - Traded Funds
(cost $18,319,637)				17,973,640
Total Long - Term Investment Securities
(cost $881,794,825)				1,429,157,158
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(1)(4)		8,587,187		8,587,187
U.S. Government Treasuries — 0.0%
United States Treasury Bills Disc. Notes 0.14% due 11/03/2022(5)	$	100,000		99,803
Total Short-Term Investment Securities
(cost $8,687,055)				8,686,990

96

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $12,068,000 and collateralized by $11,485,300 of United States Treasury Notes, bearing interest at 2.88% due 11/30/2025 and having an approximate value of $12,309,462 (cost $12,068,000)	$	12,068,000		$	12,068,000
TOTAL INVESTMENTS
(cost $902,549,880)(6)		100.5	%		1,449,912,148
Liabilities in excess of other assets		(0.5	)		(7,913,041	)
NET ASSETS		100.0	%	$	1,441,999,107

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $33,344,982 representing 2.3% of net assets.

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

(1) At November 30, 2021, the Fund had loaned securities with a total value of $8,271,034. This was secured by collateral of $8,587,187, which was received in cash and subsequently invested in short-term investments currently valued at $8,587,187 as reported in the Portfolio of Investments.

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

(3) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2021, the Fund held the following restricted securities:

Restricted Table
Description	Acquistion Date		Shares		Acquistion Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ByteDance, Ltd., Series E-1		12/10/2020		49,619	$	5,436,961	$	8,340,872	$	168.10		0.58	%

(4) The rate shown is the 7-day yield as of November 30, 2021.

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

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

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	4	Long	S&P 500 E - Mini Index		December 2021	$	886,986	$	913,250	$	26,264

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	1,318,817,368	$	84,025,278	**	$	—	$	1,402,842,646
Convertible Preferred Securities		—		—			8,340,872		8,340,872
Exchange-Traded Funds		17,973,640		—			—		17,973,640
Short-Term Investment Securities:
Registered Investment Companies		8,587,187		—			—		8,587,187
U.S Government Treasuries		—		99,803			—		99,803
Repurchase Agreements		—		12,068,000			—		12,068,000
Total Investments at Value	$	1,345,378,195	$	96,193,081		$	8,340,872	$	1,449,912,148
Other Financial Instruments:†
Futures Contracts	$	26,264	$	—		$	—	$	26,264

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

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

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

At 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

97

VALIC Company I High Yield Bond Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Pipelines	7.1	%
Oil Companies — Exploration & Production	5.8
Cable/Satellite TV	5.6
Repurchase Agreements	4.6
Medical — Hospitals	3.7
Telecom Services	3.6
Auto — Cars/Light Trucks	3.4
Finance — Mortgage Loan/Banker	3.4
Cellular Telecom	3.4
Building — Residential/Commercial	3.2
Containers — Metal/Glass	3.2
Medical — Drugs	2.8
Finance — Consumer Loans	2.8
Retail — Restaurants	2.2
Real Estate Investment Trusts	1.9
Cruise Lines	1.9
Retail — Building Products	1.7
Rental Auto/Equipment	1.6
Auto/Truck Parts & Equipment — Original	1.6
Theaters	1.5
Office Automation & Equipment	1.5
Insurance — Multi-line	1.4
Food — Misc./Diversified	1.3
Aerospace/Defense — Equipment	1.2
Containers — Paper/Plastic	1.2
Applications Software	1.1
Racetracks	1.1
Casino Services	1.1
Disposable Medical Products	1.1
Retail — Office Supplies	1.0
Metal — Aluminum	0.9
Casino Hotels	0.9
Enterprise Software/Service	0.8
Computer Services	0.8
Commercial Services	0.7
Web Hosting/Design	0.7
Internet Content — Information/News	0.7
Retail — Misc./Diversified	0.7
Gas — Distribution	0.7
Registered Investment Companies	0.6
Electronic Parts Distribution	0.6
Diversified Banking Institutions	0.6
Television	0.6
Retail — Arts & Crafts	0.6
Medical Labs & Testing Services	0.6
Building & Construction Products — Misc.	0.6
Financial Guarantee Insurance	0.6
Machinery — General Industrial	0.6
Gambling (Non-Hotel)	0.6
Retail — Apparel/Shoe	0.6
Food — Wholesale/Distribution	0.5
Finance — Auto Loans	0.5
Golf	0.5
Insurance Brokers	0.5
Retail — Pet Food & Supplies	0.5
Distribution/Wholesale	0.5
Independent Power Producers	0.4
Building — Mobile Home/Manufactured Housing	0.4
Interior Design/Architecture	0.4
Retail — Pawn Shops	0.4
Diagnostic Equipment	0.4
Data Processing/Management	0.4
Entertainment Software	0.4
Broadcast Services/Program	0.4
Educational Software	0.4
E-Commerce/Services	0.3
Medical Products	0.3
Toys	0.3
Hazardous Waste Disposal	0.3

Airlines	0.3
Medical Instruments	0.3
Building — Heavy Construction	0.3
Transactional Software	0.3
Food — Catering	0.3
Electronic Components — Misc.	0.2
Transport — Services	0.2
Steel Pipe & Tube	0.2
Internet Gambling	0.2
Oil & Gas Drilling	0.2
Medical — Biomedical/Gene	0.1
Protection/Safety	0.1
Retail — Regional Department Stores	0.1
Chemicals — Specialty	0.1
Oil Refining & Marketing	0.1
	101.3	%

Credit Quality†#

Baa	3.1	%
Ba	42.5
B	37.7
Caa	11.9
C	0.2
Not Rated@	4.6
	100.0	%

* Calculated as a percentage of net assets

† Source: Moody’s

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

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

98

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CONVERTIBLE BONDS & NOTES — 2.4%
Airlines — 0.3%
JetBlue Airways Corp. Senior Notes 0.50% due 04/01/2026*	$	1,974,000	$	1,857,534
Auto - Cars/Light Trucks — 0.5%
Ford Motor Co. Senior Notes zero coupon due 03/15/2026*		2,377,000		3,081,186
Internet Gambling — 0.2%
DraftKings, Inc. Senior Notes zero coupon due 03/15/2028*		1,578,000		1,222,539
Machinery - General Industrial — 0.4%
Middleby Corp. Senior Notes 1.00% due 09/01/2025		1,542,000		2,226,648
Medical Instruments — 0.3%
NuVasive, Inc. Senior Bonds 0.38% due 03/15/2025		1,960,000		1,839,950
Oil Companies - Exploration & Production — 0.3%
Pioneer Natural Resources Co. Senior Notes 0.25% due 05/15/2025		1,125,000		1,940,063
Real Estate Investment Trusts — 0.2%
Pebblebrook Hotel Trust Senior Notes 1.75% due 12/15/2026		1,450,000		1,534,825
Retail - Restaurants — 0.2%
Shake Shack, Inc. Senior Notes 0.01% due 03/01/2028*		1,375,000		1,138,672
Total U.S. CONVERTIBLE BONDS & NOTES
(cost $13,712,333)				14,841,417
U.S. CORPORATE BONDS & NOTES — 75.5%
Aerospace/Defense - Equipment — 1.2%
TransDigm, Inc. Company Guar. Notes 5.50% due 11/15/2027		2,330,000		2,351,599
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		4,210,000		4,367,875
TransDigm, Inc. Senior Sec. Notes 8.00% due 12/15/2025*		845,000		890,419
				7,609,893
Applications Software — 1.1%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		1,620,000		1,713,150
PTC, Inc. Company Guar. Notes 3.63% due 02/15/2025*		355,000		356,775
PTC, Inc. Company Guar. Notes 4.00% due 02/15/2028*		390,000		392,437
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		4,215,000		4,380,966
				6,843,328

Security Description	Principal Amount(10)		Value (Note 2)
Auto - Cars/Light Trucks — 2.9%
Ford Motor Co. Senior Notes 3.25% due 02/12/2032	$	615,000	$	616,045
Ford Motor Co. Senior Notes 4.35% due 12/08/2026		555,000		588,827
Ford Motor Credit Co. LLC Senior Notes 3.09% due 01/09/2023		1,885,000		1,908,808
Ford Motor Credit Co. LLC Senior Notes 3.35% due 11/01/2022		1,015,000		1,025,383
Ford Motor Credit Co. LLC Senior Notes 3.37% due 11/17/2023		2,165,000		2,214,795
Ford Motor Credit Co. LLC Senior Notes 4.06% due 11/01/2024		1,514,000		1,579,102
Ford Motor Credit Co. LLC Senior Notes 4.13% due 08/04/2025		775,000		808,767
Ford Motor Credit Co. LLC Senior Notes 4.54% due 08/01/2026		3,440,000		3,667,900
Ford Motor Credit Co. LLC Senior Notes 5.13% due 06/16/2025		3,065,000		3,303,886
Ford Motor Credit Co. LLC Senior Notes 5.58% due 03/18/2024		1,901,000		2,030,943
				17,744,456
Auto/Truck Parts & Equipment - Original — 0.4%
Meritor, Inc. Company Guar. Notes 4.50% due 12/15/2028*		2,375,000		2,363,125
Broadcast Services/Program — 0.4%
Nexstar Broadcasting, Inc. Company Guar. Notes 5.63% due 07/15/2027*		2,450,000		2,541,875
Building & Construction Products - Misc. — 0.6%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		2,345,000		2,489,874
Victors Merger Corp. Senior Notes 6.38% due 05/15/2029*		1,170,000		1,093,950
				3,583,824
Building - Mobile Home/Manufactured Housing — 0.4%
Williams Scotsman International, Inc. Senior Sec. Notes 4.63% due 08/15/2028*		2,559,000		2,603,783
Building - Residential/Commercial — 2.9%
Ashton Woods USA LLC/Ashton Woods Finance Co. Senior Notes 4.63% due 08/01/2029*		1,315,000		1,301,850
Ashton Woods USA LLC/Ashton Woods Finance Co. Senior Notes 4.63% due 04/01/2030*		1,035,000		1,013,266
Ashton Woods USA LLC/Ashton Woods Finance Co. Senior Notes 6.63% due 01/15/2028*		2,000,000		2,105,000

99

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited) — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building - Residential/Commercial (continued)
Century Communities, Inc. Company Guar. Notes 3.88% due 08/15/2029*	$	3,465,000	$	3,413,493
KB Home Company Guar. Notes 4.80% due 11/15/2029		755,000		803,131
M/I Homes, Inc. Company Guar. Notes 3.95% due 02/15/2030		1,910,000		1,886,125
M/I Homes, Inc. Company Guar. Notes 4.95% due 02/01/2028		1,145,000		1,179,350
STL Holding Co. LLC Senior Notes 7.50% due 02/15/2026*		1,840,000		1,922,800
Taylor Morrison Communities, Inc. Senior Notes 5.13% due 08/01/2030*		430,000		461,175
Taylor Morrison Communities, Inc. Company Guar. Notes 5.75% due 01/15/2028*		3,460,000		3,794,011
				17,880,201
Cable/Satellite TV — 4.1%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*		3,695,000		3,639,908
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 01/15/2034*		3,200,000		3,074,608
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		1,605,000		1,617,038
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 05/01/2032		1,240,000		1,234,891
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		1,900,000		1,973,031
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		825,000		847,040
CSC Holdings LLC Company Guar. Notes 6.50% due 02/01/2029*		2,850,000		3,013,134
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		2,345,000		2,368,450
DISH DBS Corp. Company Guar. Notes 5.88% due 07/15/2022		1,800,000		1,822,500
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		2,275,000		2,301,071
DISH DBS Corp. Company Guar. Notes 7.38% due 07/01/2028		1,085,000		1,063,300
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		990,000		1,017,225
Sirius XM Radio, Inc. Company Guar. Notes 3.13% due 09/01/2026*		1,325,000		1,305,138
				25,277,334

Security Description	Principal Amount(10)		Value (Note 2)
Casino Hotels — 0.9%
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. Senior Sec. Notes 5.88% due 05/15/2025*	$	1,560,000	$	1,556,552
Wynn Las Vegas LLC Company Guar. Notes 5.50% due 03/01/2025*		2,560,000		2,563,661
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. Company Guar. Notes 5.25% due 05/15/2027*#		1,290,000		1,267,425
				5,387,638
Casino Services — 1.1%
Caesars Entertainment, Inc. Senior Notes 4.63% due 10/15/2029*		1,075,000		1,048,125
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		2,490,000		2,589,052
Caesars Entertainment, Inc. Senior Notes 8.13% due 07/01/2027*		2,840,000		3,115,906
				6,753,083
Cellular Telecom �� 2.6%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		4,114,000		4,609,860
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025		1,425,000		1,628,063
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		2,025,000		2,224,969
T-Mobile USA, Inc. Company Guar. Notes 2.25% due 02/15/2026*		2,255,000		2,227,320
T-Mobile USA, Inc. Company Guar. Notes 2.25% due 02/15/2026		1,110,000		1,096,375
T-Mobile USA, Inc. Company Guar. Notes 2.63% due 04/15/2026		3,825,000		3,825,669
				15,612,256
Commercial Services — 0.7%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 4.50% due 07/15/2029*		4,678,000		4,523,813
Computer Services — 0.8%
Presidio Holdings, Inc. Senior Sec. Notes 4.88% due 02/01/2027*		3,231,000		3,266,670
Presidio Holdings, Inc. Company Guar. Notes 8.25% due 02/01/2028*		1,340,000		1,391,925
				4,658,595
Containers - Metal/Glass — 1.4%
BWAY Holding Co. Senior Notes 7.25% due 04/15/2025*		1,525,000		1,494,500
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		3,090,000		3,201,765

100

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited) — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Containers - Metal/Glass (continued)
Silgan Holdings, Inc. Company Guar. Notes 2.25% due 06/01/2028	EUR	3,400,000	$	3,827,601
				8,523,866
Containers - Paper/Plastic — 1.2%
Berry Global Escrow Corp. Sec. Notes 5.63% due 07/15/2027*		1,835,000		1,901,611
Flex Acquisition Co., Inc. Senior Notes 6.88% due 01/15/2025*		3,020,000		3,012,178
Flex Acquisition Co., Inc. Senior Notes 7.88% due 07/15/2026*		1,340,000		1,393,747
Graphic Packaging International LLC Company Guar. Notes 3.75% due 02/01/2030*		1,190,000		1,182,705
				7,490,241
Diagnostic Equipment — 0.4%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*		2,505,000		2,586,914
Disposable Medical Products — 1.1%
Mozart Debt Merger Sub, Inc. Senior Sec. Notes 3.88% due 04/01/2029*		4,595,000		4,537,562
Mozart Debt Merger Sub, Inc. Senior Notes 5.25% due 10/01/2029*		2,079,000		2,079,000
				6,616,562
Distribution/Wholesale — 0.5%
ABC Supply Co., Inc. Senior Sec. Notes 4.00% due 01/15/2028*		1,225,000		1,235,719
G-III Apparel Group, Ltd. Senior Sec. Notes 7.88% due 08/15/2025*		325,000		345,719
IAA Spinco, Inc. Senior Notes 5.50% due 06/15/2027*		1,200,000		1,245,840
				2,827,278
E-Commerce/Services — 0.3%
Go Daddy Operating Co. LLC/GD Finance Co., Inc. Company Guar. Notes 3.50% due 03/01/2029*		2,230,000		2,120,908
Electronic Parts Distribution — 0.6%
Imola Merger Corp. Senior Sec. Notes 4.75% due 05/15/2029*		3,785,000		3,813,387
Enterprise Software/Service — 0.4%
Open Text Holdings, Inc. Company Guar. Notes 4.13% due 02/15/2030*		1,525,000		1,517,375
Open Text Holdings, Inc. Company Guar. Notes 4.13% due 12/01/2031*		805,000		799,115
				2,316,490

Security Description	Principal Amount(10)		Value (Note 2)
Entertainment Software — 0.4%
ROBLOX Corp. Senior Notes 3.88% due 05/01/2030*	$	2,555,000	$	2,561,388
Finance - Auto Loans — 0.5%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*		1,470,000		1,499,400
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		1,565,000		1,633,461
				3,132,861
Finance - Consumer Loans — 2.2%
Navient Corp. Senior Notes 6.50% due 06/15/2022		2,029,000		2,091,696
OneMain Finance Corp. Company Guar. Notes 4.00% due 09/15/2030		1,525,000		1,471,625
SLM Corp. Senior Notes 3.13% due 11/02/2026		2,766,000		2,706,227
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029		4,135,000		4,351,447
Springleaf Finance Corp. Company Guar. Notes 6.13% due 03/15/2024		485,000		509,250
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		1,505,000		1,655,500
Springleaf Finance Corp. Company Guar. Notes 7.13% due 03/15/2026		475,000		534,091
				13,319,836
Finance - Mortgage Loan/Banker — 3.4%
Enact Holdings, Inc. Senior Notes 6.50% due 08/15/2025*		3,910,000		4,251,323
Home Point Capital, Inc. Company Guar. Notes 5.00% due 02/01/2026*		3,460,000		3,202,472
LD Holdings Group LLC Company Guar. Notes 6.13% due 04/01/2028*		1,605,000		1,473,230
LD Holdings Group LLC Company Guar. Notes 6.50% due 11/01/2025*		2,570,000		2,456,175
Nationstar Mtg. Holdings, Inc. Company Guar. Notes 5.13% due 12/15/2030*		1,580,000		1,518,775
PennyMac Financial Services, Inc. Company Guar. Notes 4.25% due 02/15/2029*		1,360,000		1,251,200
PennyMac Financial Services, Inc. Company Guar. Notes 5.38% due 10/15/2025*		2,825,000		2,839,125
United Wholesale Mtg. LLC Senior Notes 5.50% due 04/15/2029*		3,915,000		3,727,432
				20,719,732

101

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited) — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Financial Guarantee Insurance — 0.6%
MGIC Investment Corp. Senior Notes 5.25% due 08/15/2028	$	2,310,000	$	2,385,075
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		975,000		1,104,743
				3,489,818
Food - Catering — 0.3%
Aramark Services, Inc. Company Guar. Notes 5.00% due 04/01/2025*		765,000		774,563
Aramark Services, Inc. Company Guar. Notes 5.00% due 02/01/2028*		855,000		859,275
				1,633,838
Food - Misc./Diversified — 1.3%
B&G Foods, Inc. Company Guar. Notes 5.25% due 09/15/2027#		3,140,000		3,191,025
Post Holdings, Inc. Company Guar. Notes 5.63% due 01/15/2028*		2,974,000		3,061,168
Post Holdings, Inc. Company Guar. Notes 5.75% due 03/01/2027*		1,440,000		1,483,301
				7,735,494
Food - Wholesale/Distribution — 0.5%
Performance Food Group, Inc. Company Guar. Notes 4.25% due 08/01/2029*		1,525,000		1,466,852
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		1,765,000		1,817,950
				3,284,802
Gambling (Non-Hotel) — 0.6%
Caesars Resort Collection LLC/CRC Finco, Inc. Senior Sec. Notes 5.75% due 07/01/2025*		640,000		664,762
Jacobs Entertainment, Inc. Sec. Notes 7.88% due 02/01/2024*		2,695,000		2,748,900
				3,413,662
Gas - Distribution — 0.7%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.50% due 05/20/2025		751,000		803,570
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024		5,000		5,325
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.88% due 08/20/2026		2,904,000		3,169,019
				3,977,914
Golf — 0.5%
MajorDrive Holdings IV LLC Senior Notes 6.38% due 06/01/2029*		3,270,000		3,131,025

Security Description	Principal Amount(10)		Value (Note 2)
Hazardous Waste Disposal — 0.3%
Stericycle, Inc. Company Guar. Notes 5.38% due 07/15/2024*	$	1,925,000	$	1,969,275
Independent Power Producers — 0.4%
Clearway Energy Operating LLC Company Guar. Notes 3.75% due 02/15/2031*		1,005,000		993,362
Clearway Energy Operating LLC Company Guar. Notes 3.75% due 01/15/2032*		265,000		260,389
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		1,310,000		1,375,500
				2,629,251
Insurance Brokers — 0.2%
AssuredPartners, Inc. Senior Notes 5.63% due 01/15/2029*		1,015,000		974,400
Insurance - Multi-line — 1.4%
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 7.00% due 11/15/2025*		4,130,000		4,093,862
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 10.13% due 08/01/2026*		1,890,000		2,041,200
Genworth Holdings, Inc. Company Guar. Notes 4.80% due 02/15/2024		260,000		270,400
Genworth Holdings, Inc. Company Guar. Notes 4.90% due 08/15/2023		1,215,000		1,293,975
Genworth Holdings, Inc. Company Guar. Notes 6.50% due 06/15/2034		1,120,000		1,164,800
				8,864,237
Interior Design/Architecture — 0.4%
Signal Parent, Inc. Senior Notes 6.13% due 04/01/2029*		2,842,000		2,593,325
Internet Content - Information/News — 0.7%
Arches Buyer, Inc. Senior Sec. Notes 4.25% due 06/01/2028*		2,085,000		2,064,150
Arches Buyer, Inc. Senior Notes 6.13% due 12/01/2028*		2,120,000		2,140,564
				4,204,714
Machinery - General Industrial — 0.2%
Vertical US Newco, Inc. Senior Sec. Notes 5.25% due 07/15/2027*		1,195,000		1,215,231
Medical Labs & Testing Services — 0.6%
Catalent Pharma Solutions, Inc. Company Guar. Notes 3.13% due 02/15/2029*		575,000		548,234
Catalent Pharma Solutions, Inc. Company Guar. Notes 3.50% due 04/01/2030*		615,000		597,411
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		545,000		563,394

102

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited) — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Labs & Testing Services (continued)
IQVIA, Inc. Company Guar. Notes 5.00% due 05/15/2027*	$	1,840,000	$	1,895,200
				3,604,239
Medical Products — 0.3%
Hill-Rom Holdings, Inc. Company Guar. Notes 4.38% due 09/15/2027*		1,965,000		2,038,388
Medical - Drugs — 0.4%
Bausch Health Americas, Inc. Company Guar. Notes 8.50% due 01/31/2027*		20,000		20,568
Prestige Brands, Inc. Company Guar. Notes 5.13% due 01/15/2028*		2,400,000		2,490,000
				2,510,568
Medical - Hospitals — 3.7%
CHS/Community Health Systems, Inc. Senior Sec. Notes 4.75% due 02/15/2031*		6,035,000		5,944,490
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*		635,000		650,875
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.63% due 02/15/2025*		3,695,000		3,828,759
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		5,870,000		6,401,969
HCA, Inc. Company Guar. Notes 5.38% due 09/01/2026		3,520,000		3,938,000
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		105,000		121,538
HCA, Inc. Company Guar. Notes 5.88% due 02/01/2029		265,000		311,044
HCA, Inc. Company Guar. Notes 7.50% due 11/15/2095		917,000		1,352,923
				22,549,598
Metal - Aluminum — 0.5%
Novelis Corp. Company Guar. Notes 3.25% due 11/15/2026*		1,035,000		1,034,100
Novelis Corp. Company Guar. Notes 3.88% due 08/15/2031*		1,070,000		1,032,550
Novelis Corp. Company Guar. Notes 4.75% due 01/30/2030*		1,230,000		1,241,906
				3,308,556
Office Automation & Equipment — 1.5%
CDW LLC / CDW Finance Corp. Company Guar. Notes 2.67% due 12/01/2026		2,545,000		2,560,308
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		855,000		874,238

Security Description	Principal Amount(10)		Value (Note 2)
Office Automation & Equipment (continued)
Xerox Corp. Senior Notes 4.38% due 03/15/2023	$	4,060,000	$	4,156,425
Xerox Holdings Corp. Company Guar. Notes 5.00% due 08/15/2025*		1,490,000		1,530,975
				9,121,946
Oil Companies - Exploration & Production — 5.5%
Apache Corp. Senior Notes 4.38% due 10/15/2028		2,775,000		2,926,459
Apache Corp. Senior Notes 4.63% due 11/15/2025		2,030,000		2,150,836
Apache Corp. Senior Notes 5.10% due 09/01/2040		1,087,000		1,178,590
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		2,010,000		2,165,297
Continental Resources, Inc. Company Guar. Notes 4.90% due 06/01/2044		1,050,000		1,166,760
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		990,000		1,152,360
EQT Corp. Senior Notes 3.13% due 05/15/2026*		925,000		924,408
EQT Corp. Senior Notes 3.90% due 10/01/2027		1,740,000		1,814,019
Occidental Petroleum Corp. Senior Notes 3.00% due 02/15/2027		5,505,000		5,320,803
Occidental Petroleum Corp. Senior Notes 3.20% due 08/15/2026		1,720,000		1,689,900
Occidental Petroleum Corp. Senior Notes 3.40% due 04/15/2026		2,205,000		2,184,196
Occidental Petroleum Corp. Senior Notes 4.20% due 03/15/2048		7,570,000		7,272,083
Occidental Petroleum Corp. Senior Notes 5.50% due 12/01/2025		1,380,000		1,475,510
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031		545,000		636,315
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		288,000		328,320
Ovintiv Exploration, Inc. Company Guar. Notes 5.63% due 07/01/2024		1,320,000		1,440,975
				33,826,831
Oil Refining & Marketing — 0.1%
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.88% due 03/15/2028		375,000		391,875

103

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited) — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines — 7.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*	$	3,005,000	$	3,087,938
Buckeye Partners LP Senior Notes 3.95% due 12/01/2026		2,401,000		2,355,153
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*		945,000		950,765
Buckeye Partners LP Senior Notes 4.13% due 12/01/2027		765,000		755,323
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		960,000		931,200
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		1,379,000		1,449,498
DCP Midstream Operating LP Company Guar. Notes 5.38% due 07/15/2025		5,105,000		5,462,350
DT Midstream, Inc. Company Guar. Notes 4.13% due 06/15/2029*		3,123,000		3,099,577
EnLink Midstream LLC Company Guar. Notes 5.63% due 01/15/2028*		2,445,000		2,506,125
EQM Midstream Partners LP Senior Notes 4.50% due 01/15/2029*		1,415,000		1,404,388
EQM Midstream Partners LP Senior Notes 4.75% due 01/15/2031*		1,085,000		1,095,850
EQM Midstream Partners LP Senior Notes 6.00% due 07/01/2025*		1,225,000		1,301,985
EQM Midstream Partners LP Senior Notes 6.50% due 07/01/2027*		685,000		739,800
EQM Midstream Partners LP Senior Notes 6.50% due 07/15/2048		1,035,000		1,208,419
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031		2,415,000		2,590,088
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.50% due 07/15/2027		3,385,000		3,600,692
Venture Global Calcasieu Pass LLC Senior Sec. Notes 3.88% due 08/15/2029*		1,700,000		1,706,664
Venture Global Calcasieu Pass LLC Senior Sec. Notes 4.13% due 08/15/2031*		1,335,000		1,365,398
Western Midstream Operating LP Senior Notes 4.35% due 02/01/2025		1,200,000		1,242,000
Western Midstream Operating LP Senior Notes 5.30% due 02/01/2030		4,725,000		5,091,187

Security Description	Principal Amount(10)		Value (Note 2)
Pipelines (continued)
Western Midstream Operating LP Senior Notes 6.50% due 02/01/2050	$	1,375,000	$	1,570,305
				43,514,705
Protection/Safety — 0.1%
APX Group, Inc. Senior Sec. Notes 6.75% due 02/15/2027*		540,000		561,357
Racetracks — 1.1%
Penn National Gaming, Inc. Senior Notes 4.13% due 07/01/2029*		720,000		679,464
Penn National Gaming, Inc. Senior Notes 5.63% due 01/15/2027*		5,255,000		5,377,336
Speedway Motorsports LLC/Speedway Funding II, Inc. Senior Notes 4.88% due 11/01/2027*		758,000		773,160
				6,829,960
Real Estate Investment Trusts — 1.7%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		3,095,000		3,076,739
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 5.25% due 10/01/2025*		310,000		311,581
Service Properties Trust Company Guar. Notes 7.50% due 09/15/2025		3,875,000		4,114,345
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.50% due 02/15/2025*		250,000		252,728
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.75% due 02/15/2027*		165,000		169,125
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.13% due 08/15/2030*		188,000		196,460
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.25% due 12/01/2026*		1,295,000		1,335,508
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.63% due 12/01/2029*		1,085,000		1,152,552
				10,609,038
Rental Auto/Equipment — 1.3%
Herc Holdings, Inc. Company Guar. Notes 5.50% due 07/15/2027*		3,230,000		3,341,984
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		4,165,000		4,362,838
				7,704,822
Retail - Apparel/Shoe — 0.6%
Gap, Inc. Company Guar. Notes 3.63% due 10/01/2029*		1,760,000		1,683,933

104

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited) — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Apparel/Shoe (continued)
Gap, Inc. Company Guar. Notes 3.88% due 10/01/2031*	$	1,760,000	$	1,682,648
				3,366,581
Retail - Arts & Crafts — 0.6%
Michaels Cos., Inc. Senior Sec. Notes 5.25% due 05/01/2028*		2,160,000		2,134,901
Michaels Cos., Inc. Senior Notes 7.88% due 05/01/2029*		1,495,000		1,483,787
				3,618,688
Retail - Building Products — 1.7%
Ambience Merger Sub, Inc. Senior Sec. Notes 4.88% due 07/15/2028*		385,000		380,188
Ambience Merger Sub, Inc. Company Guar. Notes 7.13% due 07/15/2029*		410,000		393,600
LBM Acquisition LLC Company Guar. Notes 6.25% due 01/15/2029*		3,905,000		3,737,866
Specialty Building Products Holdings LLC Senior Sec. Notes 6.38% due 09/30/2026*		4,200,000		4,329,360
SRS Distribution, Inc. Senior Sec. Notes 4.63% due 07/01/2028*		1,650,000		1,653,902
				10,494,916
Retail - Misc./Diversified — 0.7%
L Brands, Inc. Company Guar. Notes 5.25% due 02/01/2028		1,785,000		1,914,413
L Brands, Inc. Company Guar. Notes 6.63% due 10/01/2030*		2,045,000		2,264,837
				4,179,250
Retail - Office Supplies — 1.0%
Staples, Inc. Senior Sec. Notes 7.50% due 04/15/2026*		5,885,000		5,843,246
Retail - Pawn Shops — 0.4%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		2,605,000		2,592,183
Retail - Pet Food & Supplies — 0.5%
PetSmart, Inc./PetSmart Finance Corp. Senior Sec. Notes 4.75% due 02/15/2028*		1,395,000		1,411,886
PetSmart, Inc./PetSmart Finance Corp. Company Guar. Notes 7.75% due 02/15/2029*		1,365,000		1,458,844
				2,870,730
Retail - Regional Department Stores — 0.1%
Macy’s Retail Holdings LLC Company Guar. Notes 2.88% due 02/15/2023		31,000		31,477
Macy’s Retail Holdings LLC Company Guar. Notes 3.63% due 06/01/2024#		499,000		512,723
				544,200

Security Description	Principal Amount(10)		Value (Note 2)
Retail - Restaurants — 0.6%
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC Company Guar. Notes 5.13% due 04/15/2029*#	$	1,180,000	$	1,161,863
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 4.75% due 06/01/2027*		1,830,000		1,880,325
Yum! Brands, Inc. Senior Notes 4.75% due 01/15/2030*		770,000		811,865
				3,854,053
Steel Pipe & Tube — 0.2%
Advanced Drainage Systems, Inc. Company Guar. Notes 5.00% due 09/30/2027*		1,195,000		1,235,534
Telecom Services — 1.7%
Embarq Corp. Senior Notes 8.00% due 06/01/2036		1,705,000		1,869,004
Frontier Communications Corp. Senior Sec. Notes 5.00% due 05/01/2028*		1,450,000		1,454,075
Frontier Communications Corp. Senior Sec. Notes 5.88% due 10/15/2027*		1,550,000		1,600,646
Frontier Communications Corp. Sec. Notes 6.75% due 05/01/2029*		2,570,000		2,645,288
Frontier Communications Holdings LLC Sec. Notes 5.88% due 11/01/2029		1,907,036		1,874,864
Frontier Communications Holdings LLC Sec. Notes 6.00% due 01/15/2030*		900,000		885,321
				10,329,198
Television — 0.6%
Scripps Escrow, Inc. Company Guar. Notes 5.88% due 07/15/2027*		3,635,000		3,729,328
Theaters — 0.8%
Cinemark USA, Inc. Company Guar. Notes 5.25% due 07/15/2028*		4,010,000		3,804,487
Cinemark USA, Inc. Company Guar. Notes 5.88% due 03/15/2026*#		1,105,000		1,096,713
				4,901,200
Toys — 0.3%
Mattel, Inc. Company Guar. Notes 3.38% due 04/01/2026*		920,000		933,837
Mattel, Inc. Company Guar. Notes 5.88% due 12/15/2027*		1,035,000		1,102,275
				2,036,112
Transactional Software — 0.3%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		1,680,000		1,635,480

105

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited) — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transport - Services — 0.2%
First Student Bidco, Inc./First Transit Parent, Inc. Senior Sec. Notes 4.00% due 07/31/2029*	$	1,485,000	$	1,411,062
Web Hosting/Design — 0.7%
Endurance Acquisition Merger Sub Senior Notes 6.00% due 02/15/2029*		4,675,000		4,277,625
Total U.S. Corporate Bonds & Notes
(cost $450,329,867)				462,020,922
FOREIGN CORPORATE BONDS & NOTES — 14.3%
Auto/Truck Parts & Equipment - Original — 0.9%
Adient Global Holdings, Ltd. Company Guar. Notes 3.50% due 08/15/2024	EUR	2,360,000		2,689,860
Adient Global Holdings, Ltd. Company Guar. Notes 4.88% due 08/15/2026*#		2,580,000		2,583,225
				5,273,085
Building - Residential/Commercial — 0.3%
Empire Communities Corp. Senior Notes 7.00% due 12/15/2025*		1,625,000		1,657,500
Cable/Satellite TV — 1.5%
Quebecor Media, Inc. Senior Notes 5.75% due 01/15/2023		1,415,000		1,472,902
UPC Broadband Finco BV Senior Sec. Notes 4.88% due 07/15/2031*		1,575,000		1,590,750
Virgin Media Secured Finance PLC Senior Sec. Notes 4.50% due 08/15/2030*		3,285,000		3,219,300
Ziggo BV Senior Sec. Notes 5.50% due 01/15/2027*		2,785,000		2,866,545
				9,149,497
Cellular Telecom — 0.8%
Altice France SA Senior Sec. Notes 5.50% due 01/15/2028*		525,000		519,750
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		3,940,000		4,202,601
				4,722,351
Chemicals - Specialty — 0.1%
Diamond BC BV Company Guar. Notes 4.63% due 10/01/2029*		430,000		420,540
Containers - Metal/Glass — 1.8%
ARD Finance SA Senior Sec. Notes 6.50% due 06/30/2027*(1)		4,450,000		4,550,125
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 4.13% due 08/15/2026*		1,325,000		1,339,986
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 5.25% due 04/30/2025*		1,115,000		1,147,056

Security Description	Principal Amount(10)		Value (Note 2)
Containers - Metal/Glass (continued)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Notes 5.25% due 08/15/2027*	$	2,435,000	$	2,386,300
Trivium Packaging Finance BV Senior Sec. Notes 5.50% due 08/15/2026*		1,445,000		1,491,702
				10,915,169
Cruise Lines — 1.9%
Carnival Corp. Senior Notes 5.75% due 03/01/2027*		429,000		417,481
Carnival Corp. Company Guar. Notes 6.00% due 05/01/2029*		5,340,000		5,193,150
Carnival Corp. Senior Notes 7.63% due 03/01/2026*		480,000		492,135
Carnival Corp. Company Guar. Notes 7.63% due 03/01/2026*	EUR	360,000		425,791
Royal Caribbean Cruises, Ltd. Senior Notes 5.50% due 08/31/2026*		5,450,000		5,313,750
				11,842,307
Electronic Components - Misc. — 0.2%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		1,435,000		1,553,129
Enterprise Software/Service — 0.4%
Open Text Corp. Company Guar. Notes 3.88% due 02/15/2028*		1,790,000		1,785,212
Open Text Corp. Company Guar. Notes 3.88% due 12/01/2029*		565,000		561,655
				2,346,867
Finance - Consumer Loans — 0.6%
goeasy, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		1,210,000		1,237,225
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		2,300,000		2,356,212
				3,593,437
Medical - Biomedical/Gene — 0.1%
Grifols Escrow Issuer SA Senior Notes 4.75% due 10/15/2028*		935,000		925,650
Medical - Drugs — 2.4%
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 01/30/2028*		4,180,000		3,709,666
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 02/15/2029*		6,425,000		5,509,437
Bausch Health Cos., Inc. Company Guar. Notes 7.00% due 01/15/2028*		2,480,000		2,393,200

106

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited) — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical - Drugs (continued)
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 6.13% due 04/15/2025*	$	2,312,000	$	2,335,120
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 9.00% due 12/15/2025*		445,000		464,447
				14,411,870
Metal - Aluminum — 0.4%
Constellium NV Company Guar. Notes 5.88% due 02/15/2026*		1,899,000		1,920,592
Constellium SE Company Guar. Notes 3.75% due 04/15/2029*#		415,000		394,250
Constellium SE Company Guar. Notes 5.63% due 06/15/2028*		250,000		260,720
				2,575,562
Oil & Gas Drilling — 0.2%
Transocean, Inc. Company Guar. Notes 6.80% due 03/15/2038		2,115,000		1,072,643
Retail - Restaurants — 1.4%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.50% due 02/15/2029*		3,620,000		3,479,544
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.88% due 01/15/2028*		3,115,000		3,075,471
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 4.00% due 10/15/2030*		2,360,000		2,250,708
				8,805,723
Telecom Services — 1.3%
Iliad Holding SAS Senior Sec. Notes 6.50% due 10/15/2026*		1,010,000		1,032,907
Iliad Holding SAS Senior Sec. Notes 7.00% due 10/15/2028*		655,000		671,375
Kaixo Bondco Telecom SA Senior Notes 5.13% due 09/30/2029*	EUR	2,525,000		2,842,127
Lorca Telecom Bondco SA Senior Sec. Notes 4.00% due 09/18/2027*	EUR	3,255,000		3,709,955
				8,256,364
Total Foreign Corporate Bonds & Notes
(cost $88,666,282)				87,521,694
FOREIGN CONVERTIBLE BONDS & NOTES — 0.3%
Building - Heavy Construction — 0.3%
Cellnex Telecom SA Senior Notes 1.50% due 01/16/2026 (cost $1,414,199)	EUR	900,000		1,815,742
LOANS(2)(3)(4) — 2.4%
Auto/Truck Parts & Equipment - Original — 0.3%
Clarios Global LP FRS BTL-B 3.34% (1 ML +3.25%) due 04/30/2026		1,572,087		1,551,453

Security Description	Shares/ Principal Amount(10)		Value (Note 2)
Data Processing/Management — 0.4%
Dun & Bradstreet Corp. FRS BTL 3.34% (1 ML+3.25%) due 02/08/2026	$	2,605,647	$	2,586,756
Educational Software — 0.4%
Ascend Learning LLC FRS BTL coupon TBD due 11/18/2028		2,450,000		2,432,389
Insurance Brokers — 0.3%
HUB International, Ltd. FRS BTL-B 2.85% to 2.87% (3 ML+2.75%) due 04/25/2025		1,654,425		1,623,749
Hub International, Ltd. FRS BTL-B coupon TBD due 04/25/2025		435,000		432,621
				2,056,370
Rental Auto/Equipment — 0.3%
PECF USS Intermediate Holding III Corp. FRS BTL-B coupon TBD due 11/04/2028		1,740,000		1,737,825
Theaters — 0.7%
Crown Fiannce US, Inc. FRS BTL 3.50% (6 ML+2.50%) due 02/28/2025		2,519,932		2,023,032
Crown Fiannce US, Inc. FRS BTL coupon TBD due 02/28/2025		2,608,773		2,094,355
Crown Finance US, Inc. FRS BTL-B1 9.25% (6 ML+8.25%) due 05/23/2024		221,849		233,496
				4,350,883
Total Loans
(cost $15,122,488)				14,715,676
COMMON STOCKS — 0.6%
Coal — 0.0%
Foresight Energy LLC†(5)		3,805		51,366
Telecom Services — 0.6%
Frontier Communications Parent, Inc.†		100,053		3,342,771
Total Common Stocks
(cost $2,698,985)				3,394,137
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.6%
Diversified Banking Institutions — 0.6%
Credit Suisse Group AG 6.25% due 12/18/2024(6) (cost $3,508,727)	$	3,610,000		3,812,961
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(7) (cost $0)		616		7,408
Total Long-Term Investment Securities
(cost $575,452,881)				588,129,957

107

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount(10)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(8)(9) (cost $3,814,173)		3,814,173		$	3,814,173
REPURCHASE AGREEMENTS — 4.6%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $28,087,000 and collateralized by $26,730,700 of United States Treasury Notes, bearing interest at 2.88% due 08/31/2028 and having an approximate value of $28,648,842 (cost $28,087,000)	$	28,087,000			28,087,000
TOTAL INVESTMENTS
(cost $607,354,054)(11)		101.3	%		620,031,130
Liabilities in excess of other assets		(1.3	)		(8,029,919	)
NET ASSETS		100.0	%	$	612,001,211

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $379,549,928 representing 62.0% of net assets.

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

† 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) 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.

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

(4) 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.

(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 November 30, 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	$	51,366	$	13.50		0.01	%

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

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

(8) The rate shown is the 7-day yield as of November 30, 2021.

(9) At November 30, 2021, the Fund had loaned securities with a total value of $3,716,581. This was secured by collateral of 3,814,173, which was received in cash and subsequently invested in short-term investments currently valued at $3,814,173 as reported in the Portfolio of Investments. Additional collateral of $10,450 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	2/3/2022	$	613
United States Treasury Notes/Bonds	0.13% to 3.88%	01/15/2022 to 05/15/2051		9,837

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

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

BTL—Bank Term Loan

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

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at November 30, 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

3 ML—3 Month USD Libor

6 ML—6 Month USD Libor

Forward Foreign Currency Contracts

Counterparty

Contract to Deliver

In Exchange For

Delivery Date

Unrealized Appreciation

Unrealized Appreciation (Depreciation)

BNP Paribas SA

EUR

13,542,000

USD

15,198,038

12/31/2021

$

–

$

(179,787

)

EUR—Euro Currency

USD—United States Dollar

108

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	—	$	14,841,417	$	—	$	14,841,417
U.S. Corporate Bonds & Notes		—		462,020,922		—		462,020,922
Foreign Corporate Bonds & Notes		—		87,521,694		—		87,521,694
Foreign Convertible Bonds & Notes		—		1,815,742		—		1,815,742
Loans		—		14,715,676		—		14,715,676
Common Stocks:
Coal		—		51,366		—		51,366
Other Industries		3,342,771		—		—		3,342,771
Preferred Securities/Capital Securities		—		3,812,961		—		3,812,961
Escrows and Litigation Trusts		—		—		7,408		7,408
Short-Term Investment Securities		3,814,173		—		—		3,814,173
Repurchase Agreements		—		28,087,000		—		28,087,000
Total Investments at Value	$	7,156,944	$	612,866,778	$	7,408	$	620,031,130
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	179,787	$	—	$	179,787

* 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 material Level 3 transfers during the reporting period.

See Notes to Financial Statements

109

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

United States Treasury Notes	36.1	%
Sovereign	26.9
United States Treasury Bonds	16.8
Diversified Financial Services	7.4
Repurchase Agreements	5.3
Oil Companies — Integrated	0.6
Oil Companies — Exploration & Production	0.4
Pipelines	0.2
Computer Services	0.2
Electronic Components — Semiconductors	0.2
Building & Construction Products — Misc.	0.2
Food — Meat Products	0.2
Decision Support Software	0.2
Consulting Services	0.2
Trucking/Leasing	0.2
Office Automation & Equipment	0.2
Apparel Manufacturers	0.2
Retail — Pawn Shops	0.1
Funeral Services & Related Items	0.1
Finance — Leasing Companies	0.1
Retail — Building Products	0.1
Networking Products	0.1
Transactional Software	0.1
Internet Security	0.1
Insurance Brokers	0.1
Distribution/Wholesale	0.1
Federal Home Loan Mtg. Corp.	0.1
Enterprise Software/Service	0.1
Chemicals — Specialty	0.1
Containers — Paper/Plastic	0.1
Casino Hotels	0.1
Data Processing/Management	0.1
Insurance — Property/Casualty	0.1
Medical — Drugs	0.1
Professional Sports	0.1
Diagnostic Equipment	0.1
Commercial Services — Finance	0.1
Energy — Alternate Sources	0.1
Cable/Satellite TV	0.1
Registered Investment Companies	0.1
Retail — Restaurants	0.1
Building Products — Doors & Windows	0.1
Commercial Services	0.1
Finance — Credit Card	0.1
Auto/Truck Parts & Equipment — Original	0.1
Federal National Mtg. Assoc.	0.1
Food — Flour & Grain	0.1
Medical — Hospitals	0.1
Security Services	0.1
Multimedia	0.1
	98.8	%

Credit Quality+#

Aaa	76.9	%
Aa	2.7
A	0.4
Baa	4.0
Ba	3.2
B	1.6
Not Rated@	11.2
	100.0	%

* Calculated as a percentage of net assets

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

+ Source: Moody’s

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

110

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Principal Amount(12)		Value (Note 2)
ASSET BACKED SECURITIES — 7.4%
Diversified Financial Services — 7.4%
510 Asset Backed Trust Series 2021-NPL1, Class A1 2.24% due 06/25/2061*(1)(6)	$	1,723,472	$	1,715,419
Ajax Mtg. Loan Trust Series 2021-C, Class A 2.12% due 01/25/2061*(6)		525,157		521,570
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(1)(2)		703,027		696,913
Arbor Realty Collateralized Loan Obligation, Ltd. FRS Series 2021-FL2, Class A 1.19% (1 ML+1.10%) due 05/15/2036*		305,000		304,141
Avant Loans Funding Trust Series 2021-REV1, Class A 1.21% due 07/15/2030*		665,000		660,843
Bain Capital Credit CLO, Ltd. FRS Series 2017-2A, Class AR2 1.30% (3 ML+1.18%) due 07/25/2034*(3)		1,940,000		1,939,509
BANK VRS Series 2020-BN29, Class XA 1.46% due 11/15/2053(2)(4)(5)		11,023,019		1,091,896
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.63% due 01/15/2054(2)(4)(5)		3,893,087		451,200
BlueMountain CLO XXXI, Ltd. FRS Series 2021-31A, Class A1 1.27% (3 ML+1.15%) due 04/19/2034*(3)		2,370,000		2,373,245
BRAVO Residential Funding Trust VRS Series 2021-NQM1, Class A1 0.94% due 02/25/2049*(1)(2)		489,729		490,045
Buckhorn Park CLO, Ltd. FRS Series 2019-1A, Class AR 1.24% (3 ML+1.12%) due 07/18/2034*(3)		2,430,000		2,429,385
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 1.16% (1 ML+1.07%) due 12/15/2037*(4)		750,000		748,818
COLT Funding LLC VRS Series 2021-1, Class A1 0.91% due 06/25/2066*(1)(2)		972,186		962,778
Credit Acceptance Auto Loan Trust Series 2021-3A, Class A 1.00% due 05/15/2030*		540,000		536,863
Credit Suisse Mtg. Capital Certs. VRS Series 2021-NQM4, Class A1 1.10% due 05/25/2066*(1)(2)		1,534,079		1,522,652
CSMC Trust VRS Series 2021-RPL4, Class A1 1.80% due 12/27/2060*(1)(2)		515,424		516,684
CSMC Trust VRS Series 2021-RPL2, Class M3 3.47% due 01/25/2060*(1)(2)		376,575		392,087
Deephaven Residential Mtg. Trust VRS Series 2021-2, Class A1 0.90% due 04/25/2066*(1)(2)		444,150		441,407
Ellington Financial Mtg. Trust VRS Series 2021-2, Class A1 0.93% due 06/25/2066*(1)(2)		379,893		376,555
GCAT Trust VRS Series 2021-NQM3, Class A1 1.09% due 05/25/2066*(1)(2)		1,173,323		1,165,881

Security Description	Principal Amount(12)		Value (Note 2)
Diversified Financial Services (continued)
Harriman Park CLO, Ltd. FRS Series 2020-1A, Class A1R 1.25% (3 ML + 1.12%) due 04/20/2034*(3)	$	2,515,000	$	2,514,364
Legacy Mtg. Asset Trust Series 2021-GS2, Class A1 1.75% due 04/25/2061*(1)(6)		520,756		517,435
Legacy Mtg. Asset Trust Series 2021-GS3, Class A1 1.75% due 07/25/2061*(1)(6)		652,583		648,119
Madison Park Funding XXXVIII, Ltd. FRS Series 2021-38A, Class A 1.25% (3 ML + 1.12%) due 07/17/2034*(3)		1,935,000		1,934,497
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A 1.54% due 03/20/2026*		770,000		770,472
MFRA Trust VRS Series 2021-NQM1, Class A1 1.15% due 04/25/2065*(1)(2)		744,660		742,151
Nassau LLC FRS Series 2021-IA, Class A1 1.39% (3 ML+1.25%) due 08/26/2034*(3)		2,010,000		2,009,483
Navient Private Education Refi Loan Trust Series 2021-EA, Class A 0.97% due 12/16/2069*		669,124		659,937
New Residential Mtg. Loan Trust VRS Series 2021-NQ2R, Class A1 0.94% due 10/25/2058*(1)(2)		540,327		538,566
NMLT Trust VRS Series 2021-INV1, Class A1 1.19% due 05/25/2056*(1)(2)		1,563,108		1,547,656
OZLM XVIII, Ltd. FRS Series 2018-18A, Class A 1.14% (3 ML+1.02%) due 04/15/2031*(3)		1,365,000		1,364,656
Preston Ridge Partners Mtg. Series 2020-6, Class A1 2.36% due 11/25/2025*(1)(6)		354,980		355,202
Pretium Mtg. Credit Partners I LLC Series 2021-NPL2, Class A1 1.99% due 06/27/2060*(6)		952,274		943,646
Pretium Mtg. Credit Partners LLC Series 2021-NPL3, Class A1 1.87% due 07/25/2051*(6)		718,672		714,885
Pretium Mtg. Credit Partners LLC Series 2021-RN1, Class A1 1.99% due 02/25/2061*(1)(6)		1,824,035		1,806,806
PRPM LLC Series 2021-5, Class A1 1.79% due 06/25/2026*(1)(6)		934,746		928,129
PRPM LLC Series 2021-3, Class A1 1.87% due 04/25/2026*(1)(6)		759,043		756,198
PRPM LLC Series 2021-4, Class A1 1.87% due 04/25/2026*(1)(6)		997,229		988,990
PRPM LLC VRS Series 2021-9, Class A1 2.36% due 10/25/2026*(1)(2)		1,936,523		1,926,046
RCO VII Mortgage LLC Series 2021-1, Class A1 1.87% due 05/26/2026*(1)(6)		741,233		738,898

111

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
RR 1 LLC FRS Series 2017-1A, Class A1AB 1.27% (3 ML + 1.15%) due 07/15/2035*(3)	$	1,980,000	$	1,981,679
RR 16, Ltd. FRS Series 2021-16A, Class A1 1.23% (3 ML + 1.11%) due 07/15/2036*(3)		1,710,000		1,709,567
SG Residential Mtg. Trust VRS Series 2021-1, Class A1 1.16% due 07/25/2061*(1)(2)		1,474,487		1,461,951
Sound Point CLO XXIX, Ltd. FRS Series 2021-1A, Class A 1.19% (3 ML+1.07%) due 04/25/2034*(3)		1,960,000		1,959,506
Starwood Mtg. Residential Trust VRS Series 2021-2, Class A1 0.94% due 05/25/2065*(1)(2)		439,000		436,479
Tesla Auto Lease Trust Series 2019-A, Class E 5.48% due 05/22/2023*		820,000		846,506
Toorak Mtg. Corp. Series 2021-1, Class A1 2.24% due 06/25/2024*(1)(6)		970,000		966,572
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(1)(2)		1,885,226		1,891,977
Tricolor Auto Securitization Trust Series 2021-1A, Class B 1.00% due 06/17/2024*		710,000		708,216
VCAT LLC Series 2021-NPL3, Class A1 1.74% due 05/25/2051*(6)		943,904		936,056
VCAT LLC Series 2021-NPL2, Class A1 2.12% due 03/27/2051*(6)		254,902		254,902
Venture 37 CLO, Ltd. FRS Series 2019-37A, Class A1R 1.27% (3 ML+1.15%) due 07/15/2032*(3)		2,040,000		2,039,994
Venture XIII CLO, Ltd. FRS Series 2021-43A, Class A1 1.36% (3 ML+1.24%) due 04/15/2034*(3)		760,000		759,808
Vericrest Opportunity Loan Transferee Series 2021-NPL7, Class A1 2.12% due 04/25/2051*(6)		254,784		254,465
Verus Securitization Trust VRS Series 2021-2, Class A1 1.03% due 02/25/2066*(1)(2)		589,191		585,263
VOLT LLC Series 2021-NPL3, Class A1 2.24% due 02/27/2051*(6)		1,013,843		1,011,651
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 1.30% (3 ML+1.17%) due 07/20/2032*(3)		1,530,000		1,530,257
Wendy’s Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*		1,730,663		1,706,544
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		780,000		783,581

Security Description	Principal Amount(12)		Value (Note 2)
Diversified Financial Services (continued)
Wingstop Funding LLC Series 2020-1A, Class A2 2.84% due 12/05/2050*	$	313,425	$	319,008
Total Asset Backed Securities
(cost $64,137,240)				63,888,009
U.S. CORPORATE BONDS & NOTES — 3.2%
Apparel Manufacturers — 0.2%
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		1,340,000		1,379,584
Building & Construction Products - Misc. — 0.1%
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		1,360,000		1,337,900
Computer Services — 0.2%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		1,830,000		1,839,168
Consulting Services — 0.2%
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		1,355,000		1,351,612
Decision Support Software — 0.2%
MSCI, Inc. Company Guar. Notes 3.88% due 02/15/2031*		1,585,000		1,630,696
Electronic Components - Semiconductors — 0.2%
Broadcom, Inc. Company Guar. Notes 2.45% due 02/15/2031*		1,800,000		1,735,930
Finance - Leasing Companies — 0.1%
BOC Aviation USA Corp. Company Guar. Notes 1.63% due 04/29/2024*		1,185,000		1,188,947
Food - Meat Products — 0.2%
NBM US Holdings, Inc. Company Guar. Notes 7.00% due 05/14/2026		1,595,000		1,671,991
Funeral Services & Related Items — 0.1%
Service Corp. International Senior Notes 3.38% due 08/15/2030		1,360,000		1,298,800
Internet Security — 0.1%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		760,000		767,600
Office Automation & Equipment — 0.2%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		1,386,000		1,385,792
Oil Companies - Exploration & Production — 0.4%
Apache Corp. Senior Notes 4.25% due 01/15/2030#		1,800,000		1,881,000
Hess Corp. Senior Notes 7.88% due 10/01/2029		1,325,000		1,783,641
				3,664,641

112

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Integrated — 0.4%
BP Capital Markets America, Inc. Company Guar. Notes 3.00% due 02/24/2050	$	3,161,000	$	3,091,935
Pipelines — 0.2%
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029		580,000		619,234
Energy Transfer Operating LP Senior Notes 5.80% due 06/15/2038		1,159,000		1,406,869
				2,026,103
Retail - Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		1,345,000		1,338,383
Transactional Software — 0.1%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		772,000		751,542
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		1,398,000		1,487,361
Total U.S. Corporate Bonds & Notes
(cost $28,006,389)				27,947,985
FOREIGN CORPORATE BONDS & NOTES — 0.4%
Energy - Alternate Sources — 0.1%
FS Luxembourg Sarl Senior Sec. Notes 10.00% due 12/15/2025*		400,000		434,604
Networking Products — 0.1%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		855,000		914,850
Oil Companies - Integrated — 0.2%
Petrobras Global Finance BV Company Guar. Notes 5.60% due 01/03/2031		1,490,000		1,550,375
Petroleos Mexicanos Company Guar. Notes 5.95% due 01/28/2031		880,000		824,560
				2,374,935
Total Foreign Corporate Bonds & Notes
(cost $3,891,205)				3,724,389
U.S. GOVERNMENT AGENCIES — 0.2%
Federal Home Loan Mtg. Corp. — 0.1%
Federal Home Loan Mtg. Corp. REMIC FRS Series 4012, Class NF 0.54% (1 ML+0.45%) due 12/15/2038(1)		21,601		21,612
Series 3925, Class FL 0.54% (1 ML+0.45%) due 01/15/2041(1)		322,871		324,273
Series 4001, Class FM 0.59% (1 ML+0.50%) due 02/15/2042(1)		199,614		201,875

Security Description	Principal Amount(12)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 3355, Class BF 0.79% (1 ML+0.70%) due 08/15/2037(1)	$	234,083	$	239,979
				787,739
Federal National Mtg. Assoc. — 0.1%
Federal National Mtg. Assoc. REMIC FRS Series 2012-93, Class BF 0.49% (1 ML+0.40%) due 09/25/2042(1)		300,031		301,967
Government National Mtg. Assoc. — 0.0%
Government National Mtg. Assoc. REMIC FRS Series 2010-14, Class FN 0.64% (1 ML+0.55%) due 02/16/2040(1)		192,193		193,993
Total U.S. Government Agencies
(cost $1,272,516)				1,283,699
U.S. GOVERNMENT TREASURIES — 52.9%
United States Treasury Bonds — 16.8%
United States Treasury Bonds TIPS(7) 0.13% due 02/15/2051		4,788,248		5,740,567
0.25% due 02/15/2050		19,955,616		24,419,127
0.63% due 02/15/2043		6,973,143		8,771,860
0.75% due 02/15/2042		7,080,445		9,054,949
0.75% due 02/15/2045		27,999,215		36,524,757
0.88% due 02/15/2047		9,743,430		13,324,330
1.00% due 02/15/2046		7,998,484		11,059,310
1.00% due 02/15/2048(11)		11,467,607		16,275,939
1.38% due 02/15/2044		5,042,974		7,283,945
2.13% due 02/15/2040		3,045,648		4,710,226
2.13% due 02/15/2041		5,222,925		8,179,590
				145,344,600
United States Treasury Notes — 36.1%
United States Treasury Notes TIPS(7) 0.13% due 07/15/2024		1,507,471		1,617,999
0.13% due 04/15/2025		19,267,813		20,736,231
0.13% due 07/15/2026		21,925,892		23,928,343
0.13% due 01/15/2030		12,473,136		13,885,134
0.13% due 07/15/2030		46,530,516		52,119,631
0.13% due 07/15/2031		18,308,089		20,547,255
0.25% due 07/15/2029		10,722,900		12,054,676
0.38% due 01/15/2027		30,061,833		33,236,331
0.38% due 07/15/2027		20,476,815		22,844,447
0.50% due 01/15/2028		12,404,025		13,955,255
0.63% due 01/15/2026		14,602,055		16,125,003
0.75% due 07/15/2028		21,832,146		25,158,137
0.88% due 01/15/2029		47,980,546		55,865,474
				312,073,916
Total U.S. Government Treasuries
(cost $422,096,456)				457,418,516
FOREIGN GOVERNMENT OBLIGATIONS — 26.9%
Sovereign — 26.9%
Commonwealth of Australia Senior Notes 0.80% due 11/21/2027(7)	AUD	20,559,900		15,904,079
Commonwealth of Australia Senior Notes 3.82% due 09/20/2025(7)	AUD	15,583,365		12,884,934
Government of Canada Bonds 2.00% due 12/01/2041(7)	CAD	22,798,244		24,926,371

113

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of Canada Bonds 4.00% due 12/01/2031(7)	CAD	26,582,050	$	30,260,609
Government of Canada Bonds 4.25% due 12/01/2026(7)	CAD	30,587,036		30,237,911
Government of New Zealand Notes 2.27% due 09/20/2025(7)	NZD	43,118,600		32,125,954
Government of Romania Senior Notes 4.63% due 04/03/2049(7)	EUR	1,850,000		2,350,024
Kingdom of Spain Senior Notes 1.00% due 11/30/2030*(7)	EUR	9,960,770		13,871,194
Republic of Italy Bonds 0.40% due 04/11/2024*(7)	EUR	7,510,425		8,920,016
Republic of Italy Senior Notes 0.55% due 05/21/2026*(7)	EUR	32,981,190		39,853,574
United Kingdom Gilt Treasury Bonds 0.13% due 03/22/2024(7)	GBP	7,000,620		10,346,078
United Kingdom Gilt Treasury Bonds 1.25% due 11/22/2032(7)	GBP	4,973,745		10,598,218
Total Foreign Government Obligations
(cost $214,845,375)				232,278,962
LOANS(8)(9)(10) — 2.4%
Advanced Materials — 0.0%
CeramTec AcquiCo GmbH FRS BTL-B1 2.50% (3 ME+2.50%) due 03/07/2025(15)	EUR	200,000		225,327
Aerospace/Defense - Equipment — 0.0%
TransDigm, Inc. FRS BTL-E 2.34% (1 ML+2.25%) due 05/30/2025		247,481		242,493
Airlines — 0.0%
United Airlines, Inc. FRS BTL-B 4.50% (3 ML+3.75%) due 04/21/2028		99,500		99,002
Airport Development/Maintenance — 0.0%
Brown Group Holding LLC FRS BTL-B TBD due 06/07/2028		200,000		198,250
Alternative Waste Technology — 0.0%
Covanta Holding Corp. FRS BTL-B TBD due 11/30/2028		93,031		93,002
Covanta Holding Corp. FRS BTL-C TBD due 11/30/2028		6,969		6,967
Auto/Truck Parts & Equipment - Original — 0.1%
Clarios Global LP FRS BTL-B 3.34% (1 ML+3.25%) due 04/30/2026		213,436		210,635

Security Description	Principal Amount(12)		Value (Note 2)
Auto/Truck Parts & Equipment - Original (continued)
First Brands Group LLC FRS BTL 6.00% (3 ML+5.00%) due 03/30/2027	$	114,663	$	114,950
				325,585
Auto/Truck Parts & Equipment - Replacement — 0.0%
Adient US LLC FRS BTL-B 3.59% (1 ML+3.50%) due 04/08/2028		99,750		99,314
Broadcast Services/Program — 0.0%
Nexstar Broadcasting, Inc. FRS BTL-B4 2.59% (1 ML+2.50%) due 09/18/2026		224,527		223,592
Building & Construction Products - Misc. — 0.1%
CP Atlas Buyer, Inc. FRS BTL-B 4.25% (1 ML+3.75%) due 11/23/2027		109,450		108,356
Standard Industries, Inc. FRS BTL-B 3.00% (3 ML+2.50%) due 09/22/2028		125,000		124,551
Zurn LLC FRS BTL-B 2.75% (1 ML+2.25%) due 10/04/2028		110,000		109,862
				342,769
Building Products - Air & Heating — 0.0%
Ingersoll-Rand Services Co. FRS BTL-B 1.84% (1 ML+1.75%) due 03/01/2027		247,487		243,930
Building Products - Cement — 0.0%
Quikrete Holdings, Inc. FRS 1st Lein 2.59% (1 ML+2.50%) due 02/01/2027		247,481		243,985
Building Products - Doors & Windows — 0.1%
Chamberlain Group, Inc. FRS BTL-B TBD due 11/03/2028		100,000		99,375
Cornerstone Building Brands, Inc. FRS BTL-B 3.75% (1 ML+3.25%) due 04/12/2028		296,973		295,563
				394,938
Building - Heavy Construction — 0.0%
Brand Industrial Services, Inc. FRS BTL 5.25% (3 ML+4.25%) due 06/21/2024		197,933		194,575
Cable/Satellite TV — 0.1%
Charter Communications Operating LLC FRS BTL-B2 1.85% (1 ML+1.75%) due 02/01/2027		197,980		195,546
UPC Financing Partnership FRS BTL 3.09% (1 ML+3.00%) due 01/31/2029		240,000		237,850
				433,396

114

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
LOANS (continued)
Casino Hotels — 0.1%
Boyd Gaming Corp. FRS BTL-B3 2.33% (1 WL+2.25%) due 09/15/2023	$	245,853	$	245,127
Caesars Resort Collection LLC FRS BTL-B 2.84% (1 ML+2.75%) due 12/23/2024		371,144		367,226
				612,353
Chemicals - Specialty — 0.1%
Diamod BC BV FRS BTL-B 3.50% (3 ML+3.00%) due 09/29/2028		250,000		248,359
Starfruit US HoldCo. LLC FRS BTL-B 3.09% (1 ML+3.00%) due 10/01/2025		195,320		192,635
Tronox Finance LLC FRS BTL-B 2.34% (1 ML+2.25%) due 03/13/2028		47,345		46,793
Tronox Finance LLC FRS BTL-B 2.38% (3 ML+2.25%) due 03/13/2028		162,882		160,982
				648,769
Commercial Services — 0.1%
Amentum Government Services Holdings LLC FRS BTL-B 5.50% (3 ML+4.75%) due 01/29/2027		278,600		277,555
TransUnion LLC FRS BTL-B6 TBD due 12/01/2028		240,000		238,400
WEX, Inc. FRS BTL 2.34% (1 ML+2.25%) due 03/31/2028		213,925		211,607
WW International, Inc. FRS BTL-B 4.00% (1 ML+3.50%) due 04/13/2028		99,750		98,486
				826,048
Computer Services — 0.0%
Peraton Corp. FRS BTL-B 4.50% (1 ML+3.75%) due 02/01/2028		109,450		109,154
Consulting Services — 0.0%
AlixPartners LLP FRS BTL-B 3.25% (1 ML+2.75%) due 02/04/2028		208,950		207,448
Containers - Paper/Plastic — 0.1%
Flex Acquisition Co., Inc. FRS BTL 4.00% (3 ML+3.50%) due 02/23/2028		295,033		292,525
Proampac PG Borrower LLC FRS BTL 4.50% (1 ML+3.75%) due 11/03/2025		95,567		95,185

Security Description	Principal Amount(12)		Value (Note 2)
Containers - Paper/Plastic (continued)
Proampac PG Borrower LLC FRS BTL 4.50% (3 ML+3.75%) due 11/03/2025	$	251,808	$	250,801
Proampac PG Borrower LLC FRS BTL 6.00% (USFRBPLR+2.75%) due 11/03/2025		875		871
				639,382
Cosmetics & Toiletries — 0.0%
Sunshine Luxembourg VII SARL FRS BTL-B3 4.50% (3 ML+3.75%) due 10/01/2026		198,499		197,854
Cruise Lines — 0.0%
Carnival Corp. FRS BTL-B 4.00% (6 ML+3.25%) due 10/18/2028		210,000		206,719
Data Processing/Management — 0.1%
CCC Intelligent Solutions, Inc. FRS BTL-B 3.00% (3 ML+2.50%) due 09/21/2028		100,000		99,438
Dun & Bradstreet Corp. FRS BTL 3.34% (1 ML+3.25%) due 02/06/2026		471,001		467,586
				567,294
Diagnostic Equipment — 0.1%
Avantor, Inc. FRS BTL-B5 2.75% (1 ML+2.25%) due 11/08/2027		452,725		450,178
Disposable Medical Products — 0.0%
Medline Industries, Inc. FRS BTL-B 3.75% (1 ML+3.25%) due 10/23/2028		190,000		189,402
Distribution/Wholesale — 0.1%
American Builders & Contractors Supply Co., Inc. FRS BTL 2.09% (1 ML+2.00%) due 01/15/2027		247,475		243,221
Core & Main LP FRS BTL-B 2.59% (1 ML+2.50%) due 07/27/2028		247,452		244,977
KPAE Finance Sub, Inc. FRS BTL-B 4.50% (3 ML+3.75%) due 10/28/2027		114,425		113,996
Univar Solutions USA, Inc. FRS BTL-B6 2.09% (1 ML+2.00%) due 06/03/2028		224,438		223,091
				825,285
Electric - Integrated — 0.0%
Exgen Renewables IV LLC FRS BTL 3.50% (3 ML+2.50%) due 12/15/2027		122,187		122,012

115

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
LOANS (continued)
Enterprise Software/Service — 0.1%
E2open LLC FRS BTL-B 4.00% (3 ML+3.50%) due 02/04/2028	$	243,776	$	243,166
Hyland Software, Inc. FRS BTL 4.25% (1 ML+3.50%) due 07/01/2024		247,449		246,934
Ultimate Software Group, Inc. FRS 1st Lien 3.84% (1 ML+3.75%) due 05/04/2026		247,475		245,990
				736,090
Finance - Credit Card — 0.1%
Blackhawk Network Holdings, Inc. FRS 1st Lien 3.09% (1 ML+3.00%) due 06/15/2025		247,442		244,272
FleetCor Technologies Operating Co. LLC FRS BTL-B4 1.84% (1 ML+1.75%) due 04/28/2028		99,750		99,305
				343,577
Finance - Investment Banker/Broker — 0.0%
Deerfield Dakota Holding LLC FRS BTL 4.75% (1 ML+3.75%) due 04/09/2027		98,997		98,812
Finance - Leasing Companies — 0.0%
Setanta Aircraft Leasing DAC FRS BTL-B TBD due 11/05/2028		110,000		109,553
Food - Baking — 0.0%
Hostess Brands, LLC FRS BTL 3.00% (1 ML+2.25%) due 08/03/2025		67,839		67,373
Hostess Brands, LLC FRS BTL 3.00% (2 ML+2.25%) due 08/03/2025		631		627
Hostess Brands, LLC FRS BTL 3.00% (3 ML+2.25%) due 08/03/2025		179,005		177,773
				245,773
Food - Catering — 0.0%
Aramark Services, Inc. FRS BTL-B3 1.84% (1 ML+1.75%) due 03/11/2025		250,000		243,958
Food - Flour & Grain — 0.1%
CHG PPC Parent LLC FRS BTL TBD due 11/16/2028		300,000		297,750
Food - Misc./Diversified — 0.0%
Froneri US, Inc. FRS BTL 2.34% (1 ML+2.25%) due 01/29/2027		247,494		242,196

Security Description	Principal Amount(12)		Value (Note 2)
Food - Wholesale/Distribution — 0.0%
US Foods, Inc. FRS BTL-B 2.09% (1 ML+2.00%) due 09/13/2026	$	147,982	$	145,454
US Foods, Inc. FRS BTL-B TBD due 11/17/2028		120,000		119,400
				264,854
Gambling (Non-Hotel) — 0.0%
Scientific Games International, Inc. FRS BTL-B5 2.84% (1 ML+2.75%) due 08/14/2024		247,436		245,611
Hazardous Waste Disposal — 0.0%
Clean Harbors, Inc. FRS BTL-B 2.09% (1 ML+2.00%) due 10/08/2028		120,000		119,700
Insurance Brokers — 0.1%
Alliant Holdings Intermediate LLC FRS BTL-B1 3.34% (1 ML+3.25%) due 05/09/2025		247,442		243,731
HUB International, Ltd. FRS BTL-B 2.85% - 2.87% (3 ML+2.75%) due 04/25/2025		247,442		242,854
USI, Inc. FRS BTL 3.13% (3 ML+3.00%) due 05/16/2024		371,134		367,423
				610,277
Insurance - Multi-line — 0.0%
Acrisure LLC FRS BTL-B 3.63% (3 ML+3.50%) due 02/15/2027		247,487		241,764
Insurance - Property/Casualty — 0.1%
Asurion LLC FRS BTL-B6 3.22% (1 ML+3.13%) due 11/03/2023		163,734		163,038
Asurion LLC FRS BTL-B7 3.09% (1 ML+3.00%) due 11/03/2024		148,465		146,944
Sedgwick Claims Management Services, Inc. FRS BTL 3.34% (1 ML+3.25%) due 12/31/2025		247,455		242,352
				552,334
Internet Content - Information/News — 0.0%
MH Sub I LLC FRS BTL 4.75% (1 ML+3.75%) due 09/13/2024		237,594		236,406
Internet Security — 0.0%
Proofpoint, Inc. FRS 1st Lien 3.75% (3 ML+3.25%) due 08/31/2028		100,000		98,982

116

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
LOANS (continued)
Leisure Products — 0.0%
Hayward Industries, Inc. FRS BTL 3.00% (1 ML+2.50%) due 05/12/2028	$	114,713	$	113,565
Machinery - General Industrial — 0.0%
Vertical US Newco, Inc. FRS BTL-B 4.00% (6 ML+3.50%) due 07/30/2027		247,509		246,519
Medical Information Systems — 0.0%
Zelis Payments Buyer, Inc. FRS BTL 3.59% (1 ML+3.50%) due 09/30/2026		148,564		146,769
Medical Labs & Testing Services — 0.0%
ICON Luxembourg Sarl FRS BTL 3.00% (3 ML+2.50%) due 07/03/2028		79,854		79,588
Medical Products — 0.0%
Agiliti Health, Inc. FRS BTL 3.50% (1 ML+2.75%) due 01/04/2026		123,029		122,260
Medical - Drugs — 0.1%
Bausch Health Americas, Inc. FRS BTL 3.09% (1 ML+3.00%) due 06/02/2025		242,011		239,726
Indigo Merger Sub, Inc. FRS BTL 3.00% (3 ML+2.50%) due 07/03/2028		19,896		19,829
Jazz Financing Lux SARL FRS BTL 4.00% (1 ML+3.50%) due 05/05/2028		114,713		114,390
Organon & Co. FRS BTL 3.50% (3 ML+3.00%) due 06/02/2028		124,688		124,480
				498,425
Medical - Hospitals — 0.1%
Surgery Center Holdings, Inc. FRS BTL 4.50% (1 ML+3.75%) due 08/31/2026		296,961		295,683
Medical - Nursing Homes — 0.0%
ADMI Corp. FRS BTL-B2 3.88% (1 ML+3.38%) due 12/23/2027		174,125		171,785
Multimedia — 0.1%
EW Scripps Co. FRS BTL-B2 3.31% (1 ML+2.56%) due 05/01/2026		272,222		270,861
Pharmacy Services — 0.0%
Change Healthcare Holdings LLC FRS BTL 3.50% (1 ML+2.50%) due 03/01/2024		243,902		243,399

Security Description	Principal Amount(12)		Value (Note 2)
Pipelines — 0.0%
DT Midstream, Inc. FRS BTL-B 2.50% (3 ML+2.00%) due 06/26/2028	$	11,213	$	11,199
DT Midstream, Inc. FRS BTL-B 2.50% (6 ML+2.00%) due 06/26/2028		103,500		103,370
Oryx Midstream Services Permian Basin LLC FRS BTL 3.75% (3 ML+3.25%) due 10/05/2028		100,000		98,938
				213,507
Professional Sports — 0.1%
Delta 2 Luxembourg SARL FRS BTL-B3 3.50% (1 ML+2.50%) due 02/01/2024		300,000		297,625
UFC Holdings LLC FRS BTL-B 3.50% (6 ML+2.75%) due 04/29/2026		165,000		162,680
				460,305
Protection/Safety — 0.0%
APX Group, Inc. FRS BTL-B 4.00% (1 ML+3.50%) due 07/09/2028		110,000		109,587
Racetracks — 0.0%
Penn National Gaming, Inc. FRS BTL 3.00% (1 ML+2.25%) due 10/15/2025		265,837		264,231
Retail - Auto Parts — 0.0%
Harbor Freight Tools USA, Inc. FRS BTL-B 3.25% (1 ML+2.75%) due 10/19/2027		219,431		217,328
Retail - Building Products — 0.1%
Beacon Roofing Supply, Inc. FRS BTL-B 2.34% (1 ML+2.25%) due 05/19/2028		495,311		489,661
LBM Acquisition LLC FRS BTL-B 4.50% (1 ML+3.75%) due 12/17/2027		149,744		147,405
SRS Distribution, Inc. FRS BTL-B 4.25% (3 ML+3.75%) due 06/02/2028		169,575		169,127
White Cap Buyer LLC FRS BTL-B 4.50% (1 ML+4.00%) due 10/19/2027		297,000		295,738
				1,101,931
Retail - Pet Food & Supplies — 0.0%
PetSmart, Inc. FRS BTL-B 4.50% (3 ML+3.75%) due 02/11/2028		99,750		99,526

117

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
LOANS (continued)
Retail - Petroleum Products — 0.0%
Pilot Travel Centers LLC FRS BTL-B 2.09% (1 ML+2.00%) due 08/04/2028	$	250,000	$	247,411
Retail - Restaurants — 0.1%
1011778 BC ULC FRS BTL-B 1.84% (1 ML+1.75%) due 11/19/2026		272,229		265,508
IRB Holding Corp. FRS BTL 4.25% (3 ML+3.25%) due 12/15/2027		158,800		158,006
				423,514
Security Services — 0.1%
Verisure Holding AB FRS BTL 3.25% (3 ME+3.25%) due 03/27/2028(15)	EUR	245,000		275,501
Semiconductor Equipment — 0.0%
MKS Instruments, Inc. FRS BTL TBD due 10/21/2028		110,000		109,404
Telecom Services — 0.0%
Frontier Communications Holdings LLC FRS BTL-B 4.50% (3 ML+3.75%) due 05/01/2028		99,500		99,251
Television — 0.0%
Gray Television, Inc. FRS BTL-C 2.59% (1 ML+2.50%) due 01/02/2026		250,000		246,750
Transactional Software — 0.0%
Solera LLC FRS BTL-B 4.50% (6 ML+4.00%) due 06/02/2028		120,000		119,571
Elanco Animal Health, Inc. FRS BTL 1.84% (1 ML+1.75%) due 08/01/2027		247,259		243,055
Go Daddy Operating Co. LLC FRS BTL-B 1.84% (1 ML+1.75%) due 02/15/2024		197,246		194,966
				557,591
Total Loans
(cost $20,510,529)				20,514,813
ESCROWS AND LITIGATION TRUSTS — 0.0%
Lehman Brothers Holdings, Inc. FRS† Escrow Notes (cost $0)		1,000,000		4,500
Total Long-Term Investment Securities
(cost $754,759,710)				807,060,873

Security Description	Principal Amount(12)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.1%
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(13)(14) (cost $432,825)	$	432,825		$	432,825
REPURCHASE AGREEMENTS — 5.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $45,957,000 and collateralized by $48,190,100 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $46,876,149 (cost $45,957,000)		45,957,000			45,957,000
TOTAL INVESTMENTS
(cost $801,149,535)(16)		98.8	%		853,450,698
Other assets less liabilities		1.2			10,548,734
NET ASSETS		100.0	%	$	863,999,432

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $140,233,024 representing 16.2% of net assets.

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

† Non-income producing security

(1) Collateralized Mortgage Obligation

(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 Loan Obligation

(4) Commercial Mortgage Backed Security

(5) Interest Only

(6) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2021.

(7) Principal Amount of security is adjusted for inflation.

(8) 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.

(9) 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.

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

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

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

(13) At November 30, 2021, the Fund had loaned securities with a total value of $1,598,832. This was secured by collateral of $432,825, which was received in cash and subsequently invested in short-term investments currently valued at $432,825 as reported in the Portfolio of Investments. Additional collateral of $1,205,634 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Notes/Bonds	0.13% to 7.13%	12/31/2021 to 08/15/2045	$	1,205,634

118

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

(14) The rate shown is the 7-day yield as of November 30, 2021.

(15) The referenced Index is less than 0.00% at the period end. The loan has an interest rate floor whereby the floating rate used in the coupon rate calculation cannot be less than zero.

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

BTL—Bank Term Loan

CLO—Collateralized Loan Obligation

REMIC—Real Estate Mortgage Investment Conduit

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

TIPS—Treasury Inflation Protected Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

1 WL—1 Week LIBOR

3 ME—3 Month Euribor

3 ML—3 Month USD LIBOR

6 ML—6 Month USD LIBOR

USFRBPLR—US Federal Reserve Bank Prime Loan Rate

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro Currency

GBP—British Pound

NZD—New Zealand Dollar

USD—U.S. Dollar

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.		USD	1,042,748		CAD	1,300,000		12/15/2021	$	–	$	(24,976	)
Barclays Bank PLC Wholesale		EUR	58,321,000		USD	69,240,563		12/15/2021		3,069,296		–
BNP Paribas SA		EUR	444,000		USD	498,296		12/31/2021		–		(5,895	)
		GBP	15,101,000		USD	20,836,028		12/15/2021		748,385		–
		NZD	47,660,000		USD	33,787,238		12/15/2021		1,263,080		–
										2,011,465		(5,895	)
Canadian Imperial Bank of Commerce		EUR	2,394,000		USD	2,779,333		12/15/2021		63,090		–
Citibank N.A.		CAD	2,580,000		USD	2,085,136		12/15/2021		65,250		–
Deutsche Bank AG		AUD	40,907,000		USD	30,222,664		12/15/2021		1,058,137		–
		CAD	2,165,000		USD	1,711,410		12/15/2021		16,428		–
										1,074,565		–
Goldman Sachs International		CAD	10,885,000		USD	8,589,825		12/15/2021		67,940		–
Morgan Stanley and Co. International PLC		CAD	96,162,000		USD	76,082,949		12/15/2021		797,560		–
										–		–
Net Unrealized Appreciation/(Depreciation)									$	7,149,166	$	(30,871	)

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro Currency

GBP—British Pound

NZD—New Zealand Dollar

USD—U.S. Dollar

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation
	77	Short	Euro-BTP		December 2021	$	13,482,878	$	13,238,583	$	244,295
	179	Short	Euro-Bund		December 2021		35,042,779		34,991,800		50,979
	110	Long	U.S. Treasury 10 Year Notes		March 2022		14,191,869		14,389,375		197,506
	21	Long	U.S. Treasury 10 Year Ultra Notes		March 2022		3,031,093		3,084,703		53,610
	126	Long	U.S. Treasury Long Bonds		March 2022		19,948,942		20,427,750		478,808
	34	Long	U.S. Treasury Ultra Bonds		March 2022		6,569,654		6,819,125		249,471
										$	1,274,669
										Unrealized (Depreciation)
	648	Short	Canada 10 Year Bond		March 2022	$	70,943,631	$	71,604,900	$	(661,269	)
			Net Unrealized Appreciation (Depreciation)							$	613,400

* 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.

119

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Over the Counter Interest Rate Swap Contracts

Rates Exchanged

Value

Swap Counterparty

Notional Amount (000’s)

Maturity Date

Payments Received by the Portfolio/ Frequency

Payments Made by the Portfolio/Frequency

Upfront Payments Made (Received) by the Portfolio

Unrealized Appreciation

Barclays Bank PLC

USD 100,000

04/15/2022

USD-12 Month-USCPI/Maturity

1.135

%/Maturity

$

—

$

6,413,748

USCPI—United States Consumer Price Index

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2021 (see Note 2):    

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Signifcant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	63,888,009	$	—	$	63,888,009
U.S. Corporate Bonds & Notes		—		27,947,985		—		27,947,985
Foreign Corporate Bonds & Notes		—		3,724,389		—		3,724,389
U.S. Government Agencies		—		1,283,699		—		1,283,699
U.S. Government Treasuries		—		457,418,516		—		457,418,516
Foreign Government Obligations		—		232,278,962		—		232,278,962
Loans		—		20,514,813		—		20,514,813
Escrows and Litigation Trusts		—		4,500		—		4,500
Short-Term Investment Securities		432,825		—		—		432,825
Repurchase Agreements		—		45,957,000		—		45,957,000
Total Investment at Value	$	432,825	$	853,017,873	$	—	$	853,450,698
Other Financial Instruments:†
Over the Counter Interest Rate Swap Contracts	$	—	$	6,413,748	$	—	$	6,413,748
Futures Contracts		1,274,669		—		—		1,274,669
Forward Foreign Currency Contracts		—		7,149,166		—		7,149,166
Total Other Financial Instruments	$	1,274,669	$	13,562,914	$	—	$	14,837,583
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	661,269	$	—	$	—	$	661,269
Forward Foreign Currency Contracts		—		30,871		—		30,871
Total Other Financial Instruments	$	661,269	$	30,871	$	—	$	692,140

* 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

120

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Medical — Drugs	7.4	%
Repurchase Agreements	6.8
Registered Investment Companies	5.2
Banks — Commercial	4.5
Exchange — Traded Funds	4.2
Diversified Banking Institutions	3.8
Auto — Cars/Light Trucks	2.9
Oil Companies — Integrated	2.5
Semiconductor Equipment	2.4
Food — Misc./Diversified	2.4
Insurance — Life/Health	1.9
Cosmetics & Toiletries	1.8
Telephone — Integrated	1.7
Food — Retail	1.4
Industrial Automated/Robotic	1.3
Textile — Apparel	1.2
Real Estate Investment Trusts	1.1
Insurance — Multi-line	1.1
Chemicals — Specialty	1.1
Electronic Components — Misc.	1.1
Metal — Diversified	1.1
Medical Products	1.1
Electric — Integrated	1.0
Chemicals — Diversified	1.0
Finance — Other Services	1.0
Beverages — Wine/Spirits	0.9
Audio/Video Products	0.9
Enterprise Software/Service	0.9
Building & Construction Products — Misc.	0.9
Diversified Minerals	0.9
Computer Services	0.8
Power Converter/Supply Equipment	0.8
Diversified Manufacturing Operations	0.8
Retail — Apparel/Shoe	0.8
Import/Export	0.8
Commercial Services	0.8
Machinery — Electrical	0.8
Electronic Components — Semiconductors	0.8
Machinery — General Industrial	0.7
Commercial Services — Finance	0.7
Medical — Biomedical/Gene	0.7
Internet Content — Information/News	0.7
Real Estate Operations & Development	0.7
Tobacco	0.7
Brewery	0.7
Apparel Manufacturers	0.7
Transport — Services	0.6
Cellular Telecom	0.6
Building — Heavy Construction	0.6
Insurance — Property/Casualty	0.6
Retail — Jewelery	0.6
Electric — Generation	0.5
Investment Companies	0.5
Aerospace/Defense — Equipment	0.5
Human Resources	0.5
U.S. Government Treasuries	0.5
Private Equity	0.5
Insurance — Reinsurance	0.5
Paper & Related Products	0.5
Medical Labs & Testing Services	0.4
Auto/Truck Parts & Equipment — Original	0.4
Industrial Gases	0.4
Electric — Distribution	0.4
Building Products — Air & Heating	0.4
Soap & Cleaning Preparation	0.4
Real Estate Management/Services	0.4
Machinery — Construction & Mining	0.4
Building Products — Cement	0.4
Building — Residential/Commercial	0.4

Retail — Building Products	0.4
Athletic Footwear	0.4
Toys	0.4
Networking Products	0.4
Distribution/Wholesale	0.4
Water	0.4
Transport — Rail	0.3
Medical Instruments	0.3
Office Automation & Equipment	0.3
Rubber — Tires	0.3
Optical Supplies	0.3
Electronic Measurement Instruments	0.3
Aerospace/Defense	0.3
Auto — Heavy Duty Trucks	0.3
Oil Companies — Exploration & Production	0.3
Transport — Marine	0.3
Public Thoroughfares	0.3
Food — Confectionery	0.3
Steel — Producers	0.2
Investment Management/Advisor Services	0.2
Gambling (Non — Hotel)	0.2
Oil Refining & Marketing	0.2
Food — Dairy Products	0.2
Building & Construction — Misc.	0.2
Machinery — Farming	0.2
E-Commerce/Products	0.2
Food — Catering	0.2
Energy — Alternate Sources	0.2
Computer Aided Design	0.2
Rental Auto/Equipment	0.2
Electric Products — Misc.	0.2
Diversified Operations	0.2
Resorts/Theme Parks	0.2
Coatings/Paint	0.2
E-Commerce/Services	0.2
Telecom Services	0.2
Finance — Investment Banker/Broker	0.2
Multimedia	0.2
Airport Development/Maintenance	0.2
Dialysis Centers	0.2
Machine Tools & Related Products	0.2
Electronic Security Devices	0.2
Metal — Aluminum	0.2
Consulting Services	0.2
Gas — Distribution	0.1
Entertainment Software	0.1
Publishing — Periodicals	0.1
Finance — Leasing Companies	0.1
Gold Mining	0.1
Hotels/Motels	0.1
Casino Hotels	0.1
Advertising Services	0.1
Beverages — Non — alcoholic	0.1
Electric — Transmission	0.1
Security Services	0.1
Diagnostic Equipment	0.1
Applications Software	0.1
Music	0.1
Bicycle Manufacturing	0.1
Metal — Iron	0.1
Computer Data Security	0.1
Computers — Integrated Systems	0.1
Casino Services	0.1
Miscellaneous Manufacturing	0.1
Telecommunication Equipment	0.1
Diagnostic Kits	0.1
Web Portals/ISP	0.1
Advertising Agencies	0.1
Machinery — Material Handling	0.1

121

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited) — (continued)

Industry Allocation* (continued)

Semiconductor Components — Integrated Circuits	0.1	%
Building — Maintenance & Services	0.1
Building Products — Doors & Windows	0.1
Computers — Periphery Equipment	0.1
MRI/Medical Diagnostic Imaging	0.1
Fisheries	0.1
Respiratory Products	0.1
Internet Gambling	0.1
Filtration/Separation Products	0.1
Metal Products — Distribution	0.1
Gas — Transportation	0.1
Metal Processors & Fabrication	0.1
Pipelines	0.1
Diversified Operations/Commercial Services	0.1
Tools — Hand Held	0.1
Wire & Cable Products	0.1
Medical — Generic Drugs	0.1
Electronics — Military	0.1
Medical — Hospitals	0.1
Internet Application Software	0.1
Agricultural Chemicals	0.1
Internet Security	0.1
Advanced Materials	0.1
Motorcycle/Motor Scooter	0.1
E-Marketing/Info	0.1
	104.7	%

Country Allocation*

Japan	20.6	%
United States	16.7
United Kingdom	11.8
France	9.4
Switzerland	9.1
Germany	7.7
Australia	5.8
Netherlands	5.5
Sweden	3.1
Denmark	2.4
Spain	2.0
Hong Kong	2.0
Italy	1.6
Finland	1.1
Singapore	0.9
Jersey	0.7
Ireland	0.7
Belgium	0.7
Israel	0.6
Norway	0.6
Cayman Islands	0.5
New Zealand	0.3
Luxembourg	0.3
Austria	0.2
Portugal	0.1
Bermuda	0.1
SupraNational	0.1
Isle of Man	0.1
	104.7	%

* Calculated as a percentage of net assets

122

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 88.0%
Australia — 5.8%
Afterpay, Ltd.†		20,810	$	1,570,346
AGL Energy, Ltd.#		59,721		227,659
Ampol, Ltd.		22,842		465,278
APA Group#		113,098		761,979
Aristocrat Leisure, Ltd.		57,766		1,785,130
ASX, Ltd.		18,557		1,179,886
Aurizon Holdings, Ltd.		176,440		420,828
AusNet Services, Ltd.#		182,183		330,597
Australia & New Zealand Banking Group, Ltd.		272,758		5,134,680
BGP Holdings PLC(1)		835,027		0
BHP Group, Ltd.#		282,373		7,934,873
BlueScope Steel, Ltd.		48,292		657,745
Brambles, Ltd.		138,526		980,878
Cochlear, Ltd.#		6,302		964,982
Coles Group, Ltd.		127,863		1,629,514
Commonwealth Bank of Australia		170,055		11,173,697
Computershare, Ltd.		52,083		700,647
Crown Resorts, Ltd.†#		35,700		276,174
CSL, Ltd.		43,625		9,429,736
Dexus†		103,098		811,263
Domino’s Pizza Enterprises, Ltd.		5,806		532,444
Endeavour Group, Ltd.		128,567		620,976
Evolution Mining, Ltd.		173,742		492,925
Fortescue Metals Group, Ltd.		162,323		1,889,205
Goodman Group		159,376		2,772,251
GPT Group		184,204		684,393
Insurance Australia Group, Ltd.#		236,291		742,008
Lendlease Corp., Ltd.		66,004		495,873
Macquarie Group, Ltd.		32,948		4,565,900
Magellan Financial Group, Ltd.#		13,213		307,340
Medibank Private, Ltd.		263,984		643,265
Mirvac Group		377,432		759,650
National Australia Bank, Ltd.		316,193		6,083,546
Newcrest Mining, Ltd.		78,341		1,299,093
Northern Star Resources, Ltd.		105,945		704,320
Orica, Ltd.#		39,005		384,725
Origin Energy, Ltd.		168,820		572,441
Qantas Airways, Ltd.†		88,585		315,514
QBE Insurance Group, Ltd.		141,401		1,155,828
Ramsay Health Care, Ltd.		17,551		825,874
REA Group, Ltd.		5,066		576,965
Reece, Ltd.#		27,864		454,630
Rio Tinto, Ltd.		35,583		2,308,452
Santos, Ltd.		179,704		789,159
Scentre Group		497,521		1,084,621
SEEK, Ltd.		32,197		785,547
Sonic Healthcare, Ltd.		43,521		1,307,921
South32, Ltd.		452,322		1,073,862
Stockland		228,821		701,272
Suncorp Group, Ltd.		122,978		936,901
Sydney Airport†#		126,754		746,203
Tabcorp Holdings, Ltd.		212,952		746,955
Telstra Corp., Ltd.		399,009		1,146,681
Transurban Group		291,622		2,805,113
Treasury Wine Estates, Ltd.		69,192		596,094
Vicinity Centres#		370,903		442,022
Washington H. Soul Pattinson & Co., Ltd.		20,754		449,295
Wesfarmers, Ltd.		108,684		4,367,884
Westpac Banking Corp.		351,651		5,090,151
WiseTech Global, Ltd.		14,016		516,161
Woodside Petroleum, Ltd.		92,363		1,369,464
Woolworths Group, Ltd.		121,510		3,509,117
				104,087,933

Security Description	Shares		Value (Note 2)
Austria — 0.2%
Erste Group Bank AG		26,779	$	1,167,152
OMV AG		14,117		747,648
Raiffeisen Bank International AG		14,189		420,041
Verbund AG#		6,527		682,151
voestalpine AG		11,125		376,522
				3,393,514
Belgium — 0.7%
Ageas SA/NV		16,784		865,049
Anheuser-Busch InBev SA NV		73,037		4,071,929
Elia Group SA		2,961		367,835
Etablissements Franz Colruyt NV		5,220		244,809
Groupe Bruxelles Lambert SA		10,827		1,169,439
KBC Group NV		23,965		2,002,265
Proximus SADP#		14,581		264,888
Sofina SA		1,477		682,933
Solvay SA#		7,104		794,546
UCB SA		12,119		1,317,668
Umicore SA		18,895		918,063
				12,699,424
Bermuda — 0.1%
CK Infrastructure Holdings, Ltd.		63,500		366,584
Hongkong Land Holdings, Ltd.		111,900		604,031
Jardine Matheson Holdings, Ltd.		20,786		1,174,588
				2,145,203
Cayman Islands — 0.5%
Budweiser Brewing Co. APAC, Ltd.*		165,000		416,755
Chow Tai Fook Jewellery Group, Ltd.		191,800		343,853
CK Asset Holdings, Ltd.		192,308		1,099,889
CK Hutchison Holdings, Ltd.		258,808		1,621,284
ESR Cayman, Ltd.†*		190,600		628,830
Futu Holdings, Ltd. ADR†#		4,880		231,751
Melco Resorts & Entertainment, Ltd. ADR†		20,645		201,495
Sands China, Ltd.†		232,800		529,991
Sea, Ltd. ADR†		6,603		1,902,126
SITC International Holdings Co., Ltd.		129,000		515,532
WH Group, Ltd.*		802,000		499,767
Wharf Real Estate Investment Co., Ltd.		160,000		808,632
Wynn Macau, Ltd.†		149,600		132,124
Xinyi Glass Holdings, Ltd.		175,000		426,840
				9,358,869
Denmark — 2.4%
Ambu A/S, Class B		16,059		457,120
AP Moller — Maersk A/S, Series A		301		866,691
AP Moller — Maersk A/S, Series B		555		1,678,673
Carlsberg A/S, Class B		9,624		1,502,455
Chr. Hansen Holding A/S		10,111		752,322
Coloplast A/S, Class B		11,388		1,868,367
Danske Bank A/S		66,115		1,089,394
Demant A/S†		10,358		497,940
DSV A/S		19,324		4,234,266
Genmab A/S†		6,290		2,443,592
GN Store Nord A/S		11,920		688,538
Novo Nordisk A/S, Class B		161,413		17,284,009
Novozymes A/S, Class B		19,691		1,496,322
Orsted A/S*		18,133		2,320,461
Pandora A/S		9,585		1,188,850
ROCKWOOL International A/S, Class B		803		333,427
Tryg A/S		34,513		836,219
Vestas Wind Systems A/S		96,800		3,242,686
				42,781,332

123

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finland — 1.1%
Elisa Oyj		13,634	$	818,375
Fortum Oyj		42,573		1,223,632
Kesko Oyj, Class B		26,181		822,553
Kone Oyj, Class B		32,580		2,143,995
Neste Oyj		40,553		1,912,559
Nokia Oyj†		516,817		2,902,332
Nordea Bank Abp		310,565		3,685,579
Orion Oyj, Class B		10,170		417,796
Sampo Oyj, Class A		47,806		2,348,344
Stora Enso Oyj, Class R		55,763		943,792
UPM-Kymmene Oyj		51,161		1,857,205
Wartsila Oyj Abp		45,375		628,491
				19,704,653
France — 9.4%
Accor SA†		16,286		481,913
Aeroports de Paris†		2,846		331,328
Air Liquide SA		45,412		7,510,657
Alstom SA		30,301		1,074,091
Amundi SA*		5,826		483,479
Arkema SA		5,884		769,360
Atos SE		9,489		406,789
AXA SA		185,502		5,098,539
BioMerieux		3,971		563,178
BNP Paribas SA		107,819		6,693,387
Bollore SA		84,722		455,097
Bouygues SA		21,901		741,031
Bureau Veritas SA		28,185		889,081
Capgemini SE		15,370		3,555,074
Carrefour SA		58,994		977,162
Cie de Saint-Gobain		48,508		3,072,445
Cie Generale des Etablissements Michelin SCA		16,240		2,398,972
CNP Assurances		16,454		400,822
Covivio		4,986		412,962
Credit Agricole SA		111,831		1,521,908
Danone SA		62,618		3,692,275
Dassault Aviation SA		2,400		227,287
Dassault Systemes SE		63,605		3,834,258
Edenred		23,636		1,059,440
Eiffage SA		8,177		758,667
Electricite de France SA		44,571		626,345
Engie SA		175,075		2,532,675
EssilorLuxottica SA		27,354		5,480,795
Eurazeo SE		3,796		310,215
Faurecia SE		11,247		483,490
Gecina SA		4,401		595,994
Getlink SE		42,176		622,836
Hermes International		3,036		5,692,973
Ipsen SA		3,615		353,162
Kering SA		7,190		5,544,509
Klepierre SA		19,784		419,301
L’Oreal SA		24,184		10,904,208
La Francaise des Jeux SAEM*		9,154		424,013
Legrand SA		25,636		2,802,693
LVMH Moet Hennessy Louis Vuitton SE		26,611		20,656,878
Orange SA		191,234		2,062,583
Orpea SA		4,956		467,369
Pernod Ricard SA		20,082		4,612,548
Publicis Groupe SA		21,400		1,386,996
Remy Cointreau SA		2,178		511,384
Renault SA†		18,425		592,660
Safran SA		32,762		3,645,778
Sanofi		108,765		10,344,665
Sartorius Stedim Biotech		2,651		1,562,393
Schneider Electric SE		51,638		9,127,584

Security Description	Shares		Value (Note 2)
France (continued)
SCOR SE		15,214	$	479,515
SEB SA		2,652		393,720
Societe Generale SA		77,709		2,413,852
Sodexo SA†		8,481		712,185
Suez SA		33,706		754,389
Teleperformance		5,630		2,314,098
Thales SA		10,226		836,966
TotalEnergies SE		239,478		11,008,026
Ubisoft Entertainment SA†		8,877		456,146
Valeo SA		22,011		637,658
Veolia Environnement SA		62,830		2,010,603
Vinci SA		51,030		4,813,601
Vivendi SE		68,210		870,305
Wendel SE		2,572		293,845
Worldline SA†*		22,775		1,198,244
				168,366,402
Germany — 7.7%
adidas AG		18,250		5,292,394
Allianz SE		39,520		8,614,908
BASF SE		88,040		5,779,995
Bayer AG		94,170		4,754,939
Bayerische Motoren Werke AG		31,737		3,057,344
Bayerische Motoren Werke AG (Preference Shares)		5,530		434,938
Bechtle AG		7,850		567,779
Beiersdorf AG		9,662		966,531
Brenntag SE		14,810		1,270,986
Carl Zeiss Meditec AG		3,858		773,962
Commerzbank AG†		96,035		679,784
Continental AG†		10,544		1,134,110
Covestro AG*		18,519		1,046,631
Daimler AG		82,039		7,721,557
Delivery Hero SE†*		15,528		2,072,844
Deutsche Bank AG†		198,109		2,398,356
Deutsche Boerse AG		18,212		2,862,847
Deutsche Lufthansa AG†		57,296		347,061
Deutsche Post AG		95,015		5,616,736
Deutsche Telekom AG		319,485		5,649,716
E.ON SE		215,205		2,659,475
Evonik Industries AG		20,101		606,806
Fresenius Medical Care AG & Co. KGaA		19,652		1,177,108
Fresenius SE & Co. KGaA		40,083		1,523,440
Fuchs Petrolub SE (Preference Shares)		6,662		299,245
GEA Group AG		14,706		746,235
Hannover Rueck SE		5,780		1,012,920
HeidelbergCement AG		14,264		957,347
HelloFresh SE†		15,832		1,605,950
Henkel AG & Co. KGaA		9,961		741,157
Henkel AG & Co. KGaA (Preference Shares)		17,078		1,349,687
Infineon Technologies AG		125,178		5,669,508
KION Group AG		6,917		749,260
Knorr-Bremse AG		6,953		692,112
LANXESS AG		7,963		463,241
LEG Immobilien SE		6,911		968,501
Merck KGaA		12,388		3,074,569
MTU Aero Engines AG		5,119		958,057
Muenchener Rueckversicherungs-Gesellschaft AG		13,429		3,630,304
Nemetschek SE		5,536		701,995
Porsche Automobil Holding SE (Preference Shares)		14,678		1,234,180
Puma SE		10,120		1,225,827
Rational AG		490		452,330
RWE AG		61,578		2,384,158
SAP SE		100,094		12,848,921
Sartorius AG (Preference Shares)		2,512		1,726,979
Scout24 SE*		8,387		558,195
Siemens AG		73,329		11,742,084

124

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
Siemens Energy AG†		38,309	$	1,017,657
Siemens Healthineers AG*		27,031		1,972,225
Symrise AG		12,332		1,742,111
TeamViewer AG†*		15,419		209,919
Telefonica Deutschland Holding AG		99,794		266,424
Uniper SE		8,770		381,605
United Internet AG		9,298		349,876
Volkswagen AG		3,111		868,372
Volkswagen AG (Preference Shares)		17,789		3,259,781
Vonovia SE		52,384		2,911,880
Zalando SE†*		21,260		1,937,744
				137,720,603
Hong Kong — 2.0%
AIA Group, Ltd.		1,159,600		12,201,229
BOC Hong Kong Holdings, Ltd.		354,500		1,070,592
CLP Holdings, Ltd.		157,500		1,540,369
Galaxy Entertainment Group, Ltd.†		209,000		1,137,905
Hang Lung Properties, Ltd.		194,000		383,652
Hang Seng Bank, Ltd.		73,300		1,297,179
Henderson Land Development Co., Ltd.		139,231		566,741
Hong Kong & China Gas Co., Ltd.		1,073,523		1,602,437
Hong Kong Exchanges & Clearing, Ltd.		115,500		6,368,941
Link REIT		199,600		1,721,984
MTR Corp., Ltd.		148,000		786,367
New World Development Co., Ltd.		145,750		572,696
Power Assets Holdings, Ltd.		133,000		799,927
Sino Land Co., Ltd.		320,000		381,557
SJM Holdings, Ltd.†		191,000		135,939
Sun Hung Kai Properties, Ltd.		125,000		1,519,620
Swire Pacific, Ltd., Class A		47,500		262,840
Swire Properties, Ltd.		112,200		264,751
Techtronic Industries Co., Ltd.		132,000		2,698,038
				35,312,764
Ireland — 0.7%
CRH PLC		75,128		3,657,006
DCC PLC		9,448		693,981
Flutter Entertainment PLC†		15,966		2,161,266
James Hardie Industries PLC CDI		42,587		1,650,034
Kerry Group PLC, Class A		15,252		1,877,660
Kingspan Group PLC		14,790		1,707,371
Smurfit Kappa Group PLC		23,587		1,201,671
				12,948,989
Isle of Man — 0.1%
Entain PLC†		56,113		1,240,603
Israel — 0.6%
Azrieli Group, Ltd.		4,068		369,426
Bank Hapoalim BM		108,889		1,061,429
Bank Leumi Le-Israel BM		139,267		1,344,286
Check Point Software Technologies, Ltd.†		10,493		1,167,976
CyberArk Software, Ltd.†		3,826		661,324
Elbit Systems, Ltd.		2,542		370,162
ICL Group, Ltd.		67,700		588,724
Israel Discount Bank, Ltd., Class A		111,576		681,203
Mizrahi Tefahot Bank, Ltd.		13,456		496,219
NICE, Ltd.†		6,050		1,764,557
Teva Pharmaceutical Industries, Ltd. ADR†		105,713		872,132
Wix.com, Ltd.†		5,384		822,675
				10,200,113
Italy — 1.6%
Amplifon SpA	��	11,935		583,192
Assicurazioni Generali SpA#		106,087		2,127,948

Security Description	Shares		Value (Note 2)
Italy (continued)
Atlantia SpA†		47,493	$	866,611
DiaSorin SpA		2,413		516,399
Enel SpA		779,617		5,924,312
Eni SpA		241,929		3,184,859
FinecoBank Banca Fineco SpA		58,462		1,023,000
Infrastrutture Wireless Italiane SpA*		32,214		369,993
Intesa Sanpaolo SpA		1,583,122		3,784,761
Mediobanca Banca di Credito Finanziario SpA		59,535		658,464
Moncler SpA		19,675		1,425,904
Nexi SpA†*		42,123		647,028
Poste Italiane SpA#*		50,079		631,133
Prysmian SpA		24,418		904,924
Recordati Industria Chimica e Farmaceutica SpA		10,023		629,783
Snam SpA		193,292		1,089,682
Telecom Italia SpA		955,110		497,623
Telecom Italia SpA (RSP)		577,789		282,414
Terna-Rete Elettrica Nazionale SpA#		134,867		1,002,044
UniCredit SpA		204,302		2,470,888
				28,620,962
Japan — 20.6%
ABC-Mart, Inc.		3,200		150,066
Acom Co., Ltd.		38,300		113,793
Advantest Corp.		19,100		1,659,204
Aeon Co., Ltd.#		62,700		1,462,229
AGC, Inc.		18,500		904,740
Aisin Corp.		14,100		517,376
Ajinomoto Co., Inc.		44,700		1,342,386
ANA Holdings, Inc.†		15,300		302,214
Asahi Group Holdings, Ltd.		43,700		1,624,383
Asahi Intecc Co., Ltd.#		20,100		439,046
Asahi Kasei Corp.		120,300		1,134,244
Astellas Pharma, Inc.		178,500		2,799,479
Azbil Corp.		11,800		520,862
Bandai Namco Holdings, Inc.		19,200		1,493,619
Bridgestone Corp.		54,700		2,218,381
Brother Industries, Ltd.		22,600		387,914
Canon, Inc.#		95,900		2,112,464
Capcom Co., Ltd.		16,900		420,993
Casio Computer Co., Ltd.		18,600		241,132
Central Japan Railway Co.		13,800		1,898,382
Chiba Bank, Ltd.		50,800		292,634
Chubu Electric Power Co., Inc.		61,800		623,402
Chugai Pharmaceutical Co., Ltd.		64,400		2,075,988
Concordia Financial Group, Ltd.		104,400		379,493
Cosmos Pharmaceutical Corp.#		1,910		295,886
CyberAgent, Inc.		38,796		714,729
Dai Nippon Printing Co., Ltd.		21,300		499,794
Dai-ichi Life Holdings, Inc.		97,700		1,946,286
Daifuku Co., Ltd.		9,691		774,673
Daiichi Sankyo Co., Ltd.		168,000		4,202,448
Daikin Industries, Ltd.		23,900		4,854,458
Daito Trust Construction Co., Ltd.		6,300		682,021
Daiwa House Industry Co., Ltd.		54,300		1,586,693
Daiwa House REIT Investment Corp.		211		603,914
Daiwa Securities Group, Inc.		138,500		769,572
Denso Corp.		41,500		3,041,787
Dentsu Group, Inc.		20,700		658,199
Disco Corp.		2,800		800,969
East Japan Railway Co.		29,000		1,786,862
Eisai Co., Ltd.		22,700		1,363,090
ENEOS Holdings, Inc.		294,200		1,091,436
FANUC Corp.		18,400		3,589,229
Fast Retailing Co., Ltd.#		5,600		3,321,318
Fuji Electric Co., Ltd.		12,200		636,135
FUJIFILM Holdings Corp.		34,500		2,713,469

125

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Fujitsu, Ltd.		18,800	$	3,105,991
GLP J-REIT		396		631,979
GMO Payment Gateway, Inc.		4,000		532,808
Hakuhodo DY Holdings, Inc.#		22,400		333,320
Hamamatsu Photonics KK		13,400		822,963
Hankyu Hanshin Holdings, Inc.		21,900		649,438
Harmonic Drive Systems, Inc.#		4,200		172,383
Hikari Tsushin, Inc.		2,000		290,094
Hino Motors, Ltd.		27,500		228,430
Hirose Electric Co., Ltd.		3,135		523,544
Hisamitsu Pharmaceutical Co., Inc.		4,900		172,026
Hitachi Construction Machinery Co., Ltd.		10,300		298,673
Hitachi Metals, Ltd.†#		20,600		382,976
Hitachi, Ltd.		92,800		5,462,419
Honda Motor Co., Ltd.		156,300		4,267,902
Hoshizaki Corp.		5,200		393,286
Hoya Corp.		35,400		5,592,670
Hulic Co., Ltd.		36,300		342,153
Ibiden Co., Ltd.		10,100		621,591
Idemitsu Kosan Co., Ltd.		19,976		512,361
Iida Group Holdings Co., Ltd.		14,100		291,040
Inpex Corp.		98,100		800,909
Isuzu Motors, Ltd.		55,900		753,212
Ito En, Ltd.		5,143		302,487
ITOCHU Corp.		113,900		3,268,513
Itochu Techno-Solutions Corp.		9,200		299,603
Japan Airlines Co., Ltd.†		13,800		250,213
Japan Exchange Group, Inc.		48,800		1,056,538
Japan Metropolitan Fund Investment Corp.		670		578,671
Japan Post Bank Co., Ltd.#		38,800		317,632
Japan Post Holdings Co., Ltd.		239,600		1,800,969
Japan Post Insurance Co., Ltd.		21,600		336,311
Japan Real Estate Investment Corp.		120		694,534
Japan Tobacco, Inc.		115,000		2,302,965
JFE Holdings, Inc.		47,100		534,943
JSR Corp.		19,500		727,438
Kajima Corp.		43,100		474,790
Kakaku.com, Inc.		12,900		360,309
Kansai Electric Power Co., Inc.		67,500		610,651
Kansai Paint Co., Ltd.		17,000		381,997
Kao Corp.		46,200		2,367,832
KDDI Corp.		154,600		4,502,520
Keio Corp.#		9,900		445,795
Keisei Electric Railway Co., Ltd.		12,400		339,641
Keyence Corp.		18,600		11,487,346
Kikkoman Corp.#		13,900		1,059,999
Kintetsu Group Holdings Co., Ltd.†		16,400		468,098
Kirin Holdings Co., Ltd.		78,800		1,263,451
Kobayashi Pharmaceutical Co., Ltd.		5,101		401,269
Kobe Bussan Co., Ltd.		13,140		496,393
Koei Tecmo Holdings Co, Ltd.		5,630		235,956
Koito Manufacturing Co., Ltd.		10,000		574,184
Komatsu, Ltd.		83,900		1,912,094
Konami Holdings Corp.		8,900		454,896
Kose Corp.		3,179		385,067
Kubota Corp.		98,500		2,051,822
Kurita Water Industries, Ltd.		9,500		442,288
Kyocera Corp.		30,800		1,824,695
Kyowa Kirin Co., Ltd.		25,900		722,668
Lasertec Corp.†		7,225		1,883,510
Lawson, Inc.		4,800		235,456
Lion Corp.		21,500		305,863
LIXIL Corp.		25,500		625,733
M3, Inc.		42,300		2,275,948
Makita Corp.		21,500		941,546
Marubeni Corp.		149,900		1,341,296

Security Description	Shares		Value (Note 2)
Japan (continued)
Mazda Motor Corp.†		54,500	$	440,809
McDonald’s Holdings Co. Japan, Ltd.#		7,600		339,265
Medipal Holdings Corp.		17,600		316,503
MEIJI Holdings Co., Ltd.		11,700		688,173
Mercari, Inc.†#		9,800		594,205
Minebea Mitsumi, Inc.		34,800		916,747
MISUMI Group, Inc.		27,200		1,145,067
Mitsubishi Chemical Holdings Corp.		122,700		963,403
Mitsubishi Corp.		121,100		3,577,308
Mitsubishi Electric Corp.		174,900		2,194,434
Mitsubishi Estate Co., Ltd.		113,400		1,564,463
Mitsubishi Gas Chemical Co., Inc.		15,100		250,677
Mitsubishi HC Capital, Inc.		63,300		297,548
Mitsubishi Heavy Industries, Ltd.		30,700		692,840
Mitsubishi UFJ Financial Group, Inc.		1,171,700		6,187,278
Mitsui & Co., Ltd.		145,500		3,273,446
Mitsui Chemicals, Inc.		17,700		474,137
Mitsui Fudosan Co., Ltd.		87,900		1,810,120
Miura Co., Ltd.		8,436		295,514
Mizuho Financial Group, Inc.		231,220		2,858,814
MonotaRO Co., Ltd.		24,000		477,371
MS&AD Insurance Group Holdings, Inc.		42,700		1,248,509
Murata Manufacturing Co., Ltd.		55,100		4,041,412
Nabtesco Corp.		10,800		311,613
NEC Corp.		23,500		1,059,603
Nexon Co., Ltd.		46,800		936,140
NGK Insulators, Ltd.		24,700		390,021
NH Foods, Ltd.		7,900		269,468
Nidec Corp.		42,900		4,905,303
Nihon M&A Center Holdings, Inc.		29,048		848,315
Nintendo Co., Ltd.		10,700		4,752,283
Nippon Building Fund, Inc.		143		884,193
Nippon Express Co., Ltd.		7,400		420,841
Nippon Paint Holdings Co., Ltd.		68,200		715,791
Nippon Prologis REIT, Inc.#		198		647,577
Nippon Sanso Holdings Corp.		14,500		306,484
Nippon Shinyaku Co., Ltd.		4,700		347,908
Nippon Steel Corp.		82,000		1,199,555
Nippon Telegraph & Telephone Corp.		123,400		3,402,070
Nippon Yusen KK		15,500		1,006,970
Nissan Chemical Corp.		11,700		672,872
Nissan Motor Co., Ltd.†		222,500		1,101,834
Nisshin Seifun Group, Inc.		19,000		275,395
Nissin Foods Holdings Co., Ltd.		6,100		448,328
Nitori Holdings Co., Ltd.		7,700		1,223,744
Nitto Denko Corp.		13,600		946,091
Nomura Holdings, Inc.		294,500		1,227,554
Nomura Real Estate Holdings, Inc.		11,400		247,547
Nomura Real Estate Master Fund, Inc.		407		581,076
Nomura Research Institute, Ltd.		32,200		1,380,548
NSK, Ltd.		37,000		251,085
NTT Data Corp.		60,500		1,275,633
Obayashi Corp.		62,200		457,874
OBIC Co., Ltd.		6,700		1,236,639
Odakyu Electric Railway Co., Ltd.		28,299		545,478
Oji Holdings Corp.		77,800		356,529
Olympus Corp.		111,700		2,471,804
Omron Corp.		17,800		1,716,055
Ono Pharmaceutical Co., Ltd.		35,500		783,297
Oracle Corp. Japan		3,700		361,653
Oriental Land Co., Ltd.		19,200		3,033,531
ORIX Corp.		117,100		2,309,653
Orix JREIT, Inc.		251		402,047
Osaka Gas Co., Ltd.		35,900		580,807
Otsuka Corp.		10,900		499,190
Otsuka Holdings Co., Ltd.		37,400		1,357,885
Pan Pacific International Holdings Corp.		39,500		677,588

126

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Panasonic Corp.		211,630	$	2,311,557
PeptiDream, Inc.†		9,200		231,631
Persol Holdings Co., Ltd.		16,974		489,008
Pigeon Corp.		11,100		225,201
Pola Orbis Holdings, Inc.		8,832		157,284
Rakuten Group, Inc.		83,100		855,014
Recruit Holdings Co., Ltd.		130,083		7,895,464
Renesas Electronics Corp.†		120,200		1,503,298
Resona Holdings, Inc.		204,700		744,455
Ricoh Co., Ltd.		64,300		568,004
Rinnai Corp.		3,500		330,233
Rohm Co., Ltd.		8,400		785,114
Ryohin Keikaku Co., Ltd.		24,240		391,555
Santen Pharmaceutical Co., Ltd.		34,500		457,137
SBI Holdings, Inc.		23,500		604,830
SCSK Corp.		15,042		283,980
Secom Co., Ltd.		20,100		1,358,759
Seiko Epson Corp.		26,800		431,683
Sekisui Chemical Co., Ltd.		36,200		587,590
Sekisui House, Ltd.		59,100		1,150,064
Seven & i Holdings Co., Ltd.		72,200		2,899,358
SG Holdings Co., Ltd.		30,656		677,399
Sharp Corp.		20,500		230,788
Shimadzu Corp.		22,700		960,289
Shimano, Inc.		7,100		1,954,427
Shimizu Corp.		52,900		334,181
Shin-Etsu Chemical Co., Ltd.		33,900		5,667,601
Shionogi & Co., Ltd.		25,400		1,774,107
Shiseido Co., Ltd.		38,300		2,192,935
Shizuoka Bank, Ltd.#		42,800		299,295
SMC Corp.		5,500		3,509,604
SoftBank Corp.		275,300		3,795,349
SoftBank Group Corp.		115,600		6,114,230
Sohgo Security Services Co., Ltd.		6,800		289,925
Sompo Holdings, Inc.		30,400		1,252,543
Sony Group Corp.		120,900		14,733,255
Square Enix Holdings Co., Ltd.		8,200		427,254
Stanley Electric Co., Ltd.		12,500		324,417
Subaru Corp.		59,000		1,113,451
SUMCO Corp.		31,904		691,919
Sumitomo Chemical Co., Ltd.		142,800		658,649
Sumitomo Corp.		107,900		1,469,422
Sumitomo Dainippon Pharma Co., Ltd.		17,200		209,158
Sumitomo Electric Industries, Ltd.		72,300		946,662
Sumitomo Metal Mining Co., Ltd.		23,700		873,164
Sumitomo Mitsui Financial Group, Inc.		125,100		4,082,325
Sumitomo Mitsui Trust Holdings, Inc.		32,400		1,016,898
Sumitomo Realty & Development Co., Ltd.		29,700		925,714
Suntory Beverage & Food, Ltd.		13,300		469,765
Suzuki Motor Corp.		35,300		1,424,019
Sysmex Corp.		16,100		1,993,487
T&D Holdings, Inc.		51,600		609,616
Taisei Corp.		18,300		533,651
Taisho Pharmaceutical Holdings Co., Ltd.		3,700		181,946
Takeda Pharmaceutical Co., Ltd.		151,200		4,054,164
TDK Corp.		37,200		1,472,759
Terumo Corp.		61,900		2,522,867
THK Co., Ltd.		11,500		273,437
TIS, Inc.		21,456		660,649
Tobu Railway Co., Ltd.		18,100		409,672
Toho Co., Ltd.		10,700		475,954
Toho Gas Co., Ltd.		7,100		201,501
Tohoku Electric Power Co., Inc.		41,000		284,326
Tokio Marine Holdings, Inc.		60,200		3,029,795
Tokyo Century Corp.		3,516		167,508

Security Description	Shares		Value (Note 2)
Japan (continued)
Tokyo Electric Power Co. Holdings, Inc.†		146,300	$	391,865
Tokyo Electron, Ltd.		14,300		7,515,140
Tokyo Gas Co., Ltd.		36,000		618,034
Tokyu Corp.		47,900		663,318
Toppan, Inc.		25,100		380,644
Toray Industries, Inc.		132,900		773,247
Toshiba Corp.		39,300		1,568,729
Tosoh Corp.		24,900		357,496
TOTO, Ltd.		13,600		600,532
Toyo Suisan Kaisha, Ltd.		8,500		344,227
Toyota Industries Corp.		14,100		1,155,628
Toyota Motor Corp.		1,016,500		18,059,605
Toyota Tsusho Corp.		20,400		887,947
Trend Micro, Inc.		12,800		738,684
Tsuruha Holdings, Inc.		3,804		429,388
Unicharm Corp.		38,700		1,676,631
United Urban Investment Corp.#		284		362,639
USS Co., Ltd.		20,999		308,068
Welcia Holdings Co., Ltd.		9,000		321,156
West Japan Railway Co.		20,700		892,898
Yakult Honsha Co., Ltd.		12,300		617,676
Yamada Holdings Co., Ltd.		64,900		226,663
Yamaha Corp.		12,900		661,155
Yamaha Motor Co., Ltd.		28,500		717,410
Yamato Holdings Co., Ltd.		27,900		616,149
Yaskawa Electric Corp.		23,000		1,027,776
Yokogawa Electric Corp.		21,900		410,967
Z Holdings Corp.		256,800		1,697,768
ZOZO, Inc.		11,993		378,816
				368,998,957
Jersey — 0.7%
Experian PLC		88,497		3,967,324
Ferguson PLC		21,405		3,253,093
Glencore PLC		957,896		4,532,060
WPP PLC		115,428		1,594,427
				13,346,904
Luxembourg — 0.3%
ArcelorMittal SA		68,711		1,852,254
Aroundtown SA		95,765		574,988
Eurofins Scientific SE		12,799		1,635,341
InPost SA†		19,171		213,329
Tenaris SA		45,264		445,711
				4,721,623
Netherlands — 5.5%
ABN AMRO Bank NV CVA*#		40,546		578,183
Adyen NV†*		1,895		5,255,491
Aegon NV		171,519		755,149
Airbus SE†		56,508		6,294,869
Akzo Nobel NV		18,268		1,916,779
Argenx SE†		4,394		1,229,889
ASM International NV		4,535		2,018,988
ASML Holding NV		40,211		31,509,269
CNH Industrial NV		98,088		1,627,644
Davide Campari-Milano NV		50,105		730,716
EXOR NV		10,395		910,571
Ferrari NV		12,082		3,171,756
Heineken Holding NV		11,044		919,917
Heineken NV#		24,846		2,473,350
ING Groep NV		374,219		5,165,748
JDE Peet’s NV#		7,210		196,740
Just Eat Takeaway.com NV†#*		17,196		1,077,308
Koninklijke Ahold Delhaize NV		100,237		3,363,260
Koninklijke DSM NV		16,754		3,598,907
Koninklijke KPN NV		322,289		950,241

127

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Netherlands (continued)
Koninklijke Philips NV		87,328	$	3,080,245
Koninklijke Vopak NV		6,739		255,967
NN Group NV		25,900		1,285,366
Prosus NV		89,446		7,208,200
QIAGEN NV†		21,894		1,217,348
Randstad NV		11,462		719,781
Stellantis NV		194,657		3,331,517
STMicroelectronics NV		65,461		3,197,221
Universal Music Group NV		68,210		1,957,906
Wolters Kluwer NV		25,643		2,876,582
				98,874,908
New Zealand — 0.3%
a2 Milk Co., Ltd.†#		71,259		294,343
Auckland International Airport, Ltd.†		119,986		643,146
Fisher & Paykel Healthcare Corp., Ltd.		55,258		1,250,179
Mercury NZ, Ltd.		65,291		266,827
Meridian Energy, Ltd.		122,795		396,596
Ryman Healthcare, Ltd.		40,738		339,769
Spark New Zealand, Ltd.		178,972		560,469
Xero, Ltd.†		12,762		1,289,864
				5,041,193
Norway — 0.6%
Adevinta ASA†		26,262		371,979
DNB Bank ASA		89,166		1,948,760
Equinor ASA		93,679		2,347,514
Gjensidige Forsikring ASA		19,171		435,016
Mowi ASA#		42,132		954,452
Norsk Hydro ASA		128,910		832,217
Orkla ASA		71,994		657,650
Schibsted ASA, Class A		7,009		313,137
Schibsted ASA, Class B		9,331		355,495
Telenor ASA		67,072		990,429
Yara International ASA		16,706		819,502
				10,026,151
Papua New Guinea — 0.0%
Oil Search, Ltd.		189,213		504,495
Portugal — 0.1%
Banco Espirito Santo SA†(1)		213,818		0
EDP — Energias de Portugal SA		266,090		1,458,081
Galp Energia SGPS SA		48,048		448,500
Jeronimo Martins SGPS SA		24,128		525,949
				2,432,530
Singapore — 0.9%
Ascendas Real Estate Investment Trust		319,224		682,076
CapitaLand Integrated Commercial Trust		473,668		730,730
Capitaland Investment, Ltd.†		252,900		619,982
City Developments, Ltd.		39,200		200,955
DBS Group Holdings, Ltd.		173,200		3,783,943
Genting Singapore, Ltd.		579,600		328,427
Keppel Corp., Ltd.		139,600		519,757
Mapletree Commercial Trust		206,900		308,441
Mapletree Logistics Trust		287,378		390,467
Oversea-Chinese Banking Corp., Ltd.		322,300		2,595,834
Singapore Airlines, Ltd.†		128,449		460,645
Singapore Exchange, Ltd.		77,000		504,152
Singapore Technologies Engineering, Ltd.		149,700		418,353
Singapore Telecommunications, Ltd.		791,500		1,363,881
United Overseas Bank, Ltd.		113,000		2,101,660
UOL Group, Ltd.		44,500		224,595
Venture Corp., Ltd.		26,552		360,540
Wilmar International, Ltd.		184,100		555,050
				16,149,488

Security Description	Shares		Value (Note 2)
Spain — 2.0%
ACS Actividades de Construccion y Servicios SA#		23,509	$	562,869
Aena SME SA†*		7,189		1,052,169
Amadeus IT Group SA†		43,182		2,763,726
Banco Bilbao Vizcaya Argentaria SA		639,147		3,387,002
Banco Santander SA		1,662,178		5,152,950
CaixaBank SA		424,957		1,091,179
Cellnex Telecom SA*		48,837		2,881,276
EDP Renovaveis SA		27,622		707,652
Enagas SA#		23,857		542,801
Endesa SA		30,446		681,583
Ferrovial SA#		46,189		1,280,728
Grifols SA		28,593		512,838
Iberdrola SA		567,530		6,347,474
Industria de Diseno Textil SA		104,561		3,294,325
Naturgy Energy Group SA#		18,589		513,548
Red Electrica Corp. SA		41,492		880,859
Repsol SA		139,087		1,535,724
Siemens Gamesa Renewable Energy SA†		22,852		604,271
Telefonica SA#		493,089		2,233,395
				36,026,369
SupraNational — 0.1%
HK Electric Investments & HK Electric Investments, Ltd.		254,269		248,533
HKT Trust & HKT, Ltd.		363,000		492,503
Unibail-Rodamco-Westfield†		11,948		783,714
				1,524,750
Sweden — 3.1%
Alfa Laval AB		30,155		1,165,864
Assa Abloy AB, Class B		96,075		2,685,546
Atlas Copco AB, Class A		64,366		3,943,377
Atlas Copco AB, Class B		37,406		1,944,024
Boliden AB		26,217		904,331
Electrolux AB, Class B		21,620		484,213
Embracer Group AB†		44,772		485,453
Epiroc AB, Class A		63,167		1,528,832
Epiroc AB, Class B		37,384		752,181
EQT AB		28,362		1,664,468
Essity AB, Class B		58,335		1,865,043
Evolution AB*		16,282		1,706,444
Fastighets AB Balder, Class B†		10,080		755,611
Hennes & Mauritz AB, Class B		70,006		1,239,059
Hexagon AB, Class B		188,841		2,762,487
Husqvarna AB, Class B		40,108		565,648
ICA Gruppen AB		9,640		570,638
Industrivarden AB, Class A		12,387		368,052
Industrivarden AB, Class C		15,312		451,786
Investment AB Latour, Class B		14,191		534,071
Investor AB, Class B		174,641		4,057,962
Kinnevik AB, Class B†		23,188		826,387
L E Lundbergforetagen AB, Class B		7,285		398,950
Lundin Energy AB		19,185		676,148
Nibe Industrier AB, Class B		136,722		1,952,652
Sandvik AB		108,215		2,675,898
Securitas AB, Class B		30,014		434,385
Sinch AB†*		48,490		651,145
Skandinaviska Enskilda Banken AB, Class A		156,005		2,268,661
Skanska AB, Class B		32,609		749,963
SKF AB, Class B		36,581		835,955
Svenska Cellulosa AB SCA, Class B		58,075		948,169
Svenska Handelsbanken AB, Class A		139,812		1,482,007
Swedbank AB, Class A		86,806		1,748,150
Swedish Match AB		151,450		1,105,355
Tele2 AB, Class B		48,008		686,971
Telefonaktiebolaget LM Ericsson, Class B		279,778		2,822,150
Telia Co. AB		254,806		986,168

128

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Sweden (continued)
Volvo AB, Class A		19,196	$	418,842
Volvo AB, Class B		137,033		2,955,687
				55,058,733
Switzerland — 9.1%
ABB, Ltd.		166,261		5,731,807
Adecco Group AG		14,854		689,102
Alcon, Inc.		47,898		3,772,630
Baloise Holding AG		4,444		665,735
Banque Cantonale Vaudoise		2,887		234,855
Barry Callebaut AG		342		811,221
Chocoladefabriken Lindt & Spruengli AG		10		1,234,425
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		101		1,243,170
Cie Financiere Richemont SA		50,036		7,436,400
Clariant AG		20,682		405,522
Coca-Cola HBC AG		19,224		591,732
Credit Suisse Group AG		244,501		2,363,727
EMS-Chemie Holding AG		673		642,270
Geberit AG		3,551		2,709,893
Givaudan SA		885		4,333,613
Holcim, Ltd.		50,184		2,421,292
Julius Baer Group, Ltd.		21,453		1,330,438
Kuehne & Nagel International AG		5,209		1,494,350
Logitech International SA		16,593		1,315,823
Lonza Group AG		7,138		5,758,452
Nestle SA		276,157		35,500,909
Novartis AG		212,831		17,012,835
Partners Group Holding AG		2,175		3,743,615
Roche Holding AG (BR)		3,067		1,273,249
Roche Holding AG (NES)		67,344		26,356,708
Schindler Holding AG (Participation Certificate)		3,903		1,006,455
Schindler Holding AG		1,929		480,189
SGS SA		580		1,752,975
Sika AG#		13,590		5,332,307
Sonova Holding AG		5,247		1,974,076
Straumann Holding AG		991		2,108,884
Swatch Group AG (TRQX)		5,043		288,232
Swatch Group AG (XEGT)		2,774		818,984
Swiss Life Holding AG		3,069		1,761,316
Swiss Prime Site AG		7,282		691,026
Swiss Re AG		28,912		2,720,104
Swisscom AG		2,483		1,379,968
Temenos AG		6,402		821,623
UBS Group AG		351,412		6,073,247
Vifor Pharma AG		4,673		524,803
Zurich Insurance Group AG		14,422		5,950,878
				162,758,840
United Kingdom — 11.8%
3i Group PLC		93,283		1,715,317
Abrdn PLC		209,032		645,730
Admiral Group PLC		18,506		724,557
Anglo American PLC		124,128		4,543,863
Antofagasta PLC		37,800		690,288
Ashtead Group PLC		43,021		3,444,317
Associated British Foods PLC		34,148		871,600
AstraZeneca PLC		148,487		16,291,005
Auto Trader Group PLC*		92,656		899,997
AVEVA Group PLC		11,547		491,894
Aviva PLC		376,643		1,919,901
BAE Systems PLC		309,395		2,246,083
Barclays PLC		1,628,896		3,966,869
Barratt Developments PLC		97,611		902,962
Berkeley Group Holdings PLC		10,766		611,697
BHP Group PLC		202,452		5,544,242

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
BP PLC		1,940,365	$	8,401,371
British American Tobacco PLC		208,952		7,014,295
British Land Co. PLC#		84,389		568,572
BT Group PLC†		855,598		1,802,621
Bunzl PLC		32,306		1,229,925
Burberry Group PLC		38,808		902,143
Coca-Cola Europacific Partners PLC		19,663		970,762
Compass Group PLC†		171,003		3,316,202
Croda International PLC		13,373		1,795,484
Diageo PLC		224,167		11,297,862
Direct Line Insurance Group PLC		129,483		464,935
Evraz PLC		48,938		373,721
GlaxoSmithKline PLC		482,286		9,773,655
Halma PLC		36,391		1,451,508
Hargreaves Lansdown PLC		34,099		606,123
Hikma Pharmaceuticals PLC		16,590		487,676
HSBC Holdings PLC		1,957,927		10,854,854
Imperial Brands PLC		90,717		1,857,890
Informa PLC†		144,080		890,892
InterContinental Hotels Group PLC†		17,562		1,035,359
Intertek Group PLC		15,470		1,096,362
J Sainsbury PLC		160,783		589,549
JD Sports Fashion PLC		247,215		729,529
Johnson Matthey PLC		18,551		514,381
Kingfisher PLC		202,383		851,530
Land Securities Group PLC		67,520		651,080
Legal & General Group PLC		572,024		2,133,208
Lloyds Banking Group PLC		6,802,059		4,213,776
London Stock Exchange Group PLC		31,530		2,720,591
M&G PLC		249,213		617,174
Melrose Industries PLC		419,117		802,272
Mondi PLC		46,542		1,060,101
National Grid PLC		340,782		4,533,761
NatWest Group PLC		554,840		1,558,176
Next PLC		12,744		1,328,021
Ocado Group PLC†#		46,707		1,113,896
Pearson PLC		72,488		572,362
Persimmon PLC		30,587		1,110,200
Phoenix Group Holdings PLC		62,258		528,011
Prudential PLC		250,718		4,224,929
Reckitt Benckiser Group PLC		68,379		5,543,766
RELX PLC		185,303		5,752,818
Rentokil Initial PLC		178,225		1,449,930
Rio Tinto PLC		107,643		6,627,606
Rolls-Royce Holdings PLC†		802,072		1,302,323
Royal Dutch Shell PLC, Class A		393,124		8,192,582
Royal Dutch Shell PLC, Class B		355,253		7,404,771
Sage Group PLC		102,991		1,056,526
Schroders PLC		11,916		542,713
Segro PLC		115,041		2,148,468
Severn Trent PLC		23,944		916,102
Smith & Nephew PLC		84,260		1,355,165
Smiths Group PLC		37,994		726,605
Spirax-Sarco Engineering PLC		7,071		1,465,492
SSE PLC		99,986		2,060,219
St James’s Place PLC		51,687		1,059,881
Standard Chartered PLC		254,127		1,400,442
Taylor Wimpey PLC		349,489		734,764
Tesco PLC		741,119		2,722,004
Unilever PLC (LSE)		119,234		6,114,376
Unilever PLC (Euronext Amsterdam)		131,900		6,796,624
United Utilities Group PLC		65,362		941,708
Vodafone Group PLC		2,680,251		3,884,768
Whitbread PLC†		19,359		719,241
				212,473,975
Total Common Stocks (cost $1,288,424,042)			$	1,576,520,280

129

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 4.2%
United States — 4.2%
iShares MSCI EAFE ETF# (cost $66,588,180)		974,300		$	74,865,212
RIGHTS† — 0.0%
Germany — 0.0%
Vonovia SE Expires 12/27/2021 (strike price EUR 40)		52,384			184,761
Singapore — 0.0%
Mapletree Logistics Trust Expires 12/14/2021 (strike price SGD 1.84)		10,632			156
Total Rights (cost $0)					184,917
WARRANTS†— 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA Expires 11/22/2023 (cost $0)		94,272			102,687
Total Long-Term Investment Securities
(cost $1,355,012,222)					1,651,673,096
SHORT-TERM INVESTMENT SECURITIES — 5.7%
Registered Investment Companies — 5.5%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(2)(3)		92,878,504			92,878,504
U.S. Government Treasuries — 0.2%
United States Treasury Bills 0.08% due 02/24/2022(4)	$	6,000,000			5,999,341
0.09% due 12/02/2021(4)		2,900,000			2,899,998
0.10% due 12/30/2021(4)		750,000			749,946
					9,649,285
Total Short-Term Investment Securities
(cost $102,527,323)					102,527,789
REPURCHASE AGREEMENTS — 6.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $122,148,000 and collateralized by $116,249,200 of United States Treasury Notes, bearing interest at 2.88% due 11/30/2025 and having an approximate value of $124,591,010 (cost $122,148,000)		122,148,000			122,148,000
TOTAL INVESTMENTS
(cost $1,579,687,545)(5)		104.7	%		1,876,348,885
Liabilities in excess of other assets		(4.7	)		(84,580,110	)
NET ASSETS		100.0	%	$	1,791,768,775

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $ 29,519,274 representing 1.6% of net assets.

