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)
John T. Genoy, President
SunAmerica Asset Management, LLC
30 Hudson Street, 16th Floor
Jersey City, NJ 07302
(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:
May 31, 2025
Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:
VALIC Company I
Aggressive Growth Lifestyle
VLAGX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Aggressive Growth Lifestyle Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Aggressive Growth Lifestyle Fund* $12 0.11%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Aggressive Growth Lifestyle Fund invests in a combination of affiliated funds, also known as “fund of funds.” The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.
The Fund posted a return of 10.55% for the year ended May 31, 2025, compared to 13.52% for the S&P 500® Index (a broad-based securities market index) and 11.44% for the Blended Index (the "Performance Index") comprised of 56% Russell 3000® Index; 19% MSCI EAFE Index (net); 25% Bloomberg U.S. Aggregate Bond Index. Over the period, U.S. equities outperformed international developed and emerging markets equities. Credit markets showed resilience, particularly in high yield segments.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following funds | Systematic Value Fund; Core Bond Fund; Emerging Economies Fund
TOP PERFORMANCE DETRACTORS
Allocations in the following funds  | International Equities Index Fund; Mid Cap Index Fund; Systematic Growth Fund
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Aggressive Growth Lifestyle Fund 10.55% 10.88% 7.50%
S&P 500® Index 13.52% 15.94% 12.86%
56% Russell 3000® Index; 19% MSCI EAFE Index (net); 25% Bloomberg U.S. Aggregate Bond Index 11.44% 10.57% 8.51%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $713M
Total number of portfolio holdings 11
Total net advisory fee paid $0.5M
Portfolio turnover rate during the reporting period 22%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R574 (05/25)
VALIC Company I
VALIC Company I
Asset Allocation
VCAAX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Asset Allocation Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Asset Allocation Fund* $68 0.65%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 8.30% for the year ended May 31,2025, compared to 13.52% for the S&P 500® Index (a broad-based securities market index) and 10.40% for the Blended Index (the "Performance Index") comprised of 60% S&P 500® Index; 40% Bloomberg U.S. Aggregate Bond Index. Over the period, U.S. large-cap equities outperformed small-cap equities. The U.S. Treasury curve bull steepened. The two-year U.S. Treasury yield decreased by 98 bps to 3.90%, the five-year yield decreased by 55 bps ending at 3.96%, the ten-year yield decreased by 10 bps to 4.40%, and the thirty-year yield increased by 28 bps to 4.93%.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
For the equity segment of the fund | Allocations in the following sectors: consumer discretionary; industrials; consumer staples. Security selection in the following sectors: financials; energy; industrials. Position weightings: Howmet Aerospace, Inc.; Wells Fargo & Co.; Merck & Co., Inc.
For the fixed income segment of the fund  | Allocations in the following sectors: Treasuries; agency mortgage-backed securities; non-agency mortgage-backed securities. Security selection in the following sectors: corporate credit; asset-backed securities; collateralized mortgage-backed securities
TOP PERFORMANCE DETRACTORS
For the equity segment of the fund  | Allocations in the following sectors: energy; cash; communication services. Security selection in the following sectors: information technology; consumer discretionary; health care. Position Weightings: Regeneron Pharmaceuticals, Inc.; NXP Semiconductors NV; Tesla, Inc.
For the fixed income segment of the fund  | Allocations in the following sectors: corporate credit. Security selection in the following sectors: none
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Asset Allocation Fund 8.30% 10.58% 6.16%
S&P 500® Index 13.52% 15.94% 12.86%
60% S&P 500® Index; 40% Bloomberg U.S. Aggregate Bond Index 10.40% 9.14% 8.45%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $145M
Total number of portfolio holdings 607
Total net advisory fee paid $0.7M
Portfolio turnover rate during the reporting period 35%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
U.S. Government & Agency Obligations 19.1%
Semiconductors 7.6%
Software 7.5%
Internet 6.9%
Banks 6.4%
Diversified Financial Services 5.3%
Retail 4.6%
Electric 4.1%
Computers 3.9%
Collateralized Mortgage Obligations 3.8%
Other Asset Backed Securities 2.8%
Building Materials 2.7%
Healthcare-Products 2.4%
Insurance 2.4%
Aerospace/Defense 2.2%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R202 (05/25)
VALIC Company I
VALIC Company I
Capital Appreciation
VAPPX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Capital Appreciation Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Capital Appreciation Fund* $78 0.73%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 14.63% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500® Index (a broad-based securities market index) and 17.62% for the Russell 1000® Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell® family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following sectors | utilities; financials; consumer staples
Security selection in the following sectors  | consumer discretionary; industrials
Position weightings  | Axon Enterprise, Inc.; DoorDash, Inc., Class A; Broadcom, Inc.
TOP PERFORMANCE DETRACTORS
In aggregate  | position weightings
Allocations in the following sectors  | health care; cash; communication services
Security selection in the following sectors  | information technology; financials; communication services
Position weightings   | Tesla, Inc.; lack of position in Palantir Technologies, Inc., Class A; UnitedHealth Group, Inc.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Capital Appreciation Fund 14.63% 16.89% 13.64%
S&P 500® Index 13.52% 15.94% 12.86%
Russell 1000® Growth Index 17.62% 17.69% 16.08%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $328M
Total number of portfolio holdings 64
Total net advisory fee paid $1.3M
Portfolio turnover rate during the reporting period 52%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Internet 21.2%
Software 18.3%
Semiconductors 15.1%
Computers 10.8%
Diversified Financial Services 6.7%
Pharmaceuticals 4.6%
Commercial Services 4.2%
Auto Manufacturers 3.8%
Telecommunications 3.0%
Biotechnology 2.6%
Short-Term Investments 2.2%
Insurance 1.6%
Healthcare-Services 1.4%
Electric 0.9%
Engineering & Construction 0.9%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, changes to the Fund’s investment strategies and techniques were adjusted to match the investment processes and techniques used by the Fund’s subadvisor. As a result of these changes, ESG investment risk was added as a principal risk. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R566 (05/25)
VALIC Company I
VALIC Company I
Conservative Growth Lifestyle
VGCLX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Conservative Growth Lifestyle Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Conservative Growth Lifestyle Fund* $14 0.13%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Conservative Growth Lifestyle Fund invests in a combination of affiliated funds, also known as “fund of funds.” The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.
The Fund posted a return of 7.73% for the year ended May 31, 2025, compared to 13.52% for the S&P 500® Index (a broad-based securities market index) and 8.28% for the Blended Index (the "Performance Index") comprised of 26% Russell 3000® Index; 9% MSCI EAFE Index (net); 65% Bloomberg U.S. Aggregate Bond Index. Over the period, U.S. equities outperformed international developed and emerging markets equities. Credit markets showed resilience, particularly in high yield segments.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following funds | Systematic Value Fund; Core Bond Fund; Emerging Economies Fund
TOP PERFORMANCE DETRACTORS
Allocations in the following funds  | Mid Cap Index Fund; International Equities Index Fund; Systematic Growth Fund
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Conservative Growth Lifestyle Fund 7.73% 5.68% 4.46%
S&P 500® Index 13.52% 15.94% 12.86%
26% Russell 3000® Index; 9% MSCI EAFE Index (net); 65% Bloomberg U.S. Aggregate Bond Index 8.28% 4.42% 4.85%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $280M
Total number of portfolio holdings 11
Total net advisory fee paid $0.2M
Portfolio turnover rate during the reporting period 20%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R558 (05/25)
VALIC Company I
VALIC Company I 
Core Bond
VCBDX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Core Bond Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Core Bond Fund* $49 0.48%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 5.68% for the year ending May 31, 2025, compared to a return of 5.46% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market & Performance Index). The Treasury market witnessed very high volatility over the last 12 months, driven by tariff uncertainty and markets focused on fiscal spending. The mortgage-backed securities markets also had periods of spread widening driven by rate volatility. The credit market spreads peaked to the widest levels in a year in April 2025 due to tariff announcements, but since the tariff pause announcements the credit spreads continued to grind tighter.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
J.P. Morgan Investment Management | Allocations in the following sectors: Treasuries; agency mortgage-backed securities; non-agency mortgage-backed securities. Security selection in the following sectors: corporate credit; asset-backed securities; collateralized mortgage-backed securities
PineBridge Investments, LLC  | In aggregate: position weightings; sector allocations. Allocations in the following sectors: Treasuries; industrials; financials. Security selection in the following sectors: industrials; financials; agency mortgage-backed securities
TOP PERFORMANCE DETRACTORS
J.P. Morgan Investment Management  | Allocations in the following sectors: corporate credit
PineBridge Investments, LLC  | In aggregate: yield curve positioning. Allocations in the following sectors: collateralized mortgage-backed securities; sovereign. Security selection in the following sectors: sovereign
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Core Bond Fund 5.68% (0.23)% 1.70%
Bloomberg U.S. Aggregate Bond Index 5.46% (0.90)% 1.49%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $2,707M
Total number of portfolio holdings 1,722
Total net advisory fee paid $9.9M
Portfolio turnover rate during the reporting period 44%
Graphical Representation of Holdings
The information below represents the composition of the Fund as of the end of the period.
Top Industries*
(% of net assets)
U.S. Government & Agency Obligations 53.3%
Banks 8.3%
Collateralized Mortgage Obligations 4.0%
Other Asset Backed Securities 3.8%
Electric 3.2%
Short-Term Investments 3.1%
Auto Loan Receivables 2.7%
Diversified Financial Services 1.6%
Pipelines 1.3%
Pharmaceuticals 1.2%
Oil & Gas 1.1%
Foreign Government Obligations 1.1%
Telecommunications 1.0%
Insurance 1.0%
Healthcare-Services 0.9%
Portfolio Composition
 (% of net assets)
Graphical Representation - Allocation 1 Chart
Credit Quality **
(% of total debt issues)
Graphical Representation - Allocation 2 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
** Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings.  Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R541 (05/25)
VALIC Company I 
VALIC Company I
Dividend Value
VCIGX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Dividend Value Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Dividend Value Fund* $71 0.68%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 9.75% for the year ended May 31, 2025, 13.52% for the S&P 500® Index (a broad-based securities market index) and 8.91% for the Russell 1000® Value Index (the "Performance Index"). Equities delivered positive returns in the period. A resilient U.S. economy, declining inflation, enthusiasm for AI-related stocks, a Fed pivot to cutting interest rates and expectations of a business-friendly U.S. administration helped markets make gains despite concerns later in the period over tariffs and their potential to reduce international trade, reignite inflation and slow economic growth.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
BlackRock Investment Management, LLC | Allocations in the following sectors: communication services; energy; information technology. Security selection in the following sectors: health care; consumer discretionary; industrials. Position weightings: Cardinal Health, Inc.; UnitedHealth Group, Inc.; Sony Group Corp.
ClearBridge Investments, LLC  | In aggregate: position weightings. Allocations in the following sectors: communication services; health care; consumer staples. Security selection in the following sectors: energy; information technology; materials. Position weightings: Broadcom, Inc.; Williams Cos., Inc.; Enbridge, Inc.
TOP PERFORMANCE DETRACTORS
BlackRock Investment Management, LLC  | In aggregate: sector allocations. Allocations in the following sectors: health care; cash; financials. Security selection in the following sectors: consumer staples; communication services; financials. Position weightings: Samsung Electronics Co., Ltd; BP PLC; HP, Inc.
ClearBridge Investments, LLC  | Allocations in the following sectors: financials; materials; energy. Security selection in the following sectors: consumer staples; utilities; communication services. Position weightings: Merck & Co., Inc.; Becton Dickinson & Co.; lack of position in Walmart, Inc.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Dividend Value Fund 9.75% 12.60% 8.77%
S&P 500® Index 13.52% 15.94% 12.86%
Russell 1000® Value Index 8.91% 13.02% 8.60%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $681M
Total number of portfolio holdings 133
Total net advisory fee paid $4.2M
Portfolio turnover rate during the reporting period 57%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Banks 8.9%
Pharmaceuticals 8.5%
Software 7.5%
Insurance 5.0%
Electric 4.8%
Aerospace/Defense 4.6%
Diversified Financial Services 4.4%
Oil & Gas 4.1%
Semiconductors 3.9%
Computers 3.6%
REITS 3.5%
Short-Term Investments 3.0%
Media 3.0%
Healthcare-Products 2.8%
Pipelines 2.7%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.60% of the Fund’s average daily net assets on the first $250 million, 0.57% of the Fund’s average daily net assets on the next $250 million, 0.52% of the Fund’s average daily net assets on the next $500 million and 0.47% of the Fund’s average daily net assets over $1 billion. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R822 (05/25)
VALIC Company I
VALIC Company I
Dynamic Allocation
VDAFX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Dynamic Allocation Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Dynamic Allocation Fund* $37 0.36%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund consists of two components: A fund-of-funds component representing investments in VC I Funds, and an overlay component which invests in cash, treasuries, and futures, to manage the Fund's net equity exposure.
The Fund posted a return of 8.22% for the year ended May 31, 2025, compared to a return of 13.52% S&P 500® Index (a broad-based securities market index) and 10.40% for the Blended Index (the "Performance Index") comprised of 60% S&P 500® Index; 40% Bloomberg U.S. Aggregate Bond Index. While equity markets posted positive returns during the fiscal year, this was punctuated by periods of high volatility surrounding U.S. presidential election and subsequent tariff implementation. The bond market saw positive returns as the Federal Reserve started to lower the Federal Funds Rate in the latter part of 2024.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
AllianceBernstein, L.P. | Allocations in the following strategies: equity futures contracts used to adjust exposures and manage risk of the Fund; options overlay
SunAmerica Asset Management, LLC  | Allocations in the following sectors: fixed income; international equity. Allocation to the following funds: Growth Fund; Systematic Growth Fund; Capital Appreciation Fund
TOP PERFORMANCE DETRACTORS
AllianceBernstein, L.P.  | Allocations in the following strategies: tactical equity; fixed income overlay
SunAmerica Asset Management, LLC  | Allocations in the following sectors: small-cap equity, mid-cap equity, global real estate. Allocation to the following funds: Large Capital Growth Fund; Dividend Value Fund; U.S. Socially Responsible Fund
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Dynamic Allocation Fund 8.22% 6.09% 5.81%
S&P 500® Index 13.52% 15.94% 12.86%
60% S&P 500® Index; 40% Bloomberg U.S. Aggregate Bond Index 10.40% 9.14% 8.45%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $131M
Total number of portfolio holdings 50
Total net advisory fee paid $0.3M
Portfolio turnover rate during the reporting period 20%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R582 (05/25)
VALIC Company I
VALIC Company I
Emerging Economies
VCGEX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Emerging Economies Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Emerging Economies Fund* $108 1.02%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 11.67% for the year ended May 31, 2025, compared to a return of 13.75% for the MSCI ACWI ex USA Index (net) (a broad-based securities market index) and 13.04% for the MSCI Emerging Markets Index (net) (the "Performance Index"). Emerging Market equities experienced a recovery over the past year driven by a confluence of factors. China benefited from a rebound in investor sentiment in the latter half of 2024 driven by stimulus measures aimed at stabilizing the property sector and boosting consumption. The continued AI-fueled growth of semiconductor industry earnings globally was an important tailwind for the Taiwan market. Finally, the U.S. Federal Reserve’s shift away from a hawkish tone combined with tariff policy uncertainty contributed to U.S. dollar weakness and renewed flows into emerging markets.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following sectors | energy; materials; health care
Security selection in the following sectors  | materials; financials; communication services
Position weightings  | 3SBio, Inc.; Alibaba Group Holding, Ltd.; Reliance Industries, Ltd.
Exposure to the following countries  | China; Korea; Taiwan
TOP PERFORMANCE DETRACTORS
Allocations in the following sectors  | industrials; financials; consumer discretionary
Security selection in the following sectors  | consumer staples; industrials; health care
Position weightings  | Walmart de Mexico SAB de CV; Hanwha Aerospace Co., Ltd.; Alsea SAB de CV
Exposure to the following countries   | India; Thailand; Mexico
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Emerging Economies Fund 11.67% 7.03% 3.70%
MSCI ACWI ex USA Index (net) 13.75% 10.37% 5.47%
MSCI Emerging Markets Index (net) 13.04% 7.07% 3.93%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $705M
Total number of portfolio holdings 469
Total net advisory fee paid $5.6M
Portfolio turnover rate during the reporting period 154%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Banks 16.4%
Semiconductors 15.1%
Internet 13.6%
Telecommunications 6.2%
Diversified Financial Services 4.8%
Computers 3.9%
Oil & Gas 3.4%
Auto Manufacturers 3.3%
Insurance 2.7%
Beverages 2.4%
Retail 2.3%
Mining 2.2%
Short-Term Investments 2.1%
Engineering & Construction 1.9%
Electronics 1.7%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Country
Graphical Representation - Allocation 2 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R673 (05/25)
VALIC Company I
VALIC Company I
Global Real Estate
VGREX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Global Real Estate Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Global Real Estate Fund* $94 0.90%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 9.87% for the year ended May 31, 2025, compared to a return of 13.65% for the MSCI ACWI Index (net) (a broad-based securities market index) and 10.59% for the FTSE EPRA/NAREIT Developed Index (net) (the "Performance Index"). Over the last twelve months global financial markets performed well across market sectors on the heels of slightly lower interest rates, continued economic growth, and softening monetary policy globally. The U.S. dollar moved markedly lower compared to other developed nations during the year as uncertainty over the implications and actual rate of U.S. as tariff announcements and how they may impact U.S. growth. Real estate securities moderately underperformed the broader equity markets in nations whose markets are deemed Developed by index provider FTSE.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Duff & Phelps Investment Management Company | In aggregate: position weightings. Allocations in the following industries: data centers; health care; self-storage. Security selection in the following industries: health care; retail; lodging / resorts. Position weightings: Welltower, Inc.; lack of position in Alexandria Real Estate Equities, Inc.; Goodman Group. Exposure to the following countries: Australia; United States; Sweden
Massachusetts Financial Services Company  | Allocations in the following industries: health care facilities; self-storage REITS; telecom tower REITS. Security selection in the following industries: multi-family residential REITS; single-family residential REITS; real estate development. Position weightings: Ventas, Inc; Mid-America Apartment Communities, Inc.; lack of position in Lineage, Inc. Exposure to the following countries: lack of exposure to Sweden; United States; France
TOP PERFORMANCE DETRACTORS
Duff & Phelps Investment Management Company  | Allocations in the following sectors: industrial; lodging / resorts; specialty. Security selection in the following sectors: self storage; residential; industrial. Position weightings: Rexford Industrial Realty, Inc.; Safestore Holdings PLC; Americold Realty Trust, Inc. Exposure to the following countries: lack of exposure to Switzerland; Hong Kong; lack of exposure to Israel & United Kingdom
Massachusetts Financial Services Company  | In aggregate: position weightings; sector allocations. Allocations in the following industries: timber REITS; health care REITS; integrated telecommunication services. Security selection in the following industries: self-storage REITS; retail REITS; health care REITS. Position weightings: lack of exposure to Welltower, Inc.; Rexford Industrial Realty, Inc.; Weyerhaeuser Co. Exposure to the following countries: United Kingdom; lack of exposure to Switzerland; Mexico
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Global Real Estate Fund 9.87% 3.96% 2.91%
MSCI ACWI Index (net) 13.65% 13.37% 9.25%
FTSE EPRA /NAREIT Developed Index (net) 10.59% 5.45% 2.66%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $247M
Total number of portfolio holdings 81
Total net advisory fee paid $2.5M
Portfolio turnover rate during the reporting period 54%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Diversified REITS 19.0%
Warehouse/Industrial REITS 13.3%
Apartment REITS 13.0%
Real Estate 10.6%
Health Care REITS 9.7%
Shopping Centers REITS 8.8%
Storage REITS 7.4%
Office Property REITS 4.0%
Regional Malls REITS 3.7%
Hotel REITS 2.8%
Manufactured Homes REITS 2.7%
Single Tenant REITS 1.5%
Engineering & Construction 1.0%
Short-Term Investments 0.9%
Healthcare-Services 0.6%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Country
Graphical Representation - Allocation 2 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.74% of the Fund’s average daily net assets on the first $250 million, 0.69% of the Fund’s average daily net assets on the next $250 million, and 0.64% of the Fund’s average daily net assets over $500 million. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R590 (05/25)
VALIC Company I
VALIC Company I
Global Strategy
VGLSX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Global Strategy Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Global Strategy Fund* $66 0.63%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 9.68% for the year ended May 31, 2025, compared to a return of 13.65% for the MSCI ACWI Index (net) (a broad-based securities market index) and 10.65% for the Blended Index (the "Performance Index") comprised of 60% MSCI ACWI Index (net); 40% Bloomberg Global Aggregate Index (USD hedged). Over the 12-month period, U.S. equities slightly outperformed international developed equities and outperformed emerging markets equities. Global fixed income delivered weak results in 2024, though some opportunities emerged. Longer-term bond yields rose, driven by late-year selloffs amid expectations of President-elect Trump’s fiscal policies.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Brandywine Global Investments, LLC - Global Debt portion | In aggregate: yield curve positioning. Allocations in the following sectors: U.S. corporate credit; U.S. agency MBS; emerging markets sovereign debt. Exposure to the following countries: United States; Mexico; Egypt
Franklin Advisers, Inc. - Global Equity portion  | Allocations in the following sectors: energy; health care; information technology. Security selection in the following sectors: health care; materials; financials. Position weightings: AppLovin Corp., Class A; UniCredit SpA; lack of position in UnitedHealth Group, Inc. Exposure to the following countries: United Kingdom; Italy; South Korea