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

(2) At November 30, 2021, the Fund had loaned securities with a total value of $109,307,593. This was secured by collateral of $92,878,504, which was received in cash and subsequently invested in short-term investments currently valued at $92,878,504 as reported in the Portfolio of Investments. Additional collateral of $20,998,566 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	12/09/2021 to 03/17/2022	$	242,114
United States Treasury Notes/Bonds	0.13% to 6.63%	12/31/2021 to 11/15/2050		20,756,452

(3) The rate shown is the 7-day yield as of November 30, 2021.

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

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

ADR—American Depositary Receipt

BR—Bearer Shares

CDI—Chess Depositary Interest

CVA—Certification Van Aandelen (Dutch Cert.)

ETF—Exchange-Traded Funds

NES—Non-Voting Equity Securities

Euronext Amerstdam—Euronext Stock Exchange, Amsterdam

LSE—London Stock Exchange

RSP—Risparmio Shares-Savings Shares on the Italian Stock Exchange

TRQX—Turquoise Stock Exchange

XEGT—Equiduct Stock Exchange

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	1,243	Long	MSCI EAFE Index		December 2021	$	146,296,146	$	138,936,325	$	(7,359,821	)

* 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.

130

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
Australia	$	—	$	104,087,933	**	$	0	$	104,087,933
Portugal		—		2,432,530	**		0		2,432,530
Other Countries		8,788,147		1,461,211,670	**		—		1,469,999,817
Exchange-Traded Funds		74,865,212		—			—		74,865,212
Rights:
Germany		184,761		—			—		184,761
Singapore		—		156			—		156
Warrants		102,687		—			—		102,687
Short-Term Investment Securities:
Registered Investment Companies		92,878,504		—			—		92,878,504
U.S. Government Treasuries		—		9,649,285			—		9,649,285
Repurchase Agreements		—		122,148,000			—		122,148,000
Total Investments at Value	$	176,819,311	$	1,699,529,574		$	—	$	1,876,348,885
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	7,359,821	$	—		$	—	$	7,359,821

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

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

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

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

See Notes to Financial Statements

131

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Sovereign	62.8	%
United States Treasury Notes	21.4
United States Treasury Bonds	5.6
Registered Investment Companies	3.7
Oil Companies — Integrated	1.7
Electric — Generation	0.8
Banks — Commercial	0.8
Food — Meat Products	0.4
Oil Companies — Exploration & Production	0.3
Finance — Leasing Companies	0.3
Energy — Alternate Sources	0.3
Building & Construction — Misc.	0.2
Warehousing & Harbor Transportation Services	0.2
Transport — Services	0.2
Pipelines	0.2
Medical Labs & Testing Services	0.2
Independent Power Producers	0.2
Chemicals — Diversified	0.2
Metal — Aluminum	0.2
Electric — Distribution	0.1
Electric — Integrated	0.1
Cellular Telecom	0.1
	100.0	%

Country Allocation*

United States	30.7	%
Japan	10.8
Italy	5.6
France	4.7
Spain	3.7
Germany	3.7
United Kingdom	3.3
Mexico	2.8
Egypt	1.9
Colombia	1.9
United Arab Emirates	1.7
Qatar	1.7
Saudi Arabia	1.4
Netherlands	1.4
Bahrain	1.4
Brazil	1.4
Ukraine	1.3
Peru	1.2
Nigeria	1.2
Pakistan	1.2
Panama	1.1
Ivory Coast	1.1
Oman	0.9
Dominican Republic	0.9
Ghana	0.8
Romania	0.8
Indonesia	0.8
Ecuador	0.8
Canada	0.8
Belgium	0.7
Australia	0.7
Guatemala	0.7
Paraguay	0.7
Kazakhstan	0.6
Turkey	0.6
Poland	0.5
Singapore	0.5
Philippines	0.4
Ireland	0.4
Russia	0.4
India	0.4
Cayman Islands	0.4

El Salvador	0.3
Norway	0.3
Chile	0.3
China	0.2
British Virgin Islands	0.2
Bermuda	0.2
Jersey	0.2
Luxembourg	0.2
Argentina	0.1
	100.0	%

Credit Quality†#

Aaa	34.7	%
Aa	10.3
A	10.8
Baa	16.6
Ba	7.8
B	6.7
Caa	0.4
Not Rated@	12.7
	100.0	%

* Calculated as a percentage of net assets

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

† Source: Moody’s

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

132

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 6.6%
Bermuda — 0.2%
Inkia Energy, Ltd. Senior Notes 5.88% due 11/09/2027	$	400,000	$	406,504
Brazil — 0.2%
BRF SA Senior Notes 4.88% due 01/24/2030*		300,000		294,615
British Virgin Islands — 0.2%
Yunda Holding Investment, Ltd. Company Guar. Notes 2.25% due 08/19/2025		420,000		408,124
Cayman Islands — 0.4%
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*		255,000		243,206
Termocandelaria Power, Ltd. Company Guar. Notes 7.88% due 01/30/2029		379,250		373,717
				616,923
Chile — 0.3%
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027#		510,000		545,618
Colombia — 0.6%
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*		210,000		210,527
Ecopetrol SA Senior Notes 5.38% due 06/26/2026		175,000		183,750
Ecopetrol SA Senior Notes 5.88% due 05/28/2045		200,000		186,500
Ecopetrol SA Senior Notes 6.88% due 04/29/2030		300,000		330,750
Empresas Publicas de Medellin ESP Senior Notes 4.38% due 02/15/2031*		240,000		226,203
				1,137,730
India — 0.4%
Oil India, Ltd. Senior Notes 5.13% due 02/04/2029		200,000		223,982
ReNew Power, Ltd. Senior Sec. Notes 6.45% due 09/27/2022		430,000		434,300
				658,282
Indonesia — 0.4%
Indonesia Asahan Aluminium Persero PT Senior Notes 6.53% due 11/15/2028		200,000		239,104
Saka Energi Indonesia PT Senior Notes 4.45% due 05/05/2024		400,000		386,000
				625,104
Jersey — 0.2%
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes Sr Secured 2.63% due 03/31/2036		400,000		389,118

Security Description	Principal Amount(1)		Value (Note 2)
Luxembourg — 0.2%
Minerva Luxembourg SA Company Guar. Notes 4.38% due 03/18/2031*	$	400,000	$	376,854
Mexico — 1.4%
Infraestructura Energetica Nova SAB de CV Senior Notes 4.75% due 01/15/2051*		250,000		244,375
Petroleos Mexicanos Company Guar. Notes 5.35% due 02/12/2028		340,000		325,978
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		500,000		401,913
Petroleos Mexicanos Company Guar. Notes 6.50% due 03/13/2027		200,000		205,080
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		690,000		636,794
Petroleos Mexicanos Company Guar. Bonds 6.63% due 06/15/2038		300,000		264,180
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		500,000		411,250
				2,489,570
Netherlands — 0.6%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		300,000		301,353
Minejesa Capital BV Senior Sec. Notes 5.63% due 08/10/2037		250,000		262,500
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029		420,000		405,300
				969,153
Peru — 0.5%
Auna SAA Senior Notes 6.50% due 11/20/2025		380,000		386,981
Banco de Credito del Peru Sub. Notes 3.13% due 07/01/2030*		500,000		490,250
				877,231
Singapore — 0.5%
BOC Aviation, Ltd. Senior Notes 2.63% due 09/17/2030*#		580,000		577,785
LLPL Capital Pte, Ltd. Senior Sec. Notes 6.88% due 02/04/2039		269,010		307,478
				885,263
Turkey — 0.3%
Hazine Mustesarligi Varlik Kiralama AS Senior Notes 5.13% due 06/22/2026*#		500,000		487,500
United Arab Emirates — 0.2%
DP World PLC Senior Notes 4.70% due 09/30/2049		400,000		431,509
Total Foreign Corporate Bonds & Notes (cost $11,592,097)				11,599,098

133

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS — 62.5%
Argentina — 0.1%
Republic of Argentina Senior Notes 2.00% due 01/09/2038(5)	$	650,000	$	215,254
Australia — 0.7%
Commonwealth of Australia Senior Notes 3.00% due 03/21/2047	AUD	600,000		483,672
Commonwealth of Australia Senior Notes 3.25% due 04/21/2025	AUD	1,000,000		765,072
				1,248,744
Bahrain — 1.4%
Kingdom of Bahrain Senior Notes 4.25% due 01/25/2028*#		540,000		521,780
Kingdom of Bahrain Senior Notes 5.25% due 01/25/2033*		510,000		472,999
Kingdom of Bahrain Senior Notes 7.38% due 05/14/2030		1,300,000		1,418,516
				2,413,295
Belgium — 0.7%
Kingdom of Belgium Bonds 1.00% due 06/22/2031*	EUR	1,000,000		1,250,539
Brazil — 1.2%
Federative Republic of Brazil Senior Notes 3.88% due 06/12/2030		1,000,000		939,660
Federative Republic of Brazil Senior Notes 4.75% due 01/14/2050		500,000		428,125
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041		750,000		735,353
				2,103,138
Canada — 0.8%
Government of Canada Bonds 1.25% due 03/01/2025	CAD	1,000,000		783,522
Government of Canada Bonds 2.00% due 12/01/2051	CAD	700,000		563,401
				1,346,923
Colombia — 1.3%
Republic of Colombia Senior Notes 3.13% due 04/15/2031		1,133,000		1,016,868
Republic of Colombia Senior Notes 4.50% due 03/15/2029		500,000		511,435
Republic of Colombia Senior Notes 5.00% due 06/15/2045		400,000		366,092
Republic of Colombia Senior Bonds 7.38% due 09/18/2037		300,000		350,958
				2,245,353

Security Description	Principal Amount(1)		Value (Note 2)
Dominican Republic — 0.9%
Dominican Republic Senior Notes 4.88% due 09/23/2032	$	500,000	$	497,505
Dominican Republic Senior Notes 5.88% due 01/30/2060		700,000		651,000
Dominican Republic Senior Notes 5.88% due 01/30/2060*		450,000		418,500
				1,567,005
Ecuador — 0.8%
Republic of Ecuador Senior Bonds 0.50% due 07/31/2040(5)		800,000		456,000
Republic of Ecuador Senior Bonds 1.00% due 07/31/2035(5)		1,450,000		935,250
				1,391,250
Egypt — 1.9%
Arab Republic of Egypt Senior Notes 5.63% due 04/16/2030	EUR	500,000		495,956
Arab Republic of Egypt Senior Notes 5.75% due 05/29/2024*		550,000		553,872
Arab Republic of Egypt Senior Notes 7.60% due 03/01/2029		770,000		733,425
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		937,000		794,388
Arab Republic of Egypt Senior Bonds 8.75% due 09/30/2051*		1,000,000		854,940
				3,432,581
El Salvador — 0.3%
Republic of El Salvador Senior Notes 5.88% due 01/30/2025		500,000		335,005
Republic of El Salvador Senior Notes 6.38% due 01/18/2027		420,000		270,690
				605,695
France — 4.7%
Government of France Bonds 0.50% due 05/25/2029	EUR	1,050,000		1,256,616
Government of France Bonds 1.25% due 05/25/2034	EUR	500,000		642,035
Government of France Bonds 1.25% due 05/25/2036*	EUR	1,000,000		1,291,979
Government of France Bonds 1.75% due 06/25/2039*	EUR	1,750,000		2,474,915
Government of France Bonds 1.75% due 05/25/2066*	EUR	250,000		383,499
Government of France Bonds 5.50% due 04/25/2029	EUR	450,347		731,661

134

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
France (continued)
Government of France Bonds 6.00% due 10/25/2025	EUR	1,000,000	$	1,429,828
				8,210,533
Germany — 3.7%
Federal Republic of Germany Bonds 0.25% due 02/15/2029	EUR	700,000		839,073
Federal Republic of Germany Bonds 0.50% due 02/15/2026	EUR	1,000,000		1,191,416
Federal Republic of Germany Bonds 0.50% due 02/15/2028	EUR	1,000,000		1,210,641
Federal Republic of Germany Bonds 2.50% due 07/04/2044	EUR	600,000		1,107,659
Federal Republic of Germany Bonds 2.50% due 08/15/2046	EUR	500,000		949,432
Federal Republic of Germany Bonds 4.75% due 07/04/2034	EUR	50,000		94,281
Federal Republic of Germany Bonds 5.50% due 01/04/2031	EUR	600,000		1,060,865
				6,453,367
Ghana — 0.8%
Republic of Ghana Senior Notes 8.63% due 04/07/2034*		370,000		292,411
Republic of Ghana Senior Notes 8.63% due 06/16/2049		580,000		440,139
Republic of Ghana Senior Notes 8.75% due 03/11/2061*		314,000		238,081
Republic of Ghana Bank Guar. Notes 10.75% due 10/14/2030		450,000		490,500
				1,461,131
Guatemala — 0.7%
Republic of Guatemala Senior Notes 4.90% due 06/01/2030		1,150,000		1,230,500
Indonesia — 0.4%
Republic of Indonesia Senior Notes 3.85% due 10/15/2030#		300,000		333,808
Republic of Indonesia Senior Bonds 4.13% due 01/15/2025		400,000		432,863
				766,671
Ireland — 0.4%
Republic of Ireland Bonds 1.00% due 05/15/2026	EUR	600,000		725,330
Italy — 5.6%
Republic of Italy Bonds 1.25% due 12/01/2026	EUR	1,000,000		1,192,824

Security Description	Principal Amount(1)		Value (Note 2)
Italy (continued)
Republic of Italy Senior Notes 1.35% due 04/01/2030	EUR	1,000,000	$	1,190,674
Republic of Italy Senior Notes 1.50% due 04/30/2045*	EUR	1,000,000		1,103,798
Republic of Italy Senior Notes 2.00% due 02/01/2028	EUR	500,000		621,784
Republic of Italy Senior Notes 2.70% due 03/01/2047*	EUR	500,000		682,071
Republic of Italy Senior Notes 2.80% due 12/01/2028	EUR	1,400,000		1,835,403
Republic of Italy Senior Notes 3.00% due 08/01/2029	EUR	190,000		253,770
Republic of Italy Senior Notes 4.75% due 09/01/2028*	EUR	150,000		218,048
Republic of Italy Bonds 5.75% due 02/01/2033	EUR	350,000		596,086
Republic of Italy Bonds 6.00% due 05/01/2031	EUR	600,000		1,000,326
Republic of Italy Bonds 6.50% due 11/01/2027	EUR	750,000		1,154,911
				9,849,695
Ivory Coast — 1.1%
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		1,270,000		1,294,790
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		550,000		590,722
				1,885,512
Japan — 10.8%
Government of Japan Bonds 0.10% due 12/20/2029	JPY	200,000,000		1,791,410
Government of Japan Bonds 0.10% due 06/20/2030	JPY	300,000,000		2,683,399
Government of Japan Bonds 0.10% due 12/20/2030	JPY	170,000,000		1,517,179
Government of Japan Bonds 0.10% due 06/20/2031	JPY	120,000,000		1,067,669
Government of Japan Bonds 0.10% due 09/20/2031	JPY	150,000,000		1,332,052
Government of Japan Bonds 1.30% due 06/20/2035	JPY	75,000,000		759,389
Government of Japan Bonds 1.50% due 03/20/2034	JPY	90,000,000		925,208
Government of Japan Bonds 1.70% due 09/20/2032	JPY	130,000,000		1,347,142

135

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Japan (continued)
Government of Japan Bonds 1.90% due 09/20/2042	JPY	120,000,000	$	1,359,582
Government of Japan Bonds 2.00% due 09/20/2040	JPY	85,000,000		965,572
Government of Japan Bonds 2.00% due 09/20/2041	JPY	100,000,000		1,142,929
Government of Japan Bonds 2.20% due 03/20/2051	JPY	33,000,000		410,796
Government of Japan Bonds 2.30% due 12/20/2036	JPY	130,000,000		1,492,915
Government of Japan Bonds 2.30% due 03/20/2039	JPY	200,000,000		2,341,629
				19,136,871
Kazakhstan — 0.6%
Republic of Kazakhstan Senior Notes 4.88% due 10/14/2044		500,000		610,565
Republic of Kazakhstan Senior Notes 6.50% due 07/21/2045		350,000		501,375
				1,111,940
Mexico — 1.4%
United Mexican States Senior Notes 2.66% due 05/24/2031#		540,000		521,273
United Mexican States Senior Notes 4.50% due 01/31/2050		300,000		311,430
United Mexican States Senior Notes 5.00% due 04/27/2051		780,000		868,288
United Mexican States Senior Notes 8.50% due 05/31/2029	MXN	16,400,000		810,482
				2,511,473
Netherlands — 0.8%
Kingdom of the Netherlands Bonds 2.50% due 01/15/2033*	EUR	1,000,000		1,469,522
Nigeria — 1.2%
Federal Republic of Nigeria Senior Notes 6.50% due 11/28/2027		500,000		487,600
Federal Republic of Nigeria Senior Notes 7.14% due 02/23/2030		470,000		445,945
Federal Republic of Nigeria Senior Bonds 8.25% due 09/28/2051*		800,000		719,904
Federal Republic of Nigeria Senior Notes 9.25% due 01/21/2049		420,000		411,991
				2,065,440

Security Description	Principal Amount(1)		Value (Note 2)
Norway — 0.3%
Kingdom of Norway Bonds 3.00% due 03/14/2024*	NOK	5,000,000	$	575,356
Oman — 0.9%
Sultanate of Oman Senior Notes 4.75% due 06/15/2026		500,000		505,108
Sultanate of Oman Senior Notes 5.38% due 03/08/2027		620,000		636,586
Sultanate of Oman Senior Notes 6.75% due 01/17/2048		500,000		480,150
				1,621,844
Pakistan — 1.2%
Islamic Republic of Pakistan Senior Notes 6.00% due 04/08/2026		800,000		789,006
Islamic Republic of Pakistan Senior Notes 6.88% due 12/05/2027		675,000		671,625
Islamic Republic of Pakistan Senior Notes 8.25% due 04/15/2024		550,000		583,000
				2,043,631
Panama — 1.1%
Republic of Panama Senior Notes 2.25% due 09/29/2032		1,200,000		1,118,364
Republic of Panama Senior Notes 4.50% due 04/01/2056		500,000		534,930
Republic of Panama Senior Notes 6.70% due 01/26/2036		200,000		262,762
				1,916,056
Paraguay — 0.7%
Republic of Paraquay Senior Notes 4.95% due 04/28/2031		1,100,000		1,210,011
Peru — 0.7%
Republic of Peru Senior Notes 2.78% due 01/23/2031		500,000		495,140
Republic of Peru Senior Notes 3.55% due 03/10/2051		260,000		260,008
Republic of Peru Senior Notes 3.60% due 01/15/2072		260,000		247,174
Republic of Peru Senior Notes 4.13% due 08/25/2027		225,000		246,062
				1,248,384
Philippines — 0.4%
Republic of the Philippines Senior Notes 2.95% due 05/05/2045		350,000		335,948
Republic of the Philippines Senior Notes 3.75% due 01/14/2029		400,000		444,810
				780,758

136

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Poland — 0.5%
Republic of Poland Bonds 2.50% due 07/25/2027	PLN	4,000,000	$	939,229
Qatar — 1.7%
State of Qatar Senior Notes 3.40% due 04/16/2025*		480,000		510,119
State of Qatar Senior Notes 4.40% due 04/16/2050*		880,000		1,078,018
State of Qatar Senior Notes 4.82% due 03/14/2049		590,000		761,855
State of Qatar Senior Notes 5.10% due 04/23/2048		420,000		559,650
				2,909,642
Romania — 0.8%
Government of Romania Senior Notes 3.00% due 02/14/2031		500,000		494,160
Government of Romania Senior Notes 4.00% due 02/14/2051		440,000		427,011
Government of Romania Senior Notes 4.00% due 02/14/2051*		500,000		485,240
				1,406,411
Russia — 0.4%
Russian Federation Senior Notes 5.10% due 03/28/2035		600,000		707,250
Saudi Arabia — 1.4%
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030		1,150,000		1,222,967
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030*		495,000		526,408
Kingdom of Saudi Arabia Senior Notes 4.63% due 10/04/2047		600,000		708,930
				2,458,305
Spain — 3.7%
Kingdom of Spain Bonds 0.60% due 10/31/2029*	EUR	800,000		940,598
Kingdom of Spain Senior Notes 1.00% due 10/31/2050*	EUR	500,000		542,105
Kingdom of Spain Senior Notes 1.30% due 10/31/2026*	EUR	1,000,000		1,222,061
Kingdom of Spain Senior Notes 1.40% due 04/30/2028*	EUR	1,000,000		1,237,506
Kingdom of Spain Senior Notes 1.45% due 10/31/2027*	EUR	600,000		742,954
Kingdom of Spain Senior Notes 1.95% due 07/30/2030*	EUR	1,000,000		1,301,607

Security Description	Principal Amount(1)		Value (Note 2)
Spain (continued)
Kingdom of Spain Bonds 6.00% due 01/31/2029	EUR	300,000	$	486,603
				6,473,434
Turkey — 0.3%
Republic of Turkey Senior Notes 5.13% due 02/17/2028		600,000		546,000
Ukraine — 1.3%
Government of Ukraine Senior Notes 7.25% due 03/15/2033		980,000		912,870
Government of Ukraine Senior Notes 7.25% due 03/15/2033*		200,000		186,300
Government of Ukraine Senior Notes 7.75% due 09/01/2023		450,000		453,614
Government of Ukraine Senior Notes 9.75% due 11/01/2028		700,000		751,100
				2,303,884
United Arab Emirates — 1.5%
Emirate of Abu Dhabi Senior Notes 2.50% due 04/16/2025*#		510,000		528,984
Emirate of Abu Dhabi Senior Notes 3.13% due 10/11/2027		1,050,000		1,125,264
Emirate of Abu Dhabi Senior Notes 3.13% due 04/16/2030		700,000		754,250
Emirate of Abu Dhabi Senior Bonds 3.88% due 04/16/2050*		215,000		248,863
				2,657,361
United Kingdom — 3.3%
United Kingdom Gilt Treasury Bonds 1.25% due 07/22/2027	GBP	850,000		1,172,446
United Kingdom Gilt Treasury Bonds 2.25% due 09/07/2023	GBP	300,000		411,563
United Kingdom Gilt Treasury Bonds 3.25% due 01/22/2044	GBP	400,000		774,079
United Kingdom Gilt Treasury Notes 3.75% due 07/22/2052	GBP	200,000		470,980
United Kingdom Gilt Treasury Bonds 4.25% due 06/07/2032	GBP	300,000		535,571
United Kingdom Gilt Treasury Bonds 4.25% due 03/07/2036	GBP	300,000		575,309
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2055	GBP	200,000		536,326
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/2030	GBP	700,000		1,256,082
				5,732,356
Total Foreign Government Obligations (cost $112,725,819)				110,227,674

137

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount(1)/ Shares			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 27.0%
United States — 27.0%
United States Treasury Bonds 1.25% due 05/15/2050	$	1,400,000		$	1,225,820
1.38% due 11/15/2040		1,000,000			922,500
1.88% due 02/15/2041		1,000,000			1,003,555
2.38% due 05/15/2051		1,000,000			1,135,312
2.50% due 02/15/2045		500,000			560,723
2.88% due 05/15/2049		400,000			494,922
3.00% due 02/15/2047		1,200,000			1,486,969
3.13% due 08/15/2044		900,000			1,111,254
3.38% due 05/15/2044		700,000			895,344
3.38% due 11/15/2048		450,000			603,809
3.75% due 11/15/2043		500,000			671,328
United States Treasury Notes 0.25% due 07/31/2025		1,500,000			1,460,273
0.50% due 06/30/2027		1,500,000			1,442,461
0.63% due 08/15/2030		1,000,000			936,563
1.13% due 02/28/2027		700,000			698,496
1.25% due 08/15/2031		1,000,000			983,906
1.50% due 11/30/2024		1,000,000			1,020,039
1.50% due 08/15/2026		1,000,000			1,017,227
1.50% due 02/15/2030#		2,000,000			2,019,141
1.63% due 08/15/2029		2,500,000			2,549,414
1.63% due 05/15/2031		1,200,000			1,223,250
1.75% due 05/15/2023		1,000,000			1,020,117
2.00% due 08/15/2025		2,000,000			2,073,281
2.00% due 11/15/2026		1,500,000			1,562,812
2.13% due 03/31/2024		1,500,000			1,551,328
2.13% due 05/15/2025#		500,000			520,176
2.25% due 11/15/2024		1,500,000			1,562,988
2.25% due 11/15/2025		1,000,000			1,047,070
2.25% due 11/15/2027		600,000			634,172
2.38% due 08/15/2024#		2,050,000			2,139,047
2.38% due 05/15/2027		1,200,000			1,274,625
2.50% due 08/15/2023		1,500,000			1,552,266
2.50% due 05/15/2024		1,700,000			1,775,105
2.75% due 11/15/2023		1,500,000			1,565,098
2.75% due 02/15/2024		1,200,000			1,256,531
2.75% due 02/15/2028		1,600,000			1,740,062
2.88% due 08/15/2028		1,500,000			1,648,828
3.13% due 11/15/2028		1,200,000			1,341,844
Total U.S. Government Treasuries (cost $47,211,040)					47,727,656
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2%
China — 0.2%
China Minmetals Corp. 3.75% due 11/13/2022(4) (cost $410,477)		430,000			436,481
Total Long-Term Investment Securities (cost $171,939,433)					169,990,909
SHORT-TERM INVESTMENT SECURITIES — 3.7%
Registered Investment Companies — 3.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.03%(2)		5,023,881			5,023,881
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(2)(3)		1,441,740			1,441,740
Total Short-Term Investment Securities (cost $6,465,621)					6,465,621
TOTAL INVESTMENTS (cost $178,405,054)(6)		100.0	%		176,456,530
Other assets less liabilities		0.0			26,367
NET ASSETS		100.0	%	$	176,482,897

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $26,224,292 representing 14.9% of net assets.

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

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

(2) The rate shown is the 7-day yield as of November 30, 2021.

(3) At November 30, 2021, the Fund had loaned securities with a total value of $7,358,060. This was secured by collateral of $1,441,740, which was received in cash and subsequently invested in short-term investments currently valued at $1,441,740 as reported in the Portfolio of Investments. Additional collateral of $6,141,923 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
Federal Home Loan Mtg. Corp.	1.25% to 4.59%	07/01/2022 to 11/01/2046	$	406,808
Federal National Mtg. Assoc.	1.18% to 9.00%	12/01/2021 to 09/01/2057		2,404,539
United States Treasury Bills	0.00%	02/03/2022		74,609
United States Treasury Notes/Bonds	0.13% to 3.88%	01/15/2022 to 05/15/2051		3,255,967

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

(5) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2021.

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

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro Currency

GBP—British Pound

JPY—Japanese Yen

MXN—Mexican Peso

NOK—Norwegian Krone

PLN—Polish Zloty

138

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2021 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Foreign Corporate Bonds & Notes ………….	$	—	$	11,599,098	$	—	$	11,599,098
Foreign Government Obligations …………..		—		110,227,674		—		110,227,674
U.S. Government Treasuries …………		—		47,727,656		—		47,727,656
Preferred Securities/Capital Securities		—		436,481		—		436,481
Short-Term Investment Securities ……..		6,465,621		—		—		6,465,621
Total Investments at Value	$	6,465,621	$	169,990,909	$	—	$	176,456,530

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

See Notes to Financial Statements

139

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — November 30, 2021 — (unaudited)

Industry Allocation*

Apparel Manufacturers	11.1	%
Transport — Services	8.9
Banks — Commercial	6.1
Beverages — Wine/Spirits	6.1
Semiconductor Equipment	5.9
Computer Services	5.2
Retail — Apparel/Shoe	4.7
Industrial Automated/Robotic	4.7
Registered Investment Companies	4.5
Private Equity	4.0
Semiconductor Components — Integrated Circuits	3.9
Electric — Transmission	3.5
Athletic Footwear	3.4
Food — Misc./Diversified	3.0
Medical Products	2.8
Commercial Services — Finance	2.8
E — Commerce/Services	2.8
Insurance — Life/Health	2.4
Computer Aided Design	2.2
Food — Retail	2.1
Internet Application Software	2.0
Food — Confectionery	1.9
Chemicals — Specialty	1.8
Cosmetics & Toiletries	1.7
Medical — Biomedical/Gene	1.7
Gambling (Non — Hotel)	1.5
Computers — Other	0.9
Specified Purpose Acquisitions	0.9
	102.5	%

* Calculated as a percentage of net assets

Country Allocation*

France	11.8	%
Netherlands	11.1
United States	10.2
Canada	9.6
Denmark	8.9
Japan	6.8
Switzerland	6.5
India	6.1
Germany	5.5
Italy	4.7
Bermuda	4.4
United Kingdom	4.4
Taiwan	3.9
Sweden	3.2
China	3.0
Hong Kong	2.4
	102.5%

* Calculated as a percentage of net assets

140

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.0%
Bermuda — 4.4%
AutoStore Holdings, Ltd.†		1,106,603	$	5,530,232
Brookfield Asset Management Reinsurance Partners, Ltd., Class A Class A†#		3,107		178,155
Brookfield Infrastructure Partners LP		381,355		21,668,591
				27,376,978
Canada — 9.6%
Brookfield Asset Management, Inc., Class A#		447,418		25,131,469
Canada Goose Holdings, Inc.†#		495,196		22,080,790
Shopify, Inc., Class A†		8,284		12,606,508
				59,818,767
China — 3.0%
Foshan Haitian Flavouring & Food Co., Ltd., Class A		1,061,741		18,657,968
Denmark — 8.9%
Chr. Hansen Holding A/S		146,846		10,926,264
DSV A/S		202,161		44,297,426
				55,223,690
France — 11.8%
Dassault Systemes SE		222,693		13,424,454
Hermes International		25,046		46,965,149
Pernod Ricard SA		56,222		12,913,389
				73,302,992
Germany — 5.5%
adidas AG		30,684		8,898,181
HelloFresh SE†		128,763		13,061,326
Puma SE		99,215		12,017,830
				33,977,337
Hong Kong — 2.4%
AIA Group, Ltd.		1,409,118		14,826,639
India — 6.1%
HDFC Bank, Ltd.		1,466,984		29,035,548
Kotak Mahindra Bank, Ltd.		349,779		9,138,775
				38,174,323
Italy — 4.7%
Moncler SpA		407,550		29,536,321
Japan — 6.8%
Change, Inc.†#		128,500		2,382,649
Keyence Corp.		47,200		29,150,685
Pigeon Corp.#		544,600		11,049,048
				42,582,382
Netherlands — 11.1%
Adyen NV†*		6,182		17,144,827
ASML Holding NV		46,944		36,785,236
Davide Campari-Milano NV		1,038,842		15,150,161
				69,080,224

Security Description	Shares			Value (Note 2)
Sweden — 3.2%
Evolution AB*		91,704		$	9,611,090
Vitrolife AB		169,766			10,374,123
					19,985,213
Switzerland — 6.5%
Chocoladefabriken Lindt & Spruengli AG		95			11,727,039
Kuehne & Nagel International AG		38,653			11,088,714
Straumann Holding AG#		8,426			17,930,834
					40,746,587
Taiwan — 3.9%
Taiwan Semiconductor Manufacturing Co., Ltd.		1,135,000			24,147,076
United Kingdom — 4.4%
Diageo PLC		200,365			10,098,257
Rightmove PLC		1,728,236			17,132,220
					27,230,477
United States — 5.7%
Altimeter Growth Corp. PIPE shares(4)		478,823			5,481,566
EPAM Systems, Inc.†		48,861			29,734,361
					35,215,927
Total Common Stocks
(cost $368,698,862)					609,882,901
OPTIONS—PURCHASED†(1) — 0.0%
United States — 0.0%
Over the Counter Call Options on Currency Contracts (cost $647,722)		104,052,160			129,099
Total Long-Term Investment Securities (cost $369,346,584)					610,012,000
SHORT-TERM INVESTMENT SECURITIES — 4.5%
Registered Investment Companies — 4.5%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(2)(3) (cost $27,818,716)		27,818,716			27,818,716
TOTAL INVESTMENTS
(cost $397,165,300)(5)		102.5	%		637,830,716
Liabilities in excess of other assets		(2.5	)		(15,528,838	)
NET ASSETS		100.0	%	$	622,301,878

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $26,755,917 representing 4.3% of net assets.

(1) Options — Purchased

Over the Counter Call Options on Currency Contracts
Issue	Counterparty		Expiration Month		Strike Price			Notional Amount(000’s)		Premiums Paid		Value at November 30, 2021		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.375 CNH per $1 USD		JPMorgan Chase Bank N.A.		July 2022	CN	H	7.38	$	39,678	$	210,490	$	43,288	$	(167,202	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.31 CNH per $1 USD		JPMorgan Chase Bank N.A.		August 2022	CN	H	7.31		64,375		437,232		85,811		(351,421	)
										$	647,722	$	129,099	$	(518,623	)

CNH — Chinese Yuan

USD — United States Dollar

141

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

(2) The rate shown is the 7-day yield as of November 30, 2021.

(3) At November 30, 2021, the Fund had loaned securities with a total value of $36,567,270. This was secured by collateral of $27,818,716, which was received in cash and subsequently invested in short-term investments currently valued at $27,818,716 as reported in the Portfolio of Investments. Additional collateral of $10,880,593 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Notes/Bonds	0.13% to 6.25%	02/28/2022 to 05/15/2050	$	10,880,593

(4) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2021, the Fund held the following restricted securities:

Description

Acquisition Date

Shares

Acquisition Cost

Value

Value Per Share

Value as a % of Net Assets

Common Stocks

Altimeter Growth Corp. PIPE Shares

04/12/2021

478,823

4,788,230

5,481,566

11.45

0.88

%

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

PIPE — Private investment in public equity

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
United States	$	29,734,361	$	5,481,566		$	—	$	35,215,927
Other Countries		99,952,517		474,714,457	**		—		574,666,974
Options — Purchased		—		129,099			—		129,099
Short-Term Investment Securities		27,818,716		—			—		27,818,716
Total Investments at Value	$	157,505,594	$	480,325,122		$	—	$	637,830,716

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

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

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

See Notes to Financial Statements

142

VALIC Company I International Opportunities Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Machinery — General Industrial	4.3	%
E-Commerce/Services	3.9
Real Estate Operations & Development	3.4
Chemicals — Diversified	3.0
Internet Content — Information/News	2.7
Building & Construction Products — Misc.	2.6
Real Estate Investment Trusts	2.3
Computer Services	2.3
Oil Companies — Exploration & Production	2.1
Investment Management/Advisor Services	1.9
Registered Investment Companies	1.8
Electronic Parts Distribution	1.8
Medical Information Systems	1.8
Repurchase Agreements	1.7
Recycling	1.7
Electronic Components — Semiconductors	1.6
Applications Software	1.6
Medical Products	1.6
Commercial Services	1.4
Retail — Apparel/Shoe	1.4
Retail — Building Products	1.3
Banks — Commercial	1.3
Athletic Equipment	1.3
Metal Processors & Fabrication	1.2
Electronic Measurement Instruments	1.1
Electronic Components — Misc.	1.1
Exchange-Traded Funds	1.1
Medical Labs & Testing Services	1.1
Distribution/Wholesale	1.1
Veterinary Products	1.0
Circuit Boards	1.0
Human Resources	1.0
E-Services/Consulting	0.9
Building — Heavy Construction	0.9
Computers — Integrated Systems	0.9
Transport — Services	0.8
Finance — Other Services	0.8
Containers — Paper/Plastic	0.8
Industrial Automated/Robotic	0.8
Batteries/Battery Systems	0.8
Medical — Nursing Homes	0.8
Athletic Footwear	0.8
Semiconductor Equipment	0.8
Energy — Alternate Sources	0.8
Medical — Drugs	0.8
Computer Software	0.7
Chemicals — Specialty	0.7
Building — Residential/Commercial	0.7
Advertising Services	0.7
Mining Services	0.7
Machinery — Electrical	0.7
Auto/Truck Parts & Equipment — Original	0.7
Cosmetics & Toiletries	0.6
E-Commerce/Products	0.6
Consulting Services	0.6
Machine Tools & Related Products	0.6
Airport Development/Maintenance	0.6
Engineering/R&D Services	0.6
Steel — Producers	0.6
Hazardous Waste Disposal	0.6
Food — Misc./Diversified	0.5
Apparel Manufacturers	0.5
Food — Retail	0.5
Entertainment Software	0.5
Gold Mining	0.5
Brewery	0.5
Electric — Generation	0.5
Coatings/Paint	0.5
Electric Products — Misc.	0.5

Building Products — Cement	0.5
Schools	0.5
Aerospace/Defense	0.4
Machinery — Pumps	0.4
Enterprise Software/Service	0.4
Insurance Brokers	0.4
Containers — Metal/Glass	0.4
Medical Instruments	0.4
Agricultural Operations	0.4
Gas — Distribution	0.4
Food — Confectionery	0.4
Machinery — Material Handling	0.4
Food — Meat Products	0.4
Transport — Truck	0.3
Gambling (Non-Hotel)	0.3
Theaters	0.3
Insurance — Property/Casualty	0.3
Finance — Investment Banker/Broker	0.3
Retail — Discount	0.3
Retail — Major Department Stores	0.3
Retail — Drug Store	0.3
Insurance — Multi-line	0.3
Motion Pictures & Services	0.3
Medical — Biomedical/Gene	0.3
Appliances	0.2
Dental Supplies & Equipment	0.2
Bicycle Manufacturing	0.2
Electric — Integrated	0.2
Fisheries	0.2
Finance — Commercial	0.2
Retail — Auto Parts	0.2
Hotels/Motels	0.2
Home Furnishings	0.2
Miscellaneous Manufacturing	0.2
Food — Flour & Grain	0.2
Leisure Products	0.2
Oil Refining & Marketing	0.2
Audio/Video Products	0.2
Telephone — Integrated	0.2
Retail — Automobile	0.2
Diversified Manufacturing Operations	0.2
Computers	0.2
Medical — Wholesale Drug Distribution	0.2
Chemicals — Plastics	0.2
Electronic Connectors	0.2
E-Marketing/Info	0.2
Retail — Restaurants	0.1
Real Estate Management/Services	0.1
Auto — Heavy Duty Trucks	0.1
Food — Catering	0.1
Diversified Financial Services	0.1
Textile — Products	0.1
Retail — Propane Distribution	0.1
Tobacco	0.1
Security Services	0.1
Computer Aided Design	0.1
Disposable Medical Products	0.1
Instruments — Scientific	0.1
Machinery — Construction & Mining	0.1
Television	0.1
Diversified Operations	0.1
Publishing — Periodicals	0.1
Retail — Misc./Diversified	0.1
Motorcycle/Motor Scooter	0.1
Water Treatment Systems	0.1
Building — Maintenance & Services	0.1
Food — Wholesale/Distribution	0.1
Diversified Minerals	0.1
Aerospace/Defense — Equipment	0.1
MRI/Medical Diagnostic Imaging	0.1

143

VALIC Company I International Opportunities Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited) — (continued)

Industry Allocation* (continued)

Finance — Consumer Loans	0.1	%
Metal — Iron	0.1
Building Products — Air & Heating	0.1
Commercial Services — Finance	0.1
Explosives	0.1
Electric — Distribution	0.1
Electronic Security Devices	0.1
Paper & Related Products	0.1
Metal — Diversified	0.1
Power Converter/Supply Equipment	0.1
Water	0.1
Internet Gambling	0.1
Cable/Satellite TV	0.1
Metal Products — Distribution	0.1
Transport — Marine	0.1
	100.4%

* Calculated as a percentage of net assets

Country Allocation*

Japan	25.1	%
United Kingdom	13.9
Canada	7.0
Germany	7.0
United States	4.7
South Korea	4.6
Australia	4.2
Sweden	3.6
Italy	3.1
Brazil	2.3
Ireland	2.2
Taiwan	2.0
France	2.0
Spain	1.6
Switzerland	1.5
Cayman Islands	1.5
Netherlands	1.3
Cyprus	1.1
Israel	1.0
India	1.0
Norway	1.0
Bermuda	0.9
Mexico	0.8
South Africa	0.8
Luxembourg	0.8
Singapore	0.7
Denmark	0.7
Finland	0.6
Indonesia	0.5
Austria	0.4
Russia	0.4
Philippines	0.3
New Zealand	0.3
Hong Kong	0.2
Faroe Islands	0.2
Greece	0.2
China	0.2
Mauritius	0.1
Jersey	0.1
Belgium	0.1
Chile	0.1
Portugal	0.1
Thailand	0.1
Gibraltar	0.1
	100.4	%

* Calculated as a percentage of net assets

144

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.8%
Australia — 4.2%
Ansell, Ltd.		33,428	$	754,018
ASX, Ltd.#		10,612		674,729
AUB Group, Ltd.		88,239		1,416,107
Bapcor, Ltd.		256,771		1,290,113
carsales.com, Ltd.		12,764		225,015
Codan, Ltd.		31,016		210,973
Deterra Royalties, Ltd.		128,370		373,812
Domain Holdings Australia, Ltd.		925,715		3,459,970
HUB24, Ltd.#		186,933		3,830,715
Iluka Resources, Ltd.		85,863		510,901
IPH, Ltd.		219,347		1,382,512
IRESS, Ltd.		39,744		344,863
Omni Bridgeway, Ltd.†#		187,007		422,097
Orica, Ltd.#		40,518		399,648
Pinnacle Investment Management Group, Ltd.		37,151		431,437
Pro Medicus, Ltd.#		116,284		5,060,911
Ridley Corp., Ltd.		186,785		183,979
SEEK, Ltd.		21,372		521,437
Seven Group Holdings, Ltd.		18,228		272,640
Sonic Healthcare, Ltd.		15,585		468,370
Steadfast Group, Ltd.		250,813		874,109
Tabcorp Holdings, Ltd.		185,686		651,316
Webjet, Ltd.†		83,452		319,646
WiseTech Global, Ltd.		23,517		866,050
				24,945,368
Austria — 0.4%
Mayr-Melnhof Karton AG		4,526		879,824
Vienna Insurance Group AG Wiener Versicherung Gruppe		54,536		1,513,135
				2,392,959
Belgium — 0.1%
Melexis NV		5,790		673,721
Bermuda — 0.9%
Cafe de Coral Holdings, Ltd.		522,000		914,404
China Resources Gas Group, Ltd.		180,000		927,569
Credicorp, Ltd.		3,366		397,188
Dairy Farm International Holdings, Ltd.		204,900		639,679
Esprit Holdings, Ltd.†		201,250		16,594
Hiscox, Ltd.		66,014		724,711
Midland Holdings, Ltd.†		1,360,000		195,332
Shangri-La Asia, Ltd.†		960,000		756,446
VTech Holdings, Ltd.		123,149		1,017,819
				5,589,742
Brazil — 2.3%
Anima Holding SA†		209,869		319,553
Cia de Saneamento Basico do Estado de Sao Paulo		16,200		97,053
Embraer SA ADR†#		160,662		2,205,889
Energisa SA		47,300		382,735
Equatorial Energia SA		55,700		223,618
Fleury SA		57,086		177,396
Gerdau SA (Preference Shares)		89,300		409,819
Hapvida Participacoes e Investimentos SA*		116,300		225,697
Hypera SA		76,267		367,915
JBS SA		52,097		330,364
Localiza Rent a Car SA		31,600		287,286
Locaweb Servicos de Internet SA*		528,666		1,240,358
Lojas Renner SA		68,417		346,232
Magazine Luiza SA		84,667		117,471
Meliuz SA*		1,903,135		1,012,189
Multiplan Empreendimentos Imobiliarios SA		197,142		687,315
Petro Rio SA†		517,656		1,868,289
Rumo SA†		92,306		288,484
Sendas Distribuidora SA		58,900		133,581

Security Description	Shares		Value (Note 2)
Brazil (continued)
SLC Agricola SA		326,694	$	2,230,318
Suzano SA†		37,600		375,609
TOTVS SA		64,500		363,582
Transmissora Alianca de Energia Eletrica SA		37,184		238,309
				13,929,062
Canada — 7.0%
Agnico Eagle Mines, Ltd.		20,778		1,035,769
Aritzia, Inc.†		117,353		4,650,208
ATS Automation Tooling Systems, Inc.†		257,081		9,593,371
Capital Power Corp.		102,652		3,061,600
Dollarama, Inc.		27,749		1,198,630
Enerplus Corp.#		799,485		7,553,942
Granite Real Estate Investment Trust		97,783		7,542,790
Major Drilling Group International, Inc.†#		445,020		2,995,947
TMX Group, Ltd.		12,179		1,181,910
Vermilion Energy, Inc.†		328,987		3,286,136
				42,100,303
Cayman Islands — 1.5%
Airtac International Group		10,000		302,727
ASM Pacific Technology, Ltd.		71,600		749,548
Burning Rock Biotech, Ltd. ADR†#		18,843		291,313
China Literature, Ltd.†#,*		73,600		516,276
ESR Cayman, Ltd.†*		217,000		715,929
Haitian International Holdings, Ltd.		438,000		1,213,526
iClick Interactive Asia Group, Ltd. ADR†		43,003		285,110
Kingsoft Cloud Holdings, Ltd. ADR†#		10,034		173,388
LK Technology Holdings, Ltd.#		657,500		1,558,665
Pacific Textiles Holdings, Ltd.		1,249,000		654,429
Shenguan Holdings Group, Ltd.		414,000		22,298
Silicon Motion Technology Corp. ADR		12,119		836,575
Tingyi Cayman Islands Holding Corp.		432,000		836,522
Trip.com Group, Ltd.†		9,824		268,578
Vipshop Holdings, Ltd. ADR†		26,095		254,948
				8,679,832
Chile — 0.1%
Aguas Andinas SA, Class A		1,227,406		262,579
Banco Santander Chile		5,353,169		239,392
				501,971
China — 0.2%
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A		18,400		316,235
Yunnan Baiyao Group Co., Ltd., Class A		6,400		88,617
Zhejiang Supor Co., Ltd., Class A		57,100		550,384
				955,236
Colombia — 0.0%
Bancolombia SA ADR		6,296		200,591
Cyprus — 1.1%
Cian PLC ADR†#		90,238		1,452,832
HeadHunter Group PLC ADR		97,855		5,377,132
				6,829,964
Denmark — 0.7%
Carlsberg A/S, Class B		4,487		700,490
Demant A/S†		9,204		442,463
Dfds A/S†		5,081		231,013
Jyske Bank A/S†		9,282		462,868
Royal Unibrew A/S		17,784		1,904,613
SimCorp A/S		2,106		213,679
				3,955,126

145

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Faroe Islands — 0.2%
Bakkafrost P/F		20,262	$	1,319,823
Finland — 0.6%
Valmet Oyj		89,104		3,651,552
France — 2.0%
Alten SA		5,552		918,584
Cie Plastic Omnium SA		10,513		263,760
Legrand SA		20,238		2,212,549
LISI		20,473		505,670
SEB SA		5,488		814,756
SOITEC†		18,735		4,936,278
Somfy SA		3,579		687,556
Verallia SA*		5,930		199,211
Virbac SA		2,963		1,388,805
				11,927,169
Germany — 7.0%
Amadeus Fire AG		5,253		1,082,026
CANCOM SE		14,268		1,029,569
CTS Eventim AG & Co. KGaA†		31,140		2,026,021
Duerr AG		93,698		3,733,634
Evotec SE†		101,872		4,823,464
GEA Group AG		46,064		2,337,453
Gerresheimer AG		16,364		1,503,837
Hella GmbH & Co. KGaA		4,200		283,888
K+S AG†		338,407		5,773,374
LEG Immobilien SE		27,070		3,793,563
MTU Aero Engines AG		1,300		243,304
Rational AG		86		79,389
Salzgitter AG†		102,071		3,031,112
Scout24 AG*		15,373		1,023,147
Steico SE		22,877		2,661,659
Symrise AG		27,179		3,839,510
TAG Immobilien AG		165,246		4,593,691
				41,858,641
Gibraltar — 0.1%
888 Holdings PLC		86,034		355,162
Greece — 0.2%
Hellenic Telecommunications Organization SA		58,689		1,013,895
Hong Kong — 0.2%
China Resources Beer Holdings Co., Ltd.		56,000		456,612
Techtronic Industries Co., Ltd.		48,000		981,105
				1,437,717
India — 1.0%
Bharat Heavy Electricals, Ltd.†		465,343		363,744
CESC, Ltd.		996,623		1,162,586
Dabur India, Ltd.		57,962		458,877
Embassy Office Parks REIT		108,283		517,176
Hero MotoCorp, Ltd.		18,985		615,651
Mahindra & Mahindra, Ltd.		78,768		875,715
MOIL, Ltd.		196,092		439,437
Shriram Transport Finance Co., Ltd.		69,371		1,304,215
Spencer’s Retail, Ltd.†		23,294		31,021
				5,768,422
Indonesia — 0.5%
Indocement Tunggal Prakarsa Tbk PT		822,200		607,070
Kalbe Farma Tbk PT		10,751,400		1,201,064
United Tractors Tbk PT		712,200		1,058,957
				2,867,091

Security Description	Shares		Value (Note 2)
Ireland — 2.2%
DCC PLC		14,213	$	1,043,983
Flutter Entertainment PLC†		10,695		1,444,303
Glenveagh Properties PLC†*		2,734,447		3,522,564
Grafton Group PLC		355,324		5,480,502
Greencore Group PLC†		40,097		66,601
Hibernia REIT PLC		145,663		212,807
ICON PLC†		1,415		382,715
Kerry Group PLC, Class A		7,001		861,887
Kingspan Group PLC		2,535		292,643
				13,308,005
Israel — 1.0%
Inmode, Ltd.†		79,377		6,032,652
Italy — 3.1%
Azimut Holding SpA		120,833		3,353,795
Buzzi Unicem SpA		20,714		434,828
Carel Industries SpA†*		5,618		150,817
Cembre SpA		18,359		601,168
Enav SpA†*		154,599		641,616
FinecoBank Banca Fineco SpA#		32,303		565,256
Gruppo MutuiOnline SpA		1,194		56,122
Infrastrutture Wireless Italiane SpA#,*		42,307		485,916
Italgas SpA		201,190		1,269,573
OVS SpA†*		557,757		1,703,953
Reply SpA		29,329		5,699,462
Tinexta Spa		93,061		3,817,362
				18,779,868
Japan — 25.1%
ABC-Mart, Inc.		6,100		286,064
Aeon Delight Co., Ltd.		9,400		295,334
AEON Financial Service Co., Ltd.		80,800		872,862
Air Water, Inc.		25,400		375,088
Amano Corp.		8,041		176,286
Amvis Holdings, Inc.		49,800		4,838,977
Argo Graphics, Inc.		21,800		546,147
Ariake Japan Co., Ltd.		4,200		236,983
As One Corp.		5,700		706,723
Asante, Inc.		5,400		80,540
Asics Corp.		195,500		4,836,331
Azbil Corp.		26,500		1,169,732
Bandai Namco Holdings, Inc.		3,200		248,936
Bank of Kyoto, Ltd.#		10,600		450,263
BML, Inc.†		19,200		597,410
Capcom Co., Ltd.		96,300		2,398,914
Central Automotive Products, Ltd.		1,900		46,541
Chiba Bank, Ltd.		81,600		470,059
CKD Corp.		122,100		2,381,773
COMSYS Holdings Corp.		12,400		270,713
Comture Corp.		21,300		661,992
Cosmos Pharmaceutical Corp.		2,200		340,811
Daikyonishikawa Corp.		10,587		49,771
Daiseki Co., Ltd.		73,080		3,310,237
Daito Pharmaceutical Co., Ltd.#		18,300		457,222
Daiwa Securities Group, Inc.		331,000		1,839,195
Demae-Can Co., Ltd†#		19,700		161,231
DeNA Co., Ltd.		10,900		161,281
Dip Corp.		97,400		3,405,103
DMG Mori Seiki Co., Ltd.		179,200		2,790,971
Doshisha Co., Ltd.		4,200		54,487
Eiken Chemical Co., Ltd.		24,200		400,203
Elecom Co., Ltd.		13,800		161,764
Ezaki Glico Co., Ltd.		14,600		453,342
Fuji Seal International, Inc.		53,400		967,556
Fuji Soft, Inc.		10,900		506,832

146

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Fujimi, Inc.		67,700	$	4,373,342
Fujitec Co., Ltd.		46,200		968,510
Fujitsu General, Ltd.#		8,100		183,987
Fukuda Denshi Co., Ltd.		8,300		602,291
Fukui Computer Holdings, Inc.		6,700		225,617
Fukushima Galilei Co., Ltd.		19,800		727,559
FULLCAST Holdings Co., Ltd.		20,700		485,735
GungHo Online Entertainment, Inc.		10,400		278,625
Hamakyorex Co., Ltd.		3,600		90,401
Heian Ceremony Service Co., Ltd.#		11,800		89,997
Hirose Electric Co., Ltd.		3,000		500,999
Hogy Medical Co., Ltd.		3,000		79,381
Insource Co., Ltd.		103,800		2,244,507
Inter Action Corp.		1,100		22,626
Iriso Electronics Co., Ltd.		7,100		285,734
Iwatani Corp.		15,800		797,748
JAFCO Group Co., Ltd.		2,700		168,931
Japan Elevator Service Holdings Co., Ltd.		167,700		3,136,649
Japan Exchange Group, Inc.		4,300		93,097
Japan Pure Chemical Co., Ltd.		1,600		36,126
JCU Corp.		22,100		932,954
Jeol, Ltd.		9,000		742,809
JGC Holdings Corp.		8,460		71,257
JM Holdings Co., Ltd.		8,300		126,109
JMDC, Inc.†		62,600		5,020,056
Kakaku.com, Inc.		9,100		254,172
Kansai Paint Co., Ltd.		33,400		750,512
Katitas Co., Ltd.		126,500		4,658,020
Kato Sangyo Co., Ltd.		19,200		536,775
Kawai Musical Instruments Manufacturing Co., Ltd.†		3,800		106,061
KH Neochem Co., Ltd.		13,100		352,711
Kikkoman Corp.#		3,800		289,784
Kintetsu World Express, Inc.		8,900		213,579
Kitanotatsujin Corp.		36,600		114,948
Kobayashi Pharmaceutical Co., Ltd.		8,900		700,116
Koito Manufacturing Co., Ltd.		20,700		1,188,560
Konami Holdings Corp.		5,100		260,670
Kureha Corp.		5,900		409,947
Lion Corp.		34,800		495,071
MatsukiyoCocokara & Co.		3,000		116,914
Medipal Holdings Corp.		24,400		438,788
Meitec Corp.		12,200		716,067
METAWATER Co., Ltd.		35,600		611,939
Milbon Co., Ltd.		1,600		81,226
MISUMI Group, Inc.		7,400		311,526
Mitsubishi Pencil Co., Ltd.		7,600		81,025
Mitsui High-Tec, Inc.		73,300		5,889,832
MonotaRO Co., Ltd.		25,500		507,207
Morinaga & Co., Ltd.		23,400		728,220
Nabtesco Corp.		26,400		761,720
Nakanishi, Inc.		73,200		1,456,126
NGK Spark Plug Co., Ltd.		26,900		447,226
Nihon Kohden Corp.		16,700		492,045
Nihon Parkerizing Co., Ltd.		33,700		314,092
Nippo Corp.		13,400		475,634
Nippon Television Holdings, Inc.		24,800		251,210
Nishimatsuya Chain Co., Ltd.		58,700		775,123
Nissei ASB Machine Co., Ltd.		4,600		114,484
Nitto Denko Corp.		4,300		299,132
NOF Corp.		10,200		502,266
Nohmi Bosai, Ltd.		21,600		380,349
Nomura Research Institute, Ltd.		77,600		3,327,034
NS Solutions Corp.		109,600		3,305,046
Obara Group, Inc.#		3,900		113,977
OBIC Business Consultants Co., Ltd.#		3,000		134,261

Security Description	Shares		Value (Note 2)
Japan (continued)
OBIC Co., Ltd.		26,900	$	4,965,011
Omron Corp.		6,800		655,572
Oracle Corp. Japan		8,400		821,049
PALTAC Corp.		15,200		593,334
Paramount Bed Holdings Co., Ltd.		700		11,958
Park24 Co., Ltd.†		11,600		164,428
Pasona Group, Inc.		14,700		458,086
PCA Corp.		45,000		578,079
Proto Corp.		36,700		411,308
Rakuten Group, Inc.		3,800		39,098
Rinnai Corp.		3,000		283,057
Ryohin Keikaku Co., Ltd.		38,600		623,515
S Foods, Inc.		27,000		780,007
Sagami Rubber Industries Co., Ltd.		8,600		75,020
San-A Co, Ltd.		3,000		105,590
San-Ai Oil Co., Ltd.		95,900		999,097
Sankyu, Inc.		20,300		806,177
Santen Pharmaceutical Co., Ltd.		65,600		869,222
SCSK Corp.		27,000		509,737
Seino Holdings Co., Ltd.		119,500		1,208,186
Senko Group Holdings Co., Ltd.		20,900		170,518
Seria Co., Ltd.		5,900		180,247
SG Holdings Co., Ltd.		107,200		2,368,774
Shima Seiki Manufacturing, Ltd.		6,100		102,250
Shimadzu Corp.		20,300		858,761
Shimamura Co., Ltd.		2,000		171,087
Shizuoka Bank, Ltd.#		33,000		230,765
SK Kaken Co., Ltd.#		3,800		1,248,130
SMS Co., Ltd.		123,800		4,592,720
Sohgo Security Services Co., Ltd.		18,300		780,239
SRE Holdings Corp.†		54,600		4,330,032
Stanley Electric Co., Ltd.		28,100		729,290
Sugi Holdings Co., Ltd.		7,600		478,031
Sundrug Co., Ltd.		27,200		720,156
Suzuken Co., Ltd.		10,900		297,985
T Hasegawa Co., Ltd.		99,900		2,466,354
Taisei Lamick Co, Ltd.		7,200		174,065
Taiyo Yuden Co., Ltd.		64,600		3,523,910
Takasago International Corp.		5,100		123,625
Takuma Co., Ltd.		31,300		377,283
TechnoPro Holdings, Inc.		144,300		3,973,121
Temairazu, Inc.		6,800		309,110
Terumo Corp.		16,600		676,569
THK Co., Ltd.		4,000		95,108
Toei Co., Ltd.		2,700		442,947
Toho Co., Ltd.		19,600		871,841
Tokyo Broadcasting System, Inc.		29,200		440,924
Tokyo Seimitsu Co., Ltd.		56,700		2,369,310
Toshiba TEC Corp.		6,900		264,536
TOTO, Ltd.		4,300		189,874
Toyo Seikan Group Holdings, Ltd.		45,400		557,882
Trancom Co., Ltd.		3,000		212,508
TS Tech Co., Ltd.		32,300		379,029
Tsugami Corp.		175,100		2,135,321
Unicharm Corp.		28,400		1,230,396
USS Co., Ltd.		64,600		947,720
Yamato Holdings Co., Ltd.		60,800		1,342,718
Zojirushi Corp.		5,500		77,583
ZOZO, Inc.		43,000		1,358,217
Zuken, Inc.		18,000		589,037
				149,601,620
Jersey — 0.1%
Breedon Group PLC		562,212		724,597

147

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Luxembourg — 0.8%
Allegro.eu SA†*		10,205	$	97,770
B&M European Value Retail SA		33,401		274,596
Befesa SA*		59,908		3,975,933
Eurofins Scientific SE		1,134		144,892
				4,493,191
Mauritius — 0.1%
MakeMyTrip, Ltd.†#		34,437		838,541
Mexico — 0.8%
Bolsa Mexicana de Valores SAB de CV		171,400		286,326
Corp Inmobiliaria Vesta SAB de CV		80,013		136,126
Genomma Lab Internacional SAB de CV, Class B†		352,702		296,406
Gruma SAB de CV, Class B		27,393		331,156
Grupo Aeroportuario del Centro Norte SAB de CV†		387,494		2,197,652
Grupo Aeroportuario del Pacifico SAB de CV, Class B		23,567		272,638
Grupo Aeroportuario del Sureste SAB de CV ADR		963		175,988
Grupo Cementos de Chihuahua SAB de CV		74,265		517,058
Grupo Financiero Inbursa SAB de CV, Class O†		89,887		86,271
Orbia Advance Corp SAB de CV		175,793		410,163
Prologis Property Mexico SA de CV		79,415		178,293
Telesites SAB de CV		193,400		171,911
				5,059,988
Netherlands — 1.3%
Aalberts NV		14,795		904,358
ASM International NV		3,657		1,628,101
Euronext NV*		7,639		749,860
IMCD NV		8,012		1,776,527
Just Eat Takeaway.com NV (Euronext Amsterdam)†#,*		28,470		1,783,611
Just Eat Takeaway.com NV (LSE)†*		2,461		153,264
Wolters Kluwer NV		6,016		674,863
				7,670,584
New Zealand — 0.3%
Auckland International Airport, Ltd.†		89,305		478,690
Freightways, Ltd.		60,151		514,783
Mainfreight, Ltd.		8,442		524,658
				1,518,131
Norway — 1.0%
Borregaard ASA		3,829		90,820
TOMRA Systems ASA		82,074		5,618,272
				5,709,092
Peru — 0.0%
Cia de Minas Buenaventura SAA ADR†#		13,131		95,988
Philippines — 0.3%
Metropolitan Bank & Trust Co.		876,472		865,310
Universal Robina Corp.		438,030		1,153,541
				2,018,851
Portugal — 0.1%
Galp Energia SGPS SA		13,358		124,689
NOS SGPS SA		89,540		341,058
				465,747
Russia — 0.4%
Detsky Mir PJSC†		937,267		1,748,330
Moscow Exchange MICEX-RTS PJSC†		205,642		424,037
				2,172,367
Singapore — 0.7%
Ascendas India Trust		404,200		412,015
City Developments, Ltd.		93,800		480,856
Mapletree Commercial Trust		657,300		979,886

Security Description	Shares		Value (Note 2)
Singapore (continued)
Singapore Technologies Engineering, Ltd.		398,500	$	1,113,652
Venture Corp., Ltd.		87,763		1,191,702
				4,178,111
South Africa — 0.8%
AVI, Ltd.		134,853		683,118
Transaction Capital, Ltd.		1,483,748		3,969,851
				4,652,969
South Korea — 4.6%
Amorepacific Corp.		6,780		901,814
Doosan Bobcat, Inc.†		24,268		734,479
Doosan Fuel Cell Co., Ltd.†		72,766		3,023,812
Douzone Bizon Co., Ltd.		10,696		680,424
Hansae Co., Ltd.		160,783		2,682,852
L&F Co., Ltd.		25,894		4,849,908
LEENO Industrial, Inc.		27,618		4,623,191
LS Electric Co., Ltd.		20,587		904,405
OCI Co., Ltd.†		50,636		4,652,355
Orion Corp.		11,908		977,352
Samsung Fire & Marine Insurance Co., Ltd.		5,603		953,669
TK Corp.		26,667		226,132
Wonik QnC Corp.†		106,993		2,405,830
				27,616,223
Spain — 1.6%
Amadeus IT Group SA†		24,049		1,539,179
Banco de Sabadell SA†		4,275,681		2,867,880
Cellnex Telecom SA#,*		72,163		4,257,460
Viscofan SA		12,868		816,633
				9,481,152
Sweden — 3.6%
Catena AB		71,709		4,525,107
Essity AB, Class B		29,278		936,054
Fortnox AB		64,660		3,941,953
Intrum AB		67,277		1,688,542
Karnov Group AB		40,701		243,121
MIPS AB		57,435		7,671,058
Saab AB, Series B		19,182		501,917
Swedish Match AB		109,110		796,338
Thule Group AB*		16,924		960,396
				21,264,486
Switzerland — 1.5%
DKSH Holding AG		1,554		124,142
Julius Baer Group, Ltd.		13,265		822,648
Kardex Holding AG		3,245		984,680
Partners Group Holding AG		100		172,120
SIG Combibloc Group AG		68,159		1,797,869
Sika AG		5,954		2,336,171
Sonova Holding AG		3,916		1,473,314
Straumann Holding AG		34		72,353
Temenos AG		2,812		360,888
VAT Group AG*		2,124		1,022,457
				9,166,642
Taiwan — 2.0%
Advantech Co., Ltd.		65,571		895,058
Chroma ATE, Inc.		201,000		1,333,283
E.Sun Financial Holding Co., Ltd.		868,881		839,380
Kindom Development Co., Ltd.		1,122,100		1,546,654
Merida Industry Co., Ltd.		130,000		1,398,994
Tripod Technology Corp.		273,000		1,220,109
Voltronic Power Technology Corp.		18,675		1,059,038
Wafer Works Corp.		1,053,000		3,056,113

148

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Taiwan (continued)
Win Semiconductors Corp.		62,000	$	797,168
				12,145,797
Thailand — 0.1%
AEON Thana Sinsap Thailand PCL		82,600		444,897
Turkey — 0.0%
Selcuk Ecza Deposu Ticaret ve Sanayi AS		71,719		61,722
United Kingdom — 13.9%
4imprint Group PLC†		5,210		195,462
Abcam PLC†		16,778		378,307
Admiral Group PLC		7,212		282,368
Allfunds Group Plc†		21,691		357,303
Auto Trader Group PLC*		131,181		1,274,203
Babcock International Group PLC†		47,215		185,262
Bellway PLC		20,360		841,888
Big Yellow Group PLC		35,081		757,849
Britvic PLC		22,203		263,089
Bunzl PLC		26,232		998,681
Burberry Group PLC		19,465		452,490
Cairn Energy PLC		69,113		166,680
Coats Group PLC		181,302		147,407
Compass Group PLC†		44,661		866,095
ConvaTec Group PLC*		128,500		330,051
Cranswick PLC		18,693		885,015
Croda International PLC		40,038		5,375,576
Dechra Pharmaceuticals PLC		68,691		4,599,068
Electrocomponents PLC		673,422		10,781,322
EMIS Group PLC		16,572		287,214
Endeavour Mining PLC#		82,513		1,935,821
Essentra PLC		295,496		1,193,450
Forterra PLC*		519,045		1,685,490
Future PLC		218,724		10,416,050
Great Portland Estates PLC		324,641		3,087,439
Greggs PLC		55,448		2,203,668
Halma PLC		22,723		906,340
Hargreaves Lansdown PLC		26,091		463,778
Helios Towers PLC†		104,280		227,270
Howden Joinery Group PLC		105,212		1,208,154
Ibstock PLC*		154,893		395,141
Inchcape PLC		299,550		3,306,263
Intertek Group PLC		16,502		1,169,500
Johnson Service Group PLC†		51,427		88,056
Keywords Studios PLC		113,238		4,054,821
Marshalls PLC		31,250		287,455
Moneysupermarket.com Group PLC		184,647		492,602
PageGroup PLC		401,584		3,354,920
PZ Cussons PLC		12,346		31,678
Rathbone Brothers PLC		34,805		855,104
Rightmove PLC		113,480		1,124,941
Rotork PLC		534,143		2,420,514
S4 Capital PLC†		546,377		4,193,552
Sage Group PLC		22,087		226,578
Savills PLC		177,777		3,145,331
Schroders PLC		27,629		1,258,360
Shaftesbury PLC#		44,914		367,590
Smith & Nephew PLC		60,788		977,662
Spirax-Sarco Engineering PLC		3,952		819,067
Tate & Lyle PLC		14,897		124,420
UNITE Group PLC		101,302		1,428,244
				82,874,589
United States — 0.1%
Autoliv, Inc. SDR		2,461		237,427
PerkinElmer, Inc.		809		147,368

Security Description	Shares/ Principal Amount			Value (Note 2)
United States (continued)
Thoughtworks Holding, Inc.†		12,931		$	377,585
					762,380
Total Common Stocks
(cost $478,286,922)					572,091,537
EXCHANGE-TRADED FUNDS — 1.1%
iShares MSCI India Small-Cap ETF# (cost $6,770,471)		109,337			6,484,777
Total Long-Term Investment Securities
(cost $485,057,393)					578,576,314
SHORT-TERM INVESTMENT SECURITIES — 1.8%
Registered Investment Companies — 1.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(1)(2) (cost $10,854,927)		10,854,927			10,854,927
REPURCHASE AGREEMENTS — 1.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $9,747,000 and collateralized by $9,276,300 of United States Treasury Notes, bearing interest at 2.88% due 11/30/2025 and having an approximate value of $9,941,949 (cost $9,747,000)	$	9,747,000			9,747,000
TOTAL INVESTMENTS
(cost $505,659,320)(3)		100.4	%		599,178,241
Liabilities in excess of other assets		(0.4	)		(2,195,399	)
NET ASSETS		100.0	%	$	596,982,842

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $28,123,309 representing 4.7% of net assets.

(1) At November 30, 2021, the Fund had loaned securities with a total value of $24,631,104. This was secured by collateral of $10,854,927, which was received in cash and subsequently invested in short-term investments currently valued at $10,854,927 as reported in the Portfolio of Investments. Additional collateral of $14,948,747 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	02/03/2022 to 03/03/2022	$	185,645
United States Treasury Notes/Bonds	0.08% to 6.88%	12/31/2021 to 05/15/2051		14,763,102

(2) The rate shown is the 7-day yield as of November 30, 2021.

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

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

Euronext Amsterdam—Euronext Stock Exchange, Amsterdam

LSE—London Stock Exchange

SDR—Swedish Depositary Receipt

149

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
Russia	$	—	$	2,172,367		$	—	$	2,172,367
Other Industries		81,596,201		488,322,969	**		—		569,919,170
Exchange-Traded Funds		6,484,777		—			—		6,484,777
Short Term Investment Securities		10,854,927		—			—		10,854,927
Repurchase Agreements		—		9,747,000			—		9,747,000
Total Investments at Value	$	98,935,905	$	500,242,336		$	—	$	599,178,241

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

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

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

See Notes to Financial Statements

150

VALIC Company I International Socially Responsible Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Repurchase Agreements	6.2	%
Medical — Drugs	5.1
Banks — Commercial	3.9
Insurance — Life/Health	3.4
Semiconductor Equipment	2.8
Diversified Banking Institutions	2.7
Cosmetics & Toiletries	2.3
Auto — Cars/Light Trucks	2.3
Insurance — Multi-line	2.3
Telephone — Integrated	2.2
Chemicals — Specialty	1.9
Real Estate Investment Trusts	1.9
Commercial Services	1.5
Medical Products	1.5
Power Converter/Supply Equipment	1.5
Building & Construction Products — Misc.	1.4
Industrial Automated/Robotic	1.4
Apparel Manufacturers	1.2
Enterprise Software/Service	1.2
Electronic Components — Misc.	1.2
Import/Export	1.2
Transport — Rail	1.1
Finance — Other Services	1.1
Oil Companies — Integrated	1.1
Real Estate Operations & Development	1.1
Investment Companies	1.0
Medical — Biomedical/Gene	1.0
Chemicals — Diversified	1.0
Insurance — Reinsurance	1.0
Private Equity	1.0
Audio/Video Products	0.9
Food — Retail	0.8
Machinery — Electrical	0.8
Cellular Telecom	0.8
Steel — Producers	0.8
Investment Management/Advisor Services	0.8
Soap & Cleaning Preparation	0.7
Food — Misc./Diversified	0.7
U.S. Government Treasuries	0.7
Medical Labs & Testing Services	0.7
Industrial Gases	0.7
Water	0.7
Electric — Generation	0.7
Electric — Integrated	0.7
Oil Refining & Marketing	0.7
Beverages — Non-alcoholic	0.7
Computer Services	0.7
Insurance — Property/Casualty	0.7
Transport — Services	0.6
Auto/Truck Parts & Equipment — Original	0.6
Retail — Apparel/Shoe	0.6
Oil Companies — Exploration & Production	0.6
Optical Supplies	0.6
Electric — Distribution	0.6
Electronic Components — Semiconductors	0.6
Human Resources	0.6
Machinery — General Industrial	0.6
Commercial Services — Finance	0.5
Food — Dairy Products	0.5
Rubber — Tires	0.5
Distribution/Wholesale	0.5
Airport Development/Maintenance	0.5
Machinery — Construction & Mining	0.5
Gas — Distribution	0.5
Paper & Related Products	0.5
Building & Construction — Misc.	0.5
Electric — Transmission	0.5
Building Products — Cement	0.5
Building — Residential/Commercial	0.5
Building — Heavy Construction	0.5
Real Estate Management/Services	0.4

Food — Catering	0.4
Internet Content — Information/News	0.4
Networking Products	0.4
Medical Instruments	0.4
Computer Aided Design	0.4
Retail — Jewelry	0.4
Electronic Measurement Instruments	0.4
Auto — Heavy Duty Trucks	0.4
Office Automation & Equipment	0.4
Machinery — Farming	0.4
Rental Auto/Equipment	0.4
Gold Mining	0.4
Hotels/Motels	0.4
Building Products — Air & Heating	0.4
Toys	0.3
Public Thoroughfares	0.3
Diversified Operations	0.3
Publishing — Periodicals	0.3
Gas — Transportation	0.3
Advertising Agencies	0.3
MRI/Medical Diagnostic Imaging	0.3
Multimedia	0.3
Metal — Diversified	0.3
Advertising Services	0.3
Telecom Services	0.3
Coatings/Paint	0.2
Energy — Alternate Sources	0.2
Electric Products — Misc.	0.2
Steel Pipe & Tube	0.2
Finance — Leasing Companies	0.2
Resorts/Theme Parks	0.2
Pipelines	0.2
Electronic Security Devices	0.2
Retail — Building Products	0.2
Diversified Minerals	0.2
Metal — Iron	0.2
Diversified Manufacturing Operations	0.2
Applications Software	0.2
Building — Maintenance & Services	0.2
Metal — Copper	0.2
Athletic Footwear	0.2
Machine Tools & Related Products	0.2
Diagnostic Equipment	0.2
Airlines	0.2
Diagnostic Kits	0.1
Music	0.1
Fisheries	0.1
Chemicals — Plastics	0.1
Web Portals/ISP	0.1
Diversified Operations/Commercial Services	0.1
Medical — Hospitals	0.1
E-Commerce/Services	0.1
Bicycle Manufacturing	0.1
Steel — Specialty	0.1
Computer Data Security	0.1
Security Services	0.1
Consulting Services	0.1
Computers — Periphery Equipment	0.1
Telecommunication Equipment	0.1
Finance — Investment Banker/Broker	0.1
Miscellaneous Manufacturing	0.1
Respiratory Products	0.1
E-Commerce/Products	0.1
Food — Meat Products	0.1
Coffee	0.1
Wire & Cable Products	0.1
Food — Flour & Grain	0.1
Medical — Nursing Homes	0.1
Medical — Wholesale Drug Distribution	0.1
Internet Connectivity Services	0.1
	99.4	%

* Calculated as a percentage of Net Assets.

151

VALIC Company I International Socially Responsible Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited) — (continued)

Country Allocation*

Japan	22.4	%
United Kingdom	11.6
France	10.9
Switzerland	8.4
United States	6.9
Germany	6.3
Netherlands	6.0
Australia	5.6
Sweden	3.1
Denmark	2.8
Hong Kong	2.4
Spain	2.1
Italy	1.9
Finland	1.5
Belgium	1.0
Singapore	0.9
Ireland	0.9
Norway	0.7
Austria	0.7
Jersey	0.6
Portugal	0.6
Israel	0.5
Cayman Islands	0.5
New Zealand	0.4
Luxembourg	0.4
Bermuda	0.1
Papua New Guinea	0.1
SupraNational	0.1
	99.4%

* Calculated as a percentage of net assets

152

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 92.5%
Australia — 5.6%
Afterpay, Ltd.†		4,795	$	361,836
AGL Energy, Ltd.		24,237		92,392
Ampol, Ltd.		22,755		463,506
APA Group		72,897		491,131
ASX, Ltd.		8,905		566,195
Aurizon Holdings, Ltd.		116,322		277,440
BGP Holdings PLC†(1)		60,919		0
BlueScope Steel, Ltd.		32,536		443,146
Brambles, Ltd.		61,419		434,897
Cochlear, Ltd.		2,303		352,642
Coles Group, Ltd.		45,658		581,875
Computershare, Ltd.		17,667		237,666
CSL, Ltd.		12,588		2,720,951
Dexus†		27,364		215,323
Evolution Mining, Ltd.		136,573		387,472
Fortescue Metals Group, Ltd.		57,945		674,396
Goodman Group		49,625		863,197
GPT Group		59,897		222,542
Insurance Australia Group, Ltd.		60,307		189,378
Lendlease Corp., Ltd.		14,856		111,610
Macquarie Group, Ltd.		15,097		2,092,127
Magellan Financial Group, Ltd.		4,161		96,787
Mirvac Group		121,745		245,034
Newcrest Mining, Ltd.		39,872		661,179
Northern Star Resources, Ltd.		40,215		267,348
Origin Energy, Ltd.		119,484		405,151
QBE Insurance Group, Ltd.		35,865		293,165
Ramsay Health Care, Ltd.		9,085		427,501
Santos, Ltd.		106,118		466,011
Scentre Group		268,583		585,525
Sonic Healthcare, Ltd.		33,665		1,011,722
Stockland		83,190		254,954
Suncorp Group, Ltd.		58,913		448,825
Sydney Airport†		93,860		552,555
Telstra Corp., Ltd.		187,758		539,583
Transurban Group		128,157		1,232,743
Vicinity Centres		161,395		192,342
Washington H. Soul Pattinson & Co., Ltd.		2,812		60,876
Woodside Petroleum, Ltd.		64,609		957,956
				20,478,979
Austria — 0.7%
Erste Group Bank AG		11,928		519,877
OMV AG		14,869		787,474
Raiffeisen Bank International AG		9,754		288,751
Verbund AG		1,574		164,502
voestalpine AG		18,635		630,696
				2,391,300
Belgium — 1.0%
Ageas SA/NV		2,480		127,819
Etablissements Franz Colruyt NV		2,725		127,798
Groupe Bruxelles Lambert SA		7,913		854,694
KBC Group NV		11,922		996,078
Proximus SADP		4,692		85,238
Solvay SA		3,519		393,582
UCB SA		7,790		846,987
Umicore SA		4,826		234,484
				3,666,680
Bermuda — 0.1%
CK Infrastructure Holdings, Ltd.		8,000		46,184
Hongkong Land Holdings, Ltd.		13,100		70,713
Jardine Matheson Holdings, Ltd.		6,900		389,910
				506,807

Security Description	Shares		Value (Note 2)
Cayman Islands — 0.5%
CK Asset Holdings, Ltd.		100,308	$	573,703
CK Hutchison Holdings, Ltd.		102,500		642,104
Futu Holdings, Ltd. ADR†#		1,107		52,571
WH Group, Ltd.*		410,500		255,803
Wharf Real Estate Investment Co., Ltd.		63,000		318,399
				1,842,580
Denmark — 2.8%
Ambu A/S, Class B		2,259		64,302
Chr. Hansen Holding A/S		2,495		185,644
Demant A/S†		2,521		121,192
DSV A/S		5,029		1,101,952
Genmab A/S†		1,960		761,437
Novo Nordisk A/S, Class B		52,297		5,599,932
Novozymes A/S, Class B		4,146		315,055
Orsted A/S*		7,153		915,362
Pandora A/S		3,605		447,137
Vestas Wind Systems A/S		25,800		864,270
				10,376,283
Finland — 1.5%
Elisa Oyj		326		19,568
Kone Oyj, Class B		10,529		692,883
Neste Oyj		11,636		548,777
Nokia Oyj†		152,820		858,204
Nordea Bank Abp		120,356		1,428,305
Orion Oyj, Class B		5,337		219,251
Sampo Oyj, Class A		10,291		505,518
Stora Enso Oyj, Class R		29,179		493,856
UPM-Kymmene Oyj		15,629		567,351
				5,333,713
France — 10.9%
Accor SA†		11,321		334,996
Aeroports de Paris†		2,191		255,073
Air Liquide SA		16,043		2,653,340
Alstom SA		5,293		187,623
Amundi SA*		2,158		179,085
Arkema SA		3,390		443,258
Atos SE		4,039		173,150
AXA SA		83,127		2,284,753
BioMerieux		978		138,703
BNP Paribas SA		32,172		1,997,233
Bouygues SA		20,457		692,173
Bureau Veritas SA		11,342		357,777
Capgemini SE		6,216		1,437,758
Carrefour SA		30,703		508,557
Cie de Saint-Gobain		19,284		1,221,428
Cie Generale des Etablissements Michelin SCA		8,063		1,191,066
CNP Assurances		21,011		511,831
Covivio		1,969		163,081
Danone SA		26,826		1,581,797
Dassault Systemes SE		26,465		1,595,372
Edenred		9,427		422,548
Eiffage SA		5,801		538,220
EssilorLuxottica SA		11,616		2,327,445
Eurazeo SE		2,742		224,080
Faurecia SE		3,671		157,810
Gecina SA		1,516		205,300
Getlink SE		25,363		374,549
Hermes International		1,974		3,701,557
Ipsen SA		3,567		348,472
Klepierre SA		9,974		211,388
L’Oreal SA		9,614		4,334,811
Legrand SA		7,901		863,788

153

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France (continued)
Orpea SA		2,407	$	226,989
Publicis Groupe SA		8,806		570,742
Sartorius Stedim Biotech		1,193		703,106
Schneider Electric SE		15,774		2,788,228
SCOR SE		5,706		179,842
Societe Generale SA		28,467		884,262
Sodexo SA†		5,579		468,492
Suez SA		10,167		227,552
Ubisoft Entertainment SA†		1,173		60,275
Valeo SA		4,108		119,009
Veolia Environnement SA		35,586		1,138,776
Vivendi SE		17,589		224,422
Wendel SE		1,296		148,065
Worldline SA†*		6,156		323,881
				39,681,663
Germany — 6.3%
Allianz SE		11,296		2,462,399
Bayerische Motoren Werke AG		11,850		1,141,555
Bayerische Motoren Werke AG (Preference Shares)		3,618		284,558
Beiersdorf AG		7,890		789,270
Brenntag SE		2,328		199,788
Carl Zeiss Meditec AG		784		157,280
Commerzbank AG†		82,999		587,508
Covestro AG*		5,143		290,665
Deutsche Boerse AG		6,431		1,010,925
Evonik Industries AG		7,131		215,269
Hannover Rueck SE		1,588		278,290
HeidelbergCement AG		6,394		429,142
Henkel AG & Co. KGaA		4,067		302,609
Henkel AG & Co. KGaA (Preference Shares)		11,051		873,369
Infineon Technologies AG		31,111		1,409,066
KION Group AG		1,657		179,489
Knorr-Bremse AG		1,092		108,699
LANXESS AG		1,378		80,164
Merck KGaA		7,895		1,959,455
Muenchener Rueckversicherungs-Gesellschaft AG		5,480		1,481,426
Puma SE		5,373		650,827
SAP SE		29,046		3,728,593
Sartorius AG		1,091		750,053
Siemens Healthineers AG*		13,335		972,943
Symrise AG		3,680		519,864
TeamViewer AG†*		2,071		28,195
Telefonica Deutschland Holding AG		103,732		276,937
United Internet AG		4,962		186,716
Vonovia SE		21,094		1,172,557
Zalando SE†*		4,104		374,059
				22,901,670
Hong Kong — 2.4%
AIA Group, Ltd.		289,000		3,040,837
BOC Hong Kong Holdings, Ltd.		122,500		369,951
Hang Lung Properties, Ltd.		49,000		96,902
Hang Seng Bank, Ltd.		21,300		376,943
Henderson Land Development Co., Ltd.		86,503		352,111
Hong Kong & China Gas Co., Ltd.		235,252		351,158
Hong Kong Exchanges & Clearing, Ltd.		28,700		1,582,585
Link REIT		37,300		321,794
MTR Corp., Ltd.		74,500		395,840
New World Development Co., Ltd.		47,250		185,660
Power Assets Holdings, Ltd.		42,500		255,616
Sun Hung Kai Properties, Ltd.		49,500		601,770
Swire Pacific, Ltd., Class A		30,000		166,004
Swire Properties, Ltd.		52,400		123,645
Techtronic Industries Co., Ltd.		30,000		613,190
				8,834,006

Security Description	Shares		Value (Note 2)
Ireland — 0.9%
CRH PLC		26,317	$	1,281,033
DCC PLC		7,134		524,011
James Hardie Industries PLC		5,924		229,525
Kerry Group PLC, Class A		7,667		943,878
Smurfit Kappa Group PLC		3,428		174,644
				3,153,091
Israel — 0.5%
Bank Hapoalim BM		44,435		433,144
Bank Leumi Le-Israel BM		60,220		581,278
Check Point Software Technologies, Ltd.†		3,586		399,158
NICE, Ltd.†		1,058		308,578
Wix.com, Ltd.†		920		140,576
				1,862,734
Italy — 1.9%
Amplifon SpA		4,307		210,457
Assicurazioni Generali SpA		79,530		1,595,254
DiaSorin SpA		833		178,268
FinecoBank Banca Fineco SpA		13,965		244,367
Mediobanca Banca di Credito Finanziario SpA		54,420		601,892
Moncler SpA		8,838		640,515
Nexi SpA†*		7,610		116,893
Poste Italiane SpA*		43,183		544,225
Prysmian SpA		6,421		237,960
Recordati Industria Chimica e Farmaceutica SpA		10,503		659,943
Snam SpA		185,780		1,047,333
Terna SpA		137,011		1,017,974
				7,095,081
Japan — 22.4%
Advantest Corp.		2,500		217,173
Aeon Co., Ltd.		25,000		583,026
Ajinomoto Co., Inc.		26,600		798,825
ANA Holdings, Inc.†		11,900		235,055
Astellas Pharma, Inc.		81,000		1,270,352
Bridgestone Corp.		19,600		794,886
Canon, Inc.		26,800		590,344
Central Japan Railway Co.		5,900		811,627
Chiba Bank, Ltd.		7,600		43,780
Chubu Electric Power Co., Inc.		27,000		272,360
Chugai Pharmaceutical Co., Ltd.		26,400		851,026
Concordia Financial Group, Ltd.		23,900		86,876
Dai Nippon Printing Co., Ltd.		5,500		129,055
Dai-ichi Life Holdings, Inc.		34,100		679,308
Daiichi Sankyo Co., Ltd.		53,300		1,333,277
Daikin Industries, Ltd.		6,300		1,279,627
Denso Corp.		15,200		1,114,100
Dentsu Group, Inc.		7,300		232,119
East Japan Railway Co.		11,600		714,745
Eisai Co., Ltd.		10,100		606,485
ENEOS Holdings, Inc.		151,200		560,928
FANUC Corp.		5,500		1,072,867
FUJIFILM Holdings Corp.		9,700		762,917
Hankyu Hanshin Holdings, Inc.		12,700		376,615
Hisamitsu Pharmaceutical Co., Inc.		5,500		193,090
Hitachi Metals, Ltd.†		21,800		405,285
Hitachi, Ltd.		25,000		1,471,557
Hoya Corp.		10,400		1,643,044
Idemitsu Kosan Co., Ltd.		9,000		230,840
Inpex Corp.		66,600		543,736
Isuzu Motors, Ltd.		18,800		253,316
Ito En, Ltd.		5,500		323,484
ITOCHU Corp.		11,900		341,486
Japan Airlines Co., Ltd.†		10,900		197,632
JFE Holdings, Inc.		43,000		488,377
Kajima Corp.		21,800		240,149

154

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Kao Corp.		16,700	$	855,905
KDDI Corp.		49,800		1,450,359
Keio Corp.		2,000		90,060
Keyence Corp.		4,500		2,779,197
Kintetsu Group Holdings Co., Ltd.†		7,500		214,069
Kobayashi Pharmaceutical Co., Ltd.		400		31,466
Komatsu, Ltd.		28,300		644,961
Kose Corp.		1,300		157,467
Kubota Corp.		31,100		647,834
Kyocera Corp.		6,000		355,460
Kyowa Kirin Co., Ltd.		15,600		435,275
Lasertec Corp.†		800		208,555
Lawson, Inc.		2,600		127,539
Lion Corp.		4,100		58,327
LIXIL Corp.		3,000		73,616
M3, Inc.		7,400		398,156
Marubeni Corp.		72,000		644,252
Mazda Motor Corp.†		42,200		341,324
MEIJI Holdings Co., Ltd.		7,900		464,664
Mitsubishi Chemical Holdings Corp.		57,700		453,043
Mitsubishi Corp.		46,500		1,373,615
Mitsubishi Electric Corp.		55,600		697,602
Mitsubishi Estate Co., Ltd.		36,400		502,173
Mitsui & Co., Ltd.		44,800		1,007,906
Mitsui Fudosan Co., Ltd.		33,400		687,804
MS&AD Insurance Group Holdings, Inc.		12,700		371,336
Murata Manufacturing Co., Ltd.		14,200		1,041,525
Nexon Co., Ltd.		8,100		162,024
NH Foods, Ltd.		2,400		81,864
Nidec Corp.		11,700		1,337,810
Nintendo Co., Ltd.		2,800		1,243,588
Nippon Express Co., Ltd.		2,400		136,489
Nippon Paint Holdings Co., Ltd.		11,600		121,748
Nippon Shinyaku Co., Ltd.		1,500		111,034
Nippon Steel Corp.		43,400		634,886
Nippon Telegraph & Telephone Corp.		48,400		1,334,361
Nisshin Seifun Group, Inc.		15,900		230,462
Nissin Foods Holdings Co., Ltd.		2,000		146,993
Nitori Holdings Co., Ltd.		2,000		317,856
Nomura Holdings, Inc.		61,300		255,515
NTT Data Corp.		12,000		253,018
Obayashi Corp.		15,900		117,045
Odakyu Electric Railway Co., Ltd.		5,500		106,015
Ono Pharmaceutical Co., Ltd.		28,700		633,257
Oriental Land Co., Ltd.		5,200		821,581
ORIX Corp.		42,800		844,177
Osaka Gas Co., Ltd.		27,200		440,054
Otsuka Holdings Co., Ltd.		22,500		816,910
Pan Pacific International Holdings Corp.		3,700		63,470
Pigeon Corp.		5,600		113,615
Rakuten Group, Inc.		26,200		269,571
Recruit Holdings Co., Ltd.		29,300		1,778,381
Renesas Electronics Corp.†		12,600		157,584
Resona Holdings, Inc.		94,900		345,133
Ryohin Keikaku Co., Ltd.		4,800		77,536
Santen Pharmaceutical Co., Ltd.		26,700		353,784
Secom Co., Ltd.		5,400		365,040
Sekisui House, Ltd.		10,600		206,272
SG Holdings Co., Ltd.		4,500		99,435
Shimano, Inc.		1,500		412,907
Shin-Etsu Chemical Co., Ltd.		10,700		1,788,889
Shionogi & Co., Ltd.		13,800		963,885
Shiseido Co., Ltd.		12,400		709,984
Shizuoka Bank, Ltd.		4,400		30,769
SMC Corp.		1,500		957,165

Security Description	Shares		Value (Note 2)
Japan (continued)
SoftBank Corp.		67,600	$	931,949
SoftBank Group Corp.		29,900		1,581,449
Sony Group Corp.		28,400		3,460,914
Subaru Corp.		27,000		509,545
Sumitomo Chemical Co., Ltd.		43,400		200,178
Sumitomo Corp.		61,500		837,530
Sumitomo Dainippon Pharma Co., Ltd.		12,900		156,868
Sumitomo Electric Industries, Ltd.		41,700		546,000
Sumitomo Metal Mining Co., Ltd.		18,700		688,952
Sumitomo Mitsui Financial Group, Inc.		57,700		1,882,895
Sumitomo Realty & Development Co., Ltd.		10,700		333,506
Suntory Beverage & Food, Ltd.		16,600		586,323
Sysmex Corp.		4,500		557,186
Taisho Pharmaceutical Holdings Co., Ltd.		5,700		280,296
Terumo Corp.		18,500		754,007
Tobu Railway Co., Ltd.		3,900		88,272
Toho Gas Co., Ltd.		600		17,028
Tohoku Electric Power Co., Inc.		17,300		119,972
Tokio Marine Holdings, Inc.		18,200		915,985
Tokyo Electron, Ltd.		3,000		1,576,603
Tokyo Gas Co., Ltd.		24,100		413,739
Tokyu Corp.		31,300		433,442
Toppan Printing Co., Ltd.		7,800		118,288
Toray Industries, Inc.		40,700		236,803
TOTO, Ltd.		800		35,325
Toyo Suisan Kaisha, Ltd.		2,100		85,044
Toyota Industries Corp.		8,600		704,851
Toyota Motor Corp.		287,000		5,098,974
Toyota Tsusho Corp.		5,000		217,634
Unicharm Corp.		17,100		740,837
Welcia Holdings Co., Ltd.		1,400		49,958
West Japan Railway Co.		7,300		314,887
Yakult Honsha Co., Ltd.		6,100		306,327
Z Holdings Corp.		72,600		479,976
				81,964,509
Jersey — 0.6%
Ferguson PLC		8,169		1,241,510
WPP PLC		73,697		1,017,990
				2,259,500
Luxembourg — 0.4%
Aroundtown SA		42,482		255,069
Eurofins Scientific SE		2,284		291,829
Tenaris SA		86,430		851,069
				1,397,967
Netherlands — 6.0%
ABN AMRO Bank NV CVA*		39,130		557,991
Adyen NV†*		463		1,284,059
Akzo Nobel NV		7,213		756,828
Argenx SE†		1,326		371,150
ASM International NV		589		262,224
ASML Holding NV(XAMS)		9,680		7,585,231
CNH Industrial NV		42,088		698,396
EXOR NV		7,779		681,417
Ferrari NV		4,589		1,204,700
ING Groep NV		123,160		1,700,110
JDE Peet’s NV		8,986		245,202
Just Eat Takeaway.com NV†*		1,952		122,290
Koninklijke DSM NV		5,797		1,245,247
Koninklijke KPN NV		151,346		446,231
Koninklijke Vopak NV		5,917		224,745
NN Group NV		13,713		680,549
Prosus NV		15,033		1,211,467

155

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Netherlands (continued)
QIAGEN NV†		7,562	$	420,461
STMicroelectronics NV		14,942		729,792
Universal Music Group NV		17,589		504,876
Wolters Kluwer NV		10,012		1,123,127
				22,056,093
New Zealand — 0.4%
a2 Milk Co., Ltd.†		27,794		114,806
Auckland International Airport, Ltd.†		61,749		330,986
Fisher & Paykel Healthcare Corp., Ltd.		12,722		287,827
Mercury NZ, Ltd.		30,468		124,515
Meridian Energy, Ltd.		64,606		208,660
Ryman Healthcare, Ltd.		20,169		168,217
Spark New Zealand, Ltd.		25,402		79,549
Xero, Ltd.†		2,001		202,242
				1,516,802
Norway — 0.7%
Equinor ASA		57,145		1,432,004
Mowi ASA		18,515		419,436
Orkla ASA		39,049		356,705
Telenor ASA		18,680		275,841
Yara International ASA		2,265		111,108
				2,595,094
Papua New Guinea — 0.1%
Oil Search, Ltd.		171,553		457,409
Portugal — 0.6%
Banco Espirito Santo SA†(1)		126,030		0
EDP—Energias de Portugal SA		203,774		1,116,611
Galp Energia SGPS SA		60,533		565,040
Jeronimo Martins SGPS SA		15,463		337,067
				2,018,718
Singapore — 0.9%
DBS Group Holdings, Ltd.		51,100		1,116,395
Keppel Corp., Ltd.		54,000		201,052
Oversea-Chinese Banking Corp., Ltd.		105,400		848,901
Singapore Airlines, Ltd.†		32,400		116,193
Singapore Telecommunications, Ltd.		286,800		494,202
United Overseas Bank, Ltd.		23,000		427,772
				3,204,515
Spain — 2.1%
Aena SME SA†*		5,508		806,141
Amadeus IT Group SA†		16,096		1,030,173
CaixaBank SA		249,129		639,699
Cellnex Telecom SA*		10,822		638,474
Enagas SA		28,637		651,557
Ferrovial SA		29,545		819,218
Grifols SA		14,421		258,652
Red Electrica Corp. SA		32,624		692,595
Repsol SA		108,055		1,193,085
Telefonica SA		221,619		1,003,800
				7,733,394
SupraNational — 0.1%
Unibail-Rodamco-Westfie		4,823		316,359
Sweden — 3.1%
Assa Abloy AB, Class B		25,431		710,863
Boliden AB		25,834		891,120
Epiroc AB, Class B		21,039		423,313
EQT AB		2,981		174,945
Essity AB, Class B		32,404		1,035,996
Hennes & Mauritz AB, Class B		26,557		470,041

Security Description	Shares		Value (Note 2)
Sweden (continued)
Hexagon AB, Class B		37,268	$	545,180
ICA Gruppen AB		1,334		78,966
Industrivarden AB, Class A		1,181		35,091
Industrivarden AB, Class C		2,897		85,477
Investor AB, Class B		96,330		2,238,326
Sandvik AB		35,081		867,469
Skandinaviska Enskilda Banken AB, Class A		73,479		1,068,549
Svenska Handelsbanken AB, Class A		76,802		814,101
Telefonaktiebolaget LM Ericsson, Class B		85,577		863,224
Volvo AB, Class B		56,354		1,215,508
				11,518,169
Switzerland — 8.4%
ABB, Ltd.		68,987		2,378,310
Adecco Group AG		6,390		296,443
Alcon, Inc.		18,897		1,488,400
Baloise Holding AG		3,074		460,502
Clariant AG		9,453		185,350
Coca-Cola HBC AG		23,738		730,677
EMS-Chemie Holding AG		527		502,937
Geberit AG		1,682		1,283,593
Givaudan SA		392		1,919,521
Julius Baer Group, Ltd.		13,110		813,035
Kuehne & Nagel International AG		2,781		797,809
Logitech International SA		4,027		319,341
Lonza Group AG		2,782		2,244,328
Partners Group Holding AG		1,054		1,814,147
Schindler Holding AG		208		51,778
Schindler Holding AG (Participation Certificate)		3,233		833,684
SGS SA		297		897,644
Sika AG		5,507		2,160,781
Sonova Holding AG		2,258		849,526
Straumann Holding AG		438		932,080
Swatch Group AG		3,862		1,140,201
Swiss Life Holding AG		2,493		1,430,746
Swiss Prime Site AG		3,176		301,387
Swiss Re AG		16,111		1,515,758
Swisscom AG		2,494		1,386,081
Temenos AG		2,364		303,392
Vifor Pharma AG		4,519		507,507
Zurich Insurance Group AG		7,269		2,999,371
				30,544,329
United Kingdom — 11.6%
3i Group PLC		53,376		981,495
Admiral Group PLC		6,009		235,267
Antofagasta PLC		35,889		655,390
Ashtead Group PLC		16,466		1,318,289
Auto Trader Group PLC*		43,124		418,877
AVEVA Group PLC		3,754		159,918
Aviva PLC		216,098		1,101,539
Barratt Developments PLC		40,740		376,870
Berkeley Group Holdings PLC		4,809		273,235
British Land Co. PLC		68,607		462,241
BT Group PLC†		351,250		740,033
Bunzl PLC		12,952		493,097
Burberry Group PLC		30,068		698,970
Coca-Cola Europacific Partners PLC		13,835		683,034
Compass Group PLC†		65,477		1,269,773
Croda International PLC		5,840		784,089
Direct Line Insurance Group PLC		60,310		216,556
Evraz PLC		82,142		627,287
Halma PLC		19,227		766,897
Hargreaves Lansdown PLC		16,693		296,725
Hikma Pharmaceuticals PLC		12,805		376,413

156

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
HSBC Holdings PLC		496,814	$	2,754,364
Informa PLC†		86,273		533,453
InterContinental Hotels Group PLC†		9,815		578,638
Intertek Group PLC		10,290		729,254
J Sainsbury PLC		145,700		534,244
JD Sports Fashion PLC		57,065		168,398
Johnson Matthey PLC		12,186		337,893
Kingfisher PLC		92,209		387,971
Land Securities Group PLC		60,048		579,029
Legal & General Group PLC		274,430		1,023,412
London Stock Exchange Group PLC		11,172		963,985
M&G PLC		76,708		189,967
Mondi PLC		27,379		623,619
National Grid PLC		169,869		2,259,936
Natwest Group PLC		168,701		473,769
Next PLC		7,684		800,731
Ocado Group PLC†		13,059		311,439
Pearson PLC		30,291		239,177
Persimmon PLC		13,547		491,708
Prudential PLC		71,564		1,205,948
Reckitt Benckiser Group PLC		20,345		1,649,453
RELX PLC (LSE)		76,313		2,369,173
Rentokil Initial PLC		80,615		655,834
Sage Group PLC		62,072		636,761
Schroders PLC		13,917		633,848
Segro PLC		56,163		1,048,882
Smith & Nephew PLC		50,366		810,043
Smiths Group PLC		34,898		667,396
Spirax-Sarco Engineering PLC		3,464		717,927
SSE PLC		60,809		1,252,974
St James’s Place PLC		34,333		704,024
Taylor Wimpey PLC		138,765		291,739
United Utilities Group PLC		85,605		1,233,360
Vodafone Group PLC		908,742		1,317,135
Whitbread PLC†		9,939		369,262
				42,480,741
Total Common Stocks
(cost $259,786,141)				338,188,186
RIGHTS — 0.0%
Vonovia SE Expires 12/07/2021†
(cost $0)		21,094		74,400
Total Long-Term Investment Securities
(cost $259,786,141)				338,262,586

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.7%
U.S. Government Treasuries — 0.7%
United States Treasury Bills
0.04% due 05/19/2022(2)	$	500,000		$	499,783
0.05% due 04/21/2022(2)		700,000			699,801
0.06% due 04/21/2022(2)		800,000			799,773
0.08% due 02/24/2022(2)		700,000			699,923
Total Short-Term Investment Securities
(cost $2,699,455)					2,699,280
REPURCHASE AGREEMENTS — 6.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $22,497,000 and collateralized by $23,590,200 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $22,946,990
(cost $22,497,000)		22,497,000			22,497,000
TOTAL INVESTMENTS
(cost $284,982,596)(3)		99.4	%		363,458,866
Other assets less liabilities		0.6			2,012,285
NET ASSETS		100.0	%	$	365,471,151

† Non-income producing security

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

At November 30, 2021, the Fund had loaned securities with a total value of $52,571. This was secured by collateral of $57,213 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Notes/Bonds	0.11% to 3.38%	10/31/2022 to 11/15/2048	$	57,213

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $7,828,943 representing 2.1% of net assets.

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

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

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

ADR—American Depositary Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

XAMS—Euronext Amsterdam Stock Exchange

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	243	Long	MSCI EAFE Index		December 2021	$	28,663,442	$	27,161,325	$	(1,502,117	)

* 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.

157

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
Australia	$	—	$	20,478,979	**	$	0	$	20,478,979
Portugal		—		2,018,718	**		0		2,018,718
Other Countries		1,780,215		313,910,274	**		—		315,690,489
Rights		74,400		—			—		74,400
Short-Term Investment Securities		—		2,699,280			—		2,699,280
Repurchase Agreements		—		22,497,000			—		22,497,000
Total Investments at Value	$	1,854,615	$	361,604,251		$	0	$	363,458,866
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,502,117	$	—		$	—	$	1,502,117

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

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

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

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

See Notes to Financial Statements

158

VALIC Company I International Value Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Banks — Commercial	9.4	%
Diversified Banking Institutions	7.8
Appliances	4.3
Food — Misc./Diversified	3.9
Investment Companies	3.0
Auto — Cars/Light Trucks	2.9
Retail — Building Products	2.7
Medical Products	2.7
Oil — Field Services	2.5
Building & Construction Products — Misc.	2.5
Finance — Leasing Companies	2.5
Apparel Manufacturers	2.4
Airlines	2.4
Machinery — Electrical	2.3
Building Products — Cement	2.2
Multimedia	2.1
Retail — Apparel/Shoe	2.1
Aerospace/Defense	2.1
Insurance — Life/Health	1.9
Food — Catering	1.9
Containers — Paper/Plastic	1.8
Communications Software	1.8
Medical — Drugs	1.8
Steel — Producers	1.8
Chemicals — Diversified	1.7
Engineering/R&D Services	1.5
Brewery	1.5
Auto/Truck Parts & Equipment — Original	1.5
Registered Investment Companies	1.5
Agricultural Chemicals	1.5
Electronic Components — Semiconductors	1.4
Building Products — Doors & Windows	1.4
Real Estate Operations & Development	1.4
Energy — Alternate Sources	1.4
E-Commerce/Products	1.3
Retail — Auto Parts	1.3
Diversified Manufacturing Operations	1.2
Casino Hotels	1.2
Electronic Components — Misc.	1.2
Retail — Drug Store	1.1
Computer Data Security	1.0
Diversified Financial Services	0.9
Investment Management/Advisor Services	0.8
Electric — Integrated	0.8
Home Furnishings	0.8
Cellular Telecom	0.8
Wire & Cable Products	0.7
Banks — Mortgage	0.6
Silver Mining	0.4
	99.7	%

* Calculated as a percentage of net assets

Country Allocation*

United Kingdom	13.1	%
Japan	10.7
Netherlands	10.2
United States	8.5
Cayman Islands	7.4
France	6.3
South Korea	5.8
China	5.5
Luxembourg	4.2
Germany	3.4
Italy	2.7
British Virgin Islands	2.7
Thailand	2.6
Australia	2.4
Switzerland	2.2
Denmark	2.2
Canada	2.1
Norway	2.1
India	1.8
Ireland	1.2
Israel	1.0
Jersey	0.8
Brazil	0.8
	99.7	%

* Calculated as a percentage of net assets

159

VALIC Company I International Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.2%
Australia — 2.4%
Qantas Airways, Ltd.†		4,195,309	$	14,942,483
Brazil — 0.8%
CPFL Energia SA		1,095,100		5,142,549
British Virgin Islands — 2.7%
Nomad Foods, Ltd.†		698,712		16,692,230
Canada — 2.1%
Home Capital Group, Inc.†		111,000		3,601,667
SNC-Lavalin Group, Inc.#		406,500		9,826,389
				13,428,056
Cayman Islands — 7.4%
Alibaba Group Holding, Ltd.†		521,888		8,368,500
China Resources Land, Ltd.		2,056,000		8,496,313
Sands China, Ltd.†		3,357,200		7,642,980
Topsports International Holdings, Ltd.*		11,375,000		13,132,734
Xinyi Glass Holdings, Ltd.		3,573,000		8,714,858
				46,355,385
China — 5.5%
LONGi Green Energy Technology Co., Ltd., Class A		612,460		8,392,156
Midea Group Co., Ltd., Class A		1,322,512		13,990,932
Oppein Home Group, Inc., Class A		270,020		5,117,962
Shanghai Pharmaceuticals Holding Co., Ltd.		3,749,500		6,837,380
				34,338,430
Denmark — 2.2%
Danske Bank A/S		830,305		13,681,153
France — 6.3%
Cie de Saint-Gobain		247,483		15,675,312
Faurecia SE		16,360		700,445
Sanofi		118,124		11,234,802
Sodexo SA†		142,692		11,982,444
				39,593,003
Germany — 3.4%
Rheinmetall AG		147,393		13,132,577
Siemens AG		49,129		7,866,968
Siemens Energy AG†		24,565		652,556
				21,652,101
India — 1.8%
Tech Mahindra, Ltd.		547,238		11,240,530
Ireland — 1.2%
Greencore Group PLC†		4,595,011		7,632,276
Israel — 1.0%
Check Point Software Technologies, Ltd.†		54,701		6,088,768
Italy — 2.7%
Prysmian SpA		109,897		4,072,752
UniCredit SpA		1,056,196		12,773,943
				16,846,695
Japan — 10.7%
Asahi Group Holdings, Ltd.		261,700		9,727,711
Hitachi, Ltd.		239,900		14,121,058
Mitsubishi UFJ Financial Group, Inc.		3,278,600		17,312,972
ORIX Corp.		792,600		15,633,056
Showa Denko KK		478,000		10,536,094
				67,330,891

Security Description	Shares			Value (Note 2)
Jersey — 0.8%
Man Group PLC		1,838,394		$	5,223,504
Luxembourg — 4.2%
ArcelorMittal SA		413,773			11,154,148
Samsonite International SA†*		8,207,810			15,367,277
					26,521,425
Netherlands — 10.2%
ING Groep NV		1,163,223			16,057,219
Koninklijke Philips NV		246,472			8,693,593
NN Group NV		244,428			12,130,477
OCI NV†#		338,692			9,245,761
Stellantis NV		1,053,375			18,028,308
					64,155,358
Norway — 2.1%
DNB Bank ASA		594,295			12,988,564
South Korea — 5.8%
Coway Co, Ltd.		233,443			13,355,169
Hana Financial Group, Inc.		168,592			5,626,902
Samsung Electronics Co., Ltd.		148,453			8,960,880
SK Square Co., Ltd.†		67,914			3,887,661
SK Telecom Co., Ltd.		105,055			4,823,911
					36,654,523
Switzerland — 2.2%
Holcim, Ltd.		283,725			13,689,244
Thailand — 2.6%
Siam Commercial Bank PCL		4,470,600			16,185,569
United Kingdom — 13.1%
ConvaTec Group PLC*		3,118,482			8,009,781
Fresnillo PLC		193,824			2,337,345
Informa PLC†		2,138,941			13,225,743
Kingfisher PLC		4,089,725			17,207,589
Melrose Industries PLC		8,015,822			15,343,852
Natwest Group PLC#		6,850,863			19,239,513
Sensata Technologies Holding PLC†		131,784			7,340,369
					82,704,192
United States — 7.0%
Advance Auto Parts, Inc.		37,548			8,287,595
Baker Hughes Co.		684,301			15,971,585
Berry Global Group, Inc.†		163,039			11,257,843
Gentex Corp.		254,401			8,759,026
					44,276,049
Total Long-Term Investment Securities
(cost $600,875,823)					617,362,978
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Registered Investment Companies — 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(1)		9,393,455			9,393,455
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(1)(2)		14,018			14,018
Total Short-Term Investment Securities
(cost $9,407,473)					9,407,473
TOTAL INVESTMENTS
(cost $610,283,296)(3)		99.7	%		626,770,451
Other assets less liabilities		0.3			2,075,130
NET ASSETS		100.0	%	$	628,845,581

160

VALIC Company I International Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $36,509,792 representing 5.8% of net assets.

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

(1) The rate shown is the 7-day yield as of November 30, 2021.

(2) At November 30, 2021, the Fund had loaned securities with a total value of $4,993,054. This was secured by collateral of $14,018, which was received in cash and subsequently invested in short-term investments currently valued at $14,018 as reported in the Portfolio of Investments. Additional collateral of $5,456,244 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	12/09/2021 to 03/17/2022	$ 743,417
United States Treasury Notes/Bonds	0.13% to 5.38%	01/31/2022 to 08/15/2050	4,712,827

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	113,041,251	$	504,321,727	**	$	—	$	617,362,978
Short-Term Investment Securities		9,407,473		—			—		9,407,473
Total Investments at Value	$	122,448,724	$	504,321,727		$	—	$	626,770,451

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

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

See Notes to Financial Statements

161

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Applications Software	12.5	%
Web Portals/ISP	8.9
Computers	5.3
Computer Services	4.6
Insurance Brokers	3.9
Electronic Connectors	3.9
Medical Products	3.6
Diagnostic Equipment	3.5
Data Processing/Management	3.3
Finance — Credit Card	3.3
Athletic Footwear	3.2
Cosmetics & Toiletries	3.1
Medical Instruments	2.8
Soap & Cleaning Preparation	2.7
Commercial Services — Finance	2.4
Electronic Measurement Instruments	2.3
Finance — Investment Banker/Broker	2.1
Real Estate Investment Trusts	1.9
Semiconductor Components — Integrated Circuits	1.9
Entertainment Software	1.7
Coatings/Paint	1.6
Retail — Discount	1.6
Drug Delivery Systems	1.5
Transport — Rail	1.3
Medical Labs & Testing Services	1.3
Retail — Apparel/Shoe	1.2
Retail — Restaurants	1.2
Beverages — Non-alcoholic	1.2
Consulting Services	1.1
Machinery — General Industrial	1.1
Internet Content — Information/News	1.1
Electronic Components — Semiconductors	1.1
E-Commerce/Products	1.1
Food — Misc./Diversified	1.1
Cable/Satellite TV	1.0
Retail — Major Department Stores	1.0
Textile — Apparel	0.8
Pharmacy Services	0.7
Private Equity	0.6
Electric — Integrated	0.6
Medical — Drugs	0.4
	99.5	%

* Calculated as a percentage of net assets

162

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.5%
Applications Software — 12.5%
Microsoft Corp.		262,781	$	86,872,771
Athletic Footwear — 3.2%
adidas AG		24,854		7,207,515
NIKE, Inc., Class B		87,354		14,783,791
				21,991,306
Beverages - Non-alcoholic — 1.2%
PepsiCo, Inc.		53,621		8,567,563
Cable/Satellite TV — 1.0%
Charter Communications, Inc., Class A†		11,153		7,207,961
Coatings/Paint — 1.6%
Sherwin-Williams Co.		33,695		11,161,132
Commercial Services - Finance — 2.4%
Equifax, Inc.		30,879		8,604,434
Moody’s Corp.		20,052		7,833,113
				16,437,547
Computer Services — 4.6%
Accenture PLC, Class A		74,568		26,650,603
Cognizant Technology Solutions Corp., Class A		64,010		4,991,500
				31,642,103
Computers — 5.3%
Apple, Inc.		222,230		36,734,619
Consulting Services — 1.1%
Verisk Analytics, Inc.		35,391		7,958,374
Cosmetics & Toiletries — 3.1%
Colgate-Palmolive Co.		207,155		15,540,768
Estee Lauder Cos., Inc., Class A		17,577		5,836,794
				21,377,562
Data Processing/Management — 3.3%
Fidelity National Information Services, Inc.		92,469		9,663,011
Fiserv, Inc.†		137,466		13,268,218
				22,931,229
Diagnostic Equipment — 3.5%
Danaher Corp.		30,074		9,673,001
Thermo Fisher Scientific, Inc.		22,772		14,410,805
				24,083,806
Drug Delivery Systems — 1.5%
Becton Dickinson & Co.		45,072		10,688,374
E-Commerce/Products — 1.1%
Alibaba Group Holding, Ltd.†		466,852		7,485,995
Electric - Integrated — 0.6%
Xcel Energy, Inc.		62,203		3,964,197
Electronic Components - Semiconductors — 1.1%
Texas Instruments, Inc.		39,770		7,650,555
Electronic Connectors — 3.9%
Amphenol Corp., Class A		198,143		15,966,363
TE Connectivity, Ltd.		71,267		10,970,129
				26,936,492
Electronic Measurement Instruments — 2.3%
Agilent Technologies, Inc.		35,135		5,301,872
Fortive Corp.		139,835		10,329,611
				15,631,483
Entertainment Software — 1.7%
Electronic Arts, Inc.		95,687		11,886,239
Finance - Credit Card — 3.3%
Mastercard, Inc., Class A		21,912		6,900,527
Visa, Inc., Class A		81,810		15,852,324
				22,752,851
Finance - Investment Banker/Broker — 2.1%
Charles Schwab Corp.		187,024		14,473,787

Security Description	Shares			Value (Note 2)
Food - Misc./Diversified — 1.1%
McCormick & Co., Inc.		87,032		$	7,469,086
Insurance Brokers — 3.9%
Aon PLC, Class A		52,094			15,407,842
Marsh & McLennan Cos., Inc.		70,725			11,600,315
					27,008,157
Internet Content - Information/News — 1.1%
Tencent Holdings, Ltd.		130,200			7,670,413
Machinery - General Industrial — 1.1%
Otis Worldwide Corp.		98,334			7,906,054
Medical Instruments — 2.8%
Boston Scientific Corp.†		368,954			14,046,079
Medtronic PLC		50,673			5,406,809
					19,452,888
Medical Labs & Testing Services — 1.3%
ICON PLC†		34,187			9,246,558
Medical Products — 3.6%
Abbott Laboratories		49,136			6,179,835
STERIS PLC		34,743			7,592,388
Stryker Corp.		47,074			11,139,120
					24,911,343
Medical - Drugs — 0.4%
Roche Holding AG		6,450			2,524,364
Pharmacy Services — 0.7%
Cigna Corp.		25,395			4,873,300
Private Equity — 0.6%
Blackstone, Inc.		29,186			4,128,360
Real Estate Investment Trusts — 1.9%
American Tower Corp.		49,805			13,072,816
Retail - Apparel/Shoe — 1.2%
Ross Stores, Inc.		78,970			8,614,837
Retail - Discount — 1.6%
Dollarama, Inc.		254,056			10,974,058
Retail - Major Department Stores — 1.0%
TJX Cos., Inc.		100,199			6,953,811
Retail - Restaurants — 1.2%
Starbucks Corp.		78,375			8,593,035
Semiconductor Components - Integrated Circuits — 1.9%
Analog Devices, Inc.		43,676			7,872,599
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		44,306			5,190,448
					13,063,047
Soap & Cleaning Preparation — 2.7%
Church & Dwight Co., Inc.		205,663			18,382,159
Textile - Apparel — 0.8%
LVMH Moet Hennessy Louis Vuitton SE		7,487			5,811,809
Transport - Rail — 1.3%
Union Pacific Corp.		39,560			9,321,918
Web Portals/ISP — 8.9%
Alphabet, Inc., Class A†		21,688			61,549,460
TOTAL INVESTMENTS
(cost $407,993,392)(1)		99.5	%		689,963,419
Other assets less liabilities		0.5			3,248,613
NET ASSETS		100.0	%	$	693,212,032

† Non-income producing security

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

ADR—American Depositary Receipt

163

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	659,263,323	$	30,700,096	**	$	—	$	689,963,419

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

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

See Notes to Financial Statements

164

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Real Estate Investment Trusts		9.6	%
Banks — Commercial		6.9
Electronic Components — Semiconductors		2.3
Medical Products		2.1
Building & Construction Products — Misc.		2.1
Insurance — Property/Casualty		1.8
Steel — Producers		1.7
Energy — Alternate Sources		1.6
Auto/Truck Parts & Equipment — Original		1.5
Transport — Truck		1.5
Computer Services		1.4
Chemicals — Specialty		1.3
Electric — Integrated		1.3
Apparel Manufacturers		1.3
Machinery — General Industrial		1.2
Medical — Biomedical/Gene		1.2
Electronic Components — Misc.		1.2
Distribution/Wholesale		1.2
Human Resources		1.1
Investment Management/Advisor Services		1.1
Retail — Home Furnishings		1.0
Gas — Distribution		1.0
Retail — Misc./Diversified		1.0
Pipelines		1.0
Retail — Restaurants		1.0
Diversified Manufacturing Operations		0.9
Machinery — Pumps		0.9
Enterprise Software/Service		0.9
Semiconductor Equipment		0.9
Industrial Automated/Robotic		0.8
Finance — Investment Banker/Broker		0.8
Diagnostic Equipment		0.8
Food — Misc./Diversified		0.8
Commercial Services		0.8
Insurance — Reinsurance		0.8
Multimedia		0.7
Building — Residential/Commercial		0.7
Machinery — Farming		0.7
Insurance — Life/Health		0.7
Commercial Services — Finance	��	0.7
Medical — HMO		0.7
Electronic Parts Distribution		0.7
Hotels/Motels		0.7
Footwear & Related Apparel		0.7
Medical Labs & Testing Services		0.7
Rental Auto/Equipment		0.7
Medical — Outpatient/Home Medical		0.7
Building & Construction — Misc.		0.6
Applications Software		0.6
Computer Software		0.6
Retail — Automobile		0.6
Registered Investment Companies		0.6
Recreational Vehicles		0.6
Containers — Paper/Plastic		0.6
Lighting Products & Systems		0.6
Engineering/R&D Services		0.6
Lasers — System/Components		0.5
Data Processing/Management		0.5
Medical — Hospitals		0.5
Retail — Discount		0.5
Savings & Loans/Thrifts		0.5
Publishing — Newspapers		0.5
Insurance — Multi-line		0.5
Retail — Apparel/Shoe		0.5
Building — Heavy Construction		0.5
Building Products — Cement		0.5
Real Estate Management/Services		0.5
Coatings/Paint		0.5
Home Furnishings		0.5

Repurchase Agreements	0.5
Funeral Services & Related Items	0.5
Firearms & Ammunition	0.5
Machine Tools & Related Products	0.5
Pastoral & Agricultural	0.5
Electronic Measurement Instruments	0.5
Machinery — Electrical	0.5
Water	0.4
Building Products — Air & Heating	0.4
Machinery — Construction & Mining	0.4
Hazardous Waste Disposal	0.4
Environmental Consulting & Engineering	0.4
Computer Aided Design	0.4
Resorts/Theme Parks	0.4
Telecom Equipment — Fiber Optics	0.4
Oil Companies — Exploration & Production	0.4
Cable/Satellite TV	0.4
Finance — Consumer Loans	0.4
Consulting Services	0.3
Healthcare Safety Devices	0.3
Athletic Equipment	0.3
Retail — Regional Department Stores	0.3
Therapeutics	0.3
Chemicals — Diversified	0.3
Racetracks	0.3
Retail — Sporting Goods	0.3
Toys	0.3
Electric Products — Misc.	0.3
Medical — Drugs	0.3
Retail — Convenience Store	0.3
Medical Instruments	0.3
Filtration/Separation Products	0.3
Instruments — Controls	0.3
Computers — Other	0.3
Gold Mining	0.3
Finance — Other Services	0.3
Food — Wholesale/Distribution	0.3
Casino Services	0.3
Garden Products	0.3
Building — Mobile Home/Manufactured Housing	0.2
Consumer Products — Misc.	0.2
Physical Therapy/Rehabilitation Centers	0.2
Rubber — Tires	0.2
Motorcycle/Motor Scooter	0.2
Diagnostic Kits	0.2
Schools	0.2
Food — Retail	0.2
Batteries/Battery Systems	0.2
Poultry	0.2
Tools — Hand Held	0.2
Food — Baking	0.2
Computers — Integrated Systems	0.2
Containers — Metal/Glass	0.2
Satellite Telecom	0.2
Steel Pipe & Tube	0.2
Internet Security	0.2
Medical — Generic Drugs	0.2
Oil Refining & Marketing	0.2
Casino Hotels	0.2
Financial Guarantee Insurance	0.2
Oil Field Machinery & Equipment	0.2
Software Tools	0.2
Semiconductor Components — Integrated Circuits	0.2
Metal Processors & Fabrication	0.2
Optical Supplies	0.2
Disposable Medical Products	0.2
Transport — Services	0.2
Computer Data Security	0.2
Aerospace/Defense — Equipment	0.2

165

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited) — (continued)

Industry Allocation* (continued)

Airlines	0.2	%
Brewery	0.2
Retail — Petroleum Products	0.2
Oil — Field Services	0.2
Oil Companies — Integrated	0.2
Retail — Catalog Shopping	0.2
Pharmacy Services	0.1
Transport — Equipment & Leasing	0.1
Finance — Credit Card	0.1
Cosmetics & Toiletries	0.1
Wireless Equipment	0.1
Golf	0.1
Transport — Marine	0.1
Security Services	0.1
Wire & Cable Products	0.1
Electronics — Military	0.1
Dental Supplies & Equipment	0.1
Retail — Pawn Shops	0.1
E-Commerce/Services	0.1
U.S. Government Treasuries	0.1
Office Automation & Equipment	0.1
Internet Content — Information/News	0.1
Retail — Major Department Stores	0.1
Television	0.1
Multilevel Direct Selling	0.1
Telephone — Integrated	0.1
Quarrying	0.1
Metal Products — Distribution	0.1
	100.7	%

* Calculated as a percentage of net assets

166

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.5%
Aerospace/Defense-Equipment — 0.2%
Hexcel Corp.†		125,616	$	6,454,150
Airlines — 0.2%
JetBlue Airways Corp.†		476,435		6,393,758
Apparel Manufacturers — 1.3%
Capri Holdings, Ltd.†		227,735		13,486,467
Carter’s, Inc.		65,933		6,661,211
Columbia Sportswear Co.		52,378		5,108,426
Deckers Outdoor Corp.†		41,443		16,800,992
Urban Outfitters, Inc.†		98,710		3,126,146
				45,183,242
Applications Software — 0.6%
CDK Global, Inc.		182,432		7,049,172
Cerence, Inc.†#		56,938		4,280,599
Concentrix Corp.		64,146		10,648,236
				21,978,007
Athletic Equipment — 0.3%
YETI Holdings, Inc.†		130,997		12,072,684
Auto/Truck Parts & Equipment-Original — 1.5%
Adient PLC†		141,149		5,991,775
Dana, Inc.		217,571		4,677,777
Fox Factory Holding Corp.†		63,076		11,086,869
Gentex Corp.		357,982		12,325,320
Lear Corp.		89,499		15,017,037
Visteon Corp.†		41,923		4,440,484
				53,539,262
Banks - Commercial — 6.9%
Associated Banc-Corp		229,163		5,018,670
Bank of Hawaii Corp.		60,641		4,837,939
Bank OZK		182,525		8,160,693
Cadence Bank		293,550		8,577,531
Cathay General Bancorp		117,095		4,907,451
CIT Group, Inc.		148,530		7,286,882
Commerce Bancshares, Inc.		159,238		11,114,812
Cullen/Frost Bankers, Inc.		84,866		10,683,781
East West Bancorp, Inc.		212,551		16,366,427
First Financial Bankshares, Inc.		191,945		9,581,894
First Horizon Corp.		822,967		13,274,458
FNB Corp.		478,678		5,581,385
Fulton Financial Corp.		244,306		3,857,592
Glacier Bancorp, Inc.		162,324		8,814,193
Hancock Whitney Corp.		130,113		6,216,799
Home BancShares, Inc.		226,158		5,411,961
International Bancshares Corp.		79,748		3,350,213
PacWest Bancorp		175,601		7,856,389
Pinnacle Financial Partners, Inc.		114,019		10,878,553
Prosperity Bancshares, Inc.		139,220		9,923,602
Signature Bank		90,842		27,461,536
Synovus Financial Corp.		219,394		9,936,354
Texas Capital Bancshares, Inc.†		75,802		4,269,169
UMB Financial Corp.		64,464		6,483,789
Umpqua Holdings Corp.		329,785		6,285,702
United Bankshares, Inc.		193,564		6,916,042
Valley National Bancorp		609,150		8,186,976
Webster Financial Corp.		135,718		7,313,843
Wintrust Financial Corp.		85,454		7,479,789
				246,034,425
Batteries/Battery Systems — 0.2%
Energizer Holdings, Inc.		94,235		3,504,599
EnerSys		63,687		4,718,570
				8,223,169

Security Description	Shares		Value (Note 2)
Brewery — 0.2%
Boston Beer Co., Inc., Class A†		14,064	$	6,345,255
Building & Construction Products - Misc. — 2.1%
Builders FirstSource, Inc.†		310,423		21,555,773
Louisiana-Pacific Corp.		142,660		9,322,831
Owens Corning		154,501		13,107,865
Simpson Manufacturing Co., Inc.		65,079		7,507,513
Trex Co., Inc.†		172,801		22,942,789
				74,436,771
Building & Construction-Misc. — 0.6%
EMCOR Group, Inc.		80,530		9,610,450
TopBuild Corp.†		49,341		13,311,709
				22,922,159
Building Products - Air & Heating — 0.4%
Lennox International, Inc.		51,226		15,829,859
Building Products - Cement — 0.5%
Eagle Materials, Inc.		62,745		9,676,534
MDU Resources Group, Inc.		303,266		8,257,933
				17,934,467
Building - Heavy Construction — 0.5%
Arcosa, Inc.		1		51
Dycom Industries, Inc.†		46,110		4,310,363
MasTec, Inc.†		85,726		7,901,365
Southwest Gas Holdings, Inc.		88,528		5,826,028
				18,037,807
Building - Mobile Home/Manufactured Housing — 0.2%
Thor Industries, Inc.		82,945		8,768,116
Building - Residential/Commercial — 0.7%
KB Home		134,759		5,389,012
Taylor Morrison Home Corp.†		187,698		5,829,900
Toll Brothers, Inc.		173,743		11,027,468
Tri Pointe Homes, Inc.†		170,470		4,256,636
				26,503,016
Cable/Satellite TV — 0.4%
Cable One, Inc.		7,418		13,145,141
Casino Hotels — 0.2%
Boyd Gaming Corp.†		122,731		7,193,264
Casino Services — 0.3%
Scientific Games Corp.†		144,374		9,228,386
Chemicals - Diversified — 0.3%
Olin Corp.		216,353		11,758,786
Chemicals - Specialty — 1.3%
Ashland Global Holdings, Inc.		84,616		8,552,139
Cabot Corp.		84,980		4,459,750
Chemours Co.		247,436		7,348,849
Ingevity Corp.†		59,206		4,257,504
Minerals Technologies, Inc.		50,326		3,304,908
NewMarket Corp.		10,806		3,580,028
Sensient Technologies Corp.		63,155		6,144,350
Valvoline, Inc.		270,801		9,226,190
				46,873,718
Coatings/Paint — 0.5%
RPM International, Inc.		194,417		17,699,724
Commercial Services — 0.8%
GXO Logistics, Inc.†		147,682		14,184,856
John Wiley & Sons, Inc., Class A		65,204		3,389,304
LiveRamp Holdings, Inc.†		101,756		4,775,409
Progyny, Inc.†		103,121		5,235,453
				27,585,022

167

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Commercial Services - Finance — 0.7%
H&R Block, Inc.		266,748	$	6,316,592
HealthEquity, Inc.†		124,926		6,830,954
Sabre Corp.†#		483,379		3,639,844
WEX, Inc.†		67,112		8,484,299
				25,271,689
Computer Aided Design — 0.4%
Aspen Technology, Inc.†		101,740		14,755,352
Computer Data Security — 0.2%
Qualys, Inc.†		50,177		6,537,561
Computer Services — 1.4%
CACI International, Inc., Class A†		35,282		9,153,209
Genpact, Ltd.		258,753		12,490,007
KBR, Inc.		210,911		9,280,084
Kyndryl Holdings, Inc.†		268,559		4,243,232
MAXIMUS, Inc.		92,093		6,948,417
Science Applications International Corp.		86,830		7,284,169
				49,399,118
Computer Software — 0.6%
Envestnet, Inc.†		81,670		6,261,639
Teradata Corp.†		163,445		7,096,782
Ziff Davis, Inc.†		72,215		8,223,122
				21,581,543
Computers - Integrated Systems — 0.2%
NCR Corp.†		196,853		7,657,582
Computers - Other — 0.3%
Lumentum Holdings, Inc.†		113,708		9,866,443
Consulting Services — 0.3%
FTI Consulting, Inc.†		51,353		7,502,160
R1 RCM, Inc.†		200,535		4,776,743
				12,278,903
Consumer Products - Misc. — 0.2%
Helen of Troy, Ltd.†		36,103		8,682,772
Containers - Metal/Glass — 0.2%
Greif, Inc., Class A		39,776		2,413,608
Silgan Holdings, Inc.		125,707		5,213,069
				7,626,677
Containers - Paper/Plastic — 0.6%
AptarGroup, Inc.		98,814		11,817,167
Sonoco Products Co.		147,302		8,562,665
				20,379,832
Cosmetics & Toiletries — 0.1%
Coty, Inc., Class A†		501,276		4,877,415
Data Processing/Management — 0.5%
CommVault Systems, Inc.†		68,720		4,321,114
Fair Isaac Corp.†		42,527		15,017,559
				19,338,673
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		129,173		4,065,074
Diagnostic Equipment — 0.8%
Neogen Corp.†		161,014		6,461,492
Repligen Corp.†		76,597		21,945,040
				28,406,532
Diagnostic Kits — 0.2%
Quidel Corp.†		56,758		8,375,210

Security Description	Shares		Value (Note 2)
Disposable Medical Products — 0.2%
ICU Medical, Inc.†		29,866	$	6,755,988
Distribution/Wholesale — 1.2%
Avient Corp.		136,774		7,523,938
IAA, Inc.†		201,942		9,753,799
KAR Auction Services, Inc.†		178,552		2,676,495
Univar Solutions, Inc.†		256,041		6,634,022
Watsco, Inc.		49,395		14,458,410
				41,046,664
Diversified Manufacturing Operations — 0.9%
Carlisle Cos., Inc.		78,091		17,586,093
ITT, Inc.		128,988		12,199,685
Trinity Industries, Inc.		124,969		3,311,679
				33,097,457
E-Commerce/Services — 0.1%
TripAdvisor, Inc.†		147,473		3,813,652
Electric Products - Misc. — 0.3%
Littelfuse, Inc.		36,879		11,007,644
Electric - Integrated — 1.3%
ALLETE, Inc.		78,303		4,590,905
Black Hills Corp.		95,101		6,097,876
Hawaiian Electric Industries, Inc.		163,761		6,221,280
IDACORP, Inc.		75,679		7,917,537
NorthWestern Corp.#		77,245		4,271,649
OGE Energy Corp.		299,884		10,292,019
PNM Resources, Inc.		128,591		6,331,821
				45,723,087
Electronic Components - Misc. — 1.2%
Hubbell, Inc.		81,467		15,943,092
Jabil, Inc.		218,471		12,771,815
nVent Electric PLC		251,845		8,771,761
Vishay Intertechnology, Inc.		198,817		4,049,902
				41,536,570
Electronic Components - Semiconductors — 2.3%
Amkor Technology, Inc.		150,083		3,235,789
Lattice Semiconductor Corp.†		204,321		15,514,094
Semtech Corp.†		97,267		8,332,864
Silicon Laboratories, Inc.†		60,848		11,942,637
SiTime Corp.†		22,240		6,638,195
Synaptics, Inc.†		52,736		14,884,209
Wolfspeed, Inc.†		172,989		21,211,911
				81,759,699
Electronic Measurement Instruments — 0.5%
National Instruments Corp.		199,222		8,271,697
Vontier Corp.		253,070		7,974,236
				16,245,933
Electronic Parts Distribution — 0.7%
Arrow Electronics, Inc.†		107,593		13,088,688
Avnet, Inc.		149,069		5,406,733
TD SYNNEX Corp.		62,244		6,439,764
				24,935,185
Electronics - Military — 0.1%
Mercury Systems, Inc.†		84,136		4,118,457
Energy - Alternate Sources — 1.6%
First Solar, Inc.†		148,129		15,346,164
SolarEdge Technologies, Inc.†		78,306		25,665,575
SunPower Corp.†		124,299		3,561,166
Sunrun, Inc.†#		308,512		14,203,893
				58,776,798

168

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Engineering/R&D Services — 0.6%
AECOM†		215,822	$	14,878,769
Fluor Corp.†		211,858		4,684,180
				19,562,949
Enterprise Software/Service — 0.9%
ACI Worldwide, Inc.†		176,005		5,128,786
Blackbaud, Inc.†		62,980		4,752,471
Manhattan Associates, Inc.†		94,981		14,832,233
SailPoint Technologies Holding, Inc.†		139,238		7,322,526
				32,036,016
Environmental Consulting & Engineering — 0.4%
Tetra Tech, Inc.		81,005		14,960,003
Filtration/Separation Products — 0.3%
Donaldson Co., Inc.		188,141		10,616,797
Finance - Consumer Loans — 0.4%
Navient Corp.		251,445		4,961,010
SLM Corp.		458,136		8,145,658
				13,106,668
Finance - Credit Card — 0.1%
Alliance Data Systems Corp.		74,541		5,080,715
Finance - Investment Banker/Broker — 0.8%
Evercore, Inc., Class A		59,411		8,240,305
Interactive Brokers Group, Inc., Class A		130,856		9,659,790
Jefferies Financial Group, Inc.		296,072		11,126,386
				29,026,481
Finance - Other Services — 0.3%
SEI Investments Co.		160,626		9,578,128
Financial Guarantee Insurance — 0.2%
MGIC Investment Corp.		508,345		7,167,665
Firearms & Ammunition — 0.5%
Axon Enterprise, Inc.†		98,390		16,607,248
Food - Baking — 0.2%
Flowers Foods, Inc.		298,199		7,699,498
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		26,169		823,015
Food - Misc./Diversified — 0.8%
Hain Celestial Group, Inc.†		140,972		5,558,526
Ingredion, Inc.		100,382		9,348,576
Lancaster Colony Corp.		29,711		4,343,748
Post Holdings, Inc.†		87,806		8,482,059
				27,732,909
Food - Retail — 0.2%
Grocery Outlet Holding Corp.†		130,767		3,787,012
Sprouts Farmers Market, Inc.†		171,072		4,526,565
				8,313,577
Food - Wholesale/Distribution — 0.3%
Performance Food Group Co.†		230,228		9,280,491
Footwear & Related Apparel — 0.7%
Crocs, Inc.†		93,462		15,329,637
Skechers U.S.A., Inc., Class A†		202,087		9,077,748
				24,407,385
Funeral Services & Related Items — 0.5%
Service Corp. International		251,053		16,609,666
Garden Products — 0.3%
Scotts Miracle-Gro Co.		61,025		8,841,912

Security Description	Shares		Value (Note 2)
Gas - Distribution — 1.0%
National Fuel Gas Co.		136,600	$	7,896,846
New Jersey Resources Corp.		144,469		5,313,570
ONE Gas, Inc.		80,151		5,196,991
Spire, Inc.		77,429		4,634,126
UGI Corp.		313,253		12,921,686
				35,963,219
Gold Mining — 0.3%
Royal Gold, Inc.		98,287		9,831,649
Golf — 0.1%
Callaway Golf Co.†		175,490		4,731,210
Hazardous Waste Disposal — 0.4%
Clean Harbors, Inc.†		74,982		7,606,174
Stericycle, Inc.†		137,609		7,774,909
				15,381,083
Healthcare Safety Devices — 0.3%
Tandem Diabetes Care, Inc.†		94,425		12,135,501
Home Furnishings — 0.5%
MillerKnoll, Inc.		112,826		4,280,618
Tempur Sealy International, Inc.		294,376		12,611,068
				16,891,686
Hotels/Motels — 0.7%
Choice Hotels International, Inc.		49,172		7,058,640
Travel & Leisure Co.		129,285		6,363,408
Wyndham Hotels & Resorts, Inc.		140,108		11,135,784
				24,557,832
Human Resources — 1.1%
ASGN, Inc.†		79,251		9,643,262
Insperity, Inc.		53,783		6,224,845
ManpowerGroup, Inc.		81,248		7,282,258
Paylocity Holding Corp.†		58,895		14,861,564
				38,011,929
Industrial Automated/Robotic — 0.8%
Cognex Corp.		264,728		20,450,238
Colfax Corp.†		194,052		9,011,775
				29,462,013
Instruments - Controls — 0.3%
Woodward, Inc.		95,289		10,081,576
Insurance - Life/Health — 0.7%
Brighthouse Financial, Inc.†		124,508		6,052,334
CNO Financial Group, Inc.		191,443		4,338,098
Primerica, Inc.		59,131		8,701,127
Unum Group		306,207		7,073,382
				26,164,941
Insurance - Multi-line — 0.5%
American Financial Group, Inc.		99,032		13,231,665
Kemper Corp.		89,602		4,956,783
				18,188,448
Insurance - Property/Casualty — 1.8%
Alleghany Corp.†		20,779		13,441,520
First American Financial Corp.		164,674		12,215,517
Hanover Insurance Group, Inc.		53,489		6,512,286
Kinsale Capital Group, Inc.		32,116		6,680,128
Mercury General Corp.		39,818		2,031,514
Old Republic International Corp.		425,970		10,206,241
RLI Corp.		59,624		6,128,155
Selective Insurance Group, Inc.		90,049		6,802,301
				64,017,662

169

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Insurance - Reinsurance — 0.8%
Essent Group, Ltd.		167,597	$	6,968,683
Reinsurance Group of America, Inc.		101,868		9,668,292
RenaissanceRe Holdings, Ltd.		70,569		10,875,389
				27,512,364
Internet Content - Information/News — 0.1%
Yelp, Inc.†		103,597		3,551,305
Internet Security — 0.2%
Mimecast, Ltd.†		91,591		7,418,871
Investment Management/Advisor Services — 1.1%
Affiliated Managers Group, Inc.		61,731		10,502,295
Federated Hermes, Inc.		146,151		4,926,750
Janus Henderson Group PLC		258,201		11,032,929
Stifel Financial Corp.		156,985		11,147,505
				37,609,479
Lasers - System/Components — 0.5%
Coherent, Inc.†		36,757		9,517,490
II-VI, Inc.†#		157,129		9,825,276
				19,342,766
Lighting Products & Systems — 0.6%
Acuity Brands, Inc.		53,494		10,771,017
Universal Display Corp.		64,944		9,290,239
				20,061,256
Machine Tools & Related Products — 0.5%
Kennametal, Inc.		125,265		4,430,623
Lincoln Electric Holdings, Inc.		88,969		12,007,256
				16,437,879
Machinery - Construction & Mining — 0.4%
Oshkosh Corp.		102,825		11,063,970
Terex Corp.		104,569		4,431,634
				15,495,604
Machinery - Electrical — 0.5%
Regal Rexnord Corp.		101,428		16,035,767
Machinery-Farming — 0.7%
AGCO Corp.		92,608		10,206,328
Toro Co.		160,393		16,129,120
				26,335,448
Machinery - General Industrial — 1.2%
Crane Co.		74,662		7,207,869
Middleby Corp.†		83,335		14,556,958
Nordson Corp.		80,988		20,586,340
				42,351,167
Machinery - Pumps — 0.9%
Curtiss-Wright Corp.		61,249		7,706,349
Flowserve Corp.		195,150		5,850,597
Graco, Inc.		254,294		18,535,490
				32,092,436
Medical Instruments — 0.3%
Integra LifeSciences Holdings Corp.†		108,971		6,968,695
NuVasive, Inc.†		77,400		3,719,844
				10,688,539
Medical Labs & Testing Services — 0.7%
Medpace Holdings, Inc.†		42,928		8,903,696
Syneos Health, Inc.†		155,030		15,062,715
				23,966,411

Security Description	Shares		Value (Note 2)
Medical Products — 2.1%
Envista Holdings Corp.†		241,584	$	9,373,459
Globus Medical, Inc., Class A†		117,308		7,345,827
Haemonetics Corp.†		76,351		3,912,989
Hill-Rom Holdings, Inc.		98,601		15,332,456
LivaNova PLC†		79,709		6,389,473
Masimo Corp.†		75,883		21,104,580
Penumbra, Inc.†		51,514		12,654,414
				76,113,198
Medical - Biomedical/Gene — 1.2%
Arrowhead Pharmaceuticals, Inc.†		156,193		10,941,320
Exelixis, Inc.†		471,982		7,924,578
Halozyme Therapeutics, Inc.†		213,235		7,011,167
Nektar Therapeutics†		275,356		3,100,508
United Therapeutics Corp.†		67,253		12,744,443
				41,722,016
Medical - Drugs — 0.3%
Jazz Pharmaceuticals PLC†		91,609		10,981,171
Medical - Generic Drugs — 0.2%
Perrigo Co. PLC		200,321		7,353,784
Medical - HMO — 0.7%
Molina Healthcare, Inc.†		87,490		24,950,398
Medical - Hospitals — 0.5%
Acadia Healthcare Co., Inc.†		134,626		7,561,942
Tenet Healthcare Corp.†		160,380		11,686,891
				19,248,833
Medical - Outpatient/Home Medical — 0.7%
Amedisys, Inc.†		48,886		6,826,930
Chemed Corp.		23,567		10,970,203
LHC Group, Inc.†		47,445		5,442,890
				23,240,023
Metal Processors & Fabrication — 0.2%
Timken Co.		103,963		6,843,884
Metal Products - Distribution — 0.1%
Worthington Industries, Inc.		49,610		2,380,288
Motorcycle/Motor Scooter — 0.2%
Harley-Davidson, Inc.		230,480		8,442,482
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		75,109		3,295,783
Multimedia — 0.7%
FactSet Research Systems, Inc.		56,599		26,520,593
Office Automation & Equipment — 0.1%
Xerox Holdings Corp.		205,893		3,792,549
Oil Companies - Exploration & Production — 0.4%
CNX Resources Corp.†		326,472		4,453,078
EQT Corp.†		453,051		8,802,781
				13,255,859
Oil Companies - Integrated — 0.2%
Murphy Oil Corp.		217,480		5,780,618
Oil Field Machinery & Equipment — 0.2%
NOV, Inc.		585,322		6,977,038
Oil Refining & Marketing — 0.2%
HollyFrontier Corp.		223,956		7,238,258
Oil - Field Services — 0.2%
ChampionX Corp.†		302,324		6,170,433
Optical Supplies — 0.2%
STAAR Surgical Co.†		71,005		6,758,966

170

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Pastoral & Agricultural — 0.5%
Darling Ingredients, Inc.†		242,801	$	16,393,924
Pharmacy Services — 0.1%
Option Care Health, Inc.†		207,488		5,251,521
Physical Therapy/Rehabilitation Centers — 0.2%
Encompass Health Corp.		149,069		8,589,356
Pipelines — 1.0%
Antero Midstream Corp.		486,399		4,722,934
DT Midstream, Inc.		145,114		6,656,379
Equitrans Midstream Corp.		609,091		5,859,456
Targa Resources Corp.		342,552		17,685,960
				34,924,729
Poultry — 0.2%
Pilgrim’s Pride Corp.†		73,011		2,050,149
Sanderson Farms, Inc.		31,780		5,967,648
				8,017,797
Publishing - Newspapers — 0.5%
New York Times Co., Class A		250,324		11,890,390
TEGNA, Inc.		331,212		6,541,437
				18,431,827
Quarrying — 0.1%
Compass Minerals International, Inc.		50,995		2,480,907
Racetracks — 0.3%
Churchill Downs, Inc.		51,937		11,645,314
Real Estate Investment Trusts — 9.6%
American Campus Communities, Inc.		208,399		10,782,564
Apartment Income REIT Corp.		235,149		11,936,163
Brixmor Property Group, Inc.		444,909		10,117,231
Camden Property Trust		150,674		24,892,852
CoreSite Realty Corp.		66,224		11,327,615
Corporate Office Properties Trust		168,291		4,318,347
Cousins Properties, Inc.		222,753		8,411,153
CyrusOne, Inc.		185,795		16,539,471
Douglas Emmett, Inc.		262,878		8,614,512
EastGroup Properties, Inc.		60,532		12,330,368
EPR Properties		112,065		5,168,438
First Industrial Realty Trust, Inc.		193,454		11,686,556
Healthcare Realty Trust, Inc.		218,021		6,828,418
Highwoods Properties, Inc.		156,119		6,744,341
Hudson Pacific Properties, Inc.		228,431		5,560,011
JBG SMITH Properties		173,944		4,833,904
Kilroy Realty Corp.		157,016		10,132,242
Kite Realty Group Trust		327,139		6,582,037
Lamar Advertising Co., Class A		129,981		14,201,724
Life Storage, Inc.		117,326		15,503,458
Macerich Co.		319,113		6,018,471
Medical Properties Trust, Inc.		892,430		18,999,835
National Retail Properties, Inc.		263,068		11,601,299
National Storage Affiliates Trust		122,185		7,499,715
Omega Healthcare Investors, Inc.		357,864		9,998,720
Park Hotels & Resorts, Inc.†		354,294		5,895,452
Pebblebrook Hotel Trust		196,827		4,123,526
Physicians Realty Trust		325,700		5,807,231
PotlatchDeltic Corp.		100,442		5,437,930
PS Business Parks, Inc.		30,122		5,277,374
Rayonier, Inc.		211,722		7,996,740
Rexford Industrial Realty, Inc.		206,351		14,461,078
Sabra Health Care REIT, Inc.		330,821		4,277,515
SL Green Realty Corp.		100,612		6,985,491
Spirit Realty Capital, Inc.		178,432		7,950,930
STORE Capital Corp.		366,319		12,066,548
Urban Edge Properties		164,956		2,842,192
				343,751,452

Security Description	Shares		Value (Note 2)
Real Estate Management/Services — 0.5%
Jones Lang LaSalle, Inc.†		75,957	$	17,843,059
Recreational Vehicles — 0.6%
Brunswick Corp.		116,103		10,903,232
Polaris, Inc.		85,325		9,538,482
				20,441,714
Rental Auto/Equipment — 0.7%
Avis Budget Group, Inc.†		70,779		19,435,206
PROG Holdings, Inc.		99,625		4,495,080
				23,930,286
Resorts/Theme Parks — 0.4%
Marriott Vacations Worldwide Corp.		63,981		9,766,700
Six Flags Entertainment Corp.†		115,784		4,234,221
				14,000,921
Retail - Apparel/Shoe — 0.5%
American Eagle Outfitters, Inc.#		228,647		5,919,671
Foot Locker, Inc.		134,956		6,159,392
Victoria’s Secret & Co.†		112,506		6,106,825
				18,185,888
Retail - Automobile — 0.6%
AutoNation, Inc.†		65,428		8,103,258
Lithia Motors, Inc.		45,320		13,203,075
				21,306,333
Retail - Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		70,401		5,540,559
Retail - Convenience Store — 0.3%
Casey’s General Stores, Inc.		55,466		10,776,489
Retail - Discount — 0.5%
BJ’s Wholesale Club Holdings, Inc.†		205,444		13,590,120
Ollie’s Bargain Outlet Holdings, Inc.†#		90,958		5,629,391
				19,219,511
Retail - Home Furnishings — 1.0%
RH†		25,520		14,882,754
Williams-Sonoma, Inc.		112,538		21,926,904
				36,809,658
Retail - Major Department Stores — 0.1%
Nordstrom, Inc.†#		166,634		3,527,642
Retail - Misc./Diversified — 1.0%
Five Below, Inc.†		83,885		17,065,564
GameStop Corp., Class A†		93,213		18,289,323
				35,354,887
Retail - Pawn Shops — 0.1%
FirstCash, Inc.		60,602		3,868,832
Retail - Petroleum Products — 0.2%
Murphy USA, Inc.		35,621		6,174,188
Retail - Regional Department Stores — 0.3%
Kohl’s Corp.		234,056		11,990,689
Retail - Restaurants — 1.0%
Cracker Barrel Old Country Store, Inc.		35,544		4,337,079
Jack in the Box, Inc.		32,467		2,681,774
Papa John’s International, Inc.		48,752		5,943,844
Texas Roadhouse, Inc.		104,613		8,676,602
Wendy’s Co.		267,010		5,495,066
Wingstop, Inc.		44,562		7,156,657
				34,291,022
Retail - Sporting Goods — 0.3%
Dick’s Sporting Goods, Inc.#		98,178		11,541,806

171

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Rubber - Tires — 0.2%
Goodyear Tire & Rubber Co.†		420,942	$	8,465,144
Satellite Telecom — 0.2%
Iridium Communications, Inc.†		197,654		7,599,796
Savings & Loans/Thrifts — 0.5%
New York Community Bancorp, Inc.		696,675		8,346,166
Sterling Bancorp		288,680		7,162,151
Washington Federal, Inc.		101,791		3,307,190
				18,815,507
Schools — 0.2%
Graham Holdings Co., Class B		6,047		3,425,747
Grand Canyon Education, Inc.†		67,694		4,905,784
				8,331,531
Security Services — 0.1%
Brink’s Co.		74,594		4,562,169
Semiconductor Components - Integrated Circuits — 0.2%
Cirrus Logic, Inc.†		86,289		6,918,652
Semiconductor Equipment — 0.9%
Azenta, Inc.		111,305		12,588,596
CMC Materials, Inc.		43,778		5,813,718
MKS Instruments, Inc.		83,074		12,640,540
				31,042,854
Software Tools — 0.2%
Digital Turbine, Inc.†		131,006		6,951,178
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.		31,780		7,596,373
Steel - Producers — 1.7%
Cleveland-Cliffs, Inc.†#		681,283		13,864,109
Commercial Metals Co.		180,653		5,582,178
Reliance Steel & Aluminum Co.		95,105		14,135,456
Steel Dynamics, Inc.		290,498		17,371,780
United States Steel Corp.		404,686		9,149,951
				60,103,474
Telecom Equipment-Fiber Optics — 0.4%
Ciena Corp.†		231,859		13,964,868
Telephone - Integrated — 0.1%
Telephone & Data Systems, Inc.		148,084		2,618,125
Television — 0.1%
World Wrestling Entertainment, Inc., Class A		67,633		3,338,365
Therapeutics — 0.3%
Neurocrine Biosciences, Inc.†		141,791		11,804,101
Tools - Hand Held — 0.2%
MSA Safety, Inc.		54,601		7,825,415
Toys — 0.3%
Mattel, Inc.†		522,799		11,088,567
Transport - Equipment & Leasing — 0.1%
GATX Corp.		53,183		5,238,526
Transport - Marine — 0.1%
Kirby Corp.†		90,050		4,702,411
Transport - Services — 0.2%
Ryder System, Inc.		80,560		6,692,925
Transport - Truck — 1.5%
Knight-Swift Transportation Holdings, Inc.		248,652		14,235,327
Landstar System, Inc.		57,342		9,664,994
Saia, Inc.†		39,453		13,066,045

Security Description	Shares/ Principal amount			Value (Note 2)
Transport - Truck (continued)
Werner Enterprises, Inc.		92,611		$	4,177,682
XPO Logistics, Inc.†		147,682			10,698,084
					51,842,132
Water — 0.4%
Essential Utilities, Inc.		335,038			15,837,246
Wire & Cable Products — 0.1%
Belden, Inc.		67,195			4,143,916
Wireless Equipment — 0.1%
ViaSat, Inc.†		109,852			4,865,345
Total Long-Term Investment Securities
(cost $2,327,214,035)					3,557,531,967
SHORT-TERM INVESTMENT SECURITIES — 0.7%
Registered Investment Companies — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(1)(2)		20,568,590			20,568,590
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.07% due 03/24/2022(3)	$	400,000			399,929
0.09% due 12/30/2021(3)		1,700,000			1,699,879
0.10% due 12/30/2021(3)		1,700,000			1,699,878
					3,799,686
Total Short-Term Investment Securities
(cost $24,368,246)					24,368,276
REPURCHASE AGREEMENTS — 0.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $16,613,000 and collateralized by $17,420,300 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $16,945,318 (cost $16,613,000)		16,613,000			16,613,000
TOTAL INVESTMENTS
(cost $2,368,195,281)(4)		100.7	%		3,598,513,243
Liabilities in excess of other assets		(0.7	)		(24,456,955	)
NET ASSETS		100.0	%	$	3,574,056,288

† Non-income producing security

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

(1) At November 30, 2021, the Fund had loaned securities with a total value of $50,178,900. This was secured by collateral of $20,568,590, which was received in cash and subsequently invested in short-term investments currently valued at $20,568,590 as reported in the Portfolio of Investments. Additional collateral of $33,025,266 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
Federal Home Loan Mtg. Corp.	1.25% to 2.50%	03/01/2050 to 10/25/2050	$	564,328
Federal National Mtg. Assoc.	2.00% to 3.50%	06/01/2049 to 09/01/2050		1,908,735
Government National Mtg. Assoc.	1.00% to 2.70%	06/20/2038 to 05/16/2053		1,127,953
United States Treasury Bills	0.00%	12/09/2021 to 06/16/2022		1,790,168
United States Treasury Notes/Bonds	0.07% to 6.88%	12/31/2021 to 08/15/2051		27,634,082

172

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

(2) The rate shown is the 7-day yield as of November 30, 2021.

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

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	85	Long	S&P Mid Cap 400 E-Mini Index		December 2021	$	24,552,967	$	23,002,700	$	(1,550,267	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	3,557,531,967	$	—	$	—	$	3,557,531,967
Short-Term Investment Securities:
Registered Investment Companies		20,568,590		—		—		20,568,590
U.S. Government Treasuries		—		3,799,686		—		3,799,686
Repurchase Agreements		—		16,613,000		—		16,613,000
Total Investments at Value	$	3,578,100,557	$	20,412,686	$	—	$	3,598,513,243
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,550,267	$	—	$	—	$	1,550,267

* 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

173

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Enterprise Software/Service	6.7	%
Electronic Components — Semiconductors	4.1
Semiconductor Equipment	3.9
Medical Products	2.9
Computer Software	2.7
Medical Labs & Testing Services	2.4
Computer Services	2.2
Energy — Alternate Sources	2.2
Commercial Services — Finance	2.2
Electronic Connectors	2.1
Electronic Measurement Instruments	2.0
Insurance — Property/Casualty	2.0
Electronic Components — Misc.	2.0
Investment Management/Advisor Services	1.9
Medical — Biomedical/Gene	1.9
Diagnostic Equipment	1.9
Transport — Truck	1.9
Computer Data Security	1.8
Apparel Manufacturers	1.8
Data Processing/Management	1.7
Banks — Commercial	1.6
Distribution/Wholesale	1.5
Diagnostic Kits	1.4
Telecommunication Equipment	1.3
Retail — Automobile	1.3
Commercial Services	1.3
E-Commerce/Services	1.3
Semiconductor Components — Integrated Circuits	1.3
Aerospace/Defense — Equipment	1.2
Disposable Medical Products	1.2
Retail — Apparel/Shoe	1.2
Medical Instruments	1.2
Machinery — General Industrial	1.1
Insurance Brokers	1.0
Web Hosting/Design	1.0
Drug Delivery Systems	0.9
Real Estate Investment Trusts	0.9
Auction Houses/Art Dealers	0.9
Advertising Services	0.8
Machinery — Pumps	0.8
Power Converter/Supply Equipment	0.8
Entertainment Software	0.8
Aerospace/Defense	0.8
Non-Hazardous Waste Disposal	0.8
Retail — Home Furnishings	0.8
Electric — Integrated	0.8
Machinery — Print Trade	0.7
Broadcast Services/Program	0.7
Building — Residential/Commercial	0.7
Retail — Misc./Diversified	0.6
E-Commerce/Products	0.6
Instruments — Scientific	0.6
Chemicals — Specialty	0.6
Medical — Hospitals	0.6
Therapeutics	0.5
Private Equity	0.5
Retail — Floor Coverings	0.5
Auto — Cars/Light Trucks	0.5
Athletic Equipment	0.5
Rental Auto/Equipment	0.5
Electric Products — Misc.	0.5
Airlines	0.5
Retail — Restaurants	0.5
Building Products — Air & Heating	0.5
Dental Supplies & Equipment	0.5
Finance — Other Services	0.5
Food — Catering	0.4
Chemicals — Diversified	0.4
Containers — Paper/Plastic	0.4

Registered Investment Companies	0.4
Veterinary Diagnostics	0.4
Building — Maintenance & Services	0.4
Internet Gambling	0.4
Oil Companies — Exploration & Production	0.4
Machinery — Electrical	0.4
Oil Refining & Marketing	0.3
Internet Application Software	0.3
Building & Construction — Misc.	0.3
Auto/Truck Parts & Equipment — Original	0.3
Audio/Video Products	0.3
Finance — Investment Banker/Broker	0.3
Decision Support Software	0.3
Building & Construction Products — Misc.	0.3
Real Estate Management/Services	0.3
Consulting Services	0.2
Printing — Commercial	0.2
Electric — Generation	0.2
	96.3	%

* Calculated as a percentage of net assets

174

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.9%
Advertising Services — 0.8%
Trade Desk, Inc., Class A†		71,590	$	7,403,838
Aerospace/Defense — 0.8%
Teledyne Technologies, Inc.†		16,568		6,880,525
Aerospace/Defense - Equipment — 1.2%
Hexcel Corp.†		69,918		3,592,387
L3Harris Technologies, Inc.		33,858		7,079,030
				10,671,417
Airlines — 0.5%
Ryanair Holdings PLC ADR†		44,449		4,247,102
Apparel Manufacturers — 1.8%
Capri Holdings, Ltd.†		131,172		7,768,006
Gildan Activewear, Inc.#		192,722		7,816,804
				15,584,810
Athletic Equipment — 0.5%
YETI Holdings, Inc.†		49,772		4,586,987
Auction Houses/Art Dealers — 0.9%
Ritchie Bros. Auctioneers, Inc.		112,663		7,647,564
Audio/Video Products — 0.3%
Dolby Laboratories, Inc., Class A		32,728		2,729,842
Auto - Cars/Light Trucks — 0.5%
General Motors Co.†		80,902		4,681,799
Auto/Truck Parts & Equipment - Original — 0.3%
Visteon Corp.†		25,868		2,739,939
Banks - Commercial — 1.6%
First Republic Bank		39,422		8,265,217
SVB Financial Group†		8,446		5,847,419
				14,112,636
Broadcast Services/Program — 0.7%
Liberty Media Corp. - Liberty Formula One, Series C†		104,547		6,369,003
Building & Construction Products - Misc. — 0.3%
Zurn Water Solutions Corp.		67,820		2,377,091
Building & Construction - Misc. — 0.3%
Frontdoor, Inc.†		79,827		2,758,821
Building Products - Air & Heating — 0.5%
Johnson Controls International PLC		55,188		4,125,855
Building - Maintenance & Services — 0.4%
Terminix Global Holdings, Inc.†		96,671		3,607,762
Building - Residential/Commercial — 0.7%
D.R. Horton, Inc.		59,710		5,833,667
Chemicals - Diversified — 0.4%
Olin Corp.		71,375		3,879,231
Chemicals - Specialty — 0.6%
Chemours Co.		166,951		4,958,445
Commercial Services — 1.3%
GXO Logistics, Inc.†		64,387		6,184,371
Quanta Services, Inc.		47,154		5,365,182
				11,549,553
Commercial Services - Finance — 2.2%
Global Payments, Inc.		41,191		4,903,377
Marathon Digital Holdings, Inc.†#		40,236		2,054,853
Riot Blockchain, Inc.†		64,650		2,415,970
Shift4 Payments, Inc., Class A†		51,850		2,697,237
WEX, Inc.†		53,364		6,746,277
				18,817,714

Security Description	Shares		Value (Note 2)
Computer Data Security — 1.8%
Varonis Systems, Inc.†		83,279	$	4,314,685
Zscaler, Inc.†		32,978		11,442,377
				15,757,062
Computer Services — 2.2%
Amdocs, Ltd.		108,132		7,549,776
EPAM Systems, Inc.†		18,882		11,490,641
				19,040,417
Computer Software — 2.7%
Datadog, Inc., Class A†		35,036		6,246,569
Dynatrace, Inc.†		61,458		3,862,635
Snowflake, Inc., Class A†		19,121		6,504,008
Ziff Davis, Inc.†		20,221		2,302,565
ZoomInfo Technologies, Inc., Class A†		76,250		4,704,625
				23,620,402
Consulting Services — 0.2%
Verisk Analytics, Inc.		7,924		1,781,870
Containers - Paper/Plastic — 0.4%
Sealed Air Corp.		59,675		3,707,011
Data Processing/Management — 1.7%
Broadridge Financial Solutions, Inc.		56,499		9,524,036
Fidelity National Information Services, Inc.		51,563		5,388,334
				14,912,370
Decision Support Software — 0.3%
MSCI, Inc.		4,044		2,545,496
Dental Supplies & Equipment — 0.5%
DENTSPLY SIRONA, Inc.		83,042		4,047,467
Diagnostic Equipment — 1.9%
10X Genomics, Inc., Class A†		19,401		2,964,667
Avantor, Inc.†		212,640		8,395,027
PerkinElmer, Inc.		26,968		4,912,491
				16,272,185
Diagnostic Kits — 1.4%
IDEXX Laboratories, Inc.†		13,727		8,346,977
Natera, Inc.†		42,289		3,867,752
				12,214,729
Disposable Medical Products — 1.2%
ICU Medical, Inc.†		22,288		5,041,769
Teleflex, Inc.		18,015		5,358,021
				10,399,790
Distribution/Wholesale — 1.5%
Ferguson PLC		41,419		6,294,784
Pool Corp.		11,628		6,443,307
				12,738,091
Drug Delivery Systems — 0.9%
DexCom, Inc.†		13,964		7,856,007
E-Commerce/Products — 0.6%
Wayfair, Inc., Class A†#		21,272		5,272,052
E-Commerce/Services — 1.3%
Expedia Group, Inc.†		45,451		7,321,702
Fiverr International, Ltd.†#		24,891		3,525,063
Upwork, Inc.†		14,047		523,391
				11,370,156
Electric Products - Misc. — 0.5%
AMETEK, Inc.		31,288		4,270,812

175

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric - Generation — 0.2%
Iris Energy, Ltd.†		84,321	$	1,530,426
Electric - Integrated — 0.8%
Alliant Energy Corp.		122,128		6,691,393
Electronic Components - Misc. — 2.0%
Flex, Ltd.†		367,416		6,282,814
Sensata Technologies Holding PLC†		196,998		10,972,788
				17,255,602
Electronic Components - Semiconductors — 4.1%
Marvell Technology, Inc.		72,689		5,173,276
Microchip Technology, Inc.		99,457		8,297,698
Monolithic Power Systems, Inc.		16,022		8,867,536
ON Semiconductor Corp.†		217,726		13,374,908
				35,713,418
Electronic Connectors — 2.1%
TE Connectivity, Ltd.		119,365		18,373,854
Electronic Measurement Instruments — 2.0%
Keysight Technologies, Inc.†		36,395		7,078,099
National Instruments Corp.		134,811		5,597,353
Trimble, Inc.†		59,249		5,087,712
				17,763,164
Energy - Alternate Sources — 2.2%
Enphase Energy, Inc.†		35,485		8,871,250
Plug Power, Inc.†#		129,332		5,153,880
Sunrun, Inc.†		105,416		4,853,353
				18,878,483
Enterprise Software/Service — 6.7%
Atlassian Corp. PLC, Class A†		9,036		3,400,427
Ceridian HCM Holding, Inc.†		77,288		8,455,307
Constellation Software, Inc.		7,534		12,819,743
Coupa Software, Inc.†		21,653		4,258,279
HubSpot, Inc.†		12,923		10,427,698
Paycom Software, Inc.†		12,189		5,332,444
SS&C Technologies Holdings, Inc.		163,896		12,510,182
Topicus.com, Inc.†		14,250		1,273,570
				58,477,650
Entertainment Software — 0.8%
ROBLOX Corp., Class A†		37,915		4,781,081
Zynga, Inc., Class A†		374,590		2,258,778
				7,039,859
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		34,943		2,704,239
Finance - Other Services — 0.5%
Cboe Global Markets, Inc.		31,172		4,019,318
Food - Catering — 0.4%
Aramark		117,341		3,919,189
Food - Retail — 0.0%
Sweetgreen, Inc., Class A†		1,515		57,843
Instruments - Scientific — 0.6%
Waters Corp.†		15,187		4,982,399
Insurance Brokers — 1.0%
Aon PLC, Class A		15,565		4,603,660
Ryan Specialty Group Holdings, Inc., Class A†		106,537		4,077,171
				8,680,831

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty — 2.0%
Intact Financial Corp.		74,335	$	9,224,302
WR Berkley Corp.		105,622		8,094,870
				17,319,172
Internet Application Software — 0.3%
Wix.com, Ltd.†		18,742		2,863,778
Internet Gambling — 0.4%
Entain PLC†		156,535		3,460,834
Investment Management/Advisor Services — 1.9%
LPL Financial Holdings, Inc.		107,366		16,921,955
Machinery - Electrical — 0.4%
Regal Rexnord Corp.		20,305		3,210,220
Machinery - General Industrial — 1.1%
Westinghouse Air Brake Technologies Corp.		103,571		9,193,998
Machinery - Print Trade — 0.7%
Kornit Digital, Ltd.†		42,329		6,557,185
Machinery - Pumps — 0.8%
Ingersoll Rand, Inc.		121,204		7,071,041
Medical Information Systems — 0.0%
Oscar Health, Inc., Class A†		34,837		313,533
Medical Instruments — 1.2%
Boston Scientific Corp.†		267,277		10,175,235
Medical Labs & Testing Services — 2.4%
Catalent, Inc.†		92,974		11,962,035
ICON PLC†		34,847		9,425,068
				21,387,103
Medical Products — 2.9%
Align Technology, Inc.†		6,500		3,974,945
Cooper Cos., Inc.		32,849		12,366,663
Hologic, Inc.†		48,303		3,609,683
STERIS PLC		23,483		5,131,740
				25,083,031
Medical - Biomedical/Gene — 1.9%
Abcam PLC ADR†		62,761		1,422,164
Ascendis Pharma A/S ADR†		14,285		1,957,331
BioMarin Pharmaceutical, Inc.†		37,384		3,225,865
Horizon Therapeutics PLC†		64,776		6,721,158
Illumina, Inc.†		8,908		3,254,360
				16,580,878
Medical - Hospitals — 0.6%
Tenet Healthcare Corp.†		66,898		4,874,857
Non-Hazardous Waste Disposal — 0.8%
Waste Management, Inc.		42,365		6,806,785
Oil Companies - Exploration & Production — 0.4%
Diamondback Energy, Inc.		32,200		3,436,706
Oil Refining & Marketing — 0.3%
Valero Energy Corp.		43,844		2,934,917
Power Converter/Supply Equipment — 0.8%
Generac Holdings, Inc.†		16,777		7,067,143
Printing - Commercial — 0.2%
Cimpress PLC†		21,279		1,656,145
Private Equity — 0.5%
Ares Management Corp., Class A		58,885		4,779,107
Real Estate Investment Trusts — 0.9%
Lamar Advertising Co., Class A		71,043		7,762,158

176

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Management/Services — 0.3%
Redfin Corp.†#		55,998	$	2,278,559
Rental Auto/Equipment — 0.5%
United Rentals, Inc.†		12,919		4,376,182
Retail - Apparel/Shoe — 1.2%
Burlington Stores, Inc.†		13,547		3,971,032
Lululemon Athletica, Inc.†		14,087		6,401,274
				10,372,306
Retail - Automobile — 1.3%
CarMax, Inc.†		75,253		10,629,486
Vroom, Inc.†#		74,316		1,027,790
				11,657,276
Retail - Floor Coverings — 0.5%
Floor & Decor Holdings, Inc., Class A†		36,805		4,744,533
Retail - Home Furnishings — 0.8%
RH†		11,609		6,770,137
Retail - Misc./Diversified — 0.6%
Five Below, Inc.†		26,290		5,348,438
Retail - Restaurants — 0.5%
Wingstop, Inc.		25,733		4,132,720
Semiconductor Components - Integrated Circuits — 1.3%
Analog Devices, Inc.		34,439		6,207,630
NXP Semiconductors NV		21,743		4,856,516
				11,064,146
Semiconductor Equipment — 3.9%
Entegris, Inc.		49,782		7,272,154
KLA Corp.		36,836		15,033,877
Lam Research Corp.		17,115		11,635,633
				33,941,664
Telecommunication Equipment — 1.3%
NICE, Ltd. ADR†		39,951		11,664,893
Therapeutics — 0.5%
Neurocrine Biosciences, Inc.†		34,630		2,882,948
Sarepta Therapeutics, Inc.†		23,778		1,921,500
				4,804,448
Transport - Truck — 1.9%
JB Hunt Transport Services, Inc.		66,228		12,660,144
XPO Logistics, Inc.†		49,677		3,598,602
				16,258,746

Security Description	Shares			Value (Note 2)
Veterinary Diagnostics — 0.4%
Elanco Animal Health, Inc.†		126,404		$	3,632,851
Web Hosting/Design — 1.0%
GoDaddy, Inc., Class A†		121,586			8,531,690
Total Long-Term Investment Securities
(cost $689,701,678)					836,491,556
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(1)(2) (cost $3,680,971)		3,680,971			3,680,971
TOTAL INVESTMENTS
(cost $693,382,649)(3)		96.3	%		840,172,527
Other assets less liabilities		3.7			32,425,535
NET ASSETS		100.0	%	$	872,598,062

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of November 30, 2021.

(2) At November 30, 2021, the Fund had loaned securities with a total value of $17,126,825. This was secured by collateral of $3,680,971, which was received in cash and subsequently invested in short-term investments currently valued at $3,680,971 as reported in the Portfolio of Investments. Additional collateral of $14,768,678 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	12/09/2021 to 06/16/2022	$  1,037,092
United States Treasury Notes/Bonds	0.07% to 6.88%	12/31/2021 to 08/15/2051	13,731,586

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:	$	826,735,938	$	9,755,618	**	$	—	$	836,491,556
Short-Term Investment Securities		3,680,971		—			—		3,680,971
Total Investments at Value	$	830,416,909	$	9,755,618		$	—	$	840,172,527

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

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

See Notes to Financial Statements

177

VALIC Company I Mid Cap Value Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	9.0	%
Banks — Commercial	7.0
Electric — Integrated	3.7
Insurance — Property/Casualty	3.2
Banks — Super Regional	3.1
Oil Companies — Exploration & Production	2.9
Diversified Manufacturing Operations	2.6
Chemicals — Diversified	2.4
Machinery — Pumps	2.4
Aerospace/Defense — Equipment	2.1
Medical — HMO	1.9
Medical Labs & Testing Services	1.7
Insurance — Life/Health	1.6
Computer Services	1.6
Building & Construction Products — Misc.	1.4
Oil Refining & Marketing	1.3
Investment Management/Advisor Services	1.3
Medical — Hospitals	1.3
Electronic Components — Semiconductors	1.2
Aerospace/Defense	1.2
Oil — Field Services	1.2
Auto/Truck Parts & Equipment — Original	1.2
Hotels/Motels	1.1
Medical Products	1.0
Retail — Auto Parts	1.0
Food — Wholesale/Distribution	1.0
Machinery — General Industrial	1.0
Commercial Services — Finance	1.0
Finance — Credit Card	0.9
Retail — Restaurants	0.9
Computers — Other	0.9
Containers — Metal/Glass	0.9
Human Resources	0.9
Medical Instruments	0.9
Hazardous Waste Disposal	0.9
Physical Therapy/Rehabilitation Centers	0.8
Electronic Connectors	0.8
Steel — Producers	0.8
Semiconductor Equipment	0.8
Machinery — Electrical	0.8
Insurance — Reinsurance	0.8
Internet Infrastructure Software	0.8
Electric Products — Misc.	0.8
Computers — Memory Devices	0.8
Building Products — Doors & Windows	0.7
Airlines	0.7
Finance — Leasing Companies	0.7
Registered Investment Companies	0.7
Industrial Automated/Robotic	0.6
Distribution/Wholesale	0.6
Semiconductor Components — Integrated Circuits	0.6
Appliances	0.6
Beverages — Non-alcoholic	0.6
Retail — Apparel/Shoe	0.6
E-Commerce/Services	0.6
Resorts/Theme Parks	0.6
Machine Tools & Related Products	0.6
Diagnostic Equipment	0.5
Casino Hotels	0.5
Home Furnishings	0.5
Engineering/R&D Services	0.5
Financial Guarantee Insurance	0.5
Agricultural Biotech	0.5
Lasers — System/Components	0.5
Medical — Wholesale Drug Distribution	0.5
Internet Security	0.5
Motorcycle/Motor Scooter	0.5
Insurance — Multi-line	0.5
Savings & Loans/Thrifts	0.5

Finance — Consumer Loans	0.5
Toys	0.4
Electronic Components — Misc.	0.4
Machinery — Construction & Mining	0.4
Transport — Truck	0.4
Insurance Brokers	0.4
Textile — Home Furnishings	0.4
Telecom Equipment — Fiber Optics	0.4
Recreational Vehicles	0.4
Footwear & Related Apparel	0.4
Transport — Rail	0.4
Data Processing/Management	0.4
Publishing — Newspapers	0.3
Theaters	0.3
Food — Catering	0.3
Enterprise Software/Service	0.3
Banks — Fiduciary	0.3
Building Products — Wood	0.3
Coatings/Paint	0.3
Transport — Services	0.3
Shipbuilding	0.3
Steel Pipe & Tube	0.3
Building Products — Cement	0.2
Apparel Manufacturers	0.2
Repurchase Agreements	0.2
Retail — Perfume & Cosmetics	0.2
Office Supplies & Forms	0.2
Entertainment Software	0.2
Pharmacy Services	0.2
Cruise Lines	0.2
Internet Content — Information/News	0.2
Agricultural Chemicals	0.2
Chemicals — Specialty	0.2
Wireless Equipment	0.2
Golf	0.2
Retail — Consumer Electronics	0.2
Gambling (Non-Hotel)	0.2
Medical — Drugs	0.1
Oil & Gas Drilling	0.1
	100.2	%

* Calculated as a percentage of net assets

178

VALIC Company I Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Aerospace/Defense — 1.2%
BWX Technologies, Inc.		55,035	$	2,625,169
General Dynamics Corp.		18,211		3,441,333
Spirit AeroSystems Holdings, Inc., Class A		125,238		4,741,511
				10,808,013
Aerospace/Defense-Equipment — 2.1%
Hexcel Corp.†		57,449		2,951,729
Howmet Aerospace, Inc.		336,636		9,469,571
L3Harris Technologies, Inc.		18,512		3,870,489
Moog, Inc., Class A		40,348		2,790,871
				19,082,660
Agricultural Biotech — 0.5%
Corteva, Inc.		100,895		4,540,275
Agricultural Chemicals — 0.2%
Mosaic Co.		44,879		1,535,759
Airlines — 0.7%
Alaska Air Group, Inc.†		55,412		2,691,361
JetBlue Airways Corp.†		295,110		3,960,376
				6,651,737
Apparel Manufacturers — 0.2%
Columbia Sportswear Co.		22,703		2,214,224
Appliances — 0.6%
Whirlpool Corp.		24,255		5,281,284
Auto/Truck Parts & Equipment-Original — 1.2%
Allison Transmission Holdings, Inc.		31,145		1,077,306
Gentex Corp.		191,843		6,605,154
Lear Corp.		16,919		2,838,839
				10,521,299
Banks-Commercial — 7.0%
Ameris Bancorp		118,607		5,772,603
Atlantic Union Bankshares Corp.		158,494		5,152,640
Cadence Bank		250,569		7,321,626
East West Bancorp, Inc.		86,270		6,642,790
South State Corp.		90,838		7,098,081
Synovus Financial Corp.		155,759		7,054,325
Triumph Bancorp, Inc.†		18,865		2,402,458
Truist Financial Corp.		118,787		7,045,257
Western Alliance Bancorp		61,149		6,712,937
Zions Bancorp NA		123,901		7,815,675
				63,018,392
Banks-Fiduciary — 0.3%
State Street Corp.		30,993		2,757,447
Banks-Super Regional — 3.1%
Fifth Third Bancorp		248,479		10,473,390
Huntington Bancshares, Inc.		601,784		8,930,474
KeyCorp		371,870		8,344,763
				27,748,627
Beverages-Non-alcoholic — 0.6%
Coca-Cola Europacific Partners PLC		64,050		3,162,149
Keurig Dr Pepper, Inc.		60,558		2,058,366
				5,220,515
Building & Construction Products-Misc. — 1.4%
Builders FirstSource, Inc.†		109,985		7,637,359
Owens Corning		19,461		1,651,071
Zurn Water Solutions Corp.		99,288		3,480,044
				12,768,474

Security Description	Shares		Value (Note 2)
Building Products-Cement — 0.2%
Buzzi Unicem SpA		106,107	$	2,227,399
Building Products-Doors & Windows — 0.7%
JELD-WEN Holding, Inc.†		187,598		4,545,499
PGT Innovations, Inc.†		105,594		2,168,901
				6,714,400
Building Products-Wood — 0.3%
Masco Corp.		41,091		2,707,897
Casino Hotels — 0.5%
Boyd Gaming Corp.†		47,169		2,764,575
Las Vegas Sands Corp.†		55,804		1,987,739
				4,752,314
Chemicals-Diversified — 2.4%
Celanese Corp.		40,567		6,140,221
DuPont de Nemours, Inc.		58,719		4,342,857
FMC Corp.		90,632		9,080,420
PPG Industries, Inc.		16,138		2,487,996
				22,051,494
Chemicals-Specialty — 0.2%
Ingevity Corp.†		20,850		1,499,324
Coatings/Paint — 0.3%
Axalta Coating Systems, Ltd.†		86,245		2,614,948
Commercial Services-Finance — 1.0%
EVERTEC, Inc.		69,609		2,922,882
Global Payments, Inc.		24,455		2,911,123
H&R Block, Inc.		116,474		2,758,104
				8,592,109
Computer Services — 1.6%
Cognizant Technology Solutions Corp., Class A		41,748		3,255,509
Leidos Holdings, Inc.		98,567		8,665,025
Science Applications International Corp.		26,926		2,258,822
				14,179,356
Computers-Memory Devices — 0.8%
NetApp, Inc.		39,624		3,521,781
Western Digital Corp.†		57,225		3,309,894
				6,831,675
Computers-Other — 0.9%
Lumentum Holdings, Inc.†		96,129		8,341,113
Containers-Metal/Glass — 0.9%
Crown Holdings, Inc.		78,321		8,286,362
Cruise Lines — 0.2%
Carnival Corp.†#		28,193		496,761
Norwegian Cruise Line Holdings, Ltd.†		25,595		499,358
Royal Caribbean Cruises, Ltd.†		8,336		582,020
				1,578,139
Data Processing/Management — 0.4%
Fidelity National Information Services, Inc.		31,881		3,331,564
Diagnostic Equipment — 0.5%
Avantor, Inc.†		125,059		4,937,329
Distribution/Wholesale — 0.6%
LKQ Corp.		56,022		3,131,630
Resideo Technologies, Inc.†		91,431		2,385,435
				5,517,065

179

VALIC Company I Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Diversified Manufacturing Operations — 2.6%
Eaton Corp. PLC		48,306	$	7,828,470
ITT, Inc.		43,353		4,100,327
Parker-Hannifin Corp.		17,019		5,140,759
Textron, Inc.		91,424		6,472,819
				23,542,375
E-Commerce/Services — 0.6%
Cargurus, Inc.†		62,523		2,344,613
Expedia Group, Inc.†		17,246		2,778,158
				5,122,771
Electric Products-Misc. — 0.8%
AMETEK, Inc.		50,504		6,893,796
Electric-Integrated — 3.7%
Alliant Energy Corp.		79,490		4,355,257
American Electric Power Co., Inc.		23,686		1,919,750
CenterPoint Energy, Inc.		253,952		6,579,897
DTE Energy Co.		25,139		2,723,559
Edison International		61,792		4,033,782
Entergy Corp.		44,402		4,455,297
Evergy, Inc.		74,060		4,687,998
Portland General Electric Co.		99,260		4,830,984
				33,586,524
Electronic Components-Misc. — 0.4%
Flex, Ltd.†		126,245		2,158,790
Sensata Technologies Holding PLC†		31,843		1,773,655
				3,932,445
Electronic Components-Semiconductors — 1.2%
Qorvo, Inc.†		38,723		5,662,464
Tower Semiconductor, Ltd.†		147,782		5,243,306
				10,905,770
Electronic Connectors — 0.8%
TE Connectivity, Ltd.		48,856		7,520,404
Engineering/R&D Services — 0.5%
Fluor Corp.†		207,246		4,582,209
Enterprise Software/Service — 0.3%
SS&C Technologies Holdings, Inc.		36,911		2,817,417
Entertainment Software — 0.2%
Activision Blizzard, Inc.		29,136		1,707,370
Finance-Consumer Loans — 0.5%
SLM Corp.		100,484		1,786,606
Synchrony Financial		50,704		2,271,032
				4,057,638
Finance-Credit Card — 0.9%
Capital One Financial Corp.		16,225		2,280,099
Discover Financial Services		56,641		6,108,732
				8,388,831
Finance-Leasing Companies — 0.7%
AerCap Holdings NV†		117,483		6,583,747
Financial Guarantee Insurance — 0.5%
MGIC Investment Corp.		323,407		4,560,039
Food-Catering — 0.3%
Sovos Brands, Inc.†		182,967		2,823,181
Food-Misc./Diversified — 0.0%
Nomad Foods, Ltd.†		7,392		176,595
Food-Wholesale/Distribution — 1.0%
US Foods Holding Corp.†		291,475		9,158,144

Security Description	Shares		Value (Note 2)
Footwear & Related Apparel — 0.4%
Steven Madden, Ltd.		77,431	$	3,674,101
Gambling (Non-Hotel) — 0.2%
International Game Technology PLC#		51,262		1,385,099
Golf — 0.2%
Callaway Golf Co.†		52,971		1,428,098
Hazardous Waste Disposal — 0.9%
Clean Harbors, Inc.†		60,925		6,180,232
US Ecology, Inc.†		55,563		1,893,031
				8,073,263
Home Furnishings — 0.5%
Leggett & Platt, Inc.		61,378		2,479,057
Tempur Sealy International, Inc.		49,521		2,121,480
				4,600,537
Hotels/Motels — 1.1%
Marriott International, Inc., Class A†		19,722		2,910,179
Travel & Leisure Co.		35,187		1,731,904
Wyndham Hotels & Resorts, Inc.		70,115		5,572,740
				10,214,823
Human Resources — 0.9%
ASGN, Inc.†		32,258		3,925,153
Robert Half International, Inc.		39,058		4,342,078
				8,267,231
Industrial Automated/Robotic — 0.6%
Colfax Corp.†		124,444		5,779,179
Insurance Brokers — 0.4%
Aon PLC, Class A		12,807		3,787,926
Insurance-Life/Health — 1.6%
Aflac, Inc.		37,992		2,056,887
CNO Financial Group, Inc.		158,092		3,582,365
Globe Life, Inc.		29,640		2,565,045
Voya Financial, Inc.		107,822		6,700,059
				14,904,356
Insurance-Multi-line — 0.5%
Kemper Corp.		76,399		4,226,393
Insurance-Property/Casualty — 3.2%
Alleghany Corp.†		19,169		12,400,043
Assurant, Inc.		41,329		6,286,141
Hanover Insurance Group, Inc.		53,736		6,542,358
Lancashire Holdings, Ltd.		296,088		1,993,526
Travelers Cos., Inc.		13,443		1,975,449
				29,197,517
Insurance-Reinsurance — 0.8%
Essent Group, Ltd.		30,869		1,283,533
Everest Re Group, Ltd.		16,253		4,166,944
RenaissanceRe Holdings, Ltd.		11,227		1,730,193
				7,180,670
Internet Content-Information/News — 0.2%
Yelp, Inc.†		45,412		1,556,723
Internet Infrastructure Software — 0.8%
F5 Networks, Inc.†		30,960		7,045,877
Internet Security — 0.5%
NortonLifeLock, Inc.		173,449		4,310,208
Investment Management/Advisor Services — 1.3%
Ameriprise Financial, Inc.		41,170		11,922,832

180

VALIC Company I Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Lasers-System/Components — 0.5%
II-VI, Inc.†#		72,489	$	4,532,737
Machine Tools & Related Products — 0.6%
Kennametal, Inc.		140,848		4,981,794
Machinery-Construction & Mining — 0.4%
Oshkosh Corp.		35,995		3,873,062
Machinery-Electrical — 0.8%
Regal Rexnord Corp.		30,843		4,876,278
Vertiv Holdings Co.		99,436		2,549,539
				7,425,817
Machinery-General Industrial — 1.0%
Altra Industrial Motion Corp.		44,352		2,337,794
Middleby Corp.†		36,060		6,298,961
				8,636,755
Machinery-Pumps — 2.4%
Curtiss-Wright Corp.		19,267		2,424,174
Dover Corp.		51,747		8,478,746
Ingersoll Rand, Inc.		98,388		5,739,956
SPX FLOW, Inc.		62,856		5,249,104
				21,891,980
Medical Instruments — 0.9%
Boston Scientific Corp.†		44,014		1,675,613
Integra LifeSciences Holdings Corp.†		102,409		6,549,056
				8,224,669
Medical Labs & Testing Services — 1.7%
ICON PLC†		23,747		6,422,851
Laboratory Corp. of America Holdings†		6,865		1,958,790
Syneos Health, Inc.†		73,306		7,122,411
				15,504,052
Medical Products — 1.0%
Avanos Medical, Inc.†		99,498		3,001,854
Haemonetics Corp.†		47,871		2,453,389
Zimmer Biomet Holdings, Inc.		33,205		3,971,318
				9,426,561
Medical-Drugs — 0.1%
Jazz Pharmaceuticals PLC†		9,815		1,176,524
Medical-HMO — 1.9%
Centene Corp.†		52,568		3,753,881
Humana, Inc.		11,077		4,649,128
Molina Healthcare, Inc.†		30,931		8,820,902
				17,223,911
Medical-Hospitals — 1.3%
Acadia Healthcare Co., Inc.†		68,227		3,832,310
HCA Healthcare, Inc.		15,364		3,465,965
Universal Health Services, Inc., Class B		34,855		4,138,334
				11,436,609
Medical-Wholesale Drug Distribution — 0.5%
AmerisourceBergen Corp.		38,298		4,432,993
Motorcycle/Motor Scooter — 0.5%
Harley-Davidson, Inc.		116,102		4,252,816
Office Supplies & Forms — 0.2%
Avery Dennison Corp.		9,581		1,964,776
Oil & Gas Drilling — 0.1%
Helmerich & Payne, Inc.		20,519		460,652

Security Description	Shares		Value (Note 2)
Oil Companies-Exploration & Production — 2.9%
ConocoPhillips		87,054	$	6,105,097
Coterra Energy, Inc.		278,535		5,592,983
Diamondback Energy, Inc.		96,782		10,329,543
Pioneer Natural Resources Co.		25,001		4,458,178
				26,485,801
Oil Refining & Marketing — 1.3%
Delek US Holdings, Inc.†		144,855		2,271,326
HollyFrontier Corp.		75,520		2,440,806
Marathon Petroleum Corp.		72,236		4,395,561
Valero Energy Corp.		44,799		2,998,845
				12,106,538
Oil-Field Services — 1.2%
ChampionX Corp.†		84,259		1,719,726
Halliburton Co.		137,788		2,974,843
Schlumberger NV		205,895		5,905,069
				10,599,638
Pharmacy Services — 0.2%
Cigna Corp.		8,725		1,674,328
Physical Therapy/Rehabilitation Centers — 0.8%
Encompass Health Corp.		131,344		7,568,041
Publishing-Newspapers — 0.3%
TEGNA, Inc.		154,883		3,058,939
Real Estate Investment Trusts — 9.0%
American Assets Trust, Inc.		67,274		2,314,226
American Campus Communities, Inc.		90,216		4,667,776
American Homes 4 Rent, Class A		77,418		3,103,688
Americold Realty Trust		155,779		5,084,626
Cousins Properties, Inc.		77,376		2,921,718
Duke Realty Corp.		94,672		5,522,218
Equity Residential		58,609		4,999,934
Essential Properties Realty Trust, Inc.		181,261		4,899,485
Essex Property Trust, Inc.		11,122		3,775,252
First Industrial Realty Trust, Inc.		75,344		4,551,531
Gaming and Leisure Properties, Inc.		139,890		6,311,837
Healthpeak Properties, Inc.		78,747		2,587,626
Host Hotels & Resorts, Inc.†		411,454		6,459,828
Kilroy Realty Corp.		38,540		2,486,986
Lamar Advertising Co., Class A		22,000		2,403,720
Life Storage, Inc.		25,051		3,310,239
Regency Centers Corp.		66,146		4,586,564
Ryman Hospitality Properties, Inc.†		82,069		6,352,140
Welltower, Inc.		60,188		4,792,168
				81,131,562
Recreational Vehicles — 0.4%
Polaris, Inc.		32,904		3,678,338
Resort/Theme Parks — 0.6%
Six Flags Entertainment Corp.†		136,573		4,994,475
Retail-Apparel/Shoe — 0.6%
Foot Locker, Inc.		44,985		2,053,115
Ross Stores, Inc.		28,460		3,104,702
				5,157,817
Retail-Auto Parts — 1.0%
AutoZone, Inc.†		5,067		9,207,094
Retail-Consumer Electronics — 0.2%
Best Buy Co., Inc.		13,360		1,427,650
Retail-Perfume & Cosmetics — 0.2%
Ulta Beauty, Inc.†		5,282		2,028,024

181

VALIC Company I Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail-Restaurants — 0.9%
Bloomin’ Brands, Inc.†		145,493	$	2,570,862
Darden Restaurants, Inc.		16,676		2,300,454
Denny’s Corp.†		253,720		3,514,022
				8,385,338
Savings & Loans/Thrifts — 0.5%
Sterling Bancorp		167,982		4,167,633
Semiconductor Components-Integrated Circuits — 0.6%
NXP Semiconductors NV		23,701		5,293,855
Semiconductor Equipment — 0.8%
KLA Corp.		6,128		2,501,021
MKS Instruments, Inc.		32,381		4,927,093
				7,428,114
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		13,530		2,401,710
Steel Pipe & Tube — 0.3%
Advanced Drainage Systems, Inc.		18,827		2,329,088
Steel-Producers — 0.8%
Reliance Steel & Aluminum Co.		50,283		7,473,562
Telecom Equipment-Fiber Optics — 0.4%
Ciena Corp.†		61,412		3,698,845
Textile-Home Furnishings — 0.4%
Mohawk Industries, Inc.†		22,285		3,740,983
Theaters — 0.3%
Live Nation Entertainment, Inc.†		28,111		2,998,038
Toys — 0.4%
Hasbro, Inc.		41,702		4,041,341
Transport-Rail — 0.4%
Norfolk Southern Corp.		12,662		3,358,849
Transport-Services — 0.3%
Expeditors International of Washington, Inc.		19,819		2,410,387
Transport-Truck — 0.4%
Knight-Swift Transportation Holdings, Inc.		67,612		3,870,787
Wireless Equipment — 0.2%
Maxar Technologies, Inc.		53,938		1,484,914
Total Long-Term Investment Securities
(cost $708,450,062)				897,872,680

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.7%
Registered Investment Companies — 0.7%
State Street Institutional Liquid Reserves Fund, Administration Class  0.00%(1) (cost $5,870,021)		5,869,434			5,870,021
REPURCHASE AGREEMENTS — 0.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $2,144,000 and collateralized by $2,040,500 of United States Treasury Notes, bearing interest at 2.88% due 11/30/2025 and having an approximate value of $2,186,922 (cost $2,144,000)	$	2,144,000			2,144,000
TOTAL INVESTMENTS
(cost $716,464,083)(2)		100.2	%		905,886,701
Liabilities in excess of other assets		(0.2	)		(1,375,787	)
NET ASSETS		100.0	%	$	904,510,914

† Non-income producing security

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

At November 30, 2021, the Fund had loaned securities with a total value of $3,359,819. This was secured by collateral of $3,494,813, received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	12/09/2021 to 06/16/2022	$	261,500
United States Treasury Notes/Bonds	0.08% to 6.88%	01/15/2022 to 05/15/2051		3,233,313

(1) The rate shown is the 7-day yield as of November 30, 2021.

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	893,651,755	$	4,220,925	**	$	—	$	897,872,680
Short-Term Investment Securities		5,870,021		—			—		5,870,021
Repurchase Agreements		—		2,144,000			—		2,144,000
Total Investments at Value	$	899,521,776	$	6,364,925		$	—	$	905,886,701

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

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

See Notes to Financial Statements

182

VALIC Company I Moderate Growth Lifestyle Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	43.9	%
Domestic Fixed Income Investment Companies	33.4
International Equity Investment Companies	12.4
Domestic Money Market Investment Companies	7.9
International Fixed Income Investment Companies	2.4
	100.0	%

* Calculated as a percentage of net assets

183

VALIC Company I Moderate Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 43.9%
VALIC Co. I Blue Chip Growth Fund		1,882	$	52,156
VALIC Co. I Capital Appreciation Fund		1,884,018		44,952,680
VALIC Co. I Dividend Value Fund		2,901,730		37,577,399
VALIC Co. I Large Capital Growth Fund		1,662,264		37,750,013
VALIC Co. I Mid Cap Index Fund		634,396		19,736,052
VALIC Co. I Mid Cap Strategic Growth Fund		1,465,493		35,933,886
VALIC Co. I Mid Cap Value Fund		1,418,235		30,945,889
VALIC Co. I Nasdaq-100® Index Fund		1,095,412		31,022,072
VALIC Co. I Science & Technology Fund		376,700		16,017,274
VALIC Co. I Small Cap Growth Fund		482,873		10,570,080
VALIC Co. I Small Cap Index Fund		370,690		8,466,560
VALIC Co. I Small Cap Special Values Fund		402,908		5,572,217
VALIC Co. I Small Cap Value Fund		409,637		6,242,874
VALIC Co. I Stock Index Fund		2,207,998		127,004,029
VALIC Co. I Systematic Core Fund		573,991		16,353,009
VALIC Co. I Systematic Value Fund		6,409,819		85,571,090
Total Domestic Equity Investment Companies
(cost $409,429,092)				513,767,280
Domestic Fixed Income Investment Companies — 33.4%
VALIC Co. I Core Bond Fund		24,889,370		285,232,182
VALIC Co. I Government Securities Fund		701,584		7,584,123
VALIC Co. I High Yield Bond Fund		4,676,739		36,104,423
VALIC Co. I Inflation Protected Fund		4,916,728		61,508,267
Total Domestic Fixed Income Investment Companies
(cost $382,682,540)				390,428,995
Domestic Money Market Investment Companies — 7.9%
VALIC Co. I Government Money Market I Fund(2)
(cost $91,788,612)		91,788,612		91,788,612

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 12.4%
VALIC Co. I Emerging Economies Fund		574,185		$	5,506,437
VALIC Co. I Global Real Estate Fund		3,178,053			26,473,180
VALIC Co. I International Equities Index Fund		6,551,462			52,870,299
VALIC Co. I International Growth Fund		186,905			3,657,737
VALIC Co. I International Opportunities Fund		1,753,680			39,405,186
VALIC Co. I International Value Fund		1,663,936			17,088,619
Total International Equity Investment Companies
(cost $130,073,439)					145,001,458
International Fixed Income Investment Companies — 2.4%
VALIC Co. I International Government Bond Fund
(cost $27,414,563)		2,331,856			28,238,781
TOTAL INVESTMENTS
(cost $1,041,388,246)(3)		100.0	%		1,169,225,126
Liabilities in excess of other assets		(0.0	)		(228,078	)
NET ASSETS		100.0	%	$	1,168,997,048

# The Moderate Growth Lifestyle Fund invests in various VALIC Company I 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 November 30, 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 November 30, 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	$	1,169,225,126	$	—	$	—	$	1,169,225,126

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

See Notes to Financial Statements

184

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Electronic Components — Semiconductors	12.0	%
Applications Software	11.5
Computers	11.4
E-Commerce/Products	8.3
Web Portals/ISP	7.6
Auto — Cars/Light Trucks	5.9
Internet Content — Entertainment	5.0
Medical — Biomedical/Gene	3.8
Cable/Satellite TV	2.4
Repurchase Agreements	2.3
Semiconductor Components — Integrated Circuits	2.3
Semiconductor Equipment	2.2
Electronic Forms	2.0
Commercial Services — Finance	2.0
Beverages — Non-alcoholic	2.0
Retail — Discount	1.7
Networking Products	1.5
E-Commerce/Services	1.2
Computer Aided Design	1.2
Data Processing/Management	1.0
Instruments — Controls	0.9
Cellular Telecom	0.9
Retail — Restaurants	0.8
Electric — Integrated	0.8
Medical Instruments	0.7
Entertainment Software	0.7
Enterprise Software/Service	0.7
Retail — Apparel/Shoe	0.6
Food — Confectionery	0.5
Transport — Rail	0.5
U.S. Government Treasuries	0.5
Distribution/Wholesale	0.4
Computer Data Security	0.4
Drug Delivery Systems	0.3
Diagnostic Kits	0.3
Communications Software	0.3
Medical Products	0.3
Hotels/Motels	0.3
Retail — Auto Parts	0.3
Commercial Services	0.3
Food — Misc./Diversified	0.3
Computer Services	0.3
Retail — Drug Store	0.2
Consulting Services	0.2
Internet Application Software	0.2
Auto — Heavy Duty Trucks	0.2
Web Hosting/Design	0.2
E-Services/Consulting	0.2
Medical Information Systems	0.1
Broadcast Services/Program	0.1
Computer Software	0.1
Athletic Equipment	0.1
	100.0	%

* Calculated as a percentage of net assets

185

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.2%
Applications Software — 11.5%
Intuit, Inc.		17,117	$	11,165,419
Microsoft Corp.		309,343		102,265,703
				113,431,122
Athletic Equipment — 0.1%
Peloton Interactive, Inc., Class A†		17,007		748,308
Auto-Cars/Light Trucks — 5.9%
Tesla, Inc.†		51,032		58,419,392
Auto-Heavy Duty Trucks — 0.2%
PACCAR, Inc.		21,747		1,814,135
Beverages-Non-alcoholic — 2.0%
Keurig Dr Pepper, Inc.		88,791		3,018,006
Monster Beverage Corp.†		33,129		2,775,548
PepsiCo, Inc.		86,576		13,833,113
				19,626,667
Broadcast Services/Program — 0.1%
Fox Corp., Class A		20,258		723,413
Fox Corp., Class B		15,747		529,099
				1,252,512
Cable/Satellite TV — 2.4%
Charter Communications, Inc., Class A†		11,515		7,441,914
Comcast Corp., Class A		286,910		14,339,762
Sirius XM Holdings, Inc.#		253,720		1,547,692
				23,329,368
Cellular Telecom — 0.9%
T-Mobile US, Inc.†		78,173		8,506,004
Commercial Services — 0.3%
Cintas Corp.		6,450		2,723,126
Commercial Services-Finance — 2.0%
Automatic Data Processing, Inc.		26,502		6,119,047
PayPal Holdings, Inc.†		73,604		13,608,643
				19,727,690
Communications Software — 0.3%
Zoom Video Communications, Inc., Class A†		15,080		3,188,063
Computer Aided Design — 1.2%
ANSYS, Inc.†		5,466		2,139,830
Autodesk, Inc.†		13,782		3,503,247
Cadence Design Systems, Inc.†		17,338		3,076,801
Synopsys, Inc.†		9,553		3,257,573
				11,977,451
Computer Data Security — 0.4%
Check Point Software Technologies, Ltd.†		8,318		925,877
Crowdstrike Holdings, Inc., Class A†		12,481		2,710,124
				3,636,001
Computer Services — 0.3%
Cognizant Technology Solutions Corp., Class A		32,923		2,567,336
Computer Software — 0.1%
Splunk, Inc.†		10,268		1,242,428
Computers — 11.4%
Apple, Inc.		680,448		112,478,054
Consulting Services — 0.2%
Verisk Analytics, Inc.		10,107		2,272,761
Data Processing/Management — 1.0%
DocuSign, Inc.†		12,204		3,006,578
Fiserv, Inc.†		41,481		4,003,746

Security Description	Shares		Value (Note 2)
Data Processing/Management (continued)
Paychex, Inc.		22,540	$	2,686,768
				9,697,092
Diagnostic Kits — 0.3%
IDEXX Laboratories, Inc.†		5,329		3,240,405
Distribution/Wholesale — 0.4%
Copart, Inc.†		14,819		2,151,126
Fastenal Co.		36,002		2,130,238
				4,281,364
Drug Delivery Systems — 0.3%
DexCom, Inc.†		6,060		3,409,295
E-Commerce/Products — 8.3%
Amazon.com, Inc.†		20,847		73,111,888
eBay, Inc.		40,720		2,746,971
JD.com, Inc. ADR†		49,448		4,159,071
Pinduoduo, Inc. ADR†		23,929		1,591,279
				81,609,209
E-Commerce/Services — 1.2%
Booking Holdings, Inc.†		2,572		5,405,958
Match Group, Inc.†		17,339		2,253,897
MercadoLibre, Inc.†		3,114		3,700,709
Trip.com Group, Ltd. ADR†		33,078		909,645
				12,270,209
E-Services/Consulting — 0.2%
CDW Corp.		8,613		1,630,958
Electric-Integrated — 0.8%
American Electric Power Co., Inc.		31,336		2,539,783
Exelon Corp.		61,252		3,229,818
Xcel Energy, Inc.		33,728		2,149,485
				7,919,086
Electronic Components - Semiconductors — 12.0%
Advanced Micro Devices, Inc.†		75,980		12,032,953
Broadcom, Inc.		25,699		14,229,022
Intel Corp.		254,131		12,503,245
Marvell Technology, Inc.		51,590		3,671,660
Microchip Technology, Inc.		34,332		2,864,319
Micron Technology, Inc.		70,517		5,923,428
NVIDIA Corp.		156,600		51,170,616
Skyworks Solutions, Inc.		10,345		1,568,923
Texas Instruments, Inc.		57,830		11,124,757
Xilinx, Inc.		15,501		3,541,203
				118,630,126
Electronic Forms — 2.0%
Adobe, Inc.†		29,842		19,989,664
Enterprise Software/Service — 0.7%
Atlassian Corp. PLC, Class A†		8,601		3,236,728
Workday, Inc., Class A†		11,964		3,280,888
				6,517,616
Entertainment Software — 0.7%
Activision Blizzard, Inc.		48,716		2,854,757
Electronic Arts, Inc.		17,826		2,214,346
NetEase, Inc. ADR		18,844		2,030,064
				7,099,167
Food - Confectionery — 0.5%
Mondelez International, Inc., Class A		87,559		5,160,728

186

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Misc./Diversified — 0.3%
Kraft Heinz Co.		76,633	$	2,575,635
Hotels/Motels — 0.3%
Marriott International, Inc., Class A†		20,399		3,010,076
Instruments - Controls — 0.9%
Honeywell International, Inc.		43,247		8,746,273
Internet Application Software — 0.2%
Okta, Inc.†		8,986		1,934,057
Internet Content - Entertainment — 5.0%
Meta Platforms, Inc.†		98,127		31,838,286
Netflix, Inc.†		27,724		17,796,036
				49,634,322
Medical Information Systems — 0.1%
Cerner Corp.		18,516		1,304,452
Medical Instruments — 0.7%
Intuitive Surgical, Inc.†		22,362		7,252,891
Medical Products — 0.3%
Align Technology, Inc.†		4,949		3,026,462
Medical - Biomedical/Gene — 3.8%
Amgen, Inc.		35,570		7,074,162
Biogen, Inc.†		9,335		2,200,633
Gilead Sciences, Inc.		78,539		5,413,693
Illumina, Inc.†		9,803		3,581,330
Incyte Corp.†		13,833		936,771
Moderna, Inc.†		25,284		8,910,840
Regeneron Pharmaceuticals, Inc.†		6,584		4,190,913
Seagen, Inc.†		11,396		1,823,360
Vertex Pharmaceuticals, Inc.†		16,251		3,037,962
				37,169,664
Networking Products — 1.5%
Cisco Systems, Inc.		263,978		14,476,554
Retail - Apparel/Shoe — 0.6%
Lululemon Athletica, Inc.†		7,827		3,556,667
Ross Stores, Inc.		22,370		2,440,343
				5,997,010
Retail - Auto Parts — 0.3%
O’Reilly Automotive, Inc.†		4,319		2,756,213
Retail - Discount — 1.7%
Costco Wholesale Corp.		27,691		14,935,972
Dollar Tree, Inc.†		14,089		1,885,531
				16,821,503
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		54,183		2,427,398
Retail - Restaurants — 0.8%
Starbucks Corp.		73,859		8,097,901
Semiconductor Components - Integrated Circuits — 2.3%
Analog Devices, Inc.		33,664		6,067,936
NXP Semiconductors NV		16,608		3,709,563
QUALCOMM, Inc.		70,658		12,758,008
				22,535,507
Semiconductor Equipment — 2.2%
Applied Materials, Inc.		56,560		8,325,066
ASML Holding NV		5,101		4,037,493
KLA Corp.		9,567		3,904,580
Lam Research Corp.		8,892		6,045,226
				22,312,365

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Rail — 0.5%
CSX Corp.		141,222		$	4,894,755
Web Hosting/Design — 0.2%
VeriSign, Inc.†		7,008			1,681,289
Web Portals/ISP — 7.6%
Alphabet, Inc., Class A†		12,394			35,173,552
Alphabet, Inc., Class C†		13,179			37,547,498
Baidu, Inc. ADR†		15,828			2,371,669
					75,092,719
Total Long-Term Investment Securities
(cost $268,521,131)					960,142,383
SHORT-TERM INVESTMENT SECURITIES — 0.5%
U.S. Government Treasuries — 0.5%
United States Treasury Bills
0.04% due 05/19/2022(1)		1,200,000			1,199,479
0.06% due 04/21/2022(1)		3,500,000			3,499,006
Total Short-Term Investment Securities
(cost $4,699,009)					4,698,485
REPURCHASE AGREEMENTS — 2.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $22,926,000 and collateralized by $24,040,000 of United States Treasury Notes, bearing interest at 3.75% due 11/30/2025 and having an approximate value of $23,384,525 (cost $22,926,000)		22,926,000			22,926,000
TOTAL INVESTMENTS
(cost $296,146,140)(2)		100.0	%		987,766,868
Liabilities in excess of other assets		(0.0	)		(455,801	)
NET ASSETS		100.0	%	$	987,311,067

† Non-income producing security

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

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

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

(3) At November 30, 2021, the Fund had loaned securities with a total value of $837,158. This was secured by collateral of $ 893,853 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Notes/Bonds	0.13% to 2.63%	10/15/2022 to 07/15/2031	$	893,853

ADR—American Depositary Receipt

187

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	83	Long	NASDAQ 100 E-Mini Index		December 2021	$	25,713,504	$	26,809,830	$	1,096,326

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	960,142,383	$	—	$	—	$	960,142,383
Short-Term Investment Securities		—		4,698,485		—		4,698,485
Repurchase Agreements		—		22,926,000		—		22,926,000
Total Investments at Value	$	960,142,383	$	27,624,485	$	—	$	987,766,868
Other Financial Instruments:†
Futures Contracts	$	1,096,326	$	—	$	—	$	1,096,326

* 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

188

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Electronic Components — Semiconductors	13.1	%
E-Commerce/Products	8.8
Enterprise Software/Service	7.8
Applications Software	7.6
Web Portals/ISP	7.5
Computer Software	5.5
E-Commerce/Services	5.5
Internet Content — Entertainment	5.3
Semiconductor Equipment	4.2
Computer Data Security	3.6
Commercial Services — Finance	2.7
Semiconductor Components — Integrated Circuits	2.3
Computers — Memory Devices	2.1
Computers	1.6
Auto — Cars/Light Trucks	1.5
Internet Application Software	1.4
Communications Software	1.4
Retail — Apparel/Shoe	1.3
Computer Services	1.3
Registered Investment Companies	1.1
Advertising Services	1.1
Internet Security	1.0
Entertainment Software	0.9
Wireless Equipment	0.9
Electronic Components — Misc.	0.9
Electronic Forms	0.8
Internet Content — Information/News	0.8
Networking Products	0.8
Finance — Credit Card	0.6
Internet Infrastructure Software	0.6
Retail — Catalog Shopping	0.5
Medical Labs & Testing Services	0.4
Medical Information Systems	0.3
Data Processing/Management	0.3
Auto/Truck Parts & Equipment — Original	0.3
Apparel Manufacturers	0.3
Repurchase Agreements	0.2
Theaters	0.2
Electronic Measurement Instruments	0.2
Medical — Biomedical/Gene	0.2
Computer Aided Design	0.1
Finance — Other Services	0.1
Schools	0.1
Retail — Automobile	0.1
Machinery — Electrical	0.1
Escrows and Litigation Trusts	0.1
	97.5%

* Calculated as a percentage of net assets

189

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.2%
Advertising Services — 1.1%
Trade Desk, Inc., Class A†		338,207	$	34,977,368
Apparel Manufacturers — 0.3%
boohoo Group PLC†		3,674,869		8,045,571
Applications Software — 7.5%
Asana, Inc., Class A†		192,040		19,962,558
Informatica, Inc.† Class A		75,583		2,433,017
Intuit, Inc.		5,830		3,802,909
Jamf Holding Corp.†#		42,652		1,374,674
Microsoft Corp.		558,026		184,477,815
Monday.com, Ltd.†		11,143		4,009,252
Procore Technologies, Inc.†#		3,440		291,574
Sansan, Inc.†		180,400		4,929,010
ServiceNow, Inc.†		18,554		12,017,426
Smartsheet, Inc., Class A†		22,625		1,448,000
TeamViewer AG†*		274,199		3,733,021
				238,479,256
Auto - Cars/Light Trucks — 1.3%
Rivian Automotive, Inc.† Class A		53,193		6,370,394
Tesla, Inc.†		30,725		35,172,751
				41,543,145
Auto/Truck Parts & Equipment - Original — 0.3%
Aptiv PLC†		50,630		8,118,520
Commercial Services — 0.0%
Legalzoom.com, Inc.†#		9,492		170,951
Commercial Services - Finance — 2.7%
Adyen NV†#*		1,405		3,896,552
FleetCor Technologies, Inc.†		52,935		10,964,427
Global Payments, Inc.		151,868		18,078,367
PayPal Holdings, Inc.†		95,708		17,695,452
Square, Inc., Class A†		133,807		27,876,012
StoneCo, Ltd., Class A†		197,319		3,078,176
Toast, Inc., Class A†		769		30,752
WEX, Inc.†		37,578		4,750,611
				86,370,349
Communications Software — 1.4%
RingCentral, Inc., Class A†		22,380		4,833,633
Zoom Video Communications, Inc., Class A†		181,525		38,376,200
				43,209,833
Computer Aided Design — 0.1%
Altair Engineering, Inc., Class A†		20,010		1,489,744
Autodesk, Inc.†		11,351		2,885,311
				4,375,055
Computer Data Security — 3.6%
Crowdstrike Holdings, Inc., Class A†		147,640		32,058,550
ForgeRock, Inc., Class A†		26,591		712,373
Fortinet, Inc.†		48,138		15,987,111
KnowBe4, Inc., Class A†		104,380		2,354,813
Rapid7, Inc.†		33,734		4,185,040
Varonis Systems, Inc.†		193,569		10,028,810
Zscaler, Inc.†		145,620		50,525,771
				115,852,468
Computer Services — 1.3%
DXC Technology Co.†		316,280		9,485,237
EPAM Systems, Inc.†		16,500		10,041,075
Genpact, Ltd.		339,351		16,380,473
Infosys, Ltd. ADR		180,935		4,085,512
				39,992,297

Security Description	Shares		Value (Note 2)
Computer Software — 5.5%
Citrix Systems, Inc.		477,667	$	38,418,757
Cloudflare, Inc., Class A†		25,245		4,752,119
Datadog, Inc., Class A†		101,595		18,113,373
MongoDB, Inc.†		90,130		44,893,753
SentinelOne, Inc., Class A†		94,385		5,093,958
Snowflake, Inc., Class A†		72,218		24,564,953
Twilio, Inc., Class A†		66,215		18,947,422
ZoomInfo Technologies, Inc., Class A†		337,030		20,794,751
				175,579,086
Computers — 1.6%
Apple, Inc.		310,815		51,377,719
Computers - Memory Devices — 2.1%
NetApp, Inc.		76,545		6,803,320
Pure Storage, Inc., Class A†		1,305,260		40,423,902
Seagate Technology Holdings PLC		177,515		18,225,465
				65,452,687
Data Processing/Management — 0.3%
DocuSign, Inc.†		19,735		4,861,914
Fiserv, Inc.†		40,130		3,873,348
				8,735,262
E-Commerce/Products — 8.8%
Alibaba Group Holding, Ltd. ADR†		395,844		50,481,985
Amazon.com, Inc.†		58,627		205,608,993
Coupang, Inc.†#		384,415		10,186,998
D-MARKET Elektronik Hizmetler ve Ticaret AS ADR†		264,176		647,231
Etsy, Inc.†		22,946		6,300,513
Wayfair, Inc., Class A†#		24,785		6,142,714
				279,368,434
E-Commerce/Services — 5.3%
Airbnb, Inc., Class A†		66,134		11,410,760
Booking Holdings, Inc.†		18,478		38,837,984
Cargurus, Inc.†		253,902		9,521,325
Delivery Hero SE†*		150,066		20,032,418
Expedia Group, Inc.†		18,500		2,980,165
Kanzhun, Ltd. ADR†		26,930		861,222
Lyft, Inc., Class A†		256,730		10,425,805
Maplebear, Inc. (dba Instacart) Non-Voting†(1)(2)		523		62,106
Maplebear, Inc. (dba Instacart) Voting†(1)(2)		10,016		1,189,400
MercadoLibre, Inc.†		3,350		3,981,174
Shutterstock, Inc.		44,438		5,066,376
Tongcheng-Elong Holdings, Ltd.†		3,812,600		7,880,266
Trainline PLC†#*		1,332,058		4,833,208
Trip.com Group, Ltd. ADR†		1,637,592		45,033,780
Uber Technologies, Inc.†		192,924		7,331,112
				169,447,101
Electronic Components - Misc. — 0.9%
Flex, Ltd.†		698,366		11,942,059
Hoya Corp.		97,400		15,387,742
				27,329,801
Electronic Components - Semiconductors — 13.1%
Advanced Micro Devices, Inc.†		396,452		62,786,103
GlobalFoundries, Inc.†		142,110		9,839,696
Infineon Technologies AG		380,680		17,241,593
IPG Photonics Corp.†		10,915		1,792,134
Marvell Technology, Inc.		943,543		67,151,955
Micron Technology, Inc.		777,425		65,303,700
NVIDIA Corp.		186,015		60,782,261
ON Semiconductor Corp.†		529,690		32,538,857
Samsung Electronics Co., Ltd.		394,491		23,812,160

190

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components - Semiconductors (continued)
SK Hynix, Inc.		165,676	$	16,018,803
Skyworks Solutions, Inc.		53,726		8,148,085
STMicroelectronics NV		350,110		17,099,940
STMicroelectronics NV#		46,450		2,254,683
Texas Instruments, Inc.		61,246		11,781,893
Wolfspeed, Inc.†		23,430		2,872,987
Xilinx, Inc.		83,258		19,020,290
				418,445,140
Electronic Forms — 0.8%
Adobe, Inc.†		38,962		26,098,696
Electronic Measurement Instruments — 0.2%
Koh Young Technology, Inc.		292,172		4,829,314
Enterprise Software/Service — 7.8%
Atlassian Corp. PLC, Class A†		38,270		14,401,766
Avalara, Inc.†		38,334		5,354,493
Ceridian HCM Holding, Inc.†		98,013		10,722,622
Gitlab, Inc.† Class A		1,200		115,848
Guidewire Software, Inc.†		97,595		11,354,202
HubSpot, Inc.†		39,905		32,199,744
Paycom Software, Inc.†		44,640		19,529,107
Qualtrics International, Inc.† Class A		89,335		2,890,881
salesforce.com, Inc.†		376,558		107,303,968
UiPath, Inc., Class A†		77,120		3,721,040
Veeva Systems, Inc., Class A†		32,325		9,134,398
Workday, Inc., Class A†		114,455		31,386,995
				248,115,064
Entertainment Software — 0.9%
Electronic Arts, Inc.		96,077		11,934,685
Epic Games, Inc.†(1)(2)		3,904		3,754,125
ROBLOX Corp., Class A†		101,275		12,770,777
Take-Two Interactive Software, Inc.†		5,845		969,569
				29,429,156
Finance - Credit Card — 0.6%
Visa, Inc., Class A		103,818		20,116,814
Finance - Other Services — 0.1%
Money Forward, Inc.†		57,300		3,933,520
Industrial Automated/Robotic — 0.0%
Cognex Corp.		16,200		1,251,450
Internet Application Software — 1.4%
Okta, Inc.†		48,540		10,447,264
Shopify, Inc., Class A†		23,429		35,654,018
				46,101,282
Internet Content - Entertainment — 5.3%
Mail.Ru Group, Ltd. GDR†		1,061,582		17,800,323
Meta Platforms, Inc.†		336,952		109,327,446
Netflix, Inc.†		11,923		7,653,374
Pinterest, Inc., Class A†		273,112		10,940,867
Snap, Inc., Class A†		482,112		22,953,352
				168,675,362
Internet Content - Information/News — 0.8%
Bright Health Group, Inc. Lock-up shares†(2)		181,044		572,733
Deliveroo PLC†*		1,904,761		7,544,906
Kuaishou Technology†*		20,200		220,055
Naspers, Ltd., Class N		56,385		8,713,010
Prosus NV		102,258		8,240,683
				25,291,387

Security Description	Shares		Value (Note 2)
Internet Infrastructure Software — 0.6%
F5, Inc.†		80,454	$	18,309,721
Internet Security — 1.0%
NortonLifeLock, Inc.		364,316		9,053,253
Palo Alto Networks, Inc.†		40,412		22,102,939
				31,156,192
Machinery - Electrical — 0.1%
Bloom Energy Corp., Class A†		84,585		2,324,396
Medical Information Systems — 0.3%
Alignment Healthcare, Inc.†		131,699		2,134,841
Doximity, Inc., Class A†		129,570		8,765,410
				10,900,251
Medical Labs & Testing Services — 0.2%
Ginkgo Bioworks Holdings, Inc.		12,842		152,434
Ginkgo Bioworks, Inc. Lockup Shares†(2)		428,080		4,827,244
Ginkgo Bioworks, Inc., Earnout Shares 15.00†(1)		12,842		109,417
Ginkgo Bioworks, Inc., Earnout Shares 17.50†(1)		12,842		105,820
Ginkgo Bioworks, Inc., Earnout Shares 20.00†(1)		12,842		102,482
				5,297,397
Medical - Biomedical/Gene — 0.0%
Flame Biosciences, Inc.†(1)(2)		48,560		318,068
Verily Life Sciences LLC Series B†(1)(2)		6,986		913,210
				1,231,278
Medical - Drugs — 0.0%
Longboard Pharmaceuticals, Inc.†		32,938		187,747
Progenics Pharmaceuticals, Inc. CVR†(1)		54,000		2,619
				190,366
Networking Products — 0.8%					��
Arista Networks, Inc.†		128,846		15,984,635
Nokia Oyj ADR†		1,557,344		8,721,126
				24,705,761
Retail - Apparel/Shoe — 1.3%
Zalando SE†*		446,324		40,680,230
Retail - Automobile — 0.1%
Cazoo Group, Ltd.†#		340,143		2,755,158
Retail - Catalog Shopping — 0.5%
Warby Parker, Inc., Class A†		283,595		14,392,446
Schools — 0.1%
New Oriental Education & Technology Group, Inc. ADR†		1,493,028		3,299,592
Semiconductor Components - Integrated Circuits — 2.3%
NXP Semiconductors NV		65,245		14,573,123
QUALCOMM, Inc.		180,542		32,598,663
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		233,125		27,310,594
				74,482,380
Semiconductor Equipment — 4.2%
Applied Materials, Inc.		203,336		29,929,026
ASML Holding NV		8,000		6,332,080
BE Semiconductor Industries NV		171,512		16,267,655
KLA Corp.		71,008		28,980,495
Lam Research Corp.		12,475		8,481,129
Teradyne, Inc.		192,728		29,462,329
Tokyo Electron, Ltd.		27,800		14,609,853
				134,062,567

191

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Theaters — 0.2%
CTS Eventim AG & Co. KGaA†		94,750	$	6,164,596
Transport - Services — 0.0%
Didi Global, Inc. Lock-Up Shares†(2)		11,731		340,129
Web Portals/ISP — 7.5%
Alphabet, Inc., Class A†		29,865		84,755,377
Alphabet, Inc., Class C†		44,248		126,064,322
Baidu, Inc. ADR†		188,904		28,305,375
				239,125,074
Wireless Equipment — 0.9%
Motorola Solutions, Inc.		24,010		6,078,852
Samsung SDI Co., Ltd.		38,976		22,621,355
				28,700,207
Total Common Stocks
(cost $2,534,413,813)				3,028,829,829
CONVERTIBLE PREFERRED SECURITIES — 0.9%
Applications Software — 0.1%
Color Health, Inc. Series D-1†(1)(2)		26,210		2,620,187
Auto - Cars/Light Trucks — 0.2%
GM Cruise Holdings, LLC, Class F†(1)(2)		89,700		2,363,595
Waymo LLC Series A-2†(1)(2)		21,059		1,931,573
Waymo LLC Series B-2†(1)(2)		10,055		922,265
				5,217,433
E-Commerce/Services — 0.2%
Maplebear, Inc. (dba Instacart) Series G†(1)(2)		20,650		2,452,187
Rappi, Inc., Series E†(1)(2)		39,184		2,524,356
Rappi, Inc. Series F†(1)(2)		14,609		941,158
				5,917,701
Health Care Providers & Services — 0.0%
PrognomIQ, Inc. Series A-4†(1)(2)		35,670		81,510
PrognomIQ, Inc. Series A-5†(1)(2)		30,468		69,623
PrognomIQ, Inc. Series B†(1)(2)		216,177		493,989
				645,122
IT Services — 0.0%
Mesosphere, Inc. Series D†(1)(2)		151,129		226,693
Medical Instruments — 0.0%
RefleXion Medical, Inc. Series C†(1)(2)		160,251		365,351
Reflexion Medical, Inc. Series D†(1)(2)		67,040		152,842
				518,193
Medical Labs & Testing Services — 0.2%
Freenome Holdings, Inc. Series B†(1)(2)		94,602		713,517
Freenome Holdings, Inc. Series C†(1)(2)		53,807		405,828
Tempus Labs, Inc. Series D†(1)(2)		60,677		3,422,790

Security Description	Shares/ Principal Amount			Value (Note 2)
Medical Labs & Testing Services (continued)
Tempus Labs, Inc. Series E†(1)(2)		39,722		$	2,297,520
Tempus Labs, Inc. Series F†(1)(2)		10,551			618,078
Tempus Labs, Inc. Series G†(1)(2)		6,661			394,731
					7,852,464
Medical Products — 0.0%
Kardium, Inc. Series D-5†(1)(2)		542,402			550,994
Medical - Biomedical/Gene — 0.2%
Caris Life Sciences, Inc. Series C†(1)(2)		217,911			1,765,079
National Resilience, Inc. Series B†(1)(2)		69,360			3,080,278
					4,845,357
Medical - Wholesale Drug Distribution — 0.0%
Insitro, Inc. Series B†(1)(2)		52,029			951,668
Retirement/Aged Care — 0.0%
Honor Tech, Inc. Series D†(1)(2)		180,527			570,718
Total Convertible Preferred Securities
(cost $17,272,431)					29,916,530
Escrows and Litigation Trusts — 0.1%
Acerta Pharma B.V.†(1)		1,552,110			1,393,018
Exact Sciences CMO Milestone†(1)		216,096			172,877
Exact Sciences Expense Fund†(1)		220			209
Exact Sciences FDA Milestone†(1)		108,048			86,439
Total Escrows and Litigation Trusts
(cost $1,552,110)					1,652,543
Total Long-Term Investment Securities
(cost $2,553,238,354)					3,060,398,902
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 1.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.03%(3)		498,270			498,270
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(3)(4)		6,556,726			6,556,726
T. Rowe Price Government Reserve Fund 0.05%(3)		28,944,368			28,944,368
Total Short-Term Investment Securities
(cost $35,999,364)					35,999,364
REPURCHASE AGREEMENTS — 0.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $6,970,000 and collateralized by $7,308,700 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $7,109,421 (cost $6,970,000)	$	6,970,000			6,970,000
TOTAL INVESTMENTS
(cost $2,596,207,718)(5)		97.5	%		3,103,368,266
Other assets less liabilities		2.5			78,277,719
NET ASSETS		100.0	%	$	3,181,645,985

192

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $80,940,390 representing 2.5% of net assets.

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2021, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		Value as a % of Net Assets
Common Stocks
Bright Health Group, Inc.
Lock-up Shares		09/16/2020		181,044	$	1,232,167	$	572,733	$	3.16		0.02	%
Didi Global, Inc.
Lock-up Shares		10/15/2015		11,731		321,737		340,129		28.99		0.01
Epic Games, Inc.		06/18/2020		2,883		1,657,725
		03/29/2021		1,021		903,585
				3,904		2,561,310		3,754,125		961.61		0.12
Flame Biosciences, Inc.		09/28/2020		48,560		318,068		318,068		6.55		0.01
Ginkgo Bioworks, Inc.		09/09/2019		316,226		967,674
Lock-up Shares		09/30/2019		111,854		324,284
				428,080		1,291,958		4,827,244		11.28		0.15
Maplebear, Inc. (dba Instacart) Non-Voting		08/07/2020		523		24,233		62,106		118.75		0.00
Maplebear, Inc. (dba Instacart) Voting		08/07/2020		10,016		464,080		1,189,400		118.75		0.04
Verily Life Sciences LLC Series B		01/23/2019		6,986		861,094		913,210		130.72		0.03
Convertible Preferred Securities
Caris Life Sciences, Inc. Series C		08/14/2020		217,911		601,434		1,765,079		8.10		0.06
Color Health, Inc. Series D-1		01/13/2020		26,210		543,971		2,620,187		99.97		0.08
Freenome Holdings, Inc. Series B		06/24/2019		94,602		431,111		713,517		7.54		0.02
Freenome Holdings, Inc. Series C		08/14/2020		53,807		355,842		405,828		7.54		0.01
GM Cruise Holdings, LLC Class F		05/07/2019		89,700		1,637,025		2,363,595		26.35		0.07
Honor Tech, Inc. Series D		10/16/2020		180,527		434,723		570,718		3.16		0.02
Insitro, Inc. Series B		05/21/2020		52,029		324,177		951,668		18.29		0.03

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		Value as a % of Net Assets
Kardium, Inc. Series D-5		11/29/2018		542,402	$	525,533	$	550,994	$	1.02		0.02	%
Maplebear, Inc., (dba Instacart) Series G		07/02/2020		20,650		993,098		2,452,187		118.75		0.08
Mesophere, Inc. Series D		05/04/2018		151,129		1,670,656		226,693		1.50		0.01
National Resilience, Inc. Series B		10/23/2020		69,360		947,458		3,080,278		44.41		0.10
PrognomIQ, Inc. Series A-4		11/15/2019		35,670		81,510		81,510		2.29		0.00
PrognomIQ, Inc. Series A-5		05/12/2020		30,468		69,623		69,623		2.29		0.00
PrognomIQ, Inc. Series B		09/11/2020		216,177		493,989		493,989		2.29		0.02
Rappi, Inc., Series E		09/08/2020		39,184		2,341,089		2,524,356		64.42		0.08
Rappi, Inc., Series F		07/08/2021		14,609		941,158		941,158		64.42		0.03
RefleXion Medical, Inc. Series C		04/03/2018		160,251		271,145		365,351		2.28		0.01
RefleXion Medical, Inc. Series D		04/04/2020		67,040		127,808		152,842		2.28		0.00
Tempus Labs, Inc. Series D		03/16/2018		60,677		568,780		3,422,790		56.41		0.11
Tempus Labs, Inc. Series E		08/23/2018		39,722		665,058		2,297,520		57.84		0.07
Tempus Labs, Inc. Series F		04/30/2019		10,551		261,239		618,078		58.58		0.02
Tempus Labs, Inc. Series G		02/06/2020		6,661		255,465		394,731		59.26		0.01
Waymo LLC Series A-2		05/08/2020		21,059		1,808,277		1,931,573		91.72		0.06
Waymo LLC Series B-2		06/11/2021		10,055		922,265		922,265		91.72		0.03
							$	41,893,545				1.32	%

(3) The rate shown is the 7-day yield as of November 30, 2021.

(4) At November 30, 2021, the Fund had loaned securities with a total value of $23,893,187. This was secured by collateral of $6,556,726 which was received in cash and subsequently invested in short-term investments currently valued at of $6,556,726 as reported in the Portfolio of Investments. Additional collateral of $18,790,890 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	12/30/2021 to 06/16/2022	$ 872,244
United States Treasury Notes/Bonds	0.07% to 6.25%	12/31/2021 to 08/15/2051	17,918,646

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

GDR—Global Depositary Receipt

193

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
E-Commerce/Services	$	135,449,703	$	32,745,892	**	$	1,251,506	$	169,447,101
Entertainment Software		25,675,031		—			3,754,125		29,429,156
Internet Content-Information/News		—		25,291,387	#		—		25,291,387
Medical Labs & Testing Services		152,434		4,827,244			317,719		5,297,397
Medical-Biomedical/Gene		—		—			1,231,278		1,231,278
Medical-Drugs		187,747		—			2,619		190,366
Transport-Services		—		340,129			—		340,129
Other Industries		2,560,531,777		237,071,238	**		—		2,797,603,015
Convertible Preferred Securities		—		—			29,916,530		29,916,530
Escrows and Litigation Trusts		—		—			1,652,543		1,652,543
Short-Term Investment Securities		35,999,364		—			—		35,999,364
Repurchase Agreements		—		6,970,000			—		6,970,000
Total Investments at Value	$	2,757,996,056	$	307,245,890		$	38,126,320	$	3,103,368,266

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

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

# Amount includes $24,718,654 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Common Stocks			Convertible Preferred Securities			Escrow and Litigation Trusts
Balance as of May 31, 2021	$	8,167,707		$	38,494,347		$	1,458,535
Accrued Discounts		—			—			—
Accrued Premiums		—			—			—
Realized Gain		—			—			1,302,256
Realized Loss		—			—			—
Change in unrealized appreciation(1)		2,870,857			14,070,956			19,449
Change in unrealized depreciation(1)		(123,465	)		(1,151,108	)		(1,127,697	)
Net Purchases		—			1,863,421			1,552,110
Net Sales		—			—			(1,552,110	)
Transfers into Level 3		—			—			—
Transfers out of Level 3(2)		(4,357,852	)		(23,361,086	)		—
Balance as of November 30, 2021	$	6,557,247		$	29,916,530		$	1,652,543

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2021 includes:

Common Stocks		Convertible Preferred Securities		Escrow and Litigation Trusts
$	459,959	$	4,060,436	$	(139,643	)

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2021.

(2) Private Common Stock and Convertible Preferred Securities were converted to Common Stock or Common Lock-up Shares following the Companies’ Direct or IPO listings. Securities are now valued using Level 1 or Level 2 inputs.