TOP PERFORMANCE DETRACTORS
Brandywine Global Investments, LLC - Global Debt portion  | Allocations in the following sectors: U.S. Treasury; developed market sovereign bonds. Exposure to the following countries: China; United Kingdom; Italy
Franklin Advisers, Inc. - Global Equity portion  | Allocations in the following sectors: cash; materials; financials. Security selection in the following sectors: consumer discretionary; industrials; communication services. Position weightings: Tesla, Inc.; Broadcom, Inc.; QUALCOMM, Inc. Exposure to the following countries: United States; Taiwan; Brazil
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Global Strategy Fund 9.68% 6.82% 3.43%
MSCI ACWI Index (net) 13.65% 13.37% 9.25%
60% MSCI ACWI Index (net); 40% Bloomberg Global Aggregate Index (USD hedged) 10.65% 8.11% 6.58%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $226M
Total number of portfolio holdings 614
Total net advisory fee paid $1.0M
Portfolio turnover rate during the reporting period 54%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Short-Term Investments 8.7%
Internet 7.2%
Semiconductors 6.7%
Banks 6.7%
Software 5.9%
Diversified Financial Services 5.4%
Foreign Government Obligations 5.4%
Investment Companies 4.0%
Oil & Gas 3.7%
Collateralized Mortgage Obligations 3.1%
Computers 2.9%
Pharmaceuticals 2.8%
Electric 2.5%
Insurance 2.4%
Other Asset Backed Securities 2.3%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Country
Graphical Representation - Allocation 2 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R665 (05/25)
VALIC Company I
VALIC Company I
Government Securities
VCGSX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Government Securities Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Government Securities Fund* $66 0.64%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 4.93% for the year ended May 31, 2025, compared to a return of 5.46% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 5.05% for the Bloomberg U.S. Government Bond Index (the "Performance Index"). Over the period, the U.S. Treasury curve bull steepened. The two-year U.S. Treasury yield decreased to 3.90%, the five-year yield decreased to 3.96%, the ten-year yield decreased to 4.40%, and the thirty-year yield increased to 4.93%. Mortgaged-backed securities modestly outperformed U.S. Treasury and Agency securities.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
In aggregate | sector allocations; position weightings
Allocations in the following sectors  | agency mortgage-backed securities; cash; corporate credit
Security selection in the following sectors  | treasuries; U.S. agency debt securities
TOP PERFORMANCE DETRACTORS
In aggregate  | yield curve positioning
Allocations in the following sectors  | U.S. agency debt securities
Security selection in the following sectors  | none
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Government Securities Fund 4.93% (1.19)% 0.98%
Bloomberg U.S. Aggregate Bond Index 5.46% (0.90)% 1.49%
Bloomberg U.S. Government Bond Index 5.05% (1.76)% 1.01%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $157M
Total number of portfolio holdings 199
Total net advisory fee paid $0.6M
Portfolio turnover rate during the reporting period 13%
Graphical Representation of Holdings
The information below represents the composition of the Fund as of the end of the period.
Portfolio Composition
 (% of net assets)
Graphical Representation - Allocation 1 Chart
Credit Quality **
(% of total debt issues)
Graphical Representation - Allocation 2 Chart
** Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings.  Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.42% of the Fund’s average daily net assets on the first $250 million, 0.37% of the Fund’s average daily net assets on the next $250 million, 0.32% of the Fund’s average daily net assets on the next $500 million, and 0.27% of the Fund’s average daily net assets over $1 billion. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R301 (05/25)
VALIC Company I
VALIC Company I
Growth
VCULX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Growth Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Growth Fund* $66 0.61%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 15.84% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500® Index (a broad-based securities market index) and 17.62% for the Russell 1000® Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell® family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
BlackRock Investment Management, LLC (active) | Allocations in the following sectors: consumer staples; communication services; real estate. Security selection in the following sectors: communication services; materials; financials. Position weightings: Netflix, Inc.; Broadcom, Inc.; Merck & Co., Inc.
BlackRock Investment Management, LLC (passive) - see Material Fund Changes for the time period covered  | Allocations in the following sectors: information technology; consumer discretionary; communication services. Position weightings: NVIDIA Corp.; Microsoft Corp.; Broadcom, Inc.
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | In aggregate: sector allocations. Allocations in the following sectors: finance; technology; industrials. Security selection in the following sectors: consumer non-cyclicals; health care; finance. Position weightings: Berkshire Hathaway, Inc., Class B; Apple, Inc.; Philip Morris International, Inc.
TOP PERFORMANCE DETRACTORS
BlackRock Investment Management, LLC (active)  | In aggregate: position weightings. Allocations in the following sectors: cash; health care; utilities. Security selection in the following sectors: information technology; consumer discretionary; industrials. Position weightings: ASML Holding NV; Tesla, Inc.; Palantir Technologies, Inc., Class A
BlackRock Investment Management, LLC (passive) - see Material Fund Changes for the time period covered  | Allocations in the following sectors: health care; real estate; energy. Position weightings: Apple, Inc.; Eli Lilly & Co.; Merck & Co., Inc.
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: consumer cyclicals; business services; non-energy materials. Security selection in the following sectors: technology; energy; industrials. Position weightings: lack of position in AppLovin Corp., Class A; NVIDIA Corp.; lack of position in Spotify Technology SA
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Growth Fund 15.84% 14.44% 13.99%
S&P 500® Index 13.52% 15.94% 12.86%
Russell 1000® Growth Index 17.62% 17.69% 16.08%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $1,720M
Total number of portfolio holdings 396
Total net advisory fee paid $8.7M
Portfolio turnover rate during the reporting period 44%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Internet 25.4%
Software 20.3%
Semiconductors 19.1%
Computers 7.1%
Diversified Financial Services 4.5%
Auto Manufacturers 3.9%
Healthcare-Products 3.8%
Pharmaceuticals 3.2%
Aerospace/Defense 1.6%
Private Equity 1.5%
Building Materials 1.3%
Commercial Services 1.3%
Retail 1.1%
Distribution/Wholesale 1.1%
Media 0.9%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective April 30, 2025, BlackRock Investment Management, LLC (“BlackRock”) was appointed to replace SunAmerica Asset Management, LLC as the subadvisor to the Fund, making BlackRock the sole subadvisor to the Fund. Additionally, changes to the Fund’s investment strategies and techniques were adjusted to match the investment processes and techniques used by the BlackRock. As a result of these changes, derivatives risk was added as a principal risk. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R616 (05/25)
VALIC Company I
VALIC Company I
High Yield Bond
VHYLX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I High Yield Bond Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
High Yield Bond Fund* $71 0.68%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 8.42% for the year ended May 31, 2025, compared to a return of 5.84% for the Bloomberg U.S. Universal Index (a broad-based securities market index) and 9.58% for the FTSE US High-Yield Market Index (the "Performance Index"). Over the twelve-month period spreads widened by 7 basis points (bps) to 315 bps. Yields decreased by 46 bps to 7.72% according to the Bloomberg U.S. Corporate High Yield index
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following industries | automotive; consumer products; retailers
Security selection in the following industries  | financial institutions; energy; wireless
Position weightings  | lack of position in New Fortress Energy LLC; E.W. Scripps Co.; Canary Wharf Group
TOP PERFORMANCE DETRACTORS
Allocations in the following industries  | building materials; pharmaceuticals; energy
Security selection in the following industries  | technology; wirelines; cable and satellite
Position weightings  | Endurance International; lack of position in Commscope Holdings Co. Inc.; US LBM Holdings LLC
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
High Yield Bond Fund 8.42% 5.39% 4.47%
Bloomberg U.S. Universal Index 5.84% (0.29)% 1.84%
FTSE US High-Yield Market Index 9.58% 5.98% 4.89%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $416M
Total number of portfolio holdings 313
Total net advisory fee paid $2.3M
Portfolio turnover rate during the reporting period 57%
Graphical Representation of Holdings
The information below represents the composition of the Fund as of the end of the period.
Top Industries*
(% of net assets)
Short-Term Investments 11.3%
Media 7.4%
Retail 6.9%
Oil & Gas 6.3%
Telecommunications 5.6%
Diversified Financial Services 5.3%
Commercial Services 5.3%
Repurchase Agreements 5.0%
Software 4.8%
Entertainment 4.3%
Packaging & Containers 3.7%
Insurance 3.6%
REITS 3.6%
Computers 3.4%
Home Builders 2.9%
Portfolio Composition
 (% of net assets)
Graphical Representation - Allocation 1 Chart
Credit Quality **
(% of total debt issues)
Graphical Representation - Allocation 2 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
** Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings.  Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R533 (05/25)
VALIC Company I
VALIC Company I
Inflation Protected
VCTPX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Inflation Protected Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Inflation Protected Fund* $61 0.60%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund. 
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 3.51% for the year ended May 31, 2025, compared to a return of 5.46% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 5.67% for the Bloomberg U.S. Treasury Inflation-Protected Securities (“TIPS”) Index (the "Performance Index"). Global inflation linked bonds underperformed US TIPS during the period according to the Bloomberg Global Inflation Linked Bond index and Bloomberg US TIPS index.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following sectors | U.S. Government; high yield credit; asset backed securities
TOP PERFORMANCE DETRACTORS
Allocations in the following sectors  | developed non-US dollar; emerging market
Security selection in the following sectors  | U.S. Government
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Inflation Protected Fund 3.51% 1.81% 2.17%
Bloomberg U.S. Aggregate Bond Index 5.46% (0.90)% 1.49%
Bloomberg U.S. TIPS Index 5.67% 1.64% 2.47%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $367M
Total number of portfolio holdings 115
Total net advisory fee paid $1.8M
Portfolio turnover rate during the reporting period 18%
Graphical Representation of Holdings
The information below represents the composition of the Fund as of the end of the period.
Portfolio Composition
 (% of net assets)
Graphical Representation - Allocation 1 Chart
Credit Quality **
(% of total debt issues)
Graphical Representation - Allocation 2 Chart
** Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings.  Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R731 (05/25)
VALIC Company I
VALIC Company I
International Equities Index
VCIEX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Equities Index Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
International Equities Index Fund* $45 0.42%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund. 
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund is managed to seek to track the performance of the Index. The Subadviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the Subadviser may invest in a sampling of Index stocks by utilizing a statistical technique known as "optimization".
The Fund posted a return of 12.32% for the year ended May 31, 2025, compared to a return of 13.33% for the MSCI EAFE Index (net) (a broad-based securities market & Performance Index). Over the period, international equity markets outperformed U.S. equities, according to the MSCI® family of indices. Developed markets outside the U.S. slightly outperformed emerging markets.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.
TOP PERFORMANCE CONTRIBUTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered | Allocations in the following sectors: financials; industrials; information technology. Position weightings: ASML Holding NV; Mitsubishi UFJ Financial Group, Inc.; Rheinmetall AG. Exposure to the following countries: Japan; United Kingdom; Germany
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: financials; industrials; communication services. Position weightings: SAP SE; HSBC Holdings PLC; Sony Group Corp. Exposure to the following countries: Germany; United Kingdom; Japan
TOP PERFORMANCE DETRACTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: health care. Position weightings: Allianz SE; Sanofi SA; Alcon AG. Exposure to the following countries: New Zealand
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: health care; materials; energy. Position weightings: Novo Nordisk A/S, Class B; ASML Holding NV; LVMH Moet Hennessy Louis Vuitton SE. Exposure to the following countries: Denmark; Netherlands; Portugal
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
International Equities Index Fund 12.32% 10.98% 5.58%
MSCI EAFE Index (net) 13.33% 11.42% 5.97%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $1,707M
Total number of portfolio holdings 698
Total net advisory fee paid $4.9M
Portfolio turnover rate during the reporting period 12%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Banks 14.5%
Pharmaceuticals 7.9%
Insurance 6.2%
Food 3.5%
Aerospace/Defense 3.4%
Telecommunications 3.2%
Oil & Gas 3.2%
Short-Term Investments 3.1%
Semiconductors 3.0%
Electric 2.7%
Commercial Services 2.7%
Software 2.7%
Auto Manufacturers 2.6%
Chemicals 2.4%
Retail 2.3%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Country
Graphical Representation - Allocation 2 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund’s investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk was added as a principal risk. Additionally, effective September 28, 2024, Japan exposure risk was added as a principal risk of the Fund. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R608 (05/25)
VALIC Company I
VALIC Company I
International Government Bond
VCIFX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Government Bond Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
International Government Bond Fund* $87 0.84%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 6.04% for the year ended May 31, 2025, compared to 6.06% for the Bloomberg Global Aggregate Index (USD hedged) (a broad-based securities market index) and 6.96% for the Blended Index (the "Performance Index") comprised of 70% FTSE WGBI Index (unhedged); 30% JPMorgan EMBI Global Diversified Index. Global bonds delivered positive total returns over the past twelve months, despite volatility in global bond yields. Hard currency emerging market bonds outperformed, delivering higher carry throughout the year.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
In aggregate | yield curve positioning; foreign currency exposure
Exposure to the following countries  | Pakistan; Senegal; France
TOP PERFORMANCE DETRACTORS
In aggregate  | country allocations
Exposure to the following countries  | lack of exposure to Ukraine; United States; lack of exposure to Lebanon
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
International Government Bond Fund 6.04% (1.01)% 0.97%
Bloomberg Global Aggregate Index (USD hedged) 6.06% 0.17% 2.11%
70% FTSE WGBI Index (unhedged); 30% JPMorgan EMBI Global Diversified Index 6.96% (1.30)% 1.22%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $55M
Total number of portfolio holdings 144
Total net advisory fee paid $0.3M
Portfolio turnover rate during the reporting period 108%
Graphical Representation of Holdings
The information below represents the composition of the Fund as of the end of the period.
Top Industries*
(% of net assets)
Foreign Government Obligations 64.7%
U.S. Government & Agency Obligations 28.3%
Oil & Gas 1.1%
Electric 0.9%
Chemicals 0.8%
Investment Companies 0.5%
Telecommunications 0.5%
Commercial Services 0.4%
Distribution/Wholesale 0.4%
Country
(% of net assets)
Graphical Representation - Allocation 1 Chart
Credit Quality **
(% of total debt issues)
Graphical Representation - Allocation 2 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
** Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings.  Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.48% of the Fund’s average daily net assets on the first $250 million, 0.43% of the Fund’s average daily net assets on the next $250 million, 0.38% of the Fund’s average daily net assets on the next $500 million, and 0.33% of the Fund’s average daily net assets over $1 billion. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R707 (05/25)
VALIC Company I
VALIC Company I
International Growth
VCINX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Growth Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
International Growth Fund* $92 0.84%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 18.44% for the year ended May 31, 2025, compared to a return of 13.75% for the MSCI ACWI ex USA Index (net) (a broad-based securities market & Performance Index). International equities advanced, despite heightened volatility amid increased macroeconomic uncertainty during the 12-month period ending May 31, 2025.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
In aggregate | sector allocations; position weightings
Allocations in the following sectors  | lack of allocation in energy; lack of allocation in materials; health care
Security selection in the following sectors  | communication services; industrials; information technology
Position weightings  | Spotify Technology SA; DSV A/S; Shopify, Inc., Class A
Exposure to the following countries  | Sweden; Denmark; Canada
TOP PERFORMANCE DETRACTORS
In aggregate  | country allocations
Allocations in the following sectors  | consumer discretionary; financials; cash
Security selection in the following sectors  | financials; health care; consumer staples
Position weightings   | ASML Holding NV; LVMH Moet Hennessy Louis Vuitton SE; Evolution AB
Exposure to the following countries  | Italy; Germany; France
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
International Growth Fund 18.44% 8.35% 7.21%
MSCI ACWI ex USA Index (net) 13.75% 10.37% 5.47%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $381M
Total number of portfolio holdings 31
Total net advisory fee paid $2.6M
Portfolio turnover rate during the reporting period 17%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Internet 15.9%
Apparel 13.4%
Transportation 11.8%
Retail 8.9%
Semiconductors 8.5%
Banks 8.4%
Electrical Components & Equipment 4.7%
Healthcare-Products 4.2%
Cosmetics/Personal Care 4.1%
Machinery-Diversified 3.8%
Diversified Financial Services 3.2%
Insurance 2.7%
Media 2.4%
Private Equity 2.2%
Commercial Services 1.8%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Country
Graphical Representation - Allocation 2 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, the Fund clarified that its subadvisor, Morgan Stanley Investment Management Inc., may delegate certain of its investment advisory services to Morgan Stanley Investment Management Company, an affiliated investment adviser. Additionally, effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.69% of the Fund’s average daily net assets on the first $250 million, 0.64% of the Fund’s average daily net assets on the next $250 million, 0.59% of the Fund’s average daily net assets on the next $500 million and 0.54% of the Fund’s average daily net assets over $1 billion. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R814 (05/25)
VALIC Company I
VALIC Company I
International Opportunities
VIOPX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Opportunities Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
International Opportunities Fund* $106 1.01%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund. 
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 10.84% for the year ended May 31, 2025, compared to a return of 13.75% for the MSCI ACWI ex USA Index (net) (a broad-based securities market) and 13.90% for the MSCI ACWI ex USA SMID Cap Index (net) (the "Performance Index"). Over the period, international stocks outperformed U.S. stocks, largely due to recent trade uncertainty. International small caps underperformed international core. However, quality stocks have diverged from the broader equity markets as investors have shortened their time horizons in the face of continued trade and budget uncertainty.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Invesco Advisers, Inc. | In aggregate: country allocations. Allocations in the following sectors: energy; industrials; materials. Security selection in the following sectors: information technology; communication services; consumer discretionary. Position weightings: VZ Holding AG; Belimo Holding AG; Obic Co., Ltd. Exposure to the following countries: Japan; India; Taiwan
Wellington Management Company, LLP  | In aggregate: country allocations. Allocations in the following sectors: consumer staples; materials; industrials. Security selection in the following sectors: financials; materials; health care. Position weightings: Verona Pharma PLC ADR; BAWAG Group AG; Rakuten Bank, Ltd. Exposure to the following countries: Austria; Japan; Taiwan
TOP PERFORMANCE DETRACTORS
Invesco Advisers, Inc.  | In aggregate: position weightings. Allocations in the following sectors: financials; information technology; cash. Security selection in the following sectors: health care; industrials; financials. Position weightings: ICON PLC; Carl Zeiss Meditec AG; lack of position in Rheinmetall AG. Exposure to the following countries: Germany; Italy; United States
Wellington Management Company, LLP  | Allocations in the following sectors: cash; financials; consumer discretionary. Security selection in the following sectors: information technology; communication services; consumer discretionary. Position weightings: lack of position in Rheinmetall AG; Kyushu Electric Power Co., Inc.; JCDecaux SE. Exposure to the following countries: Germany; Israel; Australia
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
International Opportunities Fund 10.84% 5.87% 5.54%
MSCI ACWI ex USA Index (net) 13.75% 10.37% 5.47%
MSCI ACWI ex USA SMID Cap Index (net) 13.90% 9.94% 5.49%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $329M
Total number of portfolio holdings 349
Total net advisory fee paid $3.1M
Portfolio turnover rate during the reporting period 61%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Machinery-Diversified 6.2%
Retail 6.2%
Banks 5.9%
Commercial Services 4.9%
Electronics 4.3%
Internet 4.2%
Healthcare-Products 4.1%
Miscellaneous Manufacturing 3.9%
Computers 3.8%
Software 3.8%
Short-Term Investments 3.2%
Semiconductors 2.9%
Chemicals 2.8%
Diversified Financial Services 2.7%
Engineering & Construction 2.7%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Country
Graphical Representation - Allocation 2 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, Japan exposure risk was added as a principal risk of the Fund. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R525 (05/25)
VALIC Company I
VALIC Company I
International Socially Responsible
VCSOX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Socially Responsible Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
International Socially Responsible Fund* $61 0.58%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund. 
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund is an optimized portfolio which seeks to track the MSCI EAFE Index (net), while investing in socially responsive companies. The Fund's criteria do not permit investment in companies whose businesses rely significantly on alcohol, firearms, gambling, tobacco, nuclear power, production of weaponry, have poor labor/employee relations or environmental records. These criteria may create differences in Fund performance relative to that of the Benchmark.
The Fund posted a return of 11.22% for the year ended May 31, 2025, compared to a return of 13.33% for the MSCI EAFE Index (net) (a broad-based securities market & Performance Index). Over the period, international equity markets outperformed U.S. equities, according to the MSCI® family of indices. Developed markets outside the U.S. slightly outperformed emerging markets.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered | Allocations in the following sectors: consumer staples; financials; information technology. Security selection in the following sectors: consumer staples; consumer discretionary; materials. Position weightings: lack of position in Roche Holding AG; lack of position in Sanofi SA; lack of position in Nestle SA. Exposure to the following countries: France; Japan; Netherlands