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

Description	Fair Value at November 30, 2021		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)#
Common Stocks	$	1,569,574	Market Approach	Market Transaction Price*	$6.55 - $118.75 ($96.013)
	$	3,754,125	Market Approach	Transaction Price*	$885.0000
				Sales Multiple*	6.95x
				EBITDA Multiple*	23.70x
				Discount for Lack of Marketability	10.0%
	$	913,210	Market Approach	Transaction Price*	$136.9300
				Sales Multiple*	20.35x
				Discount for Lack of Marketability	10.0%
	$	2,619	Income Approach	Estimated Future Cash Distribution*	$0.05
	$	317,719	Market Approach	Market - Earnout Probability of Additional shares*	$7.9802 - $8.5203 ($8.25)

194

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Description	Fair Value at November 30, 2021		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)#
Convertible Preferred Securities	$	22,956,718	Market Approach	Market Transaction Price*	$1.01584 - $118.75($55.8615)
	$	6,733,118	Market Approach	Market Transaction Price*	$57.3069
				Sales Multiple*	13.4x
				Discount for Lack of Marketability	10.0%
				Future Dividend Payout Adjustment	1.0% - 2.0% (1.15%)
	$	226,694	Market Approach	Sales Multiple*	3.8x
				Gross Profit Multiple*	5.2x
				Discount for Lack of Marketability	10.0%
Escrow and Litigation Trusts	$	1,652,543	Income Approach	Estimated Future Cash Distribution*	$0.8000 - $0.9500 ($0.88)

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

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

See Notes to Financial Statements

195

VALIC Company I Small Cap Growth Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	12.5	%
Applications Software	6.1
Enterprise Software/Service	5.6
Medical Products	3.3
Energy — Alternate Sources	2.6
Diversified Manufacturing Operations	2.6
Transport — Truck	2.2
Building & Construction Products — Misc.	2.1
Electronic Components — Semiconductors	2.1
Banks — Commercial	2.0
Recreational Centers	1.9
Real Estate Investment Trusts	1.8
Retail — Pet Food & Supplies	1.7
Machinery — Electrical	1.6
Food — Wholesale/Distribution	1.6
Miscellaneous Manufacturing	1.6
Retail — Automobile	1.6
Resorts/Theme Parks	1.5
E-Commerce/Services	1.5
Computer Data Security	1.5
Consumer Products — Misc.	1.4
Retail — Vision Service Center	1.4
Electric Products — Misc.	1.4
Medical — Drugs	1.4
Machinery — General Industrial	1.3
Steel Pipe & Tube	1.3
Computer Software	1.3
Investment Management/Advisor Services	1.3
Computer Services	1.3
Semiconductor Equipment	1.3
Distribution/Wholesale	1.2
Lasers — System/Components	1.2
Auto/Truck Parts & Equipment — Original	1.2
Retail — Restaurants	1.1
Registered Investment Companies	1.0
Diagnostic Kits	1.0
Drug Delivery Systems	1.0
Tools — Hand Held	1.0
Casino Hotels	1.0
E-Commerce/Products	1.0
Disposable Medical Products	1.0
Audio/Video Products	1.0
Aerospace/Defense — Equipment	0.9
Finance — Investment Banker/Broker	0.9
Retail — Floor Coverings	0.9
Medical — Hospitals	0.8
Medical — Generic Drugs	0.8
Medical Instruments	0.8
Software Tools	0.8
Building — Mobile Home/Manufactured Housing	0.7
Internet Application Software	0.7
Commercial Services	0.7
Commercial Services — Finance	0.7
Electronic Measurement Instruments	0.7
Building — Residential/Commercial	0.7
Telecom Equipment — Fiber Optics	0.7
Metal Processors & Fabrication	0.6
Food — Retail	0.6
Web Hosting/Design	0.5
Auto — Cars/Light Trucks	0.5
Schools	0.4
Medical — Outpatient/Home Medical	0.4
Medical Labs & Testing Services	0.3
Physicians Practice Management	0.3
Therapeutics	0.3
Educational Software	0.2
Drug Detection Systems	0.2
Airlines	0.2
Chemicals — Specialty	0.1

Insurance — Property/Casualty	0.1
Finance — Credit Card	0.1
Internet Content — Information/News	0.1
Oil Companies — Exploration & Production	0.1
	99.3	%

* Calculated as a percentage of net assets

196

VALIC Company I Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.9%
Aerospace/Defense - Equipment — 0.9%
Hexcel Corp.†		136,488	$	7,012,753
Airlines — 0.2%
Frontier Group Holdings, Inc.†		85,361		1,139,569
Applications Software — 6.0%
ACV Auctions, Inc., Class A†		165,687		3,509,251
DigitalOcean Holdings, Inc.†		132,522		13,359,543
Duck Creek Technologies, Inc.†		150,186		4,293,818
Elastic NV†		19,414		3,018,100
Global-E Online, Ltd.†		23,787		1,580,408
JFrog, Ltd.†		97,730		3,123,451
Outset Medical, Inc.†		140,021		6,636,995
ServiceTitan, Inc.†(1)(2)		191		22,722
Smartsheet, Inc., Class A†		130,799		8,371,136
Viant Technology, Inc., Class A†		72,501		710,510
				44,625,934
Audio/Video Products — 1.0%
Sonos, Inc.†		222,946		7,056,241
Auto - Cars/Light Trucks — 0.5%
Rivian Automotive, Inc. Lock-up shares†(2)		33,294		3,787,925
Auto/Truck Parts & Equipment - Original — 1.2%
Fox Factory Holding Corp.†		48,647		8,550,683
Banks - Commercial — 2.0%
First Financial Bankshares, Inc.		179,325		8,951,904
Grasshopper Bancorp, Inc.†(1)(2)		5,208		19,165
Pinnacle Financial Partners, Inc.		64,128		6,118,453
				15,089,522
Banks - Regional — 0.0%
Dogwood State Bank (Non-Voting Shares)†(1)(2)		3,056		40,125
Dogwood State Bank (Voting Shares)†(1)(2)		1,501		19,708
				59,833
Building & Construction Products - Misc. — 2.1%
AZEK Co., Inc.†		193,426		7,586,168
Simpson Manufacturing Co., Inc.		69,598		8,028,825
				15,614,993
Building - Mobile Home/Manufactured Housing — 0.7%
Winnebago Industries, Inc.		76,636		5,534,652
Building - Residential/Commercial — 0.7%
Tri Pointe Homes, Inc.†		198,747		4,962,713
Casino Hotels — 1.0%
Boyd Gaming Corp.†		122,931		7,204,986
Cellular Telecom — 0.0%
NII Holdings, Inc.†(1)		3,000		6,420
Chemicals - Specialty — 0.1%
Zymergen, Inc.†		103,465		937,393
Commercial Services — 0.7%
LiveRamp Holdings, Inc.†		84,956		3,986,985
Remitly Global, Inc.†		61,466		1,478,872
				5,465,857
Commercial Services - Finance — 0.7%
Repay Holdings Corp.†		222,163		3,634,587
Toast, Inc., Class A†		5,922		236,821
Toast, Inc., Class B Lock-up shares†(2)		33,563		1,275,075
				5,146,483

Security Description	Shares		Value (Note 2)
Computer Data Security — 1.5%
CyberArk Software, Ltd.†		62,631	$	10,825,768
Computer Services — 1.3%
Globant SA†		34,887		9,245,404
Computer Software — 1.2%
Checkr, Inc.†(1)(2)		1,956		105,624
Envestnet, Inc.†		114,568		8,783,929
				8,889,553
Consumer Products - Misc. — 1.4%
Helen of Troy, Ltd.†		43,783		10,529,812
Diagnostic Kits — 1.0%
Natera, Inc.†		79,578		7,278,204
Disposable Medical Products — 1.0%
CONMED Corp.		54,377		7,148,400
Distribution/Wholesale — 1.2%
Leslie’s, Inc.†		120,968		2,535,489
SiteOne Landscape Supply, Inc.†		26,275		6,315,459
				8,850,948
Diversified Manufacturing Operations — 2.6%
Carlisle Cos., Inc.		38,617		8,696,548
ITT, Inc.		107,288		10,147,299
				18,843,847
Drug Delivery Systems — 1.0%
Heron Therapeutics, Inc.†#		364,533		3,444,837
Revance Therapeutics, Inc.†#		279,550		3,824,244
				7,269,081
Drug Detection Systems — 0.2%
Rapid Micro Biosystems, Inc., Class A†		119,865		1,476,737
E-Commerce/Products — 1.0%
1stdibs.com, Inc. Lock-up shares†(2)		3,703		45,345
Figs, Inc., Class A†		89,006		2,958,560
RealReal, Inc.†#		266,920		4,155,944
				7,159,849
E-Commerce/Services — 1.4%
Bumble, Inc., Class A†		135,291		4,635,069
Eventbrite, Inc., Class A†		293,518		4,432,122
MediaAlpha, Inc., Class A†		90,267		1,391,917
Rover Group, Inc. Earnout Shares $16.00†(1)		8,145		855
Rover Group, Inc. Lock-up shares†(2)		9,291		91,089
				10,551,052
Educational Software — 0.2%
Duolingo, Inc.†		13,483		1,485,692
Electric Products - Misc. — 1.4%
Littelfuse, Inc.		34,349		10,252,490
Electronic Components - Semiconductors — 2.1%
Semtech Corp.†		91,550		7,843,088
Wolfspeed, Inc.†		61,938		7,594,838
				15,437,926
Electronic Measurement Instruments — 0.7%
Itron, Inc.†		80,618		4,991,060
Energy - Alternate Sources — 2.6%
Array Technologies, Inc.†		170,395		3,069,666
Fluence Energy, Inc.†		143,347		4,542,667

197

VALIC Company I Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Energy - Alternate Sources (continued)
Shoals Technologies Group, Inc., Class A†		180,382	$	5,068,734
SolarEdge Technologies, Inc.†		18,904		6,195,975
				18,877,042
Enterprise Software/Service — 5.6%
Blackline, Inc.†		75,131		8,268,167
Cardlytics, Inc.†#		59,822		4,042,771
Everbridge, Inc.†		67,901		7,701,331
Evolent Health, Inc., Class A†		239,614		6,229,964
ManTech International Corp., Class A		40,090		2,724,115
New Relic, Inc.†		19,818		2,196,429
Paycor HCM, Inc.†		220,591		6,494,199
Plex Systems Holdings, Inc. Escrow†(1)		1,134		1,100
Plex Systems Holdings, Inc. Holdback Shares†(1)		7,941		7,147
Vertex, Inc., Class A†		192,237		3,514,092
				41,179,315
Finance - Credit Card — 0.1%
I3 Verticals, Inc., Class A†		30,889		576,080
Finance - Investment Banker/Broker — 0.9%
Evercore, Inc., Class A		49,633		6,884,097
Food - Retail — 0.6%
Grocery Outlet Holding Corp.†		145,641		4,217,763
Food - Wholesale/Distribution — 1.6%
Performance Food Group Co.†		301,407		12,149,716
Insurance - Property/Casualty — 0.1%
Lemonade, Inc.†#		17,803		880,358
Internet Application Software — 0.7%
Anaplan, Inc.†		128,718		5,510,418
Internet Content - Information/News — 0.1%
Bright Health Group, Inc. Lock-up Shares†(2)		20,157		63,767
Deliveroo PLC†*		126,800		502,264
				566,031
Investment Management/Advisor Services — 1.3%
Focus Financial Partners, Inc., Class A†		150,499		9,261,709
Lasers - System/Components — 1.2%
II-VI, Inc.†#		139,114		8,698,798
Machinery - Electrical — 1.6%
Bloom Energy Corp., Class A†#		220,085		6,047,936
Vertiv Holdings Co.		238,496		6,115,037
				12,162,973
Machinery - General Industrial — 1.3%
Applied Industrial Technologies, Inc.		102,814		9,771,443
Medical Instruments — 0.8%
NuVasive, Inc.†		128,882		6,194,069
Medical Labs & Testing Services — 0.3%
Personalis, Inc.†		189,679		2,570,150
Medical Products — 3.3%
iRhythm Technologies, Inc.†		86,558		9,140,525
Nevro Corp.†		54,028		4,704,758
Shockwave Medical, Inc.†		56,465		10,177,252
				24,022,535
Medical - Biomedical/Gene — 12.4%
ACADIA Pharmaceuticals, Inc.†		152,803		2,933,818
ADC Therapeutics SA†		155,016		3,450,656

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Allogene Therapeutics, Inc.†		81,299	$	1,503,218
Amicus Therapeutics, Inc.†		559,635		5,993,691
Apellis Pharmaceuticals, Inc.†		58,280		2,452,422
Arrowhead Pharmaceuticals, Inc.†		120,614		8,449,011
Atara Biotherapeutics, Inc.†		274,554		4,911,771
Avrobio, Inc.†#		193,946		744,753
Berkeley Lights, Inc.†#		70,654		1,474,549
Biohaven Pharmaceutical Holding Co., Ltd.†		62,792		7,047,774
Blueprint Medicines Corp.†		74,443		7,161,417
Bridgebio Pharma, Inc.†#		92,490		3,745,845
Cogent Biosciences, Inc. CVR†(1)		30,000		0
Fate Therapeutics, Inc.†		60,702		3,339,217
Flame Biosciences, Inc.†(1)(2)		3,800		24,890
Generation Bio Co.†		72,431		1,243,640
Halozyme Therapeutics, Inc.†		253,107		8,322,158
Kronos Bio, Inc.†		97,370		1,149,940
REGENXBIO, Inc.†		149,429		4,781,728
Relay Therapeutics, Inc.†		150,871		4,438,625
Restorbio, Inc. CVR†(1)		4,285		0
REVOLUTION Medicines, Inc.†		82,850		2,291,631
Rubius Therapeutics, Inc.†		130,896		1,617,874
Sage Therapeutics, Inc.†		42,470		1,652,508
Sana Biotechnology, Inc.†		86,583		1,645,943
Seer, Inc.†#		55,736		1,243,470
Twist Bioscience Corp.†		76,743		7,328,956
Verve Therapeutics, Inc.†		64,611		2,201,943
				91,151,448
Medical - Drugs — 1.4%
Alector, Inc.†		135,171		2,791,281
Clementia Pharmaceuticals, Inc. CVR†(1)		70,624		0
Coherus Biosciences, Inc.†		306,521		5,692,095
PMV Pharmaceuticals Inc†		72,572		1,578,441
				10,061,817
Medical - Generic Drugs — 0.8%
Arvinas, Inc.†		82,064		6,204,859
Medical - Hospitals — 0.8%
Acadia Healthcare Co., Inc.†		110,740		6,220,266
Medical - Outpatient/Home Medical — 0.4%
Amedisys, Inc.†		20,487		2,861,010
Metal Processors & Fabrication — 0.6%
Xometry, Inc., Class A†#		86,790		4,314,331
Miscellaneous Manufacturing — 1.6%
John Bean Technologies Corp.		63,518		10,021,235
Sight Sciences, Inc.†		87,014		1,822,943
				11,844,178
Oil Companies - Exploration & Production — 0.1%
Venture Global LNG, Inc., Series B†(1)(2)		4		23,801
Venture Global LNG, Inc., Series C†(1)(2)		59		351,060
				374,861
Physicians Practice Management — 0.3%
Accolade, Inc.†		91,376		2,345,622
Real Estate Investment Trusts — 1.8%
CubeSmart		93,736		5,054,245
Terreno Realty Corp.		103,577		7,887,389
				12,941,634
Recreational Centers — 1.9%
Life Time Group Holdings, Inc.†		264,832		5,320,475
Planet Fitness, Inc., Class A†		109,085		8,911,154
				14,231,629

198

VALIC Company I Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Resorts/Theme Parks — 1.5%
Marriott Vacations Worldwide Corp.		43,656	$	6,664,089
Six Flags Entertainment Corp.†		128,330		4,693,028
				11,357,117
Retail - Apparel/Shoe — 0.0%
Allbirds Inc., Class B Lock-up Shares†(2)		11,950		218,422
Retail - Automobile — 1.6%
Lithia Motors, Inc.		17,506		5,100,023
Rush Enterprises, Inc., Class A		125,548		6,397,926
				11,497,949
Retail - Consumer Electronics — 0.0%
Zagg, Inc.†(1)		20,000		6,000
Retail - Floor Coverings — 0.9%
Floor & Decor Holdings, Inc., Class A†		51,659		6,659,362
Retail - Pet Food & Supplies — 1.7%
Freshpet, Inc.†		58,491		6,318,198
Petco Health & Wellness Co., Inc.†#		327,133		6,271,139
				12,589,337
Retail - Restaurants — 1.1%
Texas Roadhouse, Inc.		100,749		8,356,122
Retail - Vision Service Center — 1.4%
National Vision Holdings, Inc.†		218,247		10,484,586
Schools — 0.4%
Bright Horizons Family Solutions, Inc.†		25,849		3,178,135
Semiconductor Equipment — 1.3%
MKS Instruments, Inc.		60,673		9,232,004
Software Tools — 0.8%
Digital Turbine, Inc.†#		112,491		5,968,772
Steel Pipe & Tube — 1.3%
Advanced Drainage Systems, Inc.		76,454		9,458,124
Telecom Equipment - Fiber Optics — 0.7%
Ciena Corp.†		81,027		4,880,256
Therapeutics — 0.3%
G1 Therapeutics, Inc.†#		155,406		2,004,737
Tools - Hand Held — 1.0%
MSA Safety, Inc.		50,425		7,226,911
Transport - Truck — 2.2%
Saia, Inc.†		49,906		16,527,869
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc. CVR†(1)		3,000		0
Web Hosting/Design — 0.5%
Q2 Holdings, Inc.†		49,828		4,001,188
Total Common Stocks
(cost $708,082,356)				722,152,823
CONVERTIBLE PREFERRED SECURITIES — 0.4%
Applications Software — 0.1%
Convoy, Inc. Series C†(1)(2)		12,094		199,526
Convoy, Inc. Series D†(1)(2)		7,659		126,357
Haul Hub, Inc. Series B†(1)(2)		2,168		31,609
ServiceTitan, Inc. Series A1†(1)(2)		4		476

Security Description	Shares		Value (Note 2)
Applications Software (continued)
ServiceTitan, Inc. Series D†(1)(2)		1,942	$	231,022
				588,990
Auto Components — 0.0%
Sila Nanotechnologies, Inc. Series F†(1)(2)		2,608		107,640
Computer Software — 0.1%
Checkr, Inc. Series C†(1)(2)		2,998		161,892
Checkr, Inc. Series D†(1)(2)		4,084		220,536
				382,428
E-Commerce/Services — 0.1%
Farmer’s Business Network, Inc. Series C†(1)(2)		8,287		515,102
Enterprise Software/Service — 0.0%
Seismic Software, Inc. Series E†(1)(2)		11,680		168,495
Seismic Software, Inc. Series F†(1)(2)		875		12,623
				181,118
Industrial Automated/Robotic — 0.0%
Nuro, Inc. Series C†(1)(2)		6,234		129,952
Medical Products — 0.0%
Kardium, Inc. Series D-6†(1)(2)		58,843		59,775
Medical - Biomedical/Gene — 0.1%
Caris Life Sciences, Inc. Series C†(1)(2)		17,921		145,160
National Resilience, Inc. Series B†(1)(2)		5,496		244,077
				389,237
Retail - Restaurants — 0.0%
Cava Group, Inc. Series E†(1)(2)		6,606		248,584
Retirement/Aged Care — 0.0%
Honor Tech, Inc. Series D†(1)(2)		43,123		136,329
Storage/Warehousing — 0.0%
Flexe, Inc. Series C†(1)(2)		4,643		61,427
Total Convertible Preferred Securities
(cost $1,354,506)				2,800,582
WARRANTS — 0.0%
Banks - Commercial — 0.0%
Grasshopper Bancorp, Inc.†(1)(2) Expires 05/24/2024		1,009		0
Banks - Regional — 0.0%
Dogwood State Bank†(1)(2) Expires 10/12/2028		456		2,198
Total Warrants
(cost $0)				2,198
Total Long-Term Investment Securities
(cost $709,436,862)				724,955,603

199

VALIC Company I Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.0%
Registered Investment Companies — 1.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(3)(4) (cost $7,418,557)		7,418,557		$	7,418,557
TOTAL INVESTMENTS
(cost $716,855,419)(5)		99.3	%		732,374,160
Other assets less liabilities		0.7			5,295,635
NET ASSETS		100.0	%	$	737,669,795

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2021, the aggregate value of these securities was $502,264 representing 0.10% of net assets.

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2021, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
1stdibs.com, Inc. Lock-up Shares		02/07/2019		3,703	$	55,667	$	45,345	$	12.25		0.01	%
Allbirds, Inc.		10/09/2018		3,110		34,108
Class B Lock-up Shares		10/10/2018		7,860		86,202
		12/21/2018		980		10,748
				11,950		131,058		218,422		18.28		0.03
Bright Health, Inc., Lock-up Shares		09/16/2020		20,157		137,187		63,767		3.16		0.01
Checkr, Inc.		06/29/2018		700		8,603
		12/02/2019		1,256		36,085
				1,956		44,688		105,624		54.00		0.01
Dogwood State Bank (Non-voting Shares)		05/06/2019		3,056		30,560		40,125		13.13		0.01
Dogwood State Bank (Voting Shares)		05/06/2019		1,501		15,010		19,708		13.13		0.00
Flame Biosciences, Inc.		09/28/2020		3,800		24,890		24,890		6.55		0.00
Grasshopper Bancorp, Inc.		10/12/2018		1,009		10,090
		05/02/2019		4,199		41,990
				5,208		52,080		19,165		3.68		0.00
Rivian Automative, Inc.		12/23/2019		12,194		131,012
Lock-up Shares		07/10/2020		12,772		197,838
		01/19/2021		8,328		306,887
				33,294		635,737		3,787,925		113.77		0.51

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Rover Group, Inc.		05/11/2018		7,613	$	55,222
Lock-up Shares		05/25/2018		532		3,476
		10/15/2021		1,146		10,045
				9,291		68,743	$	91,089	$	9.80	$	0.01
ServiceTitan, Inc.		11/09/2018		191		5,022		22,722		118.96		0.00
Toast, Inc.		06/27/2018		30,048		104,008
Class B, Lock-up Shares		09/14/2018		545		1,886
		02/14/2020		2,970		26,997
				33,563		132,891		1,275,075		37.99		0.17
Venture Global LNG, Inc.		05/25/2017		28		99,904
Series C		10/16/2017		27		101,817
		03/08/2018		4		12,080
				59		213,801		351,060		5950.17		0.05
Venture Global LNG, Inc., Series B		03/08/2018		4		12,080		23,801		5,950.09		0.00
Convertible Preferred Securities
Caris Life Sciences, Inc., Series C		08/14/2020		17,921		49,462		145,160		8.10		0.02
Cava Group, Inc., Series E		06/23/2020		6,606		149,692		248,584		37.63		0.03
Checkr, Inc., Series C		04/10/2018		2,998		40,926		161,892		54.00		0.02
Checkr, Inc., Series D		09/06/2019		4,084		123,527		220,536		54.00		0.03
Convoy, Inc., Series C		09/14/2018		12,094		85,875		199,526		16.50		0.03
Convoy, Inc., Series D		10/30/2019		7,659		103,703		126,357		16.50		0.02
Farmer’s Business Network, Inc., Series C		11/03/2017		8,287		153,012		515,102		62.16		0.05
Flexe, Inc., Series C		11/18/2020		4,643		56,492		61,427		13.23		0.05
Haul Hub, Inc., Series B		02/14/2020		2,168		31,609		31,609		14.58		0.00
Honor Tech, Inc., Series D		10/16/2020		43,123		103,844		136,329		3.16		0.02
Kardium, Inc., Series D-6		01/08/2021		58,843		59,775		59,775		1.02		0.01
National Resilience, Inc., Series B		10/23/2020		5,496		75,075		244,077		44.41		0.03
Nuro, Inc., Series C		10/30/2020		6,234		81,382		129,952		20.85		0.02
Seismic Software Holdings, Inc., Series E		12/13/2018		11,680		73,632		168,495		14.43		0.02
Seismic Software Holdings, Inc., Series F		09/25/2020		875		7,692		12,623		14.43		0.00
ServiceTitan, Inc., Series A1		11/09/2018		4		105		476		118.96		0.00
ServiceTitan, Inc., Series D		11/09/2018		1,942		51,065		231,022		118.96		0.03
Sila Nanotechnologies, Inc., Series F		01/07/2021		2,608		107,639		107,640		41.27		0.01
Warrants
Dogwood State Bank Expires 05/01/2024		05/06/2019		456		0		2,198		4.82		0.00
Grasshopper Bancorp, Inc. Expires 10/12/2028		10/12/2018		1,009		0		0		0.00		0.00
							$	8,891,498				1.20	%

(3) The rate shown is the 7-day yield as of November 30, 2021.

(4) At November 30, 2021, the Fund had loaned securities with a total value of $36,709,213. This was secured by collateral of $7,418,557, which was received in cash and subsequently invested in short-term investments currently valued at $7,418,557 as reported in the Portfolio of Investments. Additional collateral of $30,569,920 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.

200

VALIC Company I Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 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 November 30, 2021
Federal Home Loan Mtg. Corp.	1.25% to 2.50%	03/01/2050 to 10/25/2050	$	138,006
Federal National Mtg. Assoc.	2.00% to 3.50%	06/01/2049 to 09/01/2050		466,779
Government National Mtg. Assoc.	1.00% to 2.70%	06/20/2038 to 05/16/2053		275,840
United States Treasury Bills	0.00%	12/09/2021 to 06/16/2022		2,261,737
United States Treasury Notes/Bonds	0.08% to 6.88%	01/15/2022 to 05/15/2051		27,427,558

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:			��
Applications Software	$	44,603,212	$	—		$	22,722	$	44,625,934
Auto-Cars/Light Truck		—		3,787,925			—		3,787,925
Banks - Commercial		15,070,357		—			19,165		15,089,522
Banks - Regional		—		—			59,833		59,833
Cellular Telecom		—		—			6,420		6,420
Commercial Services-Finance		3,871,408		1,275,075			—		5,146,483
Computer Software		8,783,929		—			105,624		8,889,553
E-Commerce/Products		7,114,504		45,345			—		7,159,849
E-Commerce/Services		10,459,108		91,089			855		10,551,052
Enterprise Software/Services		41,171,068		—			8,247		41,179,315
Internet Content-Information/News		—		566,031	**		—		566,031
Medical-Biomedical/Gene		91,126,558		—			24,890		91,151,448
Medical-Drugs		10,061,817		—			0		10,061,817
Oil Companies-Exploration & Production		—		—			374,861		374,861
Retail - Apparel/Shoe		—		218,422			—		218,422
Retail - Consumer Electronics		—		—			6,000		6,000
Veterinary Diagnostics		—		—			0		0
Other Industries		483,278,358		—			—		483,278,358
Convertible Preferred Securities		—		—			2,800,582		2,800,582
Warrants		—		—			2,198		2,198
Short-Term Investment Securities		7,418,557		—			—		7,418,557
Total Investments at Value	$	722,958,876	$	5,983,887		$	3,431,397	$	732,374,160

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

** Amount includes $502,264 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

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

See Notes to Financial Statements

201

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Banks — Commercial	8.0	%
Medical — Biomedical/Gene	7.7
Real Estate Investment Trusts	7.5
Oil Companies — Exploration & Production	2.5
Registered Investment Companies	2.4
Enterprise Software/Service	2.3
Medical Products	2.3
Electronic Components — Semiconductors	2.2
Repurchase Agreements	2.0
Medical — Drugs	1.9
Applications Software	1.4
Retail — Restaurants	1.2
Chemicals — Specialty	1.2
Auto/Truck Parts & Equipment — Original	1.1
Insurance — Property/Casualty	1.0
Human Resources	1.0
Rental Auto/Equipment	1.0
Electric — Integrated	1.0
Building — Residential/Commercial	1.0
Savings & Loans/Thrifts	1.0
Computer Software	0.9
Computer Services	0.9
Machinery — General Industrial	0.9
Investment Management/Advisor Services	0.8
Commercial Services — Finance	0.8
Distribution/Wholesale	0.8
Computer Data Security	0.8
Electronic Components — Misc.	0.8
Semiconductor Equipment	0.8
Building & Construction — Misc.	0.8
Energy — Alternate Sources	0.7
Building & Construction Products — Misc.	0.7
Finance — Investment Banker/Broker	0.7
Commercial Services	0.7
Retail — Apparel/Shoe	0.6
Theaters	0.6
Medical Labs & Testing Services	0.6
Transport — Truck	0.6
Finance — Consumer Loans	0.6
Metal Processors & Fabrication	0.6
Footwear & Related Apparel	0.6
Machinery — Pumps	0.6
Gas — Distribution	0.5
Food — Misc./Diversified	0.5
U.S. Government Treasuries	0.5
Building — Heavy Construction	0.5
Real Estate Management/Services	0.5
E-Commerce/Services	0.5
Oil — Field Services	0.5
Chemicals — Diversified	0.5
Medical Information Systems	0.5
Medical — Hospitals	0.5
Building — Mobile Home/Manufactured Housing	0.4
Diversified Manufacturing Operations	0.4
Insurance — Life/Health	0.4
Food — Wholesale/Distribution	0.4
Transport — Services	0.4
Retail — Automobile	0.4
Schools	0.4
Consumer Products — Misc.	0.4
E-Commerce/Products	0.4
Environmental Consulting & Engineering	0.4
Water	0.4
Aerospace/Defense — Equipment	0.4
Retail — Discount	0.4
Semiconductor Components — Integrated Circuits	0.4
Retail — Regional Department Stores	0.4
Beverages — Non-alcoholic	0.4
Engineering/R&D Services	0.3

Gambling (Non-Hotel)	0.3
Electronic Measurement Instruments	0.3
Networking Products	0.3
Building Products — Doors & Windows	0.3
Airlines	0.3
Machinery — Electrical	0.3
Medical — Outpatient/Home Medical	0.3
Consulting Services	0.3
Casino Services	0.3
Apparel Manufacturers	0.3
Miscellaneous Manufacturing	0.3
Internet Content — Information/News	0.3
Diversified Minerals	0.3
Disposable Medical Products	0.3
Cosmetics & Toiletries	0.3
Satellite Telecom	0.3
Real Estate Operations & Development	0.3
Building Products — Wood	0.3
Medical Instruments	0.3
Retail — Petroleum Products	0.3
Insurance — Reinsurance	0.3
Home Furnishings	0.2
Metal — Aluminum	0.2
Telecommunication Equipment	0.2
Retail — Building Products	0.2
Diagnostic Equipment	0.2
Retail — Sporting Goods	0.2
Computers — Integrated Systems	0.2
Electric Products — Misc.	0.2
Transport — Marine	0.2
Finance — Mortgage Loan/Banker	0.2
Telecom Services	0.2
Data Processing/Management	0.2
Lasers — System/Components	0.2
Water Treatment Systems	0.2
Wire & Cable Products	0.2
Therapeutics	0.2
Steel — Producers	0.2
Medical — Wholesale Drug Distribution	0.2
Insurance Brokers	0.2
Financial Guarantee Insurance	0.2
Building Products — Air & Heating	0.2
Retail — Jewelry	0.2
Batteries/Battery Systems	0.2
Computers — Other	0.2
Wireless Equipment	0.2
Rubber — Tires	0.2
Food — Retail	0.2
Auto — Cars/Light Trucks	0.2
Medical — Nursing Homes	0.2
Internet Security	0.2
Machinery — Construction & Mining	0.2
Medical — Generic Drugs	0.2
Pipelines	0.2
Golf	0.2
Publishing — Newspapers	0.2
Protection/Safety	0.2
Audio/Video Products	0.2
Hotels/Motels	0.2
Communications Software	0.2
Retail — Misc./Diversified	0.2
Transport — Equipment & Leasing	0.2
Software Tools	0.2
Aerospace/Defense	0.2
Auto — Heavy Duty Trucks	0.2
Drug Delivery Systems	0.2
Optical Supplies	0.2
E-Services/Consulting	0.2
Recreational Vehicles	0.2

202

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited) — (continued)

Industry Allocation* (continued)

Machinery — Farming	0.2	%
Independent Power Producers	0.2
Diagnostic Kits	0.2
Web Hosting/Design	0.2
Precious Metals	0.2
Coal	0.1
Tobacco	0.1
Oil & Gas Drilling	0.1
Non-Hazardous Waste Disposal	0.1
Medical — HMO	0.1
Banks — Mortgage	0.1
Transport — Air Freight	0.1
Printing — Commercial	0.1
Television	0.1
Office Furnishings — Original	0.1
Retail — Vision Service Center	0.1
Oil Companies — Integrated	0.1
Banks — Super Regional	0.1
Poultry	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Pharmacy Services	0.1
Containers — Metal/Glass	0.1
Gas — Transportation	0.1
Paper & Related Products	0.1
Containers — Paper/Plastic	0.1
Building — Maintenance & Services	0.1
Motion Pictures & Services	0.1
Machine Tools & Related Products	0.1
Firearms & Ammunition	0.1
Computer Aided Design	0.1
Electric — Generation	0.1
Agricultural Operations	0.1
Athletic Equipment	0.1
E-Marketing/Info	0.1
Oil Refining & Marketing	0.1
Internet Connectivity Services	0.1
Cable/Satellite TV	0.1
Appliances	0.1
Professional Sports	0.1
Resorts/Theme Parks	0.1
Advanced Materials	0.1
Electronic Connectors	0.1
Telephone — Integrated	0.1
Security Services	0.1
Publishing — Books	0.1
Machinery — Thermal Process	0.1
Linen Supply & Related Items	0.1
Rubber/Plastic Products	0.1
Dental Supplies & Equipment	0.1
Publishing — Periodicals	0.1
Food — Baking	0.1
Retail — Pawn Shops	0.1
Radio	0.1
Non-Ferrous Metals	0.1
Retail — Home Furnishings	0.1
Internet Financial Services	0.1
Identification Systems	0.1
Hazardous Waste Disposal	0.1
Insurance — Multi-line	0.1
Metal Products — Distribution	0.1
Patient Monitoring Equipment	0.1
Multilevel Direct Selling	0.1
Filtration/Separation Products	0.1
Computers — Voice Recognition	0.1
Finance — Other Services	0.1
Industrial Audio & Video Products	0.1
Retail — Bedding	0.1
Auto Repair Centers	0.1
Retail — Drug Store	0.1

Steel — Specialty	0.1
X-Ray Equipment	0.1
Medical Imaging Systems	0.1
Retail — Office Supplies	0.1
Gold Mining	0.1
Quarrying	0.1
Health Care Cost Containment	0.1
Power Converter/Supply Equipment	0.1
Advertising Sales	0.1
Veterinary Diagnostics	0.1
Recycling	0.1
Cellular Telecom	0.1
Multimedia	0.1
Beverages — Wine/Spirits	0.1
Educational Software	0.1
Circuit Boards	0.1
Vitamins & Nutrition Products	0.1
	102.3	%

* Calculated as a percentage of net assets

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.4%
Advanced Materials — 0.1%
Haynes International, Inc.		5,572	$	223,270
Materion Corp.		9,083		768,967
Meta Materials, Inc.†#		97,667		358,438
				1,350,675
Advertising Sales — 0.1%
Boston Omaha Corp., Class A†		7,867		225,390
Clear Channel Outdoor Holdings, Inc.†		161,905		497,048
				722,438
Advertising Services — 0.0%
Advantage Solutions, Inc.†#		34,057		246,232
Fluent, Inc.†		19,324		35,943
National CineMedia, Inc.		26,794		75,023
Stagwell, Inc.†		27,491		212,230
				569,428
Aerospace/Defense — 0.2%
AeroVironment, Inc.†		10,022		809,377
AerSale Corp.†#		4,029		72,885
Kratos Defense & Security Solutions, Inc.†		54,692		1,077,979
National Presto Industries, Inc.		2,280		186,458
				2,146,699
Aerospace/Defense - Equipment — 0.4%
AAR Corp.†		15,162		495,191
Aerojet Rocketdyne Holdings, Inc.		33,380		1,403,295
Astronics Corp.†		10,881		113,815
Barnes Group, Inc.		21,108		917,143
Ducommun, Inc.†		4,850		206,173
Kaman Corp.		12,317		455,729
Moog, Inc., Class A		12,904		892,570
Park Aerospace Corp.		8,710		112,359
Triumph Group, Inc.†		28,401		476,001
				5,072,276
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		4,439		182,443
Marrone Bio Innovations, Inc.†#		44,660		31,512
				213,955
Agricultural Operations — 0.1%
Andersons, Inc.		14,024		476,535
AppHarvest, Inc.†#		31,100		155,811
Cadiz, Inc.†#		9,393		38,042
Fresh Del Monte Produce, Inc.		14,959		370,385
Limoneira Co.		6,993		102,238
Tejon Ranch Co.†		9,290		170,007
Vital Farms, Inc.†		10,950		185,164
				1,498,182
Airlines — 0.3%
Allegiant Travel Co.†		6,840		1,184,825
Frontier Group Holdings, Inc.†		15,521		207,205
Hawaiian Holdings, Inc.†		22,541		412,049
Mesa Air Group, Inc.†		15,294		107,976
SkyWest, Inc.†		22,204		869,731
Spirit Airlines, Inc.†		43,838		916,653
Sun Country Airlines Holdings, Inc.†		11,554		316,926
				4,015,365
Apparel Manufacturers — 0.3%
Fossil Group, Inc.†		21,277		254,260
Kontoor Brands, Inc.#		23,124		1,246,846
Oxford Industries, Inc.		7,164		684,448
PLBY Group, Inc.†		10,505		402,867

Security Description	Shares		Value (Note 2)
Apparel Manufacturers (continued)
Superior Group of Cos., Inc.		5,234	$	117,032
Torrid Holdings, Inc.†		5,691		92,593
Urban Outfitters, Inc.†		30,586		968,659
				3,766,705
Appliances — 0.1%
Aterian, Inc.†#		11,570		56,461
Hamilton Beach Brands Holding Co., Class A		3,310		49,650
iRobot Corp.†		12,470		946,598
Snap One Holdings Corp.†		5,919		129,863
Traeger, Inc.†		10,056		129,823
Weber, Inc., Class A†		7,584		102,081
				1,414,476
Applications Software — 1.4%
Agilysys, Inc.†		8,827		384,416
Alkami Technology, Inc.†		3,220		92,382
Appfolio, Inc., Class A†		8,354		1,006,573
Asana, Inc., Class A†		32,969		3,427,128
BigCommerce Holdings, Inc., Series 1†#		21,568		976,383
Brightcove, Inc.†		18,131		174,601
Cerence, Inc.†#		16,870		1,268,287
Digi International, Inc.†		15,053		324,091
DigitalOcean Holdings, Inc.†		22,083		2,226,187
Ebix, Inc.		11,830		361,525
EverCommerce, Inc.†		7,411		120,651
Forian, Inc.†		8,398		72,055
GreenBox POS†#		8,148		42,451
GTY Technology Holdings, Inc.†		14,348		94,410
IBEX Holdings, Ltd.†		2,525		33,393
JFrog, Ltd.†		23,588		753,872
Kaltura, Inc.†		7,761		36,787
MeridianLink, Inc.†		5,642		124,406
Model N, Inc.†		15,827		444,739
ON24, Inc.†		11,990		189,922
Outbrain, Inc.†		3,599		54,309
Outset Medical, Inc.†		20,394		966,676
PDF Solutions, Inc.†		13,229		395,944
Phreesia, Inc.†		21,790		1,256,847
Porch Group, Inc.†		34,374		723,229
Smith Micro Software, Inc.†		20,534		112,526
Sprout Social, Inc., Class A†		19,944		2,227,346
Viant Technology, Inc., Class A†		5,162		50,588
				17,941,724
Athletic Equipment — 0.1%
Clarus Corp.		10,778		284,431
Nautilus, Inc.†		13,433		92,016
Vista Outdoor, Inc.†		25,634		1,119,437
				1,495,884
Audio/Video Products — 0.2%
Daktronics, Inc.†		16,372		79,895
Kopin Corp.†		34,594		180,581
Sonos, Inc.†		53,609		1,696,725
Universal Electronics, Inc.†		5,821		210,720
VOXX International Corp.†		6,938		71,392
				2,239,313
Auto Repair Centers — 0.1%
Monro, Inc.		14,795		828,816
Auto - Cars/Light Trucks — 0.2%
Arcimoto, Inc.†#		12,206		124,867
Canoo, Inc.†#		47,428		567,713
Fisker, Inc.†		72,804		1,557,278

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Auto - Cars/Light Trucks (continued)
Lordstown Motors Corp., Class A†#		42,854	$	200,557
				2,450,415
Auto - Heavy Duty Trucks — 0.2%
Blue Bird Corp.†		7,045		142,591
Hyliion Holdings Corp.†#		52,262		346,497
Nikola Corp.†		100,318		1,025,250
REV Group, Inc.		12,691		199,249
Workhorse Group, Inc.†#		53,813		314,268
XL Fleet Corp.†#		15,578		70,724
				2,098,579
Auto - Truck Trailers — 0.0%
Wabash National Corp.		22,266		371,842
Auto/Truck Parts & Equipment - Original — 1.1%
Adient PLC†		42,231		1,792,706
Aeva Technologies, Inc.†		34,188		340,171
American Axle & Manufacturing Holdings, Inc.†		50,284		445,516
Cooper-Standard Holdings, Inc.†		7,501		173,198
Dana, Inc.		64,811		1,393,436
Dorman Products, Inc.†		11,924		1,323,326
Fox Factory Holding Corp.†		18,833		3,310,276
Gentherm, Inc.†		14,827		1,252,140
Meritor, Inc.†		30,252		765,073
Methode Electronics, Inc.		17,019		756,835
Miller Industries, Inc.		4,946		161,784
Modine Manufacturing Co.†		22,300		231,028
Romeo Power, Inc.†#		56,144		222,330
Shyft Group, Inc.		15,432		750,150
Tenneco, Inc., Class A†		30,330		318,465
Titan International, Inc.†		22,772		156,899
Velodyne Lidar, Inc.†#		33,689		185,963
Visteon Corp.†		12,379		1,311,184
				14,890,480
Auto/Truck Parts & Equipment - Replacement — 0.1%
Commercial Vehicle Group, Inc.†		14,289		119,885
Douglas Dynamics, Inc.		10,071		400,322
Motorcar Parts of America, Inc.†		8,368		134,223
Standard Motor Products, Inc.		9,322		466,473
XPEL, Inc.†		8,004		575,407
				1,696,310
B2B/E - Commerce — 0.0%
ePlus, Inc.†		5,932		625,767
Banks - Commercial — 8.0%
1st Source Corp.		7,541		348,771
Alerus Financial Corp.		6,720		202,272
Allegiance Bancshares, Inc.		8,490		343,251
Amalgamated Financial Corp.		6,074		102,772
American National Bankshares, Inc.		4,729		172,987
Ameris Bancorp		29,649		1,443,017
Arrow Financial Corp.		6,159		212,485
Associated Banc-Corp		67,502		1,478,294
Atlantic Capital Bancshares, Inc.†		8,772		245,090
Atlantic Union Bankshares Corp.		34,202		1,111,907
BancFirst Corp.		7,657		487,215
Bancorp, Inc.†		23,328		659,483
Bank First Corp.		2,979		209,215
Bank of Marin Bancorp		7,129		246,949
Bank of N.T. Butterfield & Son, Ltd.		22,369		823,850
BankUnited, Inc.		41,533		1,646,368
Banner Corp.		15,460		885,549
Bar Harbor Bankshares		6,585		188,133

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Blue Foundry Bancorp†		12,494	$	182,038
Blue Ridge Bankshares, Inc.		7,733		137,725
Bridgewater Bancshares, Inc.†		9,387		160,424
Bryn Mawr Bank Corp.		8,820		393,372
Business First Bancshares, Inc.		8,530		234,575
Byline Bancorp, Inc.		11,113		288,605
Cadence Bank		83,841		2,449,834
Cambridge Bancorp		3,042		270,069
Camden National Corp.		6,570		301,037
Capital Bancorp, Inc.		3,456		91,826
Capital City Bank Group, Inc.		6,002		159,113
Capstar Financial Holdings, Inc.		9,127		190,115
Carter Bankshares, Inc.†		11,547		167,547
Cathay General Bancorp		33,454		1,402,057
CBTX, Inc.		8,204		228,071
Central Pacific Financial Corp.		12,323		329,887
CIT Group, Inc.		44,263		2,171,543
Citizens & Northern Corp.		6,920		171,201
City Holding Co.		6,772		531,331
Civista Bancshares, Inc.		6,619		155,745
CNB Financial Corp.		7,168		188,877
Coastal Financial Corp.†		4,218		184,453
Columbia Banking System, Inc.		34,916		1,147,340
Community Bank System, Inc.		23,873		1,686,866
Community Trust Bancorp, Inc.		6,934		291,228
ConnectOne Bancorp, Inc.		16,630		540,475
CrossFirst Bankshares, Inc.†		20,790		290,852
Customers Bancorp, Inc.†		13,325		768,053
CVB Financial Corp.		57,624		1,101,195
Dime Community Bancshares, Inc.		15,428		529,180
Eagle Bancorp, Inc.		14,104		794,760
Eastern Bankshares, Inc.		76,584		1,541,636
Enterprise Bancorp, Inc.		4,133		162,923
Enterprise Financial Services Corp.		15,787		732,043
Equity Bancshares, Inc., Class A		6,027		195,998
Farmers National Banc Corp.		13,781		242,408
FB Financial Corp.		14,852		637,151
Fidelity D&D Bancorp, Inc.		1,789		91,257
Financial Institutions, Inc.		6,982		215,046
First Bancorp		15,313		680,510
First Bancorp, Inc.		4,615		139,742
First BanCorp/Puerto Rico		91,640		1,217,896
First Bancshares, Inc.		9,032		350,983
First Bank		6,948		100,538
First Busey Corp.		22,657		582,285
First Commonwealth Financial Corp.		42,554		639,587
First Community Bankshares, Inc.		7,541		246,591
First Financial Bancorp		42,196		970,508
First Financial Bankshares, Inc.		57,903		2,890,518
First Financial Corp.		5,184		225,297
First Foundation, Inc.		17,712		450,239
First Internet Bancorp		4,146		179,563
First Interstate BancSystem, Inc., Class A		18,256		744,845
First Merchants Corp.		24,130		962,546
First Mid Bancshares, Inc.		7,414		311,610
First Midwest Bancorp, Inc.		50,786		1,002,008
First of Long Island Corp.		10,205		213,795
Five Star Bancorp		2,383		70,751
Flagstar Bancorp, Inc.		23,239		1,081,543
Fulton Financial Corp.		70,875		1,119,116
German American Bancorp, Inc.		11,016		431,056
Glacier Bancorp, Inc.		49,139		2,668,248
Great Southern Bancorp, Inc.		4,721		262,629
Great Western Bancorp, Inc.		24,702		828,752
Guaranty Bancshares, Inc.		3,559		130,793

205

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Hancock Whitney Corp.		38,575	$	1,843,113
Hanmi Financial Corp.		13,603		305,659
HarborOne Bancorp, Inc.		22,104		307,025
HBT Financial, Inc.		4,269		76,842
Heartland Financial USA, Inc.		17,971		853,622
Heritage Commerce Corp.		26,057		285,585
Heritage Financial Corp.		15,817		370,592
Hilltop Holdings, Inc.		28,365		965,261
Home BancShares, Inc.		67,999		1,627,216
HomeStreet, Inc.		9,023		445,465
Hope Bancorp, Inc.		53,027		760,937
Horizon Bancorp, Inc.		19,096		370,462
Howard Bancorp, Inc.†		5,875		121,377
Independent Bank Corp.		20,424		1,614,721
Independent Bank Corp.		9,201		207,483
International Bancshares Corp.		23,973		1,007,106
Kearny Financial Corp.		32,562		413,863
Lakeland Bancorp, Inc.		21,800		390,002
Lakeland Financial Corp.#		10,879		768,275
Live Oak Bancshares, Inc.		14,053		1,252,122
Luther Burbank Corp.		6,959		95,965
Macatawa Bank Corp.		11,712		98,615
Mercantile Bank Corp.		6,934		232,844
Merchants Bancorp		4,390		200,228
Meta Financial Group, Inc.		14,018		837,856
Metrocity Bankshares, Inc.		8,465		227,708
Metropolitan Bank Holding Corp.†		3,427		325,325
Mid Penn Bancorp, Inc.#		6,324		198,953
Midland States Bancorp, Inc.		9,681		230,408
MidWestOne Financial Group, Inc.		6,456		198,845
MVB Financial Corp.		4,458		183,090
NBT Bancorp, Inc.		18,811		679,265
Nicolet Bankshares, Inc.†		4,787		341,361
Northrim BanCorp, Inc.		2,702		109,566
OFG Bancorp		22,660		546,106
Old National Bancorp		73,680		1,301,189
Old Second Bancorp, Inc.		12,372		152,794
Origin Bancorp, Inc.		9,865		416,204
Orrstown Financial Services, Inc.		4,860		113,724
Park National Corp.		6,419		835,048
PCSB Financial Corp.		5,988		108,982
Peapack-Gladstone Financial Corp.		8,085		267,452
Peoples Bancorp, Inc.		11,306		348,677
Peoples Financial Services Corp.		3,127		148,188
Pioneer Bancorp, Inc.†		5,179		64,634
Preferred Bank		6,147		418,918
Premier Financial Corp.		16,494		484,924
Primis Financial Corp.		10,754		164,321
Provident Bancorp, Inc.		6,846		123,981
QCR Holdings, Inc.		6,860		370,028
RBB Bancorp		6,273		153,438
Red River Bancshares, Inc.		2,020		106,656
Reliant Bancorp, Inc.		6,791		225,937
Renasant Corp.		24,634		897,417
Republic Bancorp, Inc., Class A		4,197		215,012
Republic First Bancorp, Inc.†		19,932		67,370
S&T Bancorp, Inc.		17,280		516,845
Sandy Spring Bancorp, Inc.		20,678		970,418
Seacoast Banking Corp. of Florida		24,337		821,860
ServisFirst Bancshares, Inc.		22,259		1,789,401
Sierra Bancorp		6,260		157,627
Silvergate Capital Corp., Class A†		10,907		2,230,263
Simmons First National Corp., Class A		47,885		1,393,932
SmartFinancial, Inc.		6,171		158,410
South Plains Financial, Inc.		4,736		118,400

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
SouthState Corp.		31,142	$	2,433,436
Southern First Bancshares, Inc.†		3,319		194,261
Southside Bancshares, Inc.		13,893		566,140
Spirit of Texas Bancshares, Inc.		5,711		158,766
Stock Yards Bancorp, Inc.		10,739		642,514
Summit Financial Group, Inc.		5,106		127,650
Texas Capital Bancshares, Inc.†		22,610		1,273,395
Tompkins Financial Corp.		6,297		492,173
Towne Bank		29,943		915,956
TriCo Bancshares		12,288		518,062
TriState Capital Holdings, Inc.†		12,901		385,869
Triumph Bancorp, Inc.†		10,492		1,336,156
TrustCo Bank Corp.		8,423		275,095
Trustmark Corp.		27,718		848,448
UMB Financial Corp.		19,524		1,963,724
United Bankshares, Inc.		55,714		1,990,661
United Community Banks, Inc.		38,797		1,329,573
Univest Financial Corp.		12,894		355,488
Valley National Bancorp		178,591		2,400,263
Veritex Holdings, Inc.		21,206		840,394
Washington Trust Bancorp, Inc.		7,631		410,548
WesBanco, Inc.		28,294		920,970
West BanCorp, Inc.		7,166		222,361
Westamerica BanCorp		11,614		624,601
				105,528,830
Banks - Mortgage — 0.1%
Walker & Dunlop, Inc.		13,038		1,834,316
Banks - Super Regional — 0.1%
Independent Bank Group, Inc.		16,780		1,165,035
National Bank Holdings Corp., Class A		13,172		561,391
				1,726,426
Batteries/Battery Systems — 0.2%
Energizer Holdings, Inc.		30,348		1,128,642
EnerSys		19,119		1,416,527
				2,545,169
Beverages - Non-alcoholic — 0.4%
Celsius Holdings, Inc.†		24,042		1,644,713
Coca-Cola Consolidated, Inc.		2,096		1,195,915
National Beverage Corp.†		10,471		543,864
NewAge, Inc.†		59,965		67,760
Primo Water Corp.		70,117		1,165,345
Zevia PBC, Class A†		4,573		34,983
				4,652,580
Beverages - Wine/Spirits — 0.1%
Duckhorn Portfolio, Inc.†		8,997		172,832
MGP Ingredients, Inc.#		6,319		492,756
				665,588
Broadcast Services/Program — 0.0%
CuriosityStream, Inc.†		11,599		84,093
Hemisphere Media Group, Inc.†		7,215		54,834
				138,927
Building & Construction Products - Misc. — 0.7%
American Woodmark Corp.†		7,483		461,252
Caesarstone, Ltd.		10,082		112,616
Forterra, Inc.†		12,975		308,675
Gibraltar Industries, Inc.†		14,627		993,173
Patrick Industries, Inc.		10,127		807,831
Simpson Manufacturing Co., Inc.		19,424		2,240,753
Summit Materials, Inc., Class A†		52,941		1,974,699

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building & Construction Products - Misc. (continued)
Zurn Water Solutions Corp.		54,103	$	1,896,310
				8,795,309
Building & Construction - Misc. — 0.8%
Comfort Systems USA, Inc.		15,895		1,507,959
Concrete Pumping Holdings, Inc.†#		11,502		93,971
EMCOR Group, Inc.		23,764		2,835,996
IES Holdings, Inc.†		3,860		185,241
INNOVATE Corp.†#		21,109		80,425
Latham Group, Inc.†		10,347		266,642
MYR Group, Inc.†		7,361		814,936
NV5 Global, Inc.†		5,881		773,352
WillScot Mobile Mini Holdings Corp.†		93,238		3,551,436
				10,109,958
Building Products - Air & Heating — 0.2%
AAON, Inc.		18,696		1,458,288
SPX Corp.†		19,552		1,136,949
				2,595,237
Building Products - Doors & Windows — 0.3%
Apogee Enterprises, Inc.		11,280		465,864
Cornerstone Building Brands, Inc.†		24,408		383,694
Griffon Corp.		20,720		545,143
JELD-WEN Holding, Inc.†		37,450		907,414
Masonite International Corp.†		10,760		1,151,320
PGT Innovations, Inc.†		25,695		527,775
View, Inc.†#		43,736		184,566
				4,165,776
Building Products - Wood — 0.3%
Boise Cascade Co.		17,560		1,138,415
UFP Industries, Inc.		26,846		2,235,735
				3,374,150
Building - Heavy Construction — 0.5%
Arcosa, Inc.		21,602		1,105,374
Construction Partners, Inc., Class A†		12,977		448,226
Dycom Industries, Inc.†		13,324		1,245,528
Granite Construction, Inc.		20,398		793,074
Great Lakes Dredge & Dock Corp.†		28,871		426,713
Primoris Services Corp.		23,844		534,582
Southwest Gas Holdings, Inc.		26,363		1,734,949
Sterling Construction Co., Inc.†		12,402		319,600
Tutor Perini Corp.†		18,394		236,547
				6,844,593
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		30,041		1,351,845
BrightView Holdings, Inc.†		18,256		248,282
				1,600,127
Building - Mobile Home/Manufactured Housing — 0.4%
Cavco Industries, Inc.†		4,117		1,224,766
LCI Industries		11,051		1,682,736
Skyline Champion Corp.†		23,422		1,832,772
Winnebago Industries, Inc.		14,423		1,041,629
				5,781,903
Building - Residential/Commercial — 1.0%
Beazer Homes USA, Inc.†		13,055		256,400
Century Communities, Inc.		13,385		951,272
Forestar Group, Inc.†		7,604		150,711
Green Brick Partners, Inc.†		13,705		341,940
Hovnanian Enterprises, Inc., Class A†		2,281		217,858
Installed Building Products, Inc.		10,578		1,365,514

Security Description	Shares		Value (Note 2)
Building - Residential/Commercial (continued)
KB Home		37,319	$	1,492,387
Landsea Homes Corp.†		4,788		36,341
LGI Homes, Inc.†		9,765		1,402,840
M/I Homes, Inc.†		12,740		712,039
MDC Holdings, Inc.		25,494		1,219,633
Meritage Homes Corp.†		16,712		1,886,116
Taylor Morrison Home Corp.†		54,387		1,689,260
Tri Pointe Homes, Inc.†		50,381		1,258,014
				12,980,325
Cable/Satellite TV — 0.1%
Liberty Latin America, Ltd., Class A†		18,651		211,875
Liberty Latin America, Ltd., Class C†		68,901		774,447
WideOpenWest, Inc.†		23,368		434,645
				1,420,967
Casino Hotels — 0.0%
Century Casinos, Inc.†		12,142		158,453
Full House Resorts, Inc.†		14,584		130,673
				289,126
Casino Services — 0.3%
Accel Entertainment, Inc.†		25,108		319,625
Everi Holdings, Inc.†		38,092		790,028
Scientific Games Corp.†		42,873		2,740,442
				3,850,095
Cellular Telecom — 0.1%
IDT Corp., Class B†		8,925		484,449
United States Cellular Corp.†		6,902		200,917
				685,366
Chemicals - Diversified — 0.5%
AdvanSix, Inc.		12,175		551,406
Codexis, Inc.†		26,834		931,408
Innospec, Inc.		10,936		888,003
Koppers Holdings, Inc.†		9,257		279,561
Orion Engineered Carbons SA†		27,016		474,131
Quaker Houghton		6,013		1,370,062
Stepan Co.		9,610		1,083,143
Trinseo PLC		17,352		819,535
				6,397,249
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.†		27,545		150,947
Unifi, Inc.†		5,914		120,468
				271,415
Chemicals - Other — 0.0%
American Vanguard Corp.		13,075		187,103
Chemicals - Specialty — 1.2%
Amyris, Inc.†#		76,208		522,787
Balchem Corp.		14,376		2,271,408
Cabot Corp.		25,019		1,312,997
Danimer Scientific, Inc.†#		29,684		395,985
Ecovyst, Inc.		22,891		219,067
Ferro Corp.†		36,628		773,583
GCP Applied Technologies, Inc.†		21,934		511,940
H.B. Fuller Co.		23,248		1,700,824
Hawkins, Inc.		8,566		284,220
Ingevity Corp.†		17,717		1,274,029
Kraton Corp.†		14,009		645,254
Minerals Technologies, Inc.		14,988		984,262
Oil-Dri Corp. of America		2,324		77,389
Rogers Corp.†		8,343		2,274,469

207

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals - Specialty (continued)
Sensient Technologies Corp.		18,857	$	1,834,597
Tronox Holdings PLC, Class A		51,097		1,123,623
Valhi, Inc.		1,074		28,332
Zymergen, Inc.†#		8,345		75,606
				16,310,372
Circuit Boards — 0.1%
TTM Technologies, Inc.†		47,762		658,160
Coal — 0.1%
Arch Resources, Inc.#		6,740		522,283
CONSOL Energy, Inc.†		15,271		335,198
Peabody Energy Corp.†		35,897		357,534
SunCoke Energy, Inc.		37,064		225,720
Warrior Met Coal, Inc.		22,947		493,131
				1,933,866
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		9,925		138,950
Commercial Services — 0.7%
API Group Corp.†		88,339		2,059,182
Emerald Holding, Inc.†		10,666		42,131
European Wax Center, Inc., Class A†		4,530		122,174
Forrester Research, Inc.†		5,031		283,950
John Wiley & Sons, Inc., Class A		19,238		999,991
LiveRamp Holdings, Inc.†		29,455		1,382,323
Medifast, Inc.		5,192		1,068,202
National Research Corp.		6,233		249,632
Progyny, Inc.†		28,123		1,427,805
SP Plus Corp.†		10,314		279,612
Team, Inc.†		11,748		15,860
Transcat, Inc.†		3,153		280,522
WW International, Inc.†		23,477		394,883
				8,606,267
Commercial Services - Finance — 0.8%
Cass Information Systems, Inc.		6,345		254,815
CBIZ, Inc.†		22,306		803,685
EVERTEC, Inc.		27,002		1,133,814
Evo Payments, Inc., Class A†		21,120		449,645
Green Dot Corp., Class A†		23,842		855,928
GreenSky, Inc., Class A†		31,990		362,767
HealthEquity, Inc.†		36,468		1,994,070
Marathon Digital Holdings, Inc.†#		42,558		2,173,437
MoneyGram International, Inc.†		39,919		236,720
Multiplan Corp.†#		101,217		408,917
Paya Holdings, Inc.†		36,649		236,019
Priority Technology Holdings, Inc.†		4,448		28,734
Repay Holdings Corp.†		38,616		631,758
Riot Blockchain, Inc.†		37,585		1,404,551
				10,974,860
Communications Software — 0.2%
8x8, Inc.†		49,463		1,065,928
Avaya Holdings Corp.†		36,791		716,321
Consensus Cloud Solutions, Inc.†		6,458		404,529
				2,186,778
Computer Aided Design — 0.1%
Altair Engineering, Inc., Class A†#		20,617		1,534,936
Computer Data Security — 0.8%
OneSpan, Inc.†		15,700		268,313
Ping Identity Holding Corp.†#		26,595		633,227
Qualys, Inc.†		15,199		1,980,278
Rapid7, Inc.†		24,778		3,073,959

Security Description	Shares		Value (Note 2)
Computer Data Security (continued)
SecureWorks Corp., Class A†		4,449	$	79,014
Tenable Holdings, Inc.†		40,450		1,998,230
Varonis Systems, Inc.†		47,215		2,446,209
				10,479,230
Computer Services — 0.9%
Conduent, Inc.†		74,686		376,417
ExlService Holdings, Inc.†		14,641		1,901,427
Grid Dynamics Holdings, Inc.†		18,785		736,936
Insight Enterprises, Inc.†		15,377		1,516,480
Integral Ad Science Holding Corp.†		7,568		169,826
KBR, Inc.		63,043		2,773,892
MAXIMUS, Inc.		27,343		2,063,029
PAE, Inc.†		30,953		307,054
Parsons Corp.†		11,734		389,451
Rimini Street, Inc.†#		19,547		129,206
StarTek, Inc.†		7,503		30,162
TTEC Holdings, Inc.		8,242		695,542
Unisys Corp.†		29,265		531,452
				11,620,874
Computer Software — 0.9%
Avid Technology, Inc.†		16,118		516,743
Bandwidth, Inc., Class A†		10,298		737,955
Box, Inc., Class A†		63,540		1,487,471
BTRS Holdings, Inc.†		28,850		215,221
CS Disco, Inc.†		5,765		211,576
Envestnet, Inc.†		24,222		1,857,101
Rackspace Technology, Inc.†#		24,317		346,760
Simulations Plus, Inc.#		6,819		320,288
Sumo Logic, Inc.†		38,244		540,770
Upland Software, Inc.†		12,883		252,249
Veritone, Inc.†		12,662		324,654
Verra Mobility Corp.†#		59,776		860,177
Xperi Holding Corp.		46,794		838,548
Yext, Inc.†		49,516		478,325
Ziff Davis, Inc.†		19,376		2,206,345
Zuora, Inc., Class A†		49,699		984,537
				12,178,720
Computers - Integrated Systems — 0.2%
Cantaloupe, Inc.†		25,976		234,303
Diebold Nixdorf, Inc.†		32,080		260,169
NetScout Systems, Inc.†		31,286		935,451
PAR Technology Corp.†#		10,864		568,948
Super Micro Computer, Inc.†		19,244		796,702
Telos Corp.†		17,798		280,318
				3,075,891
Computers - Memory Devices — 0.0%
Quantum Corp.†		25,581		139,928
Computers - Other — 0.2%
3D Systems Corp.†		54,126		1,232,990
Corsair Gaming, Inc.†#		12,199		273,258
Desktop Metal, Inc.†#		83,485		544,322
PlayAGS, Inc.†		12,247		88,179
Rekor Systems, Inc.†		13,988		93,999
Vuzix Corp.†#		26,161		281,754
				2,514,502
Computers - Periphery Equipment — 0.0%
iCAD, Inc.†		9,759		71,924
Mitek Systems, Inc.†		19,129		327,680
				399,604

208

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Voice Recognition — 0.1%
Vocera Communications, Inc.†		15,375	$	896,977
Consulting Services — 0.3%
Acacia Research Corp.†		21,855		107,089
CRA International, Inc.		3,171		291,954
Franklin Covey Co.†		5,558		244,441
Hackett Group, Inc.		10,950		224,037
HireQuest, Inc.		2,266		51,665
Huron Consulting Group, Inc.†		9,967		455,392
ICF International, Inc.		8,247		797,815
Kelly Services, Inc., Class A		15,696		264,634
R1 RCM, Inc.†		52,963		1,261,579
Vectrus, Inc.†		5,139		215,016
				3,913,622
Consumer Products - Misc. — 0.4%
Central Garden & Pet Co.†		4,392		211,606
Central Garden & Pet Co., Class A†		18,040		782,034
Helen of Troy, Ltd.†		10,746		2,584,413
Quanex Building Products Corp.		14,935		319,161
WD-40 Co.		6,091		1,366,516
				5,263,730
Containers - Metal/Glass — 0.1%
Greif, Inc., Class A		11,500		697,820
Greif, Inc., Class B		2,644		156,445
O-I Glass, Inc.†		70,440		779,771
				1,634,036
Containers - Paper/Plastic — 0.1%
Karat Packaging, Inc.†		2,043		44,926
Matthews International Corp., Class A		13,794		478,238
Pactiv Evergreen, Inc.		19,176		237,974
TriMas Corp.		19,268		638,156
UFP Technologies, Inc.†		3,086		206,361
				1,605,655
Cosmetics & Toiletries — 0.3%
Beauty Health Co.†		38,878		1,009,273
e.l.f. Beauty, Inc.†		21,482		647,038
Edgewell Personal Care Co.		24,215		1,028,169
Honest Co., Inc.†#		11,070		94,537
Inter Parfums, Inc.		7,971		700,093
Revlon, Inc., Class A†		3,159		35,918
				3,515,028
Cruise Lines — 0.0%
Lindblad Expeditions Holdings, Inc.†		13,679		191,643
Data Processing/Management — 0.2%
Bottomline Technologies DE, Inc.†		19,736		884,963
CommVault Systems, Inc.†		20,432		1,284,764
CSG Systems International, Inc.		14,513		764,980
				2,934,707
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		38,203		1,202,248
Diagnostic Equipment — 0.2%
Accelerate Diagnostics, Inc.†#		14,705		73,525
Bionano Genomics, Inc.†#		125,391		490,279
Neogen Corp.†		47,992		1,925,919
Quanterix Corp.†		13,756		549,827
Quotient, Ltd.†#		34,979		74,156
Sera Prognostics, Inc., Class A†		2,109		22,355
				3,136,061

Security Description	Shares		Value (Note 2)
Diagnostic Kits — 0.2%
Aspira Women’s Health, Inc.†		32,407	$	67,407
Celcuity, Inc.†		4,310		65,081
DermTech, Inc.†#		10,820		217,266
Meridian Bioscience, Inc.†		19,010		378,489
OraSure Technologies, Inc.†		31,894		297,571
Ortho Clinical Diagnostics Holdings PLC†		49,345		944,463
				1,970,277
Direct Marketing — 0.0%
Quotient Technology, Inc.†		39,623		277,757
Disposable Medical Products — 0.3%
BioLife Solutions, Inc.†		10,881		415,219
CONMED Corp.		12,945		1,701,750
Merit Medical Systems, Inc.†		22,883		1,438,425
Utah Medical Products, Inc.		1,527		170,352
				3,725,746
Distribution/Wholesale — 0.8%
A-Mark Precious Metals, Inc.		3,892		269,521
Avient Corp.		40,588		2,232,746
EVI Industries, Inc.†		2,547		86,929
G-III Apparel Group, Ltd.†		19,677		583,226
Global Industrial Co.		5,677		227,421
H&E Equipment Services, Inc.		14,338		603,630
Ideanomics, Inc.†#		184,989		297,832
KAR Auction Services, Inc.†		53,000		794,470
Resideo Technologies, Inc.†		64,462		1,681,814
ScanSource, Inc.†		11,218		350,562
Titan Machinery, Inc.†		8,637		287,094
Veritiv Corp.†		6,540		824,302
VSE Corp.		4,718		258,263
WESCO International, Inc.†		19,852		2,464,229
				10,962,039
Diversified Manufacturing Operations — 0.4%
Chase Corp.		3,315		326,826
Enerpac Tool Group Corp.		26,938		568,661
EnPro Industries, Inc.		9,204		938,808
Fabrinet†		16,483		1,822,360
Federal Signal Corp.		26,865		1,139,882
NL Industries, Inc.		3,731		22,946
Trinity Industries, Inc.		35,133		931,025
				5,750,508
Diversified Minerals — 0.3%
Livent Corp.†		72,238		2,188,089
MP Materials Corp.†		32,522		1,429,017
United States Lime & Minerals, Inc.		922		109,856
				3,726,962
Diversified Operations/Commercial Services — 0.0%
Viad Corp.†		9,052		382,990
Drug Delivery Systems — 0.2%
Antares Pharma, Inc.†		74,410		240,344
BioDelivery Sciences International, Inc.†		41,516		115,414
Heron Therapeutics, Inc.†#		41,183		389,179
Oramed Pharmaceuticals, Inc.†		13,512		259,701
Revance Therapeutics, Inc.†		31,290		428,047
Senseonics Holdings, Inc.†#		192,675		605,000
				2,037,685
Drug Detection Systems — 0.0%
Rapid Micro Biosystems, Inc., Class A†		3,563		43,896

209

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Commerce/Products — 0.4%
1-800-Flowers.com, Inc., Class A†		11,882	$	353,846
1stdibs.com, Inc.†		3,003		38,709
CarParts.com, Inc.†		21,795		269,604
Lands’ End, Inc.†		6,396		147,172
Liquidity Services, Inc.†		11,820		267,959
Overstock.com, Inc.†#		19,166		1,710,757
RealReal, Inc.†		35,053		545,775
Revolve Group, Inc.†		16,009		1,219,406
Stitch Fix, Inc., Class A†		26,341		655,891
				5,209,119
E-Commerce/Services — 0.5%
Cargurus, Inc.†		42,079		1,577,963
Cars.com, Inc.†		30,511		508,923
ChannelAdvisor Corp.†		13,017		325,555
Eventbrite, Inc., Class A†		33,460		505,246
EverQuote, Inc., Class A†		8,539		112,544
Groupon, Inc.†#		10,508		217,095
HyreCar, Inc.†#		7,814		41,414
MediaAlpha, Inc., Class A†		9,455		145,796
Shutterstock, Inc.		10,432		1,189,352
TrueCar, Inc.†		42,496		139,812
Upwork, Inc.†		52,602		1,959,951
				6,723,651
E-Marketing/Info — 0.1%
comScore, Inc.†		31,213		108,309
Digital Media Solutions, Inc., Class A†		1,441		6,513
Magnite, Inc.†#		57,890		1,020,601
QuinStreet, Inc.†		22,128		338,780
				1,474,203
E-Services/Consulting — 0.2%
Perficient, Inc.†		14,511		1,988,442
Educational Software — 0.1%
Genius Brands International, Inc.†#		125,818		156,014
Instructure Holdings, Inc.†		5,342		118,967
PowerSchool Holdings, Inc., Class A†		19,199		384,940
				659,921
Electric Products - Misc. — 0.2%
nLight, Inc.†		18,961		471,939
Novanta, Inc.†		15,730		2,539,609
				3,011,548
Electric - Distribution — 0.0%
Unitil Corp.		6,956		288,257
Via Renewables, Inc.#		5,343		59,681
				347,938
Electric - Generation — 0.1%
Ormat Technologies, Inc.#		20,206		1,525,553
Electric - Integrated — 1.0%
ALLETE, Inc.		23,407		1,372,352
Ameresco, Inc., Class A†		13,776		1,244,386
Avista Corp.		30,916		1,190,575
Black Hills Corp.		28,112		1,802,542
MGE Energy, Inc.		16,241		1,178,934
NorthWestern Corp.#		23,067		1,275,605
Otter Tail Corp.		18,345		1,199,580
PNM Resources, Inc.		38,172		1,879,589
Portland General Electric Co.		40,130		1,953,127
				13,096,690

Security Description	Shares		Value (Note 2)
Electronic Components - Misc. — 0.8%
Advanced Energy Industries, Inc.		17,154	$	1,504,234
Atkore, Inc.†		20,557		2,189,321
Benchmark Electronics, Inc.		15,956		376,243
Comtech Telecommunications Corp.		11,367		288,608
Kimball Electronics, Inc.†		10,731		227,712
Knowles Corp.†		39,681		861,871
MicroVision, Inc.†#		73,273		518,773
NVE Corp.		2,124		142,882
OSI Systems, Inc.†		7,552		686,703
Plexus Corp.†		12,472		1,049,394
Sanmina Corp.†		28,636		1,046,359
Vishay Intertechnology, Inc.		59,447		1,210,935
Vishay Precision Group, Inc.†		5,541		190,223
				10,293,258
Electronic Components - Semiconductors — 2.2%
Alpha & Omega Semiconductor, Ltd.†		9,413		462,367
Ambarella, Inc.†		15,581		2,797,101
Amkor Technology, Inc.		45,512		981,239
Atomera, Inc.†#		9,050		218,014
AXT, Inc.†		17,799		146,308
CEVA, Inc.†		10,041		442,808
CTS Corp.		14,232		495,843
Diodes, Inc.†		19,436		2,067,019
DSP Group, Inc.†		10,055		221,109
EMCORE Corp.†		16,281		119,991
Impinj, Inc.†		8,319		623,675
Lattice Semiconductor Corp.†		60,505		4,594,145
MACOM Technology Solutions Holdings, Inc.†		21,708		1,561,022
Ouster, Inc.†		12,944		88,019
Photronics, Inc.†		26,865		354,887
Rambus, Inc.†		48,361		1,300,911
Semtech Corp.†		28,835		2,470,294
Silicon Laboratories, Inc.†		19,799		3,885,950
SiTime Corp.†		6,582		1,964,595
SMART Global Holdings, Inc.†		7,811		445,383
Synaptics, Inc.†		15,733		4,440,482
				29,681,162
Electronic Connectors — 0.1%
Vicor Corp.†		9,408		1,349,672
Electronic Measurement Instruments — 0.3%
Badger Meter, Inc.		13,021		1,332,830
FARO Technologies, Inc.†		8,108		563,182
Itron, Inc.†		20,168		1,248,601
Luna Innovations, Inc.†		13,755		115,129
Mesa Laboratories, Inc.		2,213		683,352
Stoneridge, Inc.†		11,630		253,883
				4,196,977
Electronic Security Devices — 0.0%
Identiv, Inc.†		9,487		218,106
Napco Security Technologies, Inc.†		6,463		300,336
				518,442
Energy - Alternate Sources — 0.7%
Advent Technologies Holdings, Inc.†		7,010		53,697
Aemetis, Inc.†		12,052		226,096
Alto Ingredients, Inc.†		31,880		166,095
Array Technologies, Inc.†		56,940		1,025,774
Beam Global†		3,920		104,037
Cleanspark, Inc.†#		14,884		264,637
Eos Energy Enterprises, Inc.†		19,157		190,612
FuelCell Energy, Inc.†#		144,963		1,258,279
FutureFuel Corp.		11,521		86,868

210

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Energy - Alternate Sources (continued)
Gevo, Inc.†		87,012	$	500,319
Green Plains, Inc.†		21,278		822,395
Renewable Energy Group, Inc.†		19,961		953,737
REX American Resources Corp.†		2,367		215,397
Stem, Inc.†		21,610		458,564
Sunnova Energy International, Inc.†		38,366		1,418,391
SunPower Corp.†#		35,657		1,021,573
TPI Composites, Inc.†		16,156		288,061
				9,054,532
Engineering/R&D Services — 0.3%
908 Devices, Inc.†		5,763		138,312
Atlas Technical Consultants, Inc.†		6,226		57,092
Exponent, Inc.		23,154		2,697,441
Fluor Corp.†		63,322		1,400,050
Infrastructure and Energy Alternatives, Inc.†		12,228		115,677
Iteris, Inc.†		18,880		85,715
Mistras Group, Inc.†		8,903		70,957
				4,565,244
Enterprise Software/Service — 2.3%
ACI Worldwide, Inc.†		52,603		1,532,851
American Software, Inc., Class A		14,015		319,542
Appian Corp.†		17,536		1,303,802
Benefitfocus, Inc.†#		11,133		111,998
Blackbaud, Inc.†		21,576		1,628,125
Blackline, Inc.†		23,917		2,632,066
Cardlytics, Inc.†#		14,253		963,218
Daily Journal Corp.†		539		196,369
Digimarc Corp.†#		5,679		243,629
Domo, Inc., Class B†		12,286		888,892
Donnelley Financial Solutions, Inc.†		13,133		613,574
E2open Parent Holdings, Inc.†		72,345		881,162
eGain Corp.†		9,112		95,676
Evolent Health, Inc., Class A†		34,553		898,378
Inseego Corp.†#		37,159		240,047
Intapp, Inc.†		4,488		122,926
Intelligent Systems Corp.†#		3,233		131,130
LivePerson, Inc.†		28,902		1,117,351
ManTech International Corp., Class A		12,225		830,689
MicroStrategy, Inc., Class A†		3,500		2,525,005
Momentive Global, Inc.†		57,856		1,181,998
PagerDuty, Inc.†		35,989		1,275,810
Progress Software Corp.		19,604		949,814
PROS Holdings, Inc.†		17,820		647,222
SailPoint Technologies Holding, Inc.†		40,793		2,145,304
Sapiens International Corp. NV		13,789		489,096
SPS Commerce, Inc.†		16,086		2,267,965
Verint Systems, Inc.†		28,724		1,366,975
Workiva, Inc.†		19,089		2,662,343
				30,262,957
Environmental Consulting & Engineering — 0.4%
Montrose Environmental Group, Inc.†		10,313		755,221
Tetra Tech, Inc.		24,042		4,440,077
				5,195,298
Filtration/Separation Products — 0.1%
ESCO Technologies, Inc.		11,402		931,999
Finance - Commercial — 0.0%
Marlin Business Services Corp.		3,620		83,079
Finance - Consumer Loans — 0.6%
Curo Group Holdings Corp.		9,392		155,813
Encore Capital Group, Inc.†		13,445		784,381

Security Description	Shares		Value (Note 2)
Finance - Consumer Loans (continued)
Enova International, Inc.†		16,174	$	616,553
EZCORP, Inc., Class A†		21,974		162,608
International Money Express, Inc.†		14,272		215,650
LendingClub Corp.†		43,620		1,427,246
LendingTree, Inc.†		5,181		587,422
Navient Corp.		73,465		1,449,464
Nelnet, Inc., Class A		7,568		652,362
Ocwen Financial Corp.†		3,642		116,107
PRA Group, Inc.†		20,245		859,603
Regional Management Corp.		3,549		200,731
World Acceptance Corp.†		1,928		396,050
				7,623,990
Finance - Credit Card — 0.0%
Atlanticus Holdings Corp.†		2,383		141,622
I3 Verticals, Inc., Class A†		9,533		177,790
				319,412
Finance - Investment Banker/Broker — 0.7%
Amerant Bancorp, Inc.†		12,038		338,870
B. Riley Financial, Inc.		9,017		698,186
Cowen, Inc., Class A		12,506		442,462
Diamond Hill Investment Group, Inc.		1,354		260,090
Greenhill & Co., Inc.		6,419		109,508
Houlihan Lokey, Inc.		22,776		2,472,107
Moelis & Co., Class A		27,272		1,672,046
Oppenheimer Holdings, Inc., Class A		4,117		201,898
Piper Sandler Cos.		7,800		1,292,850
PJT Partners, Inc., Class A		10,715		815,197
StoneX Group, Inc.†		7,483		420,358
				8,723,572
Finance - Mortgage Loan/Banker — 0.2%
Federal Agricultural Mtg. Corp., Class C		4,077		496,252
Finance of America Cos., Inc., Class A†		15,647		64,153
Home Point Capital, Inc.#		3,261		12,555
Mr. Cooper Group, Inc.†		31,627		1,241,992
Oportun Financial Corp.†		9,296		199,585
PennyMac Financial Services, Inc.		14,643		927,341
Velocity Financial, Inc.†		3,823		46,182
				2,988,060
Finance - Other Services — 0.1%
BGC Partners, Inc., Class A		147,854		660,907
Flywire Corp.†		5,401		219,497
				880,404
Financial Guarantee Insurance — 0.2%
MBIA, Inc.†		21,374		251,358
NMI Holdings, Inc., Class A†		37,433		733,687
Radian Group, Inc.		83,133		1,693,419
				2,678,464
Firearms & Ammunition — 0.1%
American Outdoor Brands, Inc.†		6,284		148,239
AMMO, Inc.†#		38,383		237,975
Byrna Technologies, Inc.†		8,220		120,998
Smith & Wesson Brands, Inc.		21,369		486,145
Sturm Ruger & Co., Inc.#		7,658		549,002
				1,542,359
Fisheries — 0.0%
AquaBounty Technologies, Inc.†#		23,394		61,292
Food - Baking — 0.1%
Hostess Brands, Inc.†		58,411		992,403

211

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Baking (continued)
Krispy Kreme, Inc.		9,791	$	142,459
				1,134,862
Food - Canned — 0.0%
Landec Corp.†		11,658		92,681
Seneca Foods Corp., Class A†		2,819		120,400
				213,081
Food - Catering — 0.0%
Healthcare Services Group, Inc.		33,419		584,833
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		6,934		218,074
Utz Brands, Inc.#		25,509		359,932
				578,006
Food - Meat Products — 0.0%
Nathan’s Famous, Inc.		1,268		78,033
Food - Misc./Diversified — 0.5%
B&G Foods, Inc.		28,557		860,423
BellRing Brands, Inc., Class A†		17,755		382,088
Cal-Maine Foods, Inc.		15,907		573,607
J&J Snack Foods Corp.		6,573		897,740
John B. Sanfilippo & Son, Inc.		3,958		326,139
Lancaster Colony Corp.		8,465		1,237,583
Simply Good Foods Co.†		37,956		1,403,233
Tattooed Chef, Inc.†#		21,058		338,823
TreeHouse Foods, Inc.†		23,180		850,706
Whole Earth Brands, Inc.†		16,659		175,919
				7,046,261
Food - Retail — 0.2%
Ingles Markets, Inc., Class A		6,260		480,643
Laird Superfood, Inc.†		2,796		37,271
Natural Grocers by Vitamin Cottage, Inc.		4,111		52,867
Sprouts Farmers Market, Inc.†		51,160		1,353,694
Village Super Market, Inc., Class A		3,795		80,682
Weis Markets, Inc.		7,334		461,675
				2,466,832
Food - Wholesale/Distribution — 0.4%
Calavo Growers, Inc.		7,631		309,361
Chefs’ Warehouse, Inc.†		14,009		435,259
HF Foods Group, Inc.†		16,141		115,247
Mission Produce, Inc.†		16,531		292,764
Performance Food Group Co.†		67,590		2,724,553
SpartanNash Co.		15,960		381,923
United Natural Foods, Inc.†		24,877		1,236,884
				5,495,991
Footwear & Related Apparel — 0.6%
Crocs, Inc.†		27,541		4,517,275
Rocky Brands, Inc.		3,054		108,509
Steven Madden, Ltd.		36,572		1,735,341
Wolverine World Wide, Inc.		36,257		1,128,680
				7,489,805
Funeral Services & Related Items — 0.0%
Carriage Services, Inc.		7,337		379,616
StoneMor, Inc.†		14,341		35,279
				414,895
Gambling (Non-Hotel) — 0.3%
Bally’s Corp.†		14,557		558,115
Golden Entertainment, Inc.†		7,653		351,349
International Game Technology PLC#		44,578		1,204,498

Security Description	Shares		Value (Note 2)
Gambling (Non-Hotel) (continued)
Monarch Casino & Resort, Inc.†		5,791	$	390,140
Red Rock Resorts, Inc., Class A		27,486		1,306,684
Rush Street Interactive, Inc.†		24,028		428,660
				4,239,446
Gas - Distribution — 0.5%
Chesapeake Utilities Corp.		7,684		978,634
New Jersey Resources Corp.		43,080		1,584,483
Northwest Natural Holding Co.		13,610		586,863
ONE Gas, Inc.		23,514		1,524,648
South Jersey Industries, Inc.#		45,930		1,079,355
Spire, Inc.		22,606		1,352,969
				7,106,952
Gas - Transportation — 0.1%
Brookfield Infrastructure Corp., Class A#		27,530		1,629,501
Gold Mining — 0.1%
Novagold Resources, Inc.†		105,749		713,806
Perpetua Resources Corp.†		11,947		60,332
				774,138
Golf — 0.2%
Acushnet Holdings Corp.		15,285		831,198
Callaway Golf Co.†		51,598		1,391,082
Drive Shack, Inc.†		36,825		62,971
				2,285,251
Hazardous Waste Disposal — 0.1%
Centrus Energy Corp., Class A†		4,325		239,994
Heritage-Crystal Clean, Inc.†		6,965		223,507
Sharps Compliance Corp.†		6,517		48,095
US Ecology, Inc.†		14,042		478,411
				990,007
Health Care Cost Containment — 0.1%
CorVel Corp.†		3,932		739,216
Healthcare Safety Devices — 0.0%
Retractable Technologies, Inc.†		7,728		66,924
Home Furnishings — 0.2%
Casper Sleep, Inc.†#		12,944		84,654
Ethan Allen Interiors, Inc.		10,045		226,012
Flexsteel Industries, Inc.		2,961		84,033
Hooker Furnishings Corp.		5,227		124,089
Lovesac Co.†		5,694		360,316
MillerKnoll, Inc.		33,156		1,257,939
Purple Innovation, Inc.†		25,675		264,966
Sleep Number Corp.†		10,301		821,814
				3,223,823
Hotels/Motels — 0.2%
Bluegreen Vacations Holding Corp.†		6,742		200,440
Hilton Grand Vacations, Inc.†		38,147		1,811,982
Marcus Corp.†#		10,179		177,827
Target Hospitality Corp.†		11,116		41,018
				2,231,267
Housewares — 0.0%
Lifetime Brands, Inc.		5,651		91,772
Tupperware Brands Corp.†		22,113		345,848
				437,620
Human Resources — 1.0%
AMN Healthcare Services, Inc.†		21,017		2,396,148
ASGN, Inc.†		23,171		2,819,447

212

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Human Resources (continued)
Barrett Business Services, Inc.		3,334	$	235,347
Cross Country Healthcare, Inc.†		16,005		418,691
First Advantage Corp.†		19,941		345,777
Heidrick & Struggles International, Inc.		8,621		372,168
Insperity, Inc.		16,199		1,874,872
Kforce, Inc.		9,036		692,429
Korn Ferry		24,523		1,783,803
Resources Connection, Inc.		14,061		241,568
TriNet Group, Inc.†		18,072		1,812,622
TrueBlue, Inc.†		15,587		405,574
Willdan Group, Inc.†		4,967		198,730
				13,597,176
Identification Systems — 0.1%
Brady Corp., Class A		21,030		1,056,757
Independent Power Producers — 0.2%
Clearway Energy, Inc., Class A		15,541		536,631
Clearway Energy, Inc., Class C		36,582		1,365,240
FTC Solar, Inc.†		8,480		72,589
				1,974,460
Industrial Audio & Video Products — 0.1%
Akoustis Technologies, Inc.†		19,377		134,476
GoPro, Inc., Class A†		56,265		562,650
Turtle Beach Corp.†		6,773		181,517
				878,643
Industrial Automated/Robotic — 0.0%
Ichor Holdings, Ltd.†		12,364		592,112
Instruments - Controls — 0.0%
Allied Motion Technologies, Inc.		5,186		204,588
Instruments - Scientific — 0.0%
Fluidigm Corp.†#		33,962		156,565
Insurance Brokers — 0.2%
BRP Group, Inc., Class A†		20,866		772,877
Crawford & Co., Class A		7,257		52,903
eHealth, Inc.†		10,885		240,341
Goosehead Insurance, Inc., Class A		7,895		1,036,771
Selectquote, Inc.†		59,748		537,732
Trean Insurance Group, Inc.†		7,865		66,145
				2,706,769
Insurance - Life/Health — 0.4%
American Equity Investment Life Holding Co.		36,882		1,240,342
American National Group, Inc.		3,323		628,878
CNO Financial Group, Inc.		56,865		1,288,561
Independence Holding Co.		1,909		107,858
National Western Life Group, Inc., Class A		1,144		232,975
Trupanion, Inc.†		17,024		2,099,400
				5,598,014
Insurance - Multi-line — 0.1%
Citizens, Inc.†#		22,251		126,163
Genworth Financial, Inc., Class A†		226,049		863,507
				989,670
Insurance - Property/Casualty — 1.0%
Ambac Financial Group, Inc.†		20,285		303,058
AMERISAFE, Inc.		8,545		453,654
Donegal Group, Inc., Class A		6,590		89,624
Employers Holdings, Inc.		12,699		490,308
Enstar Group, Ltd.†		5,535		1,234,858
HCI Group, Inc.		2,525		278,760
Heritage Insurance Holdings, Inc.		11,515		76,690

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty (continued)
Horace Mann Educators Corp.		18,604	$	689,650
Investors Title Co.		579		125,064
James River Group Holdings, Ltd.		16,331		431,792
Kinsale Capital Group, Inc.		9,588		1,994,304
MetroMile, Inc.†		17,287		43,909
NI Holdings, Inc.†		3,822		70,860
Palomar Holdings, Inc.†		10,955		800,591
ProAssurance Corp.		23,962		551,126
RLI Corp.		17,842		1,833,801
Safety Insurance Group, Inc.		6,454		498,701
Selective Insurance Group, Inc.		26,495		2,001,432
State Auto Financial Corp.		7,872		405,093
Stewart Information Services Corp.		11,899		847,447
Tiptree, Inc.		10,322		134,496
United Fire Group, Inc.		9,374		196,104
United Insurance Holdings Corp.		9,062		37,426
Universal Insurance Holdings, Inc.		12,085		182,121
				13,770,869
Insurance - Reinsurance — 0.3%
Argo Group International Holdings, Ltd.		14,134		767,193
Essent Group, Ltd.		49,363		2,052,514
Greenlight Capital Re, Ltd., Class A†		11,716		79,200
Maiden Holdings, Ltd.†		30,988		92,964
SiriusPoint, Ltd.†		39,468		303,904
				3,295,775
Internet Application Software — 0.0%
Tucows, Inc., Class A†		4,342		353,135
VirnetX Holding Corp.†#		28,276		84,828
				437,963
Internet Connectivity Services — 0.1%
Cogent Communications Holdings, Inc.		19,014		1,424,719
Internet Content - Entertainment — 0.0%
Limelight Networks, Inc.†#		55,707		153,194
Internet Content - Information/News — 0.3%
Bright Health Group, Inc.†#		23,659		78,785
FuboTV, Inc.†#		58,623		1,150,183
HealthStream, Inc.†		11,273		261,759
LiveOne, Inc.†		25,975		47,534
TechTarget, Inc.†		11,375		1,099,166
Yelp, Inc.†		31,907		1,093,772
				3,731,199
Internet Financial Services — 0.1%
Open Lending Corp., Class A†		46,484		1,080,288
Internet Gambling — 0.0%
Esports Technologies, Inc.†#		4,935		142,819
GAN, Ltd.†		17,884		172,938
Golden Nugget Online Gaming, Inc.†		17,784		221,766
NeoGames SA†		2,486		82,834
				620,357
Internet Infrastructure Software — 0.0%
Couchbase, Inc.†		4,314		142,578
Internet Security — 0.2%
Mimecast, Ltd.†		27,150		2,199,150
Zix Corp.†		23,851		202,018
				2,401,168
Investment Companies — 0.0%
Altus Midstream Co., Class A		1,453		92,091

213

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services — 0.8%
Artisan Partners Asset Management, Inc., Class A		26,097	$	1,167,319
AssetMark Financial Holdings, Inc.†		8,114		205,771
Associated Capital Group, Inc., Class A		766		30,257
Blucora, Inc.†		21,671		350,853
BrightSphere Investment Group, Inc.		25,856		776,456
Cohen & Steers, Inc.		11,087		995,280
Columbia Financial, Inc.†		17,528		319,711
Federated Hermes, Inc.		42,208		1,422,832
Focus Financial Partners, Inc., Class A†		26,561		1,634,564
GAMCO Investors, Inc., Class A		2,318		56,745
GCM Grosvenor, Inc., Class A		19,178		219,780
Hamilton Lane, Inc., Class A		15,168		1,604,319
Pzena Investment Management, Inc., Class A		7,529		70,622
Sculptor Capital Management, Inc.		9,750		176,670
StepStone Group, Inc., Class A		18,029		745,860
Virtus Investment Partners, Inc.		3,254		967,674
WisdomTree Investments, Inc.		60,039		368,639
				11,113,352
Lasers - System/Components — 0.2%
II-VI, Inc.†#		46,632		2,915,899
Leisure Products — 0.0%
Escalade, Inc.		4,505		76,630
Johnson Outdoors, Inc., Class A		2,334		242,829
				319,459
Linen Supply & Related Items — 0.1%
UniFirst Corp.		6,724		1,288,655
Machine Tools & Related Products — 0.1%
Kennametal, Inc.		37,271		1,318,275
Luxfer Holdings PLC		12,279		233,056
				1,551,331
Machinery - Construction & Mining — 0.2%
Astec Industries, Inc.		10,109		633,632
Hyster-Yale Materials Handling, Inc.		4,454		174,864
Manitowoc Co., Inc.†		15,304		291,694
Terex Corp.		30,508		1,292,929
				2,393,119
Machinery - Electrical — 0.3%
Argan, Inc.		6,650		261,345
Babcock & Wilcox Enterprises, Inc.†		24,744		225,170
Bloom Energy Corp., Class A†		62,080		1,705,958
Franklin Electric Co., Inc.		20,674		1,820,346
				4,012,819
Machinery - Farming — 0.2%
AgEagle Aerial Systems, Inc.†#		30,247		68,358
Alamo Group, Inc.		4,433		630,462
Hydrofarm Holdings Group, Inc.†		17,353		572,649
Lindsay Corp.		4,860		707,227
				1,978,696
Machinery - General Industrial — 0.9%
Albany International Corp., Class A		13,719		1,110,279
Altra Industrial Motion Corp.		28,887		1,522,634
Applied Industrial Technologies, Inc.		17,304		1,644,572
Chart Industries, Inc.†		16,282		2,842,023
DXP Enterprises, Inc.†		7,946		219,548
Kadant, Inc.		5,135		1,203,952
Ranpak Holdings Corp.†		16,765		664,397
Tennant Co.		8,231		647,450
Welbilt, Inc.†		58,286		1,373,218
				11,228,073

Security Description	Shares		Value (Note 2)
Machinery - Material Handling — 0.0%
Columbus McKinnon Corp.		12,410	$	551,252
Machinery - Print Trade — 0.0%
Eastman Kodak Co.†		20,001		119,806
Machinery - Pumps — 0.6%
Cactus, Inc., Class A		24,333		888,154
CIRCOR International, Inc.†		8,209		221,232
CSW Industrials, Inc.		6,619		795,604
Gorman-Rupp Co.		10,125		437,704
Mueller Water Products, Inc., Class A		70,220		957,801
NN, Inc.†		19,053		84,786
SPX FLOW, Inc.		18,530		1,547,440
Watts Water Technologies, Inc., Class A		12,266		2,314,717
				7,247,438
Machinery - Thermal Process — 0.1%
GrafTech International, Ltd.		90,760		1,057,354
Thermon Group Holdings, Inc.†		14,692		253,584
				1,310,938
Medical Imaging Systems — 0.1%
Lantheus Holdings, Inc.†		30,029		804,177
Medical Information Systems — 0.5%
1Life Healthcare, Inc.†		51,978		828,010
Alignment Healthcare, Inc.†		11,742		190,338
Allscripts Healthcare Solutions, Inc.†		55,253		918,857
Apollo Medical Holdings, Inc.†#		16,804		1,574,031
Castlight Health, Inc., Class B†		54,193		82,915
Computer Programs & Systems, Inc.†		6,284		185,189
Convey Health Solutions Holdings, Inc.†		5,998		39,107
DarioHealth Corp.†#		6,009		93,921
Health Catalyst, Inc.†		22,352		969,853
NantHealth, Inc.†		11,995		13,434
NextGen Healthcare, Inc.†		25,035		388,043
Privia Health Group, Inc.†		8,980		207,438
Schrodinger, Inc.†		20,201		791,475
Tabula Rasa HealthCare, Inc.†		10,016		113,882
				6,396,493
Medical Instruments — 0.3%
AngioDynamics, Inc.†		16,497		424,798
Apyx Medical Corp.†		13,903		186,717
Asensus Surgical, Inc.†#		104,302		139,765
CVRx, Inc.†		3,622		41,943
Natus Medical, Inc.†		15,037		339,836
NuVasive, Inc.†		23,094		1,109,898
Pulmonx Corp.†		11,638		375,907
Silk Road Medical, Inc.†		15,121		613,610
Stereotaxis, Inc.†		22,123		129,862
				3,362,336
Medical Labs & Testing Services — 0.6%
Agiliti, Inc.†		10,477		220,646
Aveanna Healthcare Holdings, Inc.†		17,583		113,234
Fulgent Genetics, Inc.†#		9,207		861,039
Inotiv, Inc.†#		5,773		300,196
Invitae Corp.†#		89,329		1,518,593
LifeStance Health Group, Inc.†		20,695		164,318
MEDNAX, Inc.†		33,937		833,493
Medpace Holdings, Inc.†		12,926		2,680,982
Neuronetics, Inc.†		11,375		44,021
OPKO Health, Inc.†		178,118		700,004
Personalis, Inc.†		16,052		217,504
SOC Telemed, Inc.†#		27,073		54,958
Vapotherm, Inc.†		10,143		223,146

214

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services (continued)
Viemed Healthcare, Inc.†		15,782	$	79,699
				8,011,833
Medical Laser Systems — 0.0%
Cutera, Inc.†		7,840		273,302
Medical Products — 2.3%
Accuray, Inc.†		41,236		198,345
Acutus Medical, Inc.†#		8,521		28,119
Alphatec Holdings, Inc.†		31,520		349,872
Apria, Inc.†		6,727		189,231
AtriCure, Inc.†		19,971		1,266,161
Atrion Corp.		621		440,904
Avanos Medical, Inc.†		21,455		647,297
Avita Medical, Inc.†#		10,827		148,980
AxoGen, Inc.†		17,003		162,719
Axonics, Inc.†		20,429		1,111,542
Bioventus, Inc., Class A†		16,341		203,119
Butterfly Network, Inc.†		81,405		573,905
Cardiovascular Systems, Inc.†		17,517		350,340
Castle Biosciences, Inc.†		9,498		392,552
Cerus Corp.†		74,980		516,612
ClearPoint Neuro, Inc.†#		8,489		116,554
CryoLife, Inc.†		16,950		291,371
CytoSorbents Corp.†#		18,381		90,435
Eargo, Inc.†#		8,799		45,579
Glaukos Corp.†		20,035		862,106
Haemonetics Corp.†		22,490		1,152,613
Hanger, Inc.†		16,722		282,100
Inari Medical, Inc.†		15,153		1,250,729
InfuSystem Holdings, Inc.†		8,073		133,608
Inogen, Inc.†		8,711		266,121
Inspire Medical Systems, Inc.†		11,989		2,676,784
Integer Holdings Corp.†		14,645		1,167,792
Intersect ENT, Inc.†		14,843		397,347
Invacare Corp.†		15,003		41,108
iRadimed Corp.†		2,827		127,215
iRhythm Technologies, Inc.†		13,153		1,388,957
LeMaitre Vascular, Inc.		8,421		394,019
LivaNova PLC†		23,833		1,910,453
MiMedx Group, Inc.†		49,518		347,121
NanoString Technologies, Inc.†		20,222		831,124
NeuroPace, Inc.†		3,165		31,650
Nevro Corp.†		15,423		1,343,035
Omnicell, Inc.†		19,181		3,395,037
Orthofix Medical, Inc.†		8,440		258,348
OrthoPediatrics Corp.†		6,167		343,564
PAVmed, Inc.†		32,044		117,601
Pulse Biosciences, Inc.†#		6,202		125,901
RxSight, Inc.†		3,711		40,264
SeaSpine Holdings Corp.†		14,154		190,088
Shockwave Medical, Inc.†		15,042		2,711,170
SI-BONE, Inc.†		14,513		279,375
Sientra, Inc.†		25,613		102,964
Soliton, Inc.†		5,198		106,715
Surmodics, Inc.†		6,029		264,854
Tactile Systems Technology, Inc.†		8,547		166,667
Talis Biomedical Corp.†		6,440		30,139
Treace Medical Concepts, Inc.†		5,026		87,000
Zynex, Inc.†#		8,675		111,040
				30,058,246
Medical - Biomedical/Gene — 7.7%
2seventy bio, Inc.†		10,036		264,348
4D Molecular Therapeutics, Inc.†		9,340		214,820
89bio, Inc.†#		4,345		57,397

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
9 Meters Biopharma, Inc.†		99,584	$	103,567
Absci Corp.†		6,186		65,262
ACADIA Pharmaceuticals, Inc.†		53,353		1,024,378
Acumen Pharmaceuticals, Inc.†		4,273		33,757
Adagio Therapeutics, Inc.†		9,416		442,929
Adicet Bio, Inc.†		9,323		99,197
Adverum Biotechnologies, Inc.†#		38,725		67,382
Aerovate Therapeutics, Inc.†		4,492		61,585
Affimed NV†		51,747		352,915
Agenus, Inc.†		92,092		290,090
Akero Therapeutics, Inc.†#		11,461		243,661
Akouos, Inc.†#		10,700		82,283
Akoya Biosciences, Inc.†		3,449		44,768
Albireo Pharma, Inc.†		7,521		180,429
Alder Biopharmaceuticals, Inc. CVR†(1)		37,741		33,212
Aldeyra Therapeutics, Inc.†		21,634		165,933
Aligos Therapeutics, Inc.†		9,413		144,207
Allakos, Inc.†		15,579		1,220,615
Allogene Therapeutics, Inc.†		30,311		560,450
Allovir, Inc.†#		13,148		229,564
Alpha Teknova, Inc.†		3,104		69,405
Alpine Immune Sciences, Inc.†#		5,178		56,078
Altimmune, Inc.†		17,669		185,348
ALX Oncology Holdings, Inc.†		7,904		254,193
Amicus Therapeutics, Inc.†		117,224		1,255,469
AnaptysBio, Inc.†		8,595		278,048
Anavex Life Sciences Corp.†		28,603		554,898
Angion Biomedica Corp.†		9,704		34,934
ANI Pharmaceuticals, Inc.†		4,359		179,329
Annexon, Inc.†		13,899		226,415
Apellis Pharmaceuticals, Inc.†		31,864		1,340,837
Applied Molecular Transport, Inc.†		11,151		189,567
Applied Therapeutics, Inc.†#		7,895		90,635
Arbutus Biopharma Corp.†#		35,816		114,611
Arcturus Therapeutics Holdings, Inc.†		9,410		374,048
Arcus Biosciences, Inc.†		20,195		884,541
Arcutis Biotherapeutics, Inc.†		12,330		204,308
Ardelyx, Inc.†#		39,396		44,911
Arena Pharmaceuticals, Inc.†		27,260		1,485,397
Arrowhead Pharmaceuticals, Inc.†		45,185		3,165,209
Atara Biotherapeutics, Inc.†		36,839		659,050
Atea Pharmaceuticals, Inc.†		28,789		232,903
Athersys, Inc.†#		91,291		96,768
Athira Pharma, Inc.†		14,376		193,788
Atossa Therapeutics, Inc.†		52,149		118,378
Atreca, Inc., Class A†#		11,578		41,565
Avalo Therapeutics, Inc.†		23,603		47,206
Avid Bioservices, Inc.†		26,920		822,675
Avidity Biosciences, Inc.†		16,787		374,854
Avrobio, Inc.†		16,889		64,854
Axsome Therapeutics, Inc.†#		12,385		427,778
Beam Therapeutics, Inc.†		22,220		1,758,713
Berkeley Lights, Inc.†		21,640		451,627
BioAtla, Inc.†		6,919		174,705
BioCryst Pharmaceuticals, Inc.†		79,256		955,827
Biodesix, Inc.†		5,475		37,340
Biohaven Pharmaceutical Holding Co., Ltd.†		24,828		2,786,695
Biomea Fusion, Inc.†		3,847		46,433
Black Diamond Therapeutics, Inc.†#		10,153		60,918
Bluebird Bio, Inc.†		30,109		304,402
Blueprint Medicines Corp.†		26,084		2,509,281
Bolt Biotherapeutics, Inc.†#		10,202		94,573
Bridgebio Pharma, Inc.†#		47,973		1,942,907
Brooklyn ImmunoTherapeutics, Inc.†		13,224		78,683
C4 Therapeutics, Inc.†		17,222		639,281

215

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Cara Therapeutics, Inc.†		19,804	$	261,017
Cardiff Oncology, Inc.†#		16,976		95,405
Caribou Biosciences, Inc.†		8,548		158,907
Cassava Sciences, Inc.†#		17,055		912,272
CEL-SCI Corp.†		16,025		164,577
Celldex Therapeutics, Inc.†		20,498		780,974
Century Therapeutics, Inc.†		5,264		100,595
Cerevel Therapeutics Holdings, Inc.†		17,868		557,303
ChemoCentryx, Inc.†		24,068		873,187
Chinook Therapeutics, Inc.†		14,758		236,276
ChromaDex Corp.†#		20,892		97,983
Clene, Inc.†		8,743		49,748
Codex DNA, Inc.†		3,456		23,639
Codiak Biosciences, Inc.†		7,091		90,410
Cogent Biosciences, Inc.†		16,563		131,179
Cortexyme, Inc.†#		8,893		115,698
Crinetics Pharmaceuticals, Inc.†		16,679		455,670
Cue Biopharma, Inc.†		13,712		168,109
Cullinan Oncology, Inc.†#		11,536		207,648
Curis, Inc.†		38,606		188,397
Cymabay Therapeutics, Inc.†#		30,896		102,266
Cyteir Therapeutics, Inc.†		3,727		61,905
Cytek Biosciences, Inc.†		7,158		144,377
CytomX Therapeutics, Inc.†		28,911		191,102
Day One Biopharmaceuticals, Inc.†		4,915		90,289
Deciphera Pharmaceuticals, Inc.†		17,543		151,396
Denali Therapeutics, Inc.†		40,556		1,876,121
Design Therapeutics, Inc.†#		6,208		103,922
Dicerna Pharmaceuticals, Inc.†		31,025		1,179,260
Dynavax Technologies Corp.†		48,058		776,137
Dyne Therapeutics, Inc.†#		13,387		190,229
Edgewise Therapeutics, Inc.†#		5,695		99,207
Editas Medicine, Inc.†		30,486		995,673
Eiger BioPharmaceuticals, Inc.†#		14,270		87,761
Eliem Therapeutics, Inc.†		3,146		45,271
Emergent BioSolutions, Inc.†		21,839		963,537
Epizyme, Inc.†		40,023		130,875
Erasca, Inc.†		9,216		130,591
Esperion Therapeutics, Inc.†#		11,702		102,158
Evelo Biosciences, Inc.†#		13,538		116,698
Evolus, Inc.†		14,532		80,507
Exagen, Inc.†		4,601		47,298
EyePoint Pharmaceuticals, Inc.†		9,418		148,804
Fate Therapeutics, Inc.†		36,179		1,990,207
FibroGen, Inc.†		38,385		480,196
Finch Therapeutics Group, Inc.†		3,374		56,076
Forma Therapeutics Holdings, Inc.†		15,141		219,393
Forte Biosciences, Inc.†#		5,029		13,377
Frequency Therapeutics, Inc.†		14,260		72,726
Gemini Therapeutics, Inc.†#		9,765		26,951
Generation Bio Co.†		19,531		335,347
Geron Corp.†#		134,413		198,931
Global Blood Therapeutics, Inc.†		26,679		753,949
Gossamer Bio, Inc.†#		27,717		300,452
Graphite Bio, Inc.†		7,243		65,332
Greenwich Lifesciences, Inc.†		1,799		56,543
GT Biopharma, Inc.†		7,910		32,194
Halozyme Therapeutics, Inc.†		62,823		2,065,620
Harvard Bioscience, Inc.†		17,512		117,155
Homology Medicines, Inc.†		18,698		94,425
Humanigen, Inc.†		20,248		122,703
iBio, Inc.†		96,334		71,769
Icosavax, Inc.†		5,963		126,177
IGM Biosciences, Inc.†		3,595		179,462
Ikena Oncology, Inc.†#		4,632		66,261

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Imago Biosciences, Inc.†		4,346	$	97,220
Immunic, Inc.†		8,344		71,174
ImmunityBio, Inc.†		30,443		237,151
ImmunoGen, Inc.†		88,171		544,015
Immunovant, Inc.†		17,870		137,599
Impel Neuropharma, Inc.†		2,399		22,167
Infinity Pharmaceuticals, Inc.†#		39,019		84,671
Inhibrx, Inc.†		12,443		503,071
Innoviva, Inc.†		19,330		323,198
Inovio Pharmaceuticals, Inc.†#		92,167		667,289
Inozyme Pharma, Inc.†#		6,414		50,927
Insmed, Inc.†		51,256		1,410,565
Instil Bio, Inc.†		7,952		174,785
Intercept Pharmaceuticals, Inc.†#		12,494		215,022
Intra-Cellular Therapies, Inc.†		31,505		1,275,322
iTeos Therapeutics, Inc.†		9,003		317,806
IVERIC bio, Inc.†		46,527		680,225
Janux Therapeutics, Inc.†		5,898		104,866
Kaleido Biosciences, Inc.†#		8,635		31,000
Karuna Therapeutics, Inc.†		9,897		1,265,826
Karyopharm Therapeutics, Inc.†		32,093		223,046
KemPharm, Inc.†#		12,739		99,746
Keros Therapeutics, Inc.†		6,956		388,075
Kezar Life Sciences, Inc.†		15,256		211,448
Kiniksa Pharmaceuticals, Ltd., Class A†		13,000		151,060
Kinnate Biopharma, Inc.†		11,473		229,231
Kodiak Sciences, Inc.†		14,930		1,371,171
Kronos Bio, Inc.†		17,304		204,360
Krystal Biotech, Inc.†		7,994		643,917
Kymera Therapeutics, Inc.†		15,317		850,400
Lexicon Pharmaceuticals, Inc.†		30,260		138,591
Ligand Pharmaceuticals, Inc.†		6,724		1,088,750
Lineage Cell Therapeutics, Inc.†		55,904		126,343
MacroGenics, Inc.†		26,765		471,064
Magenta Therapeutics, Inc.†		13,336		75,082
MaxCyte, Inc.†		6,985		69,710
MEI Pharma, Inc.†		48,325		162,855
MeiraGTx Holdings PLC†#		13,278		234,755
Mersana Therapeutics, Inc.†		31,903		215,026
Mind Medicine MindMed, Inc.†		155,104		307,106
Molecular Templates, Inc.†		16,482		66,093
Monte Rosa Therapeutics, Inc.†		5,158		100,014
Mustang Bio, Inc.†		31,023		62,666
Myriad Genetics, Inc.†		34,570		893,980
NeoGenomics, Inc.†		50,545		1,731,672
NGM Biopharmaceuticals, Inc.†		14,045		253,091
Nkarta, Inc.†		6,289		99,932
Nurix Therapeutics, Inc.†		13,961		402,356
Nuvalent, Inc., Class A†		4,774		101,829
Nuvation Bio, Inc.†		29,741		266,777
Olema Pharmaceuticals, Inc.†#		11,231		98,271
Omega Therapeutics, Inc.†		3,296		59,625
Omeros Corp.†#		26,879		193,529
Oncocyte Corp.†		26,822		60,350
Oncorus, Inc.†#		9,104		50,436
Oncternal Therapeutics, Inc.†		19,727		58,195
Oncternal Therapeutics, Inc. CVR†#(1)		368		754
Organogenesis Holdings, Inc.†		17,002		171,040
Oyster Point Pharma, Inc.†#		4,953		51,660
Pacific Biosciences of California, Inc.†		86,689		2,012,052
Phathom Pharmaceuticals, Inc.†#		9,028		161,962
Pliant Therapeutics Inc†#		10,724		152,066
Portage Biotech, Inc.†		2,228		32,818
Poseida Therapeutics, Inc.†		12,820		89,099
Praxis Precision Medicines, Inc.†		14,441		247,086

216

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Precigen, Inc.†		42,279	$	166,579
Precision BioSciences, Inc.†		22,086		200,099
Prelude Therapeutics Inc†		4,824		68,935
Prothena Corp. PLC†		15,580		781,337
Provention Bio, Inc.†#		24,722		170,582
PTC Therapeutics, Inc.†		30,961		1,150,511
Puma Biotechnology, Inc.†		14,389		44,606
Radius Health, Inc.†		20,868		343,487
Rain Therapeutics, Inc.†		3,371		43,621
Rallybio Corp.†		3,208		41,287
RAPT Therapeutics, Inc.†		9,498		310,110
Recursion Pharmaceuticals, Inc., Class A†		12,542		239,803
REGENXBIO, Inc.†		17,595		563,040
Relay Therapeutics, Inc.†		26,759		787,250
Replimune Group, Inc.†		13,256		377,663
REVOLUTION Medicines, Inc.†		26,476		732,326
Rigel Pharmaceuticals, Inc.†		76,161		203,350
Rocket Pharmaceuticals, Inc.†#		18,143		443,233
Rubius Therapeutics, Inc.†#		20,473		253,046
Sana Biotechnology, Inc.†#		38,487		731,638
Sangamo Therapeutics, Inc.†		52,929		438,781
Scholar Rock Holding Corp.†		12,331		327,388
Seelos Therapeutics, Inc.†		43,790		75,757
Seer, Inc.†#		18,550		413,851
Selecta Biosciences, Inc.†		40,480		121,440
Sensei Biotherapeutics, Inc.†		9,315		64,087
Sesen Bio, Inc.†#		88,179		92,588
Shattuck Labs, Inc.†		11,858		100,556
Sigilon Therapeutics, Inc.†		6,777		25,482
Silverback Therapeutics, Inc.†		9,141		64,261
Singular Genomics Systems, Inc.†		5,277		60,263
Solid Biosciences, Inc.†		26,579		46,513
Sorrento Therapeutics, Inc.†#		123,843		738,104
SpringWorks Therapeutics, Inc.†		13,015		935,128
Spruce Biosciences, Inc.†#		3,871		9,987
SQZ Biotechnologies Co.†		10,148		133,548
Stoke Therapeutics, Inc.†		8,509		211,874
Surface Oncology, Inc.†		15,523		89,568
Sutro Biopharma, Inc.†		19,328		330,122
Syndax Pharmaceuticals, Inc.†		20,043		320,087
Talaris Therapeutics, Inc.†		4,095		53,071
Tarsus Pharmaceuticals, Inc.†		3,758		99,963
Taysha Gene Therapies, Inc.†#		9,923		128,801
TCR2 Therapeutics, Inc.†		13,597		70,025
Tenaya Therapeutics, Inc.†		6,208		121,987
Terns Pharmaceuticals, Inc.†		6,114		46,161
TG Therapeutics, Inc.†		57,141		868,543
Theravance Biopharma, Inc.†		26,746		224,666
Tobira Therapeutics, Inc. CVR†(1)		4,989		0
TransMedics Group, Inc.†		11,554		254,650
Travere Therapeutics, Inc.†		25,986		741,900
Turning Point Therapeutics, Inc.†		20,497		780,116
Twist Bioscience Corp.†		21,047		2,009,989
UroGen Pharma, Ltd.†#		8,695		105,123
Vaxart, Inc.†		53,249		423,862
VBI Vaccines, Inc.†		83,001		252,323
Vera Therapeutics, Inc.†		3,149		112,734
Veracyte, Inc.†		30,076		1,247,552
Verastem, Inc.†		76,838		205,157
Vericel Corp.†#		20,725		771,177
Veru, Inc.†#		28,710		215,325
Verve Therapeutics, Inc.†		7,043		240,025
Viking Therapeutics, Inc.†		30,493		161,918
Vincerx Pharma, Inc.†		5,813		60,978
Vir Biotechnology, Inc.†		26,797		1,270,714

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Viracta Therapeutics, Inc.†		16,160	$	74,498
VistaGen Therapeutics, Inc.†		86,491		166,928
Vor BioPharma, Inc.†		8,458		97,605
Wave Life Sciences, Ltd.†		17,027		66,405
Werewolf Therapeutics, Inc.†		3,374		48,889
XBiotech, Inc.		6,788		85,665
Xencor, Inc.†		25,202		912,816
XOMA Corp.†#		2,685		55,069
Y-mAbs Therapeutics, Inc.†		15,578		266,072
Zentalis Pharmaceuticals, Inc.†		16,003		1,313,046
ZIOPHARM Oncology, Inc.†#		93,439		129,880
				101,650,267
Medical - Drugs — 1.9%
Aclaris Therapeutics, Inc.†		22,736		291,021
Aduro Biotech Holding, Inc. CVR†(1)		6,346		0
Aeglea BioTherapeutics, Inc.†		18,015		112,414
Aerie Pharmaceuticals, Inc.†#		18,870		190,587
Alector, Inc.†		26,037		537,664
Alkermes PLC†		71,508		1,567,455
Amphastar Pharmaceuticals, Inc.†		16,498		322,701
Ampio Pharmaceuticals, Inc.†#		86,854		98,145
Athenex, Inc.†		38,546		68,226
Beyondspring, Inc.†#		9,984		127,496
Bioxcel Therapeutics, Inc.†#		7,686		176,240
Catalyst Pharmaceuticals, Inc.†		43,283		302,981
Chimerix, Inc.†		32,540		204,677
Citius Pharmaceuticals, Inc.†		50,618		85,544
Clovis Oncology, Inc.†#		50,282		158,891
Coherus Biosciences, Inc.†		28,590		530,916
Collegium Pharmaceutical, Inc.†		15,689		275,813
Corcept Therapeutics, Inc.†		43,098		905,058
Cytokinetics, Inc.†		35,344		1,390,433
Durect Corp.†#		100,842		99,813
Eagle Pharmaceuticals, Inc.†		5,179		246,935
Enanta Pharmaceuticals, Inc.†		8,587		758,060
Foghorn Therapeutics, Inc.†		8,719		100,879
Fortress Biotech, Inc.†#		31,929		90,998
Fulcrum Therapeutics, Inc.†#		11,877		172,216
Gritstone Bio, Inc.†		17,999		237,587
Harmony Biosciences Holdings, Inc.†		9,964		339,673
Harpoon Therapeutics, Inc.†		8,338		51,195
Hookipa Pharma, Inc.†		8,556		27,636
Ideaya Biosciences, Inc.†		14,602		321,244
Immuneering Corp., Class A†		3,686		83,414
Intellia Therapeutics, Inc.†		30,705		3,531,382
Ironwood Pharmaceuticals, Inc.†		64,759		718,177
Jounce Therapeutics, Inc.†		14,695		112,711
Kala Pharmaceuticals, Inc.†#		21,553		40,951
KalVista Pharmaceuticals, Inc.†		8,861		128,484
Kura Oncology, Inc.†		28,325		395,417
Landos Biopharma, Inc.†		2,087		15,089
Lyell Immunopharma, Inc.†		10,534		100,600
Madrigal Pharmaceuticals, Inc.†		5,061		418,595
Marinus Pharmaceuticals, Inc.†		16,464		182,915
Mirum Pharmaceuticals, Inc.†		1,607		22,868
Morphic Holding, Inc.†		9,242		440,843
Neoleukin Therapeutics, Inc.†		15,695		84,125
NexImmune, Inc.†		7,869		62,165
Ocular Therapeutix, Inc.†		34,169		233,716
ORIC Pharmaceuticals, Inc.†		14,094		195,061
Pacira BioSciences, Inc.†		19,459		1,023,933
Paratek Pharmaceuticals, Inc.†#		21,225		89,569
Passage Bio, Inc.†		16,532		120,518
PetIQ, Inc.†#		11,996		239,560

217

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Phibro Animal Health Corp., Class A		9,113	$	178,524
PMV Pharmaceuticals Inc†		11,693		254,323
Prestige Consumer Healthcare, Inc.†		22,328		1,249,252
Progenics Pharmaceuticals, Inc. CVR†(1)		41,888		2,032
Protagonist Therapeutics, Inc.†		19,940		670,383
Reata Pharmaceuticals, Inc., Class A†#		12,238		1,047,573
Relmada Therapeutics, Inc.†#		6,978		124,627
Reneo Pharmaceuticals, Inc.†		2,811		19,340
Rhythm Pharmaceuticals, Inc.†		19,637		175,751
Seres Therapeutics, Inc.†		31,025		333,829
SIGA Technologies, Inc.†		21,785		177,766
Spectrum Pharmaceuticals, Inc.†		72,678		114,831
Spero Therapeutics, Inc.†#		10,787		153,715
Summit Therapeutics, Inc.†		11,749		59,685
Supernus Pharmaceuticals, Inc.†		21,897		656,253
Syros Pharmaceuticals, Inc.†		25,662		101,621
TherapeuticsMD, Inc.†#		173,795		86,029
Tonix Pharmaceuticals Holding Corp.†		160,730		75,414
Trevena, Inc.†#		72,897		49,570
Vanda Pharmaceuticals, Inc.†		24,427		395,717
Vaxcyte, Inc.†		18,007		366,983
Verrica Pharmaceuticals, Inc.†#		5,838		60,423
Zogenix, Inc.†		24,999		281,239
				24,667,471
Medical - Generic Drugs — 0.2%
Amneal Pharmaceuticals, Inc.†		44,450		185,801
Arvinas, Inc.†		19,457		1,471,144
Endo International PLC†		102,179		572,202
Prometheus Biosciences, Inc.†		5,038		149,629
				2,378,776
Medical - HMO — 0.1%
Magellan Health, Inc.†		10,582		1,003,068
Ontrak, Inc.†		4,023		24,420
Tivity Health, Inc.†		19,620		467,348
Triple-S Management Corp., Class B†		10,140		360,173
				1,855,009
Medical - Hospitals — 0.5%
Community Health Systems, Inc.†		55,393		666,378
Select Medical Holdings Corp.		49,260		1,322,631
Surgery Partners, Inc.†		14,130		626,807
Tenet Healthcare Corp.†		47,349		3,450,321
				6,066,137
Medical - Nursing Homes — 0.2%
Ensign Group, Inc.		23,427		1,788,183
Innovage Holding Corp.†		8,171		65,123
National HealthCare Corp.		5,599		361,079
Pennant Group, Inc.†		11,426		232,291
				2,446,676
Medical - Outpatient/Home Medical — 0.3%
Addus HomeCare Corp.†		6,862		598,504
American Well Corp., Class A†		81,626		530,569
Joint Corp.†		6,163		492,547
LHC Group, Inc.†		13,616		1,562,027
ModivCare, Inc.†		5,539		759,009
				3,942,656
Medical - Wholesale Drug Distribution — 0.2%
AdaptHealth Corp.†		31,947		627,120
Covetrus, Inc.†		46,138		829,561
Owens & Minor, Inc.		32,338		1,293,520
				2,750,201

Security Description	Shares		Value (Note 2)
Metal Processors & Fabrication — 0.6%
AZZ, Inc.		11,088	$	575,356
Helios Technologies, Inc.		14,416		1,446,357
Lawson Products, Inc.†		2,121		102,084
Mayville Engineering Co., Inc.†		3,993		59,296
Mueller Industries, Inc.		25,049		1,385,961
Park-Ohio Holdings Corp.		3,792		80,049
Proto Labs, Inc.†		12,389		620,937
RBC Bearings, Inc.†		12,466		2,464,404
Standex International Corp.		5,388		555,018
Tredegar Corp.		11,683		128,513
Xometry, Inc., Class A†#		3,595		178,707
				7,596,682
Metal Products - Distribution — 0.1%
Olympic Steel, Inc.		4,178		85,022
Ryerson Holding Corp.		7,325		171,625
Worthington Industries, Inc.		15,077		723,395
				980,042
Metal - Aluminum — 0.2%
Arconic Corp.†		49,217		1,315,078
Century Aluminum Co.†		22,898		302,941
Constellium SE†		54,729		961,588
Kaiser Aluminum Corp.		7,047		628,804
				3,208,411
Metal - Diversified — 0.0%
PolyMet Mining Corp.†#		12,870		38,739
Miscellaneous Manufacturing — 0.3%
Hillenbrand, Inc.		32,529		1,450,793
John Bean Technologies Corp.		13,992		2,207,518
Sight Sciences, Inc.†		4,967		104,059
				3,762,370
Motion Pictures & Services — 0.1%
Chicken Soup For The Soul Entertainment, Inc.†		3,178		41,790
Eros STX Global Corp.†#		141,608		51,418
IMAX Corp.†		22,216		366,342
Lions Gate Entertainment Corp., Class A†		25,963		380,358
Lions Gate Entertainment Corp., Class B†		52,655		718,741
				1,558,649
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		20,253		546,021
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		22,157		972,249
Multimedia — 0.1%
E.W. Scripps Co., Class A		25,547		473,386
Entravision Communications Corp., Class A		26,825		199,310
				672,696
Networking Products — 0.3%
A10 Networks, Inc.		26,789		413,086
Calix, Inc.†		24,599		1,647,149
Extreme Networks, Inc.†		55,029		742,891
Infinera Corp.†		80,712		656,189
NeoPhotonics Corp.†		22,859		351,343
NETGEAR, Inc.†		13,442		359,439
				4,170,097
Night Clubs — 0.0%
RCI Hospitality Holdings, Inc.		3,722		235,640
Non-Ferrous Metals — 0.1%
Energy Fuels, Inc.†#		65,860		573,641

218

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Non-Ferrous Metals (continued)
Ur-Energy, Inc.†		80,660	$	120,183
Uranium Energy Corp.†#		102,876		403,274
				1,097,098
Non-Hazardous Waste Disposal — 0.1%
Casella Waste Systems, Inc., Class A†		21,935		1,859,649
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		78,407		535,520
Office Furnishings - Original — 0.1%
CompX International, Inc.		715		15,944
HNI Corp.		19,407		766,771
Interface, Inc.		25,914		369,534
Kimball International, Inc., Class B		16,098		164,843
Steelcase, Inc., Class A		39,520		442,229
				1,759,321
Office Supplies & Forms — 0.0%
ACCO Brands Corp.		41,548		343,186
Oil & Gas Drilling — 0.1%
Helmerich & Payne, Inc.		46,946		1,053,938
Nabors Industries, Ltd.†		3,151		256,680
Patterson-UTI Energy, Inc.		83,163		587,131
				1,897,749
Oil Companies - Exploration & Production — 2.5%
Antero Resources Corp.†		127,576		2,240,235
Berry Corp.		30,063		244,713
Brigham Minerals, Inc., Class A		19,457		403,927
California Resources Corp.		36,836		1,439,183
Callon Petroleum Co.†		17,786		904,240
Centennial Resource Development, Inc., Class A†		80,720		502,886
Chesapeake Energy Corp.#		46,812		2,787,187
Civitas Resources, Inc.		22,038		1,126,362
CNX Resources Corp.†		96,499		1,316,246
Comstock Resources, Inc.†		40,825		330,274
Contango Oil & Gas Co.†#		65,479		227,867
Denbury, Inc.†		22,493		1,790,893
DLB Oil & Gas, Inc.†(1)		3,000		0
Earthstone Energy, Inc., Class A†		10,683		109,180
Falcon Minerals Corp.		17,546		81,413
HighPeak Energy, Inc.		2,222		30,197
Kosmos Energy, Ltd.†		180,635		661,124
Laredo Petroleum, Inc.†		5,608		330,311
Magnolia Oil & Gas Corp., Class A		62,072		1,177,506
Matador Resources Co.		49,371		1,938,799
Northern Oil and Gas, Inc.		23,341		475,690
Oasis Petroleum, Inc.		8,996		1,078,620
Ovintiv, Inc.		116,864		4,062,193
PDC Energy, Inc.		44,327		2,235,411
Range Resources Corp.†		106,595		2,084,998
Ranger Oil Corp.†		6,870		184,940
Riley Exploration Permian, Inc.		1,115		19,591
SM Energy Co.		53,490		1,551,210
Southwestern Energy Co.†		302,136		1,353,569
Talos Energy, Inc.†		16,437		163,877
Tellurian, Inc.†		160,561		523,429
W&T Offshore, Inc.†		41,835		143,912
Whiting Petroleum Corp.†		17,561		1,136,021
				32,656,004
Oil Companies - Integrated — 0.1%
Murphy Oil Corp.		65,332		1,736,525
Oil Field Machinery & Equipment — 0.0%
Dril-Quip, Inc.†		15,653		299,129

Security Description	Shares		Value (Note 2)
Oil Field Machinery & Equipment (continued)
US Silica Holdings, Inc.†		32,745	$	317,626
				616,755
Oil Refining & Marketing — 0.1%
CVR Energy, Inc.		13,193		205,943
Delek US Holdings, Inc.†		29,270		458,953
Par Pacific Holdings, Inc.†		19,946		270,069
PBF Energy, Inc., Class A†		42,944		538,088
				1,473,053
Oil - Field Services — 0.5%
Archrock, Inc.		60,124		444,316
Bristow Group, Inc.†		10,544		313,157
ChampionX Corp.†		90,427		1,845,615
DMC Global, Inc.†		8,283		302,330
Expro Group Holdings NV†		12,340		172,883
FTS International, Inc., Class A†		3,963		104,385
Helix Energy Solutions Group, Inc.†		63,809		193,979
Liberty Oilfield Services, Inc., Class A†		40,514		372,729
Matrix Service Co.†		11,613		100,917
MRC Global, Inc.†		35,890		246,923
National Energy Services Reunited Corp.†#		16,925		167,727
Newpark Resources, Inc.†		40,261		109,913
NexTier Oilfield Solutions, Inc.†		77,107		277,585
NOW, Inc.†		49,145		410,852
Oceaneering International, Inc.†		44,404		474,679
Oil States International, Inc.†		27,013		136,686
ProPetro Holding Corp.†		38,061		312,862
RPC, Inc.†		30,118		121,376
Select Energy Services, Inc., Class A†		27,499		157,569
Solaris Oilfield Infrastructure, Inc., Class A		13,942		95,363
TETRA Technologies, Inc.†		54,707		142,785
Tidewater, Inc.†		18,293		190,796
				6,695,427
Optical Supplies — 0.2%
STAAR Surgical Co.†		21,184		2,016,505
Paper & Related Products — 0.1%
Clearwater Paper Corp.†		7,353		295,958
Glatfelter Corp.		19,519		321,478
Neenah, Inc.		7,517		349,465
Schweitzer-Mauduit International, Inc.		13,958		400,595
Verso Corp., Class A		12,026		254,230
				1,621,726
Patient Monitoring Equipment — 0.1%
CareDx, Inc.†		22,553		972,936
Pharmacy Services — 0.1%
Option Care Health, Inc.†		66,728		1,688,886
Physical Therapy/Rehabilitation Centers — 0.0%
U.S. Physical Therapy, Inc.		5,698		489,914
Physicians Practice Management — 0.0%
Accolade, Inc.†		22,441		576,060
Pipelines — 0.2%
Equitrans Midstream Corp.		182,334		1,754,053
Golar LNG, Ltd.†		45,838		540,888
				2,294,941
Pollution Control — 0.0%
CECO Environmental Corp.†		13,870		82,249
Poultry — 0.1%
Sanderson Farms, Inc.		9,058		1,700,911

219

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Power Converter/Supply Equipment — 0.1%
Blink Charging Co.†#		16,277	$	625,525
Powell Industries, Inc.		4,060		99,145
				724,670
Precious Metals — 0.2%
Coeur Mining, Inc.†		114,084		638,870
Hecla Mining Co.		237,003		1,312,997
				1,951,867
Printing - Commercial — 0.1%
Cimpress PLC†		7,527		585,826
Deluxe Corp.		18,776		635,380
Ennis, Inc.		11,377		216,391
RR Donnelley & Sons Co.†		31,587		333,559
				1,771,156
Private Corrections — 0.0%
CoreCivic, Inc.†		53,474		575,915
Professional Sports — 0.1%
Hall of Fame Resort & Entertainment Co.†#		24,510		45,589
Liberty Media Corp. - Liberty Braves, Series A†		4,466		124,467
Liberty Media Corp. - Liberty Braves, Series C†		16,290		448,138
Madison Square Garden Entertainment Corp.†		11,641		769,703
				1,387,897
Protection/Safety — 0.2%
Alarm.com Holdings, Inc.†		21,081		1,682,053
ShotSpotter, Inc.†		3,778		132,683
Vivint Smart Home, Inc.†		40,844		430,496
				2,245,232
Publishing - Books — 0.1%
Houghton Mifflin Harcourt Co.†		56,677		881,894
Scholastic Corp.		11,756		442,496
				1,324,390
Publishing - Newspapers — 0.2%
Gannett Co, Inc.†		62,728		320,540
TEGNA, Inc.		98,608		1,947,508
				2,268,048
Publishing - Periodicals — 0.1%
Meredith Corp.†		17,786		1,049,374
Thryv Holdings, Inc.†		3,415		133,492
Value Line, Inc.		437		17,699
				1,200,565
Quarrying — 0.1%
Compass Minerals International, Inc.		15,249		741,864
Radio — 0.1%
Entercom Communications Corp.†		52,588		129,892
iHeartMedia, Inc., Class A†		49,928		979,088
				1,108,980
Real Estate Investment Trusts — 7.5%
Acadia Realty Trust		38,719		781,737
AFC Gamma, Inc.		3,964		85,741
Agree Realty Corp.		30,327		2,048,892
Alexander & Baldwin, Inc.		32,306		711,701
Alexander’s, Inc.		954		243,833
American Assets Trust, Inc.		22,265		765,916
American Finance Trust, Inc.		52,803		419,256
Apartment Investment & Management Co., Class A†		66,409		492,091
Apollo Commercial Real Estate Finance, Inc.		62,561		846,450
Apple Hospitality REIT, Inc.		95,587		1,435,717

Security Description	Shares			Value (Note 2)
Real Estate Investment Trusts (continued)
Arbor Realty Trust, Inc.#		60,605		$	1,063,618
Ares Commercial Real Estate Corp.		19,510			287,187
Armada Hoffler Properties, Inc.		26,923			375,576
ARMOUR Residential REIT, Inc.#		36,771			359,988
Ashford Hospitality Trust, Inc.†#		7,580			80,727
Blackstone Mtg. Trust, Inc., Class A		70,135			2,104,050
Braemar Hotels & Resorts, Inc.†		23,507			102,491
Brandywine Realty Trust		75,660			972,231
BrightSpire Capital, Inc.		37,638			351,915
Broadmark Realty Capital, Inc.		57,269			515,421
Broadstone Net Lease, Inc.		68,980			1,724,500
BRT Apartments Corp.		5,076			95,530
CareTrust REIT, Inc.		43,028			869,596
CatchMark Timber Trust, Inc., Class A		21,805			167,680
Centerspace		6,266			640,323
Chatham Lodging Trust†		21,315			253,862
Chimera Investment Corp.		105,045			1,670,215
City Office REIT, Inc.		19,043			317,637
Clipper Realty, Inc.		5,439			47,537
Columbia Property Trust, Inc.		51,124			981,581
Community Healthcare Trust, Inc.		10,528			453,020
CorePoint Lodging, Inc.†		17,540			270,642
Corporate Office Properties Trust		50,365			1,292,366
CTO Realty Growth, Inc.#		2,652			145,648
DiamondRock Hospitality Co.†		93,256			812,260
DigitalBridge Group, Inc.†		216,335			1,722,027
Diversified Healthcare Trust		105,809			295,207
Dynex Capital, Inc.		15,183			253,860
Easterly Government Properties, Inc.		37,594			788,346
EastGroup Properties, Inc.		17,726			3,610,786
Ellington Financial, Inc.		20,808			344,789
Empire State Realty Trust, Inc., Class A		63,757			579,551
Equity Commonwealth†		52,294			1,330,882
Essential Properties Realty Trust, Inc.		52,194			1,410,804
Farmland Partners, Inc.		12,757			147,854
Four Corners Property Trust, Inc.		33,921			916,545
Franklin BSP Realty Trust, Inc.†		13,980			214,453
Franklin Street Properties Corp.		46,005	��		264,989
GEO Group, Inc.#		52,522			441,185
Getty Realty Corp.		17,767			542,426
Gladstone Commercial Corp.		16,245			360,964
Gladstone Land Corp.		12,785			365,267
Global Medical REIT, Inc.		26,693			436,164
Global Net Lease, Inc.		45,017			639,241
Granite Point Mtg. Trust, Inc.		24,408			300,951
Great Ajax Corp.		9,670			122,229
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		34,186			1,944,500
Healthcare Realty Trust, Inc.		64,886			2,032,229
Hersha Hospitality Trust†		14,396			127,117
Independence Realty Trust, Inc.		46,873			1,148,388
INDUS Realty Trust, Inc.		1,948			144,152
Industrial Logistics Properties Trust		28,968			641,931
Innovative Industrial Properties, Inc.#		10,566			2,713,666
Invesco Mtg. Capital, Inc.		130,084			390,252
iStar, Inc.#		30,889			751,838
Kite Realty Group Trust		96,773			1,947,073
KKR Real Estate Finance Trust, Inc.		14,409			297,258
Ladder Capital Corp.		50,664			577,063
Lexington Realty Trust		122,327			1,841,021
LTC Properties, Inc.		17,357			551,258
Macerich Co.		95,352			1,798,339
Mack-Cali Realty Corp.†		39,161			654,380
MFA Financial, Inc.		197,371			846,722
Monmouth Real Estate Investment Corp.		42,470			882,102
National Health Investors, Inc.		19,507			1,019,046

220

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
National Storage Affiliates Trust		36,220	$	2,223,184
NETSTREIT Corp.		17,692		377,547
New York Mtg. Trust, Inc.		169,266		631,362
NexPoint Residential Trust, Inc.		9,977		744,085
Office Properties Income Trust		21,348		506,588
One Liberty Properties, Inc.		7,182		233,630
Orchid Island Capital, Inc.#		55,099		249,047
Outfront Media, Inc.		64,886		1,621,501
Paramount Group, Inc.		83,235		662,551
Pebblebrook Hotel Trust		57,959		1,214,241
PennyMac Mtg. Investment Trust		43,691		758,913
Phillips Edison & Co., Inc.		8,355		262,096
Physicians Realty Trust		96,149		1,714,337
Piedmont Office Realty Trust, Inc., Class A		55,293		960,992
Plymouth Industrial REIT, Inc.		13,053		388,327
Postal Realty Trust, Inc., Class A		5,499		95,408
PotlatchDeltic Corp.		29,444		1,594,098
Preferred Apartment Communities, Inc.		23,006		303,219
PS Business Parks, Inc.		8,957		1,569,266
Ready Capital Corp.		25,789		396,119
Redwood Trust, Inc.		50,395		646,064
Retail Opportunity Investments Corp.		53,000		930,680
Retail Value, Inc.		7,775		47,272
RLJ Lodging Trust		73,744		928,437
RPT Realty		35,947		457,246
Ryman Hospitality Properties, Inc.†		23,980		1,856,052
Sabra Health Care REIT, Inc.		98,330		1,271,407
Safehold, Inc.		7,977		570,675
Saul Centers, Inc.		5,274		259,639
Seritage Growth Properties, Class A†#		16,651		239,608
Service Properties Trust		73,172		622,694
SITE Centers Corp.		77,255		1,163,460
STAG Industrial, Inc.		72,804		3,172,798
Summit Hotel Properties, Inc.†		46,251		413,946
Sunstone Hotel Investors, Inc.†		97,073		1,055,183
Tanger Factory Outlet Centers, Inc.		45,610		903,534
Terreno Realty Corp.		30,993		2,360,117
TPG RE Finance Trust, Inc.		26,769		326,582
Two Harbors Investment Corp.		139,948		822,894
UMH Properties, Inc.		18,920		436,674
Uniti Group, Inc.		86,709		1,150,628
Universal Health Realty Income Trust		5,721		318,488
Urban Edge Properties		51,625		889,499
Urstadt Biddle Properties, Inc., Class A		13,271		250,556
Washington Real Estate Investment Trust		37,752		951,350
Whitestone REIT		19,333		179,024
Xenia Hotels & Resorts, Inc.†		50,803		796,083
				98,710,891
Real Estate Management/Services — 0.5%
Angel Oak Mtg., Inc.		3,239		52,828
Cushman & Wakefield PLC†#		61,855		1,093,596
eXp World Holdings, Inc.#		27,983		1,027,256
Fathom Holdings, Inc.†#		2,298		54,210
Marcus & Millichap, Inc.†		10,585		453,567
Newmark Group, Inc., Class A		66,523		1,068,359
RE/MAX Holdings, Inc., Class A		8,252		226,848
Realogy Holdings Corp.†		51,355		780,082
Redfin Corp.†#		45,353		1,845,414
RMR Group, Inc., Class A		6,803		222,254
				6,824,414
Real Estate Operations & Development — 0.3%
FRP Holdings, Inc.†		2,979		174,689
Kennedy-Wilson Holdings, Inc.		53,539		1,161,261

Security Description	Shares		Value (Note 2)
Real Estate Operations & Development (continued)
Legacy Housing Corp.†		3,585	$	89,517
McGrath RentCorp		10,767		832,289
Radius Global Infrastructure, Inc., Class A†		26,283		433,669
Rafael Holdings, Inc., Class B†		4,344		23,849
St. Joe Co.		14,856		713,237
				3,428,511
Recreational Centers — 0.0%
F45 Training Holdings, Inc.†		9,138		97,228
OneSpaWorld Holdings, Ltd.†		23,562		222,190
Xponential Fitness, Inc., Class A†		4,139		80,504
				399,922
Recreational Vehicles — 0.2%
Camping World Holdings, Inc., Class A#		19,029		834,612
Malibu Boats, Inc., Class A†		9,239		641,833
Marine Products Corp.		3,631		42,919
MasterCraft Boat Holdings, Inc.†		8,381		229,304
OneWater Marine, Inc., Class A		4,574		234,097
				1,982,765
Recycling — 0.1%
Harsco Corp.†		34,912		509,017
PureCycle Technologies, Inc.†		14,684		180,613
				689,630
Rental Auto/Equipment — 1.0%
Aaron’s Co., Inc.		14,458		320,968
Alta Equipment Group, Inc.†		8,428		123,133
Avis Budget Group, Inc.†		21,721		5,964,369
Custom Truck One Source, Inc.†#		20,601		154,919
Herc Holdings, Inc.		11,126		1,896,427
PROG Holdings, Inc.		29,550		1,333,296
Rent-A-Center, Inc.		29,392		1,298,245
Textainer Group Holdings, Ltd.		21,367		698,060
Triton International, Ltd.		29,758		1,665,555
				13,454,972
Resort/Theme Parks — 0.1%
SeaWorld Entertainment, Inc.†		22,963		1,354,587
Retail - Apparel/Shoe — 0.6%
Abercrombie & Fitch Co., Class A†		27,353		984,708
American Eagle Outfitters, Inc.#		67,856		1,756,792
Boot Barn Holdings, Inc.†		13,042		1,595,558
Buckle, Inc.		13,267		624,080
Caleres, Inc.		16,428		387,865
Cato Corp., Class A		8,820		145,089
Chico’s FAS, Inc.†		53,630		307,300
Children’s Place, Inc.†		6,268		542,370
Designer Brands, Inc., Class A†		26,801		366,638
Duluth Holdings, Inc., Class B†		5,413		75,078
Genesco, Inc.†		6,536		413,075
Guess?, Inc.		17,947		404,705
Shoe Carnival, Inc.		7,872		307,795
Tilly’s, Inc., Class A		10,104		151,762
Vera Bradley, Inc.†		11,600		110,316
Winmark Corp.		1,543		388,990
				8,562,121
Retail - Appliances — 0.0%
Conn’s, Inc.†		7,960		174,165
Retail - Arts & Crafts — 0.0%
JOANN, Inc.		5,382		49,191

221

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Automobile — 0.4%
America’s Car-Mart, Inc.†		2,774	$	272,240
Asbury Automotive Group, Inc.†		10,104		1,653,419
CarLotz, Inc.†#		31,908		94,448
Group 1 Automotive, Inc.		7,836		1,526,061
Lazydays Holdings, Inc.†		3,275		66,253
Rush Enterprises, Inc., Class A		18,830		959,577
Rush Enterprises, Inc., Class B		2,926		142,730
Shift Technologies, Inc.†		27,667		127,545
Sonic Automotive, Inc., Class A#		9,758		438,232
				5,280,505
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†#		46,869		859,109
Retail - Bookstores — 0.0%
Barnes & Noble Education, Inc.†		17,130		120,253
Retail - Building Products — 0.2%
Aspen Aerogels, Inc.†		9,831		561,940
Beacon Roofing Supply, Inc.†		24,880		1,241,761
BlueLinx Holdings, Inc.†		4,107		289,708
GMS, Inc.†		19,059		1,064,826
				3,158,235
Retail - Computer Equipment — 0.0%
PC Connection, Inc.		4,943		216,701
Retail - Convenience Store — 0.0%
Arko Corp.†		53,819		507,513
Retail - Discount — 0.4%
Big Lots, Inc.		15,276		662,673
BJ’s Wholesale Club Holdings, Inc.†		61,108		4,042,294
Citi Trends, Inc.†		3,918		332,246
				5,037,213
Retail - Drug Store — 0.1%
MedAvail Holdings, Inc.†#		5,355		9,264
OptimizeRx Corp.†		7,656		497,640
Rite Aid Corp.†		24,509		301,951
				808,855
Retail - Floor Coverings — 0.0%
Lumber Liquidators Holdings, Inc.†		12,773		195,938
Retail - Gardening Products — 0.0%
GrowGeneration Corp.†#		24,117		393,107
Retail - Hair Salons — 0.0%
Regis Corp.†#		10,536		28,658
Retail - Home Furnishings — 0.1%
Bassett Furniture Industries, Inc.		4,104		62,545
Haverty Furniture Cos., Inc.		7,436		222,411
Kirkland’s, Inc.†		6,247		134,873
La-Z-Boy, Inc.		20,027		668,701
				1,088,530
Retail - Jewelry — 0.2%
Movado Group, Inc.		7,096		318,397
Signet Jewelers, Ltd.		23,248		2,258,311
				2,576,708
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		9,413		501,431
Retail - Misc./Diversified — 0.2%
Container Store Group, Inc.†		14,172		164,820
Party City Holdco, Inc.†		49,267		270,969
PriceSmart, Inc.		10,440		748,757

Security Description	Shares		Value (Note 2)
Retail - Misc./Diversified (continued)
Sally Beauty Holdings, Inc.†		50,246	$	984,319
				2,168,865
Retail - Office Supplies — 0.1%
ODP Corp.†		21,260		802,778
Retail - Pawn Shops — 0.1%
FirstCash, Inc.		17,702		1,130,096
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.#		8,789		240,467
Retail - Petroleum Products — 0.3%
Clean Energy Fuels Corp.†		69,157		495,856
Murphy USA, Inc.		10,779		1,868,324
TravelCenters of America, Inc.†		5,566		290,656
World Fuel Services Corp.		27,810		694,972
				3,349,808
Retail - Regional Department Stores — 0.4%
Dillard’s, Inc., Class A#		2,684		735,148
Macy’s, Inc.		140,064		3,991,824
				4,726,972
Retail - Restaurants — 1.2%
Biglari Holdings, Inc., Class B†		361		51,215
BJ’s Restaurants, Inc.†		10,044		299,914
Bloomin’ Brands, Inc.†		39,495		697,877
Brinker International, Inc.†		20,254		700,788
Cannae Holdings, Inc.†		37,783		1,117,243
Carrols Restaurant Group, Inc.		14,901		42,617
Cheesecake Factory, Inc.†		20,541		787,131
Chuy’s Holdings, Inc.†		8,873		254,300
Cracker Barrel Old Country Store, Inc.		10,575		1,290,362
Dave & Buster’s Entertainment, Inc.†		19,268		625,825
Del Taco Restaurants, Inc.		13,311		101,962
Denny’s Corp.†		27,932		386,858
Dine Brands Global, Inc.†		7,266		521,844
El Pollo Loco Holdings, Inc.†		8,492		107,169
Fiesta Restaurant Group, Inc.†		7,870		73,427
Jack in the Box, Inc.		9,728		803,533
Kura Sushi USA, Inc., Class A†		1,787		113,653
Noodles & Co.†		18,129		186,548
ONE Group Hospitality, Inc.†		9,245		121,202
Papa John’s International, Inc.		14,748		1,798,076
Red Robin Gourmet Burgers, Inc.†		6,944		113,187
Ruth’s Hospitality Group, Inc.†		14,997		254,949
Shake Shack, Inc., Class A†		16,686		1,217,911
Texas Roadhouse, Inc.		31,210		2,588,557
Wingstop, Inc.		13,306		2,136,944
				16,393,092
Retail - Sporting Goods — 0.2%
Academy Sports & Outdoors, Inc.†		34,642		1,545,726
Big 5 Sporting Goods Corp.#		9,280		220,215
Hibbett, Inc.		7,156		557,810
Sportsman’s Warehouse Holdings, Inc.†		19,405		330,467
Zumiez, Inc.†		9,732		445,336
				3,099,554
Retail - Vision Service Center — 0.1%
National Vision Holdings, Inc.†		36,392		1,748,272
Retail - Vitamins & Nutrition Supplements — 0.0%
Franchise Group, Inc.		12,632		603,178
Retirement/Aged Care — 0.0%
Brookdale Senior Living, Inc.†		82,504		483,473

222

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Rubber - Tires — 0.2%
Goodyear Tire & Rubber Co.†		123,225	$	2,478,055
Rubber/Plastic Products — 0.1%
Myers Industries, Inc.		16,099		313,609
Raven Industries, Inc.†		15,900		922,200
				1,235,809
Satellite Telecom — 0.3%
EchoStar Corp., Class A†		17,622		482,314
Globalstar, Inc.†#		270,642		376,192
Gogo, Inc.†#		26,350		337,807
Iridium Communications, Inc.†		52,664		2,024,931
KVH Industries, Inc.†		6,757		67,502
Telesat Corp.†#		5,724		176,185
				3,464,931
Savings & Loans/Thrifts — 1.0%
Axos Financial, Inc.†		25,437		1,439,989
Banc of California, Inc.		24,434		478,662
Berkshire Hills Bancorp, Inc.		21,805		582,412
Brookline Bancorp, Inc.		34,232		528,200
Capitol Federal Financial, Inc.		57,937		658,164
Flushing Financial Corp.		13,149		310,579
FS Bancorp, Inc.		3,183		103,320
Hingham Institution for Savings		646		252,328
Home Bancorp, Inc.		3,409		137,860
HomeTrust Bancshares, Inc.		6,775		203,453
Investors Bancorp, Inc.		101,998		1,518,750
Northfield Bancorp, Inc.		20,090		338,516
Northwest Bancshares, Inc.		54,570		724,690
OceanFirst Financial Corp.		26,366		543,403
Pacific Premier Bancorp, Inc.		41,800		1,619,750
Provident Financial Services, Inc.		33,839		796,570
Southern Missouri Bancorp, Inc.		3,446		184,051
Washington Federal, Inc.		30,197		981,101
Waterstone Financial, Inc.		9,650		200,238
WSFS Financial Corp.		20,959		1,042,081
				12,644,117
Schools — 0.4%
2U, Inc.†#		31,980		760,804
Adtalem Global Education, Inc.†		22,073		654,906
American Public Education, Inc.†		8,293		156,655
Coursera, Inc.†		25,734		771,763
Graham Holdings Co., Class B		1,728		978,946
Laureate Education, Inc., Class A		44,266		442,660
Perdoceo Education Corp.†		31,370		308,994
Strategic Education, Inc.		10,870		581,545
Stride, Inc.†		17,960		612,975
				5,269,248
Security Services — 0.1%
Brink’s Co.		21,696		1,326,927
Semiconductor Components - Integrated Circuits — 0.4%
MaxLinear, Inc.†		31,635		2,129,985
Power Integrations, Inc.		26,918		2,692,607
				4,822,592
Semiconductor Equipment — 0.8%
Axcelis Technologies, Inc.†		14,848		917,903
CMC Materials, Inc.		13,025		1,729,720
Cohu, Inc.†		21,367		704,470
FormFactor, Inc.†		34,669		1,453,324
Kulicke & Soffa Industries, Inc.		27,297		1,573,945
Onto Innovation, Inc.†		21,711		2,044,308
SkyWater Technology, Inc.†#		3,601		67,375

Security Description	Shares		Value (Note 2)
Semiconductor Equipment (continued)
Ultra Clean Holdings, Inc.†		19,791	$	1,084,745
Veeco Instruments, Inc.†		22,200		590,076
				10,165,866
Silver Mining — 0.0%
Gatos Silver, Inc.†		20,682		279,414
Pan American Silver Corp. CVR†		171,891		129,262
				408,676
Software Tools — 0.2%
Digital Turbine, Inc.†		40,480		2,147,869
Steel Pipe & Tube — 0.0%
Northwest Pipe Co.†		4,315		124,186
Omega Flex, Inc.		1,383		163,166
TimkenSteel Corp.†		20,475		293,202
				580,554
Steel - Producers — 0.2%
Carpenter Technology Corp.		21,241		583,703
Commercial Metals Co.		53,544		1,654,509
Schnitzer Steel Industries, Inc., Class A		11,556		555,844
				2,794,056
Steel - Specialty — 0.1%
Allegheny Technologies, Inc.†		56,789		808,675
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†		12,310		157,568
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		13,820		224,575
Telecom Equipment - Fiber Optics — 0.0%
Clearfield, Inc.†		5,080		328,879
Telecom Services — 0.2%
ATN International, Inc.		4,956		189,369
Aviat Networks, Inc.†		4,297		134,668
Consolidated Communications Holdings, Inc.†		32,504		244,430
Ooma, Inc.†		9,693		182,325
Vonage Holdings Corp.†		107,760		2,222,011
				2,972,803
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		21,498		438,129
Cambium Networks Corp.†		4,739		128,948
DZS, Inc.†		7,494		97,122
Harmonic, Inc.†		39,812		427,979
Plantronics, Inc.†		18,815		480,159
Preformed Line Products Co.		1,315		83,043
Viavi Solutions, Inc.†		101,921		1,509,450
				3,164,830
Telephone - Integrated — 0.1%
Shenandoah Telecommunications Co.		21,546		547,053
Telephone & Data Systems, Inc.		45,053		796,537
				1,343,590
Television — 0.1%
AMC Networks, Inc., Class A†		12,971		500,810
Gray Television, Inc.		38,098		785,581
Sinclair Broadcast Group, Inc., Class A		20,476		477,705
				1,764,096
Theaters — 0.6%
AMC Entertainment Holdings, Inc., Class A†		230,122		7,810,341
Cinemark Holdings, Inc.†#		48,181		747,769
				8,558,110

223

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Therapeutics — 0.2%
Agios Pharmaceuticals, Inc.†#		26,292	$	936,521
Akebia Therapeutics, Inc.†		77,746		210,692
Anika Therapeutics, Inc.†		6,433		251,723
CorMedix, Inc.†#		16,892		84,122
G1 Therapeutics, Inc.†#		17,476		225,440
MannKind Corp.†#		110,066		509,606
Ocugen, Inc.†		82,314		521,871
Outlook Therapeutics, Inc.†		39,700		59,947
				2,799,922
Tobacco — 0.1%
22nd Century Group, Inc.†#		71,774		180,153
Greenlane Holdings, Inc., Class A†#		7,273		8,728
Turning Point Brands, Inc.		6,494		246,772
Universal Corp.		10,778		501,931
Vector Group, Ltd.		64,037		995,135
				1,932,719
Toys — 0.0%
Funko, Inc., Class A†		11,818		193,106
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		37,047		287,114
Transport - Air Freight — 0.1%
Air Transport Services Group, Inc.†		26,311		649,619
Atlas Air Worldwide Holdings, Inc.†		12,835		1,124,474
				1,774,093
Transport - Equipment & Leasing — 0.2%
GATX Corp.		15,745		1,550,882
Greenbrier Cos., Inc.		14,213		568,378
Willis Lease Finance Corp.†		1,222		41,854
				2,161,114
Transport - Marine — 0.2%
Costamare, Inc.		23,531		282,372
DHT Holdings, Inc.		63,199		350,754
Dorian LPG, Ltd.		13,879		170,850
Eagle Bulk Shipping, Inc.		3,983		159,599
Frontline, Ltd.†		53,250		364,763
Genco Shipping & Trading, Ltd.		14,321		220,687
International Seaways, Inc.		20,498		299,271
Nordic American Tankers, Ltd.#		68,014		134,668
Safe Bulkers, Inc.†		27,747		100,444
Scorpio Tankers, Inc.		21,743		302,445
SFL Corp., Ltd.		46,606		388,694
Teekay Corp.†		30,960		102,787
Teekay Tankers, Ltd., Class A†		10,631		119,386
				2,996,720
Transport - Services — 0.4%
CryoPort, Inc.†		18,081		1,201,302
Forward Air Corp.		12,120		1,196,850
Hub Group, Inc., Class A†		14,759		1,146,332
Matson, Inc.		19,157		1,561,870
Radiant Logistics, Inc.†		17,498		131,935
Universal Logistics Holdings, Inc.		3,414		63,466
				5,301,755
Transport-Truck — 0.6%
ArcBest Corp.		11,285		1,163,258
Covenant Logistics Group, Inc.†		5,397		135,303
Daseke, Inc.†		17,902		172,754
Heartland Express, Inc.		21,269		356,043
Marten Transport, Ltd.		26,530		426,603
P.A.M. Transportation Services, Inc.†		1,620		104,960

Security Description	Shares		Value (Note 2)
Transport - Truck (continued)
Saia, Inc.†		11,829	$	3,917,528
US Xpress Enterprises, Inc., Class A†		11,992		94,257
Werner Enterprises, Inc.		27,939		1,260,328
Yellow Corp.†		22,444		295,363
				7,926,397
Travel Services — 0.0%
Liberty TripAdvisor Holdings, Inc., Class A†		32,478		70,152
Veterinary Diagnostics — 0.1%
Heska Corp.†		4,361		701,947
Vitamins & Nutrition Products — 0.1%
Nature’s Sunshine Products, Inc.		5,287		89,879
USANA Health Sciences, Inc.†		5,558		554,244
				644,123
Water — 0.4%
American States Water Co.		16,446		1,548,884
Artesian Resources Corp., Class A		3,629		155,176
California Water Service Group		22,962		1,446,836
Global Water Resources, Inc.		5,638		97,087
Middlesex Water Co.		7,703		793,717
SJW Group		12,338		830,964
York Water Co.		5,806		272,069
				5,144,733
Water Treatment Systems — 0.2%
Energy Recovery, Inc.†		18,799		399,479
Evoqua Water Technologies Corp.†		51,595		2,320,743
Pure Cycle Corp.†		8,580		124,925
				2,845,147
Web Hosting/Design — 0.2%
Q2 Holdings, Inc.†		24,376		1,957,393
Wire & Cable Products — 0.2%
Belden, Inc.		19,724		1,216,379
Encore Wire Corp.		8,970		1,259,926
Insteel Industries, Inc.		8,310		350,350
				2,826,655
Wireless Equipment — 0.2%
Anterix, Inc.†		5,113		307,598
CalAmp Corp.†		15,549		142,740
Casa Systems, Inc.†		13,987		69,795
InterDigital, Inc.		13,793		936,683
Maxar Technologies, Inc.		31,974		880,244
Ribbon Communications, Inc.†		31,353		170,874
				2,507,934
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		17,089		487,891
ViewRay, Inc.†		61,700		317,138
				805,029
Total Common Stocks
(cost $914,604,168)				1,289,432,677
WARRANTS† — 0.0%
Oil Companies - Exploration & Production — 0.0%
Whiting Petroleum Corp., Series A Expires 09/01/2024		2,303		24,136
Whiting Petroleum Corp., Series B Expires 09/02/2025		1,151		11,855
				35,991

224

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
WARRANTS (continued)
Oil & Gas Drilling — 0.0%
Nabors Industries, Ltd. Expires 06/11/2026#		1,334		$	6,136
Total Warrants
(cost $0)					42,127
U.S. CORPORATE BONDS & NOTES — 0.0%
Investment Management/Advisor Services — 0.0%
GAMCO Investors, Inc. Sub. Notes 4.00% due 06/15/2023 (cost $4,922)	$	4,922			4,873
Total Long-Term Investment Securities
(cost $914,609,090)					1,289,479,677
SHORT-TERM INVESTMENT SECURITIES — 2.9%
Registered Investment Companies — 2.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(2)(3)		31,601,165			31,601,165
U.S. Government Treasuries — 0.5%
United States Treasury Bills 0.04% due 05/19/2022(4)		3,000,000			2,998,697
0.07% due 06/16/2022(4)		600,000			599,688
0.07% due 07/14/2022(4)		950,000			949,347
0.08% due 08/11/2022(4)		2,500,000			2,497,716
					7,045,448
Total Short-Term Investment Securities
(cost $38,648,652)					38,646,613
REPURCHASE AGREEMENTS — 2.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $25,802,000 and collateralized by $27,055,800 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $26,318,097 (cost $25,802,000)		25,802,000			25,802,000
TOTAL INVESTMENTS
(cost $979,059,742)(5)		102.3	%		1,353,928,290
Liabilities in excess of other assets		(2.3	)		(30,664,735	)
NET ASSETS		100.0	%	$	1,323,263,555

† Non-income producing security

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

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

(2) At November 30, 2021, the Fund had loaned securities with a total value of $61,208,482. This was secured by collateral of $31,601,165, which was received in cash and subsequently invested in short-term investments currently valued at $31,601,165 as reported in the Portfolio of Investments. Additional collateral of $32,851,300 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
Federal Home Loan Mtg. Corp.	1.25% to 2.50%	03/01/2050 to 10/25/2050	$	49,496
Federal National Mtg. Assoc.	2.00% to 3.50%	06/01/2049 to 09/01/2050		167,412
Government National Mtg. Assoc.	1.00% to 2.70%	06/20/2038 to 05/16/2053		98,931
United States Treasury Bills	0.00%	12/09/2021 to 06/16/2022		2,423,830
United States Treasury Notes/Bonds	0.07% to 6.88%	12/31/2021 to 08/15/2051		30,111,631

(3) The rate shown is the 7-day yield as of November 30, 2021.

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

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

CVR — Contingent Value Rights

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	307	Long	E-mini Russell 2000 Index		December 2021	$	33,845,093	$	33,728,555	$	(116,538	)

* 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.

225

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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-Biomedical/Gene	$	101,616,301	$	—	$	33,966	$	101,650,267
Medical-Drugs		24,665,439		—		2,032		24,667,471
Oil Companies-Exploration & Production		32,656,004		—		0		32,656,004
Other Industries		1,130,458,935		—		—		1,130,458,935
Warrants		42,127		—		—		42,127
U.S. Corporate Bonds & Notes		—		4,873		—		4,873
Short-Term Investment Securities:
Registered Investment Companies		31,601,165		—		—		31,601,165
U.S Government Treasuries		—		7,045,448		—		7,045,448
Repurchase Agreements		—		25,802,000		—		25,802,000
Total Investments at Value	$	1,321,039,971	$	32,852,321	$	35,998	$	1,353,928,290
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	116,538	$	—	$	—	$	116,538

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

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

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

See Notes to Financial Statements

226

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Banks — Commercial	7.8	%
Consumer Products — Misc.	7.5
Metal Processors & Fabrication	4.7
Insurance — Property/Casualty	4.3
Oil Companies — Exploration & Production	4.3
Food — Misc./Diversified	3.8
Retail — Restaurants	3.4
Building Products — Cement	3.1
Machinery — Electrical	2.9
Real Estate Investment Trusts	2.7
Distribution/Wholesale	2.7
Chemicals — Diversified	2.4
Chemicals — Specialty	2.4
Paper & Related Products	1.9
Containers — Metal/Glass	1.8
Medical — Wholesale Drug Distribution	1.8
Machinery — Pumps	1.8
Electric — Integrated	1.8
Electronic Components — Misc.	1.7
Computer Services	1.6
Commercial Services	1.5
Containers — Paper/Plastic	1.4
Commercial Services — Finance	1.3
Machinery — General Industrial	1.3
Human Resources	1.2
Auto/Truck Parts & Equipment — Original	1.2
Auto/Truck Parts & Equipment — Replacement	1.2
Registered Investment Companies	1.1
Insurance — Life/Health	1.0
Building Products — Doors & Windows	1.0
Investment Companies	1.0
Specified Purpose Acquisitions	1.0
Wire & Cable Products	0.9
Building & Construction Products — Misc.	0.9
Beverages — Non-alcoholic	0.9
Diversified Operations/Commercial Services	0.9
Food — Baking	0.8
Transport — Truck	0.8
Food — Confectionery	0.8
Applications Software	0.8
Medical — Drugs	0.8
Machinery — Material Handling	0.7
Retail — Vitamins & Nutrition Supplements	0.7
Dental Supplies & Equipment	0.7
Food — Catering	0.7
Housewares	0.6
Machinery — Farming	0.6
X-Ray Equipment	0.6
Rental Auto/Equipment	0.6
Footwear & Related Apparel	0.6
Medical — Generic Drugs	0.5
Rubber/Plastic Products	0.5
Office Supplies & Forms	0.5
Quarrying	0.5
Oil & Gas Drilling	0.5
Recycling	0.5
Finance — Leasing Companies	0.4
Medical Instruments	0.4
Printing — Commercial	0.4
Oil — Field Services	0.4
Cosmetics & Toiletries	0.3
Apparel Manufacturers	0.3
Networking Products	0.3
Miscellaneous Manufacturing	0.2
Building Products — Wood	0.2
Energy — Alternate Sources	0.2
Gambling (Non-Hotel)	0.2
Investment Management/Advisor Services	0.2
Transactional Software	0.2

Transport — Marine	0.1
Oil Field Machinery & Equipment	0.1
Publishing — Newspapers	0.1
	99.0	%

* Calculated as a percentage of net assets

227

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.9%
Apparel Manufacturers — 0.3%
Delta Apparel, Inc.†		27,588	$	812,191
Applications Software — 0.8%
Concentrix Corp.		11,728		1,946,848
Auto/Truck Parts & Equipment - Original — 1.2%
Holley, Inc.†#		246,058		3,004,368
Auto/Truck Parts & Equipment - Replacement — 1.2%
Douglas Dynamics, Inc.		72,835		2,895,191
Banks - Commercial — 7.8%
Associated Banc - Corp		78,185		1,712,251
CVB Financial Corp.		76,625		1,464,304
First Citizens BancShares, Inc., Class A		3,980		3,199,840
First Hawaiian, Inc.		47,838		1,255,747
Hancock Whitney Corp.		43,118		2,060,178
Renasant Corp.		50,327		1,833,413
South State Corp.		26,647		2,082,197
UMB Financial Corp.		60,407		6,075,736
				19,683,666
Beverages - Non-alcoholic — 0.9%
Primo Water Corp.		132,183		2,196,881
Building & Construction Products - Misc. — 0.9%
Simpson Manufacturing Co., Inc.		19,474		2,246,521
Building Products - Cement — 3.1%
Eagle Materials, Inc.		50,526		7,792,120
Building Products - Doors & Windows — 1.0%
Griffon Corp.		76,469		2,011,900
JELD-WEN Holding, Inc.†		24,084		583,555
				2,595,455
Building Products - Wood — 0.2%
UFP Industries, Inc.		7,128		593,620
Chemicals - Diversified — 2.4%
Innospec, Inc.		75,065		6,095,278
Chemicals - Specialty — 2.4%
Ecovyst, Inc.		138,351		1,324,019
Element Solutions, Inc.		35,721		816,939
Minerals Technologies, Inc.		8,357		548,804
NewMarket Corp.		9,866		3,268,606
				5,958,368
Commercial Services — 1.5%
API Group Corp.†		159,355		3,714,565
Commercial Services - Finance — 1.3%
CBIZ, Inc.†		73,577		2,650,979
Euronet Worldwide, Inc.†		5,756		583,486
				3,234,465
Computer Services — 1.6%
Kyndryl Holdings, Inc.†		35,209		556,302
MAXIMUS, Inc.		23,162		1,747,573
Parsons Corp.†		53,609		1,779,283
				4,083,158
Computers - Memory Devices — 0.0%
GlassBridge Enterprises, Inc.†		292		613
Consumer Products - Misc. — 7.5%
Central Garden & Pet Co.†		36,118		1,740,165
Central Garden & Pet Co., Class A†		42,203		1,829,500
Helen of Troy, Ltd.†		22,930		5,514,665
Quanex Building Products Corp.		109,736		2,345,058

Security Description	Shares		Value (Note 2)
Consumer Products - Misc. (continued)
Spectrum Brands Holdings, Inc.		74,658	$	7,473,266
				18,902,654
Containers - Metal/Glass — 1.8%
Silgan Holdings, Inc.		111,746		4,634,107
Containers - Paper/Plastic — 1.4%
Matthews International Corp., Class A		14,499		502,681
TriMas Corp.		88,210		2,921,515
				3,424,196
Cosmetics & Toiletries — 0.3%
Edgewell Personal Care Co.		20,038		850,813
Dental Supplies & Equipment — 0.7%
Patterson Cos., Inc.		55,589		1,749,386
Distribution/Wholesale — 2.7%
Avient Corp.		122,726		6,751,157
Diversified Operations/Commercial Services — 0.9%
Viad Corp.†		50,898		2,153,494
Electric - Integrated — 1.8%
ALLETE, Inc.		27,052		1,586,059
Hawaiian Electric Industries, Inc.		74,634		2,835,345
				4,421,404
Electronic Components - Misc. — 1.7%
Atkore, Inc.†		39,493		4,206,004
Energy - Alternate Sources — 0.2%
Alto Ingredients, Inc.†		93,146		485,291
Finance - Leasing Companies — 0.4%
Air Lease Corp.		27,657		1,122,598
Finance - Other Services — 0.0%
Stronghold Digital Mining, Inc., Class A†		5,093		87,803
Food - Baking — 0.8%
Hostess Brands, Inc.†		123,327		2,095,326
Food - Catering — 0.7%
Healthcare Services Group, Inc.		99,017		1,732,798
Food - Confectionery — 0.8%
Tootsie Roll Industries, Inc.#		31,678		996,273
Utz Brands, Inc.		68,236		962,810
				1,959,083
Food - Misc./Diversified — 3.8%
J&J Snack Foods Corp.		45,063		6,154,705
Nomad Foods, Ltd.†		143,963		3,439,276
				9,593,981
Footwear & Related Apparel — 0.6%
Steven Madden, Ltd.		31,690		1,503,691
Gambling (Non-Hotel) — 0.2%
Bally’s Corp.†		12,362		473,959
Housewares — 0.6%
Tupperware Brands Corp.†		102,792		1,607,667
Human Resources — 1.2%
Korn Ferry		42,140		3,065,264
Insurance - Life/Health — 1.0%
CNO Financial Group, Inc.		22,330		505,998
Jackson Financial, Inc., Class A#		45,888		1,452,814
National Western Life Group, Inc., Class A		3,132		637,832
				2,596,644

228

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Insurance - Property/Casualty — 4.3%
Enstar Group, Ltd.†		12,612	$	2,813,737
Hanover Insurance Group, Inc.		25,592		3,115,826
ProAssurance Corp.		55,571		1,278,133
Stewart Information Services Corp.		51,759		3,686,276
				10,893,972
Investment Companies — 1.0%
Apollo Investment Corp.#		82,596		1,084,485
New Mountain Finance Corp.		106,244		1,433,232
				2,517,717
Investment Management/Advisor Services — 0.2%
Westwood Holdings Group, Inc.		27,461		445,143
Machinery - Electrical — 2.9%
Babcock & Wilcox Enterprises, Inc.†		110,205		1,002,866
Franklin Electric Co., Inc.		70,870		6,240,103
				7,242,969
Machinery - Farming — 0.6%
Alamo Group, Inc.		10,917		1,552,616
Machinery - General Industrial — 1.3%
Kadant, Inc.		13,427		3,148,094
Machinery - Material Handling — 0.7%
Columbus McKinnon Corp.		39,949		1,774,535
Machinery - Pumps — 1.8%
CSW Industrials, Inc.		35,957		4,322,031
NN, Inc.†		44,233		196,837
				4,518,868
Medical Instruments — 0.4%
Natus Medical, Inc.†		48,457		1,095,128
Medical - Drugs — 0.8%
Prestige Consumer Healthcare, Inc.†		33,734		1,887,417
Medical - Generic Drugs — 0.5%
Perrigo Co. PLC		37,403		1,373,064
Medical - Wholesale Drug Distribution — 1.8%
Owens & Minor, Inc.		90,696		3,627,840
Premier, Inc., Class A		26,923		998,036
				4,625,876
Metal Processors & Fabrication — 4.7%
Hillman Solutions Corp.†#		226,988		2,401,533
Janus International Group, Inc.†		105,800		1,346,834
Mayville Engineering Co., Inc.†		37,474		556,489
Mueller Industries, Inc.		134,915		7,464,847
				11,769,703
Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc.		13,449		599,825
Networking Products — 0.3%
NETGEAR, Inc.†		26,496		708,503
Office Supplies & Forms — 0.5%
ACCO Brands Corp.		157,975		1,304,874
Oil & Gas Drilling — 0.5%
Patterson-UTI Energy, Inc.		178,781		1,262,194
Oil Companies - Exploration & Production — 4.3%
Berry Corp.		88,712		722,116
Denbury, Inc.†		21,342		1,699,250
EQT Corp.†		38,711		752,155
Magnolia Oil & Gas Corp., Class A		162,931		3,090,801
Northern Oil and Gas, Inc.		25,412		517,896

Security Description	Shares		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Southwestern Energy Co.†		375,721	$	1,683,230
Whiting Petroleum Corp.†		35,591		2,302,382
				10,767,830
Oil Field Machinery & Equipment — 0.1%
Forum Energy Technologies, Inc.†#		11,287		198,651
Oil - Field Services — 0.4%
Liberty Oilfield Services, Inc., Class A†		55,570		511,244
TechnipFMC PLC†		95,877		543,623
				1,054,867
Paper & Related Products — 1.9%
Neenah, Inc.		65,232		3,032,636
Schweitzer-Mauduit International, Inc.		56,668		1,626,371
				4,659,007
Printing - Commercial — 0.4%
Ennis, Inc.		57,197		1,087,887
Publishing - Newspapers — 0.1%
DallasNews Corp.		19,070		126,434
Quarrying — 0.5%
Compass Minerals International, Inc.		25,956		1,262,759
Real Estate Investment Trusts — 2.7%
Apollo Commercial Real Estate Finance, Inc.		90,071		1,218,661
New York Mtg. Trust, Inc.		368,779		1,375,546
Two Harbors Investment Corp.		445,491		2,619,487
Washington Real Estate Investment Trust		63,777		1,607,180
				6,820,874
Recycling — 0.5%
Harsco Corp.†		77,199		1,125,561
Rental Auto/Equipment — 0.6%
Custom Truck One Source, Inc.†#		203,446		1,529,914
Retail - Restaurants — 3.4%
Denny’s Corp.†		196,216		2,717,592
Dine Brands Global, Inc.†		41,157		2,955,896
Jack in the Box, Inc.		34,941		2,886,126
				8,559,614
Retail - Vitamins & Nutrition Supplements — 0.7%
Franchise Group, Inc.		36,911		1,762,500
Rubber/Plastic Products — 0.5%
Myers Industries, Inc.		70,479		1,372,931
Specified Purpose Acquisitions — 1.0%
Mason Industrial Technology, Inc.†(1)		35,605		356,050
Pershing Square Tontine Holdings, Ltd., Class A†		91,360		1,841,818
Pine Island Acquisition Corp.†(1)		24,530		264,188
				2,462,056
Transactional Software — 0.2%
Synchronoss Technologies, Inc.†		143,277		386,848
Transport - Marine — 0.1%
Nordic American Tankers, Ltd.#		161,076		318,930
Transport - Truck — 0.8%
Werner Enterprises, Inc.		44,723		2,017,455
Wire & Cable Products — 0.9%
Belden, Inc.		38,093		2,349,195
X-Ray Equipment — 0.6%
Varex Imaging Corp.†		54,104		1,544,669
Total Long-Term Investment Securities
(cost $201,658,155)				246,399,108

229

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 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 0.03%(2)(3) (cost $2,847,068)		2,847,068		$	2,847,068
TOTAL INVESTMENTS
(cost $204,505,223)(4)		99.0	%		249,246,176
Other assets less liabilities		1.0			2,588,947
NET ASSETS		100.0	%	$	251,835,123

† Non-income producing security

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

(1) Consists of more than one type of securities traded together as a unit.

(2) At November 30, 2021, the Fund had loaned securities with a total value of $5,297,405. This was secured by collateral of $2,847,068, which was received in cash and subsequently invested in short-term investments currently valued at $2,847,068 as reported in the Portfolio of Investments. Additional collateral of $2,687,210 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	02/03/2022 to 03/24/2022	$	62,222
United States Treasury Notes/Bonds	0.08% to 6.88%	01/15/2022 to 05/15/2051		2,624,988

(3) The rate shown is the 7-day yield as of November 30, 2021.

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	246,399,108	$	—	$	—		246,399,108
Short-Term Investment Securities		2,847,068		—		—		2,847,068
Total Investments at Value	$	249,246,176	$	—	$	—	$	249,246,176

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

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

See Notes to Financial Statements

230

VALIC Company I Small Cap Value Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Banks — Commercial	14.6	%
Real Estate Investment Trusts	12.3
Medical — Biomedical/Gene	5.0
Oil Companies — Exploration & Production	3.8
Repurchase Agreements	3.4
Savings & Loans/Thrifts	2.3
Electronic Components — Misc.	1.8
Distribution/Wholesale	1.7
Human Resources	1.7
Building — Heavy Construction	1.5
Building — Residential/Commercial	1.4
Oil — Field Services	1.4
Medical Information Systems	1.2
Building & Construction — Misc.	1.1
Energy — Alternate Sources	1.1
Transport — Truck	1.1
Rental Auto/Equipment	1.1
Theaters	1.1
Medical — Drugs	1.0
Chemicals — Specialty	1.0
Independent Power Producers	1.0
Television	0.9
Retail — Regional Department Stores	0.9
Electric — Integrated	0.9
Retail — Automobile	0.9
Finance — Consumer Loans	0.9
Enterprise Software/Service	0.8
Registered Investment Companies	0.8
Investment Management/Advisor Services	0.8
Retail — Building Products	0.8
Building — Maintenance & Services	0.7
Financial Guarantee Insurance	0.7
Insurance — Reinsurance	0.7
Pastoral & Agricultural	0.7
Insurance — Property/Casualty	0.7
Gas — Distribution	0.7
Medical — Hospitals	0.7
Commercial Services	0.6
Transport — Services	0.6
Auto/Truck Parts & Equipment — Original	0.6
Airlines	0.6
Computer Services	0.5
Finance — Mortgage Loan/Banker	0.5
Insurance — Life/Health	0.5
Paper & Related Products	0.5
Steel — Producers	0.5
Food — Misc./Diversified	0.5
Pharmacy Services	0.5
Machinery — Construction & Mining	0.4
Water	0.4
Chemicals — Diversified	0.4
Real Estate Management/Services	0.4
Machinery — Pumps	0.4
Computers — Integrated Systems	0.4
Consumer Products — Misc.	0.4
Gas — Transportation	0.4
Finance — Investment Banker/Broker	0.4
Medical Products	0.4
Coal	0.4
Machinery — Electrical	0.4
Food — Retail	0.4
Metal — Aluminum	0.4
Circuit Boards	0.4
Consulting Services	0.4
Computer Data Security	0.4
Rubber — Tires	0.4
Retail — Jewelry	0.4
Commercial Services — Finance	0.4
Food — Wholesale/Distribution	0.4

Satellite Telecom	0.3
Building Products — Wood	0.3
Data Processing/Management	0.3
Aerospace/Defense — Equipment	0.3
E-Commerce/Services	0.3
Cosmetics & Toiletries	0.3
Retail — Apparel/Shoe	0.3
Apparel Manufacturers	0.3
Machinery — General Industrial	0.3
Office Supplies & Forms	0.3
Medical Instruments	0.3
Oil Refining & Marketing	0.3
Building & Construction Products — Misc.	0.3
Cable/Satellite TV	0.3
Medical — Wholesale Drug Distribution	0.3
Office Furnishings — Original	0.3
Home Furnishings	0.2
Retail — Sporting Goods	0.2
Telecom Services	0.2
Publishing — Newspapers	0.2
Real Estate Operations & Development	0.2
Multimedia	0.2
Transport — Marine	0.2
Semiconductor Equipment	0.2
Travel Services	0.2
Transport — Air Freight	0.2
Telecommunication Equipment	0.2
Machinery — Farming	0.2
Banks — Mortgage	0.2
Auto — Truck Trailers	0.2
Therapeutics	0.2
Containers — Metal/Glass	0.2
Electronic Components — Semiconductors	0.2
Retail — Office Supplies	0.2
Medical — Outpatient/Home Medical	0.2
Oil & Gas Drilling	0.2
Networking Products	0.2
Retail — Drug Store	0.2
Medical Imaging Systems	0.1
Disposable Medical Products	0.1
Diversified Manufacturing Operations	0.1
Resorts/Theme Parks	0.1
Medical Labs & Testing Services	0.1
Power Converter/Supply Equipment	0.1
Internet Content — Information/News	0.1
Motion Pictures & Services	0.1
Electric — Distribution	0.1
Computer Software	0.1
Agricultural Operations	0.1
Medical — Nursing Homes	0.1
Publishing — Books	0.1
Housewares	0.1
Retail — Petroleum Products	0.1
Footwear & Related Apparel	0.1
Banks — Super Regional	0.1
Applications Software	0.1
Funeral Services & Related Items	0.1
E-Marketing/Info	0.1
Metal Products — Distribution	0.1
Retail — Appliances	0.1
Metal Processors & Fabrication	0.1
Building Products — Doors & Windows	0.1
Retail — Bedding	0.1
Advanced Materials	0.1
Retail — Pawn Shops	0.1
Retail — Restaurants	0.1
Retail — Discount	0.1
Machinery — Material Handling	0.1
X-Ray Equipment	0.1

231

VALIC Company I Small Cap Value Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited) — (continued)

Industry Allocation* (continued)

Hazardous Waste Disposal	0.1	%
Food — Canned	0.1
Night Clubs	0.1
Printing — Commercial	0.1
Food — Catering	0.1
Audio/Video Products	0.1
Hotels/Motels	0.1
	100.5	%

* Calculated as a percentage of net assets

232

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.3%
Advanced Materials — 0.1%
Materion Corp.		3,800	$	321,708
Aerospace/Defense - Equipment — 0.3%
AAR Corp.†		7,000		228,620
Astronics Corp.†		34,700		362,962
Barnes Group, Inc.		5,300		230,285
Moog, Inc., Class A		5,400		373,518
Triumph Group, Inc.†		13,900		232,964
				1,428,349
Agricultural Operations — 0.1%
Andersons, Inc.		4,900		166,502
Bunge, Ltd.		2,200		190,454
Fresh Del Monte Produce, Inc.		6,500		160,940
				517,896
Airlines — 0.6%
Hawaiian Holdings, Inc.†		21,900		400,332
SkyWest, Inc.†		39,000		1,527,630
Spirit Airlines, Inc.†		40,200		840,582
				2,768,544
Apparel Manufacturers — 0.3%
Deckers Outdoor Corp.†		2,400		972,960
Kontoor Brands, Inc.		6,700		361,264
				1,334,224
Applications Software — 0.1%
Alkami Technology, Inc.†		6,189		177,562
BM Technologies, Inc.†		8,494		102,353
IBEX Holdings, Ltd.†		13,714		181,368
				461,283
Audio/Video Products — 0.1%
Universal Electronics, Inc.†		6,900		249,780
Auto - Truck Trailers — 0.2%
Wabash National Corp.		56,400		941,880
Auto/Truck Parts & Equipment - Original — 0.6%
Adient PLC†		20,300		861,735
American Axle & Manufacturing Holdings, Inc.†		42,300		374,778
Dana, Inc.		38,637		830,696
Meritor, Inc.†		30,600		773,874
				2,841,083
Auto/Truck Parts & Equipment - Replacement — 0.0%
Douglas Dynamics, Inc.		3,700		147,075
Banks - Commercial — 14.6%
1st Source Corp.		11,020		509,675
Amalgamated Financial Corp.		15,000		253,800
American National Bankshares, Inc.		2,100		76,818
Ameris Bancorp		16,900		822,523
Associated Banc-Corp		73,000		1,598,700
Atlantic Capital Bancshares, Inc.†		6,900		192,786
Atlantic Union Bankshares Corp.		800		26,008
Bank of N.T. Butterfield & Son, Ltd.		12,900		475,107
Banner Corp.		7,300		418,144
Bar Harbor Bankshares		13,800		394,266
Bridgewater Bancshares, Inc.†		16,900		288,821
Bryn Mawr Bank Corp.		2,800		124,880
Business First Bancshares, Inc.		23,400		643,500
Byline Bancorp, Inc.		17,700		459,669
Cadence Bank		25,750		752,415
Capital Bancorp, Inc.		3,500		92,995
Capstar Financial Holdings, Inc.		11,300		235,379
Cathay General Bancorp		57,490		2,409,406

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Central Pacific Financial Corp.		40,500	$	1,084,185
CIT Group, Inc.		63,000		3,090,780
City Holding Co.		5,800		455,068
Columbia Banking System, Inc.		20,400		670,344
Community Bank System, Inc.		11,380		804,111
Community Trust Bancorp, Inc.		19,918		836,556
ConnectOne Bancorp, Inc.		44,923		1,459,997
CrossFirst Bankshares, Inc.†		3,000		41,970
Customers Bancorp, Inc.†		47,000		2,709,080
CVB Financial Corp.		22,600		431,886
Dime Community Bancshares, Inc.		12,972		444,939
Eastern Bankshares, Inc.		46,200		930,006
Enterprise Financial Services Corp.		22,959		1,064,609
Equity Bancshares, Inc., Class A		6,400		208,128	��
Farmers National Banc Corp.		9,900		174,141
FB Financial Corp.		6,526		279,965
Financial Institutions, Inc.		18,500		569,800
First Bancorp		6,400		284,416
First BanCorp/Puerto Rico		84,600		1,124,334
First Bancshares, Inc.		3,900		151,554
First Commonwealth Financial Corp.		99,900		1,501,497
First Community Bankshares, Inc.		5,400		176,580
First Financial Corp.		4,000		173,840
First Hawaiian, Inc.		8,600		225,750
First Horizon Corp.		54,508		879,214
First Internet Bancorp		5,300		229,543
First Interstate BancSystem, Inc., Class A		6,070		247,656
First Merchants Corp.		17,400		694,086
First Midwest Bancorp, Inc.		82,800		1,633,644
Flagstar Bancorp, Inc.		30,100		1,400,854
Fulton Financial Corp.		33,800		533,702
Glacier Bancorp, Inc.		12,900		700,470
Great Southern Bancorp, Inc.		15,100		840,013
Great Western Bancorp, Inc.		37,400		1,254,770
Hancock Whitney Corp.		43,921		2,098,545
Hanmi Financial Corp.		36,200		813,414
HBT Financial, Inc.		10,000		180,000
Heritage Commerce Corp.		5,700		62,472
Hilltop Holdings, Inc.		74,700		2,542,041
Home BancShares, Inc.		47,900		1,146,247
HomeStreet, Inc.		18,700		923,219
Hope Bancorp, Inc.		140,427		2,015,127
Independent Bank Corp.		11,900		268,345
Independent Bank Corp.		7,700		608,762
Kearny Financial Corp.		51,600		655,836
Luther Burbank Corp.		27,100		373,709
Mercantile Bank Corp.		1,700		57,086
Merchants Bancorp		3,500		159,635
Meta Financial Group, Inc.		18,200		1,087,814
Metropolitan Bank Holding Corp.†		1,100		104,423
Midland States Bancorp, Inc.		2,900		69,020
MVB Financial Corp.		1,400		57,498
Nicolet Bankshares, Inc.†		1,700		121,227
Northrim BanCorp, Inc.		2,200		89,210
OFG Bancorp		13,400		322,940
Old National Bancorp		186,800		3,298,888
Old Second Bancorp, Inc.		9,500		117,325
Origin Bancorp, Inc.		5,400		227,826
Orrstown Financial Services, Inc.		5,000		117,000
PacWest Bancorp		4,235		189,474
Peapack-Gladstone Financial Corp.		11,500		380,420
Peoples Bancorp, Inc.		7,690		237,160
Pinnacle Financial Partners, Inc.		4,400		419,804
Preferred Bank		1,600		109,040
Premier Financial Corp.		11,320		332,808

233

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Provident Bancorp, Inc.	��	16,000	$	289,760
QCR Holdings, Inc.		5,200		280,488
RBB Bancorp		6,600		161,436
Renasant Corp.		1,300		47,359
Republic Bancorp, Inc., Class A		4,700		240,781
S&T Bancorp, Inc.		2,080		62,213
Sandy Spring Bancorp, Inc.		14,200		666,406
Sierra Bancorp		3,400		85,612
Simmons First National Corp., Class A		28,700		835,457
SmartFinancial, Inc.		8,100		207,927
Tompkins Financial Corp.		2,048		160,072
TriCo Bancshares		4,200		177,072
TriState Capital Holdings, Inc.†		4,800		143,568
Trustmark Corp.		42,071		1,287,793
UMB Financial Corp.		20,160		2,027,693
Umpqua Holdings Corp.		26,900		512,714
United Community Banks, Inc.		38,000		1,302,260
Valley National Bancorp		61,420		825,485
Veritex Holdings, Inc.		32,022		1,269,032
Washington Trust Bancorp, Inc.		3,380		181,844
Webster Financial Corp.		10,100		544,289
WesBanco, Inc.		7,500		244,125
West BanCorp, Inc.		261		8,099
Westamerica BanCorp		14,824		797,235
Wintrust Financial Corp.		6,400		560,192
				69,187,607
Banks - Mortgage — 0.2%
Walker & Dunlop, Inc.		6,700		942,623
Banks - Super Regional — 0.1%
Independent Bank Group, Inc.		6,900		479,067
Broadcast Services/Program — 0.0%
Hemisphere Media Group, Inc.†		9,904		75,270
Building & Construction Products - Misc. — 0.3%
Builders FirstSource, Inc.†		12,050		836,752
Louisiana-Pacific Corp.		6,200		405,170
				1,241,922
Building & Construction - Misc. — 1.1%
Comfort Systems USA, Inc.		7,900		749,473
EMCOR Group, Inc.		30,998		3,699,301
MYR Group, Inc.†		8,700		963,177
				5,411,951
Building Products - Doors & Windows — 0.1%
Cornerstone Building Brands, Inc.†		22,500		353,700
Building Products - Wood — 0.3%
Boise Cascade Co.		12,100		784,443
UFP Industries, Inc.		7,900		657,912
				1,442,355
Building - Heavy Construction — 1.5%
Arcosa, Inc.		10,900		557,753
Granite Construction, Inc.		36,907		1,434,944
Great Lakes Dredge & Dock Corp.†		24,800		366,544
MasTec, Inc.†		21,850		2,013,915
Primoris Services Corp.		35,700		800,394
Southwest Gas Holdings, Inc.		14,941		983,267
Sterling Construction Co., Inc.†		17,800		458,706
Tutor Perini Corp.†		28,700		369,082
				6,984,605

Security Description	Shares		Value (Note 2)
Building - Maintenance & Services — 0.7%
ABM Industries, Inc.		78,200	$	3,519,000
Building - Residential/Commercial — 1.4%
Meritage Homes Corp.†		12,700		1,433,322
Taylor Morrison Home Corp.†		42,300		1,313,838
Tri Pointe Homes, Inc.†		158,509		3,957,970
				6,705,130
Cable/Satellite TV — 0.3%
Liberty Latin America, Ltd., Class A†		50,100		569,136
Liberty Latin America, Ltd., Class C†		59,450		668,218
				1,237,354
Chemicals - Diversified — 0.4%
AdvanSix, Inc.		7,163		324,412
Koppers Holdings, Inc.†		19,300		582,860
Orion Engineered Carbons SA†		20,700		363,285
Stepan Co.		3,400		383,214
Trinseo PLC		8,545		403,581
				2,057,352
Chemicals - Specialty — 1.0%
Ecovyst, Inc.		17,400		166,518
H.B. Fuller Co.		19,500		1,426,620
Minerals Technologies, Inc.		20,560		1,350,175
Tronox Holdings PLC, Class A		79,200		1,741,608
				4,684,921
Circuit Boards — 0.4%
TTM Technologies, Inc.†		130,054		1,792,144
Coal — 0.4%
Arch Resources, Inc.#		11,800		914,382
SunCoke Energy, Inc.		88,400		538,356
Warrior Met Coal, Inc.		19,700		423,353
				1,876,091
Commercial Services — 0.6%
API Group Corp.†		23,000		536,130
John Wiley & Sons, Inc., Class A		28,225		1,467,135
LiveRamp Holdings, Inc.†		16,900		793,117
SP Plus Corp.†		4,800		130,128
WW International, Inc.†#		4,600		77,372
				3,003,882
Commercial Services - Finance — 0.4%
Marathon Digital Holdings, Inc.†#		33,312		1,701,244
Computer Data Security — 0.4%
Ping Identity Holding Corp.†		67,600		1,609,556
SecureWorks Corp., Class A†		7,611		135,171
				1,744,727
Computer Services — 0.5%
KBR, Inc.		46,300		2,037,200
StarTek, Inc.†		38,636		155,317
Unisys Corp.†		18,600		337,776
				2,530,293
Computer Software — 0.1%
Xperi Holding Corp.		29,000		519,680
Computers - Integrated Systems — 0.4%
NetScout Systems, Inc.†		43,200		1,291,680
Super Micro Computer, Inc.†		16,100		666,540
				1,958,220

234

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consulting Services — 0.4%
CRA International, Inc.		3,100	$	285,417
Huron Consulting Group, Inc.†		11,300		516,297
Kelly Services, Inc., Class A		56,503		952,641
				1,754,355
Consumer Products - Misc. — 0.4%
Central Garden & Pet Co., Class A†		33,900		1,469,565
Quanex Building Products Corp.		21,400		457,318
				1,926,883
Containers - Metal/Glass — 0.2%
Greif, Inc., Class A		14,300		867,724
Containers - Paper/Plastic — 0.0%
TriMas Corp.		3,100		102,672
Cosmetics & Toiletries — 0.3%
Edgewell Personal Care Co.		31,800		1,350,228
Data Processing/Management — 0.3%
CSG Systems International, Inc.		27,302		1,439,088
Disposable Medical Products — 0.1%
Utah Medical Products, Inc.		5,700		635,892
Distribution/Wholesale — 1.7%
Avient Corp.		37,500		2,062,875
G-III Apparel Group, Ltd.†		46,300		1,372,332
KAR Auction Services, Inc.†		2,900		43,471
ScanSource, Inc.†		43,400		1,356,250
Titan Machinery, Inc.†		11,800		392,232
Veritiv Corp.†		12,100		1,525,084
WESCO International, Inc.†		11,400		1,415,082
				8,167,326
Diversified Manufacturing Operations — 0.1%
EnPro Industries, Inc.		6,200		632,400
Drug Delivery Systems — 0.0%
Revance Therapeutics, Inc.†#		8,800		120,384
E-Commerce/Services — 0.3%
Cars.com, Inc.†		84,600		1,411,128
E-Marketing/Info — 0.1%
QuinStreet, Inc.†		25,800		394,998
Electric - Distribution — 0.1%
Unitil Corp.		5,700		236,208
Via Renewables, Inc.#		26,400		294,888
				531,096
Electric - Generation — 0.0%
Brookfield Renewable Corp., Class A		2,600		96,278
Electric - Integrated — 0.9%
ALLETE, Inc.		2,800		164,164
Avista Corp.		12,280		472,903
Black Hills Corp.		8,100		519,372
IDACORP, Inc.		6,700		700,954
NorthWestern Corp.#		3,500		193,550
Otter Tail Corp.		3,300		215,787
Portland General Electric Co.		41,000		1,995,470
				4,262,200
Electronic Components - Misc. — 1.8%
Benchmark Electronics, Inc.		74,832		1,764,539
Knowles Corp.†		66,900		1,453,068
OSI Systems, Inc.†		16,900		1,536,717
Sanmina Corp.†		49,032		1,791,629

Security Description	Shares		Value (Note 2)
Electronic Components - Misc. (continued)
Vishay Intertechnology, Inc.		85,800	$	1,747,746
				8,293,699
Electronic Components - Semiconductors — 0.2%
Alpha & Omega Semiconductor, Ltd.†		6,200		304,544
Amkor Technology, Inc.		10,800		232,848
Photronics, Inc.†		24,800		327,608
				865,000
Energy - Alternate Sources — 1.1%
Fluence Energy, Inc.†		54,848		1,738,133
FutureFuel Corp.		30,000		226,200
Green Plains, Inc.†		38,800		1,499,620
Renewable Energy Group, Inc.†		2,500		119,450
REX American Resources Corp.†		4,700		427,700
Sunnova Energy International, Inc.†		7,200		266,184
SunPower Corp.†		39,300		1,125,945
				5,403,232
Enterprise Software/Service — 0.8%
Donnelley Financial Solutions, Inc.†		34,900		1,630,528
eGain Corp.†		41,000		430,500
Evolent Health, Inc., Class A†		21,300		553,800
ManTech International Corp., Class A		15,500		1,053,225
Verint Systems, Inc.†		5,000		237,950
				3,906,003
Finance - Commercial — 0.0%
Marlin Business Services Corp.		7,200		165,240
Finance - Consumer Loans — 0.9%
Encore Capital Group, Inc.†		11,600		676,744
EZCORP, Inc., Class A†		8,000		59,200
Navient Corp.		119,600		2,359,708
Nelnet, Inc., Class A		10,500		905,100
Regional Management Corp.		3,000		169,680
				4,170,432
Finance - Investment Banker/Broker — 0.4%
Cowen, Inc., Class A		26,255		928,902
Piper Sandler Cos.		5,800		961,350
				1,890,252
Finance - Mortgage Loan/Banker — 0.5%
Mr. Cooper Group, Inc.†		42,400		1,665,048
Oportun Financial Corp.†		11,800		253,346
PennyMac Financial Services, Inc.		9,600		607,968
				2,526,362
Financial Guarantee Insurance — 0.7%
MGIC Investment Corp.		47,800		673,980
NMI Holdings, Inc., Class A†		34,700		680,120
Radian Group, Inc.		103,600		2,110,332
				3,464,432
Food - Canned — 0.1%
Seneca Foods Corp., Class A†		6,400		273,344
Food - Catering — 0.1%
Healthcare Services Group, Inc.		14,900		260,750
Food - Misc./Diversified — 0.5%
BellRing Brands, Inc., Class A†		100,300		2,158,456
John B. Sanfilippo & Son, Inc.		3,000		247,200
				2,405,656
Food - Retail — 0.4%
Sprouts Farmers Market, Inc.†		69,500		1,838,970

235

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Wholesale/Distribution — 0.4%
SpartanNash Co.		34,573	$	827,332
United Natural Foods, Inc.†		17,400		865,128
				1,692,460
Footwear & Related Apparel — 0.1%
Wolverine World Wide, Inc.		15,400		479,402
Funeral Services & Related Items — 0.1%
Carriage Services, Inc.		8,100		419,094
Gas - Distribution — 0.7%
Chesapeake Utilities Corp.		700		89,152
New Jersey Resources Corp.		44,777		1,646,898
Northwest Natural Holding Co.		2,800		120,736
Spire, Inc.		21,700		1,298,745
				3,155,531
Gas - Transportation — 0.4%
Brookfield Infrastructure Corp., Class A#		32,322		1,913,139
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		8,700		279,183
Home Furnishings — 0.2%
Hooker Furnitures Corp.		7,300		173,302
MillerKnoll, Inc.		16,844		639,061
Sleep Number Corp.†		4,500		359,010
				1,171,373
Hotels/Motels — 0.1%
Bluegreen Vacations Holding Corp.†		8,100		240,813
Housewares — 0.1%
Lifetime Brands, Inc.		26,800		435,232
Tupperware Brands Corp.†		3,600		56,304
				491,536
Human Resources — 1.7%
Barrett Business Services, Inc.		15,600		1,101,204
Heidrick & Struggles International, Inc.		50,950		2,199,511
Insperity, Inc.		1,000		115,740
Korn Ferry		33,700		2,451,338
TrueBlue, Inc.†		76,400		1,987,928
				7,855,721
Independent Power Producers — 1.0%
Clearway Energy, Inc., Class A		46,200		1,595,286
Clearway Energy, Inc., Class C		59,200		2,209,344
Vistra Corp.		36,229		720,233
				4,524,863
Insurance - Life/Health — 0.5%
American Equity Investment Life Holding Co.		32,800		1,103,064
CNO Financial Group, Inc.		62,220		1,409,905
				2,512,969
Insurance - Property/Casualty — 0.7%
Employers Holdings, Inc.		5,200		200,772
First American Financial Corp.		7,075		524,823
RLI Corp.		500		51,390
Selective Insurance Group, Inc.		12,600		951,804
Stewart Information Services Corp.		20,250		1,442,205
				3,170,994
Insurance - Reinsurance — 0.7%
Argo Group International Holdings, Ltd.		18,075		981,111
Essent Group, Ltd.		57,100		2,374,218
				3,355,329

Security Description	Shares		Value (Note 2)
Internet Content - Information/News — 0.1%
Yelp, Inc.†		17,100	$	586,188
Investment Management/Advisor Services — 0.8%
AssetMark Financial Holdings, Inc.†		15,940		404,238
Blucora, Inc.†		12,200		197,518
Federated Hermes, Inc.		23,500		792,185
Stifel Financial Corp.		19,450		1,381,145
Virtus Investment Partners, Inc.		3,100		921,878
				3,696,964
Machine Tools & Related Products — 0.0%
Kennametal, Inc.		5,800		205,146
Machinery - Construction & Mining — 0.4%
Manitowoc Co, Inc.†		28,100		535,586
Terex Corp.		37,700		1,597,726
				2,133,312
Machinery - Electrical — 0.4%
Argan, Inc.		47,600		1,870,680
Machinery - Farming — 0.2%
AGCO Corp.		8,560		943,398
Machinery - General Industrial — 0.3%
Altra Industrial Motion Corp.		22,800		1,201,788
DXP Enterprises, Inc.†		4,700		129,861
				1,331,649
Machinery - Material Handling — 0.1%
Columbus McKinnon Corp.		6,800		302,056
Machinery - Pumps — 0.4%
Watts Water Technologies, Inc., Class A		10,800		2,038,068
Machinery - Thermal Process — 0.0%
Thermon Group Holdings, Inc.†		8,800		151,888
Medical Imaging Systems — 0.1%
Lantheus Holdings, Inc.†		26,780		717,168
Medical Information Systems — 1.2%
Allscripts Healthcare Solutions, Inc.†		230,800		3,838,204
Computer Programs & Systems, Inc.†		2,800		82,516
NextGen Healthcare, Inc.†		102,000		1,581,000
				5,501,720
Medical Instruments — 0.3%
AngioDynamics, Inc.†		16,000		412,000
Natus Medical, Inc.†		40,116		906,622
				1,318,622
Medical Labs & Testing Services — 0.1%
MEDNAX, Inc.†		24,800		609,088
Medical Products — 0.4%
Apria, Inc.†		15,000		421,950
Bioventus, Inc., Class A†		26,300		326,909
Integer Holdings Corp.†		12,900		1,028,646
Orthofix Medical, Inc.†		3,600		110,196
				1,887,701
Medical - Biomedical/Gene — 5.0%
2seventy Bio, Inc.†		18,833		496,061
89bio, Inc.†#		12,100		159,841
Akero Therapeutics, Inc.†#		8,600		182,836
Allogene Therapeutics, Inc.†		36,600		676,734
Allovir, Inc.†#		26,900		469,674
ANI Pharmaceuticals, Inc.†		8,200		337,348
Arcus Biosciences, Inc.†		24,530		1,074,414
Arena Pharmaceuticals, Inc.†		67,700		3,688,973

236

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Avidity Biosciences, Inc.†		21,700	$	484,561
BioCryst Pharmaceuticals, Inc.†		20,800		250,848
Bluebird Bio, Inc.†		56,400		570,204
Century Therapeutics, Inc.†		17,500		334,425
Cymabay Therapeutics, Inc.†		134,800		446,188
Epizyme, Inc.†		17,400		56,898
Fate Therapeutics, Inc.†		12,800		704,128
FibroGen, Inc.†		20,900		261,459
Frequency Therapeutics, Inc.†#		101,100		515,610
Generation Bio Co.†		19,700		338,249
Intra-Cellular Therapies, Inc.†		9,800		396,704
Iovance Biotherapeutics, Inc.†		17,700		331,344
Karyopharm Therapeutics, Inc.†#		47,400		329,430
Lexicon Pharmaceuticals, Inc.†		116,000		531,280
MacroGenics, Inc.†		18,200		320,320
Myriad Genetics, Inc.†		29,382		759,819
NGM Biopharmaceuticals, Inc.†		59,300		1,068,586
Nuvalent, Inc., Class A†		14,292		304,848
Rallybio Corp.†		34,073		438,520
REGENXBIO, Inc.†		41,100		1,315,200
Scholar Rock Holding Corp.†		22,700		602,685
Singular Genomics Systems, Inc.†		68,200		778,844
Taysha Gene Therapies, Inc.†#		15,700		203,786
Theravance Biopharma, Inc.†		57,400		482,160
Travere Therapeutics, Inc.†		84,500		2,412,475
Turning Point Therapeutics, Inc.†		32,900		1,252,174
Vera Therapeutics, Inc.†		22,200		794,760
Wave Life Sciences, Ltd.†		28,100		109,590
				23,480,976
Medical - Drugs — 1.0%
Eagle Pharmaceuticals, Inc.†		20,700		986,976
Enanta Pharmaceuticals, Inc.†		2,600		229,528
Jounce Therapeutics, Inc.†		57,600		441,792
Kala Pharmaceuticals, Inc.†#		13,400		25,460
Lannett Co., Inc.†#		189,538		295,679
Lyell Immunopharma, Inc.†		45,100		430,705
NexImmune, Inc.†		26,800		211,720
Protagonist Therapeutics, Inc.†		42,200		1,418,764
Spectrum Pharmaceuticals, Inc.†#		103,500		163,530
Spero Therapeutics, Inc.†#		27,862		397,034
Zogenix, Inc.†		27,900		313,875
				4,915,063
Medical - HMO — 0.0%
Tivity Health, Inc.†		6,400		152,448
Medical - Hospitals — 0.7%
Tenet Healthcare Corp.†		42,500		3,096,975
Medical - Nursing Homes — 0.1%
National HealthCare Corp.		7,900		509,471
Medical - Outpatient/Home Medical — 0.2%
ModivCare, Inc.†		6,100		835,883
Medical - Wholesale Drug Distribution — 0.3%
AdaptHealth Corp.†		25,600		502,528
Owens & Minor, Inc.		18,300		732,000
				1,234,528
Metal Processors & Fabrication — 0.1%
AZZ, Inc.		6,000		311,340
Mueller Industries, Inc.		1,000		55,330
				366,670

Security Description	Shares		Value (Note 2)
Metal Products - Distribution — 0.1%
Worthington Industries, Inc.		8,040	$	385,759
Metal - Aluminum — 0.4%
Alcoa Corp.		18,200		846,846
Arconic Corp.†		35,100		937,872
Kaiser Aluminum Corp.		401		35,781
				1,820,499
Motion Pictures & Services — 0.1%
IMAX Corp.†		15,300		252,297
Lions Gate Entertainment Corp., Class A†		20,700		303,255
				555,552
Multimedia — 0.2%
E.W. Scripps Co., Class A		37,300		691,169
Entravision Communications Corp., Class A		54,435		404,452
				1,095,621
Networking Products — 0.2%
A10 Networks, Inc.		47,900		738,618
Night Clubs — 0.1%
RCI Hospitality Holdings, Inc.		4,300		272,233
Office Furnishings - Original — 0.3%
HNI Corp.		9,400		371,394
Steelcase, Inc., Class A		76,600		857,154
				1,228,548
Office Supplies & Forms — 0.3%
ACCO Brands Corp.		160,700		1,327,382
Oil & Gas Drilling — 0.2%
Helmerich & Payne, Inc.		14,300		321,035
Patterson-UTI Energy, Inc.		62,300		439,838
				760,873
Oil Companies - Exploration & Production — 3.8%
Antero Resources Corp.†		131,500		2,309,140
Berry Corp.		119,000		968,660
CNX Resources Corp.†		82,800		1,129,392
Falcon Minerals Corp.		79,200		367,488
Magnolia Oil & Gas Corp., Class A		79,400		1,506,218
Matador Resources Co.		12,500		490,875
Oasis Petroleum, Inc.		8,500		1,019,150
Ovintiv, Inc.		144,400		5,019,344
PDC Energy, Inc.		66,100		3,333,423
Range Resources Corp.†		63,300		1,238,148
Southwestern Energy Co.†		58,100		260,288
Talos Energy, Inc.†		8,300		82,751
Whiting Petroleum Corp.†		7,300		472,237
				18,197,114
Oil Refining & Marketing — 0.3%
CVR Energy, Inc.		48,900		763,329
Delek US Holdings, Inc.†		34,392		539,267
				1,302,596
Oil - Field Services — 1.4%
Bristow Group, Inc.†		2,533		75,230
ChampionX Corp.†		51,300		1,047,033
Liberty Oilfield Services, Inc., Class A†		9,300		85,560
Matrix Service Co.†		68,600		596,134
MRC Global, Inc.†		87,500		602,000
National Energy Services Reunited Corp.†#		9,400		93,154
NexTier Oilfield Solutions, Inc.†		138,466		498,478
NOW, Inc.†		249,000		2,081,640
Oceaneering International, Inc.†		35,500		379,495
Oil States International, Inc.†		36,800		186,208

237

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil - Field Services (continued)
ProPetro Holding Corp.†		49,800	$	409,356
Select Energy Services, Inc., Class A†		76,900		440,637
Solaris Oilfield Infrastructure, Inc., Class A		13,600		93,024
				6,587,949
Paper & Related Products — 0.5%
Clearwater Paper Corp.†		3,014		121,314
Glatfelter Corp.		51,100		841,617
Neenah, Inc.		5,000		232,450
Schweitzer-Mauduit International, Inc.		27,300		783,510
Verso Corp., Class A		23,300		492,562
				2,471,453
Pastoral & Agricultural — 0.7%
Darling Ingredients, Inc.†		47,500		3,207,200
Pharmacy Services — 0.5%
Option Care Health, Inc.†		85,300		2,158,943
Power Converter/Supply Equipment — 0.1%
Powell Industries, Inc.		24,100		588,522
Precious Metals — 0.0%
Hecla Mining Co.		31,300		173,402
Printing - Commercial — 0.1%
Cimpress PLC†		1,000		77,830
Ennis, Inc.		10,092		191,950
				269,780
Publishing - Books — 0.1%
Houghton Mifflin Harcourt Co.†		32,200		501,032
Publishing - Newspapers — 0.2%
TEGNA, Inc.		56,200		1,109,950
Real Estate Investment Trusts — 12.3%
Acadia Realty Trust		5,900		119,121
Agree Realty Corp.		32,850		2,219,346
Alexander & Baldwin, Inc.		41,675		918,100
American Assets Trust, Inc.		15,000		516,000
American Finance Trust, Inc.		29,200		231,848
Apollo Commercial Real Estate Finance, Inc.		12,800		173,184
Apple Hospitality REIT, Inc.		109,600		1,646,192
Ares Commercial Real Estate Corp.		35,800		526,976
Armada Hoffler Properties, Inc.		19,500		272,025
Blackstone Mtg. Trust, Inc., Class A		45,400		1,362,000
BrightSpire Capital, Inc.		4,300		40,205
Broadstone Net Lease, Inc.		38,600		965,000
CareTrust REIT, Inc.		31,900		644,699
Centerspace		11,700		1,195,623
Chatham Lodging Trust†		13,200		157,212
City Office REIT, Inc.		56,900		949,092
Corporate Office Properties Trust		39,000		1,000,740
Cousins Properties, Inc.		11,349		428,538
DiamondRock Hospitality Co.†		89,834		782,454
DigitalBridge Group, Inc.†		162,700		1,295,092
Dynex Capital, Inc.		10,500		175,560
Easterly Government Properties, Inc.		14,900		312,453
Ellington Financial, Inc.		83,550		1,384,424
Essential Properties Realty Trust, Inc.		19,700		532,491
First Industrial Realty Trust, Inc.		13,400		809,494
Four Corners Property Trust, Inc.		31,800		859,236
Getty Realty Corp.		34,646		1,057,742
Gladstone Commercial Corp.		48,700		1,082,114
Global Medical REIT, Inc.		8,800		143,792
Global Net Lease, Inc.		28,100		399,020
Granite Point Mtg. Trust, Inc.		14,600		180,018

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Great Ajax Corp.		752	$	9,505
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		25,100		1,427,688
Healthcare Realty Trust, Inc.		35,500		1,111,860
Highwoods Properties, Inc.		8,800		380,160
Independence Realty Trust, Inc.		47,700		1,168,650
Industrial Logistics Properties Trust		10,800		239,328
Innovative Industrial Properties, Inc.#		2,200		565,026
Kite Realty Group Trust		77,474		1,558,777
KKR Real Estate Finance Trust, Inc.		49,600		1,023,248
Ladder Capital Corp.		106,800		1,216,452
Lexington Realty Trust		115,600		1,739,780
Mack-Cali Realty Corp.†		15,400		257,334
MFA Financial, Inc.		273,300		1,172,457
NETSTREIT Corp.		5,000		106,700
NexPoint Residential Trust, Inc.		1,037		77,340
Paramount Group, Inc.		25,900		206,164
PennyMac Mtg. Investment Trust		26,500		460,305
Phillips Edison & Co., Inc.		28,400		890,908
Physicians Realty Trust		71,900		1,281,977
Piedmont Office Realty Trust, Inc., Class A		52,300		908,974
Plymouth Industrial REIT, Inc.		14,400		428,400
PotlatchDeltic Corp.		34,100		1,846,174
Ready Capital Corp.		49,100		754,176
Redwood Trust, Inc.		136,600		1,751,212
Retail Opportunity Investments Corp.		59,100		1,037,796
RLJ Lodging Trust		36,926		464,898
Ryman Hospitality Properties, Inc.†		4,100		317,340
Sabra Health Care REIT, Inc.		52,100		673,653
SITE Centers Corp.		74,200		1,117,452
STAG Industrial, Inc.		70,100		3,054,958
Summit Hotel Properties, Inc.†		30,600		273,870
Sunstone Hotel Investors, Inc.†		146,072		1,587,803
Tanger Factory Outlet Centers, Inc.		24,600		487,326
Terreno Realty Corp.		37,300		2,840,395
TPG RE Finance Trust, Inc.		67,200		819,840
UMH Properties, Inc.		33,000		761,640
Urban Edge Properties		28,800		496,224
Urstadt Biddle Properties, Inc., Class A		12,300		232,224
Xenia Hotels & Resorts, Inc.†		72,100		1,129,807
				58,257,612
Real Estate Management/Services — 0.4%
Newmark Group, Inc., Class A		47,829		768,134
Realogy Holdings Corp.†		83,900		1,274,441
				2,042,575
Real Estate Operations & Development — 0.2%
Kennedy-Wilson Holdings, Inc.		51,000		1,106,190
Rental Auto/Equipment — 1.1%
Avis Budget Group, Inc.†		7,650		2,100,613
Herc Holdings, Inc.		5,900		1,005,655
PROG Holdings, Inc.		40,000		1,804,800
Rent-A-Center, Inc.		4,000		176,680
				5,087,748
Resort/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		4,000		610,600
Retail - Apparel/Shoe — 0.3%
Abercrombie & Fitch Co., Class A†		4,900		176,400
American Eagle Outfitters, Inc.		11,000		284,790
Caleres, Inc.		14,448		341,117
Genesco, Inc.†		8,500		537,200
				1,339,507

238

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Appliances — 0.1%
Conn’s, Inc.†		17,198	$	376,292
Retail - Automobile — 0.9%
Group 1 Automotive, Inc.		7,900		1,538,525
Rush Enterprises, Inc., Class A		42,900		2,186,184
Sonic Automotive, Inc., Class A		11,800		529,938
				4,254,647
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†		19,000		348,270
Retail - Building Products — 0.8%
Beacon Roofing Supply, Inc.†		13,100		653,821
GMS, Inc.†		52,800		2,949,936
				3,603,757
Retail - Discount — 0.1%
BJ’s Wholesale Club Holdings, Inc.†		4,600		304,290
Retail - Drug Store — 0.2%
Rite Aid Corp.†		59,700		735,504
Retail - Jewelry — 0.4%
Signet Jewelers, Ltd.		17,700		1,719,378
Retail - Office Supplies — 0.2%
ODP Corp.†		22,490		849,222
Retail - Pawn Shops — 0.1%
FirstCash, Inc.		5,000		319,200
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.		19,400		484,806
Retail - Regional Department Stores — 0.9%
Dillard’s, Inc., Class A		1,100		301,290
Macy’s, Inc.		140,300		3,998,550
				4,299,840
Retail - Restaurants — 0.1%
Del Taco Restaurants, Inc.		35,600		272,696
Fiesta Restaurant Group, Inc.†		4,015		37,460
				310,156
Retail - Sporting Goods — 0.2%
Academy Sports & Outdoors, Inc.†		10,900		486,358
Zumiez, Inc.†		14,700		672,672
				1,159,030
Rubber - Tires — 0.4%
Goodyear Tire & Rubber Co.†		86,404		1,737,584
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		5,058		98,530
Satellite Telecom — 0.3%
EchoStar Corp., Class A†		41,600		1,138,592
Gogo, Inc.†#		41,500		532,030
				1,670,622
Savings & Loans/Thrifts — 2.3%
Axos Financial, Inc.†		25,600		1,449,216
Banc of California, Inc.		4,100		80,319
Berkshire Hills Bancorp, Inc.		37,900		1,012,309
Brookline Bancorp, Inc.		28,500		439,755
Flushing Financial Corp.		17,200		406,264
FS Bancorp, Inc.		2,900		94,134
HomeTrust Bancshares, Inc.		17,700		531,531
Investors Bancorp, Inc.		151,100		2,249,879
Northfield Bancorp, Inc.		56,200		946,970
OceanFirst Financial Corp.		53,200		1,096,452

Security Description	Shares		Value (Note 2)
Savings & Loans/Thrifts (continued)
Pacific Premier Bancorp, Inc.		9,100	$	352,625
Provident Financial Services, Inc.		52,477		1,235,309
Washington Federal, Inc.		31,300		1,016,937
				10,911,700
Semiconductor Equipment — 0.2%
Cohu, Inc.†		26,200		863,814
Veeco Instruments, Inc.†		6,100		162,138
				1,025,952
Steel - Producers — 0.5%
Cleveland-Cliffs, Inc.†#		42,200		858,770
Commercial Metals Co.		34,500		1,066,050
Schnitzer Steel Industries, Inc., Class A		7,500		360,750
United States Steel Corp.		8,200		185,402
				2,470,972
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†		12,390		158,592
Telecom Services — 0.2%
ATN International, Inc.		4,800		183,408
Vonage Holdings Corp.†		45,400		936,148
				1,119,556
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		8,500		173,230
Harmonic, Inc.†		74,900		805,175
				978,405
Television — 0.9%
AMC Networks, Inc., Class A†		32,900		1,270,269
Gray Television, Inc.		94,700		1,952,714
Sinclair Broadcast Group, Inc., Class A#		48,000		1,119,840
				4,342,823
Theaters — 1.1%
AMC Entertainment Holdings, Inc., Class A†		149,600		5,077,424
Therapeutics — 0.2%
Akebia Therapeutics, Inc.†		346,200		938,202
Transport - Air Freight — 0.2%
Atlas Air Worldwide Holdings, Inc.†		11,600		1,016,276
Transport - Marine — 0.2%
Costamare, Inc.		58,500		702,000
Dorian LPG, Ltd.		20,800		256,048
International Seaways, Inc.		7,200		105,120
				1,063,168
Transport - Services — 0.6%
Forward Air Corp.		1,000		98,750
Hub Group, Inc., Class A†		35,000		2,718,450
Radiant Logistics, Inc.†		21,100		159,094
				2,976,294
Transport - Truck — 1.1%
ArcBest Corp.		40,520		4,176,801
Covenant Logistics Group, Inc.†		3,800		95,266
Heartland Express, Inc.		24,720		413,813
Werner Enterprises, Inc.		10,200		460,122
				5,146,002
Travel Services — 0.2%
Liberty TripAdvisor Holdings, Inc., Class A†		471,900		1,019,304

239

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Water — 0.4%
American States Water Co.		22,300		$	2,100,214
Wire & Cable Products — 0.0%
Belden, Inc.		3,100			191,177
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		10,200			291,210
Total Long-Term Investment Securities
(cost $386,330,769)					455,060,710
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Companies — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(1)(3) (cost $3,741,971)		3,741,971			3,741,971
REPURCHASE AGREEMENTS — 3.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $9,442,000 and collateralized by $8,986,100 of United States Treasury Notes, bearing interest at 2.88% due 11/30/2025 and having an approximate value of $9,630,925	$	9,442,000			9,442,000
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $6,964,000 and collateralized by $7,302,400 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $7,103,293		6,964,000			6,964,000
Total Repurchase Agreements
(cost $16,406,000)					16,406,000
TOTAL INVESTMENTS
(cost $406,478,740)(2)		100.5	%		475,208,681
Liabilities in excess of other assets		(0.5	)		(2,521,993	)
NET ASSETS		100.0	%	$	472,686,688

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of November 30, 2021.

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

(3) At November 30, 2021, the Fund had loaned securities with a total value of $6,901,726. This was secured by collateral of $3,741,971, which was received in cash and subsequently invested in short-term investments currently valued at $3,741,971 as reported in the Portfolio of Investments. Additional collateral of $3,464,084 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
Federal Home Loan Mtg. Corp.	1.25% to 2.50%	03/01/2050 to 10/25/2050	$	31,229
Federal National Mtg. Assoc.	2.00% to 3.50%	06/01/2049 to 09/01/2050		105,627
Government National Mtg. Assoc.	1.00% to 2.70%	06/20/2038 to 05/16/2053		62,420
United States Treasury Bills	0.00%	12/09/2021 to 06/16/2022		128,571
United States Treasury Notes/Bonds	0.07% to 6.88%	12/31/2021 to 08/15/2051		3,136,237

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	147	Long	Russell 2000 E-Mini Index		December 2021	$	17,308,518	$	16,150,155	$	(1,158,363	)

* 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.

240

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	455,060,710	$	—	$	—	$	455,060,710
Short-Term Investment Securities		3,741,971		—		—		3,741,971
Repurchase Agreements		—		16,406,000		—		16,406,000
Total Investments at Value	$	458,802,681	$	16,406,000	$	—	$	475,208,681
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,158,363	$	—	$	—	$	1,158,363

* 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

241

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Applications Software	7.3	%
Computers	6.8
Electronic Components — Semiconductors	4.8
Web Portals/ISP	4.3
E-Commerce/Products	4.1
Medical — Drugs	3.9
Diversified Banking Institutions	3.1
Internet Content — Entertainment	2.8
Auto — Cars/Light Trucks	2.8
Real Estate Investment Trusts	2.5
Finance — Credit Card	2.1
Electric — Integrated	2.0
Retail — Discount	1.7
Commercial Services — Finance	1.6
Insurance — Property/Casualty	1.6
Medical — HMO	1.6
Retail — Building Products	1.5
Medical — Biomedical/Gene	1.4
Medical Products	1.3
Cosmetics & Toiletries	1.3
Enterprise Software/Service	1.2
Diagnostic Equipment	1.2
Oil Companies — Integrated	1.2
Aerospace/Defense	1.2
Beverages — Non-alcoholic	1.2
Diversified Manufacturing Operations	1.1
Banks — Super Regional	1.1
Retail — Restaurants	1.1
Medical Instruments	1.0
Computer Services	1.0
Telephone — Integrated	1.0
Semiconductor Components — Integrated Circuits	0.9
Transport — Rail	0.8
Electronic Forms	0.8
Semiconductor Equipment	0.8
Cable/Satellite TV	0.8
Oil Companies — Exploration & Production	0.8
Multimedia	0.7
Networking Products	0.7
Insurance — Multi-line	0.6
Investment Management/Advisor Services	0.6
Transport — Services	0.6
Industrial Gases	0.6
Insurance Brokers	0.6
Banks — Commercial	0.6
Athletic Footwear	0.6
Tobacco	0.5
Computer Aided Design	0.5
Data Processing/Management	0.5
Finance — Other Services	0.5
Chemicals — Diversified	0.5
Pharmacy Services	0.5
Instruments — Controls	0.4
Repurchase Agreements	0.4
E-Commerce/Services	0.4
Medical Labs & Testing Services	0.3
Electronic Measurement Instruments	0.3
Food — Misc./Diversified	0.3
Distribution/Wholesale	0.3
Drug Delivery Systems	0.3
Food — Confectionery	0.3
Chemicals — Specialty	0.3
Finance — Investment Banker/Broker	0.3
Retail — Auto Parts	0.3
Insurance — Life/Health	0.3
Machinery — Construction & Mining	0.3
Entertainment Software	0.3
Building Products — Air & Heating	0.3
Banks — Fiduciary	0.3

Electronic Connectors	0.3
Machinery — Farming	0.3
Oil Refining & Marketing	0.2
Building — Residential/Commercial	0.2
Non-Hazardous Waste Disposal	0.2
Pipelines	0.2
Electric Products — Misc.	0.2
Retail — Major Department Stores	0.2
Airlines	0.2
Coatings/Paint	0.2
Oil — Field Services	0.2
Hotels/Motels	0.2
Machinery — Pumps	0.2
Machinery — General Industrial	0.2
Electric — Distribution	0.2
Medical — Hospitals	0.2
Medical — Wholesale Drug Distribution	0.2
Consumer Products — Misc.	0.2
Cellular Telecom	0.2
Consulting Services	0.2
Apparel Manufacturers	0.2
Commercial Services	0.2
Computers — Memory Devices	0.2
Auto — Heavy Duty Trucks	0.2
Metal — Copper	0.1
Auto/Truck Parts & Equipment — Original	0.1
Aerospace/Defense — Equipment	0.1
Decision Support Software	0.1
Diagnostic Kits	0.1
Containers — Paper/Plastic	0.1
Building Products — Cement	0.1
Transport — Truck	0.1
Brewery	0.1
Computer Data Security	0.1
Gold Mining	0.1
Wireless Equipment	0.1
Retail — Apparel/Shoe	0.1
Tools — Hand Held	0.1
Industrial Automated/Robotic	0.1
U.S. Government Treasuries	0.1
Respiratory Products	0.1
Cruise Lines	0.1
Casino Hotels	0.1
Food — Wholesale/Distribution	0.1
Food — Meat Products	0.1
Agricultural Operations	0.1
Energy — Alternate Sources	0.1
Agricultural Biotech	0.1
Retail — Drug Store	0.1
Real Estate Management/Services	0.1
Office Automation & Equipment	0.1
Steel — Producers	0.1
Water	0.1
Containers — Metal/Glass	0.1
Telecom Equipment — Fiber Optics	0.1
Computer Software	0.1
Food — Retail	0.1
Advertising Agencies	0.1
Broadcast Services/Program	0.1
Power Converter/Supply Equipment	0.1
E-Services/Consulting	0.1
Retail — Gardening Products	0.1
Agricultural Chemicals	0.1
Finance — Consumer Loans	0.1
Rental Auto/Equipment	0.1
Retail — Consumer Electronics	0.1
Web Hosting/Design	0.1
Retail — Automobile	0.1
Soap & Cleaning Preparation	0.1

242

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited) — (continued)

Industry Allocation* (continued)

Gas — Distribution	0.1	%
Retail — Perfume & Cosmetics	0.1
Medical Information Systems	0.1
Electronic Components — Misc.	0.1
Instruments — Scientific	0.1
Retail — Misc./Diversified	0.1
Casino Services	0.1
Registered Investment Companies	0.1
	100.0	%

* Calculated as a percentage of net assets

243

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.4%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		64,671	$	2,146,431
Omnicom Group, Inc.		35,227		2,371,129
				4,517,560
Aerospace/Defense — 1.2%
Boeing Co.†		90,526		17,910,569
General Dynamics Corp.		38,120		7,203,536
Lockheed Martin Corp.		40,492		13,496,793
Northrop Grumman Corp.		24,727		8,624,778
Raytheon Technologies Corp.		247,743		20,047,364
Teledyne Technologies, Inc.†		7,657		3,179,876
TransDigm Group, Inc.†		8,602		4,972,386
				75,435,302
Aerospace/Defense - Equipment — 0.1%
Howmet Aerospace, Inc.		63,423		1,784,089
L3Harris Technologies, Inc.		33,015		6,902,776
				8,686,865
Agricultural Biotech — 0.1%
Corteva, Inc.		120,626		5,428,170
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		35,341		2,141,311
Mosaic Co.		60,858		2,082,561
				4,223,872
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		91,903		5,717,286
Airlines — 0.2%
Alaska Air Group, Inc.†		20,576		999,376
American Airlines Group, Inc.†		106,377		1,881,809
Delta Air Lines, Inc.†		105,137		3,805,960
Southwest Airlines Co.†		97,207		4,315,991
United Airlines Holdings, Inc.†		53,169		2,246,922
				13,250,058
Apparel Manufacturers — 0.2%
Hanesbrands, Inc.		57,365		926,445
PVH Corp.		11,724		1,251,889
Ralph Lauren Corp.		7,990		927,160
Tapestry, Inc.		45,816		1,838,138
Under Armour, Inc., Class A†		30,994		731,148
Under Armour, Inc., Class C†		34,241		687,217
VF Corp.		53,543		3,840,639
				10,202,636
Appliances — 0.0%
Whirlpool Corp.		10,302		2,243,157
Applications Software — 7.3%
Intuit, Inc.		44,896		29,285,661
Microsoft Corp.		1,234,689		408,175,836
PTC, Inc.†		17,357		1,901,980
Roper Technologies, Inc.		17,321		8,039,542
ServiceNow, Inc.†		32,548		21,081,340
				468,484,359
Athletic Footwear — 0.6%
NIKE, Inc., Class B		209,988		35,538,369
Auto - Cars/Light Trucks — 2.8%
Ford Motor Co.		644,695		12,371,697
General Motors Co.†		238,517		13,802,979
Tesla, Inc.†		133,317		152,615,969
				178,790,645

Security Description	Shares		Value (Note 2)
Auto - Heavy Duty Trucks — 0.2%
Cummins, Inc.		23,594	$	4,948,841
PACCAR, Inc.		57,040		4,758,277
				9,707,118
Auto/Truck Parts & Equipment - Original — 0.1%
Aptiv PLC†		44,444		7,126,596
BorgWarner, Inc.		39,397		1,705,102
				8,831,698
Banks - Commercial — 0.6%
Citizens Financial Group, Inc.		70,005		3,309,136
First Republic Bank		28,967		6,073,221
M&T Bank Corp.		21,142		3,099,629
Regions Financial Corp.		156,830		3,567,883
SVB Financial Group†		9,638		6,672,677
Truist Financial Corp.		219,311		13,007,335
Zions Bancorp NA		26,628		1,679,694
				37,409,575
Banks - Fiduciary — 0.3%
Bank of New York Mellon Corp.		130,473		7,148,616
Northern Trust Corp.		34,239		3,961,452
State Street Corp.		60,072		5,344,606
				16,454,674
Banks - Super Regional — 1.1%
Comerica, Inc.		22,004		1,815,990
Fifth Third Bancorp		113,484		4,783,350
Huntington Bancshares, Inc.		242,597		3,600,139
KeyCorp		157,131		3,526,020
PNC Financial Services Group, Inc.		69,826		13,755,722
US Bancorp		221,670		12,267,218
Wells Fargo & Co.		674,679		32,236,163
				71,984,602
Beverages - Non-alcoholic — 1.2%
Coca-Cola Co.		638,294		33,478,520
Monster Beverage Corp.†		61,696		5,168,891
PepsiCo, Inc.		227,080		36,282,843
				74,930,254
Beverages - Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		30,020		2,112,207
Brewery — 0.1%
Constellation Brands, Inc., Class A		27,643		6,228,797
Molson Coors Beverage Co., Class B		30,953		1,375,552
				7,604,349
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†#		27,781		646,464
Discovery, Inc., Class C†		49,903		1,133,297
Fox Corp., Class A		53,135		1,897,451
Fox Corp., Class B		24,368		818,765
				4,495,977
Building & Construction Products - Misc. — 0.0%
Fortune Brands Home & Security, Inc.		22,653		2,277,306
Building Products - Air & Heating — 0.3%
Carrier Global Corp.		142,562		7,715,455
Johnson Controls International PLC		117,018		8,748,266
				16,463,721
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		10,248		4,135,171

244

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products - Cement (continued)
Vulcan Materials Co.		21,799	$	4,177,560
				8,312,731
Building Products - Wood — 0.0%
Masco Corp.		40,609		2,676,133
Building - Maintenance & Services — 0.0%
Rollins, Inc.		37,190		1,237,683
Building - Residential/Commercial — 0.2%
D.R. Horton, Inc.		53,553		5,232,128
Lennar Corp., Class A		45,132		4,741,117
NVR, Inc.†		553		2,889,613
PulteGroup, Inc.		42,640		2,133,279
				14,996,137
Cable/Satellite TV — 0.8%
Charter Communications, Inc., Class A†		20,839		13,467,829
Comcast Corp., Class A		752,537		37,611,799
DISH Network Corp., Class A†		40,899		1,278,094
				52,357,722
Casino Hotels — 0.1%
Las Vegas Sands Corp.†		56,485		2,011,996
MGM Resorts International		65,713		2,600,920
Wynn Resorts, Ltd.†		17,294		1,400,987
				6,013,903
Casino Services — 0.1%
Caesars Entertainment, Inc.†		35,066		3,158,395
Cellular Telecom — 0.2%
T-Mobile US, Inc.†		96,369		10,485,911
Chemicals - Diversified — 0.5%
Celanese Corp.		18,256		2,763,228
Dow, Inc.		122,530		6,730,573
DuPont de Nemours, Inc.		85,938		6,355,974
Eastman Chemical Co.		22,309		2,326,606
FMC Corp.		21,145		2,118,518
LyondellBasell Industries NV, Class A		43,419		3,783,097
PPG Industries, Inc.		38,998		6,012,322
				30,090,318
Chemicals - Specialty — 0.3%
Albemarle Corp.		19,215		5,120,605
Ecolab, Inc.		40,893		9,056,573
International Flavors & Fragrances, Inc.		40,921		5,817,739
				19,994,917
Coatings/Paint — 0.2%
Sherwin-Williams Co.		39,799		13,183,021
Commercial Services — 0.2%
Cintas Corp.		14,380		6,071,092
Nielsen Holdings PLC		58,950		1,129,482
Quanta Services, Inc.		22,863		2,601,352
				9,801,926
Commercial Services - Finance — 1.6%
Automatic Data Processing, Inc.		69,512		16,049,626
Equifax, Inc.		20,018		5,578,016
FleetCor Technologies, Inc.†		13,572		2,811,168
Global Payments, Inc.		48,262		5,745,108
IHS Markit, Ltd.		65,492		8,371,187
MarketAxess Holdings, Inc.		6,243		2,201,844
Moody’s Corp.		26,615		10,396,884
PayPal Holdings, Inc.†		193,057		35,694,309

Security Description	Shares		Value (Note 2)
Commercial Services - Finance (continued)
S&P Global, Inc.		39,596	$	18,045,085
				104,893,227
Computer Aided Design — 0.5%
ANSYS, Inc.†		14,336		5,612,257
Autodesk, Inc.†		36,148		9,188,460
Cadence Design Systems, Inc.†		45,475		8,069,994
Synopsys, Inc.†		25,068		8,548,188
				31,418,899
Computer Data Security — 0.1%
Fortinet, Inc.†		22,272		7,396,754
Computer Services — 1.0%
Accenture PLC, Class A		104,188		37,236,791
Cognizant Technology Solutions Corp., Class A		86,355		6,733,963
DXC Technology Co.†		41,388		1,241,226
International Business Machines Corp.		147,264		17,244,614
Leidos Holdings, Inc.		23,259		2,044,699
				64,501,293
Computer Software — 0.1%
Akamai Technologies, Inc.†		26,753		3,015,063
Citrix Systems, Inc.		20,411		1,641,657
				4,656,720
Computers — 6.8%
Apple, Inc.		2,580,094		426,489,538
Hewlett Packard Enterprise Co.		214,563		3,078,979
HP, Inc.		197,365		6,963,037
				436,531,554
Computers - Memory Devices — 0.2%
NetApp, Inc.		36,805		3,271,228
Seagate Technology Holdings PLC		34,403		3,532,156
Western Digital Corp.†		50,350		2,912,244
				9,715,628
Consulting Services — 0.2%
Gartner, Inc.†		13,743		4,291,252
Verisk Analytics, Inc.		26,510		5,961,303
				10,252,555
Consumer Products - Misc. — 0.2%
Clorox Co.		20,178		3,285,987
Kimberly-Clark Corp.		55,330		7,210,053
				10,496,040
Containers - Metal/Glass — 0.1%
Ball Corp.		53,662		5,014,714
Containers - Paper/Plastic — 0.1%
Amcor PLC		253,315		2,867,526
Packaging Corp. of America		15,607		2,038,118
Sealed Air Corp.		24,627		1,529,829
WestRock Co.		43,869		1,903,476
				8,338,949
Cosmetics & Toiletries — 1.3%
Colgate-Palmolive Co.		138,588		10,396,872
Estee Lauder Cos., Inc., Class A		38,100		12,651,867
Procter & Gamble Co.		398,823		57,661,829
				80,710,568
Cruise Lines — 0.1%
Carnival Corp.†#		131,199		2,311,726
Norwegian Cruise Line Holdings, Ltd.†#		60,796		1,186,130

245

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cruise Lines (continued)
Royal Caribbean Cruises, Ltd.†		36,824	$	2,571,052
				6,068,908
Data Processing/Management — 0.5%
Broadridge Financial Solutions, Inc.		19,086		3,217,327
Fidelity National Information Services, Inc.		101,486		10,605,287
Fiserv, Inc.†		97,920		9,451,239
Jack Henry & Associates, Inc.		12,205		1,850,644
Paychex, Inc.		52,617		6,271,946
				31,396,443
Decision Support Software — 0.1%
MSCI, Inc.		13,545		8,525,900
Dental Supplies & Equipment — 0.0%
DENTSPLY SIRONA, Inc.		35,908		1,750,156
Diagnostic Equipment — 1.2%
Danaher Corp.		104,391		33,576,321
PerkinElmer, Inc.		18,420		3,355,387
Thermo Fisher Scientific, Inc.		64,638		40,904,866
				77,836,574
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		13,978		8,499,602
Dialysis Centers — 0.0%
DaVita, Inc.†		11,020		1,041,390
Disposable Medical Products — 0.0%
Teleflex, Inc.		7,689		2,286,862
Distribution/Wholesale — 0.3%
Copart, Inc.†		34,983		5,078,132
Fastenal Co.		94,429		5,587,364
LKQ Corp.		44,421		2,483,134
Pool Corp.		6,589		3,651,097
WW Grainger, Inc.		7,187		3,459,893
				20,259,620
Diversified Banking Institutions — 3.1%
Bank of America Corp.		1,216,653		54,104,559
Citigroup, Inc.		332,999		21,212,036
Goldman Sachs Group, Inc.		55,385		21,101,131
JPMorgan Chase & Co.		490,951		77,977,747
Morgan Stanley		239,819		22,739,638
				197,135,111
Diversified Manufacturing Operations — 1.1%
3M Co.		95,070		16,165,703
A.O. Smith Corp.		21,884		1,729,930
Eaton Corp. PLC		65,490		10,613,309
General Electric Co.		180,345		17,130,972
Illinois Tool Works, Inc.		47,092		10,932,408
Parker-Hannifin Corp.		21,204		6,404,880
Textron, Inc.		36,826		2,607,281
Trane Technologies PLC		39,039		7,286,629
				72,871,112
Drug Delivery Systems — 0.3%
Becton Dickinson & Co.		47,185		11,189,451
DexCom, Inc.†		15,896		8,942,931
				20,132,382
E-Commerce/Products — 4.1%
Amazon.com, Inc.†		71,559		250,962,422
eBay, Inc.		106,804		7,204,998

Security Description	Shares		Value (Note 2)
E-Commerce/Products (continued)
Etsy, Inc.†		20,796	$	5,710,166
				263,877,586
E-Commerce/Services — 0.4%
Booking Holdings, Inc.†		6,746		14,179,080
Cars.com, Inc.†		1		17
Expedia Group, Inc.†		23,872		3,845,540
Match Group, Inc.†		45,480		5,911,945
				23,936,582
E-Services/Consulting — 0.1%
CDW Corp.		22,590		4,277,642
Electric Products - Misc. — 0.2%
AMETEK, Inc.		37,987		5,185,226
Emerson Electric Co.		98,218		8,627,469
				13,812,695
Electric - Distribution — 0.2%
Consolidated Edison, Inc.		58,060		4,507,778
Sempra Energy		52,465		6,288,980
				10,796,758
Electric - Integrated — 2.0%
AES Corp.		109,482		2,559,689
Alliant Energy Corp.		41,117		2,252,800
Ameren Corp.		42,249		3,447,096
American Electric Power Co., Inc.		82,191		6,661,581
CenterPoint Energy, Inc.		97,411		2,523,919
CMS Energy Corp.		47,590		2,800,671
Dominion Energy, Inc.		132,834		9,457,781
DTE Energy Co.		31,833		3,448,787
Duke Energy Corp.		126,401		12,262,161
Edison International		62,385		4,072,493
Entergy Corp.		33,017		3,312,926
Evergy, Inc.		37,673		2,384,701
Eversource Energy		56,460		4,644,964
Exelon Corp.		160,657		8,471,444
FirstEnergy Corp.		89,410		3,367,181
NextEra Energy, Inc.		322,315		27,970,496
Pinnacle West Capital Corp.		18,531		1,205,442
PPL Corp.		126,445		3,518,964
Public Service Enterprise Group, Inc.		83,066		5,190,794
Southern Co.		173,964		10,629,200
WEC Energy Group, Inc.		51,826		4,505,234
Xcel Energy, Inc.		88,465		5,637,874
				130,326,198
Electronic Components - Misc. — 0.1%
Garmin, Ltd.		24,963		3,333,559
Electronic Components - Semiconductors — 4.8%
Advanced Micro Devices, Inc.†		199,289		31,561,399
Broadcom, Inc.		67,405		37,320,800
Intel Corp.		666,561		32,794,801
IPG Photonics Corp.†		5,889		966,915
Microchip Technology, Inc.		90,048		7,512,705
Micron Technology, Inc.		184,960		15,536,640
Monolithic Power Systems, Inc.		7,092		3,925,138
NVIDIA Corp.		409,433		133,786,327
Qorvo, Inc.†		18,261		2,670,306
Skyworks Solutions, Inc.		27,133		4,114,991
Texas Instruments, Inc.		151,682		29,179,066
Xilinx, Inc.		40,659		9,288,549
				308,657,637

246

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Connectors — 0.3%
Amphenol Corp., Class A		98,281	$	7,919,483
TE Connectivity, Ltd.		53,890		8,295,288
				16,214,771
Electronic Forms — 0.8%
Adobe, Inc.†		78,272		52,430,499
Electronic Measurement Instruments — 0.3%
Agilent Technologies, Inc.		49,855		7,523,119
Fortive Corp.		58,883		4,349,687
Keysight Technologies, Inc.†		30,268		5,886,521
Trimble, Inc.†		41,341		3,549,952
				21,309,279
Electronic Security Devices — 0.0%
Allegion PLC		14,737		1,822,083
Energy - Alternate Sources — 0.1%
Enphase Energy, Inc.†		22,118		5,529,500
Engineering/R&D Services — 0.0%
Jacobs Engineering Group, Inc.		21,410		3,052,210
Enterprise Software/Service — 1.2%
Ceridian HCM Holding, Inc.†		22,160		2,424,304
Oracle Corp.		270,646		24,558,418
Paycom Software, Inc.†		7,898		3,455,217
salesforce.com, Inc.†		159,621		45,485,600
Tyler Technologies, Inc.†		6,710		3,482,356
				79,405,895
Entertainment Software — 0.3%
Activision Blizzard, Inc.		127,777		7,487,732
Electronic Arts, Inc.		46,757		5,808,154
Take-Two Interactive Software, Inc.†		19,144		3,175,607
				16,471,493
Finance - Consumer Loans — 0.1%
Synchrony Financial		93,601		4,192,389
Finance - Credit Card — 2.1%
American Express Co.		105,725		16,101,917
Capital One Financial Corp.		73,296		10,300,287
Discover Financial Services		49,202		5,306,436
Mastercard, Inc., Class A		143,130		45,074,499
Visa, Inc., Class A		277,278		53,728,158
Western Union Co.		66,763		1,056,191
				131,567,488
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		246,650		19,088,243
Finance - Other Services — 0.5%
Cboe Global Markets, Inc.		17,518		2,258,771
CME Group, Inc.		59,005		13,011,782
Intercontinental Exchange, Inc.		92,526		12,094,999
Nasdaq, Inc.		19,230		3,908,113
				31,273,665
Food - Confectionery — 0.3%
Hershey Co.		23,893		4,240,769
J.M. Smucker Co.		17,801		2,251,292
Mondelez International, Inc., Class A		229,660		13,536,160
				20,028,221
Food - Meat Products — 0.1%
Hormel Foods Corp.#		46,312		1,917,317
Tyson Foods, Inc., Class A		48,438		3,824,664
				5,741,981

Security Description	Shares		Value (Note 2)
Food - Misc./Diversified — 0.3%
Campbell Soup Co.		33,360	$	1,345,409
Conagra Brands, Inc.		78,918		2,410,945
General Mills, Inc.		99,611		6,152,971
Kellogg Co.		42,005		2,569,866
Kraft Heinz Co.		116,643		3,920,371
Lamb Weston Holdings, Inc.		23,843		1,237,929
McCormick & Co., Inc.		40,942		3,513,642
				21,151,133
Food - Retail — 0.1%
Kroger Co.		111,721		4,639,773
Food - Wholesale/Distribution — 0.1%
Sysco Corp.		84,052		5,887,002
Gas - Distribution — 0.1%
Atmos Energy Corp.		21,489		1,940,887
NiSource, Inc.		64,473		1,580,233
				3,521,120
Gold Mining — 0.1%
Newmont Corp.		131,296		7,210,776
Home Decoration Products — 0.0%
Newell Brands, Inc.		62,205		1,335,541
Home Furnishings — 0.0%
Leggett & Platt, Inc.		21,901		884,581
Hotels/Motels — 0.2%
Hilton Worldwide Holdings, Inc.†		45,788		6,184,585
Marriott International, Inc., Class A†		44,944		6,631,937
				12,816,522
Human Resources — 0.0%
Robert Half International, Inc.		18,397		2,045,194
Independent Power Producers — 0.0%
NRG Energy, Inc.		40,217		1,448,616
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		19,063		6,408,981
Industrial Gases — 0.6%
Air Products & Chemicals, Inc.		36,370		10,454,193
Linde PLC		84,846		26,992,906
				37,447,099
Instruments - Controls — 0.4%
Honeywell International, Inc.		113,432		22,940,487
Mettler-Toledo International, Inc.†		3,798		5,750,666
				28,691,153
Instruments - Scientific — 0.1%
Waters Corp.†		10,082		3,307,602
Insurance Brokers — 0.6%
Aon PLC, Class A		37,090		10,970,109
Arthur J. Gallagher & Co.		33,969		5,533,550
Brown & Brown, Inc.		38,402		2,473,473
Marsh & McLennan Cos., Inc.		83,238		13,652,697
Willis Towers Watson PLC		21,201		4,788,034
				37,417,863
Insurance - Life/Health — 0.3%
Aflac, Inc.		101,386		5,489,038
Globe Life, Inc.		15,376		1,330,639
Lincoln National Corp.		29,023		1,925,096
Principal Financial Group, Inc.		41,010		2,812,466

247

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Life/Health (continued)
Prudential Financial, Inc.		63,551	$	6,498,725
				18,055,964
Insurance - Multi-line — 0.6%
Allstate Corp.		48,580		5,281,618
American International Group, Inc.(1)		140,509		7,390,773
Chubb, Ltd.		72,085		12,937,095
Cincinnati Financial Corp.		24,628		2,805,129
Hartford Financial Services Group, Inc.		57,042		3,770,476
Loews Corp.		33,393		1,785,190
MetLife, Inc.		119,669		7,019,784
				40,990,065
Insurance - Property/Casualty — 1.6%
Assurant, Inc.		9,663		1,469,742
Berkshire Hathaway, Inc., Class B†		304,556		84,267,600
Progressive Corp.		96,142		8,935,437
Travelers Cos., Inc.		40,991		6,023,627
WR Berkley Corp.		23,043		1,766,016
				102,462,422
Insurance - Reinsurance — 0.0%
Everest Re Group, Ltd.		6,551		1,679,545
Internet Content - Entertainment — 2.8%
Meta Platforms, Inc.†		391,658		127,077,355
Netflix, Inc.†		72,718		46,677,684
Twitter, Inc.†		131,105		5,760,754
				179,515,793
Internet Infrastructure Software — 0.0%
F5, Inc.†		9,909		2,255,090
Internet Security — 0.0%
NortonLifeLock, Inc.		95,503		2,373,250
Investment Management/Advisor Services — 0.6%
Ameriprise Financial, Inc.		18,688		5,412,045
BlackRock, Inc.		23,505		21,262,858
Franklin Resources, Inc.		46,266		1,499,018
Invesco, Ltd.		56,097		1,252,646
Raymond James Financial, Inc.		30,429		2,990,866
T. Rowe Price Group, Inc.		37,286		7,455,336
				39,872,769
Machinery - Construction & Mining — 0.3%
Caterpillar, Inc.		89,949		17,391,639
Machinery - Farming — 0.3%
Deere & Co.		46,639		16,115,640
Machinery - General Industrial — 0.2%
IDEX Corp.		12,486		2,804,231
Otis Worldwide Corp.		70,119		5,637,567
Westinghouse Air Brake Technologies Corp.		31,058		2,757,019
				11,198,817
Machinery - Pumps — 0.2%
Dover Corp.		23,653		3,875,544
Ingersoll Rand, Inc.		66,569		3,883,636
Xylem, Inc.		29,601		3,584,977
				11,344,157
Medical Information Systems — 0.1%
Cerner Corp.		48,564		3,421,334
Medical Instruments — 1.0%
Bio-Techne Corp.		6,390		3,016,272
Boston Scientific Corp.†		233,938		8,906,019

Security Description	Shares		Value (Note 2)
Medical Instruments (continued)
Edwards Lifesciences Corp.†		102,412	$	10,989,832
Intuitive Surgical, Inc.†		58,605		19,007,946
Medtronic PLC		220,802		23,559,573
				65,479,642
Medical Labs & Testing Services — 0.3%
Catalent, Inc.†		27,987		3,600,807
Charles River Laboratories International, Inc.†		8,280		3,029,404
IQVIA Holdings, Inc.†		31,482		8,157,931
Laboratory Corp. of America Holdings†		15,888		4,533,323
Quest Diagnostics, Inc.		20,074		2,984,602
				22,306,067
Medical Products — 1.3%
Abbott Laboratories		291,272		36,633,279
ABIOMED, Inc.†		7,456		2,347,000
Align Technology, Inc.†		12,073		7,383,002
Baxter International, Inc.		82,135		6,124,807
Cooper Cos., Inc.		8,091		3,046,019
Henry Schein, Inc.†		22,951		1,630,898
Hologic, Inc.†		41,648		3,112,355
STERIS PLC		16,390		3,581,707
Stryker Corp.		55,141		13,048,015
West Pharmaceutical Services, Inc.		12,155		5,380,532
Zimmer Biomet Holdings, Inc.		34,312		4,103,715
				86,391,329
Medical - Biomedical/Gene — 1.4%
Amgen, Inc.		93,297		18,554,907
Bio-Rad Laboratories, Inc., Class A†		3,531		2,659,549
Biogen, Inc.†		24,486		5,772,330
Gilead Sciences, Inc.		205,999		14,199,511
Illumina, Inc.†		24,103		8,805,549
Incyte Corp.†		30,841		2,088,552
Moderna, Inc.†		57,697		20,334,154
Regeneron Pharmaceuticals, Inc.†		17,269		10,992,237
Vertex Pharmaceuticals, Inc.†		42,624		7,968,131
				91,374,920
Medical - Drugs — 3.9%
AbbVie, Inc.		290,345		33,470,972
Bristol-Myers Squibb Co.		365,091		19,579,830
Eli Lilly & Co.		130,447		32,356,074
Johnson & Johnson		432,514		67,441,908
Merck & Co., Inc.		415,902		31,155,219
Organon & Co.		41,652		1,217,488
Pfizer, Inc.		921,173		49,494,625
Zoetis, Inc.		77,868		17,289,811
				252,005,927
Medical - Generic Drugs — 0.0%
Viatris, Inc.		198,685		2,445,812
Medical - HMO — 1.6%
Anthem, Inc.		40,059		16,273,168
Centene Corp.†		95,794		6,840,650
Humana, Inc.		21,113		8,861,337
UnitedHealth Group, Inc.		154,920		68,818,562
				100,793,717
Medical - Hospitals — 0.2%
HCA Healthcare, Inc.		40,501		9,136,621
Universal Health Services, Inc., Class B		12,466		1,480,088
				10,616,709

248

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		24,580	$	2,845,135
Cardinal Health, Inc.		47,671		2,203,830
McKesson Corp.		25,413		5,508,522
				10,557,487
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		241,201		8,943,733
Multimedia — 0.7%
ViacomCBS, Inc., Class B		99,535		3,080,608
Walt Disney Co.†		298,552		43,260,185
				46,340,793
Networking Products — 0.7%
Arista Networks, Inc.†		36,804		4,565,904
Cisco Systems, Inc.		692,389		37,970,613
				42,536,517
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		34,523		4,566,012
Waste Management, Inc.		63,651		10,226,806
				14,792,818
Office Automation & Equipment — 0.1%
Zebra Technologies Corp., Class A†		8,774		5,165,956
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		13,618		2,792,643
Oil Companies - Exploration & Production — 0.8%
APA Corp.		62,109		1,600,549
ConocoPhillips		220,010		15,429,301
Coterra Energy, Inc.		133,479		2,680,258
Devon Energy Corp.		103,444		4,350,855
Diamondback Energy, Inc.		27,962		2,984,384
EOG Resources, Inc.		95,927		8,345,649
Hess Corp.		45,282		3,374,415
Marathon Oil Corp.		129,533		2,006,466
Occidental Petroleum Corp.		145,741		4,321,221
Pioneer Natural Resources Co.		37,276		6,647,056
				51,740,154
Oil Companies - Integrated — 1.2%
Chevron Corp.		317,740		35,863,314
Exxon Mobil Corp.		695,570		41,622,909
				77,486,223
Oil Refining & Marketing — 0.2%
Marathon Petroleum Corp.		104,856		6,380,488
Phillips 66		71,961		4,977,542
Valero Energy Corp.		67,169		4,496,293
				15,854,323
Oil - Field Services — 0.2%
Baker Hughes Co.		136,120		3,177,041
Halliburton Co.		146,308		3,158,790
Schlumberger NV		229,761		6,589,545
				12,925,376
Paper & Related Products — 0.0%
International Paper Co.		64,214		2,923,021
Pharmacy Services — 0.5%
Cigna Corp.		55,879		10,723,180
CVS Health Corp.		216,805		19,308,653
				30,031,833

Security Description	Shares		Value (Note 2)
Pipelines — 0.2%
Kinder Morgan, Inc.		320,253	$	4,951,111
ONEOK, Inc.		73,222		4,381,604
Williams Cos., Inc.		199,616		5,347,713
				14,680,428
Power Converter/Supply Equipment — 0.1%
Generac Holdings, Inc.†		10,371		4,368,680
Publishing - Newspapers — 0.0%
News Corp., Class A		64,276		1,389,647
News Corp., Class B		20,007		431,151
				1,820,798
Racetracks — 0.0%
Penn National Gaming, Inc.†		27,285		1,397,811
Real Estate Investment Trusts — 2.5%
Alexandria Real Estate Equities, Inc.		22,780		4,557,595
American Tower Corp.		74,779		19,627,992
AvalonBay Communities, Inc.		22,939		5,479,439
Boston Properties, Inc.#		23,349		2,517,956
Crown Castle International Corp.		71,009		12,898,785
Digital Realty Trust, Inc.		46,430		7,788,168
Duke Realty Corp.		62,161		3,625,851
Equinix, Inc.		14,746		11,976,701
Equity Residential		55,986		4,776,166
Essex Property Trust, Inc.		10,685		3,626,916
Extra Space Storage, Inc.		21,984		4,396,800
Federal Realty Investment Trust		11,499		1,410,582
Healthpeak Properties, Inc.		88,552		2,909,819
Host Hotels & Resorts, Inc.†		117,305		1,841,689
Iron Mountain, Inc.		47,558		2,161,036
Kimco Realty Corp.		100,800		2,259,936
Mid-America Apartment Communities, Inc.		19,062		3,931,538
Prologis, Inc.		121,458		18,309,793
Public Storage		25,047		8,199,887
Realty Income Corp.		90,519		6,148,050
Regency Centers Corp.		25,119		1,741,751
SBA Communications Corp.		17,999		6,188,056
Simon Property Group, Inc.		53,990		8,251,832
UDR, Inc.		45,845		2,600,787
Ventas, Inc.		64,648		3,033,284
Vornado Realty Trust		26,123		1,048,577
Welltower, Inc.		69,427		5,527,778
Weyerhaeuser Co.		123,189		4,633,138
				161,469,902
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		55,161		5,271,737
Rental Auto/Equipment — 0.1%
United Rentals, Inc.†		11,894		4,028,974
Respiratory Products — 0.1%
ResMed, Inc.		23,908		6,092,954
Retail - Apparel/Shoe — 0.1%
Gap, Inc.		35,363		584,550
Ross Stores, Inc.		58,675		6,400,856
				6,985,406
Retail - Auto Parts — 0.3%
Advance Auto Parts, Inc.		10,752		2,373,181
AutoZone, Inc.†		3,540		6,432,428
Genuine Parts Co.		23,530		3,005,722
O’Reilly Automotive, Inc.†		11,329		7,229,715
				19,041,046

249

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Automobile — 0.1%
CarMax, Inc.†		26,770	$	3,781,263
Retail - Building Products — 1.5%
Home Depot, Inc.		174,692		69,983,362
Lowe’s Cos., Inc.		116,141		28,406,927
				98,390,289
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		37,037		3,957,774
Retail - Discount — 1.7%
Costco Wholesale Corp.		72,631		39,175,709
Dollar General Corp.		38,808		8,588,211
Dollar Tree, Inc.†		38,110		5,100,261
Target Corp.		81,283		19,820,047
Walmart, Inc.		234,799		33,019,783
				105,704,011
Retail - Drug Store — 0.1%
Walgreens Boots Alliance, Inc.		117,957		5,284,474
Retail - Gardening Products — 0.1%
Tractor Supply Co.		18,786		4,233,049
Retail - Major Department Stores — 0.2%
TJX Cos., Inc.		198,225		13,756,815
Retail - Misc./Diversified — 0.1%
Bath & Body Works, Inc.		43,498		3,268,005
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		8,997		3,454,398
Retail - Restaurants — 1.1%
Chipotle Mexican Grill, Inc.†		4,616		7,585,981
Darden Restaurants, Inc.		21,411		2,953,647
Domino’s Pizza, Inc.		6,055		3,173,668
McDonald’s Corp.		122,698		30,011,931
Starbucks Corp.		193,725		21,240,009
Yum! Brands, Inc.		48,574		5,966,830
				70,932,066
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.		70,313		1,198,134
Semiconductor Components - Integrated Circuits — 0.9%
Analog Devices, Inc.		88,376		15,929,774
NXP Semiconductors NV		43,561		9,729,785
QUALCOMM, Inc.		185,329		33,463,004
				59,122,563
Semiconductor Equipment — 0.8%
Applied Materials, Inc.		150,166		22,102,934
KLA Corp.		25,095		10,242,022
Lam Research Corp.		23,413		15,917,328
Teradyne, Inc.		27,105		4,143,541
				52,405,825
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		6,595		1,170,678
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		40,342		3,605,768
Steel - Producers — 0.1%
Nucor Corp.		48,254		5,127,470
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc.		126,285		4,683,911
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		53,422		1,663,027

Security Description	Shares		Value (Note 2)
Telephone - Integrated — 1.0%
AT&T, Inc.		1,173,094	$	26,781,736
Lumen Technologies, Inc.		163,430		2,016,726
Verizon Communications, Inc.		680,217		34,194,509
				62,992,971
Textile - Home Furnishings — 0.0%
Mohawk Industries, Inc.†		9,187		1,542,222
Theaters — 0.0%
Live Nation Entertainment, Inc.†		21,647		2,308,653
Tobacco — 0.5%
Altria Group, Inc.		302,980		12,919,067
Philip Morris International, Inc.		256,067		22,006,398
				34,925,465
Tools - Hand Held — 0.1%
Snap-on, Inc.		8,867		1,825,804
Stanley Black & Decker, Inc.		26,774		4,679,024
				6,504,828
Toys — 0.0%
Hasbro, Inc.		21,264		2,060,694
Transport - Rail — 0.8%
CSX Corp.		370,411		12,838,445
Kansas City Southern		14,945		4,346,753
Norfolk Southern Corp.		40,577		10,763,861
Union Pacific Corp.		107,143		25,247,177
				53,196,236
Transport - Services — 0.6%
C.H. Robinson Worldwide, Inc.		21,640		2,057,748
Expeditors International of Washington, Inc.		27,913		3,394,779
FedEx Corp.		40,411		9,309,482
United Parcel Service, Inc., Class B		119,657		23,736,359
				38,498,368
Transport - Truck — 0.1%
JB Hunt Transport Services, Inc.		13,827		2,643,169
Old Dominion Freight Line, Inc.		15,412		5,473,880
				8,117,049
Water — 0.1%
American Water Works Co., Inc.		29,820		5,026,757
Water Treatment Systems — 0.0%
Pentair PLC		27,251		2,008,126
Web Hosting/Design — 0.1%
VeriSign, Inc.†		15,991		3,836,401
Web Portals/ISP — 4.3%
Alphabet, Inc., Class A†		49,468		140,387,710
Alphabet, Inc., Class C†		46,291		131,884,911
				272,272,621
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		27,820		7,043,468
Total Long-Term Investment Securities
(cost $2,135,993,822)				6,367,601,448
SHORT-TERM INVESTMENT SECURITIES — 0.2%
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(2)(3)		1,962,987		1,962,987

250

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.06% due 08/11/2022(4)	$	2,500,000		$	2,497,716
0.07% due 06/16/2022(4)		3,100,000			3,098,388
0.10% due 10/06/2022(4)		700,000			698,874
					6,294,978
Total Short-Term Investment Securities
(cost $8,260,123)					8,257,965
REPURCHASE AGREEMENTS — 0.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 11/30/2021, to be repurchased 12/01/2021 in the amount $26,955,000 collateralized by $28,264,800 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $27,494,132 (cost $26,955,000)		26,955,000		$	26,955,000
TOTAL INVESTMENTS
(cost $2,171,208,945)(5)		100.0	%		6,402,814,413
Other assets less liabilities		0.0			2,994,907
NET ASSETS		100.0	%	$	6,405,809,320

† Non-income producing security

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

(1) Security represents an investment in an affiliated company (see Note 3).