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: financials; energy; consumer discretionary. Security selection in the following sectors: consumer discretionary; consumer staples; energy. Position weightings: lack of a position in LVMH Moet Hennessy Louis Vuitton SE.; lack of a position in Toyota Motor Corp.; lack of a position in TotalEnergies SE. Exposure to the following countries: France; Italy; Netherlands
TOP PERFORMANCE DETRACTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: industrials; materials; real estate. Security selection in the following sectors: financials; industrials; communication services. Position weightings: lack of position in Mitsubishi Heavy Industries, Ltd.; lack of position in Rheinmetall AG; lack of position in Banco Santander SA. Exposure to the following countries: Germany; United Kingdom; Italy
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | In aggregate: position weightings. Allocations in the following sectors: consumer staples; health care; information technology. Security selection in the following sectors: industrials; communication services; health care. Position weightings: lack of a position in HSBC Holdings PLC; lack of a position in Rheinmetall AG; lack of a position in Roche Holding AG. Exposure to the following countries: Germany; United Kingdom; Spain
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
International Socially Responsible Fund 11.22% 10.60% 7.42%
MSCI EAFE Index (net) 13.33% 11.42% 5.97%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $557M
Total number of portfolio holdings 449
Total net advisory fee paid $2.2M
Portfolio turnover rate during the reporting period 17%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Banks 12.6%
Insurance 9.4%
Pharmaceuticals 6.1%
Chemicals 3.5%
Commercial Services 3.4%
Semiconductors 3.1%
Oil & Gas 2.8%
Healthcare-Products 2.8%
Software 2.8%
Engineering & Construction 2.8%
Electric 2.7%
Auto Manufacturers 2.3%
Food 2.2%
Diversified Financial Services 2.1%
Telecommunications 2.1%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Country
Graphical Representation - Allocation 2 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund’s investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk and failure to match index performance risk were added as principal risks, and enhanced index strategy risk was removed as a principal risk. Additionally, effective April 30, 2025, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.410% of the Fund’s average daily net assets on the first $500 million, 0.385% of the Fund’s average daily net assets on the next $500 million, and 0.360% of the Fund’s average daily net assets over $1 billion. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R855 (05/25)
VALIC Company I
VALIC Company I
International Value
VCFVX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Value Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
International Value Fund* $88 0.81%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund. 
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 16.84% for the year ended May 31, 2025, compared to a return of 13.75% for the MSCI ACWI ex USA Index (net) (a broad-based securities market) and 18.72% for the MSCI EAFE Value Index (net) (the "Performance Index"). Over the period, U.S. large-cap equities slightly outperformed international large-cap equities, according to the Russell 1000® Index and MSCI EAFE Index (net). Within international, value-oriented stocks outperformed growth stocks, and mid-cap stocks outperformed large- and small-cap stocks, according to the MSCI EAFE family of indices.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Columbia Management Investments Advisers, LLC | In aggregate: position weightings; country allocations. Allocations in the following sectors: materials; real estate; health care. Security selection in the following sectors: materials; consumer discretionary; consumer staples. Position weightings: Sankyo Co., Ltd.; Piraeus Financial Holdings SA; Imperial Brands PLC. Exposure to the following countries: Japan; United States; Australia
Goldman Sachs Asset Management, LLC  | In aggregate: sector allocations; country allocations. Allocations in the following sectors: consumer discretionary; materials; consumer staples. Security selection in the following sectors: materials; utilities; consumer staples. Position weightings: DS Smith PLC; Societe Generale SA; Koninklijke Ahold Delhaize NV. Exposure to the following countries: Netherlands; Australia; Singapore
TOP PERFORMANCE DETRACTORS
Columbia Management Investments Advisers, LLC  | In aggregate: sector allocations. Allocations in the following sectors: energy; financials; cash. Security selection in the following sectors: financials; health care; industrials. Position weightings: UPM-Kymmene Oyj; Vermilion Energy, Inc.; TotalEnergies SE. Exposure to the following countries: United Kingdom; Germany; Canada
Goldman Sachs Asset Management, LLC  | In aggregate: position weightings. Allocations in the following sectors: financials; information technology; communication services. Security selection in the following sectors: health care; information technology; industrials. Position weightings: LVMH Moet Hennessy Louis Vuitton SE; Novo Nordisk A/S, Class B; Tokyo Electron, Ltd. Exposure to the following countries: France; Japan; Denmark
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
International Value Fund 16.84% 13.30% 4.64%
MSCI ACWI ex USA Index (net) 13.75% 10.37% 5.47%
MSCI EAFE Value Index (net) 18.72% 14.70% 5.54%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $397M
Total number of portfolio holdings 138
Total net advisory fee paid $2.8M
Portfolio turnover rate during the reporting period 48%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Banks 19.1%
Pharmaceuticals 7.3%
Oil & Gas 7.0%
Insurance 6.8%
Electric 6.7%
Food 5.7%
Mining 4.4%
Diversified Financial Services 4.2%
Telecommunications 3.7%
Distribution/Wholesale 3.6%
Computers 2.5%
Commercial Services 2.3%
Beverages 2.0%
Engineering & Construction 2.0%
Auto Manufacturers 2.0%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Country
Graphical Representation - Allocation 2 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R681 (05/25)
VALIC Company I
VALIC Company I
Large Capital Growth
VLCGX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Large Capital Growth Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Large Capital Growth Fund* $74 0.72%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 6.55% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500® Index (a broad-based securities market index) and 17.62% for the Russell 1000® Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell® family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following sectors | utilities; financials; industrials
Security selection in the following sectors  | financials; materials
Position weightings  | Apple, Inc.; lack of a position in Eli Lilly & Co.; Alphabet, Inc., Class A
TOP PERFORMANCE DETRACTORS
In aggregate  | position weightings
Allocations in the following sectors  | health care; consumer discretionary; consumer staples
Security selection in the following sectors  | consumer discretionary; consumer staples; industrials
Position weightings   | lack of a position in Broadcom, Inc.; lack of a position in Tesla, Inc.; ICON PLC
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Large Capital Growth Fund 6.55% 12.89% 12.75%
S&P 500® Index 13.52% 15.94% 12.86%
Russell 1000® Growth Index 17.62% 17.69% 16.08%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $587M
Total number of portfolio holdings 57
Total net advisory fee paid $3.8M
Portfolio turnover rate during the reporting period 18%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Software 18.6%
Diversified Financial Services 9.0%
Semiconductors 8.6%
Computers 8.6%
Healthcare-Products 7.6%
Electronics 6.7%
Internet 4.0%
Insurance 3.7%
Commercial Services 3.7%
Electrical Components & Equipment 3.0%
Retail 2.9%
Household Products/Wares 2.3%
Electric 2.1%
Cosmetics/Personal Care 2.1%
REITS 2.0%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.59% of the Fund’s average daily net assets on the first $750 million, and 0.54% of the Fund’s average daily net assets over $750 million. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R723 (05/25)
VALIC Company I
VALIC Company I
Mid Cap Index
VMIDX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Mid Cap Index Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Mid Cap Index Fund* $36 0.36%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund is managed to seek to track the performance of the Index. The Subadviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the Subadviser may invest in a sampling of Index stocks by utilizing a statistical technique known as "optimization".
The Fund posted a return of 1.60% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000® Index (a broad-based securities market index) and 2.17% for the S&P MidCap 400® Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell® family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.
TOP PERFORMANCE CONTRIBUTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered | Allocations in the following sectors: industrials; consumer discretionary; financials. Position weightings: Duolingo, Inc. Class A; Hims & Hers Health, Inc.; Interactive Brokers Group, Inc., Class A
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: finance; utilities; business services. Position weightings: Texas Pacific Land Corp.; Sprouts Farmers Market, Inc.; Duolingo, Inc., Class A
TOP PERFORMANCE DETRACTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: none. Position weightings: Okta, Inc.; Sarepta Therapeutics, Inc.; Fidelity National Financial, Inc.
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: consumer cyclicals; energy; industrials. Position weightings: Celsius Holdings, Inc.; e.l.f. Beauty, Inc.; Avantor, Inc.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Mid Cap Index Fund 1.60% 12.49% 8.35%
Russell 3000® Index 13.12% 15.34% 12.21%
S&P MidCap 400® Index 2.17% 12.93% 8.73%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $2,550M
Total number of portfolio holdings 404
Total net advisory fee paid $7.4M
Portfolio turnover rate during the reporting period 18%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
REITS 7.2%
Banks 6.2%
Retail 6.2%
Insurance 5.2%
Software 4.4%
Diversified Financial Services 3.8%
Commercial Services 3.7%
Computers 3.6%
Machinery-Diversified 3.4%
Electronics 3.1%
Engineering & Construction 2.9%
Food 2.9%
Oil & Gas 2.7%
Biotechnology 2.6%
Healthcare-Services 2.4%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund’s investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk was added as a principal risk. Additionally, effective September 30, 2024, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.34% of the Fund’s average daily net assets on the first $500 million, 0.24% of the Fund’s average daily net assets on the next $2.5 billion, 0.19% of the Fund’s average daily net assets on the next $2 billion, and 0.14% of the Fund’s average daily net assets over $5 billion. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R806 (05/25)
VALIC Company I
VALIC Company I
Mid Cap Strategic Growth
VMSGX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Mid Cap Strategic Growth Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Mid Cap Strategic Growth Fund* $79 0.74%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 13.34% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000® Index (a broad-based securities market index) and 23.23% for the Russell Midcap® Growth Index (the "Performance Index"). The U.S. equity market delivered positive returns for the 12-month period ended May 31, 2025. TheU.S. economy continued to grow, supported by relatively low unemployment. The equity market advance was narrow, however, with investors favoring mostly large-cap growth stocks with exposure to artificial intelligence (AI) in the second half of 2024. Moderating inflation led the Federal Reserve to cut rates three times in the second half of 2024, but policymakers signaled they would be slow to cut rates in 2025 given persistent inflation risks.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Janus Henderson Investors US LLC | In aggregate: sector allocations. Allocations in the following sectors: utilities; consumer discretionary; consumer staples. Security selection in the following sectors: consumer discretionary; materials; cash. Position weightings: lack of position in Super Micro Computer, Inc.; lack of position in Dexcom, Inc.; lack of position in Deckers Outdoor Corp.
Voya Investment Management Co. LLC  | Allocations in the following sectors: consumer discretionary; real estate; industrials. Security selection in the following sectors: information technology; financials; materials. Position weightings: lack of position in Super Micro Computer, Inc.; AppLovin Corp., Class A; Interactive Brokers Group Inc., Class A
TOP PERFORMANCE DETRACTORS
Janus Henderson Investors US LLC  | In aggregate: position weightings. Allocations in the following sectors: health care; cash; real estate. Security selection in the following sectors: information technology; industrials; health care. Position weightings: lack of position in Palantir Technologies, Inc., Class A; Teleflex, Inc.; ON Semiconductor Corp.
Voya Investment Management Co. LLC  | In aggregate: position weightings; sector allocations. Allocations in the following sectors: materials; health care; cash. Security selection in the following sectors: industrials; energy; consumer discretionary. Position weightings: lack of position in Axon Enterprise, Inc.; CACI International, Inc., Class A; lack of position in ROBLOX Corp., Class A
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Mid Cap Strategic Growth Fund 13.34% 13.15% 11.91%
Russell 3000® Index 13.12% 15.34% 12.21%
Russell Midcap® Growth Index 23.23% 12.22% 11.47%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $1,190M
Total number of portfolio holdings 145
Total net advisory fee paid $6.7M
Portfolio turnover rate during the reporting period 52%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Software 19.5%
Healthcare-Products 8.6%
Diversified Financial Services 6.0%
Retail 5.9%
Computers 4.0%
Insurance 4.0%
Commercial Services 3.8%
Internet 3.7%
Aerospace/Defense 3.6%
Semiconductors 3.4%
Electric 3.0%
Electronics 3.0%
Entertainment 2.9%
Short-Term Investments 2.2%
Pipelines 2.0%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R715 (05/25)
VALIC Company I
VALIC Company I
Mid Cap Value
VVMCX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Mid Cap Value Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Mid Cap Value Fund* $83 0.82%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 3.31% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000® Index (a broad-based securities market index) and 6.03% for the Russell Midcap® Value Index (the "Performance Index"). During the period mid cap value stocks underperformed mid cap growth stocks when measured using the Russell Midcap Value and Growth Indices. Mid cap stocks outperformed small cap stocks, but underperformed large cap stocks for the year, as measured by the Russell Midcap, Russell 2000, and Russell 1000 Indices respectively.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Boston Partners Global Investors, Inc. | Allocations in the following sectors: health care; consumer staples; information technology. Security selection in the following sectors: consumer discretionary; health care; utilities. Position weightings: Howmet Aerospace, Inc.; LPL Financial Holdings, Inc.; Check Point Software Technologies, Ltd.
Wellington Management Company, LLP  | In aggregate: sector allocations. Allocations in the following sectors: financials; cash; health care. Security selection in the following sectors: real estate; consumer staples; utilities. Position weightings: American Healthcare REIT, Inc.; US Foods Holding Corp.; Coherent Corp.
TOP PERFORMANCE DETRACTORS
Boston Partners Global Investors, Inc.  | Allocations in the following sectors: communication services; utilities; cash. Security selection in the following sectors: energy; financials; real estate. Position weightings: Weatherford International PLC; ICON PLC; Chord Energy Corp.
Wellington Management Company, LLP  | In aggregate: position weightings. Allocations in the following sectors: communication services. Security selection in the following sectors: consumer discretionary; financials; health care. Position weightings: Integra LifeSciences Holdings Corp.; Charles River Laboratories International, Inc.; Chord Energy Corp.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Mid Cap Value Fund 3.31% 13.90% 7.67%
Russell 3000® Index 13.12% 15.34% 12.21%
Russell Midcap® Value Index 6.03% 13.18% 7.74%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $594M
Total number of portfolio holdings 206
Total net advisory fee paid $5.2M
Portfolio turnover rate during the reporting period 141%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Diversified Financial Services 8.7%
REITS 7.7%
Banks 5.7%
Oil & Gas 5.5%
Insurance 4.8%
Electronics 3.9%
Computers 3.5%
Retail 3.3%
Aerospace/Defense 3.2%
Commercial Services 3.1%
Electric 2.9%
Machinery-Diversified 2.8%
Food 2.8%
Chemicals 2.7%
Internet 2.7%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R517 (05/25)
VALIC Company I
VALIC Company I  
Moderate Growth Lifestyle
VLSMX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Moderate Growth Lifestyle Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Moderate Growth Lifestyle Fund* $10 0.10%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund. 
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Moderate Growth Lifestyle Fund invests in a combination of affiliated funds, also known as “fund of funds.” The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.
The Fund posted a return of 9.14% for the year ended May 31, 2025, compared to 13.52% for the S&P 500® Index (a broad-based securities market index) and 9.87% for the Blended Index (the "Performance Index") comprised of 41% Russell 3000® Index; 14% MSCI EAFE Index (net); 45% Bloomberg U.S. Aggregate Bond Index. Over the period, U.S. equities outperformed international developed and emerging markets equities. Credit markets showed resilience, particularly in high yield segments.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following funds | Systematic Value Fund; Core Bond Fund; Emerging Economies Fund
TOP PERFORMANCE DETRACTORS
Allocations in the following funds  | Mid Cap Index Fund; International Equities Index Fund; Systematic Growth Fund
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Moderate Growth Lifestyle Fund 9.14% 8.79% 6.49%
S&P 500® Index 13.52% 15.94% 12.86%
41% Russell 3000® Index; 14% MSCI EAFE Index (net); 45% Bloomberg U.S. Aggregate Bond Index 9.87% 7.49% 6.71%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $997M
Total number of portfolio holdings 9
Total net advisory fee paid $0.7M
Portfolio turnover rate during the reporting period 21%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Portfolio Composition
Graphical Representation - Allocation 1 Chart
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R491 (05/25)
VALIC Company I  
VALIC Company I
Nasdaq-100® Index
VCNIX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Nasdaq-100® Index Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Nasdaq-100® Index Fund* $45 0.42%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund. 
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund is managed to seek to track the performance of the Index. The Subadviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the Subadviser may invest in a sampling of Index stocks by utilizing a statistical technique known as "optimization".
The Fund posted a return of 15.41% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500® Index (a broad-based securities market index) and 16.02% for the Nasdaq-100® Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell® family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.
TOP PERFORMANCE CONTRIBUTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered | Allocations in the following sectors: information technology; consumer discretionary; communication services. Position weightings: Microsoft Corp.; NVIDIA Corp.; Broadcom, Inc.
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: technology; consumer cyclicals; business services. Position weightings: Broadcom, Inc.; Tesla, Inc.; Netflix, Inc.
TOP PERFORMANCE DETRACTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: real estate. Position weightings: Apple, Inc.; Vertex Pharmaceuticals, Inc.; Regeneron Pharmaceuticals, Inc.
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: healthcare; energy; industrials. Position weightings: Advanced Micro Devices, Inc.; QUALCOMM, Inc.; Intel Corp.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Nasdaq-100® Index Fund 15.41% 17.75% 17.33%
S&P 500® Index 13.52% 15.94% 12.86%
Nasdaq-100® Index 16.02% 18.37% 17.96%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $1,018M
Total number of portfolio holdings 105
Total net advisory fee paid $3.0M
Portfolio turnover rate during the reporting period 10%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Internet 22.1%
Semiconductors 21.6%
Software 17.6%
Computers 9.3%
Retail 4.4%
Auto Manufacturers 3.5%
Telecommunications 3.3%
Biotechnology 3.0%
Commercial Services 2.1%
Beverages 2.0%
Healthcare-Products 1.7%
Electric 1.5%
Chemicals 1.4%
Media 1.3%
Electronics 0.9%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund’s investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R871 (05/25)
VALIC Company I
VALIC Company I
Science & Technology
VCSTX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Science & Technology Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Science & Technology Fund* $97 0.90%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 16.20% for the year ended May 31, 2025, compared to 13.52% for the S&P 500® Index (a broad-based securities market index) and 16.50% for the S&P North American Technology Sector Index (the "Performance Index"). Over the annual period, global equity markets have provided strong results across broad indices. Technology stocks were higher thanks to favorable underlying fundamentals and earnings growth.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
BlackRock Investment Management, LLC | In aggregate: position weightings. Allocations in the following industries: entertainment; automobiles; financial services. Security selection in the following industries: semiconductors & semiconductor equipment; entertainment; technology hardware, storage & peripherals. Position weightings: Spotify Technology SA; Alphabet, Inc., Class A; QUALCOMM, Inc.
Voya Investment Management Co. LLC  | In aggregate: position weightings. Allocations in the following industries: entertainment; capital markets; technology hardware storage & peripherals. Security selection in the following industries: software; entertainment; semiconductors & semiconductor equipment. Position weightings: Palantir Technologies, Inc., Class A; Cloudflare, Inc., Class A; Netflix, Inc.
Wellington Management Company, LLP - see Material Fund Changes for the time period covered  | Allocations in the following industries: semiconductors & semiconductor equipment; professional services; ground transportation. Security selection in the following industries: electronic equipment, instruments & components; technology hardware, storage & peripherals; semiconductors & semiconductor equipment. Position weightings: lack of position in QUALCOMM, Inc.; lack of position in Intel Corp.; Chroma ATE, Inc.
TOP PERFORMANCE DETRACTORS
BlackRock Investment Management, LLC  | In aggregate: industry allocations. Allocations in the following industries: IT services; semiconductors & semiconductor equipment; electrical equipment. Security selection in the following industries: software; IT services; communications equipment. Position weightings: lack of a position in Palantir Technologies, Inc., Class A; ASML Holding NV; Meta Platforms, Inc., Class A
Voya Investment Management Co. LLC  | Allocations in the following industries: IT services; communication equipment; broadline retail. Security selection in the following industries: interactive media & services; technology hardware storage & peripherals; communication equipment. Position weightings: Alphabet, Inc., Class C; KraneShares CSI China Internet ETF; MicroStrategy, Inc., Class A
Wellington Management Company, LLP - see Material Fund Changes for the time period covered  | Allocations in the following industries: technology hardware, storage & peripherals; IT services; electronic equipment, instruments & components. Security selection in the following industries: software; IT services . Position weightings: Broadcom, Inc.; Apple, Inc.; lack of position in Oracle Corp.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Science & Technology Fund 16.20% 15.03% 16.65%
S&P 500® Index 13.52% 15.94% 12.86%
S&P North American Technology Sector Index 16.50% 18.91% 19.97%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $2,778M
Total number of portfolio holdings 103
Total net advisory fee paid $22.6M
Portfolio turnover rate during the reporting period 67%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Software 30.6%
Semiconductors 26.6%
Internet 18.5%
Computers 12.9%
Unaffiliated Investment Companies 1.9%
Commercial Services 1.8%
Diversified Financial Services 1.8%
Telecommunications 1.3%
Short-Term Investments 1.3%
Electronics 1.2%
Media 0.8%