(2) The rate shown is the 7-day yield as of November 30, 2021.

(3) At November 30, 2021, the Fund had loaned securities with a total value of $8,579,593. This was secured by collateral of $1,962,987, which was received in cash and subsequently invested in short-term investments currently valued at $1,962,987 as reported in the Portfolio of Investments. Additional collateral of $7,123,250 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
Federal Home Loan Mtg. Corp.	1.25% to 2.50%	03/01/2050 to 10/25/2050	$	702,625
Federal National Mtg. Assoc.	2.00% to 3.50%	06/01/2049 to 09/01/2050		2,376,499
Government National Mtg. Assoc.	1.00% to 2.70%	06/20/2038 to 05/16/2053		1,404,375
United States Treasury Notes/Bonds	0.08% to 6.88%	01/15/2022 to 11/15/2050		2,639,751

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

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	183	Long	S&P 500 E-Mini Index		December 2021	$	41,447,420	$	41,781,187	$	333,767

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	6,367,601,448	$	—	$	—	$	6,367,601,448
Short-Term Investment Securities:
Registered Investment Companies		1,962,987		—		—		1,962,987
U.S. Government Treasuries		—		6,294,978		—		6,294,978
Repurchase Agreements		—		26,955,000		—		26,955,000
Total Investments at Value	$	6,369,564,435	$	33,249,978	$	—	$	6,402,814,413
Other Financial Instruments:†
Futures Contracts	$	333,767	$	—	$	—	$	333,767

* 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

251

VALIC Company I Systematic Core Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Applications Software	6.0	%
Computers	5.5
Electronic Components — Semiconductors	3.9
Web Portals/ISP	3.5
E-Commerce/Products	3.4
Medical — Drugs	2.8
Internet Content — Entertainment	2.1
Diversified Banking Institutions	2.0
Enterprise Software/Service	1.9
Real Estate Investment Trusts	1.8
Insurance — Property/Casualty	1.7
Computer Services	1.7
Exchange — Traded Funds	1.7
Retail — Discount	1.6
Auto — Cars/Light Trucks	1.6
Medical — HMO	1.6
Medical — Biomedical/Gene	1.5
Medical Products	1.5
Commercial Services — Finance	1.4
Retail — Building Products	1.3
Finance — Credit Card	1.1
Distribution/Wholesale	1.1
Electric — Integrated	1.1
Cosmetics & Toiletries	1.0
Diversified Manufacturing Operations	0.9
Diagnostic Equipment	0.9
Semiconductor Equipment	0.9
Retail — Restaurants	0.9
Investment Management/Advisor Services	0.9
Banks — Commercial	0.8
Transport — Services	0.7
Retail — Auto Parts	0.7
Cable/Satellite TV	0.7
Semiconductor Components — Integrated Circuits	0.7
Finance — Investment Banker/Broker	0.7
Data Processing/Management	0.7
Computer Software	0.6
Beverages — Non-alcoholic	0.6
Medical Labs & Testing Services	0.6
Food — Misc./Diversified	0.6
Apparel Manufacturers	0.6
Electronic Forms	0.6
Food — Retail	0.6
Computer Aided Design	0.6
Telephone — Integrated	0.6
Banks — Super Regional	0.5
Medical Instruments	0.5
Diagnostic Kits	0.5
Insurance — Multi-line	0.5
Chemicals — Diversified	0.5
Insurance Brokers	0.5
Electronic Measurement Instruments	0.5
Transport — Truck	0.5
Multimedia	0.5
Pharmacy Services	0.5
Networking Products	0.5
Registered Investment Companies	0.4
Consumer Products — Misc.	0.4
Oil Companies — Integrated	0.4
Retail — Apparel/Shoe	0.4
Containers — Paper/Plastic	0.4
Athletic Footwear	0.4
Building — Residential/Commercial	0.4
Private Equity	0.4
Retail — Automobile	0.4
Broadcast Services/Program	0.4
Pipelines	0.4
Machinery — General Industrial	0.4
Building Products — Air & Heating	0.4

Coatings/Paint	0.4
Aerospace/Defense	0.4
Machinery — Farming	0.4
Tobacco	0.4
Machinery — Pumps	0.3
Computer Data Security	0.3
Insurance — Life/Health	0.3
Chemicals — Specialty	0.3
Real Estate Management/Services	0.3
Steel — Producers	0.3
Building & Construction Products — Misc.	0.3
Consulting Services	0.3
Food — Confectionery	0.3
Entertainment Software	0.3
Oil Companies — Exploration & Production	0.3
Transport — Rail	0.3
Finance — Other Services	0.3
Electronic Parts Distribution	0.3
Instruments — Controls	0.3
Retail — Misc./Diversified	0.3
Publishing — Newspapers	0.3
Auto/Truck Parts & Equipment — Original	0.2
Commercial Services	0.2
Electronic Components — Misc.	0.2
Human Resources	0.2
Retail — Catalog Shopping	0.2
Medical — Wholesale Drug Distribution	0.2
Finance — Auto Loans	0.2
Wireless Equipment	0.2
Retail — Sporting Goods	0.2
Finance — Consumer Loans	0.2
Retail — Gardening Products	0.2
Machinery — Construction & Mining	0.2
Independent Power Producers	0.2
Web Hosting/Design	0.2
Electric Products — Misc.	0.2
Radio	0.2
Office Automation & Equipment	0.2
Banks — Fiduciary	0.2
Gas — Distribution	0.2
Medical — Hospitals	0.2
E-Commerce/Services	0.2
Brewery	0.2
Computers — Memory Devices	0.2
Industrial Automated/Robotic	0.2
Food — Meat Products	0.2
Internet Security	0.2
Medical — Generic Drugs	0.2
Building Products — Cement	0.2
Agricultural Operations	0.2
Retail — Consumer Electronics	0.2
Non — Hazardous Waste Disposal	0.2
Medical — Outpatient/Home Medical	0.2
Advertising Agencies	0.2
Containers — Metal/Glass	0.2
Retail — Home Furnishings	0.2
Tools — Hand Held	0.2
Toys	0.2
Software Tools	0.2
Television	0.2
Engineering/R&D Services	0.1
Funeral Services & Related Items	0.1
Metal — Copper	0.1
Home Furnishings	0.1
Building — Maintenance & Services	0.1
Recreational Vehicles	0.1
Rental Auto/Equipment	0.1
Communications Software	0.1
Medical Information Systems	0.1

252

VALIC Company I Systematic Core Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited) — (continued)

Industry Allocation* (continued)

Food — Baking	0.1	%
Lighting Products & Systems	0.1
Retail — Regional Department Stores	0.1
Telecom Equipment — Fiber Optics	0.1
Auto — Heavy Duty Trucks	0.1
Instruments — Scientific	0.1
Respiratory Products	0.1
Oil Field Machinery & Equipment	0.1
Internet Application Software	0.1
Hotels/Motels	0.1
Building Products — Wood	0.1
Computers — Integrated Systems	0.1
Retail — Convenience Store	0.1
Retail — Drug Store	0.1
Internet Infrastructure Software	0.1
Retail — Floor Coverings	0.1
Machinery — Electrical	0.1
Drug Delivery Systems	0.1
Agricultural Chemicals	0.1
Vitamins & Nutrition Products	0.1
Aerospace/Defense — Equipment	0.1
Paper & Related Products	0.1
Resorts/Theme Parks	0.1
Poultry	0.1
Audio/Video Products	0.1
Machine Tools & Related Products	0.1
Casino Hotels	0.1
Oil — Field Services	0.1
E-Services/Consulting	0.1
Retail — Perfume & Cosmetics	0.1
Agricultural Biotech	0.1
Metal Processors & Fabrication	0.1
Building & Construction — Misc.	0.1
Retail — Major Department Stores	0.1
Beverages — Wine/Spirits	0.1
Building — Heavy Construction	0.1
Motorcycle/Motor Scooter	0.1
Electric — Distribution	0.1
Water	0.1
Shipbuilding	0.1
Power Converter/Supply Equipment	0.1
Water Treatment Systems	0.1
Office Supplies & Forms	0.1
Filtration/Separation Products	0.1
Textile — Home Furnishings	0.1
Retail — Pet Food & Supplies	0.1
Cellular Telecom	0.1
Appliances	0.1
Transport — Marine	0.1
Electronic Security Devices	0.1
Decision Support Software	0.1
Schools	0.1
Athletic Equipment	0.1
Food — Wholesale/Distribution	0.1
Dialysis Centers	0.1
Electronic Connectors	0.1
Soap & Cleaning Preparation	0.1
Metal — Aluminum	0.1
Savings & Loans/Thrifts	0.1
Building — Mobile Home/Manufactured Housing	0.1
Finance — Mortgage Loan/Banker	0.1
Disposable Medical Products	0.1
Advertising Services	0.1
Steel Pipe & Tube	0.1
	100.2	%

* Calculated as a percentage of net assets

253

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.		23,884	$	792,710
Omnicom Group, Inc.		5,034		338,838
				1,131,548
Advertising Services — 0.1%
Trade Desk, Inc., Class A†		3,525		364,555
Aerospace/Defense — 0.4%
Boeing Co.†		981		194,091
General Dynamics Corp.		2,756		520,801
Lockheed Martin Corp.		1,662		553,978
Northrop Grumman Corp.		1,655		577,264
Raytheon Technologies Corp.		5,878		475,648
Teledyne Technologies, Inc.†		432		179,405
				2,501,187
Aerospace/Defense - Equipment — 0.1%
L3Harris Technologies, Inc.		3,142		656,929
Agricultural Biotech — 0.1%
Corteva, Inc.		13,075		588,375
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		4,812		291,559
Mosaic Co.		11,381		389,458
				681,017
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.		11,074		688,914
Bunge, Ltd.		5,976		517,342
				1,206,256
Apparel Manufacturers — 0.6%
Capri Holdings, Ltd.†		6,871		406,901
Carter’s, Inc.		4,707		475,548
Columbia Sportswear Co.		3,330		324,775
Deckers Outdoor Corp.†		367		148,782
Hanesbrands, Inc.		17,335		279,960
PVH Corp.		2,866		306,031
Tapestry, Inc.		16,354		656,122
Under Armour, Inc., Class A†		29,725		701,213
Under Armour, Inc., Class C†		34,802		698,476
VF Corp.		4,024		288,642
				4,286,450
Appliances — 0.1%
Whirlpool Corp.		2,127		463,133
Applications Software — 6.0%
CDK Global, Inc.		5,186		200,387
Concentrix Corp.		5,016		832,656
Elastic NV†		1,117		173,649
Intuit, Inc.		3,083		2,011,041
Loyalty Ventures, Inc.†		4,973		142,725
Microsoft Corp.		108,206		35,771,821
Nuance Communications, Inc.†		4,770		264,687
PTC, Inc.†		2,359		258,499
Roper Technologies, Inc.		717		332,796
ServiceNow, Inc.†		2,870		1,858,899
Smartsheet, Inc., Class A†		3,056		195,584
				42,042,744
Athletic Equipment — 0.1%
Peloton Interactive, Inc., Class A†		4,503		198,132
YETI Holdings, Inc.†		2,498		230,216
				428,348

Security Description	Shares		Value (Note 2)
Athletic Footwear — 0.4%
NIKE, Inc., Class B		17,258	$	2,920,744
Audio/Video Products — 0.1%
Dolby Laboratories, Inc., Class A		7,657		638,670
Auto Repair Centers — 0.0%
Driven Brands Holdings, Inc.†		5,328		164,422
Auto - Cars/Light Trucks — 1.6%
Ford Motor Co.		111,605		2,141,700
General Motors Co.†		8,604		497,914
Tesla, Inc.†		7,624		8,727,650
				11,367,264
Auto - Heavy Duty Trucks — 0.1%
Cummins, Inc.		3,124		655,259
PACCAR, Inc.		2,853		237,997
				893,256
Auto/Truck Parts & Equipment - Original — 0.2%
Allison Transmission Holdings, Inc.		6,590		227,948
Aptiv PLC†		2,472		396,385
BorgWarner, Inc.		13,335		577,139
Gentex Corp.		8,154		280,742
Lear Corp.		1,427		239,437
				1,721,651
Banks - Commercial — 0.8%
Bank OZK		6,836		305,638
Citizens Financial Group, Inc.		8,160		385,723
East West Bancorp, Inc.		3,898		300,146
First Citizens BancShares, Inc., Class A		307		246,822
First Horizon Corp.		13,743		221,675
FNB Corp.		14,502		169,093
M&T Bank Corp.		1,071		157,019
Pinnacle Financial Partners, Inc.		2,712		258,752
Popular, Inc.		5,631		438,204
Regions Financial Corp.		10,439		237,487
Signature Bank		1,386		418,988
SVB Financial Group†		855		591,942
Synovus Financial Corp.		5,759		260,825
Truist Financial Corp.		11,429		677,854
Umpqua Holdings Corp.		7,604		144,932
Webster Financial Corp.		3,194		172,125
Western Alliance Bancorp		2,935		322,204
Wintrust Financial Corp.		3,630		317,734
Zions Bancorp NA		4,908		309,597
				5,936,760
Banks - Fiduciary — 0.2%
Bank of New York Mellon Corp.		15,339		840,424
State Street Corp.		6,285		559,176
				1,399,600
Banks - Super Regional — 0.5%
Comerica, Inc.		2,871		236,943
Fifth Third Bancorp		8,333		351,236
Huntington Bancshares, Inc.		9,786		145,224
KeyCorp		11,620		260,753
PNC Financial Services Group, Inc.		3,560		701,320
US Bancorp		8,799		486,937
Wells Fargo & Co.		32,492		1,552,468
				3,734,881
Beverages - Non-alcoholic — 0.6%
Coca-Cola Co.		22,417		1,175,772
Keurig Dr Pepper, Inc.		9,664		328,480

254

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Beverages - Non-alcoholic (continued)
Monster Beverage Corp.†		9,040	$	757,371
PepsiCo, Inc.		13,644		2,180,038
				4,441,661
Beverages - Wine/Spirits — 0.1%
Brown-Forman Corp., Class A		3,573		234,639
Brown-Forman Corp., Class B		4,466		314,228
				548,867
Brewery — 0.2%
Boston Beer Co., Inc., Class A†		792		357,327
Constellation Brands, Inc., Class A		1,088		245,159
Molson Coors Beverage Co., Class B		16,217		720,683
				1,323,169
Broadcast Services/Program — 0.4%
Discovery, Inc., Class C†		20,405		463,398
Fox Corp., Class A		20,639		737,019
Fox Corp., Class B		18,427		619,147
Liberty Media Corp. - Liberty Formula One, Series A†		6,950		400,389
Liberty Media Corp. - Liberty Formula One, Series C†		7,663		466,830
				2,686,783
Building & Construction Products - Misc. — 0.3%
Fortune Brands Home & Security, Inc.		1,996		200,658
Louisiana-Pacific Corp.		5,622		367,398
Owens Corning		7,543		639,948
Trex Co., Inc.†		7,294		968,424
				2,176,428
Building & Construction - Misc. — 0.1%
Frontdoor, Inc.†		16,701		577,187
Building Products - Air & Heating — 0.4%
Carrier Global Corp.		12,012		650,090
Johnson Controls International PLC		15,255		1,140,464
Lennox International, Inc.		2,316		715,690
				2,506,244
Building Products - Cement — 0.2%
Eagle Materials, Inc.		1,531		236,111
Martin Marietta Materials, Inc.		879		354,685
MDU Resources Group, Inc.		15,287		416,265
Vulcan Materials Co.		1,198		229,585
				1,236,646
Building Products - Wood — 0.1%
Masco Corp.		11,900		784,210
Building - Heavy Construction — 0.1%
MasTec, Inc.†		5,884		542,328
Building - Maintenance & Services — 0.1%
Rollins, Inc.		22,823		759,549
Terminix Global Holdings, Inc.†		6,205		231,571
				991,120
Building - Mobile Home/Manufactured Housing — 0.1%
Thor Industries, Inc.		3,557		376,010
Building - Residential/Commercial — 0.4%
D.R. Horton, Inc.		3,812		372,432
Lennar Corp., Class A		6,744		708,457
Lennar Corp., Class B		5,953		510,648
NVR, Inc.†		32		167,211
PulteGroup, Inc.		7,717		386,082
Toll Brothers, Inc.		11,791		748,375
				2,893,205

Security Description	Shares		Value (Note 2)
Cable/Satellite TV — 0.7%
Cable One, Inc.		138	$	244,544
Charter Communications, Inc., Class A†		1,637		1,057,960
Comcast Corp., Class A		50,371		2,517,543
Liberty Broadband Corp., Class A†		2,244		340,146
Liberty Broadband Corp., Class C†		2,464		381,550
Sirius XM Holdings, Inc.#		95,215		580,812
				5,122,555
Casino Hotels — 0.1%
Boyd Gaming Corp.†		7,007		410,680
MGM Resorts International		5,141		203,481
				614,161
Cellular Telecom — 0.1%
T-Mobile US, Inc.†		4,274		465,054
Chemicals - Diversified — 0.5%
Celanese Corp.		1,819		275,324
Dow, Inc.		11,749		645,373
DuPont de Nemours, Inc.		4,705		347,982
Eastman Chemical Co.		4,637		483,593
FMC Corp.		1,603		160,605
LyondellBasell Industries NV, Class A		2,294		199,876
Olin Corp.		7,094		385,559
PPG Industries, Inc.		3,215		495,656
Westlake Chemical Corp.		5,320		494,334
				3,488,302
Chemicals - Specialty — 0.3%
Albemarle Corp.		1,535		409,062
Chemours Co.		15,373		456,578
Ecolab, Inc.		1,578		349,480
Element Solutions, Inc.		14,589		333,650
International Flavors & Fragrances, Inc.		1,246		177,144
NewMarket Corp.		493		163,331
Valvoline, Inc.		12,903		439,605
				2,328,850
Coatings/Paint — 0.4%
Axalta Coating Systems, Ltd.†		9,228		279,793
RPM International, Inc.		6,328		576,101
Sherwin-Williams Co.		4,982		1,650,238
				2,506,132
Commercial Services — 0.2%
Cintas Corp.		1,542		651,017
CoStar Group, Inc.†		1,920		149,299
GXO Logistics, Inc.†		2,017		193,733
Nielsen Holdings PLC		12,343		236,492
Quanta Services, Inc.		4,176		475,145
				1,705,686
Commercial Services - Finance — 1.4%
Automatic Data Processing, Inc.		4,164		961,426
Equifax, Inc.		1,024		285,338
FleetCor Technologies, Inc.†		1,809		374,698
Global Payments, Inc.		3,619		430,806
H&R Block, Inc.		44,770		1,060,154
IHS Markit, Ltd.		3,539		452,355
MarketAxess Holdings, Inc.		1,190		419,701
Moody’s Corp.		3,663		1,430,914
Morningstar, Inc.		2,019		626,556
PayPal Holdings, Inc.†		8,906		1,646,630
S&P Global, Inc.		3,886		1,770,967
Square, Inc., Class A†		2,410		502,075

255

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services - Finance (continued)
TransUnion		1,580	$	175,680
				10,137,300
Communications Software — 0.1%
RingCentral, Inc., Class A†		1,914		413,386
Zoom Video Communications, Inc., Class A†		2,623		554,528
				967,914
Computer Aided Design — 0.6%
ANSYS, Inc.†		671		262,683
Aspen Technology, Inc.†		3,741		542,557
Autodesk, Inc.†		3,547		901,612
Cadence Design Systems, Inc.†		8,207		1,456,414
Synopsys, Inc.†		2,583		880,803
				4,044,069
Computer Data Security — 0.3%
Crowdstrike Holdings, Inc., Class A†		2,033		441,445
Fortinet, Inc.†		3,570		1,185,633
McAfee Corp., Class A		19,092		493,528
Zscaler, Inc.†		744		258,146
				2,378,752
Computer Services — 1.7%
Accenture PLC, Class A		10,511		3,756,631
Amdocs, Ltd.		16,280		1,136,670
CACI International, Inc., Class A†		2,604		675,556
Cognizant Technology Solutions Corp., Class A		17,885		1,394,672
DXC Technology Co.†		23,239		696,938
EPAM Systems, Inc.†		1,548		942,035
Genpact, Ltd.		19,906		960,863
International Business Machines Corp.		14,664		1,717,154
Leidos Holdings, Inc.		3,080		270,763
Science Applications International Corp.		5,245		440,003
				11,991,285
Computer Software — 0.6%
Akamai Technologies, Inc.†		4,818		542,989
Citrix Systems, Inc.		6,366		512,017
Cloudflare, Inc., Class A†		3,270		615,545
Datadog, Inc., Class A†		972		173,298
Dropbox, Inc., Class A†		30,409		748,366
MongoDB, Inc.†		503		250,544
Nutanix, Inc., Class A†		17,308		574,972
Teradata Corp.†		25,032		1,086,889
				4,504,620
Computers — 5.5%
Apple, Inc.		221,470		36,608,991
Dell Technologies, Inc., Class C†		8,527		481,519
Hewlett Packard Enterprise Co.		42,828		614,582
HP, Inc.		25,149		887,257
				38,592,349
Computers - Integrated Systems — 0.1%
NCR Corp.†		19,885		773,526
Computers - Memory Devices — 0.2%
NetApp, Inc.		8,897		790,765
Pure Storage, Inc., Class A†		16,385		507,444
				1,298,209
Consulting Services — 0.3%
Booz Allen Hamilton Holding Corp.		4,215		353,807
FTI Consulting, Inc.†		1,535		224,248
Gartner, Inc.†		4,004		1,250,249

Security Description	Shares		Value (Note 2)
Consulting Services (continued)
Verisk Analytics, Inc.		1,521	$	342,027
				2,170,331
Consumer Products - Misc. — 0.4%
Clorox Co.		6,027		981,497
Kimberly-Clark Corp.		7,024		915,297
Reynolds Consumer Products, Inc.		7,431		216,837
Spectrum Brands Holdings, Inc.		9,848		985,785
				3,099,416
Containers - Metal/Glass — 0.2%
Ardagh Group SA#		10,044		234,779
Ball Corp.		2,924		273,248
Crown Holdings, Inc.		1,906		201,655
Silgan Holdings, Inc.		9,501		394,006
				1,103,688
Containers - Paper/Plastic — 0.4%
Amcor PLC		15,603		176,626
AptarGroup, Inc.		1,807		216,099
Berry Global Group, Inc.†		12,453		859,880
Graphic Packaging Holding Co.		9,181		181,233
Packaging Corp. of America		2,188		285,731
Sealed Air Corp.		4,345		269,911
Sonoco Products Co.		4,900		284,837
WestRock Co.		16,399		711,553
				2,985,870
Cosmetics & Toiletries — 1.0%
Colgate-Palmolive Co.		16,341		1,225,902
Estee Lauder Cos., Inc., Class A		5,224		1,734,734
Procter & Gamble Co.		30,261		4,375,135
				7,335,771
Data Processing/Management — 0.7%
Broadridge Financial Solutions, Inc.		2,260		380,968
DocuSign, Inc.†		3,787		932,965
Fair Isaac Corp.†		1,588		560,771
Fidelity National Information Services, Inc.		8,517		890,027
Fiserv, Inc.†		8,901		859,125
Jack Henry & Associates, Inc.		3,021		458,074
Paychex, Inc.		4,427		527,698
				4,609,628
Decision Support Software — 0.1%
MSCI, Inc.		690		434,320
Diagnostic Equipment — 0.9%
10X Genomics, Inc., Class A†		1,749		267,265
Danaher Corp.		6,196		1,992,881
PerkinElmer, Inc.		5,114		931,566
Thermo Fisher Scientific, Inc.		5,200		3,290,716
				6,482,428
Diagnostic Kits — 0.5%
IDEXX Laboratories, Inc.†		3,047		1,852,789
QIAGEN NV†		8,738		481,726
Quidel Corp.†		8,080		1,192,285
				3,526,800
Dialysis Centers — 0.1%
DaVita, Inc.†		4,206		397,467
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		881		199,291
Teleflex, Inc.		562		167,150
				366,441

256

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Distribution/Wholesale — 1.1%
Copart, Inc.†		1,828	$	265,353
Fastenal Co.		21,258		1,257,836
IAA, Inc.†		3,091		149,295
Leslie’s, Inc.†		36,082		756,279
LKQ Corp.		21,009		1,174,403
Pool Corp.		3,167		1,754,898
Univar Solutions, Inc.†		13,870		359,372
Watsco, Inc.		3,078		900,961
WW Grainger, Inc.		2,727		1,312,805
				7,931,202
Diversified Banking Institutions — 2.0%
Bank of America Corp.		79,934		3,554,665
Citigroup, Inc.		23,956		1,525,997
JPMorgan Chase & Co.		41,744		6,630,200
Morgan Stanley		22,478		2,131,364
				13,842,226
Diversified Manufacturing Operations — 0.9%
3M Co.		7,471		1,270,369
A.O. Smith Corp.		7,074		559,200
Carlisle Cos., Inc.		2,191		493,413
Eaton Corp. PLC		5,182		839,795
General Electric Co.		7,467		709,290
Illinois Tool Works, Inc.		3,411		791,864
ITT, Inc.		2,715		256,785
Parker-Hannifin Corp.		2,018		609,557
Textron, Inc.		7,878		557,762
Trane Technologies PLC		2,665		497,422
				6,585,457
Drug Delivery Systems — 0.1%
Becton Dickinson & Co.		1,908		452,463
DexCom, Inc.†		431		242,476
				694,939
E-Commerce/Products — 3.4%
Amazon.com, Inc.†		5,977		20,961,758
eBay, Inc.		11,128		750,695
Etsy, Inc.†		4,945		1,357,798
Figs, Inc., Class A†		4,522		150,311
Wayfair, Inc., Class A†#		3,500		867,440
				24,088,002
E-Commerce/Services — 0.2%
Booking Holdings, Inc.†		192		403,555
Expedia Group, Inc.†		1,582		254,844
Match Group, Inc.†		5,343		694,537
				1,352,936
E-Services/Consulting — 0.1%
CDW Corp.		3,138		594,212
Electric Products - Misc. — 0.2%
AMETEK, Inc.		3,018		411,957
Emerson Electric Co.		9,458		830,791
Littelfuse, Inc.		882		263,259
				1,506,007
Electric - Distribution — 0.1%
Consolidated Edison, Inc.		4,000		310,560
Sempra Energy		1,898		227,513
				538,073
Electric - Integrated — 1.1%
AES Corp.		8,030		187,741

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
Alliant Energy Corp.		4,577	$	250,774
Ameren Corp.		3,279		267,534
American Electric Power Co., Inc.		3,684		298,588
Avangrid, Inc.		4,071		206,074
CenterPoint Energy, Inc.		5,834		151,159
CMS Energy Corp.		4,381		257,822
Dominion Energy, Inc.		4,657		331,578
DTE Energy Co.		2,362		255,899
Duke Energy Corp.		6,415		622,319
Edison International		3,356		219,080
Entergy Corp.		2,252		225,966
Evergy, Inc.		4,647		294,155
Eversource Energy		3,103		255,284
Exelon Corp.		9,626		507,579
FirstEnergy Corp.		6,389		240,610
Hawaiian Electric Industries, Inc.		4,422		167,992
IDACORP, Inc.		2,125		222,317
NextEra Energy, Inc.		10,196		884,809
OGE Energy Corp.		4,771		163,741
Pinnacle West Capital Corp.		2,643		171,927
PPL Corp.		7,185		199,958
Public Service Enterprise Group, Inc.		3,843		240,149
Southern Co.		9,840		601,224
WEC Energy Group, Inc.		3,111		270,439
Xcel Energy, Inc.		4,382		279,265
				7,773,983
Electronic Components - Misc. — 0.2%
Garmin, Ltd.		5,255		701,753
Hubbell, Inc.		1,522		297,855
Jabil, Inc.		2,549		149,015
nVent Electric PLC		7,973		277,700
Sensata Technologies Holding PLC†		4,742		264,129
				1,690,452
Electronic Components - Semiconductors — 3.9%
Advanced Micro Devices, Inc.†		14,808		2,345,143
Broadcom, Inc.		5,497		3,043,579
Intel Corp.		70,198		3,453,742
Marvell Technology, Inc.		4,841		344,534
Microchip Technology, Inc.		6,006		501,080
Micron Technology, Inc.		9,335		784,140
Monolithic Power Systems, Inc.		956		529,108
NVIDIA Corp.		33,488		10,942,539
ON Semiconductor Corp.†		18,197		1,117,842
Qorvo, Inc.†		3,734		546,023
Skyworks Solutions, Inc.		3,097		469,691
Texas Instruments, Inc.		12,446		2,394,237
Xilinx, Inc.		3,665		837,269
				27,308,927
Electronic Connectors — 0.1%
Amphenol Corp., Class A		4,845		390,410
Electronic Forms — 0.6%
Adobe, Inc.†		6,332		4,241,490
Electronic Measurement Instruments — 0.5%
Agilent Technologies, Inc.		5,655		853,339
Fortive Corp.		3,978		293,855
Keysight Technologies, Inc.†		5,029		978,040
National Instruments Corp.		18,271		758,612
Trimble, Inc.†		4,758		408,569
Vontier Corp.		4,727		148,948
				3,441,363

257

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Parts Distribution — 0.3%
Arrow Electronics, Inc.†		9,263	$	1,126,844
Avnet, Inc.		6,657		241,449
TD SYNNEX Corp.		5,510		570,065
				1,938,358
Electronic Security Devices — 0.1%
Allegion PLC		3,598		444,857
Energy - Alternate Sources — 0.0%
First Solar, Inc.†		1,460		151,256
Engineering/R&D Services — 0.1%
AECOM†		9,739		671,406
Jacobs Engineering Group, Inc.		2,696		384,342
				1,055,748
Enterprise Software/Service — 1.9%
Atlassian Corp. PLC, Class A†		3,831		1,441,682
Black Knight, Inc.†		5,816		415,669
Guidewire Software, Inc.†		2,103		244,663
HubSpot, Inc.†		1,371		1,106,274
Manhattan Associates, Inc.†		6,471		1,010,511
New Relic, Inc.†		4,569		506,382
Oracle Corp.		31,001		2,813,031
Palantir Technologies, Inc.†		7,476		154,379
Pegasystems, Inc.		4,890		561,470
salesforce.com, Inc.†		8,157		2,324,419
SS&C Technologies Holdings, Inc.		12,937		987,481
Tyler Technologies, Inc.†		624		323,843
Veeva Systems, Inc., Class A†		2,079		587,484
Workday, Inc., Class A†		2,185		599,193
				13,076,481
Entertainment Software — 0.3%
Activision Blizzard, Inc.		8,731		511,636
Electronic Arts, Inc.		4,681		581,474
Playtika Holding Corp.†		37,995		653,514
Take-Two Interactive Software, Inc.†		2,383		395,292
				2,141,916
Filtration/Separation Products — 0.1%
Donaldson Co., Inc.		8,896		502,001
Finance - Auto Loans — 0.2%
Ally Financial, Inc.		15,569		713,527
Credit Acceptance Corp.†		376		234,963
Santander Consumer USA Holdings, Inc.		16,372		683,531
				1,632,021
Finance - Consumer Loans — 0.2%
OneMain Holdings, Inc.		14,182		706,122
Synchrony Financial		13,459		602,829
Upstart Holdings, Inc.†		1,380		282,748
				1,591,699
Finance - Credit Card — 1.1%
Alliance Data Systems Corp.		12,434		847,502
American Express Co.		2,881		438,776
Capital One Financial Corp.		6,634		932,276
Discover Financial Services		3,902		420,831
Mastercard, Inc., Class A		8,565		2,697,290
Visa, Inc., Class A		13,833		2,680,420
				8,017,095
Finance - Investment Banker/Broker — 0.7%
Charles Schwab Corp.		13,701		1,060,320
Evercore, Inc., Class A		4,663		646,758

Security Description	Shares		Value (Note 2)
Finance - Investment Banker/Broker (continued)
Interactive Brokers Group, Inc., Class A		3,160	$	233,271
Jefferies Financial Group, Inc.		30,687		1,153,218
Lazard, Ltd., Class A		12,212		520,475
Tradeweb Markets, Inc., Class A		3,352		321,792
Virtu Financial, Inc., Class A		27,009		761,114
				4,696,948
Finance - Mortgage Loan/Banker — 0.1%
Rocket Cos., Inc., Class A		24,219		375,394
Finance - Other Services — 0.3%
Cboe Global Markets, Inc.		1,639		211,333
CME Group, Inc.		2,327		513,150
Intercontinental Exchange, Inc.		3,519		460,004
Nasdaq, Inc.		1,777		361,140
SEI Investments Co.		7,031		419,258
				1,964,885
Financial Guarantee Insurance — 0.0%
Assured Guaranty, Ltd.		3,132		153,374
MGIC Investment Corp.		11,437		161,262
				314,636
Food - Baking — 0.1%
Flowers Foods, Inc.		36,954		954,152
Food - Confectionery — 0.3%
Hershey Co.		5,216		925,788
J.M. Smucker Co.		6,254		790,944
Mondelez International, Inc., Class A		7,577		446,588
				2,163,320
Food - Flour & Grain — 0.0%
Seaboard Corp.		44		171,161
Food - Meat Products — 0.2%
Hormel Foods Corp.#		6,242		258,419
Tyson Foods, Inc., Class A		12,904		1,018,900
				1,277,319
Food - Misc./Diversified — 0.6%
Campbell Soup Co.		5,454		219,960
Conagra Brands, Inc.		18,533		566,183
General Mills, Inc.		7,709		476,185
Hain Celestial Group, Inc.†		11,060		436,096
Ingredion, Inc.		7,846		730,698
Kellogg Co.		4,766		291,584
Kraft Heinz Co.		23,340		784,457
McCormick & Co., Inc.		3,526		302,601
Post Holdings, Inc.†		5,621		542,989
				4,350,753
Food - Retail — 0.6%
Albertsons Cos., Inc., Class A#		49,755		1,750,878
Grocery Outlet Holding Corp.†		9,442		273,440
Kroger Co.		52,450		2,178,249
				4,202,567
Food - Wholesale/Distribution — 0.1%
Sysco Corp.		5,966		417,859
Footwear & Related Apparel — 0.0%
Skechers U.S.A., Inc., Class A†		6,356		285,512
Funeral Services & Related Items — 0.1%
Service Corp. International		15,605		1,032,427
Garden Products — 0.0%
Scotts Miracle-Gro Co.		2,260		327,451

258

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Gas - Distribution — 0.2%
Atmos Energy Corp.		2,375	$	214,510
National Fuel Gas Co.		3,650		211,007
NiSource, Inc.		8,506		208,482
UGI Corp.		18,245		752,606
				1,386,605
Gold Mining — 0.0%
Newmont Corp.		5,352		293,932
Hazardous Waste Disposal — 0.0%
Stericycle, Inc.†		4,011		226,621
Healthcare Safety Devices — 0.0%
Tandem Diabetes Care, Inc.†		2,347		301,636
Home Decoration Products — 0.0%
Newell Brands, Inc.		15,736		337,852
Home Furnishings — 0.1%
Tempur Sealy International, Inc.		23,820		1,020,449
Hotels/Motels — 0.1%
Choice Hotels International, Inc.		1,223		175,562
Hilton Worldwide Holdings, Inc.†		1,607		217,057
Travel & Leisure Co.		4,408		216,962
Wyndham Hotels & Resorts, Inc.		2,438		193,772
				803,353
Human Resources — 0.2%
ManpowerGroup, Inc.		4,600		412,298
Robert Half International, Inc.		11,142		1,238,656
				1,650,954
Independent Power Producers — 0.2%
NRG Energy, Inc.		23,818		857,924
Vistra Corp.		34,591		687,669
				1,545,593
Industrial Automated/Robotic — 0.2%
Cognex Corp.		4,077		314,948
Colfax Corp.†		5,939		275,807
Rockwell Automation, Inc.		2,057		691,564
				1,282,319
Industrial Gases — 0.0%
Air Products & Chemicals, Inc.		1,015		291,752
Instruments - Controls — 0.3%
Honeywell International, Inc.		3,567		721,390
Mettler-Toledo International, Inc.†		796		1,205,248
				1,926,638
Instruments - Scientific — 0.1%
Waters Corp.†		2,674		877,259
Insurance Brokers — 0.5%
Aon PLC, Class A		4,551		1,346,049
Arthur J. Gallagher & Co.		4,359		710,081
Brown & Brown, Inc.		5,466		352,065
Marsh & McLennan Cos., Inc.		6,495		1,065,310
				3,473,505
Insurance - Life/Health — 0.3%
Aflac, Inc.		9,153		495,543
Athene Holding, Ltd., Class A†		5,576		456,786
Primerica, Inc.		1,666		245,152
Principal Financial Group, Inc.		4,995		342,557
Prudential Financial, Inc.		3,249		332,243
Unum Group		11,560		267,036

Security Description	Shares		Value (Note 2)
Insurance - Life/Health (continued)
Voya Financial, Inc.		3,577	$	222,275
				2,361,592
Insurance - Multi-line — 0.5%
Allstate Corp.		8,118		882,589
American Financial Group, Inc.		2,300		307,303
Chubb, Ltd.		3,780		678,396
Cincinnati Financial Corp.		2,593		295,343
Hartford Financial Services Group, Inc.		3,337		220,576
Kemper Corp.		3,223		178,296
Loews Corp.		3,841		205,340
MetLife, Inc.		12,699		744,923
				3,512,766
Insurance - Property/Casualty — 1.7%
Arch Capital Group, Ltd.†		4,295		173,432
Assurant, Inc.		1,489		226,477
Berkshire Hathaway, Inc., Class B†		27,634		7,646,051
Erie Indemnity Co., Class A		2,823		524,542
Fidelity National Financial, Inc.		6,182		302,362
First American Financial Corp.		4,646		344,640
Hanover Insurance Group, Inc.		1,845		224,629
Markel Corp.†		155		185,197
Mercury General Corp.		9,595		489,537
Old Republic International Corp.		14,155		339,154
Progressive Corp.		11,365		1,056,263
Travelers Cos., Inc.		3,861		567,374
White Mountains Insurance Group, Ltd.		196		196,568
				12,276,226
Insurance - Reinsurance — 0.0%
RenaissanceRe Holdings, Ltd.		1,634		251,816
Internet Application Software — 0.1%
Anaplan, Inc.†		8,989		384,819
Zendesk, Inc.†		4,221		431,006
				815,825
Internet Content - Entertainment — 2.1%
Meta Platforms, Inc.†		34,799		11,290,884
Netflix, Inc.†		3,410		2,188,879
Pinterest, Inc., Class A†		11,825		473,709
Roku, Inc.†		2,254		513,033
Spotify Technology SA†		1,251		298,363
Twitter, Inc.†		5,222		229,455
				14,994,323
Internet Infrastructure Software — 0.1%
F5, Inc.†		3,242		737,814
Internet Security — 0.2%
NortonLifeLock, Inc.		16,224		403,166
Palo Alto Networks, Inc.†		1,571		859,243
				1,262,409
Investment Management/Advisor Services — 0.9%
Affiliated Managers Group, Inc.		1,593		271,017
Ameriprise Financial, Inc.		2,740		793,504
Apollo Global Management, Inc.#		2,896		204,979
BlackRock, Inc.		1,403		1,269,168
Invesco, Ltd.		25,528		570,040
Janus Henderson Group PLC		3,641		155,580
LPL Financial Holdings, Inc.		6,009		947,078
Raymond James Financial, Inc.		3,901		383,429
Stifel Financial Corp.		3,685		261,672
T. Rowe Price Group, Inc.		5,726		1,144,914
				6,001,381

259

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Lighting Products & Systems — 0.1%
Acuity Brands, Inc.		4,700	$	946,345
Machine Tools & Related Products — 0.1%
Lincoln Electric Holdings, Inc.		4,553		614,473
Machinery - Construction & Mining — 0.2%
Caterpillar, Inc.		4,878		943,161
Oshkosh Corp.		5,653		608,263
				1,551,424
Machinery - Electrical — 0.1%
Regal Rexnord Corp.		1,196		189,087
Vertiv Holdings Co.		19,912		510,544
				699,631
Machinery - Farming — 0.4%
AGCO Corp.		2,668		294,040
Deere & Co.		3,821		1,320,308
Toro Co.		8,751		880,001
				2,494,349
Machinery - General Industrial — 0.4%
Gates Industrial Corp. PLC†		30,664		491,544
IDEX Corp.		1,443		324,083
Middleby Corp.†		1,979		345,692
Nordson Corp.		1,533		389,673
Otis Worldwide Corp.		7,320		588,528
Westinghouse Air Brake Technologies Corp.		5,002		444,028
				2,583,548
Machinery - Pumps — 0.3%
Curtiss-Wright Corp.		1,760		221,443
Dover Corp.		3,321		544,146
Graco, Inc.		9,552		696,245
Ingersoll Rand, Inc.		7,675		447,760
Xylem, Inc.		4,018		486,620
				2,396,214
Medical Information Systems — 0.1%
Cerner Corp.		13,562		955,443
Medical Instruments — 0.5%
Bio-Techne Corp.		736		347,414
Boston Scientific Corp.†		6,851		260,818
Bruker Corp.		3,378		273,584
Edwards Lifesciences Corp.†		11,171		1,198,760
Intuitive Surgical, Inc.†		1,869		606,192
Medtronic PLC		8,189		873,766
				3,560,534
Medical Labs & Testing Services — 0.6%
Catalent, Inc.†		1,611		207,271
Charles River Laboratories International, Inc.†		1,552		567,830
IQVIA Holdings, Inc.†		2,005		519,556
Laboratory Corp. of America Holdings†		3,942		1,124,771
PPD, Inc.†		5,057		238,185
Quest Diagnostics, Inc.		6,548		973,556
Syneos Health, Inc.†		7,457		724,522
				4,355,691
Medical Products — 1.5%
Abbott Laboratories		18,389		2,312,785
ABIOMED, Inc.†		2,701		850,221
Align Technology, Inc.†		1,237		756,463
Baxter International, Inc.		4,167		310,733
Cooper Cos., Inc.		683		257,129
Envista Holdings Corp.†		6,689		259,533

Security Description	Shares		Value (Note 2)
Medical Products (continued)
Globus Medical, Inc., Class A†		3,891	$	243,655
Henry Schein, Inc.†		10,640		756,079
Hill-Rom Holdings, Inc.		2,104		327,172
Hologic, Inc.†		12,848		960,131
Masimo Corp.†		2,661		740,077
Novocure, Ltd.†		3,311		310,042
Penumbra, Inc.†		2,216		544,360
STERIS PLC		1,380		301,571
Stryker Corp.		1,603		379,318
West Pharmaceutical Services, Inc.		1,764		780,852
Zimmer Biomet Holdings, Inc.		1,167		139,573
				10,229,694
Medical - Biomedical/Gene — 1.5%
Amgen, Inc.		6,919		1,376,051
Bio-Rad Laboratories, Inc., Class A†		509		383,379
Biogen, Inc.†		4,568		1,076,860
Certara, Inc.†		5,574		150,108
Exelixis, Inc.†		17,733		297,737
Gilead Sciences, Inc.		18,145		1,250,735
Illumina, Inc.†		998		364,599
Incyte Corp.†		10,830		733,408
Moderna, Inc.†		3,608		1,271,567
Regeneron Pharmaceuticals, Inc.†		754		479,944
Sage Therapeutics, Inc.†		15,091		587,191
Seagen, Inc.†		4,050		648,000
United Therapeutics Corp.†		4,221		799,879
Vertex Pharmaceuticals, Inc.†		5,098		953,020
				10,372,478
Medical - Drugs — 2.8%
AbbVie, Inc.		25,205		2,905,632
Bristol-Myers Squibb Co.		30,906		1,657,489
Eli Lilly & Co.		10,730		2,661,469
Jazz Pharmaceuticals PLC†		5,177		620,567
Johnson & Johnson		36,578		5,703,608
Merck & Co., Inc.		23,698		1,775,217
Pfizer, Inc.		58,982		3,169,103
Zoetis, Inc.		5,367		1,191,689
				19,684,774
Medical - Generic Drugs — 0.2%
Perrigo Co. PLC		7,947		291,734
Viatris, Inc.		77,967		959,774
				1,251,508
Medical - HMO — 1.6%
Anthem, Inc.		4,457		1,810,567
Centene Corp.†		17,247		1,231,608
Humana, Inc.		2,238		939,311
Molina Healthcare, Inc.†		2,481		707,532
UnitedHealth Group, Inc.		14,162		6,291,044
				10,980,062
Medical - Hospitals — 0.2%
Acadia Healthcare Co., Inc.†		7,659		430,206
HCA Healthcare, Inc.		3,118		703,389
Universal Health Services, Inc., Class B		1,879		223,094
				1,356,689
Medical - Outpatient/Home Medical — 0.2%
Amedisys, Inc.†		2,951		412,107
Chemed Corp.		1,548		720,579
				1,132,686

260

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		3,098	$	358,594
Cardinal Health, Inc.		9,632		445,287
McKesson Corp.		2,856		619,067
Premier, Inc., Class A		5,730		212,411
				1,635,359
Metal Processors & Fabrication — 0.1%
Timken Co.		8,892		585,360
Metal - Aluminum — 0.1%
Alcoa Corp.		8,157		379,545
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		18,066		669,887
Southern Copper Corp.		6,122		358,137
				1,028,024
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		14,710		538,827
Multimedia — 0.5%
FactSet Research Systems, Inc.		2,200		1,030,854
ViacomCBS, Inc., Class A		15,577		519,649
Walt Disney Co.†		12,419		1,799,513
				3,350,016
Networking Products — 0.5%
Arista Networks, Inc.†		3,060		379,623
Cisco Systems, Inc.		51,164		2,805,834
				3,185,457
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		3,350		443,071
Waste Management, Inc.		4,296		690,238
				1,133,309
Office Automation & Equipment — 0.2%
Xerox Holdings Corp.		19,780		364,348
Zebra Technologies Corp., Class A†		1,882		1,108,084
				1,472,432
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		2,456		503,652
Oil Companies - Exploration & Production — 0.3%
APA Corp.		10,081		259,787
ConocoPhillips		2,602		182,478
Continental Resources, Inc.#		5,273		233,805
Coterra Energy, Inc.		16,500		331,320
Devon Energy Corp.		4,936		207,608
Marathon Oil Corp.		22,003		340,827
Occidental Petroleum Corp.		8,047		238,594
Pioneer Natural Resources Co.		1,267		225,931
				2,020,350
Oil Companies - Integrated — 0.4%
Chevron Corp.		10,728		1,210,869
Exxon Mobil Corp.		30,052		1,798,312
				3,009,181
Oil Field Machinery & Equipment — 0.1%
NOV, Inc.		70,309		838,083
Oil Refining & Marketing — 0.0%
Marathon Petroleum Corp.		3,557		216,443
Oil - Field Services — 0.1%
Baker Hughes Co.		6,827		159,342

Security Description	Shares		Value (Note 2)
Oil - Field Services (continued)
Halliburton Co.		20,193	$	435,967
				595,309
Paper & Related Products — 0.1%
International Paper Co.		14,344		652,939
Pastoral & Agricultural — 0.0%
Darling Ingredients, Inc.†		4,640		313,293
Patient Monitoring Equipment — 0.0%
Insulet Corp.†		598		172,487
Pharmacy Services — 0.5%
Cigna Corp.		5,635		1,081,357
CVS Health Corp.		24,055		2,142,338
				3,223,695
Physical Therapy/Rehabilitation Centers — 0.0%
Encompass Health Corp.		2,379		137,078
Pipelines — 0.4%
Antero Midstream Corp.		37,908		368,087
Cheniere Energy, Inc.		5,863		614,501
Kinder Morgan, Inc.		15,204		235,054
Targa Resources Corp.		21,938		1,132,659
Williams Cos., Inc.		11,241		301,146
				2,651,447
Poultry — 0.1%
Pilgrim’s Pride Corp.†		23,083		648,171
Power Converter/Supply Equipment — 0.1%
Generac Holdings, Inc.†		1,242		523,180
Private Equity — 0.4%
Ares Management Corp., Class A		5,031		408,316
Blackstone, Inc., Class A		9,553		1,351,272
Carlyle Group, Inc.		3,587		196,173
KKR & Co., Inc., Class A		12,296		915,437
				2,871,198
Professional Sports — 0.0%
Madison Square Garden Sports Corp.†		1,303		224,468
Protection/Safety — 0.0%
ADT, Inc.		31,662		263,111
Publishing - Newspapers — 0.3%
New York Times Co., Class A		13,148		624,530
News Corp., Class A		25,911		560,196
News Corp., Class B		27,148		585,039
				1,769,765
Radio — 0.2%
Liberty Media Corp. - Liberty SiriusXM, Series A†		15,012		732,585
Liberty Media Corp. - Liberty SiriusXM, Series C†		15,662		766,342
				1,498,927
Real Estate Investment Trusts — 1.8%
AGNC Investment Corp.		37,905		579,567
Alexandria Real Estate Equities, Inc.		1,373		274,696
American Homes 4 Rent, Class A		5,902		236,611
American Tower Corp.		1,591		417,606
Annaly Capital Management, Inc.		52,947		428,871
AvalonBay Communities, Inc.		790		188,707
Brixmor Property Group, Inc.		8,790		199,885
Camden Property Trust		2,323		383,783
CoreSite Realty Corp.		1,676		286,680
Cousins Properties, Inc.		3,840		144,998
Crown Castle International Corp.		2,746		498,811

261

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
CubeSmart		9,633	$	519,411
CyrusOne, Inc.		2,323		206,793
Digital Realty Trust, Inc.		2,977		499,362
Duke Realty Corp.		4,731		275,959
Equinix, Inc.		431		350,058
Equity Residential		1,873		159,786
Essex Property Trust, Inc.		479		162,592
Extra Space Storage, Inc.		3,066		613,200
First Industrial Realty Trust, Inc.		3,633		219,470
Gaming and Leisure Properties, Inc.		4,746		214,140
Hudson Pacific Properties, Inc.		7,054		171,694
Invitation Homes, Inc.		6,616		267,551
Iron Mountain, Inc.		7,228		328,440
Kilroy Realty Corp.		4,058		261,863
Lamar Advertising Co., Class A		1,391		151,981
Life Storage, Inc.		4,206		555,781
Mid-America Apartment Communities, Inc.		1,727		356,194
Prologis, Inc.		4,545		685,159
Public Storage		2,242		733,986
Rayonier, Inc.		4,068		153,648
Realty Income Corp.		2,345		159,272
SBA Communications Corp.		719		247,192
SL Green Realty Corp.		5,754		399,500
Starwood Property Trust, Inc.		6,258		156,200
Sun Communities, Inc.		941		177,454
UDR, Inc.		3,055		173,310
VICI Properties, Inc.#		9,731		264,683
Weyerhaeuser Co.		13,179		495,662
WP Carey, Inc.		1,919		146,516
				12,747,072
Real Estate Management/Services — 0.3%
CBRE Group, Inc., Class A†		9,202		879,435
Jones Lang LaSalle, Inc.†		6,054		1,422,145
				2,301,580
Recreational Vehicles — 0.1%
Brunswick Corp.		4,863		456,685
Polaris, Inc.		4,699		525,301
				981,986
Rental Auto/Equipment — 0.1%
AMERCO		843		593,944
United Rentals, Inc.†		1,118		378,711
				972,655
Resorts/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		2,828		431,694
Vail Resorts, Inc.		660		218,929
				650,623
Respiratory Products — 0.1%
ResMed, Inc.		3,400		866,490
Retail - Apparel/Shoe — 0.4%
Burlington Stores, Inc.†		1,088		318,926
Foot Locker, Inc.		14,575		665,203
Gap, Inc.		18,446		304,912
Lululemon Athletica, Inc.†		2,930		1,331,421
Ross Stores, Inc.		1,317		143,672
Victoria’s Secret & Co.†		4,389		238,235
				3,002,369
Retail - Auto Parts — 0.7%
Advance Auto Parts, Inc.		5,023		1,108,677
AutoZone, Inc.†		806		1,464,558

Security Description	Shares		Value (Note 2)
Retail - Auto Parts (continued)
Genuine Parts Co.		8,049	$	1,028,179
O’Reilly Automotive, Inc.†		2,478		1,581,361
				5,182,775
Retail - Automobile — 0.4%
AutoNation, Inc.†		11,602		1,436,908
CarMax, Inc.†		1,165		164,556
Lithia Motors, Inc.		539		157,027
Penske Automotive Group, Inc.		10,864		1,082,271
				2,840,762
Retail - Building Products — 1.3%
Home Depot, Inc.		15,694		6,287,173
Lowe’s Cos., Inc.		12,399		3,032,672
				9,319,845
Retail - Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		11,954		940,780
Qurate Retail, Inc., Series A		88,265		706,120
				1,646,900
Retail - Consumer Electronics — 0.2%
Best Buy Co., Inc.		11,142		1,190,634
Retail - Convenience Store — 0.1%
Casey’s General Stores, Inc.		3,951		767,640
Retail - Discount — 1.6%
Costco Wholesale Corp.		4,925		2,656,446
Dollar General Corp.		4,797		1,061,576
Dollar Tree, Inc.†		7,817		1,046,149
Ollie’s Bargain Outlet Holdings, Inc.†#		4,259		263,590
Target Corp.		12,513		3,051,170
Walmart, Inc.		23,787		3,345,166
				11,424,097
Retail - Drug Store — 0.1%
Walgreens Boots Alliance, Inc.		16,790		752,192
Retail - Floor Coverings — 0.1%
Floor & Decor Holdings, Inc., Class A†		5,604		722,412
Retail - Gardening Products — 0.2%
Tractor Supply Co.		7,060		1,590,830
Retail - Home Furnishings — 0.2%
Williams-Sonoma, Inc.		5,638		1,098,508
Retail - Major Department Stores — 0.1%
Nordstrom, Inc.†#		7,326		155,092
TJX Cos., Inc.		6,003		416,608
				571,700
Retail - Misc./Diversified — 0.3%
Bath & Body Works, Inc.		13,167		989,237
Five Below, Inc.†		2,130		433,327
GameStop Corp., Class A†		1,832		359,457
				1,782,021
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		1,545		593,203
Retail - Pet Food & Supplies — 0.1%
Petco Health & Wellness Co., Inc.†#		24,457		468,841
Retail - Regional Department Stores — 0.1%
Kohl’s Corp.		18,235		934,179
Retail - Restaurants — 0.9%
Chipotle Mexican Grill, Inc.†		192		315,535
Darden Restaurants, Inc.		1,737		239,619

262

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants (continued)
Domino’s Pizza, Inc.		2,709	$	1,419,895
McDonald’s Corp.		5,758		1,408,407
Starbucks Corp.		9,582		1,050,571
Wendy’s Co.		19,038		391,802
Yum China Holdings, Inc.		10,069		504,457
Yum! Brands, Inc.		8,704		1,069,199
				6,399,485
Retail - Sporting Goods — 0.2%
Dick’s Sporting Goods, Inc.#		13,585		1,597,053
Savings & Loans/Thrifts — 0.1%
New York Community Bancorp, Inc.		17,008		203,756
TFS Financial Corp.		9,616		173,088
				376,844
Schools — 0.1%
Grand Canyon Education, Inc.†		5,949		431,124
Semiconductor Components - Integrated Circuits — 0.7%
Analog Devices, Inc.		3,966		714,871
Cirrus Logic, Inc.†		13,057		1,046,910
NXP Semiconductors NV		1,203		268,702
QUALCOMM, Inc.		16,553		2,988,810
				5,019,293
Semiconductor Equipment — 0.9%
Allegro MicroSystems, Inc.†		16,445		513,577
Applied Materials, Inc.		15,315		2,254,215
Entegris, Inc.		2,333		340,805
KLA Corp.		2,046		835,034
Lam Research Corp.		1,531		1,040,850
MKS Instruments, Inc.		3,100		471,696
Teradyne, Inc.		6,362		972,559
				6,428,736
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		2,996		531,820
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		4,268		381,474
Software Tools — 0.2%
VMware, Inc., Class A		9,268		1,081,946
Steel Pipe & Tube — 0.1%
Valmont Industries, Inc.		1,477		353,047
Steel - Producers — 0.3%
Cleveland-Cliffs, Inc.†		13,601		276,780
Nucor Corp.		4,198		446,080
Reliance Steel & Aluminum Co.		5,995		891,037
Steel Dynamics, Inc.		4,833		289,013
United States Steel Corp.		14,958		338,200
				2,241,110
Telecom Equipment - Fiber Optics — 0.1%
Ciena Corp.†		8,199		493,826
Corning, Inc.		11,306		419,339
				913,165
Telecom Services — 0.0%
Switch, Inc., Class A		9,918		271,257
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		10,290		320,328
Telephone - Integrated — 0.6%
AT&T, Inc.		68,028		1,553,079
Lumen Technologies, Inc.		38,482		474,868

Security Description	Shares		Value (Note 2)
Telephone - Integrated (continued)
Verizon Communications, Inc.		39,776	$	1,999,540
				4,027,487
Television — 0.2%
Nexstar Media Group, Inc., Class A		5,386		805,207
World Wrestling Entertainment, Inc., Class A#		5,282		260,720
				1,065,927
Textile - Home Furnishings — 0.1%
Mohawk Industries, Inc.†		2,923		490,684
Tobacco — 0.4%
Altria Group, Inc.		13,711		584,637
Philip Morris International, Inc.		21,945		1,885,953
				2,470,590
Tools - Hand Held — 0.2%
MSA Safety, Inc.		1,538		220,426
Snap-on, Inc.		2,547		524,453
Stanley Black & Decker, Inc.		1,984		346,724
				1,091,603
Toys — 0.2%
Hasbro, Inc.		2,396		232,197
Mattel, Inc.†		40,273		854,190
				1,086,387
Transport - Marine — 0.1%
Kirby Corp.†		8,611		449,666
Transport - Rail — 0.3%
CSX Corp.		13,194		457,304
Kansas City Southern		1,217		353,964
Norfolk Southern Corp.		1,666		441,940
Union Pacific Corp.		3,162		745,094
				1,998,302
Transport - Services — 0.7%
C.H. Robinson Worldwide, Inc.		8,948		850,865
Expeditors International of Washington, Inc.		4,830		587,425
FedEx Corp.		5,085		1,171,431
Ryder System, Inc.		16,360		1,359,189
United Parcel Service, Inc., Class B		6,371		1,263,815
				5,232,725
Transport - Truck — 0.5%
JB Hunt Transport Services, Inc.		1,756		335,677
Knight-Swift Transportation Holdings, Inc.		18,546		1,061,758
Landstar System, Inc.		5,872		989,726
Old Dominion Freight Line, Inc.		1,568		556,907
Schneider National, Inc., Class B		10,400		255,840
XPO Logistics, Inc.†		2,930		212,249
				3,412,157
Vitamins & Nutrition Products — 0.1%
Herbalife Nutrition, Ltd.†		18,002		672,555
Water — 0.1%
American Water Works Co., Inc.		1,828		308,146
Essential Utilities, Inc.		4,808		227,274
				535,420
Water Treatment Systems — 0.1%
Pentair PLC		6,924		510,230
Web Hosting/Design — 0.2%
GoDaddy, Inc., Class A†		4,961		348,113

263

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Web Hosting/Design (continued)
VeriSign, Inc.†		4,961		$	1,190,194
					1,538,307
Web Portals/ISP — 3.5%
Alphabet, Inc., Class A†		4,356			12,362,110
Alphabet, Inc., Class C†		4,230			12,051,439
					24,413,549
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		2,807			710,676
Ubiquiti, Inc.		3,051			913,134
					1,623,810
Total Common Stocks (cost $523,047,979)					690,322,731
EXCHANGE-TRADED FUNDS — 1.7%
Vanguard Russell 1000 ETF (cost $12,104,002)		55,998			11,819,498
Total Long-Term Investment Securities (cost $535,151,981)					702,142,229
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03%(1)(2) (cost $3,117,332)		3,117,332			3,117,332
TOTAL INVESTMENTS
(cost $538,269,313)(3)		100.2	%		705,259,561
Liabilities in excess of other assets		(0.2	)		(1,480,197	)
NET ASSETS		100.0	%	$	703,779,364

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of November 30, 2021.

(2) At November 30, 2021, the Fund had loaned securities with a total value of $6,986,116. This was secured by collateral of $3,117,332, which was received in cash and subsequently invested in short-term investments currently valued at $3,117,332 as reported in the Portfolio of Investments. Additional collateral of $4,306,928 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.

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
Federal Home Loan Mtg. Corp.	1.25% to 2.50%	03/01/2050 to 10/25/2050	$	49,504
Federal National Mtg. Assoc.	2.00% to 3.50%	06/01/2049 to 09/01/2050		167,439
Government National Mtg. Assoc.	1.00% to 2.70%	06/20/2038 to 05/16/2053		98,947
United States Treasury Bills	0.00%	12/30/2021 to 06/16/2022		100,188
United States Treasury Notes/Bonds	0.07% to 6.88%	12/31/2021 to 08/15/2051		3,890,850

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

ETF—Exchange-Traded Funds

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
Containers-Metal/Glass	$	—	$	234,779	$	—	$	234,779
Other Industries		690,087,952		—		—		690,087,952
Exchange-Traded Funds		11,819,498		—		—		11,819,498
Short-Term Investment Securities		3,117,332		—		—		3,117,332
Total Investments at Value	$	705,024,782	$	234,779	$	—	$	705,259,561

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

See Notes to Financial Statements

264

VALIC Company I Systematic Value Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Diversified Banking Institutions	4.9	%
Diagnostic Equipment	4.5
Medical — Drugs	4.2
Insurance Brokers	3.7
Medical — HMO	3.7
Investment Management/Advisor Services	3.2
Commercial Services — Finance	3.2
Computer Services	3.1
Aerospace/Defense	2.8
Tobacco	2.7
Medical Products	2.7
Electronic Components — Semiconductors	2.7
Data Processing/Management	2.6
Oil Companies — Exploration & Production	2.5
Beverages — Non-alcoholic	2.4
Retail — Discount	2.2
Insurance — Life/Health	2.1
Insurance — Multi-line	2.0
Cosmetics & Toiletries	1.9
Machinery — Pumps	1.7
Real Estate Investment Trusts	1.6
Web Portals/ISP	1.5
Medical Labs & Testing Services	1.4
Banks — Super Regional	1.4
Finance — Investment Banker/Broker	1.3
Retail — Restaurants	1.3
Finance — Other Services	1.3
Steel — Producers	1.3
Insurance — Property/Casualty	1.3
Medical — Wholesale Drug Distribution	1.3
Electric Products — Misc.	1.2
Diversified Manufacturing Operations	1.2
Tools — Hand Held	1.1
Transport — Services	1.1
Real Estate Management/Services	1.1
Advertising Agencies	1.1
Food — Misc./Diversified	1.1
Building — Residential/Commercial	1.0
Medical — Biomedical/Gene	1.0
Auto/Truck Parts & Equipment — Original	1.0
Consumer Products — Misc.	0.9
Repurchase Agreements	0.9
Machinery — General Industrial	0.8
Finance — Credit Card	0.8
Food — Confectionery	0.8
Gas — Distribution	0.7
Computers	0.7
Chemicals — Diversified	0.7
Independent Power Producers	0.7
Banks — Fiduciary	0.6
Electronic Parts Distribution	0.6
Telephone — Integrated	0.6
Finance — Consumer Loans	0.6
Consulting Services	0.6
Entertainment Software	0.5
Private Equity	0.5
Software Tools	0.4
Coatings/Paint	0.4
Enterprise Software/Service	0.4
Transport — Truck	0.4
Multimedia	0.4
Building & Construction — Misc.	0.4
Computer Data Security	0.3
Broadcast Services/Program	0.3
Insurance — Reinsurance	0.3
Savings & Loans/Thrifts	0.3
Internet Infrastructure Software	0.3
Computer Software	0.2
Chemicals — Specialty	0.2

Applications Software	0.2	%
Building — Mobile Home/Manufactured Housing	0.2
Retail — Catalog Shopping	0.1
Registered Investment Companies	0.1
Recreational Vehicles	0.1
Diagnostic Kits	0.1
Commercial Services	0.1
Vitamins & Nutrition Products	0.1
Auto Repair Centers	0.1
Building — Maintenance & Services	0.1
Web Hosting/Design	0.1
Medical — Outpatient/Home Medical	0.1
	100.1%

* Calculated as a percentage of net assets

265

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.1%
Advertising Agencies — 1.1%
Omnicom Group, Inc.		82,467	$	5,550,854
Aerospace/Defense — 2.8%
General Dynamics Corp.		18,311		3,460,230
Raytheon Technologies Corp.		83,113		6,725,504
TransDigm Group, Inc.†		7,126		4,119,184
				14,304,918
Applications Software — 0.2%
Jamf Holding Corp.†#		29,466		949,689
Auto Repair Centers — 0.1%
Driven Brands Holdings, Inc.†		12,683		391,397
Auto/Truck Parts & Equipment - Original — 1.0%
BorgWarner, Inc.		68,193		2,951,393
Lear Corp.		11,144		1,869,852
				4,821,245
Banks - Fiduciary — 0.6%
Bank of New York Mellon Corp.		59,281		3,248,006
Banks - Super Regional — 1.4%
KeyCorp		209,763		4,707,082
US Bancorp		46,128		2,552,723
				7,259,805
Beverages - Non-alcoholic — 2.4%
Coca-Cola Co.		2,904		152,315
Keurig Dr Pepper, Inc.		90,127		3,063,417
Monster Beverage Corp.†		47,809		4,005,438
PepsiCo, Inc.		32,698		5,224,486
				12,445,656
Broadcast Services/Program — 0.3%
Discovery, Inc., Class A†#		12,790		297,623
Discovery, Inc., Class C†		49,023		1,113,313
				1,410,936
Building & Construction - Misc. — 0.4%
Frontdoor, Inc.†		51,884		1,793,111
Building - Maintenance & Services — 0.1%
Rollins, Inc.		11,017		366,646
Building - Mobile Home/Manufactured Housing — 0.2%
Thor Industries, Inc.		8,173		863,968
Building - Residential/Commercial — 1.0%
D.R. Horton, Inc.		41,480		4,052,596
NVR, Inc.†		238		1,243,631
				5,296,227
Chemicals - Diversified — 0.7%
LyondellBasell Industries NV, Class A		37,721		3,286,631
Westlake Chemical Corp.		2,462		228,769
				3,515,400
Chemicals - Specialty — 0.2%
Valvoline, Inc.		29,747		1,013,480
Coatings/Paint — 0.4%
Axalta Coating Systems, Ltd.†		51,993		1,576,428
RPM International, Inc.		6,081		553,614
				2,130,042
Commercial Services — 0.1%
Nielsen Holdings PLC		25,434		487,315
Commercial Services - Finance — 3.2%
Equifax, Inc.		15,333		4,272,540

Security Description	Shares		Value (Note 2)
Commercial Services - Finance (continued)
Global Payments, Inc.		29,699	$	3,535,369
Moody’s Corp.		6,452		2,520,409
S&P Global, Inc.		13,112		5,975,532
				16,303,850
Computer Data Security — 0.3%
McAfee Corp., Class A		55,394		1,431,935
Computer Services — 3.1%
Accenture PLC, Class A		17,603		6,291,312
International Business Machines Corp.		32,359		3,789,239
Leidos Holdings, Inc.		10,850		953,824
Science Applications International Corp.		59,169		4,963,687
				15,998,062
Computer Software — 0.2%
SolarWinds Corp.#		73,161		1,053,518
Computers — 0.7%
Dell Technologies, Inc., Class C†		64,206		3,625,713
Consulting Services — 0.6%
Verisk Analytics, Inc.		12,805		2,879,460
Consumer Products - Misc. — 0.9%
Kimberly-Clark Corp.		20,951		2,730,125
Reynolds Consumer Products, Inc.		61,291		1,788,471
				4,518,596
Cosmetics & Toiletries — 1.9%
Procter & Gamble Co.		67,638		9,779,102
Data Processing/Management — 2.6%
Fidelity National Information Services, Inc.		63,470		6,632,615
Fiserv, Inc.†		66,638		6,431,900
				13,064,515
Diagnostic Equipment — 4.5%
Danaher Corp.		31,766		10,217,216
PerkinElmer, Inc.		10,897		1,984,998
Thermo Fisher Scientific, Inc.		17,183		10,873,918
				23,076,132
Diagnostic Kits — 0.1%
Quidel Corp.†		3,501		516,608
Diversified Banking Institutions ��� 4.9%
Citigroup, Inc.		127,068		8,094,231
JPMorgan Chase & Co.		105,066		16,687,633
				24,781,864
Diversified Manufacturing Operations — 1.2%
3M Co.		24,864		4,227,874
Illinois Tool Works, Inc.		7,092		1,646,408
				5,874,282
Electric Products-Misc. — 1.2%
Emerson Electric Co.		67,211		5,903,814
Electronic Components - Semiconductors — 2.7%
Micron Technology, Inc.		23,949		2,011,716
Skyworks Solutions, Inc.		29,741		4,510,520
Texas Instruments, Inc.		36,440		7,009,963
				13,532,199
Electronic Parts Distribution — 0.6%
Arrow Electronics, Inc.†		26,631		3,239,661
Energy - Alternate Sources — 0.0%
Shoals Technologies Group, Inc., Class A†		4,929		138,505

266

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service — 0.4%
Oracle Corp.		22,929	$	2,080,577
Entertainment Software — 0.5%
Activision Blizzard, Inc.		47,425		2,779,105
Finance - Consumer Loans — 0.6%
SLM Corp.		54,288		965,240
Synchrony Financial		47,063		2,107,952
				3,073,192
Finance - Credit Card — 0.8%
American Express Co.		15,176		2,311,305
Capital One Financial Corp.		4,848		681,289
Discover Financial Services		11,076		1,194,547
				4,187,141
Finance - Investment Banker/Broker — 1.3%
Charles Schwab Corp.		34,861		2,697,893
Tradeweb Markets, Inc., Class A		10,353		993,888
Virtu Financial, Inc., Class A		111,716		3,148,157
				6,839,938
Finance - Other Services — 1.3%
Intercontinental Exchange, Inc.		51,639		6,750,250
Food - Confectionery — 0.8%
Mondelez International, Inc., Class A		69,478		4,095,033
Food - Misc./Diversified — 1.1%
Campbell Soup Co.		29,894		1,205,625
General Mills, Inc.		43,704		2,699,596
Kellogg Co.		24,626		1,506,619
				5,411,840
Gas - Distribution — 0.7%
National Fuel Gas Co.		64,633		3,736,434
Independent Power Producers — 0.7%
NRG Energy, Inc.		95,464		3,438,613
Industrial Automated/Robotic — 0.0%
Colfax Corp.†		3,385		157,199
Insurance Brokers — 3.7%
Arthur J. Gallagher & Co.		37,234		6,065,419
Brown & Brown, Inc.		88,982		5,731,331
Marsh & McLennan Cos., Inc.		43,124		7,073,198
				18,869,948
Insurance - Life/Health — 2.1%
Aflac, Inc.		104,546		5,660,120
Athene Holding, Ltd., Class A†		31,659		2,593,505
Globe Life, Inc.		16,304		1,410,948
Lincoln National Corp.		16,465		1,092,124
				10,756,697
Insurance - Multi-line — 2.0%
Allstate Corp.		23,500		2,554,920
Loews Corp.		54,389		2,907,636
MetLife, Inc.		78,967		4,632,204
				10,094,760
Insurance - Property/Casualty — 1.3%
Fidelity National Financial, Inc.		80,316		3,928,256
Progressive Corp.		27,260		2,533,544
				6,461,800
Insurance - Reinsurance — 0.3%
Reinsurance Group of America, Inc.		14,835		1,407,990

Security Description	Shares		Value (Note 2)
Internet Infrastructure Software — 0.3%
F5, Inc.†		5,706	$	1,298,571
Investment Management/Advisor Services — 3.2%
Affiliated Managers Group, Inc.		16,275		2,768,866
BlackRock, Inc.		9,103		8,234,665
Invesco, Ltd.		22,159		494,810
T. Rowe Price Group, Inc.		24,610		4,920,770
				16,419,111
Machinery - General Industrial — 0.8%
Westinghouse Air Brake Technologies Corp.		48,428		4,298,954
Machinery - Pumps — 1.7%
Dover Corp.		16,809		2,754,155
Ingersoll Rand, Inc.		103,250		6,023,605
				8,777,760
Medical Labs & Testing Services — 1.4%
Laboratory Corp. of America Holdings†		12,011		3,427,099
PPD, Inc.†		15,340		722,514
Quest Diagnostics, Inc.		13,747		2,043,904
Syneos Health, Inc.†		11,126		1,081,002
				7,274,519
Medical Products — 2.7%
Abbott Laboratories		62,721		7,888,420
Hologic, Inc.†		80,107		5,986,396
				13,874,816
Medical - Biomedical/Gene — 1.0%
Regeneron Pharmaceuticals, Inc.†		4,517		2,875,206
Vertex Pharmaceuticals, Inc.†		11,525		2,154,484
				5,029,690
Medical - Drugs — 4.2%
Bristol-Myers Squibb Co.		145,239		7,789,168
Jazz Pharmaceuticals PLC†		16,698		2,001,589
Pfizer, Inc.		218,375		11,733,289
				21,524,046
Medical - HMO — 3.7%
Anthem, Inc.		7,320		2,973,604
Centene Corp.†		12,496		892,339
UnitedHealth Group, Inc.		33,516		14,888,478
				18,754,421
Medical - Outpatient/Home Medical — 0.1%
Chemed Corp.		520		242,055
Medical - Wholesale Drug Distribution — 1.3%
AmerisourceBergen Corp.		45,579		5,275,769
McKesson Corp.		4,966		1,076,430
				6,352,199
Multimedia — 0.4%
ViacomCBS, Inc., Class B		60,016		1,857,495
Oil Companies - Exploration & Production — 2.5%
APA Corp.		54,833		1,413,047
Coterra Energy, Inc.		52,701		1,058,236
Devon Energy Corp.		128,871		5,420,314
Marathon Oil Corp.		306,877		4,753,525
				12,645,122
Private Equity — 0.5%
Ares Management Corp., Class A		33,446		2,714,477

267

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts — 1.6%
Healthcare Trust of America, Inc., Class A		97,437	$	3,308,961
Omega Healthcare Investors, Inc.		36,628		1,023,386
Realty Income Corp.		15,270		1,037,138
SBA Communications Corp.		3,911		1,344,602
STORE Capital Corp.		16,349		538,536
Vornado Realty Trust		1,473		59,126
WP Carey, Inc.		11,187		854,128
				8,165,877
Real Estate Management/Services — 1.1%
CBRE Group, Inc., Class A†		59,178		5,655,641
Recreational Vehicles — 0.1%
Polaris, Inc.		5,759		643,799
Retail - Catalog Shopping — 0.1%
Qurate Retail, Inc., Series A		91,663		733,304
Retail - Discount — 2.2%
Ollie’s Bargain Outlet Holdings, Inc.†#		20,205		1,250,487
Walmart, Inc.		70,893		9,969,683
				11,220,170
Retail - Restaurants — 1.3%
McDonald’s Corp.		20,987		5,133,420
Yum! Brands, Inc.		13,170		1,617,803
				6,751,223
Savings & Loans/Thrifts — 0.3%
New York Community Bancorp, Inc.		108,735		1,302,645
Software Tools — 0.4%
VMware, Inc., Class A		18,464		2,155,487
Steel - Producers — 1.3%
Nucor Corp.		15,444		1,641,080
Reliance Steel & Aluminum Co.		598		88,881
Steel Dynamics, Inc.		80,728		4,827,534
				6,557,495
Telephone - Integrated — 0.6%
Lumen Technologies, Inc.		261,427		3,226,009
Tobacco — 2.7%
Altria Group, Inc.		138,739		5,915,831
Philip Morris International, Inc.		93,063		7,997,834
				13,913,665
Tools - Hand Held — 1.1%
Stanley Black & Decker, Inc.		32,697		5,714,128
Transport - Services — 1.1%
C.H. Robinson Worldwide, Inc.		27,916		2,654,533
Expeditors International of Washington, Inc.		21,040		2,558,885
Ryder System, Inc.		5,378		446,804
				5,660,222
Transport - Truck — 0.4%
Knight-Swift Transportation Holdings, Inc.		32,671		1,870,415
Vitamins & Nutrition Products — 0.1%
Herbalife Nutrition, Ltd.†		10,493		392,018
Web Hosting/Design — 0.1%
GoDaddy, Inc., Class A†		5,205		365,235

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Portals/ISP — 1.5%
Alphabet, Inc., Class A†		1,682		$	4,773,432
Alphabet, Inc., Class C†		1,026			2,923,115
					7,696,547
Total Long-Term Investment Securities
(cost $487,419,504)					504,794,144
SHORT-TERM INVESTMENT SECURITIES — 0.1%
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 0.03% (1)(2) (cost $661,549)		661,549			661,549
REPURCHASE AGREEMENTS — 0.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 11/30/2021, to be repurchased 12/01/2021 in the amount $4,447,000 collateralized by $2,670,400 of United States Treasury Notes, bearing interest at 2.88% due 11/30/2025 and by $1,720,900 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate combined value of $4,536,001 (cost $4,447,000)	$	4,447,000			4,447,000
TOTAL INVESTMENTS
(cost $492,528,053)(3)		100.1	%		509,902,693
Liabilities in excess of other assets		(0.1	)		(306,196	)
NET ASSETS		100.0	%	$	509,596,497

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of November 30, 2021.

(2) At November 30, 2021, the Fund had loaned securities with a total value of $2,828,366. This was secured by collateral of $661,549, which was received in cash and subsequently invested in short-term investments currently valued at $661,549 as reported in the Portfolio of Investments. Additional collateral of $2,315,484 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2021
United States Treasury Bills	0.00%	2/3/2022	$	57,870
United States Treasury Notes/Bonds	0.08% to 6.88%	01/15/2022 to 05/15/2051		2,257,614

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

268

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	504,794,144	$	—	$	—	$	504,794,144
Registered Investment Companies		661,549		—		—		661,549
Repurchase Agreements		—		4,447,000		—		4,447,000
Total Investments at Value	$	505,455,693	$	4,447,000	$	—	$	509,902,693

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

See Notes to Financial Statements

269

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO PROFILE — November 30, 2021 (unaudited)

Industry Allocation*

Applications Software	9.3	%
Electronic Components — Semiconductors	6.0
Finance — Credit Card	3.9
Commercial Services — Finance	3.8
Retail — Building Products	2.6
Beverages — Non-alcoholic	2.5
Diagnostic Equipment	2.4
Repurchase Agreements	2.3
Real Estate Investment Trusts	2.3
Electronic Forms	2.2
Retail — Restaurants	2.2
Medical — Biomedical/Gene	2.2
Enterprise Software/Service	1.7
Computer Aided Design	1.7
Internet Content — Entertainment	1.6
Investment Management/Advisor Services	1.6
Diversified Manufacturing Operations	1.6
Telephone — Integrated	1.6
Banks — Super Regional	1.5
Computers	1.5
Medical — Drugs	1.5
Networking Products	1.5
Cosmetics & Toiletries	1.4
Finance — Other Services	1.4
Medical Products	1.4
Industrial Gases	1.3
Medical — HMO	1.3
Electric — Integrated	1.2
Semiconductor Components — Integrated Circuits	1.2
Data Processing/Management	1.2
Retail — Discount	1.1
Multimedia	1.1
Semiconductor Equipment	1.1
Cable/Satellite TV	1.1
Oil Companies — Exploration & Production	1.0
Transport — Rail	1.0
Insurance — Multi-line	1.0
E-Commerce/Products	0.9
Banks — Fiduciary	0.9
Diversified Banking Institutions	0.9
Insurance Brokers	0.9
Computers — Memory Devices	0.8
Food — Misc./Diversified	0.8
Banks — Commercial	0.8
Airlines	0.7
Finance — Investment Banker/Broker	0.7
Machinery — Farming	0.7
Pipelines	0.7
Machinery — Construction & Mining	0.7
Insurance — Property/Casualty	0.6
Insurance — Life/Health	0.6
Electric — Distribution	0.6
Auto/Truck Parts & Equipment — Original	0.5
Consulting Services	0.5
Medical Labs & Testing Services	0.5
Entertainment Software	0.5
Electronic Measurement Instruments	0.5
Electric Products — Misc.	0.5
Medical — Hospitals	0.5
Non-Hazardous Waste Disposal	0.4
Chemicals — Specialty	0.4
Decision Support Software	0.4
Water	0.4
E-Commerce/Services	0.4
Retail — Major Department Stores	0.4
Medical Instruments	0.4
Auto — Heavy Duty Trucks	0.3
Oil — Field Services	0.3
Consumer Products — Misc.	0.3

Coatings/Paint	0.3
Drug Delivery Systems	0.3
Computer Data Security	0.3
Distribution/Wholesale	0.3
Diagnostic Kits	0.2
Gold Mining	0.2
Electronic Connectors	0.2
Retail — Auto Parts	0.2
Chemicals — Diversified	0.2
U.S. Government Treasuries	0.2
Respiratory Products	0.2
Apparel Manufacturers	0.2
Steel — Producers	0.2
Containers — Paper/Plastic	0.2
Containers — Metal/Glass	0.2
Food — Retail	0.2
Retail — Drug Store	0.2
Oil Refining & Marketing	0.1
Web Hosting/Design	0.1
Office Automation & Equipment	0.1
Machinery — General Industrial	0.1
Food — Meat Products	0.1
Food — Confectionery	0.1
Building — Residential/Commercial	0.1
Computer Software	0.1
Instruments — Controls	0.1
Medical Information Systems	0.1
Retail — Apparel/Shoe	0.1
Retail — Consumer Electronics	0.1
Industrial Automated/Robotic	0.1
Wireless Equipment	0.1
Disposable Medical Products	0.1
Tools — Hand Held	0.1
Dental Supplies & Equipment	0.1
Hotels/Motels	0.1
Transport — Services	0.1
Commercial Services	0.1
Real Estate Management/Services	0.1
Retail — Perfume & Cosmetics	0.1
	99.8	%

* Calculated as a percentage of net assets

270

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Airlines — 0.7%
Delta Air Lines, Inc.†		77,173	$	2,793,663
Southwest Airlines Co.†		76,090		3,378,396
				6,172,059
Apparel Manufacturers — 0.2%
VF Corp.		22,123		1,586,883
Applications Software — 9.3%
Intuit, Inc.		16,708		10,898,628
Microsoft Corp.		171,003		56,531,882
PTC, Inc.†		11,373		1,246,253
Roper Technologies, Inc.		1,626		754,708
ServiceNow, Inc.†		12,900		8,355,330
				77,786,801
Auto-Heavy Duty Trucks — 0.3%
Cummins, Inc.		7,583		1,590,534
PACCAR, Inc.		14,332		1,195,576
				2,786,110
Auto/Truck Parts & Equipment-Original — 0.5%
Aptiv PLC†		18,217		2,921,096
BorgWarner, Inc.		34,440		1,490,563
				4,411,659
Banks-Commercial — 0.8%
First Republic Bank		4,375		917,263
Truist Financial Corp.		92,882		5,508,831
				6,426,094
Banks-Fiduciary — 0.9%
Bank of New York Mellon Corp.		71,021		3,891,241
Northern Trust Corp.		13,915		1,609,965
State Street Corp.		25,076		2,231,012
				7,732,218
Banks-Super Regional — 1.5%
PNC Financial Services Group, Inc.		34,459		6,788,423
US Bancorp		109,680		6,069,691
				12,858,114
Beverages-Non-alcoholic — 2.5%
Coca-Cola Co.		27,332		1,433,564
Monster Beverage Corp.†		26,377		2,209,865
PepsiCo, Inc.		109,176		17,444,141
				21,087,570
Building-Residential/Commercial — 0.1%
D.R. Horton, Inc.		3,715		362,955
Lennar Corp., Class A		5,376		564,749
				927,704
Cable/Satellite TV — 1.1%
Comcast Corp., Class A		178,571		8,924,979
Chemicals-Diversified — 0.2%
LyondellBasell Industries NV, Class A		2,294		199,876
PPG Industries, Inc.		10,009		1,543,088
				1,742,964
Chemicals-Specialty — 0.4%
Ecolab, Inc.		14,663		3,247,415
International Flavors & Fragrances, Inc.		3,042		432,481
				3,679,896
Coatings/Paint — 0.3%
Sherwin-Williams Co.		7,133		2,362,735

Security Description		Shares		Value (Note 2)
Commercial Services — 0.1%
Cintas Corp.			1,185	$	500,295
Commercial Services-Finance — 3.8%
Automatic Data Processing, Inc.			25,111		5,797,879
IHS Markit, Ltd.			19,208		2,455,167
MarketAxess Holdings, Inc.			1,448		510,695
Moody’s Corp.			15,904		6,212,739
PayPal Holdings, Inc.†			43,304		8,006,476
S&P Global, Inc.			19,662		8,960,563
					31,943,519
Computer Aided Design — 1.7%
ANSYS, Inc.†			5,877		2,300,728
Autodesk, Inc.†			15,834		4,024,845
Cadence Design Systems, Inc.†			19,922		3,535,358
Synopsys, Inc.†			12,118		4,132,238
					13,993,169
Computer Data Security — 0.3%
Fortinet, Inc.†			6,828		2,267,647
Computer Software — 0.1%
Akamai Technologies, Inc.†			5,141		579,391
Citrix Systems, Inc.			3,916		314,964
					894,355
Computers — 1.5%
Hewlett Packard Enterprise Co.			305,226		4,379,993
HP, Inc.			228,775		8,071,182
					12,451,175
Computers-Memory Devices — 0.8%
NetApp, Inc.			38,773		3,446,144
Seagate Technology Holdings PLC			20,410		2,095,495
Western Digital Corp.†			20,933		1,210,765
					6,752,404
Consulting Services — 0.5%
Gartner, Inc.†			4,350		1,358,287
Verisk Analytics, Inc.			12,916		2,904,421
					4,262,708
Consumer Products-Misc. — 0.3%
Clorox Co.			5,270		858,219
Kimberly-Clark Corp.			13,835		1,802,839
					2,661,058
Containers-Metal/Glass — 0.2%
Ball Corp.			15,312		1,430,906
Containers-Paper/Plastic — 0.2%
Amcor PLC			16,359		185,184
Packaging Corp. of America			3,379		441,263
WestRock Co.			20,492		889,148
					1,515,595
Cosmetics & Toiletries — 1.4%
Colgate-Palmolive Co.			55,926		4,195,568
Estee Lauder Cos., Inc., Class A			22,738		7,550,608
	��				11,746,176
Data Processing/Management — 1.2%
Fidelity National Information Services, Inc.			37,262		3,893,879
Fiserv, Inc.†			41,842		4,038,590
Paychex, Inc.			15,749		1,877,281
					9,809,750

271

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Decision Support Software — 0.4%
MSCI, Inc.		5,681	$	3,575,905
Dental Supplies & Equipment — 0.1%
DENTSPLY SIRONA, Inc.		11,035		537,846
Diagnostic Equipment — 2.4%
Danaher Corp.		28,207		9,072,500
Thermo Fisher Scientific, Inc.		17,139		10,846,073
				19,918,573
Diagnostic Kits — 0.2%
IDEXX Laboratories, Inc.†		3,460		2,103,922
Dialysis Centers — 0.0%
DaVita, Inc.†		684		64,638
Disposable Medical Products — 0.1%
Teleflex, Inc.		2,307		686,148
Distribution/Wholesale — 0.3%
Fastenal Co.		18,956		1,121,626
Pool Corp.		1,831		1,014,594
				2,136,220
Diversified Banking Institutions — 0.9%
Morgan Stanley		79,804		7,567,015
Diversified Manufacturing Operations — 1.6%
Eaton Corp. PLC		26,073		4,225,390
Illinois Tool Works, Inc.		25,219		5,854,591
Parker-Hannifin Corp.		7,112		2,148,251
Trane Technologies PLC		4,667		871,095
				13,099,327
Drug Delivery Systems — 0.3%
DexCom, Inc.†		4,108		2,311,120
E-Commerce/Products — 0.9%
eBay, Inc.		69,679		4,700,546
Etsy, Inc.†		11,671		3,204,623
				7,905,169
E-Commerce/Services — 0.4%
Booking Holdings, Inc.†		1,584		3,329,330
Expedia Group, Inc.†		305		49,133
				3,378,463
Electric Products-Misc. — 0.5%
AMETEK, Inc.		7,451		1,017,062
Emerson Electric Co.		32,068		2,816,853
				3,833,915
Electric-Distribution — 0.6%
Consolidated Edison, Inc.		59,950		4,654,518
Electric-Integrated — 1.2%
Alliant Energy Corp.		16,987		930,718
CMS Energy Corp.		27,014		1,589,774
Eversource Energy		38,542		3,170,850
PPL Corp.		27,171		756,169
WEC Energy Group, Inc.		41,349		3,594,468
				10,041,979
Electronic Components-Misc. — 0.0%
Garmin, Ltd.		1,078		143,956
Electronic Components-Semiconductors — 6.0%
Advanced Micro Devices, Inc.†		42,238		6,689,232
Broadcom, Inc.		14,842		8,217,719
Microchip Technology, Inc.		1,578		131,653
Micron Technology, Inc.		37,686		3,165,624

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors (continued)
NVIDIA Corp.		67,082	$	21,919,714
Texas Instruments, Inc.		51,287		9,866,080
				49,990,022
Electronic Connectors — 0.2%
Amphenol Corp., Class A		11,094		893,955
TE Connectivity, Ltd.		6,195		953,596
				1,847,551
Electronic Forms — 2.2%
Adobe, Inc.†		27,988		18,747,762
Electronic Measurement Instruments — 0.5%
Agilent Technologies, Inc.		14,803		2,233,773
Fortive Corp.		8,689		641,856
Keysight Technologies, Inc.†		5,553		1,079,948
				3,955,577
Energy-Alternate Sources — 0.0%
Enphase Energy, Inc.†		776		194,000
Enterprise Software/Service — 1.7%
Paycom Software, Inc.†		3,441		1,505,369
salesforce.com, Inc.†		38,791		11,053,883
Tyler Technologies, Inc.†		3,014		1,564,206
				14,123,458
Entertainment Software — 0.5%
Electronic Arts, Inc.		22,036		2,737,312
Take-Two Interactive Software, Inc.†		8,354		1,385,761
				4,123,073
Finance-Credit Card — 3.9%
American Express Co.		41,899		6,381,218
Mastercard, Inc., Class A		37,769		11,894,213
Visa, Inc., Class A		72,480		14,044,450
				32,319,881
Finance-Investment Banker/Broker — 0.7%
Charles Schwab Corp.		78,174		6,049,886
Finance-Other Services — 1.4%
Cboe Global Markets, Inc.		4,814		620,717
CME Group, Inc.		17,040		3,757,661
Intercontinental Exchange, Inc.		44,509		5,818,217
Nasdaq, Inc.		7,427		1,509,389
				11,705,984
Food-Confectionery — 0.1%
J.M. Smucker Co.		7,592		960,160
Food-Meat Products — 0.1%
Hormel Foods Corp.#		23,720		982,008
Food-Misc./Diversified — 0.8%
Campbell Soup Co.		8,539		344,378
General Mills, Inc.		38,374		2,370,362
Kellogg Co.		2,068		126,520
Kraft Heinz Co.		73,569		2,472,654
Lamb Weston Holdings, Inc.		261		13,551
McCormick & Co., Inc.		14,516		1,245,763
				6,573,228
Food-Retail — 0.2%
Kroger Co.		32,790		1,361,769
Gas-Distribution — 0.0%
NiSource, Inc.		10,208		250,198

272

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Gold Mining — 0.2%
Newmont Corp.		35,501	$	1,949,715
Hotels/Motels — 0.1%
Hilton Worldwide Holdings, Inc.†		3,963		535,282
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		2,409		809,906
Industrial Gases — 1.3%
Air Products & Chemicals, Inc.		10,678		3,069,284
Linde PLC		23,383		7,439,068
				10,508,352
Instruments-Controls — 0.1%
Mettler-Toledo International, Inc.†		590		893,337
Instruments-Scientific — 0.0%
Waters Corp.†		273		89,563
Insurance Brokers — 0.9%
Aon PLC, Class A		8,674		2,565,509
Marsh & McLennan Cos., Inc.		24,135		3,958,623
Willis Towers Watson PLC		3,613		815,960
				7,340,092
Insurance-Life/Health — 0.6%
Aflac, Inc.		49,366		2,672,675
Prudential Financial, Inc.		20,644		2,111,056
				4,783,731
Insurance-Multi-line — 1.0%
Allstate Corp.		17,245		1,874,877
Chubb, Ltd.		30,832		5,533,419
Hartford Financial Services Group, Inc.		4,404		291,104
Loews Corp.		11,657		623,183
				8,322,583
Insurance-Property/Casualty — 0.6%
Progressive Corp.		22,971		2,134,925
Travelers Cos., Inc.		19,409		2,852,152
				4,987,077
Internet Content-Entertainment — 1.6%
Netflix, Inc.†		15,030		9,647,757
Twitter, Inc.†		82,707		3,634,146
				13,281,903
Internet Security — 0.0%
NortonLifeLock, Inc.		10,498		260,875
Investment Management/Advisor Services — 1.6%
BlackRock, Inc.		10,680		9,661,235
Franklin Resources, Inc.		19,286		624,866
Invesco, Ltd.		13,465		300,673
T. Rowe Price Group, Inc.		13,206		2,640,540
				13,227,314
Machinery-Construction & Mining — 0.7%
Caterpillar, Inc.		28,531		5,516,469
Machinery-Farming — 0.7%
Deere & Co.		16,832		5,816,129
Machinery-General Industrial — 0.1%
Otis Worldwide Corp.		12,230		983,292
Westinghouse Air Brake Technologies Corp.		681		60,452
				1,043,744

Security Description	Shares		Value (Note 2)
Medical Information Systems — 0.1%
Cerner Corp.		12,664	$	892,179
Medical Instruments — 0.4%
Edwards Lifesciences Corp.†		27,791		2,982,252
Medical Labs & Testing Services — 0.5%
IQVIA Holdings, Inc.†		8,829		2,287,859
Laboratory Corp. of America Holdings†		4,433		1,264,868
Quest Diagnostics, Inc.		4,136		614,940
				4,167,667
Medical Products — 1.4%
ABIOMED, Inc.†		769		242,066
Align Technology, Inc.†		1,891		1,156,403
Baxter International, Inc.		34,286		2,556,707
Cooper Cos., Inc.		2,623		987,481
Henry Schein, Inc.†		4,270		303,426
Hologic, Inc.†		7,434		555,543
STERIS PLC		4,002		874,557
Stryker Corp.		19,994		4,731,180
				11,407,363
Medical-Biomedical/Gene — 2.2%
Amgen, Inc.		25,014		4,974,784
Biogen, Inc.†		6,603		1,556,591
Illumina, Inc.†		4,818		1,760,160
Incyte Corp.†		7,681		520,157
Moderna, Inc.†		7,179		2,530,095
Regeneron Pharmaceuticals, Inc.†		5,951		3,787,990
Vertex Pharmaceuticals, Inc.†		16,106		3,010,856
				18,140,633
Medical-Drugs — 1.5%
Eli Lilly & Co.		26,064		6,464,915
Zoetis, Inc.		26,724		5,933,797
				12,398,712
Medical-HMO — 1.3%
Anthem, Inc.		9,831		3,993,647
Centene Corp.†		30,584		2,184,004
Humana, Inc.		10,169		4,268,031
				10,445,682
Medical-Hospitals — 0.5%
HCA Healthcare, Inc.		16,817		3,793,747
Multimedia — 1.1%
Walt Disney Co.†		63,421		9,189,703
Networking Products — 1.5%
Cisco Systems, Inc.		223,954		12,281,637
Non-Hazardous Waste Disposal — 0.4%
Waste Management, Inc.		23,058		3,704,729
Office Automation & Equipment — 0.1%
Zebra Technologies Corp., Class A†		1,808		1,064,514
Oil Companies-Exploration & Production — 1.0%
Devon Energy Corp.		14,493		609,576
EOG Resources, Inc.		33,574		2,920,938
Hess Corp.		17,779		1,324,891
Occidental Petroleum Corp.		48,842		1,448,165
Pioneer Natural Resources Co.		11,685		2,083,669
				8,387,239
Oil Refining & Marketing — 0.1%
Valero Energy Corp.		18,901		1,265,233

273

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2021 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil-Field Services — 0.3%
Baker Hughes Co.		28,129	$	656,531
Schlumberger NV		73,292		2,102,014
				2,758,545
Paper & Related Products — 0.0%
International Paper Co.		6,582		299,613
Pipelines — 0.7%
Kinder Morgan, Inc.		177,059		2,737,332
ONEOK, Inc.		14,349		858,644
Williams Cos., Inc.		78,319		2,098,166
				5,694,142
Real Estate Investment Trusts — 2.3%
American Tower Corp.		18,261		4,793,147
Crown Castle International Corp.		19,453		3,533,638
Digital Realty Trust, Inc.		5,341		895,899
Equinix, Inc.		2,441		1,982,580
Equity Residential		3,759		320,680
Prologis, Inc.		34,534		5,206,001
Public Storage		4,632		1,516,424
SBA Communications Corp.		1,596		548,705
				18,797,074
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		5,180		495,053
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		608		205,954
Respiratory Products — 0.2%
ResMed, Inc.		6,542		1,667,229
Retail-Apparel/Shoe — 0.1%
Ross Stores, Inc.		7,921		864,102
Retail-Auto Parts — 0.2%
AutoZone, Inc.†		185		336,158
Genuine Parts Co.		5,229		667,952
O’Reilly Automotive, Inc.†		1,269		809,825
				1,813,935
Retail-Building Products — 2.6%
Home Depot, Inc.		37,607		15,065,740
Lowe’s Cos., Inc.		27,377		6,696,141
				21,761,881
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		7,600		812,136
Retail-Discount — 1.1%
Costco Wholesale Corp.		2,874		1,550,178
Dollar General Corp.		11,176		2,473,249
Dollar Tree, Inc.†		4,213		563,826
Target Corp.		20,293		4,948,245
				9,535,498
Retail-Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		29,498		1,321,510
Retail-Major Department Stores — 0.4%
TJX Cos., Inc.		44,225		3,069,215
Retail-Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		1,111		426,568
Retail-Restaurants — 2.2%
Domino’s Pizza, Inc.		1,999		1,047,756
McDonald’s Corp.		39,720		9,715,512
Starbucks Corp.		63,134		6,922,012
Yum! Brands, Inc.		7,533		925,353
				18,610,633

Security Description	Shares/ Principal Amount			Value (Note 2)
Semiconductor Components-Integrated Circuits — 1.2%
Analog Devices, Inc.		12,774		$	2,302,514
NXP Semiconductors NV		2,438			544,552
QUALCOMM, Inc.		38,565			6,963,296
					9,810,362
Semiconductor Equipment — 1.1%
Applied Materials, Inc.		34,104			5,019,768
KLA Corp.		2,579			1,052,567
Lam Research Corp.		4,303			2,925,395
					8,997,730
Steel-Producers — 0.2%
Nucor Corp.		14,690			1,560,959
Telecom Equipment-Fiber Optics — 0.0%
Corning, Inc.		9,499			352,318
Telephone-Integrated — 1.6%
Verizon Communications, Inc.		258,815			13,010,630
Tools-Hand Held — 0.1%
Stanley Black & Decker, Inc.		3,774			659,544
Transport-Rail — 1.0%
Norfolk Southern Corp.		10,721			2,843,960
Union Pacific Corp.		23,350			5,502,194
					8,346,154
Transport-Services — 0.1%
C.H. Robinson Worldwide, Inc.		5,356			509,302
Water — 0.4%
American Water Works Co., Inc.		20,295			3,421,128
Web Hosting/Design — 0.1%
VeriSign, Inc.†		4,521			1,084,633
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		2,985			755,742
Total Long-Term Investment Securities
(cost $536,945,061)					809,986,766
SHORT-TERM INVESTMENT SECURITIES — 0.2%
U.S. Government Treasuries — 0.2%
United States Treasury Bills 0.09% due 10/06/2022(2) (cost $1,698,694)	$	1,700,000			1,697,264
REPURCHASE AGREEMENTS — 2.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2021, to be repurchased 12/01/2021 in the amount of $19,273,000 and collateralized by $18,342,300 of United States Treasury Notes, bearing interest at 2.88% due 11/30/2025 and having an approximate value of $19,658,507 (cost $19,273,000)		19,273,000			19,273,000
TOTAL INVESTMENTS
(cost $557,916,755)(1)		99.8	%		830,957,030
Other assets less liabilities		0.2			1,765,773
NET ASSETS		100.0	%	$	832,722,803

† Non-income producing security

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

At November 30 ,2021, the Fund had loaned securities with a total value of $982,008. This was secured by collateral of $1,030,870, 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.