Auto Manufacturers 0.7%
Machinery-Construction & Mining 0.7%
Toys/Games/Hobbies 0.4%
Automotive - Cars & Lt. Trucks 0.1%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, BlackRock Investment Management, LLC and Voya Investment Management Co. LLC replaced Wellington Management Company LLP as subadvisers to the Fund. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R749 (05/25)
VALIC Company I
VALIC Company I
Small Cap Growth
VVSGX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Small Cap Growth Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Small Cap Growth Fund* $90 0.89%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 2.41% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000® Index (a broad-based securities market index) and 3.45% for the Russell 2000® Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed small-cap equities. Growth stocks outperformed value in all market cap ranges.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
American Century Investment Management, Inc. - see Material Fund Changes for the time period covered | In aggregate: position weightings. Allocations in the following sectors: energy; cash; utilities. Security selection in the following sectors: health care; consumer discretionary; financials. Position weightings: Stride, Inc.; Alphatec Holdings, Inc.; Inari Medical, Inc.
J.P. Morgan Investment Management, Inc. - see Material Fund Changes for the time period covered  | Allocations in the following sectors: materials; consumer discretionary; utilities. Security selection in the following sectors: energy; financials; materials. Position weightings: AAON, Inc.; Vaxcyte, Inc.; Life Time Group Holdings, Inc.
TOP PERFORMANCE DETRACTORS
American Century Investment Management, Inc. - see Material Fund Changes for the time period covered  | Allocations in the following sectors: real estate; consumer staples; information technology. Security selection in the following sectors: energy; information technology; real estate. Position weightings: Kosmos Energy, Ltd.; lack of position in Hims & Hers Health, Inc.; Neogen Corp.
J.P. Morgan Investment Management, Inc. - see Material Fund Changes for the time period covered  | In aggregate: position weightings. Allocations in the following sectors: financials; industrials; communication services. Security selection in the following sectors: health care; information technology; industrials. Position weightings: Allegro MicroSystems, Inc.; Six Flags Entertainment Corp.; e.l.f. Beauty, Inc.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Small Cap Growth Fund 2.41% 3.97% 8.86%
Russell 3000® Index 13.12% 15.34% 12.21%
Russell 2000® Growth Index 3.45% 7.00% 6.67%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $538M
Total number of portfolio holdings 156
Total net advisory fee paid $4.0M
Portfolio turnover rate during the reporting period 163%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Software 8.7%
Biotechnology 8.4%
Commercial Services 6.6%
Retail 5.8%
Healthcare-Services 5.4%
Healthcare-Products 5.0%
Building Materials 4.6%
Insurance 4.3%
Semiconductors 4.0%
Short-Term Investments 3.4%
Environmental Control 3.0%
Leisure Time 3.0%
Iron/Steel 2.8%
Pharmaceuticals 2.7%
Internet 2.3%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, American Century Investment Management, Inc. (“ACIM”) was appointed as a subadviser to the Fund, replacing an existing subadvisor, J.P. Morgan Investment Management Inc. Additionally, changes to the Fund’s investment strategies and techniques were adjusted to match the investment processes and techniques used by ACIM. Additionally, effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.80% of the Fund’s average daily net assets on the first $100 million, and 0.75% of the Fund’s average daily net assets over $100 million. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R467 (05/25)
VALIC Company I
VALIC Company I
Small Cap Index
VCSLX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Small Cap Index Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Small Cap Index Fund* $38 0.38%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund is managed to seek to track the performance of the Index. The Subadviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the Subadviser may invest in a sampling of Index stocks by utilizing a statistical technique known as "optimization".
The Fund posted a return of 0.73% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000® Index (a broad-based securities market index) and 1.19% for the Russell 2000® Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell® family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.
TOP PERFORMANCE CONTRIBUTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered | Allocations in the following sectors: industrials, information technology; consumer discretionary. Position weightings: Hims & Hers Health, Inc.; FTAI Aviation, Ltd.; IonQ, Inc.
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: finance; consumer non-cyclicals; utilities. Position weightings: Sprouts Farmers Market, Inc.; Rocket Lab USA, Inc.; Carpenter Technology Corp.
TOP PERFORMANCE DETRACTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: health care; utilities. Position weightings: Lantheus Holdings, Inc.; TG Therapeutics, Inc.; Lyell Immunopharma, Inc.
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: energy; consumer cyclicals; healthcare. Position weightings: Abercrombie & Fitch Co., Class A; Vaxcyte, Inc.; Tidewater, Inc.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Small Cap Index Fund 0.73% 9.22% 6.32%
Russell 3000® Index 13.12% 15.34% 12.21%
Russell 2000® Index 1.19% 9.64% 6.64%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $1,055M
Total number of portfolio holdings 1,888
Total net advisory fee paid $2.6M
Portfolio turnover rate during the reporting period 28%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Banks 8.7%
Biotechnology 7.0%
REITS 6.2%
Short-Term Investments 5.9%
Software 5.4%
Commercial Services 4.7%
Retail 3.7%
Diversified Financial Services 3.1%
Healthcare-Products 2.9%
Electronics 2.7%
Insurance 2.5%
Pharmaceuticals 2.5%
Computers 2.3%
Aerospace/Defense 2.3%
Engineering & Construction 2.2%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund’s investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk was added as a principal risk. Additionally, effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.29% of the Fund’s average daily net assets on the first $500 million, 0.19% of the Fund’s average daily net assets on the next $2.5 billion, 0.14% of the Fund’s average daily net assets on the next $2 billion, and 0.09% of the Fund’s average daily net assets over $5 billion. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R863 (05/25)
VALIC Company I
VALIC Company I
Small Cap Special Values
VSSVX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Small Cap Special Values Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Small Cap Special Values Fund* $87 0.90%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of -7.66% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000® Index (a broad-based securities market index) and -1.14% for the Russell 2000® Value Index (the "Performance Index"). Over the period, U.S. large- and mid-cap equities outperformed small-cap equities, according to the Russell® family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
In aggregate | sector allocations
Allocations in the following sectors  | consumer staples; energy; health care
Security selection in the following sectors  | health care; utilities; real estate
Position weightings  | Mueller Industries, Inc.; UMB Financial Corp.; Hanover Insurance Group, Inc.
TOP PERFORMANCE DETRACTORS
In aggregate  | position weightings
Allocations in the following sectors  | financials; utilities; real estate
Security selection in the following sectors  | consumer staples; materials; consumer discretionary
Position weightings   | Innospec, Inc.; Compass Diversified Holdings; J&J Snack Foods Corp.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Small Cap Special Values Fund (7.66)% 11.31% 6.92%
Russell 3000® Index 13.12% 15.34% 12.21%
Russell 2000® Value Index (1.14)% 12.03% 6.22%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $173M
Total number of portfolio holdings 121
Total net advisory fee paid $1.5M
Portfolio turnover rate during the reporting period 21%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Banks 11.4%
Chemicals 9.3%
Building Materials 5.9%
Insurance 5.6%
Metal Fabricate/Hardware 5.3%
Food 5.2%
Commercial Services 4.9%
Packaging & Containers 4.7%
Household Products/Wares 4.0%
REITS 3.9%
Oil & Gas 3.5%
Machinery-Diversified 3.5%
Hand/Machine Tools 3.2%
Cosmetics/Personal Care 2.8%
Computers 2.7%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R632 (05/25)
VALIC Company I
VALIC Company I
Small Cap Value
VVSCX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Small Cap Value Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Small Cap Value Fund* $83 0.84%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of -2.78% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000® Index (a broad-based securities market index) and -1.14% for the Russell 2000® Value Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed small-cap equities. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following sectors | health care; energy; materials
Security selection in the following sectors  | financials; consumer discretionary; real estate
Position weightings  | Rigetti Computing, Inc.; Pediatrix Medical Group, Inc.; Mueller Industries, Inc.
TOP PERFORMANCE DETRACTORS
Allocations in the following sectors  | utilities; communication services; consumer staples
Security selection in the following sectors  | communication services; materials; energy
Position weightings  | Liberty Latin America, Ltd, Class A.; Lumen Technologies, Inc.; Tenaya Therapeutics, Inc.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Small Cap Value Fund (2.78)% 12.63% 5.49%
Russell 3000® Index 13.12% 15.34% 12.21%
Russell 2000® Value Index (1.14)% 12.03% 6.22%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $245M
Total number of portfolio holdings 419
Total net advisory fee paid $2.3M
Portfolio turnover rate during the reporting period 80%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Banks 18.7%
REITS 11.8%
Commercial Services 5.2%
Diversified Financial Services 4.1%
Insurance 3.4%
Retail 3.4%
Biotechnology 3.1%
Electric 3.0%
Oil & Gas 2.9%
Electronics 2.6%
Telecommunications 2.2%
Transportation 2.1%
Gas 2.1%
Distribution/Wholesale 2.1%
Home Builders 2.0%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R483 (05/25)
VALIC Company I
VALIC Company I
Stock Index
VSTIX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Stock Index Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Stock Index Fund* $25 0.23%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund is managed to seek to track the performance of the Index. The Subadviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the Subadviser may invest in a sampling of Index stocks by utilizing a statistical technique known as "optimization".
The Fund posted a return of 13.17% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500® Index (a broad-based securities market & Performance Index). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell® family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.
TOP PERFORMANCE CONTRIBUTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered | Allocations in the following sectors: information technology; consumer discretionary; communication services. Position weightings: NVIDIA Corp.; Microsoft Corp.; Broadcom, Inc.
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: finance; technology; consumer non-cyclicals. Position weightings: Tesla, Inc.; Broadcom, Inc.; Apple, Inc.
TOP PERFORMANCE DETRACTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: health care. Position weightings: Apple, Inc.; Eli Lilly & Co.; UnitedHealth Group, Inc.
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: energy; healthcare; non-energy materials. Position weightings: Advanced Micro Devices, Inc.; Merck & Co., Inc.; Microsoft Corp.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Stock Index Fund 13.17% 15.59% 12.50%
S&P 500® Index 13.52% 15.94% 12.86%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $6,430M
Total number of portfolio holdings 508
Total net advisory fee paid $9.0M
Portfolio turnover rate during the reporting period 3%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Internet 12.9%
Semiconductors 11.4%
Software 11.2%
Computers 7.8%
Retail 4.8%
Banks 4.4%
Diversified Financial Services 4.4%
Pharmaceuticals 4.3%
Insurance 4.1%
Healthcare-Products 2.9%
Oil & Gas 2.4%
Electric 2.3%
Auto Manufacturers 2.3%
Aerospace/Defense 2.1%
REITS 2.0%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund’s investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk was added as a principal risk. Additionally, effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.265% of the Fund’s average daily net assets on the first $500 million, 0.165% of the Fund’s average daily net assets on the next $2.5 billion, 0.115% of the Fund’s average daily net assets on the next $2 billion, and 0.065% of the Fund’s average daily net assets over $5 billion. Finally, effective September 30, 2024, the expense limitation agreement that limited expenses of the Fund to 0.26% of average daily net assets was terminated. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R848 (05/25)
VALIC Company I
VALIC Company I
Systematic Core
VCGAX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Systematic Core Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Systematic Core Fund* $68 0.64%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund. 
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 11.71% for the year ended May 31, 2025, compared to a return of 13.73% for the Russell 1000® Index (a broad-based securities market & Performance Index). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities significantly, according to the Russell® family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following sectors | energy; health care; materials
Security selection in the following sectors  | utilities; health care; energy
Position weightings  | AppLovin Corp., Class A; Advanced Micro Devices, Inc.; Twilio, Inc., Class A
TOP PERFORMANCE DETRACTORS
In aggregate  | position weightings
Allocations in the following sectors  | cash; communication service; information technology
Security selection in the following sectors  | consumer discretionary; industrials; communication services
Position weightings   | Tesla, Inc.; Palantir Technologies, Inc., Class A; Netflix, Inc.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Systematic Core Fund 11.71% 14.80% 12.00%
Russell 1000® Index 13.73% 15.66% 12.58%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $694M
Total number of portfolio holdings 792
Total net advisory fee paid $3.2M
Portfolio turnover rate during the reporting period 36%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Software 11.1%
Internet 10.8%
Semiconductors 8.7%
Computers 7.6%
Retail 5.9%
Insurance 5.1%
Diversified Financial Services 4.6%
Pharmaceuticals 3.9%
Banks 3.3%
Unaffiliated Investment Companies 2.8%
REITS 2.2%
Commercial Services 2.1%
Healthcare-Products 2.0%
Electric 1.9%
Media 1.8%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
There were no material fund changes during the period.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R509 (05/25)
VALIC Company I
VALIC Company I
Systematic Growth
VCBCX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Systematic Growth Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Systematic Growth Fund* $69 0.64%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 15.29% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500® Index (a broad-based securities market index) and 17.62% for the Russell 1000® Growth Index (the "Performance Index"). U.S. growth stocks, as measured by the Russell 1000® Growth Index, rose during the 1-year period. Against this backdrop, factor behavior was mixed, as investors reacted to ever evolving uncertainties. During the period, growth stocks with positive fundamental trend outperformed, while higher quality growth and attractively priced growth stocks generally underperformed.
The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Goldman Sachs Asset Management, LLC | Allocations in the following sectors: health care; utilities; financials. Security selection in the following sectors: consumer staples; utilities. Position weightings: Advanced Micro Devices, Inc.; AppLovin Corp., Class A; Twilio, Inc., Class A
Wellington Management Company, LLP  | Allocations in the following sectors: financials; consumer staples; communication services. Security selection in the following sectors: information technology; industrials; financials. Position weightings: Comfort Systems USA, Inc.; Broadcom, Inc.; lack of position QUALCOMM, Inc.
TOP PERFORMANCE DETRACTORS
Goldman Sachs Asset Management, LLC  | In aggregate: position weightings. Allocations in the following sectors: industrials; cash; communication services. Security selection in the following sectors: consumer discretionary; communication services; information technology. Position weightings: Tesla, Inc.; Palantir Technologies, Inc., Class A; Broadcom, Inc.
Wellington Management Company, LLP  | Allocations in the following sectors: health care; cash; consumer discretionary. Security selection in the following sectors: consumer discretionary; health care; consumer staples. Position weightings: Merck & Co., Inc.; Palantir Technologies, Inc., Class A; Tesla, Inc.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Systematic Growth Fund 15.29% 11.59% 13.26%
S&P 500® Index 13.52% 15.94% 12.86%
Russell 1000® Growth Index 17.62% 17.69% 16.08%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $986M
Total number of portfolio holdings 299
Total net advisory fee paid $5.4M
Portfolio turnover rate during the reporting period 46%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Internet 21.6%
Software 18.7%
Semiconductors 16.3%
Computers 10.6%
Diversified Financial Services 5.5%
Retail 4.4%
Pharmaceuticals 3.9%
Auto Manufacturers 2.7%
Commercial Services 2.5%
Insurance 1.8%
Engineering & Construction 1.1%
Unaffiliated Investment Companies 1.0%
Healthcare-Products 1.0%
Electronics 0.9%
Biotechnology 0.9%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, active trading risk was added as a principal risk of the Fund. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R764 (05/25)
VALIC Company I
VALIC Company I
Systematic Value
VBCVX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Systematic Value Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Systematic Value Fund* $64 0.60%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund posted a return of 12.47% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500® Index (a broad-based securities market index) and 8.91% for the Russell 1000® Value Index (the "Performance Index"). U.S. value stocks, as measured by the Russell 1000® Value Index, rose during the 1-year period ending May 31, 2025. Against this backdrop, factor behavior was mixed, as investors reacted to ever evolving uncertainties. During the period, higher quality value stocks generally outperformed, while deeper value stocks generally underperformed. Value stocks with positive fundamental trend showed mixed performance
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
In aggregate | position weightings
Allocations in the following sectors  | energy; financials; consumer staples
Security selection in the following sectors  | health care; utilities; financials
Position weightings  | Exelixis, Inc.; Amphenol Corp., Class A.; National Fuel Gas Co.
TOP PERFORMANCE DETRACTORS
Allocations in the following sectors  | health care; utilities; communication services
Security selection in the following sectors  | communication services; energy; consumer discretionary
Position weightings  | lack of position in GE Vernova, Inc.; PepsiCo, Inc.; lack of position in AT&T, Inc.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
Systematic Value Fund 12.47% 13.48% 8.35%
S&P 500® Index 13.52% 15.94% 12.86%
Russell 1000® Value Index 8.91% 13.02% 8.60%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $457M
Total number of portfolio holdings 146
Total net advisory fee paid $2.2M
Portfolio turnover rate during the reporting period 55%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Insurance 9.9%
Banks 8.0%
Diversified Financial Services 6.5%
Computers 6.2%
REITS 5.4%
Biotechnology 5.2%
Pharmaceuticals 4.4%
Media 4.2%
Healthcare-Products 4.1%
Aerospace/Defense 4.1%
Oil & Gas 4.0%
Retail 3.7%
Electronics 2.9%
Electrical Components & Equipment 2.8%
Agriculture 2.0%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective September 30, 2024, warrants and rights risk replaced warrants risk as a principal risk, and factor-based investing risk was added as a principal risk of the Fund. Additionally, effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.56% of the Fund’s average daily net assets on the first $250 million, 0.51% of the Fund’s average daily net assets on the next $250 million, 0.46% of the Fund’s average daily net assets on the next $500 million, and 0.41% of the Fund’s average daily net assets over $1 billion. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R699 (05/25)
VALIC Company I
VALIC Company I
U.S. Socially Responsible
VSRDX
ANNUAL SHAREHOLDER REPORT | May 31, 2025
This annual shareholder report contains important information about the VALIC Company I U.S. Socially Responsible Fund (the “Fund”) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
U.S. Socially Responsible Fund* $39 0.37%
*
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 annuity contracts and variable life insurance policies (“Variable Contracts”) that invest in the Fund.
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund is an optimized portfolio which seeks to track the S&P 500® Index while investing in socially responsive companies. The Fund's criteria do not permit investment in companies whose businesses rely significantly on alcohol, firearms, gambling, tobacco, nuclear power, or production of weaponry. Furthermore, companies deemed to have poor labor/employee relations or environmental records are also screened out of the investable universe. These criteria may create differences in Fund performance relative to the Benchmark.
The Fund posted a return of 11.18% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500® Index (a broad-based securities market & Performance Index). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell® family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.
The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered | Allocations in the following sectors: health care; information technology; consumer staples . Security selection in the following sectors: information technology; health care; financials. Position weightings: lack of position in Apple, Inc.; lack of position in Eli Lilly & Co.; lack of position in UnitedHealth Group, Inc.
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: business services; healthcare; finance. Security selection in the following sectors: finance; utilities; non-energy materials. Position weightings: Netflix, Inc.; Visa, Inc., Class A; lack of a position in Merck & Co., Inc.
TOP PERFORMANCE DETRACTORS
BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: communication services; real estate; financials. Security selection in the following sectors: consumer discretionary; utilities; communication services. Position weightings: lack of position in Microsoft Corp.; lack of position in Meta Platforms, Inc., Class A; lack of position in Tesla, Inc.
SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered  | Allocations in the following sectors: consumer non-cyclicals; technology; non-energy materials. Security selection in the following sectors: technology; consumer non-cyclicals; healthcare. Position weightings: lack of a position in Tesla, Inc.; HP, Inc.; NetApp, Inc.
Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Year 10 Year
U.S. Socially Responsible Fund 11.18% 14.20% 11.69%
S&P 500® Index 13.52% 15.94% 12.86%
The Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.
Key Fund Statistics
The following table outlines key fund statistics.
Net assets $560M
Total number of portfolio holdings 185
Total net advisory fee paid $1.6M
Portfolio turnover rate during the reporting period 26%
Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.
Top Industries*
Semiconductors 15.4%
Software 11.3%
Diversified Financial Services 9.6%
Computers 7.5%
Internet 6.5%
Retail 5.0%
Commercial Services 4.3%
REITS 3.7%
Healthcare-Products 3.6%
Telecommunications 3.2%
Electric 3.0%
Insurance 2.9%
Chemicals 2.4%
Media 2.2%
Pipelines 1.7%
Portfolio Composition
Graphical Representation - Allocation 1 Chart
*   Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period.  Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund’s investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk and failure to match index performance risk were added as principal risks, and enhanced index strategy risk was removed as a principal risk. Additionally, effective April 30, 2025, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.23% of the Fund’s average daily net assets on the first $1 billion and 0.22% of the Fund’s average daily net assets over $1 billion. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.
QR Code_VALIC (new)
For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.
91915R475 (05/25)
VALIC Company I