274

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 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 November 30, 2021
Federal Home Loan Mtg. Corp.	1.25% to 2.50%	03/01/2050 to 10/25/2050	$	155,839
Federal National Mtg. Assoc.	2.00% to 3.50%	06/01/2049 to 09/01/2050		527,095
Government National Mtg. Assoc.	1.00% to 2.70%	06/20/2038 to 05/16/2053		311,483
United States Treasury Notes/Bonds	0.13% to 2.25%	01/31/2022 to 11/15/2029		36,453

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

(2) 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)
	93	Long	S&P 500 E-Mini Index		December 2021	$	20,762,038	$	21,233,063	$	471,025

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	809,986,766	$	—	$	—	$	809,986,766
Short Term Investment Securities		—		1,697,264		—		1,697,264
Repurchase Agreements		—		19,273,000		—		19,273,000
Total Investments at Value	$	809,986,766	$	20,970,264	$	—	$	830,957,030
Other Financial Instruments:+
Futures Contracts	$	471,025	$	—	$	—	$	471,025

* 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

275

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2021 (unaudited)

	AGGRESSIVE GROWTH LIFESTYLE FUND		ASSET ALLOCATION FUND		BLUE CHIP GROWTH FUND		CAPITAL APPRECIATION FUND		CONSERVATIVE GROWTH LIFESTYLE FUND		CORE BOND FUND		DIVIDEND VALUE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	–	$	156,175,051	$	1,042,090,035	$	152,050,115	$	–	$	3,176,063,751	$	1,461,818,256
Investment securities, at value (affiliated)*†		733,084,634		–		–		–		368,409,425		–		–
Repurchase agreements (cost approximates value)		–		5,056,000		–		–		–		–		–
Cash		13		1,629		–		2,488,792		7		6,290,919		–
Foreign cash*		–		–		–		–		–		–		416,338
Cash collateral for futures contracts		–		–		–		–		–		–		–
Due from broker		–		15,063		–		–		–		–		–
Receivable for:
Fund shares sold		159,504		12,089		42,655		5,764		20,466		971,534		626,618
Dividends and interest		–		367,208		269,815		108,046		–		20,984,584		3,090,790
Investments sold		–		216,433		8,527,345		–		261,647		2,320,811		1,878,384
Investments sold on an extended settlement basis		–		1,517,336		–		–		–		209,173		–
Securites lending income		–		131		127		9		–		26,324		5,194
Prepaid expenses and other assets		25,056		8,759		22,612		8,304		17,630		97,308		24,508
Due from investment adviser for expense reimbursements/fee waivers		30,657		6,658		59,352		21,804		8,733		–		141,533
Variation margin on futures contracts		–		–		–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–		–
Unrealized appreciation on swap contracts		–		–		–		–		–		–		–
TOTAL ASSETS		733,299,864		163,376,357		1,051,011,941		154,682,834		368,717,908		3,206,964,404		1,468,001,621
LIABILITIES:
Payable for:
Fund shares reacquired		27		7,530		186,725		148,340		281,935		881,488		862,475
Investments purchased		159,136		477,851		1,011,313		–		7		2,132,175		734,191
Investments purchased on an extended settlement basis		–		3,037,767		–		–		–		225,726,573		–
Accrued foreign tax on capital gains		–		–		–		–		–		–		–
Investment advisory and management fees		62,069		66,585		639,213		71,403		30,774		985,028		865,541
Administrative service fee		–		8,883		59,439		8,659		–		159,457		85,820
Transfer agent fees and expenses		1,005		564		1,317		1,657		844		2,107		1,317
Directors’ fees and expenses		33,293		9,513		34,076		9,383		19,239		127,375		43,117
Other accrued expenses		90,855		129,220		121,643		67,384		70,061		293,716		118,320
Variation margin on futures contracts		–		8,475		–		–		–		–		–
Collateral upon return of securities loaned		–		116,793		–		–		–		58,534,094		–
Due to custodian		–		–		–		–		–		–		–
Due to custodian for foreign cash*		–		–		–		–		–		–		–
Due to broker		–		–		–		–		–		–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–		–
TOTAL LIABILITIES		346,385		3,863,181		2,053,726		306,826		402,860		288,842,013		2,710,781
NET ASSETS	$	732,953,479	$	159,513,176	$	1,048,958,215	$	154,376,008	$	368,315,048	$	2,918,122,391	$	1,465,290,840
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	598,839	$	121,145	$	378,567	$	64,691	$	273,394	$	2,546,897	$	1,131,693
Additional paid-in capital		567,496,018		119,820,679		309,098,658		78,251,764		311,920,829		2,783,466,590		1,259,933,322
Total accumulated earnings (loss)		164,858,622		39,571,352		739,480,990		76,059,553		56,120,825		132,108,904		204,225,825
NET ASSETS	$	732,953,479	$	159,513,176	$	1,048,958,215	$	154,376,008	$	368,315,048	$	2,918,122,391	$	1,465,290,840
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000
Outstanding		59,883,934		12,114,532		37,856,661		6,469,135		27,339,443		254,689,730		113,169,348
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	12.24	$	13.17	$	27.71	$	23.86	$	13.47	$	11.46	$	12.95
*Cost
Investment securities (unaffiliated)	$	–	$	142,965,958	$	525,621,669	$	94,230,689	$	–	$	3,141,213,409	$	1,374,259,783
Investment securities (affiliated)	$	640,661,169	$	–	$	–	$	–	$	348,832,783	$	–	$	–
Foreign cash	$	–	$	–	$	–	$	–	$	–	$	–	$	415,040
† Including securities on loan	$	–	$	321,457	$	5,751	$	1,296,795	$	–	$	106,847,190	$	24,658,778

See Notes to Financial Statements

276

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2021 (unaudited) — (continued)

	DYNAMIC ALLOCATION FUND		EMERGING ECONOMIES FUND		GLOBAL REAL ESTATE FUND		GLOBAL STRATEGY FUND		GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND		GROWTH FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	35,282,679	$	729,491,152	$	566,456,392	$	271,004,371	$	634,077,187		$	171,004,412	$	1,437,844,148
Investment securities, at value (affiliated)*†		157,821,800		–		–		–		–			–		–
Repurchase agreements (cost approximates value)		–		–		–		2,695,000		20,418,000			7,254,000		12,068,000
Cash		21,425		5,239,190		2,800,856		1,570,306		620			289		–
Foreign cash*		–		2,145,363		15,164		32,785		–			–		1,580
Cash collateral for futures contracts		–		–		–		–		–			–		–
Due from broker		–		–		–		–		–			–		7,256
Receivable for:
Fund shares sold		27,933		302,382		217,085		6,384		105,297			163,342		159,482
Dividends and interest		55,717		551,490		1,119,042		1,160,585		–			485,900		868,426
Investments sold		–		24		1,212,778		–		–			–		3,520,552
Investments sold on an extended settlement basis		2,040,885		–		–		–		–			2,554,264		–
Securites lending income		–		3,062		2,269		751		–			99		786
Prepaid expenses and other assets		8,279		22,895		15,635		18,709		48,565			20,136		15,766
Due from investment adviser for expense reimbursements/fee waivers		14,628		–		–		4,614		252,875			–		191,062
Variation margin on futures contracts		8,171		–		–		–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–			–		–
Unrealized appreciation on swap contracts		–		–		–		–		–			–		–
TOTAL ASSETS		195,281,517		737,755,558		571,839,221		276,493,505		654,902,544			181,482,442		1,454,677,058
LIABILITIES:
Payable for:
Fund shares reacquired		5,574		238,902		127,068		50,913		2,305,649			158,492		488,912
Investments purchased		34,951		1,250,766		1,500,183		–		–			–		2,273,735
Investments purchased on an extended settlement basis		2,191,336		–		–		–		–			5,096,647		–
Accrued foreign tax on capital gains		–		1,421,427		–		138,113		–			–		–
Investment advisory and management fees		40,240		492,123		334,548		115,347		215,920			68,567		813,564
Administrative service fee		1,800		43,336		31,167		15,387		36,005			9,146		79,649
Transfer agent fees and expenses		483		1,881		1,317		564		2,973			1,693		941
Directors’ fees and expenses		6,508		32,040		17,498		17,235		37,593			8,980		57,218
Other accrued expenses		81,448		360,641		10,860		255,099		161,035			71,780		354,181
Variation margin on futures contracts		–		–		–		–		–			–		16,950
Collateral upon return of securities loaned		–		1,201,797		4,812,401		1,347,757		–			8,926,738		8,587,187
Due to custodian		–		–		–		–		–			–		5,614
Due to custodian for foreign cash*		–		–		–		–		–			–		–
Due to broker		1,778,451		21		–		2,409		–			–		–
Unrealized depreciation on swap contracts		–		–		–		–		–			–		–
TOTAL LIABILITIES		4,140,791		5,042,934		6,835,042		1,942,824		2,759,175			14,342,043		12,677,951
NET ASSETS	$	191,140,726	$	732,712,624	$	565,004,179	$	274,550,681	$	652,143,369		$	167,140,399	$	1,441,999,107
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	148,028	$	764,052	$	678,400	$	270,588	$	6,521,534		$	154,593	$	569,117
Additional paid-in capital		149,917,735		511,794,705		518,790,752		266,131,727		645,643,861			160,813,979		474,843,001
Total accumulated earnings (loss)		41,074,963		220,153,867		45,535,027		8,148,366		(22,026	)		6,171,827		966,586,989
NET ASSETS	$	191,140,726	$	732,712,624	$	565,004,179	$	274,550,681	$	652,143,369		$	167,140,399	$	1,441,999,107
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000			1,000,000,000		1,000,000,000
Outstanding		14,802,845		76,405,183		67,839,973		27,058,774		652,153,393			15,459,290		56,911,695
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	12.91	$	9.59	$	8.33	$	10.15	$	1.00		$	10.81	$	25.34
*Cost
Investment securities (unaffiliated)	$	35,266,976	$	698,891,811	$	519,407,619	$	244,061,487	$	634,077,187		$	165,898,541	$	890,481,880
Investment securities (affiliated)	$	137,342,071	$	–	$	–	$	–	$	–		$	–	$	–
Foreign cash	$	–	$	2,148,790	$	15,765	$	33,189	$	–		$	–	$	2,152
† Including securities on loan	$	–	$	12,344,180	$	17,142,340	$	3,333,610	$	–		$	8,757,062	$	8,271,034

See Notes to Financial Statements

277

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2021 (unaudited) — (continued)

	HIGH YIELD BOND FUND		INFLATION PROTECTED FUND		INTERNATIONAL EQUITIES INDEX FUND		INTERNATIONAL GOVERNMENT BOND FUND		INTERNATIONAL GROWTH FUND		INTERNATIONAL OPPORTUNITIES FUND			INTERNATIONAL SOCIALLY RESPONSIBLE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	591,944,130	$	807,493,698	$	1,754,200,885	$	176,456,530	$	637,830,716	$	589,431,241		$	340,961,866
Investment securities, at value (affiliated)*†		–		–		–		–		–		–			–
Repurchase agreements (cost approximates value)		28,087,000		45,957,000		122,148,000		–		–		9,747,000			22,497,000
Cash		32		–		774		–		10,506,867		4,750,532			802
Foreign cash*		28,073		11,721,729		2,573,201		501,276		8,544,521		–			1,104,631
Cash collateral for futures contracts		–		–		���		–		–		–			–
Due from broker		–		–		–		–		–		–			–
Receivable for:
Fund shares sold		238,487		220,998		701,504		31,752		46,565		68,893			115,194
Dividends and interest		8,055,498		2,553,225		7,342,224		1,336,197		624,284		1,297,435			1,406,198
Investments sold		56,078		19,081		–		486,620		–		1,533,703			–
Investments sold on an extended settlement basis		–		216,128		–		–		–		2,571,689			–
Securites lending income		2,978		266		13,744		1,186		2,987		37,325			17
Prepaid expenses and other assets		31,272		41,508		36,356		14,166		27,567		51,478			23,740
Due from investment adviser for expense reimbursements/fee waivers		22,277		21,005		–		–		106,648		15,306			–
Variation margin on futures contracts		–		413,203		–		–		–		–			–
Unrealized appreciation on forward foreign currency contracts		–		7,149,166		–		–		–		–			–
Unrealized appreciation on swap contracts		–		6,413,748		–		–		–		–			–
TOTAL ASSETS		628,465,825		882,220,755		1,887,016,688		178,827,727		657,690,155		609,504,602			366,109,448
LIABILITIES:
Payable for:
Fund shares reacquired		196,955		342,675		279,367		55,440		544,046		150,002	��		137,742
Investments purchased		2,379,800		8,520,524		–		707,655		–		666,821			–
Investments purchased on an extended settlement basis		9,406,258		1,302,959		–		–		4,788,230		–			–
Accrued foreign tax on capital gains		–		–		–		–		1,360,614		101,537			–
Investment advisory and management fees		311,990		310,886		416,790		72,589		484,081		425,188			157,319
Administrative service fee		34,596		46,700		102,127		9,683		35,567		34,765			20,986
Transfer agent fees and expenses		1,657		1,317		2,824		1,317		1,317		1,614			1,092
Directors’ fees and expenses		33,694		25,661		66,496		10,289		32,045		54,102			22,142
Other accrued expenses		105,704		120,988		451,455		46,117		153,661		232,686			93,652
Variation margin on futures contracts		–		420,737		1,050,335		–		–		–			205,335
Collateral upon return of securities loaned		3,814,173		432,825		92,878,504		1,441,740		27,818,716		10,854,927			–
Due to custodian		–		782		–		–		–		–			–
Due to custodian for foreign cash*		–		–		–		–		–		118			–
Due to broker		–		6,664,398		15		–		170,000		–			29
Unrealized depreciation on forward foreign currency contracts		179,787		30,871		–		–		–		–			–
TOTAL LIABILITIES		16,464,614		18,221,323		95,247,913		2,344,830		35,388,277		12,521,760			638,297
NET ASSETS	$	612,001,211	$	863,999,432	$	1,791,768,775	$	176,482,897	$	622,301,878	$	596,982,842		$	365,471,151
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	792,292	$	690,492	$	2,219,424	$	145,784	$	318,058	$	265,733		$	140,562
Additional paid-in capital		582,021,623		735,202,170		1,468,438,028		173,128,951		296,507,253		382,911,130			265,460,562
Total accumulated earnings (loss)		29,187,296		128,106,770		321,111,323		3,208,162		325,476,567		213,805,979			99,870,027
NET ASSETS	$	612,001,211	$	863,999,432	$	1,791,768,775	$	176,482,897	$	622,301,878	$	596,982,842		$	365,471,151
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000			1,000,000,000
Outstanding		79,229,196		69,049,184		221,942,380		14,578,429		31,805,827		26,573,270			14,056,205
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	7.72	$	12.51	$	8.07	$	12.11	$	19.57	$	22.47		$	26.00
*Cost
Investment securities (unaffiliated)	$	579,267,054	$	755,192,535	$	1,457,539,545	$	178,405,054	$	397,165,300	$	495,912,320		$	262,485,596
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–	$	–		$	–
Foreign cash	$	27,938	$	11,694,654	$	2,590,585	$	513,068	$	8,668,931	$	196		$	1,111,802
† Including securities on loan	$	3,716,581	$	1,598,832	$	109,307,593	$	7,358,060	$	36,567,270	$	24,631,104		$	52,571

See Notes to Financial Statements

278

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2021 (unaudited) — (continued)

	INTERNATIONAL VALUE FUND		LARGE CAPITAL GROWTH FUND		MID CAP INDEX FUND		MID CAP STRATEGIC GROWTH FUND		MID CAP VALUE FUND		MODERATE GROWTH LIFESTYLE FUND		NASDAQ-100® INDEX FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	626,770,451	$	689,963,419	$	3,581,900,243	$	840,172,527	$	903,742,701	$	–	$	964,840,868
Investment securities, at value (affiliated)*†		–		–		–		–		–		1,169,225,126		–
Repurchase agreements (cost approximates value)		–		–		16,613,000		–		2,144,000		–		22,926,000
Cash		–		7,366,675		46		36,183,004		674		25		588
Foreign cash*		754,101		–		–		9		50		–		–
Cash collateral for futures contracts		–		–		–		–		–		–		–
Due from broker		–		–		17		–		–		–		–
Receivable for:
Fund shares sold		141,177		111,000		578,047		94,612		111,451		481,884		69,373
Dividends and interest		2,242,197		521,192		2,528,451		462,225		1,159,237		–		569,441
Investments sold		2,735,428		–		3,014,387		763,169		1,144,809		–		–
Investments sold on an extended settlement basis		–		–		–		–		–		–		–
Securites lending income		22,871		–		5,219		2,505		379		–		930
Prepaid expenses and other assets		37,107		18,870		127,160		34,586		60,166		36,432		15,726
Due from investment adviser for expense reimbursements/fee waivers		39,083		–		–		–		–		–		–
Variation margin on futures contracts		–		–		–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–		–
Unrealized appreciation on swap contracts		–		–		–		–		–		–		–
TOTAL ASSETS		632,742,415		697,981,156		3,604,766,570		877,712,637		908,363,467		1,169,743,467		988,422,926
LIABILITIES:
Payable for:
Fund shares reacquired		224,074		351,374		1,271,631		357,577		350,549		18,306		144,926
Investments purchased		2,526,544		3,862,870		6,791,851		362,760		2,689,996		463,039		–
Investments purchased on an extended settlement basis		–		–		–		–		–		–		–
Accrued foreign tax on capital gains		468,456		–		–		–		–		–		–
Investment advisory and management fees		382,571		377,189		791,379		474,522		545,732		98,246		306,440
Administrative service fee		37,241		39,310		209,104		49,324		52,627		–		54,492
Transfer agent fees and expenses		1,505		1,505		3,375		1,413		1,860		940		2,441
Directors’ fees and expenses		36,369		24,752		164,563		38,801		67,674		52,676		24,704
Other accrued expenses		179,525		112,124		297,789		149,207		144,115		113,212		180,003
Variation margin on futures contracts		–		–		612,000		–		–		–		398,815
Collateral upon return of securities loaned		14,018		–		20,568,590		3,680,971		–		–		–
Due to custodian		–		–		–		–		–		–		–
Due to custodian for foreign cash*		–		–		–		–		–		–		–
Due to broker		26,531		–		–		–		–		–		38
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–		–
TOTAL LIABILITIES		3,896,834		4,769,124		30,710,282		5,114,575		3,852,553		746,419		1,111,859
NET ASSETS	$	628,845,581	$	693,212,032	$	3,574,056,288	$	872,598,062	$	904,510,914	$	1,168,997,048	$	987,311,067
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	612,056	$	305,287	$	1,148,865	$	355,938	$	414,557	$	712,823	$	348,653
Additional paid-in capital		581,595,780		295,040,620		1,825,675,683		573,771,463		601,772,627		925,560,523		205,933,734
Total accumulated earnings (loss)		46,637,745		397,866,125		1,747,231,740		298,470,661		302,323,730		242,723,702		781,028,680
NET ASSETS	$	628,845,581	$	693,212,032	$	3,574,056,288	$	872,598,062	$	904,510,914	$	1,168,997,048	$	987,311,067
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000
Outstanding		61,205,619		30,528,653		114,886,466		35,593,831		41,455,683		71,282,289		34,865,338
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.27	$	22.71	$	31.11	$	24.52	$	21.82	$	16.40	$	28.32
*Cost
Investment securities (unaffiliated)	$	610,283,296	$	407,993,392	$	2,351,582,281	$	693,382,649	$	714,320,083	$	–	$	273,220,140
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–	$	1,041,388,246	$	–
Foreign cash	$	750,119	$	–	$	–	$	9	$	51	$	–	$	–
† Including securities on loan	$	4,993,054	$	–	$	50,178,900	$	17,126,825	$	3,359,819	$	–	$	837,158

See Notes to Financial Statements

279

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2021 (unaudited) — (continued)

	SCIENCE & TECHNOLOGY FUND		SMALL CAP GROWTH FUND		SMALL CAP INDEX FUND		SMALL CAP SPECIAL VALUES FUND		SMALL CAP VALUE FUND		STOCK INDEX FUND		SYSTEMATIC CORE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	3,096,398,266	$	732,374,160	$	1,328,126,290	$	249,246,176	$	458,802,681	$	6,368,468,640	$	705,259,561
Investment securities, at value (affiliated)*†		–		–		–		–		–		7,390,773		–
Repurchase agreements (cost approximates value)		6,970,000		–		25,802,000		–		16,406,000		26,955,000		–
Cash		85,597,995		12,778,536		–		6,388,966		1,398		105		1,420,982
Foreign cash*		1,072,769		–		–		–		–		–		–
Cash collateral for futures contracts		–		–		–		–		–		–		–
Due from broker		–		–		–		–		1,059,927		35		–
Receivable for:
Fund shares sold		983,575		19,968		192,397		10,785		115,077		1,087,701		35,348
Dividends and interest		1,226,099		472,226		1,063,117		259,735		504,750		8,096,327		763,579
Investments sold		2,582,981		407,121		1,081,512		240,040		4,860,981		162,103		–
Investments sold on an extended settlement basis		–		–		1,236,762		–		396,270		–		–
Securites lending income		32,962		10,238		31,995		2,891		1,604		1,244		1,639
Prepaid expenses and other assets		89,277		40,471		43,700		12,099		47,843		172,942		37,631
Due from investment adviser for expense reimbursements/fee waivers		–		19,892		–		–		18,596		114,804		131,548
Variation margin on futures contracts		–		–		–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–		–
Unrealized appreciation on swap contracts		–		–		–		–		–		–		–
TOTAL ASSETS		3,194,953,924		746,122,612		1,357,577,773		256,160,692		482,215,127		6,412,449,674		707,650,288
LIABILITIES:
Payable for:
Fund shares reacquired		2,556,316		351,214		287,445		69,598		102,172		1,650,090		177,222
Investments purchased		1,183,500		–		61,115		1,133,510		4,867,544		–		–
Investments purchased on an extended settlement basis		–		–		–		–		–		–		–
Accrued foreign tax on capital gains		–		–		–		–		–		–		–
Investment advisory and management fees		2,323,490		534,550		335,185		164,559		277,181		1,181,703		443,783
Administrative service fee		180,713		44,225		78,463		14,635		28,021		360,998		39,883
Transfer agent fees and expenses		2,823		1,626		3,158		1,281		1,440		3,951		1,607
Directors’ fees and expenses		116,314		37,503		59,695		11,449		34,401		282,574		37,265
Other accrued expenses		388,057		65,142		221,219		83,469		160,394		422,588		53,832
Variation margin on futures contracts		–		–		586,567		–		315,315		775,463		–
Collateral upon return of securities loaned		6,556,726		7,418,557		31,601,165		2,847,068		3,741,971		1,962,987		3,117,332
Due to custodian		–		–		1,080,177		–		–		–		–
Due to custodian for foreign cash*		–		–		–		–		–		–		–
Due to broker		–		–		29		–		–		–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–		–
TOTAL LIABILITIES		13,307,939		8,452,817		34,314,218		4,325,569		9,528,439		6,640,354		3,870,924
NET ASSETS	$	3,181,645,985	$	737,669,795	$	1,323,263,555	$	251,835,123	$	472,686,688	$	6,405,809,320	$	703,779,364
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	748,296	$	337,048	$	579,350	$	182,071	$	310,153	$	1,113,725	$	247,037
Additional paid-in capital		1,846,365,726		631,631,502		718,871,583		177,948,309		318,754,402		1,493,036,970		516,996,248
Total accumulated earnings (loss)		1,334,531,963		105,701,245		603,812,622		73,704,743		153,622,133		4,911,658,625		186,536,079
NET ASSETS	$	3,181,645,985	$	737,669,795	$	1,323,263,555	$	251,835,123	$	472,686,688	$	6,405,809,320	$	703,779,364
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000
Outstanding		74,829,587		33,704,812		57,934,970		18,207,141		31,015,336		111,372,469		24,703,655
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	42.52	$	21.89	$	22.84	$	13.83	$	15.24	$	57.52	$	28.49
*Cost
Investment securities (unaffiliated)	$	2,589,237,718	$	716,855,419	$	953,257,742	$	204,505,223	$	390,072,740	$	2,139,196,881	$	538,269,313
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–	$	5,057,064	$	–
Foreign cash	$	956,616	$	–	$	–	$	–	$	–	$	–	$	–
† Including securities on loan	$	23,893,187	$	36,709,213	$	61,208,482	$	5,297,405	$	6,901,726	$	8,579,593	$	6,986,116

See Notes to Financial Statements

280

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2021 (unaudited) — (continued)

	SYSTEMATIC VALUE FUND		U.S. SOCIALLY RESPONSIBLE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	505,455,693	$	811,684,030
Investment securities, at value (affiliated)*†		–		–
Repurchase agreements (cost approximates value)		4,447,000		19,273,000
Cash		874		422
Foreign cash*		–		–
Cash collateral for futures contracts		–		834,715
Due from broker		–		865,265
Receivable for:
Fund shares sold		21,087		378,870
Dividends and interest		725,172		795,926
Investments sold		–		–
Investments sold on an extended settlement basis		–		–
Securites lending income		438		74
Prepaid expenses and other assets		61,070		54,195
Due from investment adviser for expense reimbursements/fee waivers		130,949		–
Variation margin on futures contracts		–		–
Unrealized appreciation on forward foreign currency contracts		–		–
Unrealized appreciation on swap contracts		–		–
TOTAL ASSETS		510,842,283		833,886,497
LIABILITIES:
Payable for:
Fund shares reacquired		91,356		366,224
Investments purchased		–		–
Investments purchased on an extended settlement basis		–		–
Accrued foreign tax on capital gains		–		–
Investment advisory and management fees		292,720		175,952
Administrative service fee		29,114		46,944
Transfer agent fees and expenses		1,041		1,143
Directors’ fees and expenses		30,637		60,529
Other accrued expenses		139,369		118,814
Variation margin on futures contracts		–		394,088
Collateral upon return of securities loaned		661,549		–
Due to custodian		–		–
Due to custodian for foreign cash*		–		–
Due to broker		–		–
Unrealized depreciation on forward foreign currency contracts		–		–
TOTAL LIABILITIES		1,245,786		1,163,694
NET ASSETS	$	509,596,497	$	832,722,803
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	381,763	$	312,389
Additional paid-in capital		448,588,134		344,692,954
Total accumulated earnings (loss)		60,626,600		487,717,460
NET ASSETS	$	509,596,497	$	832,722,803
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000
Outstanding		38,176,258		31,238,893
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	13.35	$	26.66
*Cost
Investment securities (unaffiliated)	$	488,081,053	$	538,643,755
Investment securities (affiliated)	$	–	$	–
Foreign cash	$	–	$	–
† Including securities on loan	$	2,828,366	$	982,008

See Notes to Financial Statements

281

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2021 (unaudited)

	AGGRESSIVE GROWTH LIFESTYLE FUND			ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			CAPITAL APPRECIATION FUND			CONSERVATIVE GROWTH LIFESTYLE FUND			CORE BOND FUND			DIVIDEND VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	–		$	603,663		$	1,590,093		$	507,882		$	–		$	332		$	15,574,771
Dividends (affiliated)		1,557			–			–			–			791			–			–
Securities lending income		–			702			17,753			9			–			79,951			15,150
Interest (unaffiliated)		–			585,647			1,161			–			–			34,216,107			607
Total investment income*		1,557			1,190,012			1,609,007			507,891			791			34,296,390			15,590,528
EXPENSES:
Investment advisory and management fees		372,361			395,218			3,826,011			419,038			187,302			5,907,546			5,085,461
Administrative service fee		–			52,722			355,607			50,818			–			955,822			502,599
Transfer agent fees and expenses		1,455			786			1,834			2,210			1,135			3,103			1,834
Custodian fees		6,675			36,152			26,262			6,139			6,669			51,253			26,970
Reports to shareholders		24,184			10,859			40,774			5,398			12,635			58,342			89,895
Audit and tax fees		22,774			25,059			17,538			33,047			22,774			26,376			27,745
Legal fees		18,385			–			19,036			11,015			13,801			48,268			27,729
Directors’ fees and expenses		19,787			6,151			40,782			3,693			10,270			79,560			59,822
Interest expense		–			–			–			–			–			–			–
License fee		1,689			673			673			1,204			1,196			692			19,440
Other expenses		15,691			22,236			32,758			14,380			12,815			45,429			37,306
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		483,001			549,856			4,361,275			546,942			268,597			7,176,391			5,878,801
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(147,876	)		(39,522	)		(125,188	)		(89,809	)		(25,105	)		–			(828,873	)
Fees paid indirectly (Note 7)		–			(241	)		–			(7	)		–			–			–
Net expenses		335,125			510,093			4,236,087			457,126			243,492			7,176,391			5,049,928
Net investment income (loss)		(333,568	)		679,919			(2,627,080	)		50,765			(242,701	)		27,119,999			10,540,600
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		–			4,843,546			96,792,415			10,813,609			–			15,228,794			123,791,405
Investments (affiliated)		22,852,154			–			–			–			11,555,911			–			–
Futures contracts		–			32,796			–			–			–			–			–
Forward contracts		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			379			(110	)		–			–			–			(11,315	)
Net realized gain (loss) on investments and foreign currencies		22,852,154			4,876,721			96,792,305			10,813,609			11,555,911			15,228,794			123,780,090
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		–			4,238,304			5,780,475			3,311,606			–			(21,770,169	)		(156,391,904	)
Investments (affiliated)		(14,345,533	)		–			–			–			(8,901,671	)		–			–
Futures contracts		–			(13,215	)		–			–			–			–			–
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Unfunded Commitments		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			(1,355	)		11			–			–			–			(36,653	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(14,345,533	)		4,223,734			5,780,486			3,311,606			(8,901,671	)		(21,770,169	)		(156,428,557	)
Net realized and unrealized gain (loss) on investments and foreign currencies		8,506,621			9,100,455			102,572,791			14,125,215			2,654,240			(6,541,375	)		(32,648,467	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,173,053		$	9,780,374		$	99,945,711		$	14,175,980		$	2,411,539		$	20,578,624		$	(22,107,867	)
*  Net of foreign withholding taxes on interest and dividends of	$	–		$	1,859		$	7,936		$	–		$	–		$	(1,066	)	$	123,968
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

282

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2021 (unaudited) — (continued)

	DYNAMIC ALLOCATION FUND			EMERGING ECONOMIES FUND			GLOBAL REAL ESTATE FUND			GLOBAL STRATEGY FUND			GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	–		$	19,347,594		$	7,055,224		$	2,696,899		$	–		$	–		$	2,783,298
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		–			25,426			18,083			6,062			–			1,628			13,531
Interest (unaffiliated)		187,504			711			–			1,384,670			92,068			2,207,195			–
Total investment income*		187,504			19,373,731			7,073,307			4,087,631			92,068			2,208,823			2,796,829
EXPENSES:
Investment advisory and management fees		247,792			3,454,627			1,938,644			712,176			1,229,829			413,853			4,825,905
Administrative service fee		11,661			307,070			179,687			95,004			205,074			55,208			471,598
Transfer agent fees and expenses		844			2,620			1,834			786			4,770			2,359			1,310
Custodian fees		11,431			285,603			26,717			252,847			11,449			8,496			35,305
Reports to shareholders		20,163			19,625			12,924			10,735			3,159			5,130			–
Audit and tax fees		17,939			16,058			16,756			23,564			20,590			22,121			16,115
Legal fees		8,955			25,251			15,788			20,273			14,488			8,982			14,290
Directors’ fees and expenses		7,697			39,638			20,148			11,044			14,961			6,126			53,225
Interest expense		–			17,666			–			–			–			–			7,067
License fee		673			1,755			25,943			733			30,095			673			14,168
Other expenses		16,097			32,623			26,533			60,505			12,751			19,264			2,467
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		343,252			4,202,536			2,264,974			1,187,667			1,547,166			542,212			5,441,450
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(27,924	)		–			–			(28,487	)		(1,484,719	)		–			(1,131,271	)
Fees paid indirectly (Note 7)		–			(163	)		(530	)		(196	)		–			–			–
Net expenses		315,328			4,202,373			2,264,444			1,158,984			62,447			542,212			4,310,179
Net investment income (loss)		(127,824	)		15,171,358			4,808,863			2,928,647			29,621			1,666,611			(1,513,350	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(2,682,063	)		76,791,892			19,922,128			(2,466,143	)		–			46,622			125,510,742
Investments (affiliated)		7,984,685			–			–			–			–			–			–
Futures contracts		1,172,874			292,345			–			–			–			–			100,463
Forward contracts		–			–			–			633,358			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			(315,836	)		(13,709	)		(443,313	)		–			–			(495	)
Net realized gain (loss) on investments and foreign currencies		6,475,496			76,768,401			19,908,419			(2,276,098	)		–			46,622			125,610,710
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		1,066,333			(202,521,021	)		(14,819,003	)		(486,829	)		–			(1,387,927	)		59,874,121
Investments (affiliated)		(2,548,509	)		–			–			–			–			–			–
Futures contracts		5,197			–			–			–			–			–			(23,779	)
Forward contracts		–			–			–			481,224			–			–			–
Swap contracts		–			–			–			–			–			–			–
Unfunded Commitments		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			35,533			(13,650	)		(26,795	)		–			–			(5,699	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			392,096			–			(5,839	)		–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(1,476,979	)		(202,093,392	)		(14,832,653	)		(38,239	)		–			(1,387,927	)		59,844,643
Net realized and unrealized gain (loss) on investments and foreign currencies		4,998,517			(125,324,991	)		5,075,766			(2,314,337	)		–			(1,341,305	)		185,455,353
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,870,693		$	(110,153,633	)	$	9,884,629		$	614,310		$	29,621		$	325,306		$	183,942,003
*  Net of foreign withholding taxes on interest and dividends of	$	–		$	2,273,711		$	274,892		$	239,770		$	–		$	–		$	27,191
** Net of foreign withholding taxes on capital gains of	$	–		$	1,309,556		$	–		$	20,371		$	–		$	–		$	–

See Notes to Financial Statements

283

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2021 (unaudited) — (continued)

	HIGH YIELD BOND FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES INDEX FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND			INTERNATIONAL OPPORTUNITIES FUND			INTERNATIONAL SOCIALLY RESPONSIBLE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	–		$	–		$	21,187,644		$	–		$	1,769,253		$	3,992,549		$	3,972,372
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		19,502			8,549			79,992			5,122			34,203			114,299			70
Interest (unaffiliated)		14,788,735			17,440,956			8,663			2,209,759			–			4			810
Total investment income*		14,808,237			17,449,505			21,276,299			2,214,881			1,803,456			4,106,852			3,973,252
EXPENSES:
Investment advisory and management fees		1,899,610			1,833,114			2,564,193			456,247			2,921,888			2,739,237			959,180
Administrative service fee		210,610			274,320			629,029			60,863			214,528			224,204			127,955
Transfer agent fees and expenses		2,210			1,834			3,929			1,835			1,834			2,260			1,774
Custodian fees		17,909			31,738			141,279			13,882			70,260			122,882			46,687
Reports to shareholders		20,923			39,341			35,912			5,311			23,574			30,764			8,496
Audit and tax fees		28,950			21,522			23,722			25,062			20,532			21,734			13,272
Legal fees		18,493			7,404			34,094			9,980			18,639			22,078			11,661
Directors’ fees and expenses		18,051			30,173			76,828			7,157			25,622			16,607			15,108
Interest expense		–			–			54,436			46			9,359			5,570			8,042
License fee		692			673			261,890			9,565			1,207			1,666			867
Other expenses		18,133			26,515			69,116			19,817			28,064			52,505			35,177
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		2,235,581			2,266,634			3,894,428			609,765			3,335,507			3,239,507			1,228,219
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(88,431	)		(123,382	)		–			–			(643,264	)		(40,633	)		–
Fees paid indirectly (Note 7)		–			–			–			–			–			(4,862	)		–
Net expenses		2,147,150			2,143,252			3,894,428			609,765			2,692,243			3,194,012			1,228,219
Net investment income (loss)		12,661,087			15,306,253			17,381,871			1,605,116			(888,787	)		912,840			2,745,033
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		4,060,601			4,824,684			5,302,297			6,202			23,921,564			41,757,028			1,897,620
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			(895,739	)		14,389,049			–			–			–			1,290,745
Forward contracts		1,312,828			2,574,533			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		36,465			(128,148	)		(628,580	)		(3,445	)		(154,253	)		(315,558	)		(193,363	)
Net realized gain (loss) on investments and foreign currencies		5,409,894			6,375,330			19,062,766			2,757			23,767,311			41,441,470			2,995,002
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(13,926,373	)		(2,868,606	)		(83,499,021	)		(6,540,633	)		(7,465,365	)		(56,380,411	)		(11,046,821	)
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			597,340			(19,641,734	)		–			–			–			(2,530,755	)
Forward contracts		(141,120	)		13,466,036			–			–			–			–			–
Swap contracts		–			3,116,057			–			–			–			–			–
Unfunded Commitments		–			–			–			–			(292,561	)		–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(5,283	)		29,456			(410,832	)		(36,692	)		(160,199	)		(85,039	)		(44,366	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			47,095			17,465			–
Net unrealized gain (loss) on investments and foreign currencies		(14,072,776	)		14,340,283			(103,551,587	)		(6,577,325	)		(7,871,030	)		(56,447,985	)		(13,621,942	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(8,662,882	)		20,715,613			(84,488,821	)		(6,574,568	)		15,896,281			(15,006,515	)		(10,626,940	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,998,205		$	36,021,866		$	(67,106,950	)	$	(4,969,452	)	$	15,007,494		$	(14,093,675	)	$	(7,881,907	)
*  Net of foreign withholding taxes on interest and dividends of	$	12,739		$	–		$	1,660,350		$	(31	)	$	209,304		$	382,102		$	400,399
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	62,278		$	10,695		$	–

See Notes to Financial Statements

284

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2021 (unaudited) — (continued)

	INTERNATIONAL VALUE FUND			LARGE CAPITAL GROWTH FUND			MID CAP INDEX FUND			MID CAP STRATEGIC GROWTH FUND			MID CAP VALUE FUND			MODERATE GROWTH LIFESTYLE FUND			NASDAQ-100® INDEX FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	14,227,148		$	2,793,413		$	27,067,174		$	2,265,502		$	6,784,799		$	–		$	2,992,050
Dividends (affiliated)		–			–			–			–			–			2,998			–
Securities lending income		–			464			40,621			16,864			5,249			–			2,157
Interest (unaffiliated)		199			–			2,344			2,638			–			–			1,240
Total investment income*		14,227,347			2,793,877			27,110,139			2,285,004			6,790,048			2,998			2,995,447
EXPENSES:
Investment advisory and management fees		2,404,958			2,235,357			4,748,198			2,857,494			3,303,739			593,060			1,742,031
Administrative service fee		234,715			232,966			1,249,110			296,757			318,435			–			308,826
Transfer agent fees and expenses		2,096			2,097			4,952			2,025			2,478			1,326			3,648
Custodian fees		89,207			14,264			56,594			15,856			17,533			6,687			14,799
Reports to shareholders		14,022			13,872			65,520			19,646			34,627			34,571			17,583
Audit and tax fees		20,639			17,510			18,201			17,250			33,064			22,774			18,302
Legal fees		18,329			15,827			52,851			22,376			21,072			23,988			17,320
Directors’ fees and expenses		28,199			27,131			152,190			35,812			25,593			32,246			34,976
Interest expense		–			55			13,789			195			224			–			4,902
License fee		1,343			5,490			18,727			3,291			4,063			2,282			137,703
Other expenses		46,998			26,408			71,890			33,188			27,789			18,720			28,342
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		2,860,506			2,590,977			6,452,022			3,303,890			3,788,617			735,654			2,328,432
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(246,327	)		–			–			–			–			–			–
Fees paid indirectly (Note 7)		(5,405	)		–			–			(5,726	)		(1,277	)		–			–
Net expenses		2,608,774			2,590,977			6,452,022			3,298,164			3,787,340			735,654			2,328,432
Net investment income (loss)		11,618,573			202,900			20,658,117			(1,013,160	)		3,002,708			(732,656	)		667,015
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		59,138,744			38,167,203			190,623,166			71,607,628			63,219,295			–			7,645,246
Investments (affiliated)		–			–			–			–			–			36,374,562			–
Futures contracts		–			–			1,732,534			–			–			–			3,630,562
Forward contracts		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(161,465	)		3,420			–			(1,734	)		133			–			–
Net realized gain (loss) on investments and foreign currencies		58,977,279			38,170,623			192,355,700			71,605,894			63,219,428			36,374,562			11,275,808
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(143,821,605	)		14,467,191			(221,704,041	)		(20,794,996	)		(83,377,764	)		–			137,388,740
Investments (affiliated)		–			–			–			–			–			(16,344,057	)		–
Futures contracts		–			–			(1,716,243	)		–			–			–			636,958
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Unfunded Commitments		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(116,869	)		(5,342	)		–			(2,884	)		(398	)		–			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		(468,456	)		–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(144,406,930	)		14,461,849			(223,420,284	)		(20,797,880	)		(83,378,162	)		(16,344,057	)		138,025,698
Net realized and unrealized gain (loss) on investments and foreign currencies		(85,429,651	)		52,632,472			(31,064,584	)		50,808,014			(20,158,734	)		20,030,505			149,301,506
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(73,811,078	)	$	52,835,372		$	(10,406,467	)	$	49,794,854		$	(17,156,026	)	$	19,297,849		$	149,968,521
*  Net of foreign withholding taxes on interest and dividends of	$	671,717		$	15,871		$	–		$	39,180		$	5,260		$	–		$	4,521
** Net of foreign withholding taxes on capital gains of	$	216,090		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

285

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2021 (unaudited) — (continued)

	SCIENCE & TECHNOLOGY FUND			SMALL CAP GROWTH FUND			SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL CAP VALUE FUND			STOCK INDEX FUND			SYSTEMATIC CORE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	5,083,833		$	922,277		$	8,128,189		$	2,256,637		$	4,001,550		$	43,021,044		$	4,832,066
Dividends (affiliated)		–			–			–			–			–			91,173			–
Securities lending income		200,574			64,568			277,518			17,524			22,280			6,515			19,557
Interest (unaffiliated)		7,039			5			2,344			–			–			2,650			–
Total investment income*		5,291,446			986,850			8,408,051			2,274,161			4,023,830			43,121,382			4,851,623
EXPENSES:
Investment advisory and management fees		13,837,911			3,273,775			2,044,492			991,623			1,619,211			6,962,570			2,638,011
Administrative service fee		1,076,033			270,861			478,588			88,188			163,583			2,092,782			236,931
Transfer agent fees and expenses		3,929			2,147			4,649			1,791			2,225			5,503			2,406
Custodian fees		90,360			17,741			50,434			7,546			49,864			84,194			10,052
Reports to shareholders		–			22,581			27,394			6,810			24,713			104,588			21,627
Audit and tax fees		15,980			33,050			15,057			17,477			32,233			18,213			18,359
Legal fees		46,141			18,407			25,357			11,698			15,703			78,062			20,932
Directors’ fees and expenses		126,733			23,068			58,874			11,061			13,877			243,219			28,510
Interest expense		2,174			–			15,785			80			320			10,598			–
License fee		673			2,560			174,154			2,352			2,510			31,376			673
Other expenses		28,302			19,948			48,666			23,613			19,237			85,221			31,596
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		15,228,236			3,684,138			2,943,450			1,162,239			1,943,476			9,716,326			3,009,097
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			(121,826	)		–			–			(54,710	)		(606,678	)		(781,483	)
Fees paid indirectly (Note 7)		(29,416	)		(6,438	)		–			(4,018	)		(12,256	)		–			(352	)
Net expenses		15,198,820			3,555,874			2,943,450			1,158,221			1,876,510			9,109,648			2,227,262
Net investment income (loss)		(9,907,374	)		(2,569,024	)		5,464,601			1,115,940			2,147,320			34,011,734			2,624,361
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		267,622,021			53,480,488			114,171,627			15,891,584			58,282,896			126,316,431			13,184,195
Investments (affiliated)		–			–			–			–			–			79,111			–
Futures contracts		–			–			(479,418	)		–			53,551			5,493,744			–
Forward contracts		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(16,771	)		–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		267,605,250			53,480,488			113,692,209			15,891,584			58,336,447			131,889,286			13,184,195
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(12,966,992	)		(82,613,943	)		(156,528,807	)		(25,587,153	)		(68,728,457	)		380,827,929			32,318,392
Investments (affiliated)		–			–			–			–			–			(127,146	)		–
Futures contracts		–			–			1,306,863			–			(1,430,604	)		(1,032,986	)		–
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Unfunded Commitments		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(17,437	)		–			–			–			–			–			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(12,984,429	)		(82,613,943	)		(155,221,944	)		(25,587,153	)		(70,159,061	)		379,667,797			32,318,392
Net realized and unrealized gain (loss) on investments and foreign currencies		254,620,821			(29,133,455	)		(41,529,735	)		(9,695,569	)		(11,822,614	)		511,557,083			45,502,587
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	244,713,447		$	(31,702,479	)	$	(36,065,134	)	$	(8,579,629	)	$	(9,675,294	)	$	545,568,817		$	48,126,948
*  Net of foreign withholding taxes on interest and dividends of	$	241,542		$	–		$	10,626		$	3,433		$	6,007		$	7,712		$	3,184
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

286

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2021 (unaudited) — (continued)

	SYSTEMATIC VALUE FUND			U.S. SOCIALLY RESPONSIBLE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	5,485,847		$	5,604,859
Dividends (affiliated)		–			–
Securities lending income		2,916			410
Interest (unaffiliated)		–			1,501
Total investment income*		5,488,763			5,606,770
EXPENSES:
Investment advisory and management fees		1,790,443			1,034,344
Administrative service fee		178,137			275,963
Transfer agent fees and expenses		1,621			1,594
Custodian fees		10,593			12,265
Reports to shareholders		25,912			26,208
Audit and tax fees		17,511			32,218
Legal fees		17,886			20,629
Directors’ fees and expenses		21,967			22,013
Interest expense		55			3,928
License fee		1,080			692
Other expenses		27,832			30,890
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		2,093,037			1,460,744
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(801,214	)		–
Fees paid indirectly (Note 7)		(12	)		–
Net expenses		1,291,811			1,460,744
Net investment income (loss)		4,196,952			4,146,026
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		18,460,912			100,887,465
Investments (affiliated)		–			–
Futures contracts		–			1,312,174
Forward contracts		–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–
Net realized gain (loss) on investments and foreign currencies		18,460,912			102,199,639
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(13,421,460	)		(49,430,268	)
Investments (affiliated)		–			–
Futures contracts		–			253,352
Forward contracts		–			–
Swap contracts		–			–
Unfunded Commitments		–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(326	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–
Net unrealized gain (loss) on investments and foreign currencies		(13,421,786	)		(49,176,916	)
Net realized and unrealized gain (loss) on investments and foreign currencies		5,039,126			53,022,723
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,236,078		$	57,168,749
*  Net of foreign withholding taxes on interest and dividends of	$	10,194		$	206
** Net of foreign withholding taxes on capital gains of	$	–		$	–

See Notes to Financial Statements

287

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS

	AGGRESSIVE GROWTH LIFESTYLE FUND									ASSET ALLOCATION FUND						BLUE CHIP GROWTH FUND						CAPITAL APPRECIATION FUND
	For the Six Months Ended November 30, 2021 (unaudited)			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(333,568	)	$	9,912,694		$	10,809,057		$	679,919		$	1,054,270		$	(2,627,080)		$	(4,321,845)		$	50,765		$	(87,783	)	$	129,475
Net realized gain (loss) on investments and foreign currencies		22,852,154			49,230,974			21,064,111			4,876,721			34,407,747			96,792,305			141,656,970			10,813,609			10,299,708			825,860
Net unrealized gain (loss) on investments and foreign currencies		(14,345,533	)		87,160,395			24,144,105			4,223,734			4,103,901			5,780,486			131,777,653			3,311,606			12,483,533			27,664,564
Net increase (decrease) in net assets resulting from operations		8,173,053			146,304,063			56,017,273			9,780,374			39,565,918			99,945,711			269,112,778			14,175,980			22,695,458			28,619,899
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(34,692,046	)		(45,983,658	)		–			(1,622,543	)		–			(92,536,381	)		–			(2,905,626	)		(3,756,144	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(8,048,269	)		8,604,138			23,530,314			(4,290,654	)		(12,549,415	)		(52,505,381	)		(6,064,614	)		(963,048	)		(1,081,172	)		(5,489,650	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		124,784			120,216,155			33,563,929			5,489,720			25,393,960			47,440,330			170,511,783			13,212,932			18,708,660			19,374,105
NET ASSETS:
Beginning of period		732,828,695			612,612,540			579,048,611			154,023,456			128,629,496			1,001,517,885			831,006,102			141,163,076			122,454,416			103,080,311
End of period	$	732,953,479		$	732,828,695		$	612,612,540		$	159,513,176		$	154,023,456		$	1,048,958,215		$	1,001,517,885		$	154,376,008		$	141,163,076		$	122,454,416

@ See Note 1

See Notes to Financial Statements

288

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	CONSERVATIVE GROWTH LIFESTYLE FUND									CORE BOND FUND									DIVIDEND VALUE FUND						DYNAMIC ALLOCATION FUND
	For the Six Months Ended November 30, 2021 (unaudited)			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Six Months Ended November 30, 2021 (unaudited)			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(242,701	)	$	8,311,363		$	8,772,571		$	27,119,999		$	21,433,602		$	37,584,465		$	10,540,600		$	22,270,304		$	(127,824	)	$	3,073,281
Net realized gain (loss) on investments and foreign currencies		11,555,911			20,924,605			5,804,089			15,228,794			33,815,317			50,886,281			123,780,090			20,080,879			6,475,496			15,945,649
Net unrealized gain (loss) on investments and foreign currencies		(8,901,671	)		14,197,540			10,453,344			(21,770,169	)		(45,810,148	)		17,926,616			(156,428,557	)		295,661,762			(1,476,979	)		14,067,618
Net increase (decrease) in net assets resulting from operations		2,411,539			43,433,508			25,030,004			20,578,624			9,438,771			106,397,362			(22,107,867	)		338,012,945			4,870,693			33,086,548
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(13,817,242	)		(12,913,300	)		–			(82,312,300	)		(52,196,618	)		–			(57,224,160	)		–			(21,230,366	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(5,713,515	)		2,130,500			3,317,197			87,866,690			1,098,371,793			140,760,517			125,696,058			68,896,998			(12,246,447	)		(4,080,499	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,301,976	)		31,746,766			15,433,901			108,445,314			1,025,498,264			194,961,261			103,588,191			349,685,783			(7,375,754	)		7,775,683
NET ASSETS:
Beginning of period		371,617,024			339,870,258			324,436,357			2,809,677,077			1,784,178,813			1,589,217,552			1,361,702,649			1,012,016,866			198,516,480			190,740,797
End of period	$	368,315,048		$	371,617,024		$	339,870,258		$	2,918,122,391		$	2,809,677,077		$	1,784,178,813		$	1,465,290,840		$	1,361,702,649		$	191,140,726		$	198,516,480

@ See Note 1

See Notes to Financial Statements

289

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	EMERGING ECONOMIES FUND						GLOBAL REAL ESTATE FUND						GLOBAL STRATEGY FUND						GOVERNMENT MONEY MARKET I FUND
	For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	15,171,358		$	15,674,832		$	4,808,863		$	6,687,237		$	2,928,647		$	6,096,677		$	29,621		$	42,210
Net realized gain (loss) on investments and foreign currencies		76,768,401			137,918,384			19,908,419			11,331,949			(2,276,098	)		(9,525,712	)		–			18
Net unrealized gain (loss) on investments and foreign currencies		( 202,093,392	)		223,818,644			(14,832,653	)		74,368,418			(38,239	)		55,117,552			–			–
Net increase (decrease) in net assets resulting from operations		(110,153,633	)		377,411,860			9,884,629			92,387,604			614,310			51,688,517			29,621			42,228
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(17,072,815	)		–			(27,089,956	)		–			(12,172,403	)		(29,376	)		(42,211	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(222,539,194	)		3,595,220			120,086,315			10,293,222			(13,475,364	)		(34,812,316	)		78,258,407			158,683,720
TOTAL INCREASE (DECREASE) IN NET ASSETS		(332,692,827	)		363,934,265			129,970,944			75,590,870			(12,861,054	)		4,703,798			78,258,652			158,683,737
NET ASSETS:
Beginning of period		1,065,405,451			701,471,186			435,033,235			359,442,365			287,411,735			282,707,937			573,884,717			415,200,980
End of period	$	732,712,624		$	1,065,405,451		$	565,004,179		$	435,033,235		$	274,550,681		$	287,411,735		$	652,143,369		$	573,884,717

See Notes to Financial Statements

290

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	GOVERNMENT SECURITIES FUND						GROWTH FUND						HIGH YIELD BOND FUND									INFLATION PROTECTED FUND
	For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Six Months Ended November 30, 2021 (unaudited)		For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,666,611		$	2,569,479		$	(1,513,350	)	$	(1,541,558	)	$	12,661,087		$	17,499,280		$	26,110,996		$	15,306,253	$	13,426,150
Net realized gain (loss) on investments and foreign currencies		46,622			299,545			125,610,710			299,292,831			5,409,894			7,146,298			(9,795,262	)		6,375,330		28,203,077
Net unrealized gain (loss) on investments and foreign currencies		(1,387,927	)		(5,314,058	)		59,844,643			175,298,239			(14,072,776	)		11,122,667			8,797,920			14,340,283		20,981,380
Net increase (decrease) in net assets resulting from operations		325,306			(2,445,034	)		183,942,003			473,049,512			3,998,205			35,768,245			25,113,654			36,021,866		62,610,607
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(3,192,689	)		–			(199,666,696	)		–			(23,077,972	)		(35,881,009	)		–		(15,788,898	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		23,861,136			253,465			(172,270,235	)		(201,748,964	)		9,406,278			47,190,646			(107,881,248	)		27,791,450		(11,242,432	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		24,186,442			(5,384,258	)		11,671,768			71,633,852			13,404,483			59,880,919			(118,648,603	)		63,813,316		35,579,277
NET ASSETS:
Beginning of period		142,953,957			148,338,215			1,430,327,339			1,358,693,487			598,596,728			538,715,809			657,364,412			800,186,116		764,606,839
End of period	$	167,140,399		$	142,953,957		$	1,441,999,107		$	1,430,327,339		$	612,001,211		$	598,596,728		$	538,715,809		$	863,999,432	$	800,186,116

@ See Note 1

See Notes to Financial Statements

291

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL EQUITIES INDEX FUND						INTERNATIONAL GOVERNMENT BOND FUND						INTERNATIONAL GROWTH FUND						INTERNATIONAL OPPORTUNITIES FUND
	For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	17,381,871		$	32,880,955		$	1,605,116		$	3,682,414		$	(888,787	)	$	(575,897	)	$	912,840		$	1,214,349		$	2,621,153
Net realized gain (loss) on investments and foreign currencies		19,062,766			39,155,988			2,757			6,780,923			23,767,311			68,994,635			41,441,470			89,499,725			44,253,770
Net unrealized gain (loss) on investments and foreign currencies		(103,551,587	)		419,398,775			(6,577,325	)		929,314			(7,871,030	)		167,916,364			(56,447,985	)		35,988,853			38,489,025
Net increase (decrease) in net assets resulting from operations		(67,106,950	)		491,435,718			(4,969,452	)		11,392,651			15,007,494			236,335,102			(14,093,675	)		126,702,927			85,363,948
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(29,695,084	)		–			(7,263,492	)		–			(2,222,153	)		–			(51,993,903	)		(13,556,100	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(40,410,478	)		190,741,171			(12,043,603	)		17,922,710			(35,621,107	)		(52,971,566	)		(115,887,780	)		41,830,804			(37,580,434	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(107,517,428	)		652,481,805			(17,013,055	)		22,051,869			(20,613,613	)		181,141,383			(129,981,455	)		116,539,828			34,227,414
NET ASSETS:
Beginning of period		1,899,286,203			1,246,804,398			193,495,952			171,444,083			642,915,491			461,774,108			726,964,297			610,424,469			576,197,055
End of period	$	1,791,768,775		$	1,899,286,203		$	176,482,897		$	193,495,952		$	622,301,878		$	642,915,491		$	596,982,842		$	726,964,297		$	610,424,469

@ See Note 1

See Notes to Financial Statements

292

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL SOCIALLY RESPONSIBLE FUND						INTERNATIONAL VALUE FUND						LARGE CAPITAL GROWTH FUND						MID CAP INDEX FUND
	For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,745,033		$	6,782,864		$	11,618,573		$	13,570,068		$	202,900		$	1,443,006		$	20,658,117		$	43,154,743
Net realized gain (loss) on investments and foreign currencies		2,995,002			23,281,732			58,977,279			24,024,655			38,170,623			79,205,666			192,355,700			295,292,564
Net unrealized gain (loss) on investments and foreign currencies		(13,621,942	)		84,297,216			(144,406,930	)		240,273,417			14,461,849			111,224,449			(223,420,284	)		1,106,743,043
Net increase (decrease) in net assets resulting from operations		(7,881,907	)		114,361,812			(73,811,078	)		277,868,140			52,835,372			191,873,121			(10,406,467	)		1,445,190,350
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(73,142,754	)		–			(11,649,172	)		–			(59,984,517	)		–			(142,083,444	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(12,537,808	)		18,001,223			(35,605,012	)		(132,079,947	)		(22,466,988	)		6,324,933			(280,176,623	)		(172,581,561	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(20,419,715	)		59,220,281			(109,416,090	)		134,139,021			30,368,384			138,213,537			(290,583,090	)		1,130,525,345
NET ASSETS:
Beginning of period		385,890,866			326,670,585			738,261,671			604,122,650			662,843,648			524,630,111			3,864,639,378			2,734,114,033
End of period	$	365,471,151		$	385,890,866		$	628,845,581		$	738,261,671		$	693,212,032		$	662,843,648		$	3,574,056,288		$	3,864,639,378

See Notes to Financial Statements

293

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	MID CAP STRATEGIC GROWTH FUND						MID CAP VALUE FUND									MODERATE GROWTH LIFESTYLE FUND									NASDAQ-100® INDEX FUND
	For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Six Months Ended November 30, 2021 (unaudited)			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Six Months Ended November 30, 2021 (unaudited)		For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(1,013,160	)	$	(563,265	)	$	3,002,708		$	1,968,547		$	5,922,314		$	(732,656	)	$	19,462,959		$	21,580,823		$	667,015	$	1,896,892
Net realized gain (loss) on investments and foreign currencies		71,605,894			84,696,248			63,219,428			63,116,482			(953,657	)		36,374,562			74,851,097			30,367,188			11,275,808		79,502,508
Net unrealized gain (loss) on investments and foreign currencies		(20,797,880	)		52,074,768			(83,378,162	)		252,882,164			(27,616,644	)		(16,344,057	)		102,183,759			32,611,982			138,025,698		183,228,727
Net increase (decrease) in net assets resulting from operations		49,794,854			136,207,751			(17,156,026	)		317,967,193			(22,647,987	)		19,297,849			196,497,815			84,559,993			149,968,521		264,628,127
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(20,252,897	)		–			(9,455,991	)		(49,023,543	)		–			(55,134,723	)		(64,466,953	)		–		(66,572,910	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(67,906,141	)		459,909,810			(19,142,151	)		(91,801,695	)		52,310,920			(22,532,942	)		16,517,877			50,946,826			3,763,035		13,005,454
TOTAL INCREASE (DECREASE) IN NET ASSETS		(18,111,287	)		575,864,664			(36,298,177	)		216,709,507			(19,360,610	)		(3,235,093	)		157,880,969			71,039,866			153,731,556		211,060,671
NET ASSETS:
Beginning of period		890,709,349			314,844,685			940,809,091			724,099,584			743,460,194			1,172,232,141			1,014,351,172			943,311,306			833,579,511		622,518,840
End of period	$	872,598,062		$	890,709,349		$	904,510,914		$	940,809,091		$	724,099,584		$	1,168,997,048		$	1,172,232,141		$	1,014,351,172		$	987,311,067	$	833,579,511

@ See Note 1

See Notes to Financial Statements

294

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SCIENCE & TECHNOLOGY FUND						SMALL CAP GROWTH FUND									SMALL CAP INDEX FUND						SMALL CAP SPECIAL VALUES FUND
	For the Six Months Ended November  30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (unaudited)			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Six Months Ended November 30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November  30, 2021 (unaudited)			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(9,907,374	)	$	(12,576,068	)	$	(2,569,024	)	$	(1,746,523	)	$	(1,121,524	)		$ 5,464,601		$	7,262,907		$	1,115,940		$	1,298,535
Net realized gain (loss) on investments and foreign currencies		267,605,250			623,453,780			53,480,488			45,726,869			27,635,795			113,692,209			113,701,289			15,891,584			20,783,485
Net unrealized gain (loss) on investments and foreign currencies		(12,984,429	)		115,089,288			(82,613,943	)		24,303,351			34,691,004			(155,221,944	)		449,882,245			(25,587,153	)		94,384,968
Net increase (decrease) in net assets resulting from operations		244,713,447			725,967,000			(31,702,479	)		68,283,697			61,205,275			(36,065,134	)		570,846,441			(8,579,629	)		116,466,988
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(237,312,045	)		–			(28,624,065	)		(23,166,804	)		–			(73,789,611	)		–			(7,991,303	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(170,272,858	)		995,467,391			(57,842,432	)		577,058,389			(19,883,009	)		(89,214,444	)		52,929,392			(19,344,834	)		(5,825,878	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		74,440,589			1,484,122,346			(89,544,911	)		616,718,021			18,155,462			(125,279,578	)		549,986,222			(27,924,463	)		102,649,807
NET ASSETS:
Beginning of period		3,107,205,396			1,623,083,050			827,214,706			210,496,685			192,341,223			1,448,543,133			898,556,911			279,759,586			177,109,779
End of period	$	3,181,645,985		$	3,107,205,396		$	737,669,795		$	827,214,706		$	210,496,685		$	1,323,263,555		$	1,448,543,133		$	251,835,123		$	279,759,586

@ See Note 1

See Notes to Financial Statements

295

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP VALUE FUND									STOCK INDEX FUND						SYSTEMATIC CORE FUND						SYSTEMATIC VALUE FUND
	For the Six Months Ended November  30, 2021 (unaudited)			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Six Months Ended November  30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November  30, 2021 (unaudited)			For the Year Ended May 31, 2021			For the Six Months Ended November  30, 2021 (unaudited)			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,147,320		$	1,609,829		$	2,942,834		$	34,011,734		$	68,761,984		$	2,624,361		$	1,392,493		$	4,196,952		$	1,453,868
Net realized gain (loss) on investments and foreign currencies		58,336,447			43,580,318			(13,937,045	)		131,889,286			492,454,646			13,184,195			4,782,277			18,460,912			23,082,467
Net unrealized gain (loss) on investments and foreign currencies		(70,159,061	)		143,422,266			(7,396,404	)		379,667,797			1,256,148,764			32,318,392			49,608,616			(13,421,786	)		13,255,813
Net increase (decrease) in net assets resulting from operations		(9,675,294	)		188,612,413			(18,390,615	)		545,568,817			1,817,365,394			48,126,948			55,783,386			9,236,078			37,792,148
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(3,185,408	)		(13,323,759	)		–			(377,883,882	)		–			(16,195,680	)		–			(9,345,498	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(19,395,893	)		14,210,858			17,792,516			(174,812,064	)		(229,618,808	)		( 37,532,740	)		530,958,219			(62,824,961	)		490,505,800
TOTAL INCREASE (DECREASE) IN NET ASSETS		(29,071,187	)		199,637,863			(13,921,858	)		370,756,753			1,209,862,704			10,594,208			570,545,925			(53,588,883	)		518,952,450
NET ASSETS:
Beginning of period		501,757,875			302,120,012			316,041,870			6,035,052,567			4,825,189,863			693,185,156			122,639,231			563,185,380			44,232,930
End of period	$	472,686,688		$	501,757,875		$	302,120,012		$	6,405,809,320		$	6,035,052,567		$	703,779,364		$	693,185,156		$	509,596,497		$	563,185,380

@ See Note 1

See Notes to Financial Statements

296

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	U.S. SOCIALLY RESPONSIBLE FUND
	For the Six Months Ended November 30, 2021 (unaudited)			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)		$ 4,146,026		$	4,454,795		$	8,521,501
Net realized gain (loss) on investments and foreign currencies		102,199,639			105,982,964			20,690,964
Net unrealized gain (loss) on investments and foreign currencies		(49,176,916	)		54,716,433			82,594,880
Net increase (decrease) in net assets resulting from operations		57,168,749			165,154,192			111,807,345
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(30,375,406	)		(134,438,913	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(53,698,896	)		(50,965,538	)		48,286,997
TOTAL INCREASE (DECREASE) IN NET ASSETS		3,469,853			83,813,248			25,655,429
NET ASSETS:
Beginning of period		829,252,950			745,439,702			719,784,273
End of period	$	832,722,803		$	829,252,950		$	745,439,702

@ See Note 1

See Notes to Financial Statements

297

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1 — Organization

VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to the Series, is an indirect majority-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 37 separate mutual funds (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:

Aggressive Growth Lifestyle Fund(1)(3)	International Opportunities Fund(3)
Asset Allocation Fund	International Socially Responsible Fund
Blue Chip Growth Fund	International Value Fund
Capital Appreciation Fund(3)	Large Capital Growth Fund
Conservative Growth Lifestyle Fund(1)(3)	Mid Cap Index Fund
Core Bond Fund(3)	Mid Cap Strategic Growth Fund
Dividend Value Fund	Mid Cap Value Fund(3)
Dynamic Allocation Fund(2)	Moderate Growth Lifestyle Fund(1)(3)
Emerging Economies Fund	Nasdaq-100® Index Fund
Global Real Estate Fund	Science & Technology Fund
Global Strategy Fund	Small Cap Growth Fund(3)
Government Money Market I Fund	Small Cap Index Fund
Government Securities Fund	Small Cap Special Values Fund
Growth Fund	Small Cap Value Fund(3)
High Yield Bond Fund(3)	Stock Index Fund
Inflation Protected Fund	Systematic Core Fund
International Equities Index Fund	Systematic Value Fund
International Government Bond Fund	U.S. Socially Responsible Fund(3)
International Growth Fund

(1) The Lifestyle Funds represent “Fund of Funds” which invest in VCI mutual funds.

(2) The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in shares of VC I mutual funds, (the “Fund-of-Funds Component”) and 10% to 30% of its assets in a portfolio of derivative instruments, fixed income securities and short-term investments (the “Overlay Component”).

(3) Prior to May 24, 2021, the funds listed below operated as a series of VALIC Company II (the “Predecessor Funds”). The Predecessor Funds were reorganized on May 24, 2021 through the transfer of each of the Predecessor Fund’s assets and liabilities to a shell series of VCI (the Acquiring Fund). Shareholders of the Predecessor Funds received equivalent shares of the Acquiring Fund. Although the Acquiring Funds listed below commenced operations on May 24, 2021, they inherited the performance and financial history of the Predecessor Funds. The Predecessor Funds changed their fiscal year end from August 31st to May 31st.

Fund

Aggressive Growth Lifestyle Fund

Capital Appreciation Fund

Conservative Growth Lifestyle Fund

Core Bond Fund

High Yield Bond Fund

International Opportunities Fund

Mid Cap Value Fund

Moderate Growth Lifestyle Fund

Small Cap Growth Fund

Small Cap Value Fund

U.S. Socially Responsible Fund

Each Fund is diversified with the exception of Growth Fund, International Government Bond Fund, Nasdaq-100^® Index Fund and Science & Technology Fund, which are non-diversified as defined by the 1940 Act.

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

Note 2 — Significant Accounting Policies

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

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VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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

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

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

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

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

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

The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of November 30, 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 reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

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

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

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.

For the Government Money Market I Fund, securities are valued at amortized cost, which approximates market value and are generally categorized as Level 2. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with Rule 2a-7 under the 1940 Act, the Board has adopted procedures intended to stabilize the Government Money Market I Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the

299

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Government Money Market I Fund’s market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.

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

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

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

Derivative Instruments

Forward Foreign Currency Contracts: During the period, the Global Strategy Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. The High Yield Bond Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The Inflation Protected Fund used forward contracts to attempt to protect the value of securities and related receivables and payables against changes in future foreign exchange rates, to manage and/or gain exposure to certain foreign currencies and to enhance return.

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

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

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

Futures: During the period, the Asset Allocation Fund and Dynamic Allocation Fund used futures contracts to increase or decrease exposure to equity or bond markets or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates. The Emerging Economies Fund, Small Cap Value Fund and U.S. Socially Responsible Fund used futures contracts to equitize cash, providing exposure to equity markets. The Growth Fund, International Equities Index Fund, International Socially Responsible Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund and Stock Index Fund used futures contracts to increase or decrease exposure to equity markets. The Inflation Protected Fund used futures contracts to manage duration and yield curve positioning and to increase exposure to equity or bond markets.

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

The primary risk to a Fund of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While a Fund will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Fund may

300

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to a Fund since the futures contracts are generally exchange-traded.

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

Options: During the period, the Dynamic Allocation Fund used options contracts to facilitate trading, increase market exposure, generate income or seek protection against a decline in the value of the Funds’ securities or an increase in prices of securities that may be purchased. The International Growth Fund used options to hedge against the decline in value of a currency.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Fund’s Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.

Risks to a Fund of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in losses in excess of the amounts shown on the statement of asset and liabilities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

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

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

Interest Rate Swap Agreements: During the period, the Inflation Protected Fund used interest rate swap agreements to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments.

Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.

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

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

301

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

The following tables represent the value of derivatives held as of November 30, 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 November 30, 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 November 30, 2021, please refer to the Portfolio of Investments.

	Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Foreign Forward Exchange Contracts(4)		Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Foreign Forward Exchange Contracts(7)
	Interest Rate Contracts
Fund	Asset Derivatives								Liability Derivatives
Inflation Protected	$	413,203	$	6,413,748	$	—	$	—	$	420,737	$	—	$	—	$	—
	Equity Contracts
	Asset Derivatives								Liability Derivatives
Asset Allocation	$	—	$	—	$	—	$	—	$	8,475	$	—	$	—	$	—
Dynamic Allocation		8,171		—		1,976,021		—		—		—		—		—
Emerging Economies		—		—		—		—		—		—		—		—
Growth		—		—		—		—		16,950		—		—		—
International Equities Index		—		—		—		—		1,050,335		—		—		—
International Socially Responsible		—		—		—		—		205,335		—		—		—
Mid Cap Index		—		—		—		—		612,000		—		—		—
Nasdaq-100® Index		—		—		—		—		398,815		—		—		—
Small Cap Index		—		—		—		—		586,567		—		—		—
Small Cap Value		—		—		—		—		315,315		—		—		—
Stock Index		—		—		—		—		775,463		—		—		—
U.S. Socially Responsible		—		—		—		—		394,088		—		—		—
	Foreign Exchange Contracts
	Asset Derivatives								Liability Derivatives
Global Strategy	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
High Yield Bond		—		—		—		—		—		—		—		179,787
Inflation Protected		—		—		—		7,149,166		—		—		—		30,871
International Growth		—		—		129,099		—		—		—		—		—

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Unrealized appreciation on swap contracts

(3) Investments at value (unaffiliated)

(4) Unrealized appreciation on forward foreign currency contracts

(5) Unrealized depreciation on swap contracts

(6) Call and put options written, at value

(7) Unrealized depreciation on forward foreign currency contracts

302

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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

Fund	Cumulative Appreciation/ (Depreciation)
Asset Allocation	$	(10,942	)
Dynamic Allocation		8,171
Emerging Economies		—
Growth		26,264
Inflation Protected		613,400
International Equities Index		(7,359,821	)
International Socially Responsible		(1,502,117	)
Mid Cap Index		(1,550,267	)
Nasdaq-100® Index		1,096,326
Small Cap Index		(116,538	)
Small Cap Value		(1,158,363	)
Stock Index		333,767
U.S. Socially Responsible		471,025

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(1)			Swap Contracts(2)		Written Options(3)		Purchased Options(4)			Foreign Forward Exchange Contracts(5)
	Interest Rate Contracts
Inflation Protected	$	(895,739	)	$	—	$	—	$	—		$	—
	Equity Contracts
Asset Allocation	$	32,796		$	—	$	—	$	—		$	—
Dynamic Allocation		1,172,874			—		—		(2,891,918	)		—
Emerging Economies		292,345			—		—		—			—
Growth		100,463			—		—		—			—
International Equities Index		14,389,049			—		—		—			—
International Socially Responsible		1,290,745			—		—		—			—
Mid Cap Index		1,732,534			—		—		—			—
Nasdaq-100® Index		3,630,562			—		—		—			—
Small Cap Index		(479,418	)		—		—		—			—
Small Cap Value		53,551			—		—		—			—
Stock Index		5,493,744			—		—		—			—
U.S. Socially Responsible		1,312,174			—		—		—			—
	Foreign Exchange Contracts
Global Strategy	$	—		$	—	$	—	$	—		$	633,358
High Yield Bond		—			—		—		—			1,312,828
Inflation Protected		—			—		—		—			2,574,533
International Growth		—			—		—		—			—
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(6)			Swap Contracts(7)		Written Options(8)		Purchased Options(9)			Foreign Forward Exchange Contracts(10)
	Interest Rate Contracts
Inflation Protected	$	597,340		$	3,116,057	$	—	$	—		$	—

303

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(6)			Swap Contracts(7)		Written Options(8)		Purchased Options(9)			Foreign Forward Exchange Contracts(10)
	Equity Contracts
Asset Allocation	$	(13,215	)	$	—	$	—	$	—		$	—
Dynamic Allocation		5,197			—		—		980,330			—
Emerging Economies		—			—		—		—			—
Growth		(23,779	)		—		—		—			—
International Equities Index		(19,641,734	)		—		—		—			—
International Socially Responsible		(2,530,755	)		—		—		—			—
Mid Cap Index		(1,716,243	)		—		—		—			—
Nasdaq-100® Index		636,958			—		—		—			—
Small Cap Index		1,306,863			—		—		—			—
Small Cap Value		(1,430,604	)		—		—		—			—
Stock Index		(1,032,986	)		—		—		—			—
U.S. Socially Responsible		253,352			—		—		—			—
	Foreign Exchange Contracts
Global Strategy	$	—		$	—	$	—	$	—		$	481,224
High Yield Bond		—			—		—		—			(141,120	)
Inflation Protected		—			—		—		—			13,466,036
International Growth		—			—		—		(518,623	)		—

Statement of Operations Location:

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

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

(3) Net realized gain (loss) on written options contracts

(4) Net realized gain (loss) on investments

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

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

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

(8) Change in unrealized appreciation (depreciation) on written options contracts

(9) Change in unrealized appreciation (depreciation) on investments

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

The following table represents the average monthly balances of derivatives held during the six months ended November 30, 2021.

	Average Amount Outstanding During the Period
Fund	Futures Contracts(2)		Foreign Forward Exchange Contracts(2)		Purchased Call Options Contracts(1)		Purchased Put Options Contracts(1)		Written Put Options Contracts(1)		Interest Rate Swap Contracts(2)
Asset Allocation	$	112,683	$	—	$	—	$	—	$	—	$	—
Dynamic Allocation		10,668,929		—		—		1,630,803		—		—
Emerging Economies		627,947		—		—		—		—		—
Global Strategy		—		58,443,656		—		—		—		—
Growth		888,653		—		—		—		—		—
High Yield Bond		—		15,002,561		—		—		—		—
Inflation Protected		179,861,142		238,346,666		—		—		—		100,000,000
International Equities Index		162,140,821		—		—		—		—		—
International Growth		—		—		170,430		—		—		—
International Socially Responsible		28,090,039		—		—		—		—		—
Mid Cap Index		29,039,210		—		—		—		—		—
Nasdaq-100® Index		25,464,455		—		—		—		—		—
Small Cap Index		75,462,794		—		—		—		—		—
Small Cap Value		11,140,578		—		—		—		—		—
Stock Index		60,548,177		—		—		—		—		—
U.S. Socially Responsible		20,938,798		—		—		—		—		—

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

304

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of November 30, 2021. The repurchase agreements held by the Funds and the securities on loan as of November 30, 2021, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements and securities on loan.

	Dynamic Allocation Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount(3)
Citibank,N.A.	$	—	$	—	$	321,216	$	321,216	$	—	$	—	$	—	$	—	$	321,216	$	(321,216	)	$	—
Goldman Sachs International		—		—		383,043		383,043		—		—		—		—		383,043		(288,000	)		95,043
JP Morgan Chase Bank, N.A.		—		—		218,882		218,882		—		—		—		—		218,882		(190,000	)		28,882
UBS AG		—		—		1,052,880		1,052,880		—		—		—		—		1,052,880		(960,500	)		92,380
Total	$	—	$	—		$1,976,021	$	1,976,021	$	—	$	—	$	—	$	—	$	1,976,021	$	(1,759,716	)	$	216,305

(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.

	High Yield Bond Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
BNP Paribas SA	$	—	$	—	$	—	$	—	$	179,787	$	—	$	—	$	179,787	$	(179,787	)	$	—	$	(179,787	)

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

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

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

	Inflation Protected Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount(3)
Bank of America, N.A.	$	—	$	—	$	—	$	—	$	24,976	$	—	$	—	$	24,976	$	(24,976	)	$	—		$	(24,976	)
Barclays Bank PLC		—		6,413,748		—		6,413,748				—		—		—		6,413,748			(6,413,748	)		—
Barclays Bank PLC Wholesale		3,069,296		—		—		3,069,296				—		—		—		3,069,296			—			3,069,296
BNP Paribas SA		2,011,465		—		—		2,011,465		5,895		—		—		5,895		2,005,570			—			2,005,570
Canadian Imperial Bank of Commerce		63,090		—		—		63,090				—		—		—		63,090			—			63,090
Citibank N.A.		65,250		—		—		65,250				—		—		—		65,250			—			65,250
Deutsche Bank AG		1,074,565		—		—		1,074,565				—		—		—		1,074,565			—			1,074,565
Goldman Sachs International		67,940		—		—		67,940				—		—		—		67,940			—			67,940
Morgan Stanley and Co. International PLC		797,560		—		—		797,560				—		—		—		797,560			—			797,560
Total	$	7,149,166	$	6,413,748	$	—	$	13,562,914	$	30,871	$	—	$	—	$	30,871	$	13,532,043		$	(6,413,748	)	$	7,118,295

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

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

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

	International Growth Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Call		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount(3)
JPMorgan Chase Bank N.A.	$	—	$	—	$	129,099	$	129,099	$	—	$	—	$	—	$	—	$	129,099	$	(129,099	)	$	—

(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.

305

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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

Repurchase Agreements: The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Funds’ custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.

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

Mortgage-Backed Dollar Rolls: TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. Mortgage-Back Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

When-Issued Securities and Forward Commitments: Certain Funds may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Fund may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Funds may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

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

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

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

Investment Securities Loaned: To realize additional income, each Fund, except for the Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund, Dynamic Allocation Fund, Government Money Market I Fund and the Moderate Growth Lifestyle 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

306

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.

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

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

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

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

Dividends from net investment income, if any, are normally paid annually, except for the Government Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually.

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. The Funds federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

LIBOR Risk

A Fund’s investments, payment obligations and financing terms may be based on floating rates, such as 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. On March 5, 2021, the FCA and LIBOR’s administrator announced that most LIBOR settings will no longer be published after June 30, 2023. Such announcements indicate that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed. These announcements and any additional regulatory or market changes may have an adverse impact on a Fund or its investments.

307

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Regulators and market participants are working together to identify or develop successor Reference Rates. 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, and these changes 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 net asset value.

Recent Accounting and Regulatory Developments

In March 2020, the FASB issued ASU No. 2020-04, “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 other interbank offered 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.

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 became effective on March 8, 2021 and has a compliance date of September 8, 2022 (eighteen months following the effective date). Management is currently evaluating the Rule and its impact to the Funds.

Note 3 — Advisory Fees and Other Transactions with Affiliates

VALIC serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.

VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:

International Equities Index Fund	0.35% on the first $500 million
	0.25% on the next $500 million
	0.24% on assets over $1 billion
Mid Cap Index Fund	0.35% on the first $500 million
Small Cap Index Fund	0.25% on the next $2.5 billion
Stock Index Fund	0.20% on the next $2 billion
	0.15% on assets over $5 billion
Blue Chip Growth Fund(1)	0.75% on the first $250 million
	0.725% on the next $250 million
	0.70% on assets over $500 million
Systematic Core Fund(2)	0.75% on the first $500 million
	0.725% on assets over $500 million
Science & Technology Fund	0.90% on first $500 million
	0.85% on assets over $500 million
Inflation Protected Fund(3)	0.50% on the first $250 million
	0.45% on the next $250 million
	0.40% on assets over $500 million
International Growth Fund(4)	0.95% on the first $250 million
	0.90% on the next $250 million
	0.85% on the next $500 million
	0.80% on assets over $1 billion
Large Capital Growth Fund	0.64% on the first $750 million
	0.59% on assets over $750 million
Mid Cap Strategic Growth Fund	0.70% on the first $250 million
	0.65% on the next $250 million
	0.60% on assets over $500 million
Asset Allocation Fund(5)	0.50% on first $300 million
	0.475% on next $200 million
	0.45% on assets over $500 million

308

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

International Socially Responsible Fund	0.50% on first $500 million
	0.475% on next $500 million
	0.45% on assets over $1 billion
Global Strategy Fund(6)	0.50% on the first $500 million
	0.46% on assets over $500 million
Government Securities Fund	0.50% on the first $250 million
International Government Bond Fund	0.45% on the next $250 million
	0.40% on the next $500 million
	0.35% on assets over $1 billion
Government Money Market I Fund	0.40%
Nasdaq-100® Index Fund	0.40% on the first $250 million
	0.38% on the next $250 million
	0.36% on assets over $500 million
Dividend Value Fund(7)	0.75% on the first $250 million
	0.72% on the next $250 million
	0.67% on the next $500 million
	0.62% on assets over $1 billion
Systematic Value Fund(8)	0.70% on the first $250 million
	0.65% on the next $250 million
	0.60% on the next $500 million
	0.55% on assets over $1 billion
International Value Fund(9)	0.73% on the first $250 million
	0.68% on the next $250 million
	0.63% on the next $500 million
	0.58% on assets over $1 billion
Emerging Economies Fund	0.81% on the first $250 million
	0.76% on the next $250 million
	0.71% on the next $500 million
	0.66% on assets over $1 billion
Small Cap Special Values Fund	0.75% on the first $500 million
	0.70% on assets over $500 million
Growth Fund(10)	0.73% on the first $500 million
	0.67% on the next $500 million
	0.64% on the next $500 million
	0.61% on assets over $1.5 billion
Global Real Estate Fund	0.75% on the first $250 million
	0.70% on the next $250 million
	0.65% on assets over $500 million
Dynamic Allocation Fund(11)	0.25% on the first $1 billion
	0.22% on the next $1 billion
	0.20% on assets over $2 billion
Aggressive Growth Lifestyle Fund	0.10%
Conservative Growth Lifestyle Fund
Moderate Growth Lifestyle Fund
Capital Appreciation Fund	0.55% on first $1 billion
	0.525% on assets over $1 billion
Core Bond Fund	0.50% on the first $200 million
	0.45% on the next $300 million
	0.40% on assets over $500 million

309

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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
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
Small Cap Growth Fund(12)	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
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 effective September 28, 2021, VALIC agreed to waive the Blue Chip Growth Fund’s advisory fees in order that such fees equal: 0.75% of the Fund’s average daily net assets on Fund’s first $250 million; 0.725% of the Fund’s average daily net assets on the Fund’s next $250 million; 0.70% of the Fund’s average daily net assets on the Fund’s next $300 million; 0.36% of the Fund’s average daily net assets on the Fund’s next $200 million; and 0.65% of the Fund’s net average daily net assets when the Fund’s assets exceed $1 billion.

(2) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Systematic Core Fund’s advisory fees in order that such fees equal: 0.530% on the first $500 million and 0.505% on assets over $500 million.

(3) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Inflation Protected Fund’s advisory fees in order that such fees equal: 0.47% on the first $250 million of the Fund’s average monthly net assets, 0.42% on the next $250 million of the Fund’s average monthly net assets and 0.37% on average monthly net assets over $500 million.

(4) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the International Growth Fund’s advisory fees in order that such fees equal: 0.75% of the average daily net assets on the first $250 million, 0.70% on the next $250 million, 0.65% on the next $500 million and 0.60% thereafter.

(5) Pursuant to an Advisory Fee Waiver Agreement, VALIC has contractually agreed to waive the Asset Allocation Fund’s advisory fees in order that such fees equal: 0.45% on the first $300 million of the Fund’s average monthly net assets, 0.425% on the next $200 million of the Fund’s average monthly net assets and 0.40% on average monthly net assets over $500 million.

(6) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Global Strategy Fund’s advisory fees in order that such fees equal: 0.48% on the first $500 million and 0.44% on assets over $500 million.

(7) Pursuant to an Advisory Fee Waiver Agreement, VALIC agreed to waive the Dividend Value Fund’s advisory fees in order that such fees equal: 0.64% of the Fund’s average daily net assets on Fund’s first $250 million; 0.61% of the Fund’s average daily net assets on the Fund’s next $250 million; 0.56% of the Fund’s average daily net assets on the Fund’s next $500 million; and 0.51% of the Fund’s net average daily net assets when the Fund’s assets exceed $1 billion.

(8) Pursuant to an Advisory Fee Waiver Agreement, VALIC agreed to waive the Systematic Value Fund’s advisory fees in order that such fees equal: 0.40% of the Fund’s average daily net assets on Fund’s first $250 million; 0.35% of the Fund’s average daily net assets on the Fund’s next $250 million; 0.30% of the Fund’s average daily net assets on the Fund’s next $500 million; and 0.25% of the Fund’s net average daily net assets when the Fund’s assets exceed $1 billion.

(9) Pursuant to an Advisory Fee Wavier Agreement, VALIC has agreed to waive International Value Fund’s advisory fees in order that such fees equal: 0.66% on the first $250 million, 0.61% on the next $250 million, 0.56% on the next $500 million and 0.51% on assets over $1 billion.

(10) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Growth Fund’s advisory fees in order that such fees equal: 0.57% of the average daily net assets on the first $500 million, 0.51% on the next $500 million, 0.48% on the next $500 million and 0.45% thereafter.

(11) VALIC has voluntarily agreed, until further notice, to waive a portion of its advisory fee in an amount equal to the amount of any advisory fees voluntarily waived by the Dynamic Allocation Fund’s Subadviser, AllianceBernstein L.P. (“AB”), in connection with the Fund’s investments in the AB Government Money Market Portfolio, a series of AB Fixed-Income Shares, Inc. managed by AB (the “AB Fund Waiver”). The AB Fund Waiver may be terminated at any time by the Adviser.

(12) 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.

310

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

For the six months ended November 30, 2021, the amount of investment advisory fees waived were as follows:

Fund	Amount
Asset Allocation	$	39,522
Blue Chip Growth		125,188
Dividend Value		828,873
Dynamic Allocation		1,844
Global Strategy		28,487
Growth		1,131,271
Inflation Protected		123,382
International Growth		643,264
International Value		246,327
Small Cap Growth		121,826
Systematic Core		781,483
Systematic Value		801,214

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

AllianceBernstein L.P. (“AllianceBernstein”)—subadviser for a portion of the Dynamic Allocation Fund.

Allianz Global Investors U.S. LLC (“AGI US”)—subadviser for a portion of the Mid Cap Strategic Growth Fund and a portion of the Science & Technology Fund.

Allspring Global Investments, LLC (“Allspring”)*—subadviser for the International Value Fund and Small Cap Special Values Fund.

BlackRock Investment Management, LLC (“BlackRock”)—subadviser for a portion of the Growth Fund and a portion of the Dividend Value Fund.

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.

ClearBridge Investments, LLC (“ClearBridge”)**—subadviser for a portion of the Dividend Value Fund.

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

Franklin Advisers, Inc.—subadviser for the Global Strategy Fund.

Goldman Sachs Asset Management, L.P.—subadviser for the Systematic Core Fund and a portion of the Global Real Estate Fund.

Invesco Advisers, Inc. (“Invesco”)—subadviser for a portion of the Global Real Estate Fund.

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

Janus Capital Management LLC—subadviser for a portion of the Mid Cap Strategic Growth Fund.

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

Morgan Stanley Investment Management, Inc. (“MSIM”)—subadviser for the International Growth Fund.

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

SunAmerica Asset Management, LLC (“SunAmerica”)—subadviser for the Government Money Market I Fund, International Equities Index Fund, International Socially Responsible Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund, Stock Index Fund, U.S. Socially Responsible Fund, a portion of the Growth Fund and a portion of the Dynamic Allocation Fund.

T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, a portion of the Science & Technology Fund and a portion of the Small Cap Growth Fund.

Wellington Management Company LLP (“Wellington Management”)—subadviser for the High Yield Bond Fund, Inflation Protected Fund, Systematic Value Fund, a portion of the Mid Cap Value Fund and a portion of the Science & Technology Fund.

* Effective November 1, 2021, Wells Capital Management Incorporated, subadvisor to International Value Fund and Small Cap Special Values Fund, was renamed to Allspring in connection with a reorganization of Wells Capital Management Incorporated.

** Effective July 7, 2021, ClearBridge replaced SunAmerica as a subadviser of a portion of the Dividend Value Fund.

The subadvisers are compensated for their services by VALIC.

VALIC has contractually agreed to waive fees and/or reimburse expenses to the extent necessary so that each Fund’s total annual fund operating expenses after expense reimbursement do not exceed the amounts shown below through September 30, 2021 for all funds except the Predecessor Funds, Systematic Core Fund and Government Money Market I Fund. For those funds, the expense limitation agreement is in effect until September 30, 2022. For the purposes of the waived fee and reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Funds’ business. The contractual fee waivers and fee reimbursements will continue until September 30, 2021 or 2022, as applicable, subject to termination by the Board, including a majority of the Directors who are not “interested persons” of the Series or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Directors”).

311

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Maximum Expense Limitation
Aggressive Growth Lifestyle		0.09	%
Blue Chip Growth		0.85	%
Capital Appreciation		0.60	%
Conservative Growth Lifestyle		0.13	%
Core Bond		0.52	%
Dynamic Allocation		0.32	%
Government Money Market I		0.30	%
High Yield Bond		0.68	%
International Opportunities		0.95	%
Mid Cap Value		0.80	%
Moderate Growth Lifestyle		0.13	%
Nasdaq-100® Index		0.53	%
Small Cap Growth		0.88	%
Small Cap Value		0.77	%
Stock Index		0.29	%
Systematic Core		0.85	%

For the six months ended November 30, 2021, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Aggressive Growth Lifestyle	$	147,876
Capital Appreciation		89,809
Conservative Growth Lifestyle		25,105
Dynamic Allocation		26,080
Government Money Market I		624,794
High Yield Bond		88,431
International Opportunities		40,633
Small Cap Value		54,710
Stock Index		606,678

VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Government Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Government Money Market I Fund will be able to avoid a negative yield. For the six months ended November 30, 2021, VALIC voluntarily reimbursed $859,925 of expenses for the Government Money Market I Fund.

Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the six months ended November 30, 2021, no amount was recouped by VALIC for the Dynamic Allocation Fund.

At November 30, 2021, expenses previously waived and/or reimbursed by VALIC that are subject to recoupment and expire during the time period indicated are as follows:

	Expenses Reimbursed
Fund	May 31, 2022		May 31, 2023		November 30, 2023
Dynamic Allocation	$	11,738	$	25,800	$	26,080

VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (the “Administrator”), an affiliate of the Adviser. The Administrator receives from each Fund, other than the “Fund-of-Funds Component” of the Dynamic Allocation Fund, and 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, the Administrator provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the six months ended November 30, 2021, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rates.

@ The Accounting Basis Point Fee is calculated based upon all assets in all registered management investment companies managed and/or administered by the Administrator and VALIC, other than “funds-of-funds” and “feeder funds.” In addition, the Dynamic Allocation Fund shall pay the Administrator an Accounting Basis Point Fee solely with respect to the Overlay Component and no fee with respect to the Fund-of-Funds Component.

312

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

VC I, on behalf of each Fund, has entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series an annual fee of $132,510, which is allocated to each Fund in the Series based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the six months ended November 30, 2021, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.

On January 23, 2001, the Board ratified a Deferred Compensation Plan for its independent directors who are not officers, directors, or employees of VALIC, or an affiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the deferred compensation plan, Directors may elect to defer all or a portion of their compensation. Amounts deferred may be invested in investment options that are specified in the plan as selected by the Directors. For the six months ended November 30, 2021, certain Directors of VC I have deferred $32,175 of director compensation.

At November 30, 2021, the following affiliates owned outstanding shares of the following Funds:

Fund	American General Life Insurance Co.		The United States Life Insurance Co.		VALIC		VC I Dynamic Allocation Fund		VC I Aggressive Growth Lifestyle		VC I Conservative Growth Lifestyle		VC I Moderate Growth Lifestyle
Aggressive Growth Lifestyle		—		—		100.00		—		—		—		—
Asset Allocation		—		—		100.00		—		—		—		—
Blue Chip Growth		0.01		—		99.29		0.70		—		—		—
Capital Appreciation		—		—		38.98		3.98		22.01		5.91		29.12
Conservative Growth Lifestyle		—		—		100.00		—		—		—		—
Core Bond		0.02		—		80.92		0.85		3.23		5.21		9.77
Dividend Value		—		—		94.68		0.52		1.50		0.74		2.56
Dynamic Allocation		4.49		—		95.51		—		—		—		—
Emerging Economies		0.08		0.01		96.28		0.15		2.34		0.39		0.75
Global Real Estate		—		—		89.20		0.21		4.16		1.75		4.68
Global Strategy		—		—		100.00		—		—		—		—
Government Money Market I		2.46		—		72.52		—		7.19		3.76		14.07
Government Securities		0.29		—		84.99		5.06		0.64		4.48		4.54
Growth		—		—		99.45		0.55		—		—		—
High Yield Bond		0.01		—		85.95		0.25		3.07		4.82		5.90
Inflation Protected		—		—		86.78		0.33		3.48		2.29		7.12
International Equities Index		2.87		0.02		90.42		0.19		2.77		0.78		2.95
International Government Bond		—		—		68.29		0.42		6.77		8.52		16.00
International Growth		—		—		96.72		0.76		1.84		0.09		0.59
International Opportunities		—		—		84.39		0.10		6.62		2.29		6.60
International Socially Responsible		0.34		—		98.99		0.67		—		—		—
International Value		0.03		—		92.41		0.75		3.48		0.61		2.72
Large Capital Growth		—		—		90.32		0.87		2.97		0.40		5.44
Mid Cap Index		0.71		0.03		98.10		0.06		0.49		0.06		0.55
Mid Cap Strategic Growth		—		—		91.73		0.25		3.08		0.82		4.12
Mid Cap Value		0.25		—		93.34		0.27		2.51		0.21		3.42
Moderate Growth Lifestyle		—		—		100.00		—		—		—		—
Nasdaq-100® Index		2.07		0.06		93.28		—		1.18		0.27		3.14
Science & Technology		0.42		—		98.25		—		0.72		0.11		0.50
Small Cap Growth		—		—		97.01		0.12		1.14		0.30		1.43
Small Cap Index		2.07		0.11		96.24		0.08		0.78		0.08		0.64
Small Cap Special Values		—		—		94.76		0.51		1.95		0.57		2.21
Small Cap Value		—		—		97.44		0.10		1.04		0.10		1.32
Stock Index		2.55		0.04		91.88		0.24		1.27		0.15		1.98
Systematic Core		0.45		—		92.74		1.68		2.21		0.60		2.32
Systematic Value		—		—		64.00		3.73		12.31		3.17		16.79
U.S. Socially Responsible		0.02		—		98.84		1.14		—		—		—

The VC I Dynamic Allocation Fund and the VC I 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 I Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.

313

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I Funds and securities issued by AIG or an affiliate thereof. During the six months ended November 30, 2021, transactions in these securities were as follows:

Aggressive Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 05/31/2021		Cost of Purchases†		Proceeds from  Sales		Realized Gain/ (Loss)		Change in Unrealized Gain/ (Loss)			Value at 11/30/2021
VALIC Co. I Blue Chip Growth Fund	$	—	$	—	$	13,423	$	—	$	—	$	—	$	1,360		$	14,783
VALIC Co. I Capital Appreciation Fund		—		—		30,870,138		—		—		—		3,104,101			33,974,239
VALIC Co. I Core Bond Fund		—		—		37,238,100		59,863,115		2,929,166		119,297		12,668			94,304,014
VALIC Co. I Dividend Value Fund		—		—		41,395,162		—		18,629,563		2,299,428		(3,054,335	)		22,010,692
VALIC Co. I Emerging Economies Fund		—		—		44,862,338		—		24,780,307		6,085,883		(9,033,358	)		17,134,556
VALIC Co. I Global Real Estate Fund		—		—		23,024,874		—		—		—		508,525			23,533,399
VALIC Co. I Government Money Market I Fund		1,557		—		14,321,389		32,549,428		—		—		—			46,870,817
VALIC Co. I Government Securities Fund		—		—		2,095,217		—		1,038,084		29,517		(18,907	)		1,067,743
VALIC Co. I High Yield Bond Fund		—		—		14,999,681		3,782,491		—		—		15,484			18,797,656
VALIC Co. I Inflation Protected Fund		—		—		34,553,103		—		5,931,909		629,509		773,232			30,023,935
VALIC Co. I International Equities Index Fund		—		—		57,196,210		1,571,359		7,111,340		990,624		(3,119,841	)		49,527,012
VALIC Co. I International Government Bond Fund		—		—		13,401,015		—		1,112,233		43,280		(378,009	)		11,954,053
VALIC Co. I International Growth Fund		—		—		14,811,864		—		3,782,492		1,684,391		(1,259,797	)		11,453,966
VALIC Co. I International Opportunities Fund		—		—		40,609,546		—		—		—		(1,056,165	)		39,553,381
VALIC Co. I International Value Fund		—		—		29,138,261		—		4,538,988		403,873		(3,101,619	)		21,901,527
VALIC Co. I Large Capital Growth Fund		—		—		14,749,225		4,447,978		—		—		1,420,911			20,618,114
VALIC Co. I Mid Cap Index Fund		—		—		25,914,450		897,919		9,137,178		1,563,551		(1,683,404	)		17,555,338
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		25,370,606		—		—		—		1,489,811			26,860,417
VALIC Co. I Mid Cap Value Fund		—		—		43,131,604		—		19,619,109		277,831		(1,056,774	)		22,733,552
VALIC Co. I Nasdaq-100® Index Fund		—		—		6,348,394		3,706,648		—		—		1,551,008			11,606,050
VALIC Co. I Science & Technology Fund		—		—		21,290,975		—		—		—		1,703,494			22,994,469
VALIC Co. I Small Cap Growth Fund		—		—		8,811,723		—		—		—		(370,208	)		8,441,515
VALIC Co. I Small Cap Index Fund		—		—		18,375,648		425,471		8,208,684		2,790,676		(3,033,499	)		10,349,612
VALIC Co. I Small Cap Special Values Fund		—		—		10,679,501		—		5,522,655		893,726		(1,132,782	)		4,917,790
VALIC Co. I Small Cap Value Fund		—		—		15,027,011		—		10,136,004		2,157,774		(2,143,699	)		4,905,082
VALIC Co. I Stock Index Fund		—		—		61,846,976		20,103,766		6,565,304		1,240,643		5,039,447			81,665,528
VALIC Co. I Systematic Core Fund		—		—		14,546,252		—		—		—		1,027,695			15,573,947
VALIC Co. I Systematic Value Fund		—		—		68,322,770		—		6,672,602		1,642,151		(550,872	)		62,741,447
	$	1,557	$	—	$	732,945,456	$	127,348,175	$	135,715,618	$	22,852,154	$	(14,345,533	)	$	733,084,634

† Includes reinvestment of distributions paid.

314

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Conservative Growth Lifestyle Fund

	Income		Capital Gain Distribution Received		Value at 05/31/2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/ (Loss)		Change in Unrealized Gain/ (Loss)			Value at 11/30/2021
VALIC Co. I Capital Appreciation Fund	$	—	$	—	$	8,295,606	$	—	$	—	$	—	$	834,152		$	9,129,758
VALIC Co. I Core Bond Fund		—		—		126,865,862		27,558,265		3,399,777		79,355		851,761			151,955,466
VALIC Co. I Dividend Value Fund		—		—		16,706,808		1,877,439		7,454,082		374,189		(697,239	)		10,807,115
VALIC Co. I Emerging Economies Fund		—		—		10,981,768		—		7,453,823		1,735,160		(2,424,319	)		2,838,786
VALIC Co. I Global Real Estate Fund		—		—		9,652,824		—		—		—		213,191			9,866,015
VALIC Co. I Government Money Market I Fund		791		—		7,775,255		16,716,638		—		—		—			24,491,893
VALIC Co. I Government Securities Fund		—		—		7,995,771		—		525,491		35,807		(11,136	)		7,494,951
VALIC Co. I High Yield Bond Fund		—		—		25,617,582		3,785,397		—		—		70,737			29,473,716
VALIC Co. I Inflation Protected Fund		—		—		23,756,092		—		4,879,558		545,812		401,600			19,823,946
VALIC Co. I International Equities Index Fund		—		—		16,425,980		—		1,892,699		275,840		(864,803	)		13,944,318
VALIC Co. I International Government Bond Fund		—		—		16,035,385		—		563,025		32,534		(454,634	)		15,050,260
VALIC Co. I International Growth Fund		—		—		2,360,879		—		1,892,698		524,343		(422,658	)		569,866
VALIC Co. I International Opportunities Fund		—		—		14,036,788		—		—		—		(365,065	)		13,671,723
VALIC Co. I International Value Fund		—		—		6,632,501		—		2,271,238		265,284		(783,686	)		3,842,861
VALIC Co. I Large Capital Growth Fund		—		—		2,435,502		1,869,210		1,877,438		501,780		(156,500	)		2,772,554
VALIC Co. I Mid Cap Index Fund		—		—		7,444,630		—		5,158,482		1,332,891		(1,392,787	)		2,226,252
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		6,762,262		—		—		—		397,093			7,159,355
VALIC Co. I Mid Cap Value Fund		—		—		13,388,976		—		11,050,341		1,692,587		(2,087,253	)		1,943,969
VALIC Co. I Nasdaq-100® Index Fund		—		—		2,254,175		—		—		—		405,751			2,659,926
VALIC Co. I Science & Technology Fund		—		—		6,159,433		—		3,028,318		1,101,685		(603,181	)		3,629,619
VALIC Co. I Small Cap Growth Fund		—		—		2,306,073		—		—		—		(96,885	)		2,209,188
VALIC Co. I Small Cap Index Fund		—		—		3,953,660		—		2,815,131		740,058		(798,180	)		1,080,407
VALIC Co. I Small Cap Special Values Fund		—		—		3,844,654		—		2,310,452		617,820		(711,565	)		1,440,457
VALIC Co. I Small Cap Value Fund		—		—		1,990,449		—		1,499,833		600,219		(622,038	)		468,797
VALIC Co. I Stock Index Fund		—		—		6,741,187		14,606,535		12,779,490		823,016		89,415			9,480,663
VALIC Co. I Systematic Core Fund		—		—		3,933,945		—		—		—		277,933			4,211,878
VALIC Co. I Systematic Value Fund		—		—		17,340,933		—		1,501,403		277,531		48,625			16,165,686
	$	791	$	—	$	371,694,980	$	66,413,484	$	72,353,279	$	11,555,911	$	(8,901,671	)	$	368,409,425

† Includes reinvestment of distributions paid.

Dynamic Allocation Fund

Security	Income		Capital Gain Distribution Received		Value at 5/31/2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value 11/30/2021
VALIC Co. I Blue Chip Growth Fund	$	—	$	—	$	7,390,179	$	188,588	$	925,921	$	392,917		$	342,155		$	7,387,918
VALIC Co. I Capital Appreciation Fund		—		—		6,105,033		155,390		712,087		196,046			404,644			6,149,026
VALIC Co. I Core Bond Fund		—		—		25,103,754		1,858,951		2,318,344		29,053			171,959			24,845,373
VALIC Co. I Dividend Value Fund		—		—		8,141,907		376,895		708,967		95,175			(229,975	)		7,675,035
VALIC Co. I Emerging Economies Fund		—		—		1,339,782		36,338		120,852		47,179			(186,797	)		1,115,650
VALIC Co. I Global Real Estate Fund		—		—		1,277,901		31,067		136,417		21,698			7,027			1,201,276
VALIC Co. I Government Securities Fund		—		—		8,550,100		681,970		794,583		16,333			8,385			8,462,205
VALIC Co. I Growth Fund		—		—		7,734,296		194,964		1,087,365		550,376			507,937			7,900,208
VALIC Co. I High Yield Bond Fund		—		—		1,549,030		101,423		141,890		8,574			(307	)		1,516,830
VALIC Co. I Inflation Protected Fund		—		—		2,360,922		592,525		221,485		24,513			80,536			2,837,011
VALIC Co. I International Equities Index Fund		—		—		5,551,984		229,210		2,246,382		542,770			(691,135	)		3,386,447
VALIC Co. I International Government Bond Fund		—		—		759,199		70,712		70,945		1,856			(22,088	)		738,734
VALIC Co. I International Growth Fund		—		—		5,541,066		124,578		1,026,554		371,059			(265,369	)		4,744,780
VALIC Co. I International Opportunities Fund		—		—		72,850		601,374		56,193		11,111			(32,338	)		596,804
VALIC Co. I International Socially Responsible Fund		—		—		829,307		1,822,342		106,989		(7,912	)		(77,783	)		2,458,965
VALIC Co. I International Value Fund		—		—		5,260,933		493,656		475,010		144,017			(699,419	)		4,724,177
VALIC Co. I Large Capital Growth Fund		—		—		6,203,784		155,372		832,087		361,862			127,311			6,016,242
VALIC Co. I Mid Cap Index Fund		—		—		2,913,637		91,839		983,890		124,405			(105,875	)		2,040,116

315

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Dynamic Allocation Fund (continued)

Security	Income		Capital Gain Distribution Received		Value at 5/31/2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value 11/30/2021
VALIC Co. I Mid Cap Strategic Growth Fund	$	—	$	—	$	1,913,147	$	398,055	$	240,543	$	(29,349	)	$	128,060		$	2,169,370
VALIC Co. I Mid Cap Value Fund		—		—		2,176,213		506,156		198,599		2,792			(57,620	)		2,428,942
VALIC Co. I Small Cap Growth Fund		—		—		995,702		24,973		85,375		23,810			(62,485	)		896,625
VALIC Co. I Small Cap Index Fund		—		—		1,165,514		81,068		106,417		10,078			(40,340	)		1,109,903
VALIC Co. I Small Cap Special Values Fund		—		—		1,286,344		165,137		120,446		10,609			(53,262	)		1,288,382
VALIC Co. I Small Cap Value Fund		—		—		432,525		82,381		42,487		11,943			(23,874	)		460,488
VALIC Co. I Stock Index Fund		—		—		23,301,236		573,406		10,572,283		4,644,287			(2,600,949	)		15,345,697
VALIC Co. I Systematic Core Fund		—		—		11,963,536		298,248		1,271,607		230,819			589,245			11,810,241
VALIC Co. I Systematic Value Fund		—		—		20,838,379		496,826		2,722,357		119,500			262,790			18,995,138
VALIC Co. I U.S. Socially Responsible Fund		—		—		1,674,023		8,138,887		292,915		29,164			(28,942	)		9,520,217
		—		—	$	162,432,283	$	18,572,331	$	28,618,990	$	7,984,685		$	(2,548,509	)	$	157,821,800

† Includes reinvestment of distributions paid.

Moderate Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 05/31/2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Value at 11/30/2021
VALIC Co. I Blue Chip Growth Fund	$	—	$	—	$	47,356	$	—	$	—	$	—	$	4,800		$	52,156
VALIC Co. I Capital Appreciation Fund		—		—		40,845,519		—		—		—		4,107,161			44,952,680
VALIC Co. I Core Bond Fund		—		—		202,263,304		93,019,957		11,340,068		417,848		871,141			285,232,182
VALIC Co. I Dividend Value Fund		—		—		67,860,566		—		29,132,983		3,359,828		(4,510,012	)		37,577,399
VALIC Co. I Emerging Economies Fund		—		—		48,163,327		—		40,678,289		7,340,022		(9,318,623	)		5,506,437
VALIC Co. I Global Real Estate Fund		—		—		25,901,131		—		—		—		572,049			26,473,180
VALIC Co. I Government Money Market I Fund		2,998		—		30,145,254		61,643,358		—		—		—			91,788,612
VALIC Co. I Government Securities Fund		—		—		9,208,170		—		1,657,303		112,929		(79,673	)		7,584,123
VALIC Co. I High Yield Bond Fund		—		—		32,391,662		3,603,733		—		—		109,028			36,104,423
VALIC Co. I Inflation Protected Fund		—		—		63,533,184		—		4,735,150		525,698		2,184,535			61,508,267
VALIC Co. I International Equities Index Fund		—		—		64,002,576		9,923,690		18,806,570		2,495,280		(4,744,677	)		52,870,299
VALIC Co. I International Government Bond Fund		—		—		30,805,868		—		1,775,681		60,065		(851,471	)		28,238,781
VALIC Co. I International Growth Fund		—		—		9,301,585		—		6,006,224		1,562,814		(1,200,438	)		3,657,737
VALIC Co. I International Opportunities Fund		—		—		40,457,394		—		—		—		(1,052,208	)		39,405,186
VALIC Co. I International Value Fund		—		—		26,512,985		—		7,207,468		429,578		(2,646,476	)		17,088,619
VALIC Co. I Large Capital Growth Fund		—		—		30,326,673		4,734,845		—		—		2,688,495			37,750,013
VALIC Co. I Mid Cap Index Fund		—		—		33,828,479		946,254		14,864,744		2,744,332		(2,918,269	)		19,736,052
VALIC Co. I Mid Cap Strategic Growth Fund		—		—		33,940,816		—		—		—		1,993,070			35,933,886
VALIC Co. I Mid Cap Value Fund		—		—		63,976,594		—		31,819,863		2,303,539		(3,514,381	)		30,945,889
VALIC Co. I Nasdaq-100® Index Fund		—		—		22,017,216		4,804,979		—		—		4,199,877			31,022,072
VALIC Co. I Science & Technology Fund		—		—		14,830,669		—		—		—		1,186,605			16,017,274
VALIC Co. I Small Cap Growth Fund		—		—		11,033,639		—		—		—		(463,559	)		10,570,080
VALIC Co. I Small Cap Index Fund		—		—		19,105,879		462,118		10,960,861		3,753,128		(3,893,704	)		8,466,560
VALIC Co. I Small Cap Special Values Fund		—		—		13,197,701		—		7,297,226		1,784,674		(2,112,932	)		5,572,217
VALIC Co. I Small Cap Value Fund		—		—		14,075,565		—		7,645,121		2,592,769		(2,780,339	)		6,242,874
VALIC Co. I Stock Index Fund		—		—		108,868,819		23,539,169		15,485,222		3,940,555		6,140,708			127,004,029
VALIC Co. I Systematic Core Fund		—		—		15,273,906		—		—		—		1,079,103			16,353,009
VALIC Co. I Systematic Value Fund		—		—		100,496,068		—		16,482,614		2,951,503		(1,393,867	)		85,571,090
	$	2,998	$	—	$	1,172,411,905	$	202,678,103	$	225,895,387	$	36,374,562	$	(16,344,057	)	$	1,169,225,126

† Includes reinvestment of distributions paid.

316

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Stock Index Fund

Security	Income		Capital Gain Distribution Received		Value at 05/31/2021		Cost of Purchases		Proceeds from Sales		Realized Gain/ (Loss)		Change in Unrealized Gain/(Loss)			Value at 11/30/2021
American International Group, Inc.
Common Stock	$	91,173	$	—	$	7,678,920	$	—	$	240,112	$	79,111	$	(127,146	)	$	7,390,773

Note 4 — Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended November 30, 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	$	127,346,618	$	135,715,618	$	—	$	—
Asset Allocation		28,802,863		30,756,530		6,319,050		8,121,102
Blue Chip Growth		185,288,534		249,813,174		—		—
Capital Appreciation		36,561,178		37,704,275		—		—
Conservative Growth Lifestyle		66,412,693		72,353,279		—		—
Core Bond		499,836,703		439,740,529		404,171,823		330,269,858
Dividend Value		821,209,692		688,865,601		—		—
Dynamic Allocation		18,572,331		28,618,990		7,608,180		10,355,747
Emerging Economies		255,960,843		462,183,179		—		—
Global Real Estate		242,795,897		121,654,234		—		—
Global Strategy		31,651,391		46,726,671		—		—
Government Securities		10,455,874		851,608		26,641,956		10,415,923
Growth		291,264,013		477,003,395		—		—
High Yield Bond		134,646,991		102,694,439		—		—
Inflation Protected		41,351,742		38,970,162		59,705,760		72,075,736
International Equities Index		141,052,242		37,002,939		—		—
International Government Bond		33,142,267		38,333,081		4,253,516		8,821,223
International Growth		54,537,684		83,275,030		—		—
International Opportunities		157,310,790		278,399,287		—		—
International Socially Responsible		8,967,277		15,212,640		—		—
International Value		246,847,329		274,511,885		—		—
Large Capital Growth		40,780,210		61,854,884		—		—
Mid Cap Index		261,802,482		521,829,198		—		—
Mid Cap Strategic Growth		157,037,967		235,040,469		—		—
Mid Cap Value		204,472,016		218,036,656		—		—
Moderate Growth Lifestyle		202,675,105		225,895,387		—		—
Nasdaq-100® Index		20,219,011		11,043,988		—		—
Science & Technology		865,663,642		1,106,096,029		—		—
Small Cap Growth		142,412,078		199,527,675		—		—
Small Cap Index		206,958,314		210,530,961		—		—
Small Cap Special Values		27,826,942		43,369,870		—		—
Small Cap Value		181,744,234		201,046,318		—		—
Stock Index		74,685,178		196,060,888		—		—
Systematic Core		56,511,462		89,365,203		—		—
Systematic Value		86,083,409		146,339,390		—		—
U.S. Socially Responsible		123,786,104		184,540,562		—		—

317

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Note 5 — Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddle loss deferrals, late year ordinary losses, inflation securities, investments in partnerships, corporate actions and derivative transactions.

The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2021.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
Aggressive Growth Lifestyle	$	646,910,323	$	94,491,629	$	(8,317,318	)	$	86,174,311
Asset Allocation		148,097,191		15,936,346		(2,815,701	)		13,120,645
Blue Chip Growth		526,670,432		532,420,653		(17,001,050	)		515,419,603
Capital Appreciation		94,277,895		62,270,827		(4,498,607	)		57,772,220
Conservative Growth Lifestyle		351,229,536		19,789,247		(2,609,358	)		17,179,889
Core Bond		3,143,013,867		59,805,919		(26,756,035	)		33,049,884
Dividend Value		1,386,736,846		136,718,361		(61,636,951	)		75,081,410
Dynamic Allocation		174,909,114		21,118,283		(2,917,720	)		18,200,563
Emerging Economies		702,737,831		91,965,880		(65,212,559	)		26,753,321
Global Real Estate		532,044,884		68,129,282		(33,717,774	)		34,411,508
Global Strategy		247,362,620		40,597,457		(14,260,706	)		26,336,751
Government Money Market I		654,495,187		—		—			—
Government Securities		173,152,541		6,693,791		(1,587,920	)		5,105,871
Growth		904,002,124		562,241,406		(16,355,160	)		545,886,246
High Yield Bond		607,293,024		21,395,375		(8,798,389	)		12,596,986
Inflation Protected		801,750,564		77,376,107		(5,407,784	)		71,968,323
International Equities Index		1,605,156,237		419,640,961		(160,730,226	)		258,910,735
International Government Bond*		178,405,054		4,175,822		(6,124,346	)		(1,948,524	)
International Growth		398,513,109		263,196,319		(23,878,712	)		239,317,607
International Opportunities		509,924,581		124,068,140		(34,814,484	)		89,253,656
International Socially Responsible		288,833,343		95,337,414		(20,238,412	)		75,099,002
International Value		612,318,246		71,460,376		(57,008,171	)		14,452,205
Large Capital Growth		408,123,039		288,532,213		(6,642,028	)		281,890,185
Mid Cap Index		2,382,177,355		1,345,748,808		(129,578,897	)		1,216,169,911
Mid Cap Strategic Growth		695,174,557		174,229,505		(29,231,535	)		144,997,970
Mid Cap Value#		730,079,592		207,763,211		(31,956,102	)		175,807,109
Moderate Growth Lifestyle		1,053,415,664		131,541,891		(15,732,429	)		115,809,462
Nasdaq-100® Index		296,582,678		703,604,604		(11,783,456	)		691,821,148
Science & Technology		2,618,377,530		667,517,440		(182,526,704	)		484,990,736
Small Cap Growth		721,302,438		86,265,862		(75,194,140	)		11,071,722
Small Cap Index		982,317,828		510,901,831		(139,291,368	)		371,610,463
Small Cap Special Values		207,422,646		61,403,817		(19,580,287	)		41,823,530
Small Cap Value		416,061,887		90,509,444		(32,793,255	)		57,716,189
Stock Index		2,203,386,187		4,324,348,174		(126,286,701	)		4,198,061,473
Systematic Core		538,950,676		186,053,022		(19,744,137	)		166,308,885
Systematic Value		492,577,519		39,708,365		(23,511,916	)		16,196,449
U.S. Socially Responsible		558,410,000		287,143,199		(14,342,817	)		272,800,382

@ Includes amounts for derivatives

* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2021.

318

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

The tax basis distributable earnings at May 31, 2021 and the tax character of distributions paid during the period ended May 31, 2021 were as follows:

	Distributable Earnings							Tax Distributions
	For the period ended May 31, 2021
Fund	Ordinary Income		Long- term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@		Ordinary Income		Long-Term Capital Gains
Aggressive Growth Lifestyle#	$	20,649,820	$	35,525,418		$	100,519,844	$	11,396,513	$	23,295,533
Asset Allocation		17,785,278		3,111,609			8,897,327		1,622,543		—
Blue Chip Growth		1,557,281		130,201,251			509,639,117		—		92,536,381
Capital Appreciation#		387,095		7,075,856			54,460,614		127,473		2,778,153
Conservative Growth Lifestyle		16,427,674		11,205,899			26,081,559		8,959,670		4,857,572
Core Bond		42,814,624		13,945,029			54,820,053		75,089,181		7,223,119
Dividend Value		20,256,658		(25,418,569	)		231,509,631		36,887,328		20,336,832
Dynamic Allocation		5,673,829		17,786,840			19,677,542		13,297,447		7,932,919
Emerging Economies		21,634,802		81,856,666			227,418,621		17,072,815		—
Global Real Estate		8,334,723		(21,879,404	)		49,247,582		17,524,255		9,565,701
Global Strategy		8,463		(11,493,455	)		26,709,319		12,172,403		—
Government Money Market I		10,452		(20,173	)		—		42,211		—
Government Securities		2,904,886		(3,197,626	)		6,493,798		3,192,689		—
Growth		82,705,150		214,321,560			486,042,755		9,361,725		190,304,971
High Yield Bond#		16,958,932		(17,203,197	)		26,666,711		23,077,972		—
Inflation Protected		31,108,804		28,825,667			57,693,960		12,601,849		3,187,049
International Equities Index		38,040,587		(4,539,710	)		355,073,503		25,242,317		4,452,767
International Government Bond*		4,524,146		264,150			475,799		7,263,492		—
International Growth		3,352,220		61,433,360			245,708,002		—		2,222,153
International Opportunities#		14,191,696		68,301,788			145,568,771		3,294,104		48,699,799
International Socially Responsible		9,960,997		12,161,996			85,715,223		6,330,229		66,812,525
International Value		10,492,620		(47,778,283	)		158,389,228		11,649,172		—
Large Capital Growth		5,010,757		72,643,794			267,381,324		2,324,064		57,660,453
Mid Cap Index		83,319,136		236,317,819			1,438,039,926		37,986,511		104,096,933
Mid Cap Strategic Growth		13,540,684		69,410,630			165,793,336		313,152		19,939,745
Mid Cap Value#		25,281,873		35,033,346			259,185,270		5,429,653		4,026,338
Moderate Growth Lifestyle#		37,702,204		53,585,267			132,153,519		22,479,421		32,655,302
Nasdaq-100® Index		7,876,917		69,393,508			553,795,450		4,096,619		62,476,291
Science & Technology		249,545,091		347,677,088			498,112,607		50,152,981		187,159,064
Small Cap Growth#		14,074,880		30,950,737			93,685,665		2,519,536		26,104,529
Small Cap Index		26,765,903		84,996,196			528,139,270		16,017,072		57,772,539
Small Cap Special Values		9,424,771		5,451,704			67,410,683		2,808,393		5,182,910
Small Cap Value#		22,203,815		13,229,327			127,875,250		3,185,408		—
Stock Index		74,087,876		474,618,440			3,818,727,443		95,516,359		282,367,523
Systematic Core		3,598,562		846,313			133,990,493		1,018,412		15,177,268
Systematic Value		13,022,584		7,629,230			30,746,960		1,328,372		8,017,126
U.S. Socially Responsible#		9,371,188		99,217,479			321,977,298		8,362,698		22,012,708

* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2021.

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

# Amounts are for the 9 months ended May 31, 2021.

319

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

As of May 31, 2021, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:

	Capital Loss Carryforward Unlimited
Fund	ST		LT
Aggressive Growth Lifestyle	$	—	$	—
Asset Allocation		—		—
Blue Chip Growth		—		—
Capital Appreciation		—		—
Conservative Growth Lifestyle		—		—
Core Bond		—		—
Dividend Value		2,562,866		22,855,703
Dynamic Allocation		—		—
Emerging Economies		—		—
Global Real Estate		14,155,498		7,723,906
Global Strategy		9,788,060		1,705,395
Government Money Market I		20,173		—
Government Securities		1,206,923		1,990,703
Growth		—		—
High Yield Bond		—		17,203,197
Inflation Protected		—		—
International Equities Index		—		4,539,710
International Government Bond*		—		—
International Growth		—		—
International Opportunities		—		—
International Socially Responsible		—		—
International Value		10,665,872		37,112,411
Large Capital Growth		—		—
Mid Cap Index		—		—
Mid Cap Strategic Growth		—		—
Mid Cap Value		—		—
Moderate Growth Lifestyle		—		—
Nasdaq-100® Index		—		—
Science & Technology		—		—
Small Cap Growth		—		—
Small Cap Index		—		—
Small Cap Special Values		—		—
Small Cap Value		—		—
Stock Index		—		—
Systematic Core		—		—
Systematic Value		—		—
U.S. Socially Responsible		—		—

* The Capital Loss Carryforward is for the tax period ended September 30, 2021.

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 period ended May 31, 2021, 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	$	—	$	—	$	—
Asset Allocation		—		—		—
Blue Chip Growth		1,855,537		—		—
Capital Appreciation		37,330		—		—
Conservative Growth Lifestyle		—		—		—
Core Bond		—		—		—
Dividend Value		—		—		—
Dynamic Allocation		—		—		—

320

VALIC Company I

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
Emerging Economies	$	—	$	—	$	—
Global Real Estate		—		—		—
Global Strategy		6,571,964		—		—
Government Money Market I		—		—		—
Government Securities		—		151,908		194,645
Growth		408,606		—		—
High Yield Bond		603,735		—		619,233
Inflation Protected		—		—		—
International Equities Index		—		—		—
International Government Bond*		—		—		—
International Growth		—		—		—
International Opportunities		—		—		—
International Socially Responsible		—		—		—
International Value		336,633		—		—
Large Capital Growth		—		—		—
Mid Cap Index		—		—		—
Mid Cap Strategic Growth		59,300		—		—
Mid Cap Value		444		—		—
Moderate Growth Lifestyle		—		—		—
Nasdaq-100® Index		—		—		—
Science & Technology		5,492,509		—		—
Small Cap Growth		1,278,004		—		—
Small Cap Index		9,962		—		—
Small Cap Special Values		—		—		—
Small Cap Value		—		—		—
Stock Index		—		—		—
Systematic Core		—		—		—
Systematic Value		—		—		—
U.S. Socially Responsible		—		—		—

* The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2021.

Note 6 — Capital Share Transactions

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

	Aggressive Growth Lifestyle												Asset Allocation
	For the six months ended November 30, 2021 (unaudited)						For the nine months ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		916,474		$	11,234,468			1,336,476		$	15,244,107			249,661		$	3,237,861			369,238		$	4,035,748
Reinvested dividends		—			—			2,942,497			34,692,046			—			—			137,504			1,622,543
Shares redeemed		(1,563,771	)		(19,282,737	)		(3,668,424	)		(41,332,015	)		(585,936	)		(7,528,515	)		(1,670,196	)		(18,207,706	)
Net increase (decrease)		(647,297	)	$	(8,048,269	)		610,549		$	8,604,138			(336,275	)	$	(4,290,654	)		(1,163,454	)	$	(12,549,415	)
	Blue Chip Growth												Capital Appreciation
	For the six months ended November 30, 2021 (unaudited)						For the year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		315,196		$	8,638,365			1,337,238		$	33,191,252			173,868		$	4,081,642			179,215		$	3,618,158
Reinvested dividends		—			—			3,921,033			92,536,381			—			—			138,561			2,905,626
Shares redeemed		(2,241,025	)		(61,143,746	)		(5,425,318	)		(131,792,247	)		(217,282	)		(5,044,690	)		(381,302	)		(7,604,956	)
Net increase (decrease)		(1,925,829	)	$	(52,505,381	)		(167,047	)	$	(6,064,614	)		(43,414	)	$	(963,048	)		(63,526	)	$	(1,081,172	)

321

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Conservative Growth Lifestyle												Core Bond
	For the six months ended November 30, 2021 (unaudited)						For the nine months ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		801,323		$	10,861,641			1,138,631		$	14,871,790			24,472,593		$	281,372,623			19,807,296		$	236,794,958
Shares issued in merger@		—			—			—			—			—			—			102,001,987			1,156,702,529
Reinvested dividends		—			—			1,049,145			13,817,242			—			—			7,277,834			82,312,300
Shares redeemed		(1,222,746	)		(16,575,156	)		(2,041,839	)		(26,558,532	)		(16,852,217	)		(193,505,933	)		(31,418,749	)		(377,437,994	)
Net increase (decrease)		(421,423	)	$	(5,713,515	)		145,937		$	2,130,500			7,620,376		$	87,866,690			97,668,368		$	1,098,371,793
	Dividend Value												Dynamic Allocation
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		22,089,436		$	287,796,870			34,310,344		$	412,047,255			460,169		$	5,941,524			1,553,312		$	19,334,195
Reinvested dividends		—			—			4,656,156			57,224,160			—			—			1,751,680			21,230,366
Shares redeemed		(12,340,485	)		(162,100,812	)		(36,957,612	)		(400,374,417	)		(1,407,909	)		(18,187,971	)		(3,548,957	)		(44,645,060	)
Net increase (decrease)		9,748,951		$	125,696,058			2,008,888		$	68,896,998			(947,740	)	$	(12,246,447	)		(243,965	)	$	(4,080,499	)
	Emerging Economies												Global Real Estate
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,001,982		$	41,223,777			23,566,712		$	216,627,536			17,080,876		$	143,395,558			8,028,322		$	61,431,183
Reinvested dividends		—			—			1,644,780			17,072,815			—			—			3,660,805			27,089,956
Shares redeemed		(25,625,095	)		(263,762,971	)		(24,208,609	)		(230,105,131	)		(2,763,156	)		(23,309,243	)		(10,603,558	)		(78,227,917	)
Net increase (decrease)		(21,623,113	)	$	(222,539,194	)		1,002,883		$	3,595,220			14,317,720		$	120,086,315			1,085,569		$	10,293,222
	Global Strategy												Government Money Market I
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		489,009		$	4,945,529			2,200,650		$	21,154,003			154,968,799		$	154,968,799			259,192,874		$	259,192,874
Shares issued in merger@		—			—			—			—			—			—			124,203,715			124,203,715
Reinvested dividends		—			—			1,269,281			12,172,403			29,376			29,376			42,211			42,211
Shares redeemed		(1,805,286	)		(18,420,893	)		(7,029,516	)		(68,138,722	)		(76,739,768	)		(76,739,768	)		(224,755,525	)		(224,755,080	)
Net increase (decrease)		(1,316,277	)	$	(13,475,364	)		(3,559,585	)	$	(34,812,316	)		78,258,407		$	78,258,407			158,683,275		$	158,683,720
	Government Securities												Growth
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,726,857		$	40,407,372			4,296,928		$	47,974,138			2,179,477		$	56,590,834			3,475,761		$	79,038,800
Reinvested dividends		—			—			296,168			3,192,689			—			—			9,683,157			199,666,696
Shares redeemed		(1,527,298	)		(16,546,236	)		(4,558,369	)		(50,913,362	)		(9,727,445	)		(228,861,069	)		(20,875,377	)		(480,454,460	)
Net increase (decrease)		2,199,559		$	23,861,136			34,727		$	253,465			(7,547,968	)	$	(172,270,235	)		(7,716,459	)	$	(201,748,964	)
	High Yield Bond												Inflation Protected
	For the six months ended November 30, 2021 (unaudited)						For the nine months ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		6,663,728		$	51,661,170			12,501,984		$	98,257,085			5,623,218		$	69,500,210			16,238,627		$	190,990,962
Reinvested dividends		—			—			3,016,728			23,077,972			—			—			1,344,881			15,788,898
Shares redeemed		(5,416,821	)		(42,254,892	)		(9,624,584	)		(74,144,411	)		(3,400,291	)		(41,708,760	)		(18,173,441	)		(218,022,292	)
Net increase (decrease)		1,246,907		$	9,406,278			5,894,128		$	47,190,646			2,222,927		$	27,791,450			(589,933	)	$	(11,242,432	)

@ See Note 13

322

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	International Equities Index												International Government Bond
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		12,501,204		$	105,388,193			52,950,059		$	388,341,688			1,441,623		$	17,848,323			4,938,236		$	63,410,370
Reinvested dividends		—			—			3,773,200			29,695,084			—			—			589,569			7,263,492
Shares redeemed		(17,261,379	)		(145,798,671	)		(31,450,110	)		(227,295,601	)		(2,405,749	)		(29,891,926	)		(4,110,493	)		(52,751,152	)
Net increase (decrease)		(4,760,175	)	$	(40,410,478	)		25,273,149		$	190,741,171			(964,126	)	$	(12,043,603	)		1,417,312		$	17,922,710
	International Growth												International Opportunities
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		815,491		$	15,992,851			2,633,679		$	43,333,743			414,179		$	9,659,939			4,193,190		$	92,527,199
Reinvested dividends		—			—			127,053			2,222,153			—			—			2,380,673			51,993,903
Shares redeemed		(2,625,392	)		(51,613,958	)		(6,174,098	)		(98,527,462	)		(5,415,348	)		(125,547,719	)		(4,446,866	)		(102,690,298	)
Net increase (decrease)		(1,809,901	)	$	(35,621,107	)		(3,413,366	)	$	(52,971,566	)		(5,001,169	)	$	(115,887,780	)		2,126,997		$	41,830,804
	International Socially Responsible												International Value
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		607,437		$	16,231,696			1,475,624		$	39,470,408			1,965,278		$	22,004,154			4,437,925		$	42,417,561
Reinvested dividends		—			—			2,926,881			73,142,754			—			—			1,082,637			11,649,172
Shares redeemed		(1,076,492	)		(28,769,504	)		(3,506,472	)		(94,611,939	)		(5,171,259	)		(57,609,166	)		(18,775,585	)		(186,146,680	)
Net increase (decrease)		(469,055	)	$	(12,537,808	)		896,033		$	18,001,223			(3,205,981	)	$	(35,605,012	)		(13,255,023	)	$	(132,079,947	)
	Large Capital Growth												Mid Cap Index
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		698,059		$	15,266,573			883,705		$	17,931,705			981,830		$	30,611,937			9,679,666		$	261,512,321
Reinvested dividends		—			—			3,087,211			59,984,517			—			—			4,818,021			142,083,444
Shares redeemed		(1,686,200	)		(37,733,561	)		(3,639,418	)		(71,591,289	)		(9,957,268	)		(310,788,560	)		(22,375,451	)		(576,177,326	)
Net increase (decrease)		(988,141	)	$	(22,466,988	)		331,498		$	6,324,933			(8,975,438	)	$	(280,176,623	)		(7,877,764	)	$	(172,581,561	)
	Mid Cap Strategic Growth												Mid Cap Value
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,252,534		$	31,694,677			527,863		$	10,892,665			3,874,305		$	85,078,656			843,387		$	15,897,228
Shares issued in merger@		—			—			20,612,099			485,225,303			—			—			—			—
Reinvested dividends		—			—			918,915			20,252,897			—			—			431,780			9,455,991
Shares redeemed		(4,131,345	)		(99,600,818	)		(2,665,476	)		(56,461,055	)		(4,764,739	)		(104,220,807	)		(5,995,845	)		(117,154,914	)
Net increase (decrease)		(2,878,811	)	$	(67,906,141)			19,393,401		$	459,909,810			(890,434	)	$	(19,142,151	)		(4,720,678	)	$	(91,801,695	)
	Moderate Growth Lifestyle												Nasdaq-100® Index
	For the six months ended November 30, 2021 (unaudited)						For the nine months ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,031,116		$	16,957,299			1,901,350		$	29,425,336			1,399,949		$	37,386,695			3,168,424		$	71,941,296
Reinvested dividends		—			—			3,489,539			55,134,723			—			—			2,978,654			66,572,910
Shares redeemed		(2,404,834	)		(39,490,241	)		(4,390,728	)		(68,042,182	)		(1,266,006	)		(33,623,660	)		(5,460,589	)		(125,508,752	)
Net increase (decrease)		(1,373,718	)	$	(22,532,942	)		1,000,161		$	16,517,877			133,943		$	3,763,035			686,489		$	13,005,454

@ See Note 13

323

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Science & Technology												Small Cap Growth
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		247,153		$	10,418,979			943,073		$	35,631,432			510,091		$	11,817,640			1,556,604		$	38,177,713
Shares issued in merger@		—			—			23,763,778			964,141,638			—			—			24,537,120			547,994,858
Reinvested dividends		—			—			6,321,578			237,312,045			—			—			1,319,689			28,624,065
Shares redeemed		(4,327,509	)		(180,691,837	)		(6,432,070	)		(241,617,724	)		(3,009,548	)		(69,660,072	)		(1,480,597	)		(37,738,247	)
Net increase (decrease)		(4,080,356	)	$	(170,272,858)			24,596,359		$	995,467,391			(2,499,457	)	$	(57,842,432	)		25,932,816		$	577,058,389
	Small Cap Index												Small Cap Special Values
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,067,815		$	48,021,076			8,875,865		$	169,536,007			851,784		$	12,152,113			2,725,417		$	29,798,729
Reinvested dividends		—			—			3,124,031			73,789,611			—			—			579,920			7,991,303
Shares redeemed		(5,829,841	)		(137,235,520	)		(9,879,258	)		(190,396,226	)		(2,258,279	)		(31,496,947	)		(3,825,990	)		(43,615,910	)
Net increase (decrease)		(3,762,026	)	$	(89,214,444	)		2,120,638		$	52,929,392			(1,406,495	)	$	(19,344,834	)		(520,653	)	$	(5,825,878	)
	Small Cap Value												Stock Index
	For the six months ended November 30, 2021 (unaudited)						For the nine months ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,018,218		$	30,722,687			6,660,870		$	94,266,411			4,661,148		$	261,061,759			7,352,769		$	343,466,025
Reinvested dividends		—			—			210,536			3,185,408			—			—			7,757,830			377,883,882
Shares redeemed		(3,223,155	)		(50,118,580	)		(6,429,036	)		(83,240,961	)		(7,882,380	)		(435,873,823	)		(20,324,045	)		(950,968,715	)
Net increase (decrease)		(1,204,937	)	$	(19,395,893	)		442,370		$	14,210,858			(3,221,232	)	$	(174,812,064	)		(5,213,446	)	$	(229,618,808	)
	Systematic Core												Systematic Value
	For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021						For the six months ended November 30, 2021 (unaudited)						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		199,948		$	5,530,626			1,142,444		$	28,376,565			591,004		$	7,913,429			745,425		$	9,553,055
Shares issued in merger@		—			—			19,752,605			522,825,787			—			—			39,712,602			498,079,427
Reinvested dividends		—			—			657,026			16,195,680			—			—			782,050			9,345,498
Shares redeemed		(1,545,305	)		(43,063,366	)		(1,466,232	)		(36,439,813	)		(5,324,153	)		(70,738,390	)		(2,081,386	)		(26,472,180	)
Net increase (decrease)		(1,345,357	)	$	(37,532,740	)		20,085,843		$	530,958,219			(4,733,149	)	$	(62,824,961	)		39,158,691		$	490,505,800
	U.S. Socially Responsible
	For the six months ended November 30, 2021 (unaudited)						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		1,166,638		$	30,915,995			1,472,166		$	33,960,819
Reinvested dividends		—			—			1,252,594			30,375,406
Shares redeemed		(3,298,123	)		(84,614,891	)		(4,997,221	)		(115,301,763	)
Net increase (decrease)		(2,131,485	)	$	(53,698,896	)		(2,272,461	)	$	(50,965,538	)
	Aggressive Growth Lifestyle						Capital Appreciation						Conservative Growth Lifestyle						Core Bond
	For the year ended August 31, 2020						For the year ended August 31, 2020						For the year ended August 31, 2020						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,915,146		$	29,423,066			190,469		$	2,953,433			2,510,732		$	30,063,091			44,459,509		$	523,558,703
Reinvested dividends		4,750,378			45,983,658			230,438			3,756,144			1,096,205			12,913,300			4,453,636			52,196,618
Shares redeemed		(5,122,206	)		(51,876,410	)		(767,916	)		(12,199,227	)		(3,360,650	)		(39,659,194	)		(37,321,003	)		(434,994,804	)
Net increase (decrease)		2,543,318		$	23,530,314			(347,009	)	$	(5,489,650	)		246,287		$	3,317,197			11,592,142		$	140,760,517

@ See Note 13

324

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	High Yield Bond						International Opportunities						Mid Cap Value						Moderate Growth Lifestyle
	For the year ended August 31, 2020						For the year ended August 31, 2020						For the year ended August 31, 2020						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,221,194		$	53,813,459			3,212,375		$	59,553,208			6,124,128		$	94,129,950			4,748,351		$	66,688,707
Reinvested dividends		4,997,355			35,881,009			714,984			13,556,100			3,132,495			49,023,543			4,785,965			64,466,953
Shares redeemed		(25,971,664	)		(197,575,716	)		(5,732,849	)		(110,689,742	)		(5,446,144	)		(90,842,573	)		(5,843,056	)		(80,208,834	)
Net increase (decrease)		(13,753,115	)	$	(107,881,248	)		(1,805,490	)	$	(37,580,434	)		3,810,479		$	52,310,920			3,691,260		$	50,946,826
	Small Cap Growth						Small Cap Value						U.S. Socially Responsible
	For the year ended August 31, 2020						For the year ended August 31, 2020						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		660,174		$	11,896,856			5,058,552		$	45,307,520			1,763,899		$	39,577,158
Reinvested dividends		1,309,599			23,166,804			1,365,139			13,323,759			6,919,141			134,438,913
Shares redeemed		(3,084,269	)		(54,946,669	)		(4,026,321	)		(40,838,763	)		(5,715,684	)		(125,729,074	)
Net increase (decrease)		(1,114,496	)	$	(19,883,009	)		2,397,370		$	17,792,516			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 November 30, 2021, the amount of expense reductions received by each Fund used to offset non-affiliated expenses is reflected as Fees paid indirectly in the Statement of Operations.

Note 8 — Investment Concentration

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.

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

Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the U.S. Government. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Core Bond Fund, the Government Money Market I Fund and the Government Securities Fund’s concentration in such investments, these funds may be subject to risks associated with the U.S. Government agencies or instrumentalities.

The Blue Chip Growth Fund, Nasdaq-100^® Index Fund and Science & Technology Fund invest primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A fund that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of its investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others.

The Global Real Estate Fund invests primarily in the real estate industry. A fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate and could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If a fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company.

Note 9 — Line of Credit

The Series, along with certain other funds managed by the Adviser, has access to a $85 million committed unsecured line of credit and a $40 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Series’ custodian. 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

325

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $40,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. For the six months ended November 30, 2021, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Emerging Economies		27	$	16,563	$	15,356,481		1.44	%
Growth		51		7,067		3,448,529		1.44
International Government Bond Fund		1		46		1,150,000		1.45
International Opportunities		17		1,395		2,041,176		1.44
Large Capital Growth		1		13		325,000		1.46
Mid Cap Index		14		9,004		16,169,643		1.43
Mid Cap Strategic Growth		7		195		696,429		1.45
Mid Cap Value		2		224		2,787,500		1.45
Science & Technology		79		2,174		688,924		1.44
Small Cap Special Values		4		80		500,000		1.44
Stock Index		6		970		4,075,000		1.45
Systematic Value		1		55		1,350,000		1.46
U.S. Socially Responsible		5		972		4,930,000		1.42

As of November 30, 2021, there were no outstanding borrowings.