(b) Not applicable.


Item 2. Code of Ethics.

VALIC Company I (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). There were no material amendments to the Code during the fiscal year ended May 31, 2025.  During the fiscal year ended May 31, 2025, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Financial Officers (the “Covered Officers”).


Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Thomas J. Brown, the Chairman of the registrant’s Audit Committee, and Eileen A. Kamerick, each qualify as an audit committee financial expert, as defined in Item 3(b) of Form N-CSR. Mr. Brown and Ms. Kamerick are considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.


Item 4. Principal Accountant Fees and Services.

(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

  2025 2024
(a) Audit Fees $1,176,935 $1,176,935
(b) Audit-Related Fees $0 $0
(c) Tax Fees $0 $0
(d) All Other Fees $0 $0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

  2025 2024
(b) Audit-Related Fees $0 $0
(c) Tax Fees $0 $0
(d) All Other Fees $490,000 $476,000

All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE18 report.

(e) (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the registrant, its investment adviser and any entities controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provide ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the preapproval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter .

(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provide ongoing services to the registrant for 2025 and 2024 were $593,488 and $796,000 respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provide ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not Applicable.


Item 5. Audit Committee of Listed Registrants.

Not applicable.


Item 6. Investments.

(a) Included in Item 7 to the Form.

(b) Not applicable.


Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.


VALIC Company I
Annual Financial Statements and Other Information
May 31, 2025
VALIC Company I
Annual Financial Statements and Other Information May 31, 2025
TABLE OF CONTENTS
Portfolio of Investments:  
3
4
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17
18
41
44
46
53
55
67
71
78
85
90
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105
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118
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Table of Contents
VALIC Company I Aggressive Growth Lifestyle Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
AFFILIATED INVESTMENT COMPANIES#(1) — 99.1%
Domestic Equity Investment Companies — 56.5%
VALIC Company I Small Cap Growth Fund    1,130,094 $ 17,765,084
VALIC Company I Small Cap Value Fund    1,466,358  16,041,958
VALIC Company I Stock Index Fund    4,065,238 237,328,605
VALIC Company I Systematic Growth Fund    3,735,885  67,731,592
VALIC Company I Systematic Value Fund    4,351,224  64,354,597
Total Domestic Equity Investment Companies
(cost $343,390,940) 		    403,221,836
Domestic Fixed Income Investment Companies — 22.6%
VALIC Company I Core Bond Fund   15,886,376 153,621,251
VALIC Company I High Yield Bond Fund    1,038,871   7,220,156
Total Domestic Fixed Income Investment Companies
(cost $160,942,808) 		    160,841,407
International Equity Investment Companies — 20.0%
VALIC Company I International Equities Index Fund
(cost $112,183,022) 		  15,791,212 142,594,644
Total Long-Term Investment Securities
(cost $616,516,770) 		    706,657,887
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS — 0.7%
Unaffiliated Investment Companies — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(2)
(cost $4,641,625) 		   4,641,625   $  4,641,625
TOTAL INVESTMENTS
(cost $621,158,395)(3) 		  99.8%   711,299,512
Other assets less liabilities   0.2   1,645,722
NET ASSETS   100.0%   $712,945,234
# The VALIC Company I Aggressive Growth Lifestyle 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.corebridgefinancial.com/rs.
(1) See Note 8.
(2) The rate shown is the 7-day yield as of May 31, 2025.
(3) See Note 4 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 May 31, 2025 (see Note 2):
  Level 1 - Unadjusted
Quoted Prices 		  Level 2 - Other
Observable Inputs 		  Level 3 - Significant
Unobservable Inputs 		  Total
ASSETS:              
Investments at Value:*              
Affiliated Investment Companies $706,657,887   $—   $—   $706,657,887
Short-Term Investments 4,641,625   —   —   4,641,625
Total Investments at Value $711,299,512   $—   $—   $711,299,512
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
3
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 60.0%
Aerospace/Defense — 1.9%
Howmet Aerospace, Inc.       7,613 $  1,293,373
Northrop Grumman Corp.       3,033   1,470,307
      2,763,680
Auto Manufacturers — 0.7%
Tesla, Inc.†       2,983   1,033,490
Banks — 3.3%
Morgan Stanley       8,919   1,141,900
US Bancorp      15,456     673,727
Wells Fargo & Co.      39,678   2,967,121
      4,782,748
Biotechnology — 1.0%
Regeneron Pharmaceuticals, Inc.       1,412     692,275
Vertex Pharmaceuticals, Inc.†       1,588     701,976
      1,394,251
Building Materials — 2.7%
Carrier Global Corp.      14,364   1,022,717
Trane Technologies PLC       2,645   1,138,064
Vulcan Materials Co.       6,543   1,734,353
      3,895,134
Commercial Services — 0.4%
United Rentals, Inc.         844     597,873
Computers — 3.6%
Apple, Inc.      26,232   5,268,697
Diversified Financial Services — 4.4%
American Express Co.       7,218   2,122,453
Ameriprise Financial, Inc.       3,158   1,608,180
Mastercard, Inc., Class A       4,439   2,599,478
      6,330,111
Electric — 2.7%
Entergy Corp.       5,856     487,688
NextEra Energy, Inc.      17,099   1,207,873
PG&E Corp.      67,103   1,132,699
Southern Co.      12,580   1,132,200
      3,960,460
Electrical Components & Equipment — 1.3%
Eaton Corp. PLC       6,032   1,931,446
Food — 0.7%
Mondelez International, Inc., Class A      14,039     947,492
Healthcare-Products — 2.4%
Edwards Lifesciences Corp.†      10,464     818,494
Medtronic PLC      12,387   1,027,873
Stryker Corp.       4,085   1,563,085
      3,409,452
Insurance — 2.0%
Arthur J. Gallagher & Co.       5,340   1,855,330
Travelers Cos., Inc.       3,560     981,492
      2,836,822
Internet — 6.8%
Alphabet, Inc., Class A      12,154   2,087,328
Amazon.com, Inc.†      20,277   4,156,988
Meta Platforms, Inc., Class A       5,636   3,649,253
      9,893,569
Security Description   Shares or
Principal
Amount 		Value
Lodging — 0.7%
Marriott International, Inc., Class A       3,907 $  1,030,784
Machinery-Diversified — 0.8%
Deere & Co.       2,192   1,109,722
Media — 0.7%
Walt Disney Co.       8,937   1,010,239
Oil & Gas — 1.1%
Exxon Mobil Corp.      15,503   1,585,957
Oil & Gas Services — 1.4%
Baker Hughes Co.      55,749   2,065,500
Pharmaceuticals — 1.5%
AbbVie, Inc.       7,962   1,481,808
Eli Lilly & Co.       1,024     755,374
      2,237,182
REITS — 0.4%
Prologis, Inc.       5,284     573,842
Retail — 4.5%
Chipotle Mexican Grill, Inc.†      19,513     977,211
Lowe's Cos., Inc.       8,496   1,917,802
McDonald's Corp.       5,437   1,706,402
Walmart, Inc.      19,676   1,942,415
      6,543,830
Semiconductors — 7.3%
ASML Holding NV         466     343,335
Broadcom, Inc.      11,474   2,777,511
Micron Technology, Inc.       4,257     402,116
NVIDIA Corp.      39,603   5,351,554
NXP Semiconductors NV       9,107   1,740,621
      10,615,137
Software — 7.1%
Intuit, Inc.       1,582   1,191,989
Microsoft Corp.      16,908   7,783,767
Oracle Corp.       8,232   1,362,643
      10,338,399
Transportation — 0.6%
CSX Corp.      28,765     908,686
Total Common Stocks
(cost $70,454,325) 		    87,064,503
CORPORATE BONDS & NOTES — 10.8%
Aerospace/Defense — 0.3%
Boeing Co.      
2.20%, 02/04/2026   $    5,000       4,912
2.70%, 02/01/2027     270,000     261,462
3.45%, 11/01/2028      19,000      18,168
6.53%, 05/01/2034      25,000      26,684
L3Harris Technologies, Inc.      
5.25%, 06/01/2031      40,000      40,806
5.40%, 07/31/2033      28,000      28,376
Northrop Grumman Corp.      
3.85%, 04/15/2045      68,000      52,529
RTX Corp.      
5.15%, 02/27/2033      23,000      23,157
      456,094
Agriculture — 0.1%
Altria Group, Inc.      
2.45%, 02/04/2032      50,000       42,433
 
4  
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Agriculture (continued)
BAT Capital Corp.      
4.39%, 08/15/2037   $   20,000 $     17,594
Bunge, Ltd. Finance Corp.      
2.75%, 05/14/2031      26,000      23,289
4.65%, 09/17/2034      32,000      30,774
JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL      
5.95%, 04/20/2035*      15,000      15,270
      129,360
Airlines — 0.3%
American Airlines Pass-Through Trust      
3.00%, 04/15/2030      48,462      45,554
3.95%, 01/11/2032      80,600      75,458
Delta Air Lines Pass-Through Trust      
2.50%, 12/10/2029      62,899      58,964
United Airlines Pass-Through Trust      
3.10%, 04/07/2030      21,827      20,098
3.50%, 11/01/2029      24,851      23,709
3.65%, 04/07/2027      28,611      28,334
3.65%, 07/07/2027      33,238      32,790
3.70%, 09/01/2031      30,613      28,331
5.45%, 08/15/2038     143,738     142,777
      456,015
Auto Manufacturers — 0.2%
Hyundai Capital America      
2.38%, 10/15/2027*     120,000     113,112
3.00%, 02/10/2027*     200,000     194,087
      307,199
Banks — 3.1%
Banco Santander SA      
5.59%, 08/08/2028     200,000     205,594
Bank of America Corp.      
2.55%, 02/04/2028      25,000      24,163
2.57%, 10/20/2032      40,000      34,680
2.68%, 06/19/2041     144,000     100,408
2.97%, 02/04/2033      30,000      26,442
3.71%, 04/24/2028     149,000     146,477
4.38%, 04/27/2028      45,000      44,780
5.20%, 04/25/2029      50,000      50,809
5.82%, 09/15/2029      40,000      41,441
Bank of Montreal      
4.64%, 09/10/2030#      19,000      18,985
Bank of New York Mellon Corp.      
6.47%, 10/25/2034      30,000      32,638
Bank of Nova Scotia      
4.85%, 02/01/2030      40,000      40,427
BNP Paribas SA      
5.18%, 01/09/2030*     200,000     202,488
Citigroup, Inc.      
3.06%, 01/25/2033      88,000      77,405
4.54%, 09/19/2030      69,000      68,151
5.45%, 06/11/2035      50,000      50,100
Danske Bank A/S      
4.61%, 10/02/2030*     200,000     197,818
5.02%, 03/04/2031*     200,000     200,704
Deutsche Bank AG      
2.55%, 01/07/2028     150,000     144,564
5.37%, 01/10/2029     150,000     151,697
Federation des Caisses Desjardins du Quebec      
5.70%, 03/14/2028*     200,000      206,057
Security Description   Shares or
Principal
Amount 		Value
Banks (continued)
Goldman Sachs Group, Inc.      
1.95%, 10/21/2027   $   25,000 $     24,079
2.38%, 07/21/2032      15,000      12,908
2.64%, 02/24/2028      37,000      35,744
5.05%, 07/23/2030      45,000      45,384
5.22%, 04/23/2031      52,000      52,758
5.33%, 07/23/2035      95,000      94,195
6.48%, 10/24/2029      40,000      42,199
HSBC Holdings PLC      
6.10%, 01/14/2042      95,000      98,866
Huntington Bancshares, Inc.      
5.27%, 01/15/2031      30,000      30,325
KeyCorp      
2.25%, 04/06/2027     140,000     134,002
5.12%, 04/04/2031#      95,000      94,798
Macquarie Group, Ltd.      
2.87%, 01/14/2033*     100,000      85,891
Mitsubishi UFJ Financial Group, Inc.      
3.74%, 03/07/2029     130,000     126,692
Mizuho Financial Group, Inc.      
5.74%, 05/27/2031     250,000     259,372
Morgan Stanley      
3.95%, 04/23/2027     150,000     148,626
4.46%, 04/22/2039     110,000      99,721
5.04%, 07/19/2030      10,000      10,099
5.16%, 04/20/2029      50,000      50,698
5.32%, 07/19/2035      15,000      14,902
5.66%, 04/18/2030      40,000      41,292
PNC Financial Services Group, Inc.      
4.81%, 10/21/2032      30,000      29,626
4.90%, 05/13/2031      40,000      40,040
5.07%, 01/24/2034      37,000      36,559
Royal Bank of Canada      
4.65%, 10/18/2030      45,000      44,809
Santander Holdings USA, Inc.      
6.17%, 01/09/2030      40,000      41,268
Societe Generale SA      
6.10%, 04/13/2033*     200,000     205,731
Toronto-Dominion Bank      
5.30%, 01/30/2032      30,000      30,422
Truist Financial Corp.      
5.07%, 05/20/2031      50,000      50,223
5.12%, 01/26/2034      20,000      19,608
5.71%, 01/24/2035      17,000      17,274
6.05%, 06/08/2027      20,000      20,258
7.16%, 10/30/2029      30,000      32,296
US Bancorp      
5.08%, 05/15/2031      35,000      35,287
Wells Fargo & Co.      
3.07%, 04/30/2041      69,000      50,563
4.61%, 04/25/2053      80,000      65,881
4.97%, 04/23/2029      30,000      30,223
5.20%, 01/23/2030      15,000      15,245
5.21%, 12/03/2035      30,000      29,421
5.50%, 01/23/2035     100,000     100,662
      4,463,775
Beverages — 0.1%
Keurig Dr Pepper, Inc.      
3.20%, 05/01/2030      73,000      68,083
Biotechnology — 0.2%
Amgen, Inc.      
5.65%, 03/02/2053      81,000       77,106
 
5
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Biotechnology (continued)
Biogen, Inc.      
5.75%, 05/15/2035   $   25,000 $     25,168
Gilead Sciences, Inc.      
2.60%, 10/01/2040     143,000     100,069
Regeneron Pharmaceuticals, Inc.      
1.75%, 09/15/2030      56,000      47,973
      250,316
Chemicals — 0.1%
DuPont de Nemours, Inc.      
5.32%, 11/15/2038     122,000     124,248
EIDP, Inc.      
5.13%, 05/15/2032      45,000      45,418
RPM International, Inc.      
2.95%, 01/15/2032      37,000      32,183
      201,849
Commercial Services — 0.2%
Element Fleet Management Corp.      
5.04%, 03/25/2030*      40,000      39,815
6.32%, 12/04/2028*      30,000      31,474
ERAC USA Finance LLC      
5.00%, 02/15/2029*      40,000      40,708
5.20%, 10/30/2034*      20,000      20,078
Global Payments, Inc.      
3.20%, 08/15/2029      27,000      25,256
Triton Container International, Ltd.      
2.05%, 04/15/2026*#     100,000      97,543
Verisk Analytics, Inc.      
5.75%, 04/01/2033      25,000      26,008
      280,882
Computers — 0.3%
Accenture Capital, Inc.      
4.50%, 10/04/2034      20,000      19,215
Apple, Inc.      
2.70%, 08/05/2051     130,000      78,986
CGI, Inc.      
2.30%, 09/14/2031      42,000      35,984
Dell International LLC/EMC Corp.      
5.30%, 04/01/2032      70,000      70,315
Hewlett Packard Enterprise Co.      
5.00%, 10/15/2034      50,000      48,685
Leidos, Inc.      
2.30%, 02/15/2031     141,000     121,794
      374,979
Diversified Financial Services — 0.9%
AerCap Ireland Capital DAC /AerCap Global Aviation Trust      
6.10%, 01/15/2027     150,000     152,948
AerCap Ireland Capital DAC/AerCap Global Aviation Trust      
2.45%, 10/29/2026     150,000     145,379
3.00%, 10/29/2028     150,000     141,595
Aircastle, Ltd./Aircastle Ireland DAC      
5.25%, 03/15/2030*     150,000     149,317
American Express Co.      
5.44%, 01/30/2036      30,000      30,198
Aviation Capital Group LLC      
5.13%, 04/10/2030*      25,000      24,849
Avolon Holdings Funding, Ltd.      
2.53%, 11/18/2027*      78,000      73,521
4.25%, 04/15/2026*      47,000      46,657
4.38%, 05/01/2026*      24,000       23,838
Security Description   Shares or
Principal
Amount 		Value
Diversified Financial Services (continued)
4.95%, 01/15/2028*   $   20,000 $     19,943
5.15%, 01/15/2030*      30,000      29,893
5.50%, 01/15/2026*     154,000     154,195
5.75%, 03/01/2029*      27,000      27,491
5.75%, 11/15/2029*      70,000      71,198
Capital One Financial Corp.      
3.80%, 01/31/2028      94,000      92,153
Macquarie Airfinance Holdings, Ltd.      
5.15%, 03/17/2030*      20,000      19,700
5.20%, 03/27/2028*      40,000      40,117
Nasdaq, Inc.      
5.55%, 02/15/2034      14,000      14,370
      1,257,362
Electric — 1.4%
AES Corp.      
5.80%, 03/15/2032      40,000      39,649
Baltimore Gas & Electric Co.      
5.65%, 06/01/2054      30,000      28,889
Constellation Energy Generation LLC      
5.80%, 03/01/2033#       6,000       6,243
Consumers 2023 Securitization Funding LLC      
5.21%, 09/01/2031     108,000     109,421
Duke Energy Corp.      
6.10%, 09/15/2053      30,000      29,733
Duke Energy Florida LLC      
5.95%, 11/15/2052      34,000      33,901
Edison International      
5.75%, 06/15/2027      17,000      17,078
Emera US Finance LP      
4.75%, 06/15/2046     174,000     140,420
Evergy, Inc.      
2.90%, 09/15/2029#     151,000     140,662
Fells Point Funding Trust      
3.05%, 01/31/2027*     100,000      97,248
Jersey Central Power & Light Co.      
4.30%, 01/15/2026*      65,000      64,793
5.10%, 01/15/2035      15,000      14,679
MidAmerican Energy Co.      
5.85%, 09/15/2054      20,000      19,927
New England Power Co.      
2.81%, 10/06/2050*      58,000      33,852
NextEra Energy Capital Holdings, Inc.      
5.55%, 03/15/2054      60,000      55,524
NRG Energy, Inc.      
2.45%, 12/02/2027*     308,000     289,757
Pacific Gas & Electric Co.      
4.30%, 03/15/2045      10,000       7,446
5.80%, 05/15/2034      66,000      65,230
5.90%, 10/01/2054       5,000       4,478
6.40%, 06/15/2033      57,000      58,648
PG&E Recovery Funding LLC      
5.23%, 06/01/2042     255,000     251,336
5.53%, 06/01/2051      30,000      28,994
5.54%, 07/15/2049      30,000      28,648
PG&E Wildfire Recovery Funding LLC      
4.26%, 06/01/2038      20,000      18,754
5.10%, 06/01/2054      30,000      27,195
Public Service Co. of Oklahoma      
5.20%, 01/15/2035      10,000       9,773
5.25%, 01/15/2033      40,000      39,856
SCE Recovery Funding LLC      
4.70%, 06/15/2042      23,063       21,998
 
6  
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Electric (continued)
Sigeco Securitization I LLC      
5.03%, 11/15/2038   $   21,398 $     21,366
Southern California Edison Co.      
1.20%, 02/01/2026     112,000     109,428
5.45%, 06/01/2031      60,000      60,429
5.90%, 03/01/2055      20,000      17,959
Southern Co.      
5.20%, 06/15/2033      54,000      53,930
Union Electric Co.      
3.90%, 04/01/2052      27,000      19,924
Vistra Operations Co. LLC      
5.70%, 12/30/2034*      15,000      14,943
6.00%, 04/15/2034*       4,000       4,057
      1,986,168
Electronics — 0.0%
Honeywell International, Inc.      
5.25%, 03/01/2054      30,000      27,742
Food — 0.2%
J.M. Smucker Co.      
6.20%, 11/15/2033      15,000      15,924
JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL      
3.75%, 12/01/2031      25,000      22,937
6.75%, 03/15/2034      47,000      50,497
Kraft Heinz Foods Co.      
4.38%, 06/01/2046      19,000      14,999
4.63%, 10/01/2039      40,000      34,956
Kroger Co.      
5.00%, 09/15/2034      20,000      19,479
5.50%, 09/15/2054      10,000       9,247
Mars, Inc.      
5.65%, 05/01/2045*      55,000      53,957
Tyson Foods, Inc.      
3.55%, 06/02/2027      44,000      43,224
5.70%, 03/15/2034      30,000      30,577
      295,797
Gas — 0.1%
APA Infrastructure, Ltd.      
5.13%, 09/16/2034*      46,000      44,404
Atmos Energy Corp.      
2.85%, 02/15/2052      35,000      20,967
Southern California Gas Co.      
6.35%, 11/15/2052      25,000      25,840
Southern Co. Gas Capital Corp.      
5.75%, 09/15/2033      20,000      20,595
      111,806
Healthcare-Products — 0.0%
Solventum Corp.      
5.60%, 03/23/2034      37,000      37,319
Healthcare-Services — 0.2%
HCA, Inc.      
3.50%, 07/15/2051       7,000       4,486
5.45%, 09/15/2034      45,000      44,551
5.50%, 03/01/2032      12,000      12,145
5.50%, 06/15/2047      10,000       9,050
5.75%, 03/01/2035      28,000      28,221
5.95%, 09/15/2054      15,000      14,147
6.10%, 04/01/2064#      55,000       51,955
Security Description   Shares or
Principal
Amount 		Value
Healthcare-Services (continued)
MedStar Health, Inc.      
3.63%, 08/15/2049   $   46,000 $     31,316
Piedmont Healthcare, Inc.      
2.86%, 01/01/2052      25,000      14,717
UnitedHealth Group, Inc.      
5.88%, 02/15/2053      20,000      19,306
      229,894
Home Builders — 0.0%
Lennar Corp.      
5.00%, 06/15/2027      50,000      50,281
Insurance — 0.4%
Berkshire Hathaway Finance Corp.      
3.85%, 03/15/2052      25,000      18,739
Brown & Brown, Inc.      
2.38%, 03/15/2031      56,000      48,547
CNO Global Funding      
5.88%, 06/04/2027*     100,000     102,269
Empower Finance 2020 LP      
3.08%, 09/17/2051*      68,000      41,607
F&G Annuities & Life, Inc.      
6.50%, 06/04/2029      15,000      15,332
F&G Global Funding      
1.75%, 06/30/2026*      25,000      24,206
5.88%, 06/10/2027*     100,000     101,952
New York Life Insurance Co.      
3.75%, 05/15/2050*      68,000      48,832
Northwestern Mutual Global Funding      
1.70%, 06/01/2028*      25,000      23,121
5.16%, 05/28/2031*      80,000      81,541
Teachers Insurance & Annuity Association of America      
3.30%, 05/15/2050*      58,000      38,026
      544,172
Internet — 0.1%
Amazon.com, Inc.      
3.95%, 04/13/2052      50,000      38,655
Meta Platforms, Inc.      
5.40%, 08/15/2054      20,000      18,986
5.60%, 05/15/2053      35,000      34,234
Uber Technologies, Inc.      
4.80%, 09/15/2034      20,000      19,300
      111,175
Iron/Steel — 0.0%
Steel Dynamics, Inc.      
1.65%, 10/15/2027      56,000      52,302
Machinery-Diversified — 0.0%
Otis Worldwide Corp.      
3.11%, 02/15/2040      67,000      50,089
Media — 0.2%
Charter Communications Operating LLC/Charter Communications Operating Capital      
2.80%, 04/01/2031      50,000      43,902
3.50%, 06/01/2041      35,000      24,598
Comcast Corp.      
3.25%, 11/01/2039     154,000     117,805
5.30%, 06/01/2034#      50,000      50,468
5.35%, 05/15/2053     100,000      90,537
      327,310
 
7
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Mining — 0.1%
BHP Billiton Finance USA, Ltd.      
5.13%, 02/21/2032   $   25,000 $     25,279
Glencore Funding LLC      
2.50%, 09/01/2030*      75,000      66,520
5.63%, 04/04/2034*      30,000      30,173
      121,972
Miscellaneous Manufacturing — 0.0%
Eaton Corp.      
4.15%, 11/02/2042      30,000      25,083
Oil & Gas — 0.2%
BP Capital Markets America, Inc.      
2.77%, 11/10/2050     145,000      85,892
ConocoPhillips Co.      
5.50%, 01/15/2055      35,000      32,270
Coterra Energy, Inc.      
3.90%, 05/15/2027      46,000      45,306
5.40%, 02/15/2035      30,000      29,091
Devon Energy Corp.      
5.75%, 09/15/2054      30,000      26,078
Exxon Mobil Corp.      
3.00%, 08/16/2039      86,000      65,856
Occidental Petroleum Corp.      
5.20%, 08/01/2029      15,000      14,900
TotalEnergies Capital International SA      
2.99%, 06/29/2041      58,000      41,522
      340,915
Packaging & Containers — 0.0%
Graphic Packaging International LLC      
1.51%, 04/15/2026*      33,000      31,942
Pharmaceuticals — 0.3%
AbbVie, Inc.      
5.05%, 03/15/2034      50,000      50,145
Bristol-Myers Squibb Co.      
3.70%, 03/15/2052      17,000      12,024
4.13%, 06/15/2039      48,000      41,645
5.55%, 02/22/2054       2,000       1,899
5.65%, 02/22/2064      25,000      23,638
Cencora, Inc.      
4.25%, 03/01/2045      50,000      39,811
5.13%, 02/15/2034      80,000      79,589
Merck & Co, Inc.      
2.90%, 12/10/2061      30,000      16,950
Merck & Co., Inc.      
4.00%, 03/07/2049      20,000      15,541
Pfizer Investment Enterprises Pte., Ltd.      
5.30%, 05/19/2053      55,000      50,411
Utah Acquisition Sub, Inc.      
3.95%, 06/15/2026      96,000      94,746
Zoetis, Inc.      
5.60%, 11/16/2032      41,000      42,758
      469,157
Pipelines — 0.4%
Cheniere Energy, Inc.      
5.65%, 04/15/2034      20,000      19,958
Columbia Pipelines Holding Co. LLC      
5.10%, 10/01/2031*      11,000      10,787
Columbia Pipelines Operating Co. LLC      
5.44%, 02/15/2035*      75,000      73,462
5.96%, 02/15/2055*      50,000       46,528
Security Description   Shares or
Principal
Amount 		Value
Pipelines (continued)
Eastern Energy Gas Holdings LLC      
6.20%, 01/15/2055   $   20,000 $     19,987
Enbridge, Inc.      
5.63%, 04/05/2034      30,000      30,289
5.70%, 03/08/2033      30,000      30,598
Energy Transfer LP      
5.25%, 07/01/2029      50,000      50,819
Enterprise Products Operating LLC      
4.45%, 02/15/2043      50,000      42,061
Flex Intermediate Holdco LLC      
4.32%, 12/30/2039*      15,000      11,475
Gray Oak Pipeline LLC      
3.45%, 10/15/2027*#      41,000      39,838
MPLX LP      
5.50%, 06/01/2034      50,000      49,288
NGPL PipeCo LLC      
3.25%, 07/15/2031*      25,000      21,859
Oneok, Inc.      
4.75%, 10/15/2031      55,000      53,687
Plains All American Pipeline LP      
5.95%, 06/15/2035      30,000      29,952
South Bow USA Infrastructure Holdings LLC      
4.91%, 09/01/2027*      10,000      10,007
5.03%, 10/01/2029*      10,000       9,916
TransCanada PipeLines, Ltd.      
4.10%, 04/15/2030      37,000      35,837
Williams Cos., Inc.      
5.60%, 03/15/2035      25,000      25,232
6.00%, 03/15/2055      10,000       9,712
      621,292
REITS — 0.5%
American Tower Corp.      
1.50%, 01/31/2028      47,000      43,444
2.95%, 01/15/2051      57,000      34,899
3.10%, 06/15/2050      88,000      55,655
Brixmor Operating Partnership LP      
2.25%, 04/01/2028      30,000      28,111
2.50%, 08/16/2031      15,000      12,899
COPT Defense Properties LP      
2.75%, 04/15/2031      36,000      31,246
Crown Castle, Inc.      
5.80%, 03/01/2034      20,000      20,415
CubeSmart LP      
2.00%, 02/15/2031      85,000      72,597
DOC DR LLC      
2.63%, 11/01/2031      15,000      12,986
Equinix, Inc.      
2.90%, 11/18/2026      85,000      82,873
Goodman US Finance Six LLC      
5.13%, 10/07/2034*      15,000      14,708
Healthpeak OP LLC      
2.13%, 12/01/2028      38,000      34,902
2.88%, 01/15/2031      56,000      50,279
NNN REIT, Inc.      
5.50%, 06/15/2034      30,000      30,036
Safehold GL Holdings LLC      
2.85%, 01/15/2032      46,000      39,117
UDR, Inc.      
2.10%, 08/01/2032      57,000      46,192
WP Carey, Inc.      
2.40%, 02/01/2031     141,000     122,312
      732,671
 