Note 10 — Interfund Lending Agreement

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

For the six months ended November 30, 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 Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the six months ended November 30, 2021, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain(Loss)
Blue Chip Growth	$	800,026	$	1,248,177	$	248,839
Large Capital Growth		97,875		3,361,876		1,187,719

Note 12 — 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 Funds invest. 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.

326

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Note 13 — Fund Mergers

Pursuant to an Agreement and Plan of Reorganization, all of the assets and liabilities of the VALIC Company I and VALIC Company II Target Funds (each, a “Target Fund”) listed below were transferred in a tax-free exchange to a VALIC Company I Acquiring Fund (each, an “Acquiring Fund”), in exchange for shares of the Acquiring Fund. Each transaction is referred to as a “Reorganization”. The Target Funds and the Acquiring Fund for each Reorganization are shown in the tables below. The Reorganizations were consummated on April 19, 2021 for the Phase I Mergers and May 24, 2021 for the Phase II Mergers (the “Reorganization Dates”).

Phase I Mergers

Target Funds	Acquiring Funds
Large Cap Value Fund, a series of VC II	Systematic Value Fund
Value Fund, a series of VC I	Systematic Value Fund
Core Equity Fund, a series of VC I	Systematic Core Fund
Large Cap Core Fund, a series of VC I	Systematic Core Fund
Mid Cap Growth Fund, a series of VC II	Mid Cap Strategic Growth Fund
Small-Mid Growth Fund, a series of VC I	Mid Cap Strategic Growth Fund
Health Sciences Fund, a series of VC I	Science & Technology Fund

Phase II Mergers

Target Funds	Acquiring Funds
Capital Conservation Fund, a series of VC I	Core Bond Fund
Strategic Bond Fund, a series of VC II	Core Bond Fund
Small Cap Fund, a series of VC I	Small Cap Growth Fund
Small Cap Aggressive Growth Fund, a series of VC I	Small Cap Growth Fund
Government Money Market II Fund, a series of VC II	Government Money Market I Fund

The table below shows the following information for each of the Reorganizations:

• The exchange ratio of shares of each Target Fund that were exchanged tax-free for shares of the Acquiring Fund.

• The number and value of shares of the Acquiring Fund issued in connection with the acquisition of each Target Fund.

• The value and identified cost as of the respective Reorganization Date of the assets in the investment portfolio of each Target Fund. These were the principal assets acquired by the Acquiring Fund.

Acquiring Fund	Target Fund	Exchange Ratio		Number of Shares Issued by Acquiring Fund		Value of Shares Issued by Acquiring Fund		Value of Assets in the Investment Portfolio of the Target Fund		Cost of Assets in the Investment Portfolio of the Target Fund
VCI Core Bond	VCI Capital Conservation		0.8766		26,126,529	$	296,274,836	$	285,100,537	$	278,982,433
VCI Core Bond	VCII Strategic Bond		0.9795		75,875,458		860,427,693		787,580,468		777,299,736
VCI Government Money Market I	VCII Government Money Market II		1.0001		124,203,715		124,203,715		124,267,629		124,267,629
VCI Mid Cap Strategic Growth	VCI Small-Mid Growth		0.4764		8,077,144		190,142,439		180,586,332		170,950,482
VCI Mid Cap Strategic Growth	VCII Mid Cap Growth		0.3779		12,534,955		295,082,864		279,472,034		267,488,561
VCI Science & Technology	VCI Health Sciences		0.3651		23,763,778		964,141,638		883,417,733		849,154,302
VCI Small Cap Growth	VCI Small Cap Aggressive Growth		0.5103		8,176,209		182,601,733		174,627,984		164,981,253
VCI Small Cap Growth	VCI Small Cap		0.3810		16,360,911		365,393,125		339,316,736		321,831,038
VCI Systematic Core	VCI Core Equity		0.6926		11,310,048		299,362,271		295,957,138		259,360,806
VCI Systematic Core	VCI Large Cap Core		0.3884		8,442,557		223,463,516		220,424,151		191,595,662
VCI Systematic Value	VCI Value		1.1449		12,131,298		152,151,957		145,756,716		139,417,483
VCI Systematic Value	VCII Large Cap Value		1.5345		27,581,304		345,927,470		336,695,358		325,486,247

For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at value; however, the cost basis of the investments received from the Target Funds were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

327

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

The following is a summary of the shares outstanding, net assets, net asset value per share and net unrealized appreciation depreciation) immediately before and after the Reorganization:

Core Bond Fund
Target Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Capital Conservation Fund		29,804,522	$	296,274,836	$	9.94	$	6,118,104
VALIC Company II Strategic Bond Fund		77,465,760	$	860,427,693	$	11.11	$	10,280,732
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Core Bond Fund		145,029,817	$	1,644,642,150	$	11.34	$	33,725,288
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Core Bond Fund		247,031,804	$	2,801,344,679	$	11.34	$	50,124,124

Government Money Market I Fund
Target Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company II Government Money Market II Fund		124,191,296	$	124,203,715	$	1.00	$	0
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Government Money Market I Fund		451,026,122	$	451,015,853	$	1.00	$	0
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Government Money Market I Fund		575,229,837	$	575,219,568	$	1.00	$	0

Mid Cap Strategic Growth Fund
Target Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Small-Mid Growth Fund		16,952,785	$	190,142,439	$	11.22	$	9,635,850
VALIC Company II Mid Cap Growth Fund		33,170,659	$	295,082,864	$	8.90	$	11,983,473
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Mid Cap Strategic Growth Fund		18,390,951	$	432,938,551	$	23.54	$	178,112,391
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Mid Cap Strategic Growth Fund		39,003,050	$	918,163,854	$	23.54	$	199,731,714

Science & Technology Fund
Target Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Health Sciences Fund		65,083,140	$	964,141,638	$	14.81	$	34,263,431
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Science & Technology Fund		56,680,648	$	2,299,643,130	$	40.57	$	645,877,650
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Science & Technology Fund		80,444,426	$	3,263,784,768	$	40.57	$	680,141,081

328

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Small Cap Growth Fund
Target Funds	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Small Cap Aggressive Growth Fund		16,022,474	$	182,601,733	$	11.40	$	9,646,731
VALIC Company I Small Cap Fund		42,936,913		365,393,125		8.51		17,485,698
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Small Cap Growth Fund		11,693,526	$	261,156,958	$	22.33	$	59,118,159
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Small Cap Growth Fund		36,230,646	$	809,151,816	$	22.33	$	86,250,588

Systematic Core Fund
Target Funds	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Core Equity Fund		16,329,682	$	299,362,271	$	18.33	$	36,596,332
VALIC Company I Large Cap Core Fund		21,736,216		223,463,516		10.28		28,828,489
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Systematic Core Fund		6,633,054	$	175,567,285	$	26.47	$	66,711,056
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Systematic Core Fund		26,385,659	$	698,393,072	$	26.47	$	132,135,877

Systematic Value Fund
Target Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Value Fund		10,595,835	$	152,151,957	$	14.36	$	6,339,233
VALIC Company II Large Cap Value Fund		17,973,806	$	345,927,470	$	19.25	$	11,209,111
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Systematic Value Fund		4,143,135	$	51,963,937	$	12.54	$	6,926,832
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Systematic Value Fund		43,855,737	$	550,043,364	$	12.54	$	24,475,176

Assuming the Reorganizations had been completed at beginning of the reporting period for the Acquiring Fund (June 1, 2020 for the Phase I Mergers and September 1, 2020 for the Phase II Mergers except the Government Money Market Fund I whose reporting period began on June 1, 2020), the unaudited pro forma results of operations for the period ended May 31, 2021, are as follows:

Acquiring Fund	Net Investment Income (loss)			Net Realized/unrealized gains (losses)			Change in Net Assets Resulting from Operations
VCI Core Bond	$	19,939,883		$	(1,968,773	)	$	17,971,110
VCI Government Money Market I		55,442			(345	)		55,097
VCI Mid Cap Strategic Growth		(2,180,301	)		324,696,300			322,515,999
VCI Science & Technology		(15,682,412	)		922,784,165			907,101,753
VCI Small Cap Growth		(2,402,820	)		202,478,507			200,075,687
VCI Systematic Core		3,676,290			221,440,696			225,116,986
VCI Systematic Value		5,919,141			188,695,906			194,615,047

Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that have been included in the Statement of Operations since the Reorganization Dates.

329

VALIC Company I

FINANCIAL HIGHLIGHTS

	Aggressive Growth Lifestyle Fund																					Asset Allocation Fund
	Six Months Ended November 30, 2021#			Nine Months Ended May  31, 2021(f)			Year Ended August 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
							2020			2019			2018			2017			2016						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	12.11		$	10.22		$	10.09		$	11.34		$	10.68		$	10.41		$	10.67		$	12.37		$	9.45		$	9.91		$	11.33		$	11.00		$	10.39
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		0.17			0.19			0.17			0.17			0.16			0.19			0.06			0.08			0.14			0.18			0.16			0.16
Net realized and unrealized gain (loss) on investments and foreign currencies		0.14			2.32			0.77			(0.24	)		1.04			0.93			0.56			0.74			2.97			(0.30	)		(0.55	)		0.83			0.71
Total income (loss) from investment operations		0.13			2.49			0.96			(0.07	)		1.21			1.09			0.75			0.80			3.05			(0.16	)		(0.37	)		0.99			0.87
Distributions from:
Net investment income		–			(0.20	)		(0.26	)		(0.21	)		(0.16	)		(0.21	)		(0.23	)		–			(0.13	)		(0.12	)		(0.17	)		(0.18	)		(0.26	)
Net realized gain on securities		–			(0.40	)		(0.57	)		(0.97	)		(0.39	)		(0.61	)		(0.78	)		–			–			(0.18	)		(0.88	)		(0.48	)		–
Total distributions		–			(0.60	)		(0.83	)		(1.18	)		(0.55	)		(0.82	)		(1.01	)		–			(0.13	)		(0.30	)		(1.05	)		(0.66	)		(0.26	)
Net asset value at end of period	$	12.24		$	12.11		$	10.22		$	10.09		$	11.34		$	10.68		$	10.41		$	13.17		$	12.37		$	9.45		$	9.91		$	11.33		$	11.00
TOTAL RETURN(a)		1.07	%		24.54	%		9.91	%		(0.52	)%		11.39	%		10.61	%		7.53	%		6.47	%		32.34	%		(1.46	)%		(3.42	)%		8.91	%		8.35	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.09	%@(e)		0.10	%@(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.65	%@		0.85	%		0.77	%		0.76	%		0.72	%		0.70	%
Ratio of expenses to average net assets(c)		0.13	%@(e)		0.14	%@(e)		0.14	%(e)		0.14	%(e)		0.14	%(e)		0.14	%(e)		0.15	%(e)		0.70	%@		0.87	%		0.77	%		0.76	%		0.72	%		0.70	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		(0.09	)%@(e)		1.98	%@(e)		1.88	%(e)		1.56	%(e)		1.49	%(e)		1.47	%(e)		1.78	%(e)		0.86	%@		0.74	%		1.39	%		1.69	%		1.40	%		1.51	%
Ratio of net investment income (loss) to average net assets(c)		(0.13	)%@(e)		1.94	%@(e)		1.83	%(e)		1.52	%(e)		1.45	%(e)		1.44	%(e)		1.73	%(e)		0.81	%@		0.72	%		1.39	%		1.69	%		1.40	%		1.51	%
Portfolio turnover rate		17	%		16	%		48	%		37	%		49	%		36	%		24	%		23	%		199	%		177	%		113	%		84	%		161	%
Number of shares outstanding at end of period (000’s)		59,884			60,531			59,921			57,377			53,660			53,168			51,410			12,115			12,451			13,614			14,892			14,624			14,705
Net assets at end of period (000’s)	$	732,953		$	732,829		$	612,613		$	579,049		$	608,709		$	567,843		$	535,245		$	159,513		$	154,023		$	128,629		$	147,543		$	165,665		$	161,767

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

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

^(f)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

See Notes to Financial Statements

330

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Blue Chip Growth Fund																		Capital Appreciation Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Nine Months Ended May  31, 2021(e)			Year Ended August 31,
				2021			2020			2019			2018			2017									2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	25.17		$	20.80		$	19.18		$	20.84		$	17.27		$	15.48		$	21.68		$	18.62		$	14.89		$	20.13		$	16.55		$	15.99		$	16.35
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.07	)		(0.11	)		(0.05	)		(0.01	)		(0.01	)		0.01			0.01			(0.01	)		0.02			0.07			0.04			0.08			0.09
Net realized and unrealized gain (loss) on investments and foreign currencies		2.61			6.96			3.93			0.86			4.82			3.46			2.17			3.53			4.28			(0.26	)		4.51			2.12			1.20
Total income (loss) from investment operations		2.54			6.85			3.88			0.85			4.81			3.47			2.18			3.52			4.30			(0.19	)		4.55			2.20			1.29
Distributions from:
Net investment income		–			–			–			–			(0.01	)		–			–			(0.02	)		(0.06	)		(0.05	)		(0.08	)		(0.08	)		(0.06	)
Net realized gain on securities		–			(2.48	)		(2.26	)		(2.51	)		(1.23	)		(1.68	)		–			(0.44	)		(0.51	)		(5.00	)		(0.89	)		(1.56	)		(1.59	)
Total distributions		–			(2.48	)		(2.26	)		(2.51	)		(1.24	)		(1.68	)		–			(0.46	)		(0.57	)		(5.05	)		(0.97	)		(1.64	)		(1.65	)
Net asset value at end of period	$	27.71		$	25.17		$	20.80		$	19.18		$	20.84		$	17.27		$	23.86		$	21.68		$	18.62		$	14.89		$	20.13		$	16.55		$	15.99
TOTAL RETURN(a)		10.09	%		33.74	%		21.77	%		4.22	%		27.87	%		23.49	%		10.06	%		18.97	%		29.44	%		(0.35	)%		27.94	%		14.13	%		8.33	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.79	%@		0.82	%		0.83	%		0.82	%		0.83	%		0.84	%		0.60	%@		0.84	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.82	%@		0.82	%		0.83	%		0.82	%		0.83	%		0.84	%		0.72	%@		0.99	%@		1.00	%		1.00	%		0.99	%		0.99	%		1.00	%
Ratio of expense reductions to average net assets		–			–			–			–			0.00	%		0.00	%		0.00	%@		–			0.00	%		0.00	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		(0.49	%)@		(0.45	%)		(0.24	)%		(0.03	)%		(0.07	)%		0.06	%		0.07	%@		(0.09	)%@		0.12	%		0.38	%		0.22	%		0.50	%		0.52	%
Ratio of net investment income (loss) to average net assets(c)		(0.52	%)@		(0.45	%)		(0.24	)%		(0.03	)%		(0.07	)%		0.06	%		(0.05	)%@		(0.24	)%@		(0.03	)%		0.23	%		0.08	%		0.36	%		0.37	%
Portfolio turnover rate		18	%		28	%		27	%		30	%		24	%		27	%		25	%		27	%		62	%		60	%		124	%		66	%		54	%
Number of shares outstanding at end of period (000’s)		37,857			39,782			39,950			40,727			37,397			39,343			6,469			6,513			6,576			6,923			5,449			5,535			5,313
Net assets at end of period (000’s)	$	1,048,958		$	1,001,518		$	831,006		$	781,236		$	779,336		$	679,516		$	154,376		$	141,163		$	122,454		$	103,080		$	109,697		$	91,579		$	84,946

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

See Notes to Financial Statements

331

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Conservative Growth Lifestyle Fund																					Core Bond Fund
	Six Months Ended November 30, 2021#			Nine Months Ended May  31, 2021(f)			Year Ended August 31,															Six Months Ended November 30, 2021#			Nine Months Ended May  31, 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	$	13.39		$	12.31		$	11.85		$	12.31		$	12.07		$	11.82		$	11.95		$	11.37		$	11.94		$	11.53		$	10.74		$	11.15		$	11.30		$	10.93
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		0.31			0.32			0.25			0.31			0.28			0.30			0.11			0.15			0.28			0.33			0.30			0.27			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		0.09			1.29			0.63			0.17			0.28			0.39			0.41			(0.02	)		(0.12	)		0.52			0.70			(0.45	)		(0.12	)		0.38
Total income (loss) from investment operations		0.08			1.60			0.95			0.42			0.59			0.67			0.71			0.09			0.03			0.80			1.03			(0.15	)		0.15			0.62
Distributions from:
Net investment income		–			(0.34	)		(0.31	)		(0.36	)		(0.28	)		(0.32	)		(0.34	)		–			(0.29	)		(0.39	)		(0.24	)		(0.26	)		(0.30	)		(0.22	)
Net realized gain on securities		–			(0.18	)		(0.18	)��		(0.52	)		(0.07	)		(0.10	)		(0.50	)		–			(0.31	)		–			–			(0.00	)		–			(0.03	)
Total distributions		–			(0.52	)		(0.49	)		(0.88	)		(0.35	)		(0.42	)		(0.84	)		–			(0.60	)		(0.39	)		(0.24	)		(0.26	)		(0.30	)		(0.25	)
Net asset value at end of period	$	13.47		$	13.39		$	12.31		$	11.85		$	12.31		$	12.07		$	11.82		$	11.46		$	11.37		$	11.94		$	11.53		$	10.74		$	11.15		$	11.30
TOTAL RETURN(a)		0.60	%		13.05	%		8.14	%		3.52	%		4.94	%		5.76	%		6.19	%		0.79	%		0.27	%		7.05	%		9.64	%		(1.32	)%		1.37	%		5.78	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.13	%@(e)		0.10	%@(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.50	%@		0.76	%@		0.77	%		0.77	%		0.77	%		0.77	%		0.77	%
Ratio of expenses to average net assets(c)		0.14	%@(e)		0.15	%@(e)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.50	%@		0.77	%@		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)		(0.13	)%@(e)		3.13	%@(e)		2.68	%(e)		2.06	%(e)		2.47	%(e)		2.31	%(e)		2.51	%(e)		1.89	%@		1.73	%@		2.39	%		2.99	%		2.80	%		2.40	%		2.16	%
Ratio of net investment income (loss) to average net assets(c)		(0.14	)%@(e)		3.08	%@(e)		2.62	%(e)		2.01	%(e)		2.43	%(e)		2.27	%(e)		2.46	%(e)		1.89	%@		1.72	%@		2.37	%		2.99	%		2.78	%		2.37	%		2.15	%
Portfolio turnover rate		18	%		13	%		38	%		45	%		44	%		38	%		27	%		28	%		39	%		93	%		97	%		73	%		76	%		139	%
Number of shares outstanding at end of period (000’s)		27,339			27,761			27,615			27,369			27,516			27,674			27,779			254,690			247,069			149,401			137,809			119,431			100,052			106,434
Net assets at end of period (000’s)	$	368,315		$	371,617		$	339,870		$	324,436		$	338,793		$	333,907		$	328,390		$	2,918,122		$	2,809,677		$	1,784,179		$	1,589,218		$	1,282,586		$	1,115,936		$	1,202,915

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

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

^(f)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

See Notes to Financial Statements

332

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Dividend Value Fund																		Dynamic Allocation Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
				2021			2020			2019			2018			2017						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	13.17		$	9.98		$	10.80		$	12.39		$	12.09		$	11.54		$	12.60		$	11.93		$	11.49		$	12.20		$	11.74		$	10.76
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.25			0.29			0.29			0.26			0.25			(0.01	)		0.20			0.18			0.17			0.12			0.15
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.31	)		3.54			(0.34	)		(0.27	)		0.74			1.62			0.32			1.94			1.00			0.00			1.00			1.13
Total income (loss) from investment operations		(0.22	)		3.79			(0.05	)		0.02			1.00			1.87			0.31			2.14			1.18			0.17			1.12			1.28
Distributions from:
Net investment income		–			(0.26	)		(0.24	)		(0.24	)		(0.24	)		(0.25	)		–			(0.24	)		(0.26	)		(0.15	)		(0.16	)		(0.22	)
Net realized gain on securities		–			(0.34	)		(0.53	)		(1.37	)		(0.46	)		(1.07	)		–			(1.23	)		(0.48	)		(0.73	)		(0.50	)		(0.08	)
Total distributions		–			(0.60	)		(0.77	)		(1.61	)		(0.70	)		(1.32	)		–			(1.47	)		(0.74	)		(0.88	)		(0.66	)		(0.30	)
Net asset value at end of period	$	12.95		$	13.17		$	9.98		$	10.80		$	12.39		$	12.09		$	12.91		$	12.60		$	11.93		$	11.49		$	12.20		$	11.74
TOTAL RETURN(a)		(1.67	)%		38.46	%		(0.33	)%		(0.17	)%		8.14	%		16.51	%		2.46	%		18.42	%		10.43	%		1.47	%		9.45	%		11.98	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.67	%@		0.69	%		0.74	%		0.81	%		0.81	%		0.82	%		0.32	%@		0.32	%		0.32	%		0.32	%		0.31	%		0.31	%
Ratio of expenses to average net assets(c)		0.78	%@		0.80	%		0.81	%		0.81	%		0.81	%		0.83	%		0.35	%@		0.32	%		0.33	%		0.32	%		0.31	%		0.32	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.40	%@		2.18	%		2.61	%		2.40	%		2.06	%		2.13	%		(0.13	%)@		1.57	%		1.47	%		1.36	%		0.97	%		1.30	%
Ratio of net investment income (loss) to average net assets(c)		1.29	%@		2.07	%		2.54	%		2.40	%		2.06	%		2.12	%		(0.16	%)@		1.57	%		1.45	%		1.35	%		0.96	%		1.30	%
Portfolio turnover rate		49	%		64	%		63	%		46	%		54	%		41	%		14	%		24	%		20	%		11	%		15	%		14	%
Number of shares outstanding at end of period (000’s)		113,169			103,420			101,412			88,850			71,348			66,882			14,803			15,751			15,995			17,745			19,983			21,173
Net assets at end of period (000’s)	$	1,465,291		$	1,361,703		$	1,012,017		$	959,714		$	884,180		$	808,699		$	191,141		$	198,516		$	190,741		$	203,843		$	243,832		$	248,630

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

333

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Emerging Economies Fund																		Global Real Estate Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
				2021			2020			2019			2018			2017						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	10.87		$	7.23		$	7.71		$	8.89		$	7.94		$	6.18		$	8.13		$	6.85		$	8.00		$	7.68		$	7.63		$	8.02
Income (loss) from investment operations:
Net investment income (loss)(d)		0.18			0.16			0.19			0.18			0.16			0.13			0.07			0.14			0.15			0.17			0.18			0.16
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.46	)		3.66			(0.47	)		(1.22	)		0.92			1.74			0.13			1.73			(0.94	)		0.44			0.28			0.21
Total income (loss) from investment operations		(1.28	)		3.82			(0.28	)		(1.04	)		1.08			1.87			0.20			1.87			(0.79	)		0.61			0.46			0.37
Distributions from:
Net investment income		–			(0.18	)		(0.20	)		(0.14	)		(0.13	)		(0.11	)		–			(0.34	)		(0.24	)		(0.29	)		(0.31	)		(0.34	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.25	)		(0.12	)		–			(0.10	)		(0.42	)
Total distributions		–			(0.18	)		(0.20	)		(0.14	)		(0.13	)		(0.11	)		–			(0.59	)		(0.36	)		(0.29	)		(0.41	)		(0.76	)
Net asset value at end of period	$	9.59		$	10.87		$	7.23		$	7.71		$	8.89		$	7.94		$	8.33		$	8.13		$	6.85		$	8.00		$	7.68		$	7.63
TOTAL RETURN(a)		(11.78	)%		52.91	%(e)		(3.74	)%		(11.75	)%		13.50	%		30.41	%		2.46	%		28.14	%		(10.37	)%		8.10	%		6.19	%		4.98	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.91	%@		0.88	%		0.91	%		0.93	%		0.93	%		0.94	%		0.84	%@		0.86	%		0.85	%		0.85	%		0.86	%		0.85	%
Ratio of expenses to average net assets(c)		0.91	%@		0.88	%		0.91	%		0.93	%		0.93	%		0.94	%		0.84	%@		0.86	%		0.85	%		0.85	%		0.86	%		0.85	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%@		0.00	%		–			0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		3.30	%@		1.68	%		2.35	%		2.29	%		1.80	%		1.85	%		1.78	%@		1.83	%		1.84	%		2.18	%		2.34	%		2.04	%
Ratio of net investment income (loss) to average net assets(c)		3.30	%@		1.68	%		2.35	%		2.29	%		1.80	%		1.85	%		1.78	%@		1.83	%		1.84	%		2.18	%		2.34	%		2.04	%
Portfolio turnover rate		29	%		82	%		62	%		72	%		53	%		69	%		23	%		76	%		78	%		44	%		50	%		47	%
Number of shares outstanding at end of period (000’s)		76,405			98,028			97,025			106,698			91,875			89,332			67,840			53,522			52,437			57,358			47,313			50,730
Net assets at end of period (000’s)	$	732,713		$	1,065,405		$	701,471		$	823,071		$	817,232		$	708,873		$	565,004		$	435,033		$	359,442		$	458,620		$	363,223		$	387,137

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by less than 0.01% from the gain on the disposal of investments in violation of investment restrictions. (see Note 3).

See Notes to Financial Statements

334

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Strategy Fund																		Government Money Market I Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
				2021			2020			2019			2018			2017						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	10.13		$	8.85		$	10.24		$	12.02		$	11.63		$	10.48		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.20			0.30			0.44			0.35			0.33			0.00			0.00			0.01			0.02			0.01			0.00
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.09	)		1.50			(0.41	)		(1.02	)		0.20			1.14			–			0.00			0.00			0.00			0.00			0.00
Total income (loss) from investment operations		0.02			1.70			(0.11	)��		(0.58	)		0.55			1.47			0.00			0.00			0.01			0.02			0.01			0.00
Distributions from:
Net investment income		–			(0.42	)		(0.64	)		(0.26	)		–			(0.10	)		(0.00	)		(0.00	)		(0.01	)		(0.02	)		(0.01	)		(0.00	)
Net realized gain on securities		–			–			(0.64	)		(0.94	)		(0.16	)		(0.22	)		–			–			–			–			–			–
Total distributions		–			(0.42	)		(1.28	)		(1.20	)		(0.16	)		(0.32	)		(0.00	)		(0.00	)		(0.01	)		(0.02	)		(0.01	)		(0.00	)
Net asset value at end of period	$	10.15		$	10.13		$	8.85		$	10.24		$	12.02		$	11.63		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN(a)		0.20	%		19.49	%		(1.01	)%		(5.19	)%		4.72	%		14.16	%		0.00	%		0.01	%		1.09	%		1.69	%		0.72	%(e)		0.08	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.81	%@		0.70	%		0.72	%		0.66	%		0.65	%		0.66	%		0.02	%@		0.07	%		0.45	%		0.51	%		0.51	%		0.45	%
Ratio of expenses to average net assets(c)		0.83	%@		0.72	%		0.73	%		0.66	%		0.65	%		0.66	%		0.50	%@		0.54	%		0.51	%		0.51	%		0.51	%		0.53	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.06	%@		2.09	%		2.95	%		3.78	%		2.86	%		2.94	%		0.01	%@		0.01	%		1.05	%		1.70	%		0.71	%		0.08	%
Ratio of net investment income (loss) to average net assets(c)		2.04	%@		2.07	%		2.94	%		3.78	%		2.86	%		2.94	%		(0.47	%)@		(0.46	%)		0.99	%		1.70	%		0.71	%		(0.00	)%
Portfolio turnover rate		13	%		39	%		108	%		30	%		30	%		35	%		N/A			N/A			N/A			N/A			N/A			N/A
Number of shares outstanding at end of period (000’s)		27,059			28,375			31,935			31,615			32,421			36,070			652,153			573,895			415,212			395,196			311,723			330,780
Net assets at end of period (000’s)	$	274,551		$	287,412		$	282,708		$	323,702		$	389,638		$	419,325		$	652,143		$	573,885		$	415,201		$	395,183		$	311,708		$	330,783

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

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

See Notes to Financial Statements

335

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Government Securities Fund																		Growth Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
				2021			2020			2019			2018			2017						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	10.78		$	11.22		$	10.57		$	10.21		$	10.63		$	10.85		$	22.19		$	18.82		$	16.35		$	17.36		$	15.00		$	13.47
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.20			0.23			0.23			0.23			0.21			(0.03	)		(0.02	)		0.03			0.06			0.07			0.10
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.08	)		(0.39	)		0.67			0.37			(0.37	)		(0.18	)		3.18			6.65			4.22			0.38			3.02			2.56
Total income (loss) from investment operations		0.03			(0.19	)		0.90			0.60			(0.14	)		0.03			3.15			6.63			4.25			0.44			3.09			2.66
Distributions from:
Net investment income		–			(0.25	)		(0.25	)		(0.24	)		(0.28	)		(0.25	)		–			(0.03	)		(0.07	)		(0.07	)		(0.10	)		(0.12	)
Net realized gain on securities		–			—			–			–			–			–			–			(3.23	)		(1.71	)		(1.38	)		(0.63	)		(1.01	)
Total distributions		–			(0.25	)		(0.25	)		(0.24	)		(0.28	)		(0.25	)		–			(3.26	)		(1.78	)		(1.45	)		(0.73	)		(1.13	)
Net asset value at end of period	$	10.81		$	10.78		$	11.22		$	10.57		$	10.21		$	10.63		$	25.34		$	22.19		$	18.82		$	16.35		$	17.36		$	15.00
TOTAL RETURN(a)		0.28	%		(1.70	)%		8.57	%		5.98	%		(1.32	)%		0.35	%		14.20	%		36.58	%		27.42	%		2.65	%		20.60	%		20.48	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.66	%@		0.66	%		0.66	%		0.67	%		0.66	%		0.64	%		0.61	%@		0.64	%		0.68	%		0.74	%		0.74	%		0.76	%
Ratio of expenses to average net assets(c)		0.66	%@		0.66	%		0.66	%		0.67	%		0.66	%		0.64	%		0.77	%@		0.80	%		0.81	%		0.79	%		0.79	%		0.81	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.01	%@		1.77	%		2.08	%		2.24	%		2.12	%		1.95	%		(0.21	%)@		(0.10	%)		0.16	%		0.34	%		0.42	%		0.71	%
Ratio of net investment income (loss) to average net assets(c)		2.01	%@		1.77	%		2.08	%		2.24	%		2.12	%		1.95	%		(0.37	%)@		(0.26	%)		0.03	%		0.29	%		0.37	%		0.66	%
Portfolio turnover rate		7	%		13	%		17	%		17	%		3	%		15	%		21	%		40	%		219	%		60	%		58	%		71	%
Number of shares outstanding at end of period (000’s)		15,459			13,260			13,225			13,559			11,890			13,689			56,912			64,460			72,176			64,185			69,279			66,758
Net assets at end of period (000’s)	$	167,140		$	142,954		$	148,338		$	143,372		$	121,425		$	145,460		$	1,441,999		$	1,430,327		$	1,358,693		$	1,049,181		$	1,202,649		$	1,001,261

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

336

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	High Yield Bond Fund																					Inflation Protected Fund
	Six Months Ended November 30, 2021#			Nine Months Ended May  31, 2021(e)			Year Ended August 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
							2020			2019			2018			2017			2016						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	7.68		$	7.47		$	7.66		$	7.53		$	7.75		$	7.56		$	7.40		$	11.97		$	11.34		$	11.07		$	10.88		$	11.07		$	10.76
Income (loss) from investment operations:
Net investment income (loss)(d)		0.16			0.24			0.36			0.39			0.40			0.41			0.37			0.23			0.18			0.22			0.24			0.26			0.25
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.12	)		0.28			(0.00	)		0.09			(0.18	)		0.15			0.13			0.31			0.68			0.32			0.14			(0.14	)		0.10
Total income (loss) from investment operations		0.04			0.52			0.36			0.48			0.22			0.56			0.50			0.54			0.86			0.54			0.38			0.12			0.35
Distributions from:
Net investment income		–			(0.31	)		(0.55	)		(0.35	)		(0.44	)		(0.37	)		(0.34	)		–			(0.17	)		(0.27	)		(0.18	)		(0.21	)		(0.03	)
Net realized gain on securities		–			–			–			–			–			–			–			–			(0.06	)		–			(0.01	)		(0.10	)		(0.01	)
Total distributions		–			(0.31	)		(0.55	)		(0.35	)		(0.44	)		(0.37	)		(0.34	)		–			(0.23	)		(0.27	)		(0.19	)		(0.31	)		(0.04	)
Net asset value at end of period	$	7.72		$	7.68		$	7.47		$	7.66		$	7.53		$	7.75		$	7.56		$	12.51		$	11.97		$	11.34		$	11.07		$	10.88		$	11.07
TOTAL RETURN(a)		0.52	%		6.95	%		5.01	%		6.47	%		2.89	%		7.54	%		7.07	%		4.51	%		7.66	%		4.88	%		3.51	%		1.11	%		3.29	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.68	%@		0.92	%@		0.94	%		0.96	%		0.96	%		0.96	%		0.96	%		0.52	%@		0.54	%		0.57	%		0.56	%		0.57	%		0.58	%
Ratio of expenses to average net assets(c)		0.71	%@		0.97	%@		0.98	%		0.97	%		0.97	%		0.97	%		0.99	%		0.55	%@		0.56	%		0.57	%		0.56	%		0.57	%		0.58	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			0.00	%@		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		4.01	%@		4.26	%@		4.79	%		5.25	%		5.16	%		5.27	%		5.16	%		3.72	%@		1.55	%		1.94	%		2.27	%		2.29	%		2.33	%
Ratio of net investment income (loss) to average net assets(c)		3.98	%@		4.21	%@		4.75	%		5.24	%		5.15	%		5.26	%		5.13	%		3.69	%@		1.53	%		1.94	%		2.27	%		2.29	%		2.33	%
Portfolio turnover rate		17	%		33	%		49	%		34	%		26	%		52	%		36	%		13	%		71	%		38	%		42	%		34	%		42	%
Number of shares outstanding at end of period (000’s)		79,229			77,982			72,088			85,841			76,525			72,461			78,148			69,049			66,826			67,416			63,309			54,697			57,066
Net assets at end of period (000’s)	$	612,001		$	598,597		$	538,716		$	657,364		$	576,553		$	561,480		$	590,679		$	863,999		$	800,186		$	764,607		$	700,574		$	595,043		$	631,552

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

See Notes to Financial Statements

337

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Equities Index Fund																		International Government Bond Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
				2021			2020			2019			2018			2017						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	8.38		$	6.19		$	6.74		$	7.41		$	7.02		$	6.22		$	12.45		$	12.14		$	11.82		$	11.64		$	11.71		$	11.43
Income (loss) from investment operations:
Net investment income (loss)(d)		0.08			0.15			0.13			0.19			0.19			0.17			0.11			0.24			0.29			0.28			0.24			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.39	)		2.17			(0.36	)		(0.62	)		0.35			0.81			(0.45	)		0.55			0.24			0.09			(0.20	)		0.04
Total income (loss) from investment operations		(0.31	)		2.32			(0.23	)		(0.43	)		0.54			0.98			(0.34	)		0.79			0.53			0.37			0.04			0.28
Distributions from:
Net investment income		–			(0.10	)		(0.19	)		(0.24	)		(0.15	)		(0.18	)		–			(0.29	)		(0.21	)		(0.18	)		(0.11	)		–
Net realized gain on securities		–			(0.03	)		(0.13	)		–			–			–			–			(0.19	)		–			(0.01	)		–			–
Total distributions		–			(0.13	)		(0.32	)		(0.24	)		(0.15	)		(0.18	)		–			(0.48	)		(0.21	)		(0.19	)		(0.11	)		–
Net asset value at end of period	$	8.07		$	8.38		$	6.19		$	6.74		$	7.41		$	7.02		$	12.11		$	12.45		$	12.14		$	11.82		$	11.64		$	11.71
TOTAL RETURN(a)		(3.70	)%		37.70	%		(3.42	)%		(5.81	)%		7.63	%		15.98	%		(2.73	)%		6.58	%		4.44	%		3.26	%		0.32	%		2.45	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.41	%@		0.42	%		0.43	%		0.43	%		0.42	%		0.44	%		0.67	%@		0.65	%		0.65	%		0.65	%		0.65	%		0.64	%
Ratio of expenses to average net assets(c)		0.41	%@		0.42	%		0.43	%		0.43	%		0.42	%		0.44	%		0.67	%@		0.65	%		0.65	%		0.65	%		0.65	%		0.64	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.84	%@		2.11	%		1.89	%		2.72	%		2.57	%		2.62	%		1.76	%@		1.89	%		2.34	%		2.44	%		2.04	%		2.03	%
Ratio of net investment income (loss) to average net assets(c)		1.84	%@		2.11	%		1.89	%		2.72	%		2.57	%		2.62	%		1.76	%@		1.89	%		2.34	%		2.44	%		2.04	%		2.03	%
Portfolio turnover rate		2	%		2	%		10	%		15	%		17	%		11	%		21	%		71	%		105	%		94	%		95	%		70	%
Number of shares outstanding at end of period (000’s)		221,942			226,703			201,429			154,662			173,854			155,797			14,578			15,543			14,125			17,187			18,875			15,879
Net assets at end of period (000’s)	$	1,791,769		$	1,899,286		$	1,246,804		$	1,041,727		$	1,287,987		$	1,093,865		$	176,483		$	193,496		$	171,444		$	203,184		$	219,748		$	185,943

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

338

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Growth Fund																		International Opportunities Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Nine Months Ended May 31, 2021(f)			Year Ended August 31,
				2021			2020			2019			2018			2017									2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	19.13		$	12.47		$	11.35		$	15.01		$	13.04		$	11.63		$	23.02		$	20.73		$	18.44		$	21.31		$	19.38		$	16.00		$	15.08
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.03	)		(0.02	)		–			0.04			0.08			0.14			0.03			0.04			0.09			0.16			0.13			0.14			0.14
Net realized and unrealized gain (loss) on investments and foreign currencies		0.47			6.75			1.13			(0.19	)		2.29			1.45			(0.58	)		4.00			2.64			(2.10	)		1.97			3.49			0.94
Total income (loss) from investment operations		0.44			6.73			1.13			(0.15	)		2.37			1.59			(0.55	)		4.04			2.73			(1.94	)		2.10			3.63			1.08
Distributions from:
Net investment income		–			–			(0.01	)		(0.10	)		(0.19	)		(0.18	)		–			(0.11	)		(0.13	)		(0.19	)		(0.17	)		(0.25	)		(0.16	)
Net realized gain on securities		–			(0.07	)		–			(3.41	)		(0.21	)		–			–			(1.64	)		(0.31	)		(0.74	)		–			–			–
Total distributions		–			(0.07	)		(0.01	)		(3.51	)		(0.40	)		(0.18	)		–			(1.75	)		(0.44	)		(0.93	)		(0.17	)		(0.25	)		(0.16	)
Net asset value at end of period	$	19.57		$	19.13		$	12.47		$	11.35		$	15.01		$	13.04		$	22.47		$	23.02		$	20.73		$	18.44		$	21.31		$	19.38		$	16.00
TOTAL RETURN(a)		2.30	%		53.98	%		10.00	%		(0.17	)%(e)		18.38	%		13.81	%		(2.39	)%		19.97	%		15.03	%		(9.20	)%		10.81	%		22.81	%		7.23	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.84	%@		0.83	%		0.86	%		0.89	%		0.98	%		1.01	%		0.95	%@		1.19	%@		1.13	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of expenses to average net assets(c)		1.04	%@		1.03	%		1.06	%		1.09	%		1.08	%		1.10	%		0.96	%@		1.23	%@		1.22	%		1.22	%		1.20	%		1.22	%		1.21	%
Ratio of expense reductions to average net assets		–			–			–			–			0.00	%		0.00	%		0.00	%@		0.00	%@		0.00	%		0.00	%		–			–			0.00	%
Ratio of net investment income (loss) to average net assets(b)		(0.28	%)@		(0.10	%)		(0.03	)%		0.30	%		0.58	%		1.15	%		0.27	%@		0.23	%@		0.45	%		0.83	%		0.61	%		0.82	%		0.91	%
Ratio of net investment income (loss) to average net assets(c)		(0.48	%)@		(0.30	%)		(0.23	)%		0.10	%		0.47	%		1.06	%		0.26	%@		0.19	%@		0.36	%		0.60	%		0.41	%		0.60	%		0.70	%
Portfolio turnover rate		9	%		18	%		22	%		35	%		130	%		39	%		24	%		48	%		45	%		41	%		46	%		62	%		58	%
Number of shares outstanding at end of period (000’s)		31,806			33,616			37,029			41,093			32,707			33,688			26,573			31,574			29,447			31,253			33,984			34,637			37,260
Net assets at end of period (000’s)	$	622,302		$	642,915		$	461,774		$	466,362		$	490,921		$	439,222		$	596,983		$	726,964		$	610,424		$	576,197		$	724,027		$	671,097		$	596,055

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

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

^(f)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

See Notes to Financial Statements

339

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Socially Responsible Fund																		International Value Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
				2021			2020			2019			2018			2017						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	26.57		$	23.97		$	25.91		$	26.24		$	23.78		$	21.01		$	11.46		$	7.78		$	8.93		$	10.67		$	10.54		$	8.78
Income (loss) from investment operations:
Net investment income (loss)(d)		0.19			0.51			0.42			0.44			0.37			0.32			0.19			0.19			0.18			0.20			0.21			0.20
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.76	)		8.18			(0.96	)		(0.29	)		2.52			2.84			(1.38	)		3.66			(1.09	)		(1.66	)		0.13			1.75
Total income (loss) from investment operations		(0.57	)		8.69			(0.54	)		0.15			2.89			3.16			(1.19	)		3.85			(0.91	)		(1.46	)		0.34			1.95
Distributions from:
Net investment income		–			(0.53	)		(0.51	)		(0.48	)		(0.43	)		(0.39	)		–			(0.17	)		(0.23	)		(0.28	)		(0.21	)		(0.19	)
Net realized gain on securities		–			(5.56	)		(0.89	)		–			–			–			–			–			(0.01	)		–			–			–
Total distributions		–			(6.09	)		(1.40	)		(0.48	)		(0.43	)		(0.39	)		–			(0.17	)		(0.24	)		(0.28	)		(0.21	)		(0.19	)
Net asset value at end of period	$	26.00		$	26.57		$	23.97		$	25.91		$	26.24		$	23.78		$	10.27		$	11.46		$	7.78		$	8.93		$	10.67		$	10.54
TOTAL RETURN(a)		(2.15	)%		37.84	%		(2.05	)%		0.57	%		12.16	%		15.15	%		(10.38	)%		49.67	%		(10.17	)%		(13.83	)%		3.19	%		22.36	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.64	%@		0.65	%		0.63	%		0.63	%		0.62	%		0.62	%		0.74	%@		0.74	%		0.73	%		0.77	%		0.79	%		0.80	%
Ratio of expenses to average net assets(c)		0.64	%@		0.65	%		0.63	%		0.63	%		0.62	%		0.62	%		0.81	%@		0.81	%		0.80	%		0.82	%		0.79	%		0.80	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.00	%@		–			0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.43	%@		1.89	%		1.57	%		1.67	%		1.44	%		1.47	%		3.30	%@		1.95	%		2.01	%		1.97	%		1.93	%		2.04	%
Ratio of net investment income (loss) to average net assets(c)		1.43	%@		1.89	%		1.57	%		1.67	%		1.44	%		1.47	%		3.23	%@		1.88	%		1.94	%		1.92	%		1.93	%		2.04	%
Portfolio turnover rate		3	%		9	%		68	%		2	%		5	%		23	%		36	%		62	%		64	%		136	%		30	%		40	%
Number of shares outstanding at end of period (000’s)		14,056			14,525			13,629			14,044			16,331			17,515			61,206			64,412			77,667			77,083			81,504			83,103
Net assets at end of period (000’s)	$	365,471		$	385,891		$	326,671		$	363,818		$	428,452		$	416,564		$	628,846		$	738,262		$	604,123		$	688,485		$	869,416		$	876,165

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

340

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Capital Growth Fund																		Mid Cap Index Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
				2021			2020			2019			2018			2017						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	21.03		$	16.82		$	15.68		$	15.01		$	13.66		$	12.21		$	31.20		$	20.75		$	23.52		$	28.04		$	26.43		$	24.87
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			0.05			0.08			0.13			0.10			0.10			0.17			0.35			0.30			0.32			0.35			0.30
Net realized and unrealized gain (loss) on investments and foreign currencies		1.67			6.24			2.50			1.71			2.09			1.87			(0.26	)		11.29			(0.70	)		(1.86	)		3.45			3.91
Total income (loss) from investment operations		1.68			6.29			2.58			1.84			2.19			1.97			(0.09	)		11.64			(0.40	)		(1.54	)		3.80			4.21
Distributions from:
Net investment income		–			(0.08	)		(0.13	)		(0.10	)		(0.09	)		(0.09	)		–			(0.32	)		(0.36	)		(0.37	)		(0.32	)		(0.34	)
Net realized gain on securities		–			(2.00	)		(1.31	)		(1.07	)		(0.75	)		(0.43	)		–			(0.87	)		(2.01	)		(2.61	)		(1.87	)		(2.31	)
Total distributions		–			(2.08	)		(1.44	)		(1.17	)		(0.84	)		(0.52	)		–			(1.19	)		(2.37	)		(2.98	)		(2.19	)		(2.65	)
Net asset value at end of period	$	22.71		$	21.03		$	16.82		$	15.68		$	15.01		$	13.66		$	31.11		$	31.20		$	20.75		$	23.52		$	28.04		$	26.43
TOTAL RETURN(a)		7.99	%		38.39	%		17.08	%		12.50	%		16.00	%		16.50	%		(0.29	)%		56.39	%		(1.25	)%		(5.76	)%		14.51	%		16.94	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.74	%@		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.34	%@		0.35	%		0.36	%		0.36	%		0.35	%		0.36	%
Ratio of expenses to average net assets(c)		0.74	%@		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.34	%@		0.35	%		0.36	%		0.36	%		0.35	%		0.36	%
Ratio of expense reductions to average net assets		–			–			0.00	%		–			0.00	%		0.00	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.06	%@		0.24	%		0.45	%		0.81	%		0.70	%		0.76	%		1.10	%@		1.33	%		1.28	%		1.20	%		1.25	%		1.14	%
Ratio of net investment income (loss) to average net assets(c)		0.06	%@		0.24	%		0.45	%		0.81	%		0.70	%		0.76	%		1.10	%@		1.33	%		1.28	%		1.20	%		1.25	%		1.14	%
Portfolio turnover rate		6	%		22	%		37	%		26	%		21	%		23	%		7	%		18	%		14	%		14	%		15	%		14	%
Number of shares outstanding at end of period (000’s)		30,529			31,517			31,185			30,448			29,613			30,427			114,886			123,862			131,740			123,200			122,466			128,379
Net assets at end of period (000’s)	$	693,212		$	662,844		$	524,630		$	477,301		$	444,633		$	415,566		$	3,574,056		$	3,864,639		$	2,734,114		$	2,897,313		$	3,434,089		$	3,392,738

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

341

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Strategic Growth Fund																		Mid Cap Value Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Nine Months Ended May 31, 2021(e)			Year Ended August 31,
				2021			2020			2019			2018			2017									2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	23.15		$	16.50		$	15.49		$	15.85		$	13.92		$	12.58		$	22.22		$	15.38		$	17.19		$	22.13		$	21.23		$	20.45		$	21.82
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.03	)		(0.03	)		(0.00	)		0.00			0.01			0.02			0.07			0.04			0.13			0.14			0.09			0.07			0.14
Net realized and unrealized gain (loss) on investments and foreign currencies		1.40			7.83			1.89			1.13			2.66			2.24			(0.47	)		7.02			(0.81	)		(1.11	)		2.62			2.17			1.73
Total income (loss) from investment operations		1.37			7.80			1.89			1.13			2.67			2.26			(0.40	)		7.06			(0.68	)		(0.97	)		2.71			2.24			1.87
Distributions from:
Net investment income		–			(0.02	)		–			(0.00	)		(0.01	)		–			–			(0.13	)		(0.15	)		(0.11	)		(0.09	)		(0.13	)		(0.06	)
Net realized gain on securities		–			(1.13	)		(0.88	)		(1.49	)		(0.73	)		(0.92	)		–			(0.09	)		(0.98	)		(3.86	)		(1.72	)		(1.33	)		(3.18	)
Total distributions		–			(1.15	)		(0.88	)		(1.49	)		(0.74	)		(0.92	)		–			(0.22	)		(1.13	)		(3.97	)		(1.81	)		(1.46	)		(3.24	)
Net asset value at end of period	$	24.52		$	23.15		$	16.50		$	15.49		$	15.85		$	13.92		$	21.82		$	22.22		$	15.38		$	17.19		$	22.13		$	21.23		$	20.45
TOTAL RETURN(a)		5.92	%		47.61	%		12.76	%		7.45	%		19.17	%		18.43	%		(1.80	)%		45.95	%		(4.12	)%		(4.14	)%		12.90	%		11.02	%		9.62	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.74	%@		0.78	%		0.81	%		0.81	%		0.82	%		0.82	%		0.79	%@		1.04	%@		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of expenses to average net assets(c)		0.74	%@		0.78	%		0.81	%		0.81	%		0.82	%		0.82	%		0.79	%@		1.06	%@		1.07	%		1.06	%		1.05	%		1.05	%		1.06	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%@		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		(0.23	%)@		(0.13	%)		(0.03	)%		(0.02	)%		0.03	%		0.12	%		0.63	%@		0.31	%@		0.82	%		0.73	%		0.40	%		0.32	%		0.65	%
Ratio of net investment income (loss) to average net assets(c)		(0.23	%)@		(0.13	%)		(0.03	)%		(0.02	)%		0.03	%		0.12	%		0.63	%@		0.29	%@		0.80	%		0.72	%		0.40	%		0.32	%		0.64	%
Portfolio turnover rate		18	%		49	%		25	%		31	%		40	%		38	%		22	%		31	%		63	%		44	%		44	%		44	%		44	%
Number of shares outstanding at end of period (000’s)		35,594			38,473			19,079			19,581			18,404			18,691			41,456			42,346			47,067			43,256			41,411			49,262			48,776
Net assets at end of period (000’s)	$	872,598		$	890,709		$	314,845		$	303,288		$	291,655		$	260,170		$	904,511		$	940,809		$	724,100		$	743,460		$	916,284		$	1,046,046		$	997,576

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

See Notes to Financial Statements

342

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Moderate Growth Lifestyle Fund																					Nasdaq-100® Index Fund
	Six Months Ended November 30, 2021#			Nine Months Ended May  31, 2021(g)			Year Ended August 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
							2020			2019			2018			2017			2016						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	16.13		$	14.16		$	13.88		$	15.00		$	14.23		$	13.98		$	14.09		$	24.00		$	18.29		$	14.08		$	13.97		$	12.11		$	9.92
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		0.28			0.31			0.24			0.26			0.24			0.30			0.02			0.06			0.08			0.12			0.06			0.07
Net realized and unrealized gain (loss) on investments and foreign currencies		0.28			2.49			0.93			(0.00	)		1.08			0.92			0.70			4.30			7.74			4.72			0.26			2.48			2.73
Total income (loss) from investment operations		0.27			2.77			1.24			0.24			1.34			1.16			1.00			4.32			7.80			4.80			0.38			2.54			2.80
Distributions from:
Net investment income		–			(0.33	)		(0.34	)		(0.32	)		(0.24	)		(0.32	)		(0.32	)		–			(0.08	)		(0.14	)		(0.06	)		(0.07	)		(0.08	)
Net realized gain on securities		–			(0.47	)		(0.62	)		(1.04	)		(0.33	)		(0.59	)		(0.79	)		–			(2.01	)		(0.45	)		(0.21	)		(0.61	)		(0.53	)
Total distributions		–			(0.80	)		(0.96	)		(1.36	)		(0.57	)		(0.91	)		(1.11	)		–			(2.09	)		(0.59	)		(0.27	)		(0.68	)		(0.61	)
Net asset value at end of period	$	16.40		$	16.13		$	14.16		$	13.88		$	15.00		$	14.23		$	13.98		$	28.32		$	24.00		$	18.29		$	14.08		$	13.97		$	12.11
TOTAL RETURN(a)		1.67	%		19.65	%		9.26	%		1.71	%		9.44	%		8.42	%		7.48	%		18.00	%		43.47	%(f)		34.71	%		2.76	%		20.94	%		28.88	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.12	%@(e)		0.10	%@(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.50	%@		0.51	%		0.53	%		0.53	%		0.53	%		0.53	%
Ratio of expenses to average net assets(c)		0.12	%@(e)		0.13	%@(e)		0.14	%(e)		0.13	%(e)		0.13	%(e)		0.14	%(e)		0.14	%(e)		0.50	%@		0.51	%		0.53	%		0.54	%		0.54	%		0.55	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			0.00	%@		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.12	)%@(e)		2.39	%@(e)		2.24	%(e)		1.69	%(e)		1.75	%(e)		1.68	%(e)		2.15	%(e)		0.14	%@		0.25	%		0.49	%		0.85	%		0.49	%		0.67	%
Ratio of net investment income (loss) to average net assets(c)		(0.12	)%@(e)		2.36	%@(e)		2.20	%(e)		1.66	%(e)		1.72	%(e)		1.65	%(e)		2.11	%(e)		0.14	%@		0.25	%		0.49	%		0.84	%		0.48	%		0.66	%
Portfolio turnover rate		17	%		15	%		49	%		39	%		47	%		36	%		33	%		1	%		8	%		8	%		6	%		3	%		4	%
Number of shares outstanding at end of period (000’s)		71,282			72,656			71,656			67,965			64,297			63,003			60,581			34,865			34,731			34,045			35,447			33,891			32,558
Net assets at end of period (000’s)	$	1,168,997		$	1,172,232		$	1,014,351		$	943,311		$	964,607		$	896,346		$	846,974		$	987,311		$	833,580		$	622,519		$	499,269		$	473,513		$	394,400

# Unaudited

@ Annualized

^(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, if any, expense reimbursements, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

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

^(f)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by affiliates

^(g)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

See Notes to Financial Statements

343

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Science & Technology Fund																		Small Cap Growth Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Nine Months Ended May  31, 2021(f)			Year Ended August 31,
				2021			2020			2019			2018			2017									2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	39.38		$	29.88		$	25.95		$	31.14		$	26.00		$	21.30		$	22.85		$	20.49		$	16.89		$	23.31		$	16.98		$	14.20		$	15.31
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.13	)		(0.22	)		0.05			(0.10	)		(0.09	)		(0.01	)		(0.07	)		(0.13	)		(0.11	)		(0.11	)		(0.12	)		(0.08	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currencies		3.27			14.40			7.31			0.94			7.89			6.56			(0.89	)		5.23			6.21			(1.22	)		7.14			3.72			0.42
Total income (loss) from investment operations		3.14			14.18			7.36			0.84			7.80			6.55			(0.96	)		5.10			6.10			(1.33	)		7.02			3.64			0.39
Distributions from:
Net investment income		–			(0.02	)		–			–			–			–			–			–			–			–			–			–			–
Net realized gain on securities		–			(4.66	)		(3.43	)		(6.03	)		(2.66	)		(1.85	)		–			(2.74	)		(2.50	)		(5.09	)		(0.69	)		(0.86	)		(1.50	)
Total distributions		–			(4.68	)		(3.43	)		(6.03	)		(2.66	)		(1.85	)		–			(2.74	)		(2.50	)		(5.09	)		(0.69	)		(0.86	)		(1.50	)
Net asset value at end of period	$	42.52		$	39.38		$	29.88		$	25.95		$	31.14		$	26.00		$	21.89		$	22.85		$	20.49		$	16.89		$	23.31		$	16.98		$	14.20
TOTAL RETURN(a)		7.97	%		48.22	%		30.60	%(e)		3.04	%		30.08	%		31.82	%		(4.20	)%		25.62	%		38.49	%		(5.47	)%		41.51	%		26.05	%		4.40	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.94	%@		0.97	%		0.97	%		0.98	%		0.97	%		0.99	%		0.88	%@		1.11	%@		1.14	%		1.16	%		1.16	%		1.16	%		1.16	%
Ratio of expenses to average net assets(c)		0.94	%@		0.97	%		0.97	%		0.98	%		0.97	%		0.99	%		0.91	%@		1.19	%@		1.24	%		1.23	%		1.22	%		1.25	%		1.29	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.01	%		0.00	%		0.00	%		0.01	%		0.00	%@		0.00	%@		0.01	%		0.01	%		0.00	%		0.00	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		(0.62	%)@		(0.60	%)		0.19	%		(0.35	)%		(0.33	)%		(0.06	)%		(0.63	)%@		(0.84	)%@		(0.61	)%		(0.54	)%		(0.61	)%		(0.53	)%		(0.22	)%
Ratio of net investment income (loss) to average net assets(c)		(0.62	%)@		(0.60	%)		0.19	%		(0.35	)%		(0.33	)%		(0.06	)%		(0.66	)%@		(0.92	)%@		(0.70	)%		(0.61	)%		(0.67	)%		(0.62	)%		(0.35	)%
Portfolio turnover rate		28	%		88	%		98	%		89	%		84	%		92	%		18	%		40	%		48	%		60	%		63	%		40	%		39	%
Number of shares outstanding at end of period (000’s)		74,830			78,910			54,314			53,666			45,064			43,461			33,705			36,204			10,271			11,386			9,239			8,088			7,035
Net assets at end of period (000’s)	$	3,181,646		$	3,107,205		$	1,623,083		$	1,392,834		$	1,403,433		$	1,130,159		$	737,670		$	827,215		$	210,497		$	192,341		$	215,384		$	137,330		$	99,884

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by 0.04% from gains on the disposal of investments in violation of investment restrictions.

^(f)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

See Notes to Financial Statements

344

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Index Fund																		Small Cap Special Values Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
				2021			2020			2019			2018			2017						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	23.48		$	15.08		$	18.76		$	22.81		$	20.23		$	17.91		$	14.26		$	8.80		$	11.14		$	13.84		$	13.17		$	12.05
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.12			0.17			0.22			0.22			0.21			0.06			0.07			0.12			0.12			0.15			0.19
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.73	)		9.54			(0.99	)		(2.25	)		3.85			3.43			(0.49	)		5.81			(1.31	)		(1.02	)		1.84			1.97
Total income (loss) from investment operations		(0.64	)		9.66			(0.82	)		(2.03	)		4.07			3.64			(0.43	)		5.88			(1.19	)		(0.90	)		1.99			2.16
Distributions from:
Net investment income		–			(0.19	)		(0.32	)		(0.24	)		(0.22	)		(0.23	)		–			(0.15	)		(0.15	)		(0.17	)		(0.18	)		(0.14	)
Net realized gain on securities		–			(1.07	)		(2.54	)		(1.78	)		(1.27	)		(1.09	)		–			(0.27	)		(1.00	)		(1.63	)		(1.14	)		(0.90	)
Total distributions		–			(1.26	)		(2.86	)		(2.02	)		(1.49	)		(1.32	)		–			(0.42	)		(1.15	)		(1.80	)		(1.32	)		(1.04	)
Net asset value at end of period	$	22.84		$	23.48		$	15.08		$	18.76		$	22.81		$	20.23		$	13.83		$	14.26		$	8.80		$	11.14		$	13.84		$	13.17
TOTAL RETURN(a)		(2.73	)%		63.99	%		(3.87	)%		(9.23	)%		20.42	%		20.25	%		(3.02	)%		66.92	%		(10.88	)%		(6.88	)%		15.39	%		17.65	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.41	%@		0.42	%		0.44	%		0.40	%		0.40	%		0.41	%		0.88	%@		0.89	%		0.88	%		0.87	%		0.87	%		0.87	%
Ratio of expenses to average net assets(c)		0.41	%@		0.42	%		0.44	%		0.40	%		0.40	%		0.41	%		0.88	%@		0.89	%		0.88	%		0.87	%		0.87	%		0.87	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.00	%@		0.00	%		0.00	%		0.01	%		0.00	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		0.76	%@		0.61	%		0.94	%		1.01	%		0.99	%		1.07	%		0.84	%@		0.58	%		1.10	%		0.91	%		1.04	%		1.47	%
Ratio of net investment income (loss) to average net assets(c)		0.76	%@		0.61	%		0.94	%		1.01	%		0.99	%		1.07	%		0.84	%@		0.58	%		1.10	%		0.91	%		1.04	%		1.47	%
Portfolio turnover rate		15	%		14	%		13	%		16	%		17	%		12	%		11	%		37	%		37	%		33	%		37	%		46	%
Number of shares outstanding at end of period (000’s)		57,935			61,697			59,576			53,944			56,750			59,190			18,207			19,614			20,134			20,076			21,730			21,453
Net assets at end of period (000’s)	$	1,323,264		$	1,448,543		$	898,557		$	1,012,040		$	1,294,430		$	1,197,209		$	251,835		$	279,760		$	177,110		$	223,576		$	300,745		$	282,609

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

345

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Value Fund																					Stock Index Fund
	Six Months Ended November 30, 2021#			Nine Months Ended May  31, 2021(e)			Year Ended August 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
							2020			2019			2018			2017			2016						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	15.57		$	9.51		$	10.76		$	15.74		$	14.47		$	13.57		$	14.01		$	52.66		$	40.27		$	39.24		$	39.46		$	36.47		$	33.14
Income (loss) from investment operations:
Net investment income (loss)(d)		0.07			0.05			0.10			0.15			0.15			0.11			0.13			0.30			0.60			0.81			0.72			0.63			0.61
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.40	)		6.11			(0.92	)		(2.80	)		2.36			1.48			1.27			4.56			15.20			3.86			0.62			4.49			4.96
Total income (loss) from investment operations		(0.33	)		6.16			(0.82	)		(2.65	)		2.51			1.59			1.40			4.86			15.80			4.67			1.34			5.12			5.57
Distributions from:
Net investment income		–			(0.10	)		(0.14	)		(0.21	)		(0.13	)		(0.14	)		(0.17	)		–			(0.83	)		(0.87	)		(0.64	)		(0.67	)		(0.57	)
Net realized gain on securities		–			–			(0.29	)		(2.12	)		(1.11	)		(0.55	)		(1.67	)		–			(2.58	)		(2.77	)		(0.92	)		(1.46	)		(1.67	)
Total distributions		–			(0.10	)		(0.43	)		(2.33	)		(1.24	)		(0.69	)		(1.84	)		–			(3.41	)		(3.64	)		(1.56	)		(2.13	)		(2.24	)
Net asset value at end of period	$	15.24		$	15.57		$	9.51		$	10.76		$	15.74		$	14.47		$	13.57		$	57.52		$	52.66		$	40.27		$	39.24		$	39.46		$	36.47
TOTAL RETURN(a)		(2.12	)%		64.80	%		(7.72	)%		(17.24	)%		17.40	%		11.61	%		11.27	%		9.23	%		39.93	%		12.45	%		3.43	%		13.99	%		17.08	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.77	%@		1.01	%@		0.99	%		0.95	%		0.95	%		0.95	%		0.95	%		0.29	%@		0.29	%		0.30	%		0.33	%		0.34	%		0.34	%
Ratio of expenses to average net assets(c)		0.79	%@		1.06	%@		1.09	%		1.06	%		1.03	%		1.03	%		1.04	%		0.31	%@		0.32	%		0.33	%		0.33	%		0.34	%		0.34	%
Ratio of expense reductions to average net assets		0.00	%@		0.01	%@		0.01	%		0.01	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.87	%@		0.53	%@		0.97	%		1.07	%		0.96	%		0.71	%		0.98	%		1.08	%@		1.26	%		1.91	%		1.78	%		1.62	%		1.75	%
Ratio of net investment income (loss) to average net assets(c)		0.85	%@		0.48	%@		0.87	%		0.96	%		0.88	%		0.62	%		0.89	%		1.06	%@		1.24	%		1.88	%		1.78	%		1.62	%		1.75	%
Portfolio turnover rate		38	%		55	%		69	%		55	%		46	%		79	%		59	%		1	%		4	%		3	%		4	%		3	%		3	%
Number of shares outstanding at end of period (000’s)		31,015			32,220			31,778			29,381			33,971			36,582			37,866			111,372			114,594			119,807			118,173			125,644			124,560
Net assets at end of period (000’s)	$	472,687		$	501,758		$	302,120		$	316,042		$	534,548		$	529,505		$	513,783		$	6,405,809		$	6,035,053		$	4,825,190		$	4,637,546		$	4,958,503		$	4,542,334

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

See Notes to Financial Statements

346

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Systematic Core Fund																		Systematic Value Fund
	Six Months Ended November 30, 2021#			Year Ended May 31,															Six Months Ended November 30, 2021#			Year Ended May 31,
				2021			2020			2019			2018			2017						2021			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	26.61		$	20.57		$	20.35		$	22.23		$	20.70		$	18.44		$	13.12		$	11.79		$	13.93		$	15.91		$	15.64		$	13.97
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.15			0.18			0.21			0.19			0.20			0.11			0.14			0.23			0.34			0.20			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		1.78			8.62			2.68			0.43			2.34			2.94			0.12			3.94			(0.52	)		(0.61	)		1.45			2.16
Total income (loss) from investment operations		1.88			8.77			2.86			0.64			2.53			3.14			0.23			4.08			(0.29	)		(0.27	)		1.65			2.40
Distributions from:
Net investment income		–			(0.17	)		(0.24	)		(0.21	)		(0.21	)		(0.24	)		–			(0.24	)		(0.39	)		(0.22	)		(0.28	)		(0.24	)
Net realized gain on securities		–			(2.56	)		(2.40	)		(2.31	)		(0.79	)		(0.64	)		–			(2.51	)		(1.46	)		(1.49	)		(1.10	)		(0.49	)
Total distributions		–			(2.73	)		(2.64	)		(2.52	)		(1.00	)		(0.88	)		–			(2.75	)		(1.85	)		(1.71	)		(1.38	)		(0.73	)
Net asset value at end of period	$	28.49		$	26.61		$	20.57		$	20.35		$	22.23		$	20.70		$	13.35		$	13.12		$	11.79		$	13.93		$	15.91		$	15.64
TOTAL RETURN(a)		7.07	%		43.72	%		15.08	%		2.87	%		12.17	%		17.22	%		1.75	%		36.90	%		(2.34	)%		(1.84	)%		10.34	%		17.25	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.63	%@		0.68	%		0.85	%		0.85	%		0.85	%		0.85	%		0.48	%@		0.57	%		0.80	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.85	%@		0.90	%		0.99	%		0.92	%		0.90	%		0.91	%		0.78	%@		0.87	%		1.16	%		0.93	%		0.92	%		0.92	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		0.74	%@		0.67	%		0.85	%		0.95	%		0.88	%		1.03	%		1.57	%@		1.39	%		1.64	%		2.14	%		1.20	%		1.57	%
Ratio of net investment income (loss) to average net assets(c)		0.52	%@		0.45	%		0.71	%		0.88	%		0.83	%		0.97	%		1.27	%@		1.09	%		1.27	%		2.06	%		1.13	%		1.49	%
Portfolio turnover rate		8	%		20	%		98	%		44	%		43	%		34	%		16	%		197	%		265	%		28	%		24	%		20	%
Number of shares outstanding at end of period (000’s)		24,704			26,049			5,963			5,774			5,767			5,822			38,176			42,909			3,751			3,676			3,742			3,603
Net assets at end of period (000’s)	$	703,779		$	693,185		$	122,639		$	117,501		$	128,172		$	120,515		$	509,596		$	563,185		$	44,233		$	51,212		$	59,532		$	56,339

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

347

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	U.S. Socially Responsible Fund
	Six Months Ended November 30, 2021#			Nine Months Ended May  31, 2021(e)			Year Ended August 31,
							2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	24.85		$	20.91		$	22.03		$	23.09		$	20.15		$	19.23		$	18.55
Income (loss) from investment operations:
Net investment income (loss)(d)		0.13			0.13			0.26			0.27			0.30			0.29			0.28
Net realized and unrealized gain (loss) on investments and foreign currencies		1.68			4.74			3.15			0.72			3.39			2.33			1.89
Total income (loss) from investment operations		1.81			4.87			3.41			0.99			3.69			2.62			2.17
Distributions from:
Net investment income		–			(0.25	)		(0.33	)		(0.34	)		(0.35	)		(0.29	)		(0.28	)
Net realized gain on securities		–			(0.68	)		(4.20	)		(1.71	)		(0.40	)		(1.41	)		(1.21	)
Total distributions		–			(0.93	)		(4.53	)		(2.05	)		(0.75	)		(1.70	)		(1.49	)
Net asset value at end of period	$	26.66		$	24.85		$	20.91		$	22.03		$	23.09		$	20.15		$	19.23
TOTAL RETURN(a)		7.28	%		23.38	%		17.06	%		4.46	%		18.49	%		13.90	%		12.16	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.35	%@		0.60	%@		0.60	%		0.56	%		0.56	%		0.56	%		0.56	%
Ratio of expenses to average net assets(c)		0.35	%@		0.60	%@		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.00	%@		0.77	%@		1.20	%		1.22	%		1.37	%		1.46	%		1.47	%
Ratio of net investment income (loss) to average net assets(c)		1.00	%@		0.77	%@		1.18	%		1.17	%		1.33	%		1.41	%		1.42	%
Portfolio turnover rate		15	%		18	%		14	%		36	%		5	%		0	%		25	%
Number of shares outstanding at end of period (000’s)		31,239			33,370			35,643			32,675			34,175			39,701			39,360
Net assets at end of period (000’s)	$	832,723		$	829,253		$	745,440		$	719,784		$	789,118		$	799,898		$	756,821

# Unaudited

@ Annualized

^(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, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

See Notes to Financial Statements

348

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited)

VALIC COMPANY I APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

At a meeting held on August 2-3, 2021, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved with respect to certain series of VC I (each a “Fund,” and collectively, the “Funds”) the Investment Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and VC I (the “Advisory Agreement”) and the Investment Sub-Advisory Agreements between VALIC and each of the following sub-advisers of VC I (collectively, the “Sub-advisory Agreements,” and together with the Advisory Agreement, the “Advisory Contracts”): AllianceBernstein, L.P. (“AB”), Allianz Global Investors US, LLC (“Allianz”), BlackRock Investment Management, LLC (“BlackRock”), Franklin Advisers, Inc. (“Franklin”), Goldman Sachs Asset Management, L.P. (“GSAM”), Invesco Advisers, Inc. (“Invesco”), Invesco Asset Management Limited, Janus Capital Management, LLC (“Janus”), J.P. Morgan Investment Management Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), Morgan Stanley Investment Management Inc. (“MSIM”), PineBridge Investments, LLC (“PineBridge”), SunAmerica Asset Management, LLC (“SunAmerica”), T. Rowe Price Associates, Inc. (“T. Rowe”), Wellington Management Company LLP (“Wellington”) and Wells Capital Management Incorporated (“WellsCap”) (each a “Sub-adviser,” and collectively, the “Sub-advisers”). Prior to the August 2-3, 2021 meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at a meeting held on July 12, 2021.¹

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

The Independent Directors were separately represented by counsel that is independent of VALIC and the Sub-advisers in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in an executive session at a meeting held on July 12, 2021, and executive sessions held during the August 2021 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July 12, 2021 meeting, the Independent Directors submitted questions and requests for additional information to management and considered management’s responses thereto at the August 2021 meeting. The continuation of all Advisory Contracts was approved at the August 2021 meeting for a one-year term beginning September 1, 2021 and ending August 31, 2022.

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

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

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

¹  On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the “Orders”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of VC I determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the August 2-3, 2021 meeting was held telephonically in reliance on the Orders.

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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

The Board reviewed VALIC’s and SunAmerica’s compliance program and personnel. The Board also considered the performance of certain portions of the business continuity plan which have been invoked in response to the COVID-19 pandemic. The Board noted that SunAmerica is an affiliated company of VALIC and serves as the administrator to the Funds, as well as sub-advises certain Funds. The Board also considered VALIC’s and each Sub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.

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

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

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

The total expense information, advisory fee information, and sub-advisory fee information considered by the Board, among other fee and expense data, is summarized below. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated November 30, 2020.

The Board also received and reviewed information prepared by management and by an independent third-party regarding each Fund’s investment performance compared against its benchmark and Performance Group/Universe. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2021 and that benchmark information provided by management was through the period ended May 31, 2021. The Board noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, although it monitors the Funds’ performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:

• Asset Allocation Fund (JPMIM²). The Fund’s actual management fees were below the medians of the Expense Group/Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were at the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers.

The Fund outperformed the Lipper peer index and median of its Performance Group/Universe for the one-year period and underperformed for the three- and five-year periods. The Fund outperformed its blended benchmark for the one-year period and underperformed for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that JPMIM took over sub-advisory duties on the Fund effective January 8, 2021, replacing PineBridge, and as a result, the Fund’s longer-term underperformance reflects that of the prior sub-adviser.

• Blue Chip Growth Fund (T. Rowe). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including the reduction in the sub-advisory fee and a corresponding advisory fee waiver that are being proposed at this Board meeting.

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

• Dividend Value Fund (BlackRock/ClearBridge³). The Fund’s actual management fee was at the median of its Expense Group and above the median of its Expense Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers.

The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted recent actions taken to address the Fund’s underperformance, including ClearBridge’s assumption of sub-advisory duties on a sleeve of the Fund effective July 7, 2021, replacing SunAmerica.

²  The Sub-Advisory Agreement between VALIC and JPMIM with respect to the Asset Allocation Fund did not require approval at the August 2021 meeting. The Board approved this Sub-Advisory Agreement at the August 3-4, 2020 meeting, and it expires on January 8, 2023.

³  The Sub-Advisory Agreement between VALIC and ClearBridge with respect to the Dividend Value Fund did not require approval at the August 2021 meeting. The Board approved this Sub-Advisory Agreement at the April 26-27, 2021 meeting, and it expires on July 7, 2023.

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• Dynamic Allocation Fund (AB/SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe/Group. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2022.

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

• Emerging Economies Fund (JPMIM). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable.

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

• Global Real Estate Fund (Goldman Sachs Asset Management, L.P. (“GSAM”)/Invesco Advisers, Inc. (“Invesco”)/Invesco Asset Management Limited (“Invesco Ltd”)). The Fund’s actual management fees were at the median of the Expense Group and above the median of the Expense Universe. The Fund’s total net expenses were at the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Global Strategy Fund (Franklin Advisers, Inc.). The Fund’s actual management fees were above the median of the Expense Group and below the median of the Expense Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were at the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that, at this Board meeting, management will be proposing that Brandywine Global Investment Management assume sub-sub-advisory duties for a sleeve in the Fund.

• Government Money Market I Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses has been extended contractually through September 30, 2022.

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

• Government Securities Fund (JPMIM). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Growth Fund (BlackRock/SunAmerica). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers.

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

• Inflation Protected Fund (Wellington). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were at the median of its Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers.

The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-year period and underperformed for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that Wellington Management Company LLP assumed sub-advisory duties of the Fund effective September 28, 2020, replacing PineBridge, and as a result, the Fund’s longer term underperformance reflects that of the prior sub-adviser.

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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

• International Equities Index Fund (SunAmerica). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• International Government Bond Fund (PineBridge). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were at the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe.

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

• International Growth Fund (MSIM/Morgan Stanley Investment Management Company (“MSIM Co.”⁴)). The Fund’s total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Fund’s actual management fees were below the median of the Expense Group and above the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers.

The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board noted that MSIM Co. had been added as the Fund’s sub-subadviser effective April 30, 2021.

• International Socially Responsible Fund (SunAmerica⁵). The Fund’s actual management fees were above the median of the Expense Group and below the median of the Expense Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the medians of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• International Value Fund (WellsCap). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers.

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

• Large Capital Growth Fund (MFS). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and the Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• Mid Cap Index Fund (SunAmerica). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• Mid Cap Strategic Growth Fund (Allianz GI/Janus). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable.

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

• Nasdaq-100^® Index Fund (SunAmerica). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2022.

⁴  The Sub-Subadvisory Agreement between MSIM and MSIM Co with respect to the International Growth Fund did not require approval at the August 2021 meeting. The Board approved this Sub-Subadvisory Agreement at the April 26-27, 2021 meeting, and it expires on April 30, 2023.

⁵  The Sub-Advisory Agreement between VALIC and SunAmerica with respect to the International Socially Responsible Fund did not require approval at the August 2021 meeting. The Board approved this Sub-Advisory Agreement at the August 3-4, 2020 meeting, and it expires on October 30, 2022.

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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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

• Science & Technology Fund (T. Rowe/Allianz GI/Wellington). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• Small Cap Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Small Cap Special Values Fund (WellsCap). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and the Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• Stock Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were at the median of the Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that management instituted a contractual limitation on total expenses that would extend through September 30, 2022.

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

• Systematic Core Fund (formerly, Growth & Income Fund) (GSAM). The Fund’s actual management fees and actual total expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the advisory fee waivers would be extended contractually through September 30, 2022.

The Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-year period and outperformed for the three- and five-year periods. The Fund performed at the median of its Performance Universe for the one-year period and outperformed for the three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that GSAM assumed sub-advisory duties of the Fund effective April 27, 2020, replacing JPMIM, and that the Fund changed its strategy at that time.

• Systematic Value Fund (formerly, Broad Cap Value Income Fund) (Wellington). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the advisory fee waivers would be extended contractually through September 30, 2022.

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

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

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

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

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VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

The Board considered that VALIC, or its affiliates, receives benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees, administrative services fees, and sub-advisory fees. The Board also considered that the transfer agency fees are paid by the Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services are provided for a flat fee based on the estimated cost of providing such services, and the payment for such services is allocated to each Fund based on the number of accounts serviced. The Board also considered that the Funds pay SunAmerica, an affiliate of VALIC, an annual fee based on each Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SunAmerica receives from the Funds, SunAmerica compensates VALIC for certain administrative services, and the Funds’ custodian, State Street Bank and Trust Company for calculation of the daily net asset value. The Board also noted that SunAmerica receives sub-advisory fees for those Funds for which it serves as sub-adviser.

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

In considering the profitability to VALIC and its affiliates in connection with their relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC’s profitability on a Fund-by-Fund basis, as well as an Investment Management Profitability Analysis prepared by an independent information service, Broadridge, noting that VALIC’s profitability was generally in the range of the profitability of companies contained in the report. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC and its affiliates, as adviser, as transfer agent and/or as shareholder servicing agent, as applicable. The Board further considered the amount of sub-advisory fees paid out by VALIC and the amount of the advisory fees that it retained and determined that these amounts were reasonable in light of the services performed by VALIC and the sub-advisers, respectively. In addition, the Board considered the profitability of SunAmerica in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds were reasonable.

In considering the profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the

Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-advisory Agreements and the fees thereunder at arm’s length.

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

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

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

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

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

354

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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

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

355

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

VALIC COMPANY I GLOBAL STRATEGY FUND APPROVAL OF SUB-SUBADVISORY AGREEMENT

At a meeting held on August 2-3, 2021 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved a Sub-Subadvisory Agreement between Franklin Advisers, Inc. (“Franklin”), sub-adviser to VC I Global Strategy Fund (the “Fund”), and Brandywine Global Investment Management (“Brandywine”) with respect to the Fund.¹

In connection with the approval of the Sub-Subadvisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Sub-Subadvisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by Brandywine; (2) the key personnel of Brandywine who will provide services to the Fund; (3) Brandywine’s compliance policies and procedures; (4) Brandywine’s brokerage and soft dollar practices; and (5) information relating to any economies of scale and other benefits to be realized by Brandywine as a result of the Sub-Subadvisory Agreement.

In considering whether to approve the Sub-Subadvisory Agreement, the Board also took into account a presentation made at the Meeting by members of management. The Board noted that in accordance with Section 15(c) of the 1940 Act, Brandywine furnished the Board with extensive information in connection with the consideration of the Sub-Subadvisory Agreement. The Independent Directors were separately represented by counsel that is independent of The Variable Annuity Life Insurance Company (“VALIC”), Franklin and Brandywine in connection with their consideration of approval of the Sub-Subadvisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by Brandywine. The Board reviewed information provided by Brandywine relating to Brandywine’s operations and personnel. The Board also noted that Brandywine’s management of the Fund will be subject to the oversight of Franklin, VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information. The Board also discussed the changes to the Fund’s principal investment strategies as a result of the addition of Brandywine.

The Board considered information provided to them regarding the services to be provided by Brandywine. The Board noted that Brandywine will determine the securities to be purchased or sold on behalf of the debt sleeve of the Fund and that Franklin will continue to be responsible for providing VALIC with records concerning its activities, which VALIC or the Fund are required to maintain; and for rendering regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board considered that the delegation of any of such duties to Brandywine will in no way relieve Franklin of its duties under the sub-advisory agreement between Franklin and the Fund. The Board reviewed information regarding the qualifications, background and responsibilities of Brandywine’s investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of Brandywine. The Board also reviewed Brandywine’s brokerage practices. The Board also considered Brandywine’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

The Board concluded that the scope and quality of the services to be provided by Brandywine were expected to be satisfactory and that there was a reasonable basis to conclude that Brandywine would provide a high quality of investment services to the Fund.

Fees and Expenses; Profitability. The Board considered that Franklin is responsible for payment of the sub-sub-advisory fees and that the Sub-Subadvisory Agreement is not expected to have any impact on VALIC’s profitability.

Economies of Scale. For similar reasons as stated above with respect to Brandywine’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in Brandywine’s management of the debt sleeve of the Fund is not a material factor to the approval of the Sub-Subadvisory Agreement.

Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Subadvisory Agreement, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the Sub-Subadvisory Agreement were reasonable.

Conclusions. In reaching its decisions to approve the Sub-Subadvisory Agreement, the Board did not identify any single factor as being controlling but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials it reviewed, the representations made, and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that Brandywine possesses the capability and resources to perform the duties required under the Sub-Subadvisory Agreement.

¹  On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the “Orders”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of VC I determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the August 2-3, 2021 meeting was held telephonically in reliance on the Orders.

356

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

VALIC COMPANY I INTERNATIONAL OPPORTUNITIES FUND APPROVAL OF SUB-SUBADVISORY AGREEMENT

At a meeting held on August 2-3, 2021 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved a Sub-Subadvisory Agreement between Delaware Investments Fund Advisers (“DIFA”), sub-adviser to VC I International Opportunities Fund (the “Fund”), and Macquarie Investment Management Global Limited (“Macquarie”) with respect to the Fund.¹

In connection with the approval of the Sub-Subadvisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Sub-Subadvisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by Macquarie; (2) the key personnel of Macquarie who will provide services to the Fund; (3) Macquarie’s compliance policies and procedures; (4) Macquarie’s brokerage and soft dollar practices; and (5) information relating to any economies of scale and other benefits to be realized by Macquarie as a result of the Sub-Subadvisory Agreement.

In considering whether to approve the Sub-Subadvisory Agreement, the Board also took into account a presentation made at the Meeting by members of management. The Board noted that in accordance with Section 15(c) of the 1940 Act, Macquarie furnished the Board with extensive information in connection with the consideration of the Sub-Subadvisory Agreement. The Independent Directors were separately represented by counsel that is independent of The Variable Annuity Life Insurance Company (“VALIC”). DIFA and Macquarie in connection with their consideration of approval of the Sub-Subadvisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by Macquarie. The Board reviewed information provided by Macquarie relating to Macquarie’s operations and personnel. The Board also noted that Macquarie’s management of the Fund will be subject to the oversight of DIFA, VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information. The Board also noted that the Fund’s principal investment strategies and techniques were not expected to change in connection with the appointment of Macquarie. The Board also noted that DIFA will continue to serve as the Fund’s sub-adviser and that DIFA’s current portfolio managers would continue to have ultimate portfolio management discretion over the Fund.

The Board considered information provided to them regarding the services to be provided by Macquarie. The Board noted that Macquarie will provide certain support services in connection with DIFA’s management of the Fund and that DIFA will continue to be responsible for providing VALIC with records concerning its activities, which VALIC or the Fund are required to maintain, and for rendering regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board considered that the delegation of any of such duties to Macquarie will in no way relieve DIFA of its duties under the sub-advisory agreement between DIFA and VALIC with respect to the Fund. The Board reviewed information regarding the qualifications, background and responsibilities of Macquarie’s personnel who would provide services to the Fund. The Board also took into account the financial condition of Macquarie. The Board also reviewed Macquarie’s brokerage practices. The Board also considered Macquarie’s risk management processes and regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

The Board concluded that the scope and quality of the services to be provided by Macquarie were expected to be satisfactory and that there was a reasonable basis to conclude that Macquarie would provide a high quality of investment services to the Fund.

Fees and Expenses; Profitability. The Board considered that DIFA is responsible for payment of the sub-sub-advisory fees and that the Sub-Subadvisory Agreement is not expected to have any impact on VALIC’s profitability. The Board also noted that the fee to be payable by Macquarie to DIFA under the Sub-Subadvisory Agreement is 0%.

Economies of Scale. For similar reasons as stated above with respect to Macquarie’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in Macquarie’s management of the Fund is not a material factor to the approval of the Sub-Subadvisory Agreement.

Terms of the Sub-Subadvisory Agreement. The Board reviewed the terms of the Sub-Subadvisory Agreement, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the Sub-Subadvisory Agreement were reasonable.

Conclusions. In reaching its decisions to approve the Sub-Subadvisory Agreement, the Board did not identify any single factor as being controlling but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that Macquarie possesses the capability and resources to perform the duties required under the Sub-Subadvisory Agreement.

¹  On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the “Orders”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of VC I determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the August 2-3, 2021 meeting was held telephonically in reliance on the Orders.

357

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

VALIC COMPANY I INTERNATIONAL VALUE FUND AND SMALL CAP SPECIAL VALUES FUND APPROVAL OF SUB-ADVISORY AGREEMENTS

At a meeting held on August 2-3, 2021 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved the New Sub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and Allspring Global Investments, LLC (“Allspring” or the “Sub-Adviser”) with respect to each of VC I International Value Fund and VC I Small Cap Special Values Fund (each, a “Fund” and together, the “Funds”) in connection with the anticipated termination of the prior sub-advisory agreement between The Variable Annuity Life Insurance Company (“VALIC”) and Wells Capital Management Incorporated (“WellsCap”) upon the effective date of the sale of Wells Fargo Asset Management (the “Transaction”).¹

The New Sub-Advisory Agreement with Allspring was considered as a result of the Transaction. The Transaction resulted in the deemed “assignment” of the prior sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between VALIC and WellsCap, which would automatically terminate as provided for in Section 15(a)(4) of the 1940 Act.

In connection with the approval of the New Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the New Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Funds by the Sub-Adviser; (2) the sub-advisory fees proposed to be charged in connection with the Sub-Adviser’s management of the applicable Funds, compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Subadvisory Expense Group/Universe”); (3) the investment performance of the Funds compared to the performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and against each Fund’s benchmark (“Benchmark”), and the performance of comparable funds managed by the Sub-Adviser against the Benchmark; (4) the costs of services and the benefits potentially to be derived by the Sub-Adviser; (5) whether the Fund will benefit from possible economies of scale from engaging the Sub-Adviser; (6) information regarding the Sub-Adviser’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposed New Sub-Advisory Agreement. The Board noted that its consideration of much of the information provided in connection with the annual renewal of the Prior Sub-Advisory Agreement was applicable for its consideration of the New Sub-Advisory Agreement.

The Board noted that in accordance with Section 15(c) of the 1940 Act, the Sub-Adviser furnished the Board with extensive information, both at the Meeting and throughout the prior year, in connection with the annual consideration and renewal of the Prior Sub-Advisory Agreement. The Independent Directors were separately represented by counsel that is independent of VALIC and Allspring in connection with their consideration of approval of the New Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services provided to the Funds by the Sub-Adviser. The Board reviewed information provided by the Sub-Adviser relating to the Sub-Adviser’s operations and personnel. The Board also took into account that the individuals at the Sub-Adviser currently responsible for managing each Fund’s portfolio will continue to manage the applicable Fund’s portfolio following the Transaction. The Board also noted that the Sub-Adviser’s management of the Funds will be subject to the oversight of VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in each Fund’s prospectus and statement of additional information. The Board also noted that each Fund’s principal investment strategies and techniques were not expected to change in connection with the Transaction.

The Board considered information provided to them regarding the services to be provided by the Sub-Adviser. The Board noted that the Sub-Adviser will (i) determine the securities to be purchased or sold on behalf of the Funds; (ii) provide VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) render regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed the Sub-Adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel, as applicable, who would provide services to the Funds. The Board also took into account the financial condition of the Sub-Adviser. The Board also reviewed the Sub-Adviser’s brokerage practices. The Board also considered the Sub-Adviser’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Funds.

The Board concluded that the scope and quality of the services to be provided by the Sub-Adviser were satisfactory and that there was a reasonable basis to conclude that the Sub-Adviser would continue to provide a high quality of investment services to the Funds.

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the fees charged by the Sub-Adviser for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Subadvisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with the Sub-Adviser at arm’s length. The Board also noted that the sub-advisory fee rate payable to the Sub-Adviser pursuant to the New Sub-Advisory Agreement is identical to the sub-advisory fee rate payable to the Sub-Adviser pursuant to the Prior Sub-Advisory Agreement with respect to each applicable Fund. The Board considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Funds, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. Therefore, the Board considered that the continued engagement of the Sub-Adviser will not result in any change to the management fee paid by the Funds to VALIC. The Board also considered expense information of comparable funds or accounts managed by the Sub-Adviser that have comparable investment objectives and strategies to the Funds.

¹  On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the “Orders”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of VC I determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the August 2-3, 2021 meeting was held telephonically in reliance on the Orders.

358

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

The Board took into account management’s discussion of the Funds’ expenses. The Board noted that the Small Cap Special Values Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and the Sub-advisory Expense Universe, as applicable. The Board also noted that the International Value Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board also took account of management’s discussion of the Funds’ proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.

The Board also received and reviewed information prepared in connection with the annual renewal of the Prior Sub-Advisory Agreement by an independent third-party provider of mutual fund data regarding each Fund’s investment performance compared against the Performance Group and Benchmark. The Board noted that Small Cap Special Values Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods; underperformed the median of its Performance Group for the one-year period and outperformed for the three- and five-year periods; and underperformed its benchmark for the one- and five-year periods and outperformed for the three-year period. The Board also noted that the International Value Fund outperformed the medians of its Performance Group/Universe for the one-, three- and five-year periods; and outperformed its benchmark for the one-year period and underperformed for the three- and five-year periods. The Board took into account management’s prior discussion of each Fund’s performance.

Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits realized in connection with the New Sub-Advisory Agreement. The Board noted that the sub-advisory fee rate paid pursuant to the Prior Sub-Advisory Agreement would not change as a result of the Transaction and that, as a result, the approval of the New Sub-Advisory Agreement was not expected to have any impact on VALIC’s profitability with respect to either Small Cap Special Values Fund or International Value Fund. The Board considered that the sub-advisory fee rates were negotiated with WellsCap at arm’s length. In considering the anticipated profitability to the Sub-Adviser in connection with its relationship to the Funds, the Directors noted that the fees under the New Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Funds.

In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of the Sub-Adviser from its relationship with the Funds was not material to its deliberations with respect to consideration of approval of the New Sub-Advisory Agreement.

Economies of Scale. For similar reasons as stated above with respect to the Sub-Adviser’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in the Sub-Adviser’s management of the Funds are not material factors to the approval of the New Sub-Advisory Agreement, although the Board noted that the Funds have breakpoints at the sub-advisory fee level.

Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the New Sub-Advisory Agreement, including the duties and responsibilities to be undertaken. The Board noted that the terms of the New Sub-Advisory Agreement will not differ materially from the terms of the Prior Sub-Advisory Agreement, except for the effective date and the term of each agreement. The Board concluded that the terms of the New Sub-Advisory Agreement were reasonable.

Conclusions. In reaching its decisions to approve the New Sub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that the Sub-Adviser possesses the capability and resources to perform the duties required under the New Sub-Advisory Agreement.

359

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

VALIC Company I Capital Appreciation Fund Approval of Subadvisory Agreement

At a meeting held on October 25-26, 2021 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved the New Sub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and Columbia Management Investment Advisers, LLC (“Columbia”) with respect to VC I Capital Appreciation Fund (the “Fund”).¹

In connection with the approval of the Columbia Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Columbia Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by Columbia; (2) the sub-advisory fees proposed to be charged in connection with Columbia’s management of the Fund, compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Subadvisory Expense Group/Universe”); (3) the investment performance of the Fund compared to the performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and against the Fund’s benchmark (“Benchmark”), and the performance of comparable funds managed by Columbia against the Benchmark; (4) the costs of services and the benefits potentially to be derived by Columbia; (5) whether the Fund will benefit from possible economies of scale from engaging Columbia; (6) information regarding Columbia’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposed Columbia Sub-Advisory Agreement.

The Board noted that in accordance with Section 15(c) of the 1940 Act, Columbia furnished the Board with extensive information at this Meeting. The Independent Directors were separately represented by counsel that is independent of VALIC and Columbia in connection with their consideration of approval of the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by Columbia. The Board reviewed information provided by Columbia relating to Columbia’s operations and personnel. The Board also took into account that the individuals at BMO Asset Management Corp. (“BMO”) currently responsible for managing the Fund’s portfolio will continue to manage the Fund’s portfolio at Columbia following a business transaction. The Board also noted that Columbia’s management of the Fund will be subject to the oversight of VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information. The Board also noted that the Fund’s principal investment strategies and techniques were not expected to change in connection with the transaction.

The Board considered information provided to them regarding the services to be provided by Columbia. The Board noted that Columbia will (i) determine the securities to be purchased or sold on behalf of the Fund; (ii) provide VALIC with records concerning its activities, which VALIC or the Fund are required to maintain; and (iii) render regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board reviewed Columbia’s history and investment experience as well as information regarding the qualifications, background and responsibilities of Columbia’s investment and compliance personnel, as applicable, who would provide services to the Fund. The Board also took into account the financial condition of Columbia. The Board also reviewed Columbia’s brokerage practices. The Board also considered Columbia’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

The Board concluded that the scope and quality of the services to be provided by Columbia were expected to be satisfactory and that there was a reasonable basis to conclude that Columbia would provide a high quality of investment services to the Fund.

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the fees proposed to be charged by Columbia for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Subadvisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with Columbia at arm’s length. The Board also noted that the sub-advisory fee rate to be payable to Columbia pursuant to the Sub-Advisory Agreement is identical to the sub-advisory fee rate payable to BMO pursuant to the current sub-advisory agreement with BMO with respect to the Fund. The Board considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. Therefore, the Board considered that the appointment of Columbia will not result in any change to the management fee paid by the Fund to VALIC. The Board also considered expense information of comparable funds or accounts managed by Columbia that have comparable investment objectives and strategies to the Fund.

The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the Capital Appreciation Fund’s actual management fees, total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and the Sub-advisory Expense Universe, as applicable. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.

The Board also received and reviewed information provided by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group and Benchmark. The Board noted that Capital Appreciation Fund outperformed its Lipper peer index and the median for the one-year period ended September 30, 2021 and underperformed for the three-, five- and ten-year periods ended September 30, 2021. The Board also noted that the Fund outperformed its benchmark for the one-year period and underperformed for the three-, five- and ten-year periods ended August 31, 2021.

¹  On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the “Orders”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of VC I determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the October 25-26, 2021 meeting was held telephonically in reliance on the Orders.

360

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreement. The Board noted that the sub-advisory fee rate proposed to be paid pursuant to the Sub-Advisory Agreement would not change as a result of the transaction and that, as a result, the approval of the Sub-Advisory Agreement was not expected to have any impact on VALIC’s profitability with respect to the Fund. The Board considered that the sub-advisory fee rates were negotiated with Columbia at arm’s length. In considering the anticipated profitability to Columbia in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.

In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of Columbia from their relationship with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreement.

Economies of Scale. For similar reasons as stated above with respect to Columbia’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in Columbia’s management of the Fund are not material factors to the approval of the Sub-Advisory Agreement, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.

Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement, including the duties and responsibilities to be undertaken. The Board noted that the terms of the Sub-Advisory Agreement will not differ materially from the terms of the existing agreement with BMO, except for the effective date and the term of each agreement. The Board concluded that the terms of the Sub-Advisory Agreement were reasonable.

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

361

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

VALIC Company I Small Cap Growth Fund Approval of Sub-Subadvisory Agreement

At a meeting held on October 25-26, 2021 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved a Sub-Subadvisory Agreement between T. Rowe Price Associates, Inc. (“TRP”), sub-adviser to VC I Small Cap Growth Fund (the “Fund”), and T. Rowe Price Investment Management, Inc. (“TRPIM”) with respect to the Fund.¹

In connection with the approval of the Sub-Subadvisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Sub-Subadvisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by TRPIM; (2) the key personnel of TRPIM who will provide services to the Fund; (3) TRPIM’s compliance policies and procedures; (4) TRPIM’s brokerage and soft dollar practices; and (5) information relating to any economies of scale and other benefits to be realized by TRPIM as a result of the Sub-Subadvisory Agreement.

In considering whether to approve the Sub-Subadvisory Agreement, the Board also took into account a presentation made at the Meeting by members of management. The Board noted that in accordance with Section 15(c) of the 1940 Act, TRPIM furnished the Board with extensive information in connection with the consideration of the Sub-Subadvisory Agreement. The Independent Directors were separately represented by counsel that is independent of The Variable Annuity Life Insurance Company (“VALIC”), TRP and TRPIM in connection with their consideration of approval of the Sub-Subadvisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by TRPIM. The Board reviewed information provided by TRPIM relating to TRPIM’s operations and personnel. The Board also noted that TRPIM’s management of the Fund will be subject to the oversight of TRP, VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.

The Board considered information provided to them regarding the services to be provided by TRPIM. The Board noted that TRPIM will determine the securities to be purchased or sold on behalf of the private placement sleeve of the Fund and that TRP will continue to be responsible for providing VALIC with records concerning its activities, which VALIC or the Fund are required to maintain; and for rendering regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board considered that the delegation of any of such duties to TRPIM will in no way relieve TRP of its duties under the sub-advisory agreement between TRP and the Fund. The Board reviewed information regarding the qualifications, background and responsibilities of TRPIM’s investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of TRPIM. The Board also reviewed TRPIM’s brokerage practices. The Board also considered TRPIM’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

The Board concluded that the scope and quality of the services to be provided by TRPIM were expected to be satisfactory and that there was a reasonable basis to conclude that TRPIM would provide a high quality of investment services to the Fund.

Fees and Expenses; Profitability. The Board considered that TRP is responsible for payment of the sub-sub-advisory fees and that the TRPIM Sub-Subadvisory Agreement is not expected to have any impact on VALIC’s profitability. In light of all the factors considered, the Directors determined that the anticipated to VALIC was reasonable. The Board also concluded that the anticipated profitability of TRPIM from their relationship with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Subadvisory Agreement.

Economies of Scale. For similar reasons as stated above with respect to TRPIM’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in TRPIM’s management of the private placement sleeve of the Fund is not a material factor to the approval of the Sub-Subadvisory Agreement.

Terms of the Sub-Subadvisory Agreement. The Board reviewed the terms of the Sub-Subadvisory Agreement, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the Sub-Subadvisory Agreement were reasonable.

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

¹  On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the “Orders”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of VC I determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the October 25-26, 2021 meeting was held telephonically in reliance on the Orders.

362

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

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

Registration No. 002-83631

VALIC COMPANY I

Blue Chip Growth Fund

(the “Fund”)

Supplement dated August 20, 2021 to the Fund’s Summary Prospectus and Prospectus,

each dated October 1, 2020, as supplemented and amended to date

At a meeting held on August 2-3, 2021 ( the “Meeting”), the Board of Directors of VALIC Company I (the “Board”) approved an amendment to the investment subadvisory agreement (the “Amendment”) between The Variable Annuity Life Insurance Company (“VALIC”) and T. Rowe Price Associates, Inc. (“T. Rowe Price”) with respect to the Fund. Under the Amendment, effective September 28, 2021, the subadvisory fee schedule with respect to the Fund is as follows:

0.500% on the first $50 million

0.400% on the next $50 million

0.400% reset on all assets when assets reach $100 million

0.375% when assets exceed $250 million

0.350% when assets exceed $500 million

0.300% reset on all assets when assets reach $1 billion

0.275% when assets exceed $3 billion*

* To accommodate circumstances where the Fund’s assets either approach or fall beneath $100 million and to prevent a decline in the Fund’s assets from causing an increase in the absolute dollar fee, the T. Rowe Price will provide a transitional credit to cushion the impact of reverting to the original fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $100 million, when the flat fee would be triggered, or (b) fall below a threshold of approximately $87.5 million, where the tiered fee schedule would be fully re-applied.

At the Meeting, the Board also approved an Advisory Fee Waiver Agreement with respect to the Fund. Pursuant to the Advisory Fee Waiver Agreement, VALIC has agreed, until September 30, 2022, to waive the Fund’s advisory fees so that the advisory fee payable by the Fund is equal to 0.75% on the first $250 million of the Fund’s average daily net assets, 0.725% on the next $250 million of the Fund’s average daily net assets, 0.70% on the next $300 million of the Fund’s average daily net assets, 0.36% on the next $200 million of the Fund’s average daily net assets and 0.65% on the Fund’s average daily net assets over $1 billion.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

363

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

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

Registration No. 002-83631

VALIC COMPANY I

International Opportunities Fund

(the “Fund”)

Supplement dated September 1, 2021 to the Summary Prospectuses

and the Prospectuses of the Fund, each dated May 25, 2021, as

supplemented to date

Effective immediately, the following changes are made to the Fund’s Summary Prospectuses and Prospectuses, as applicable:

The section of the Summary Prospectus entitled “Investment Adviser-Portfolio Managers” is deleted in its entirety and replaced with the following:

Name	Portfolio Manager of the Fund Since	Title
Peter Fruzzetti	2012*		Investment Officer of MFS
Jose Luis Garcia	2012*		Investment Officer of MFS
Lionel Gomez	2021*		Investment Officer of MFS
Robert Lau	2012*		Investment Officer of MFS
Sandeep Mehta	2020*		Investment Officer of MFS
Nicholas Spratt	September 2021*		Investment Officer of MFS

* Includes management of the Predecessor Fund.

The section of the Prospectus entitled “Management-Investment Subadvisers- Massachusetts Financial Services Company is deleted in its entirety and replaced with the following:

International Opportunities Fund

Large Capital Growth Fund

Massachusetts Financial Services Company (“MFS”)

111 Huntington Avenue, Boston, Massachusetts 02199

MFS and its predecessor organizations have a history of money management dating from 1924. MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned subsidiary of Sun Life Financial Inc. (a diversified financial services company). Net assets under management of the MFS organization were approximately $673 billion as of July 31, 2021.

MFS manages a portion of the assets of the International Opportunities Fund using a team of portfolio managers. The team is comprised of Peter Fruzzetti, Jose Luis Garcia, Robert Lau, Sandeep Mehta, Nicholas Spratt and Lionel Gomez. Messrs. Fruzzetti, Garcia, Lau, Mehta, Spratt and Gomez are each Investment Officers of MFS. Mr. Fruzzetti has been employed in the investment area of MFS since 2000. Mr. Garcia has been employed in the investment area 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. Mr. Spratt has been employed in the investment area of MFS since 2017.

The Large Capital Growth Fund is managed by Jeffrey Constantino, an Investment Officer and Portfolio Manager, and Joseph Skorski, an Investment Officer and Portfolio Manager of MFS. Mr. Constantino joined MFS in 2000 and has served on the portfolio management team of the Large Cap Growth strategy since 2006 and the portfolio management team of the Global Growth strategies since 2008. Mr. Skorski joined MFS in 2007 and has more than two decades of investment experience. During his tenure at the firm, he has had both equity research analyst and portfolio management responsibilities. He joined the portfolio management team of the MFS^® Global Growth Equity and MFS^® Global Growth Concentrated Equity strategies in 2018 and previously had portfolio management responsibilities for the firm’s Japan Equity strategy.

Capitalized terms used in this Supplement shall, unless otherwise defined herein, have the same

meaning as given in the Prospectus and/or SAI.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

364

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

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

Registration No. 002-83631

VALIC COMPANY I

Global Strategy Fund

(the “Fund”)

Supplement dated October 4, 2021 to the Fund’s Summary Prospectus and Prospectus,

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

At a meeting held on August 2-3, 2021, the Board of Directors of VALIC Company I (the “Board”) approved a sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Franklin Advisers, Inc. (“Franklin”), the Fund’s subadviser, and Brandywine Global Investment Management, LLC (“Brandywine”), which is expected to become effective on or about December 7, 2021 (the “Effective Date”), whereby Brandywine would begin managing the fixed-income portion of the Fund’s portfolio. Franklin will continue to manage the equity portion of the Fund’s portfolio. The Board also approved certain changes to the Fund’s principal investment strategies and techniques with respect to both the equity and fixed income portions of the Fund’s portfolio. In addition, Fund management has determined to change the Fund’s benchmark index against which the Fund compares its performance. The Fund intends to file an amendment to its registration statement with the Securities and Exchange Commission (“SEC”) reflecting the addition of the Fund’s sub-subadviser, and the changes to the principal investment strategies and techniques, benchmark index and corresponding changes to the Fund’s risks. This filing will be subject to review by the SEC and is expected to become effective on the Effective Date.

The Fund currently invests 50% to 80% of its assets in equity securities of companies in any country, fixed income (debt) securities of companies and governments of any country, and in money market securities. With respect to the equity portion of the Fund’s portfolio, under normal market conditions, the Fund will hold 600 to 900 of the common stocks in the MSCI ACWI Index and Franklin normally selects such stocks on a semi-annual basis. The subadviser’s selection process is designed to select stocks for the Fund that have favorable exposure to four investment style factors (commonly referred to as “smart beta”) – quality, value, momentum and low volatility. With respect to debt obligations and money market securities, the mix of investments will be adjusted in an effort to capitalize on the total return potential produced by changing market, political and economic conditions throughout the world. The subadviser may purchase a debt security when it believes the security is undervalued or will provide highly competitive rate yields. Conversely, the subadviser may consider selling a debt security when it believes the security has become fully valued due to either its price appreciation or changes in the issuer’s fundamentals, or when the subadviser believes another security is a more attractive investment opportunity.

As of the Effective Date, the Fund will invest in equity securities of companies in any country, fixed income (debt) securities of companies and governments of any country, or other instruments with similar economic characteristics, and in money market securities. In addition, as noted above, Franklin will manage the Fund’s equity portion of the Fund’s assets and Brandywine will manage the fixed-income portion of the Fund’s assets. With respect to the equity portion of the Fund’s portfolio, under normal market conditions, the Fund will hold 450 to 600 of the common stocks, or depositary receipts representing such stocks, in the MSCI ACWI Index and Franklin will normally select such stocks on a quarterly basis. The subadviser’s multi-factor selection process for equity securities is designed to select stocks for the Fund that have favorable exposure to three investment factors – quality, value and momentum. With respect to the Fund’s fixed income securities, the Fund’s sub-subadviser will follow a value-driven, active, strategic approach to portfolio decisions that considers duration, yield curve exposure, credit exposure, and sector weightings that are based upon the broad investment themes of its global macroeconomic research platform as they apply to fixed income markets. The sub-subadviser will have broad discretion to invest in multiple types of fixed income securities of any maturity and duration. The Fund’s assets will not necessarily be divided equally among Franklin and Brandywine. Franklin will direct 50% to 80% of the Fund’s assets to equity securities.

The Sub-Subadvisory Agreement between Franklin and Brandywine will become effective on the Effective Date. Brandywine is located at 1735 Market Street, 18th Floor, Philadelphia, Pennsylvania 19103. Brandywine acts as adviser or subadviser to individuals, public funds, corporations, pension and profit-sharing plans, Taft-Hartley Plans, endowments and foundations, as well as to investment company portfolios. As of June 30, 2021, Brandywine’s total assets under management were approximately $67.6 billion. Brandywine is an indirect, wholly-owned subsidiary of Franklin Resources, Inc. and is an affiliate of the Fund’s subadviser, Franklin.

The Board has the authority, pursuant to an exemptive order granted by the SEC, to enter into subadvisory agreements without a shareholder vote under certain conditions. Shareholders of record as of the close of business on the Effective Date will receive a notice that explains how to access an Information Statement, which will include more information about Brandywine and the Sub-Subadvisory Agreement.

On the Effective Date, the portfolio managers who are expected to be jointly and primarily responsible for managing the Fund and their background are as follows:

Franklin

The team responsible for managing the equity portion of the Fund is expected to be Chandra Seethamraju and Sundaram Chettiappan. The team that will be responsible for managing the broad strategic and tactical asset allocation of the Fund is expected to be Tom Nelson and Berkeley Revenaugh.

Dr. Seethamraju a co-head of Systematic Strategies portfolio management at Franklin Templeton Investment solutions. Dr. Seethamraju joined Franklin Templeton Investments in 2013. Mr. Chettiappan is a vice president and senior research analyst for Franklin SystematiQ. Mr. Chettiappan joined Franklin Templeton Investments in 2018.

Mr. Nelson is a senior vice president and director of portfolio management for Franklin Templeton Investment Solutions and a member of the Investment Strategy & Research Committee. Mr. Nelson joined Franklin Templeton Investments in 2007. Berkeley Revenaugh currently serves as a portfolio manager for Franklin Templeton Investment Solutions (FTIS). Ms. Revenaugh joined Franklin Templeton Investments in 2019.

365

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Brandywine

Primary responsibility for day-to-day management of the Fund’s fixed income securities is expected to lie with the following portfolio managers: Michael Arno, CFA, Tracy Chen, CFA, CAIA, Brian L. Kloss, JD, CPA, Renato Latini, CFA, John (Jack) P. McIntyre, CFA and Anujeet Sareen, CFA.

Mr. Arno is an associate portfolio manager and senior research analyst on the Global Fixed Income team. He is responsible for providing research analysis and portfolio management on the firm’s global credit, multi-sector, and emerging market fixed income related strategies. Previously, he had been a research analyst on the team since 2011 with a focus on global credit and emerging markets. Mr. Arno joined Brandywine as a product specialist within client service in 2006. Prior to joining Brandywine in 2006, Mr. Arno was an associate of Vanguard Group (2004- 2006). Mr. Arno earned a B.S. in Finance from Temple University.

Ms. Chen joined Brandywine in 2008. As portfolio manager, she leads Brandywine’s structured credit investing, including investments in U.S. and European RMBS, CMBS, and ABS as well as CLO and other structured products. Prior to joining Brandywine, Ms. Chen was with UBS Investment Bank as a Director of Structured Products (2006-2008); GMAC Mortgage Group (2002-2006), focusing on mortgage whole loan pricing and trading; and Deloitte Consulting (2001-2002). Ms. Chen earned her M.B.A with a concentration in Finance from the University of North Carolina at Chapel Hill. She also holds an M.A. in American Studies and a B.A. from University of Electronic Science & Technology of China.

Mr. Kloss joined Brandywine in 2009. As portfolio manager, he leads Brandywine’s credit research capabilities bringing over 20 years of high yield and distressed debt experience. Previously, Mr. Kloss was co-portfolio manager at Dreman Value Management, LLC (2007-2009); high yield analyst/trader at Gartmore Global Investments (2002- 2007); high yield and equity portfolio manager and general analyst at Penn Capital Management, Ltd. (2000-2002); an analyst with The Concord Advisory Group, Ltd. (1998-2000); and an international tax consultant with Deloitte & Touche LLP (1995-1998). Mr. Kloss earned his J.D. from Villanova School of Law and graduated summa cum laude with a B.S. in Accounting from University of Scranton. He is a member of the New Jersey and Pennsylvania Bar Associations.

Mr. Latini is an associate portfolio manager and senior research analyst on the Global Fixed Income team. He is responsible for providing research analysis and portfolio management on the firm’s global credit and multi-sector fixed income strategies. Mr. Latini joined Brandywine in 2006 as a trader on the team. Prior to joining Brandywine, Mr. Latini was an investment analyst at Watson Wyatt Investment Consulting (2004-2006). He earned a B.A. in Physics and Economics from the University of Pennsylvania.

Mr. McIntyre is a Portfolio Manager and has been employed at Brandywine since 1998. Previously, he held positions as market strategist with McCarthy, Crisanti & Maffei, Inc. (1995-1998); senior fixed income analyst with Technical Data, a division of Thomson Financial Services (1992-1995); quantitative associate with Brown Brothers Harriman & Co. (1990), and investment analyst with the Public Employee Retirement Administration of Massachusetts (1987-1989).

Mr. McIntyre earned an M.B.A. in Finance from the Leonard N. Stern Graduate School of Business at New York University and a B.B.A. in Finance from the University of Massachusetts, Amherst.

Mr. Sareen is a Portfolio Manager and has been employed at Brandywine since 2016. Previously, he was a managing director of global fixed income and a global macro strategist, as well as a chair of the Currency Strategy Group at Wellington Management in Boston. Over his 22-year career at Wellington (1994-2016), he held a variety of roles while cultivating extensive fixed income and currency management experience. Mr. Sareen earned a B.A. in Computer Science from Brown University.

Once the changes to the Fund’s investment strategies and techniques, benchmark index and subadvisory arrangements become effective, an updated prospectus reflecting these changes will be mailed to shareholders of the Fund. The updated prospectus will include additional information about the changes to the Fund’s principal investment strategies, techniques and risks. Please read the prospectus carefully. Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

366

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Filed Pursuant to Rule 497(e) and Rule 497(k)

File No. 002-83631

VALIC COMPANY I

International Value Fund

Small Cap Special Values Fund

(each, a “Fund” and together, the “Funds”)

Supplement dated October 29, 2021 to each Fund’s Summary Prospectus, Prospectus

and Statement of Additional Information,

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

During the fourth quarter of 2021 (the “Effective Date”), Wells Fargo Asset Management, which includes Wells Capital Management Incorporated (“WellsCap”), the Funds’ subadviser, will be sold to a holding company affiliated with private funds of GTCR LLC and Reverence Capital Partners, L.P. (the “Transaction”). Prior to the closing of the Transaction, WellsCap will convert from a California corporation to a Delaware limited liability company. Upon the closing of the Transaction, WellsCap will change its name to Allspring Global Investments, LLC (“Allspring”).

The change in control of WellsCap resulting from the Transaction will constitute an “assignment” of the investment subadvisory agreement between The Variable Annuity Life Insurance Company (“VALIC”) and WellsCap with respect to the Funds (the “Prior Subadvisory Agreement”), as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”). In accordance with the 1940 Act, and pursuant to the terms of the Prior Subadvisory Agreement, the Prior Subadvisory Agreement will terminate upon its assignment. Generally, an assignment triggers a requirement to obtain shareholder approval of a new investment subadvisory agreement; however, pursuant to the terms of an exemptive order granted by the Securities and Exchange Commission, VALIC is permitted, under certain conditions and subject to board approval, to enter into new subadvisory agreements with unaffiliated subadvisers without obtaining shareholder approval.

At a meeting held on August 2-3, 2021, the Board of Directors of VALIC Company I approved a new investment subadvisory agreement between VALIC and Allspring (the “New Subadvisory Agreement”) with respect to the Funds, which will become effective on the Effective Date. No changes to the portfolio management team or other key personnel who provide services to the Funds are anticipated as a result of the Transaction. The level and scope of services to be rendered by Allspring and the fees payable by VALIC to Allspring under the New Subadvisory Agreement will also remain the same.

Shareholders of record as of the close of business on the Effective Date will receive a notice that explains how to access an Information Statement, which will include more information about the Transaction and the New Subadvisory Agreement.

On the Effective Date, all references to Wells Capital Management Incorporated and WellsCap serving as the subadviser to the Funds are hereby deleted and replaced with references to Allspring Global Investments, LLC and Allspring, respectively.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

367

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Filed under Rule 497(k)

Registration No. 002-83631

VALIC COMPANY I

Capital Appreciation Fund

(the “Fund”)

Supplement dated November 19, 2021, to the Summary Prospectus

dated October 1, 2021, as supplemented and amended to date

BMO Asset Management Corp. (“BMO AM”) currently serves as subadviser to the Fund and is a wholly-owned subsidiary of BMO Financial Group. Ameriprise Financial, Inc. (“Ameriprise”) is expected to acquire BMO Financial Group’s EMEA (Europe, the Middle East and Africa) asset management business (the “Acquisition”) on or about December 16, 2021 (the “Effective Date”). In connection with the Acquisition, BMO AM has determined to exit the mutual fund investment advisory business, and the BMO AM portfolio management team that manages the Fund will join Columbia Management Investment Advisers, LLC (“Columbia”), a wholly-owned subsidiary of Ameriprise.

At a meeting held on October 25-26, 2021, the Board of Directors of VALIC Company I approved a new investment sub-advisory agreement between The Variable Annuity Life Insurance Company (“VALIC”) and Columbia (the “New Subadvisory Agreement”) with respect to the Fund, which will become effective on the Effective Date. The level and scope of services to be rendered by Columbia and the fees payable by VALIC to Columbia under the New Subadvisory Agreement will remain the same as those under the current investment sub-advisory agreement between VALIC and BMO AM.

The Board has the authority, pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission, to enter into subadvisory agreements without a shareholder vote under certain conditions. Shareholders of record as of the close of business on the Effective Date will receive a notice that explains how to access an Information Statement, which will include more information about the New Subadvisory Agreement.

On the Effective Date, the following changes are made to the Summary Prospectus:

In the section entitled “Investment Adviser,” the reference to BMO AM is replaced with Columbia Management Investment Advisers, LLC.

In the section entitled “Investment Adviser,” the table is deleted in its entirety and replaced with the following:

Portfolio Managers

Name and Title	Portfolio Manager of the Fund Since
Ernesto Ramos Head of Integrated Equity Team and Senior Portfolio Manager		2021
Jason C. Hans Senior Portfolio Manager, Integrated Equity Team		2018	*
J.P. Gurnee Senior Portfolio Manager, Integrated Equity Team		2021	*

* Includes management of the Predecessor Fund.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

368

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

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

Registration No. 002-83631

VALIC COMPANY I

Global Real Estate Fund

(the “Fund”)

Supplement dated January 14, 2022 to the Summary Prospectuses

and the Prospectuses of the Fund, each dated October 1, 2021, as

supplemented to date

Effective immediately, the following changes are made to the Fund’s Summary Prospectuses and Prospectuses, as applicable:

The section of the Summary Prospectus entitled “Investment Adviser-Portfolio Managers” is deleted in its entirety and replaced with the following:

Name	Portfolio Manager of the Fund Since	Title
Joe Rodriguez, Jr.	2008*	Managing Director, Co-CIO of Invesco’s Listed Real Assets Team and Co-Lead Portfolio Manager
James Cowen	2015*	Managing Director, Portfolio Manager
Ping-Ying Wang, PhD, CFA	2008*	Managing Director and Portfolio Manager
Mark Blackburn, CFA	2008	Managing Director and Portfolio Manager
Grant Jackson	2018*	Senior Director and Co-Lead Portfolio Manager
Chip McKinley	2022	Portfolio Manager
Darin Turner	2009	Managing Director, Co-CIO of Invesco’s Listed Real Assets Team, and Portfolio Manager

* Effective on or about March 31, 2022, Joe Rodriguez, Jr. will no longer serve as a portfolio manager of the Fund, at which time the co-lead designation will also be removed from each portfolio manager’s name, as applicable.

The section of the Prospectus entitled “Management-Investment Subadvisers- Invesco Advisers, Inc. is deleted in its entirety and replaced with the following:

Global Real Estate Fund

Invesco Advisers, Inc. (“Invesco”)

1555 Peachtree Street, N.E., Atlanta, Georgia 30309

Invesco, as successor in interest to multiple investment advisers, has been an investment adviser since 1976. Today, Invesco advises or manages other investment portfolios that encompass a broad range of investment objectives. Invesco is an indirect wholly-owned subsidiary of Invesco Ltd., a publicly traded company that, through its subsidiaries, engages in the business of investment management on an international basis. As of July 31, 2021, Invesco Ltd. managed approximately $1,528.4 billion in assets.

Invesco Asset Management Limited (“IAML”) serves as sub-subadvisor to the Fund, with its principal office at Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire, RG9 1HH, United Kingdom. IAML is an affiliate of Invesco and is compensated by Invesco at no additional expense to the Trust. Day-to-day investment management decisions for the Fund are made by Invesco. The sub-Subadviser is responsible for choosing certain types of real estate securities for the Fund.

The following individuals are jointly responsible for the day-to-day management of the Global Real Estate Fund: Joe Rodriguez, Jr. (Co-Lead Portfolio Manager), Mark Blackburn, Ping-Ying Wang, Darin Turner, Chip McKinley, James Cowen and Grant Jackson (Co-Lead Portfolio Manager).

Mr. Rodriguez, Co-Lead Portfolio Manager, has been Co-CIO of Invesco’s Listed Real Assets Team since 1995 and has been associated with Invesco and/or its affiliates since 1990. Mr. Turner, Portfolio Manager, has been Co-CIO of Invesco’s Listed Real Assets Team since 2020 and has been associated with Invesco and/or its affiliates since 2005. Mr. Blackburn, Portfolio Manager, is a member of Invesco’s Listed Real Assets Team and has been associated with Invesco and/or its affiliates since 1998. Mr. McKinley, Portfolio Manager, who has been responsible for the Fund since 2022 and has been associated with Invesco and/or its affiliates since 2022. From 2019 to 2022, he was associated with Saepio Capital Management where he was the Founder and served as Portfolio Manager. From 2007 to 2019, he was associated with Cohen and Steers Capital Management where he served as Senior Vice President and Portfolio Manager. Ms. Wang, Portfolio Manager, is a member of Invesco’s Listed Real Assets Team and has been associated with Invesco and/or its affiliates since 1998. Mr. Cowen, Portfolio Manager, has been associated with Invesco and/or its affiliates since 2000. Mr. Grant Jackson, Co-Lead Portfolio Manager, is a member of Invesco’s Listed Real Assets Team and has been associated with Invesco and/or its affiliates since 2005.

Effective on or about March 31, 2022, Joe Rodriguez, Jr. will no longer serve as a portfolio manager of the Fund, at which time the co-lead designation will also be removed from each portfolio manager’s name, as applicable.

Capitalized terms used in this Supplement shall, unless otherwise defined herein, have the same

meaning as given in the Prospectus and/or SAI.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

369

VALIC Company I

BOARD OF DIRECTORS

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 St.

Boston, Massachusetts 02111

INVESTMENT ADVISER

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

INVESTMENT SUB-ADVISERS

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, NY 10105

Allianz Global Investors U.S. LLC

1633 Broadway

New York, NY 10019

BlackRock Investment Management, LLC

1 University Square Dr.

Princeton, NJ 08540

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

ClearBridge Investments, LLC

620 Eighth Avenue

New York, NY 10018

Delaware Investments Fund Advisers

2005 Market Street

Philadelphia, PA 19103

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, CA 94403-1906

Goldman Sachs

Asset Management, L.P.

200 West Street

New York, NY 10282

Invesco Advisers, Inc.

1555 Peachtree St. NE

Atlanta, GA 30309

Janus Capital Management LLC

151 Detroit Street

Denver, Colorado 80206

J.P. Morgan Investment

Management Inc.

270 Park Avenue

New York, NY 10017

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, MA 02199

Morgan Stanley Investment Management, Inc.

522 Fifth Avenue, 5^th Floor

New York, NY 10036

PineBridge Investments, LLC

Park Avenue Tower

65 E. 55th Street

New York, NY 10022

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Wellington Management Company LLP

280 Congress Street

Boston, MA 02210

Allspring Global Investments, LLC

525 Market St.

10th Floor

San Francisco, CA 94105

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002

TRANSFER AND SHAREHOLDER SERVICE AGENT

VALIC Retirement

Services Company (VRSCO)

2929 Allen Parkway

Houston, Texas 77019

OFFICERS

John T. Genoy,

President and Principal Executive Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Kathleen D. Fuentes,

Vice President, Chief Legal Officer and Secretary

Kevin J. Adamson

Vice President

Gregory N. Bressler,

Vice President

Thomas M. Ward,

Vice President

Shawn Parry,

Vice President and Assistant Treasurer

Donna McManus,

Vice President and Assistant Treasurer

Christopher C. Joe,

Chief Compliance Officer

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

370

VALIC Company I

DISCLOSURE OF QUARTERLY FUND HOLDINGS

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

VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES

A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES

Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.

If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.

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

371

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• Check total current balance across available plans and calculate projected retirement income amounts

• View important plan information including rate of return, balance, contribution amounts, fund and asset-allocation mix, and transaction history

• Access and download important documents including account statements, transaction confirmations and tax documents

• Send and receive important documents or messages securely using the secure mail feature in the client mailbox

• Manage and update your personal account profile including your contact information (phone, address and email), account beneficiaries, trusted contacts and more

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• Transfer money among investment options

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Sign up today at aig.com/RetirementServices

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Please note: Email delivery is not accessible to certain annuity contract owners.

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.

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

This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with your financial professional regarding your situation. For legal, accounting or tax advice consult the appropriate professional.

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 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 (01/2022) J758407 EE

VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 PRST STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1246

VC 4873  (12/2021)    J103179

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a) (1) Not applicable.

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

(3) Not applicable.

(4) Not applicable.

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

SIGNATURES

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

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

Date: February 4, 2022

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

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

Date: February 4, 2022

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

Date: February 4, 2022