8  
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Retail — 0.1%
Home Depot, Inc.      
3.63%, 04/15/2052   $   25,000 $     17,712
Starbucks Corp.      
4.80%, 02/15/2033      50,000      49,190
      66,902
Semiconductors — 0.3%
Analog Devices, Inc.      
2.80%, 10/01/2041      26,000      18,515
Broadcom, Inc.      
3.19%, 11/15/2036*      10,000       8,134
4.55%, 02/15/2032      87,000      85,187
5.05%, 07/12/2029     100,000     101,791
Intel Corp.      
3.05%, 08/12/2051      10,000       5,750
3.25%, 11/15/2049      10,000       6,097
3.73%, 12/08/2047#      15,000      10,194
5.70%, 02/10/2053      28,000      25,126
KLA Corp.      
3.30%, 03/01/2050     105,000      70,926
NXP BV/NXP Funding LLC/NXP USA, Inc.      
2.50%, 05/11/2031      40,000      34,620
3.25%, 05/11/2041      40,000      28,430
QUALCOMM, Inc.      
4.50%, 05/20/2052      20,000      16,455
Texas Instruments, Inc.      
5.05%, 05/18/2063      78,000      68,871
      480,096
Software — 0.4%
Cadence Design Systems, Inc.      
4.70%, 09/10/2034      42,000      40,839
Oracle Corp.      
3.60%, 04/01/2050      30,000      20,384
3.65%, 03/25/2041      70,000      53,756
3.80%, 11/15/2037      70,000      58,384
4.90%, 02/06/2033      40,000      39,452
Roper Technologies, Inc.      
1.75%, 02/15/2031      29,000      24,580
Synopsys, Inc.      
5.70%, 04/01/2055      35,000      33,413
Take-Two Interactive Software, Inc.      
3.70%, 04/14/2027      52,000      51,176
5.40%, 06/12/2029      70,000      71,449
VMware LLC      
1.40%, 08/15/2026      47,000      45,254
VMware, Inc.      
4.70%, 05/15/2030      94,000      93,479
Workday, Inc.      
3.50%, 04/01/2027      35,000      34,387
      566,553
Telecommunications — 0.1%
AT&T, Inc.      
3.55%, 09/15/2055      30,000      19,832
Sprint Capital Corp.      
6.88%, 11/15/2028      15,000      16,047
T-Mobile USA, Inc.      
3.40%, 10/15/2052      45,000      29,387
Verizon Communications, Inc.      
2.65%, 11/20/2040      57,000       39,287
Security Description   Shares or
Principal
Amount 		Value
Telecommunications (continued)
Vodafone Group PLC      
5.75%, 06/28/2054   $   50,000 $     46,803
      151,356
Transportation — 0.0%
Burlington Northern Santa Fe LLC      
5.50%, 03/15/2055      30,000      29,031
Canadian Pacific Railway Co.      
4.70%, 05/01/2048      22,000      18,710
      47,741
Total Corporate Bonds & Notes
(cost $17,196,650) 		    15,725,649
ASSET BACKED SECURITIES — 4.5%
Auto Loan Receivables — 1.6%
Avis Budget Rental Car Funding AESOP LLC      
Series 2024-1A, Class A
5.36%, 06/20/2030* 		    135,000     137,689
Bridgecrest Lending Auto Securitization Trust      
Series 2025-1, Class D
5.64%, 11/15/2030 		    155,000     156,586
Series 2024-1, Class D
6.03%, 11/15/2029 		     85,000      85,887
CarMax Auto Owner Trust      
Series 2024-1, Class B
5.17%, 08/15/2029 		    125,000     126,159
Consumer Portfolio Services Auto Trust      
Series 2025-B, Class D
5.56%, 07/15/2031* 		    125,000     125,848
Credit Acceptance Auto Loan Trust      
Series 2024-3, Class B
4.85%, 11/15/2034* 		    180,000     179,759
Series 2023-5A, Class B
6.71%, 02/15/2034* 		    100,000     102,577
Drive Auto Receivables Trust      
Series 2025-1, Class C
5.57%, 09/15/2032 		    165,000     165,400
DT Auto Owner Trust      
Series 2023-2A, Class D
6.62%, 02/15/2029* 		     60,000      61,174
Exeter Automobile Receivables Trust      
Series 2022-4A, Class D
5.98%, 12/15/2028 		    120,000     120,716
Series 2023-5A, Class C
6.85%, 01/16/2029 		     65,000      66,354
FHF Trust      
Series 2023-1A, Class A2
6.57%, 06/15/2028* 		     32,518      32,803
LAD Auto Receivables Trust      
Series 2023-4A, Class C
6.76%, 03/15/2029* 		    125,000     128,521
Octane Receivables Trust      
Series 2024-2A, Class C
5.90%, 07/20/2032* 		    150,000     151,822
Santander Drive Auto Receivables Trust      
Series 2023-1, Class C
5.09%, 05/15/2030 		     70,000      70,324
Series 2023-6, Class C
6.40%, 03/17/2031 		    150,000     153,950
SFS Auto Receivables Securitization Trust      
Series 2024-1A, Class C
5.51%, 01/20/2032* 		    160,000      162,029
 
9
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
ASSET BACKED SECURITIES (continued)
Auto Loan Receivables (continued)
Veros Auto Receivables Trust      
Series 2024-1, Class A
6.28%, 11/15/2027* 		  $   68,704 $     69,024
Series 2024-1, Class B
6.60%, 06/15/2028* 		    100,000     101,100
Westlake Automobile Receivables Trust      
Series 2023-4A, Class C
6.64%, 11/15/2028* 		    120,000     122,670
      2,320,392
Credit Card Receivables — 0.1%
Continental Finance Credit Card ABS Master Trust      
Series 2024-A, Class A
5.78%, 12/15/2032* 		    100,000     100,731
World Financial Network Credit Card Master Trust      
Series 2023-A, Class A
5.02%, 03/15/2030 		    110,000     110,513
      211,244
Other Asset Backed Securities — 2.8%
Accelerated LLC      
Series 2021-1H, Class B
1.90%, 10/20/2040* 		     20,221      18,724
Aligned Data Centers Issuer LLC      
Series 2021-1A, Class A2
1.94%, 08/15/2046* 		     95,000      91,293
AMSR 2024-SFR1 Trust      
Series 2024-SFR1, Class D
4.29%, 07/17/2041*(1) 		    100,000      94,474
AMSR Trust      
Series 2020-SFR3, Class E2
2.76%, 09/17/2037* 		    100,000      99,020
Series 2020-SFR2, Class E2
4.28%, 07/17/2037* 		    145,000     144,506
Aqua Finance Issuer Trust      
Series 2025-A, Class B
5.56%, 12/19/2050* 		    100,000     100,135
Bridge Trust      
Series 2024-SFR1, Class C
4.30%, 08/17/2040* 		    115,000     109,936
Business Jet Securities LLC      
Series 2022-1A, Class A
4.46%, 06/15/2037* 		     55,503      54,322
Series 2024-2, Class A
5.36%, 09/15/2039* 		    152,525     152,108
Cherry Securitization Trust      
Series 2024-1, Class A
5.70%, 04/15/2032* 		    100,000     100,644
DataBank Issuer LLC      
Series 2021-1A, Class A2
2.06%, 02/27/2051* 		    175,000     170,566
Diamond Resorts Owner Trust      
Series 2021-1A, Class A
1.51%, 11/21/2033* 		     32,185      31,895
Series 2021-1A, Class C
2.70%, 11/21/2033* 		     17,702      17,543
Elara HGV Timeshare Issuer LLC      
Series 2021-A, Class B
1.74%, 08/27/2035* 		     29,394      27,717
FirstKey Homes Trust      
Series 2021-SFR2, Class E1
2.26%, 09/17/2038* 		    155,000      148,136
Security Description   Shares or
Principal
Amount 		Value
Other Asset Backed Securities (continued)
Series 2022-SFR1, Class E1
5.00%, 05/19/2039* 		  $  100,000 $     98,931
FMC GMSR Issuer Trust VRS      
Series 2021-GT2, Class A
3.85%, 10/25/2026*(2) 		    100,000      94,021
Foundation Finance Trust      
Series 2024-2A, Class A
4.60%, 03/15/2050* 		     78,165      77,740
Series 2023-2A, Class A
6.53%, 06/15/2049* 		     73,964      76,615
FRTKL      
Series 2021-SFR1, Class A
1.57%, 09/17/2038* 		    205,000     196,713
GoodGreen Trust      
Series 2017-2A, Class A
3.26%, 10/15/2053* 		     37,431      33,170
HINNT LLC      
Series 2024-A, Class B
5.84%, 03/15/2043* 		    157,775     158,643
Series 2024-A, Class C
6.32%, 03/15/2043* 		     71,153      71,447
Home Partners of America Trust      
Series 2021-2, Class C
2.40%, 12/17/2026* 		    124,789     118,987
Series 2021-3, Class D
3.00%, 01/17/2041* 		     90,285      82,224
Mariner Finance Issuance Trust      
Series 2025-AA, Class A
0.01%, 05/20/2038* 		    100,000     100,437
Series 2021-AA, Class A
1.86%, 03/20/2036* 		    130,000     125,363
MVW LLC      
Series 2021-2A, Class C
2.23%, 05/20/2039* 		     46,480      43,481
Oportun Issuance Trust      
Series 2021-B, Class A
1.47%, 05/08/2031* 		    102,060      99,382
Pagaya AI Debt Selection Trust      
Series 2021-HG1, Class A
1.22%, 01/16/2029* 		      3,465       3,444
Pagaya AI Technology in Housing Trust      
Series 2023-1, Class C
3.60%, 10/25/2040* 		    125,000     116,757
PRET LLC VRS      
Series 2021-RN4, Class A1
5.49%, 10/25/2051*(2) 		     80,741      80,628
Progress Residential Trust      
Series 2024-SFR1, Class D
3.75%, 02/17/2041* 		    155,000     145,310
Progress Residential Trust VRS      
Series 2024-SFR5, Class E1
3.38%, 08/09/2029*(2) 		    130,000     116,940
Regional Management Issuance Trust      
Series 2021-1, Class A
1.68%, 03/17/2031* 		      9,680       9,636
Republic Finance Issuance Trust      
Series 2021-A, Class A
2.30%, 12/22/2031* 		     75,851      75,297
SCF Equipment Leasing LLC      
Series 2023-1A, Class C
6.77%, 08/22/2033* 		    100,000      103,332
 
10  
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
ASSET BACKED SECURITIES (continued)
Other Asset Backed Securities (continued)
Sierra Timeshare Receivables Funding LLC      
Series 2021-2A, Class B
1.80%, 09/20/2038* 		  $   13,604 $     13,291
Series 2022-2A, Class C
6.36%, 06/20/2040* 		     40,625      40,740
Stream Innovations Issuer Trust      
Series 2025-1A, Class A
5.05%, 09/15/2045* 		    100,000     100,171
Upstart Pass-Through Trust      
Series 2021-ST2, Class A
2.50%, 04/20/2027* 		      1,502       1,497
Verdant Receivables LLC      
Series 2024-1A, Class A2
5.68%, 12/12/2031* 		    108,903     110,408
Verizon Master Trust      
4.35%, 08/20/2032*     250,000     248,754
VOLT XCIII LLC      
Series 2021-NPL2, Class A1
5.89%, 02/27/2051*(1) 		     11,516      11,503
VOLT XCIV LLC      
Series 2021-NPL3, Class A1
6.24%, 02/27/2051*(1) 		     21,903      21,883
VOLT XCV LLC      
Series 2021-NPL4, Class A1
6.24%, 03/27/2051*(1) 		     27,194      27,160
VOLT XCVI LLC      
Series 2021-NPL5, Class A1
6.12%, 03/27/2051*(1) 		     12,264      12,257
VOLT XCVII LLC      
Series 2021-NPL6, Class A1
6.24%, 04/25/2051*(1) 		     29,361      29,315
      4,006,496
Total Asset Backed Securities
(cost $6,488,996) 		    6,538,132
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.8%
Commercial and Residential — 1.4%
ABL      
Series 2024-RTL1, Class A1
6.08%, 09/25/2029*(1) 		    175,000     175,077
Brean Asset Backed Securities Trust      
Series 2025-RM10, Class A1
5.00%, 01/25/2065* 		    147,184     144,170
BXP Trust      
Series 2017-GM, Class A
3.38%, 06/13/2039* 		     95,000      91,580
Cascade MH Asset Trust      
Series 2021-MH1, Class A1
1.75%, 02/25/2046* 		     97,628      88,677
CFMT LLC VRS      
Series 2024-HB14, Class M1
3.00%, 06/25/2034*(2) 		    190,000     180,678
Connecticut Avenue Securities Trust FRS      
Series 2023-R06, Class 1M2
7.02%, (SOFR30A+2.70%), 07/25/2043* 		     90,000      93,091
GS Mtg.-Backed Securities Trust VRS      
Series 2025-SL1, Class A1
5.85%, 11/25/2067*(2) 		    199,182     199,650
Legacy Mtg. Asset Trust      
Series 2021-GS1, Class A1
5.89%, 10/25/2066*(1) 		     70,698       70,689
Security Description   Shares or
Principal
Amount 		Value
Commercial and Residential (continued)
LHOME Mtg. Trust      
Series 2024-RTL5, Class A1
5.32%, 09/25/2039*(1) 		  $  100,000 $     99,410
MFA Trust      
Series 2024-RTL3, Class A1
5.91%, 11/25/2039*(1) 		    105,000     105,158
New Residential Mtg. Loan Trust      
Series 2024-RTL2, Class A1
5.44%, 09/25/2039*(1) 		    215,000     213,351
Series 2024-RTL1, Class A1
6.66%, 03/25/2039*(1) 		    175,000     176,043
SLG Office Trust      
Series 2021-OVA, Class A
2.59%, 07/15/2041* 		    110,000      95,207
Toorak Mtg. Trust      
Series 2025-RRTL1, Class A1
5.52%, 02/25/2040* 		    100,000      99,503
Towd Point Mtg. Trust VRS      
Series 2021-R1, Class A1
2.92%, 11/30/2060*(2) 		    201,957     173,433
      2,005,717
U.S. Government Agency — 2.4%
Federal Agricultural Mtg. Trust VRS      
Series 2021-1, Class A
2.18%, 01/25/2051*(2) 		    158,823     126,373
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS      
Series 2017-KGX1, Class BFX
3.59%, 10/25/2027*(2) 		     65,000      60,666
Series 2016-K58, Class B
3.74%, 09/25/2049*(2) 		    260,000     255,839
Series 2016-K56, Class B
3.95%, 06/25/2049*(2) 		     50,000      49,334
Federal Home Loan Mtg. Corp. Multifamily Structured Credit Risk FRS      
Series 2021-MN2, Class M1
6.12%, (SOFR30A+1.80%), 07/25/2041* 		     26,878      26,384
Federal Home Loan Mtg. Corp. REMIC      
Series 5174, Class IG
3.00%, 01/25/2050(3) 		    434,527      56,066
Series 3910, Class CU
4.00%, 03/15/2041 		     25,256      24,571
4.00%, 12/25/2050(3)     424,366      88,486
Federal Home Loan Mtg. Corp. SCRT      
Series 2024-1, Class MT
3.00%, 11/25/2063 		    219,093     182,774
Series 2022-1, Class MTU
3.25%, 11/25/2061 		     43,417      36,991
Series 2018-1, Class M60C
3.50%, 05/25/2057 		     87,367      79,785
Series 2019-1, Class MT
3.50%, 07/25/2058 		     43,003      38,062
Series 2019-3, Class MB
3.50%, 10/25/2058 		    124,777     100,404
Series 2024-2, Class MT
3.50%, 05/25/2064 		    105,552      90,718
Series 2018-2, Class M55D
4.00%, 11/25/2057 		    147,856     138,133
Series 2018-4, Class M55D
4.00%, 03/25/2058 		    112,503     105,556
Series 2019-2, Class M55D
4.00%, 08/25/2058 		    130,850      121,535
 
11
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
U.S. Government Agency (continued)
Series 2019-3, Class M55D
4.00%, 10/25/2058 		  $  121,690 $    113,468
Series 2019-4, Class M55D
4.00%, 02/25/2059 		     44,767      41,438
Federal Home Loan Mtg. Corp. SCRT VRS      
Series 2018-3, Class M55D
4.00%, 08/25/2057(2) 		    114,986     106,782
Federal Home Loan Mtg. Corp. STRIPS      
2.00%, 09/15/2047      73,128      62,075
Federal National Mtg. Assoc. Connecticut Avenue Securities Trust FRS      
Series 2023-01, Class M7
8.32%, (SOFR30A+4.00%), 11/25/2053* 		    103,860     107,722
Federal National Mtg. Assoc. Grantor Trust      
Series 2001-T12, Class A1
6.50%, 08/25/2041 		     60,736      61,253
Series 2002-T4, Class A1
6.50%, 12/25/2041 		      7,143       7,331
Federal National Mtg. Assoc. REMIC      
Series 2021-M3, Class 1A1
1.00%, 11/25/2033 		      8,221       8,168
Series 2018-72, Class VB
3.50%, 10/25/2031 		    132,669     129,199
Series 2019-7, Class CA
3.50%, 11/25/2057 		    166,997     160,062
Series 2024-M2, Class A2
3.75%, 08/25/2033 		    195,000     181,103
Series 2017-35, Class VA
4.00%, 07/25/2028 		     50,674      50,255
Series 2021-22, Class BI
4.00%, 04/25/2051(3) 		    433,419      95,077
Series 2002-W3, Class A4
6.50%, 11/25/2041 		     67,702      68,728
Series 2002-W8, Class A1
6.50%, 06/25/2042 		     34,379      35,753
Federal National Mtg. Assoc. REMIC VRS      
Series 2022-M1S, Class A2
2.08%, 04/25/2032(2) 		    225,000     192,629
Series 2022-M2S, Class A1
3.75%, 05/25/2032(2) 		    111,525     109,437
Series 2023-M8, Class A2
4.47%, 03/25/2033(2) 		    110,000     108,995
Government National Mtg. Assoc. REMIC      
Series 2020-123, Class LB
1.00%, 08/20/2050 		    153,277     125,917
Government National Mtg. Assoc. REMIC VRS      
Series 2021-H14, Class YD
7.30%, 06/20/2071(2) 		    129,189     108,098
      3,455,167
Total Collateralized Mortgage Obligations
(cost $5,745,641) 		    5,460,884
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 19.1%
U.S. Government — 10.2%
United States Treasury Bonds      
1.13%, 05/15/2040 to 08/15/2040   2,277,000   1,374,180
1.38%, 11/15/2040 to 08/15/2050   1,809,000     971,396
1.63%, 11/15/2050     800,000     410,750
1.88%, 02/15/2051 to 11/15/2051     696,000     378,814
2.25%, 02/15/2052   1,308,000     778,873
2.38%, 02/15/2042     405,000     288,515
3.00%, 08/15/2052     530,000      373,712
Security Description   Shares or
Principal
Amount 		Value
U.S. Government (continued)
3.13%, 02/15/2043   $  105,000 $     82,757
3.38%, 08/15/2042     265,000     218,138
3.88%, 05/15/2043      50,000      43,812
4.50%, 11/15/2054      75,000      70,008
United States Treasury Bonds STRIPS      
0.01%, 02/15/2032 to 05/15/2041   1,825,000   1,234,083
United States Treasury Notes      
1.63%, 05/15/2031#     555,000     483,544
2.75%, 08/15/2032#   1,515,000   1,380,129
3.13%, 08/31/2029#     459,000     444,566
3.88%, 08/15/2033#   3,310,000   3,219,751
4.00%, 02/15/2034     265,000     258,924
4.25%, 11/15/2034   2,880,000   2,851,650
      14,863,602
U.S. Government Agency — 8.9%
Federal Home Loan Mtg. Corp.      
2.50%, 02/01/2051     152,754     125,651
3.00%, 01/01/2052      88,470      76,090
3.45%, 08/01/2032     238,542     222,588
3.50%, 05/01/2042 to 01/01/2050     175,214     159,090
3.80%, 10/01/2034     100,000      92,309
4.00%, 01/01/2052      31,738      29,182
4.50%, 05/01/2052      50,686      48,757
5.50%, 01/01/2055     147,615     146,505
6.00%, 02/01/2054     157,568     160,418
Federal National Mtg. Assoc.      
1.38%, 01/01/2031     300,000     256,508
1.56%, 12/01/2030     237,453     206,796
1.93%, 06/01/2035      98,598      79,355
1.95%, 10/01/2029     400,000     359,810
2.50%, 07/01/2050 to 01/01/2052     818,202     675,081
3.00%, 05/01/2050 to 03/01/2061     454,735     387,300
3.10%, 10/01/2032     137,688     125,533
3.14%, 07/01/2032      85,000      77,349
3.15%, 09/01/2033     105,000      93,603
3.30%, 07/01/2032     234,000     214,688
3.41%, 03/01/2033     107,000      97,558
3.45%, 08/01/2033     137,309     125,657
3.50%, 02/01/2052 to 11/01/2059     332,578     295,408
3.68%, 01/01/2032     160,000     151,903
3.77%, 12/01/2025      34,158      33,938
3.81%, 10/01/2032     140,000     132,531
4.00%, 06/01/2049 to 08/01/2059     751,418     696,990
4.05%, 07/01/2032     100,000      96,530
4.12%, 11/01/2032     155,000     149,924
4.18%, 11/01/2030      34,187      33,786
4.31%, 10/01/2032     240,000     234,197
4.32%, 02/01/2034     110,000     106,529
4.41%, 01/01/2033     165,000     161,446
4.45%, 12/01/2032     154,366     152,392
4.50%, 05/01/2052     118,177     113,291
4.74%, 04/01/2031     127,895     129,300
4.76%, 01/01/2030     378,000     383,396
4.83%, 12/01/2029     221,000     225,237
4.93%, 10/01/2032     113,000     114,911
5.00%, 06/01/2053     123,723     119,947
5.07%, 03/01/2028      64,826      65,909
5.43%, 07/01/2030     198,773     207,086
6.00%, 06/01/2052 to 11/01/2053     284,065     287,754
Federal National Mtg. Assoc. VRS      
1.46%, 11/01/2032(2)     534,030     433,552
1.51%, 11/01/2032(2)     214,418      174,528
 
12  
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)
U.S. Government Agency (continued)
Government National Mtg. Assoc.        
2.50%, 12/20/2050   $  172,690   $    143,295
3.00%, 02/20/2051 to 07/20/2051   1,740,680     1,522,233
3.50%, 01/20/2051 to 02/20/2052   1,864,304     1,659,553
4.00%, 05/20/2038 to 08/20/2052     341,588       319,161
4.50%, 12/20/2031 to 05/20/2052     124,686       119,684
5.00%, 02/20/2052 to 08/20/2052     354,640       344,393
5.50%, 06/20/2063      43,385        42,808
6.00%, 09/20/2053 to 06/20/2063     186,597       189,181
6.50%, 09/20/2054      69,526        73,089
Government National Mtg. Corp.        
6.50%, 11/20/2053     157,141       165,386
        12,839,096
Total U.S. Government & Agency Obligations
(cost $30,828,319) 		      27,702,698
MUNICIPAL SECURITIES — 0.0%
Texas Natural Gas Securitization Finance Corp.
Revenue Bonds 		       
5.17%, 04/01/2041
(cost $30,000) 		     30,000        29,807
Total Long-Term Investment Securities
(cost $130,743,931) 		      142,521,673
SHORT-TERM INVESTMENTS — 0.2%
Unaffiliated Investment Companies — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(4)(5)
(cost $202,580) 		    202,580       202,580
REPURCHASE AGREEMENTS — 1.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $2,523,754 and collateralized by $2,535,600 of United States Treasury Inflation Indexed Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $2,573,952
(cost $2,523,468) 		  2,523,469     2,523,468
TOTAL INVESTMENTS
(cost $133,469,979)(6) 		  100.1%   145,247,721
Other assets less liabilities   (0.1)   (160,186)
NET ASSETS   100.0%   $145,087,535
† 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 Asset Allocation Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $11,885,687 representing 8.2% of net assets.
# The security or a portion thereof is out on loan (see Note 2).
(1) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of May 31, 2025.
(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) Interest Only
(4) The rate shown is the 7-day yield as of May 31, 2025.
(5) At May 31, 2025, the Fund had loaned securities with a total value of $4,872,513. This was secured by collateral of $202,580, which was received in cash and subsequently invested in short-term investments currently valued at $202,580 as reported in the Portfolio of Investments. Additional collateral of $4,892,428 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
May 31, 2025
Federal Home Loan Mtg. Corp.   1.50% to 9.50%   06/01/2025 to 04/25/2055   $1,663,511
Federal National Mtg. Assoc.   1.50% to 9.00%   06/01/2025 to 03/01/2062   1,047,854
Government National Mtg. Assoc.   1.50% to 7.50%   06/15/2025 to 01/16/2067   1,993,968
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 02/15/2055   187,095
(6) See Note 4 for cost of investments on a tax basis.
DAC—Designated Activity Company
FRS—Floating Rate Security
REMIC—Real Estate Mortgage Investment Conduit
SCRT—Structured Credit Risk Transfer
SOFR30A—US 30 Day Average Secured Overnight Financing Rate
STRIPS—Separate Trading of Registered Interest and Principal
VRS—Variable Rate Security
The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.
 
13
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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 $87,064,503   $—   $—   $87,064,503
Corporate Bonds & Notes —   15,725,649   —   15,725,649
Asset Backed Securities —   6,538,132   —   6,538,132
Collateralized Mortgage Obligations —   5,460,884   —   5,460,884
U.S. Government & Agency Obligations —   27,702,698   —   27,702,698
Municipal Securities —   29,807   —   29,807
Short-Term Investments 202,580   —   —   202,580
Repurchase Agreements —   2,523,468   —   2,523,468
Total Investments at Value $87,267,083   $57,980,638   $—   $145,247,721
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
14  
Table of Contents
VALIC Company I Capital Appreciation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 97.4%
Agriculture — 0.7%
Philip Morris International, Inc.      12,861 $  2,322,568
Auto Manufacturers — 3.8%
Cummins, Inc.      10,766   3,461,054
Tesla, Inc.†      25,725   8,912,683
      12,373,737
Banks — 0.2%
JPMorgan Chase & Co.       3,041     802,824
Biotechnology — 2.6%
Exelixis, Inc.†      41,446   1,783,836
Incyte Corp.†      17,347   1,128,596
Vertex Pharmaceuticals, Inc.†      12,837   5,674,596
      8,587,028
Commercial Services — 4.2%
Block, Inc.†      37,347   2,306,177
Paylocity Holding Corp.†      12,691   2,422,712
PayPal Holdings, Inc.†      42,634   2,996,318
Rollins, Inc.     106,674   6,107,086
      13,832,293
Computers — 10.8%
Apple, Inc.     110,455  22,184,887
Crowdstrike Holdings, Inc., Class A†      10,130   4,774,978
Dell Technologies, Inc., Class C      10,743   1,195,373
EPAM Systems, Inc.†      15,730   2,744,728
Genpact, Ltd.      78,440   3,376,842
Pure Storage, Inc., Class A†      23,858   1,278,550
      35,555,358
Diversified Financial Services — 6.7%
American Express Co.      21,461   6,310,607
Charles Schwab Corp.      18,298   1,616,445
Mastercard, Inc., Class A      19,022  11,139,283
Raymond James Financial, Inc.      10,804   1,587,972
SEI Investments Co.      15,157   1,292,286
      21,946,593
Electric — 0.9%
Vistra Corp.      18,326   2,942,606
Engineering & Construction — 0.9%
EMCOR Group, Inc.       5,892   2,780,199
Food — 0.2%
Sysco Corp.       9,692     707,516
Healthcare-Services — 1.4%
Elevance Health, Inc.       2,309     886,286
UnitedHealth Group, Inc.      12,012   3,626,543
      4,512,829
Insurance — 1.6%
Cincinnati Financial Corp.      21,827   3,291,948
Everest Group, Ltd.       5,289   1,836,288
      5,128,236
Internet — 21.2%
Alphabet, Inc., Class A      17,530   3,010,602
Alphabet, Inc., Class C      67,098  11,597,889
Amazon.com, Inc.†      73,272  15,021,493
Booking Holdings, Inc.       1,069   5,899,736
DoorDash, Inc., Class A†      30,715   6,408,685
Expedia Group, Inc.      26,077    4,348,340
Security Description   Shares or
Principal
Amount 		Value
Internet (continued)
F5, Inc.†       4,126 $  1,177,478
Meta Platforms, Inc., Class A      23,593  15,276,232
Pinterest, Inc., Class A†      40,455   1,258,555
Uber Technologies, Inc.†      64,721   5,446,919
      69,445,929
Oil & Gas — 0.4%
EOG Resources, Inc.      10,479   1,137,705
Pharmaceuticals — 4.6%
Cardinal Health, Inc.      27,672   4,273,664
Dexcom, Inc.†      26,636   2,285,369
Eli Lilly & Co.      10,273   7,578,084
Neurocrine Biosciences, Inc.†       8,808   1,083,560
      15,220,677
Pipelines — 0.3%
Cheniere Energy, Inc.       4,182     991,092
Retail — 0.5%
TJX Cos., Inc.       6,815     864,824
Ulta Beauty, Inc.†       1,900     895,774
      1,760,598
Semiconductors — 15.1%
Broadcom, Inc.      66,182  16,020,677
NVIDIA Corp.     228,327  30,853,827
QUALCOMM, Inc.      18,895   2,743,554
      49,618,058
Software — 18.3%
Adobe, Inc.†      19,120   7,936,521
Autodesk, Inc.†       6,235   1,846,308
DoubleVerify Holdings, Inc.†     200,246   2,751,380
Dynatrace, Inc.†      14,773     797,890
HubSpot, Inc.†       3,764   2,220,384
Microsoft Corp.      56,950  26,217,502
Salesforce, Inc.      21,454   5,693,248
ServiceNow, Inc.†       7,772   7,858,191
Veeva Systems, Inc., Class A†       3,475     971,958
Workday, Inc., Class A†      14,320   3,547,207
      59,840,589
Telecommunications — 3.0%
Arista Networks, Inc.†      76,326   6,612,885
Motorola Solutions, Inc.       2,148     892,236
T-Mobile US, Inc.       9,178   2,222,911
      9,728,032
Total Long-Term Investment Securities
(cost $263,259,852) 		    319,234,467
 
15
Table of Contents
VALIC Company I Capital Appreciation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS — 2.2%
Unaffiliated Investment Companies — 2.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(1)
(cost $7,172,629) 		  7,172,629   $  7,172,629
TOTAL INVESTMENTS
(cost $270,432,481)(2) 		  99.6%   326,407,096
Other assets less liabilities   0.4   1,409,971
NET ASSETS   100.0%   $327,817,067
† Non-income producing security
(1) The rate shown is the 7-day yield as of May 31, 2025.
(2) See Note 4 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 May 31, 2025 (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 $319,234,467   $—   $—   $319,234,467
Short-Term Investments 7,172,629   —   —   7,172,629
Total Investments at Value $326,407,096   $—   $—   $326,407,096
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
16  
Table of Contents
VALIC Company I Conservative Growth Lifestyle Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
AFFILIATED INVESTMENT COMPANIES#(1) — 99.2%
Domestic Fixed Income Investment Companies — 62.7%
VALIC Company I Core Bond Fund   17,828,581 $172,402,374
VALIC Company I High Yield Bond Fund      412,998   2,870,338
Total Domestic Fixed Income Investment Companies
(cost $182,064,686) 		    175,272,712
Domestic Equity Investment Companies — 26.5%
VALIC Company I Small Cap Growth Fund      180,082   2,830,888
VALIC Company I Small Cap Value Fund      252,101   2,757,979
VALIC Company I Stock Index Fund      743,463  43,403,344
VALIC Company I Systematic Growth Fund      733,159  13,292,174
VALIC Company I Systematic Value Fund      805,568  11,914,355
Total Domestic Equity Investment Companies
(cost $65,983,183) 		    74,198,740
International Equity Investment Companies — 10.0%
VALIC Company I International Equities Index Fund
(cost $23,782,926) 		   3,096,593  27,962,238
Total Long-Term Investment Securities
(cost $271,830,795) 		    277,433,690
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS — 0.4%
Unaffiliated Investment Companies — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(2)
(cost $1,246,085) 		   1,246,085   $  1,246,086
TOTAL INVESTMENTS
(cost $273,076,880)(3) 		  99.6%   278,679,776
Other assets less liabilities   0.4   1,069,527
NET ASSETS   100.0%   $279,749,303
# The VALIC Company I Conservative Growth Lifestyle 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.corebridgefinancial.com/rs.
(1) See Note 8.
(2) The rate shown is the 7-day yield as of May 31, 2025.
(3) See Note 4 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 May 31, 2025 (see Note 2):
  Level 1 - Unadjusted
Quoted Prices 		  Level 2 - Other
Observable Inputs 		  Level 3 - Significant
Unobservable Inputs 		  Total
ASSETS:              
Investments at Value:*              
Affiliated Investment Companies $277,433,690   $—   $—   $277,433,690
Short-Term Investments 1,246,086   —   —   1,246,086
Total Investments at Value $278,679,776   $—   $—   $278,679,776
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
17
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES — 30.9%
Advertising — 0.0%
Neptune Bidco US, Inc.      
9.29%, 04/15/2029*   $    850,000 $      805,379
Omnicom Group, Inc.      
5.30%, 11/01/2034       262,000       260,013
      1,065,392
Aerospace/Defense — 0.4%
BAE Systems PLC      
5.50%, 03/26/2054*       272,000       261,320
Boeing Co.      
3.38%, 06/15/2046     1,105,000       727,002
3.60%, 05/01/2034       255,000       220,564
3.75%, 02/01/2050#       709,000       485,734
5.15%, 05/01/2030     1,290,000     1,301,310
5.81%, 05/01/2050       295,000       276,247
5.93%, 05/01/2060     1,323,000     1,224,839
6.26%, 05/01/2027       308,000       316,582
L3Harris Technologies, Inc.      
5.25%, 06/01/2031     1,161,000     1,184,399
5.40%, 07/31/2033     1,642,000     1,664,015
Lockheed Martin Corp.      
2.80%, 06/15/2050         6,000         3,649
4.70%, 12/15/2031       525,000       527,700
RTX Corp.      
5.38%, 02/27/2053     1,625,000     1,510,921
6.40%, 03/15/2054       598,000       637,922
      10,342,204
Agriculture — 0.0%
Bunge, Ltd. Finance Corp.      
4.65%, 09/17/2034       809,000       778,001
JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL      
5.95%, 04/20/2035*       295,000       300,315
      1,078,316
Airlines — 0.2%
Air Canada      
3.88%, 08/15/2026*       747,000       737,577
American Airlines, Inc.      
7.25%, 02/15/2028*#       163,000       164,629
8.50%, 05/15/2029*#       532,000       551,213
British Airways Pass Through Trust      
2.90%, 09/15/2036*     1,509,988     1,347,693
Latam Airlines Group SA      
7.88%, 04/15/2030*#       400,000       401,600
United Airlines Pass-Through Trust      
5.45%, 08/15/2038     2,030,177     2,016,598
United Airlines, Inc.      
4.63%, 04/15/2029*       305,000       289,705
      5,509,015
Auto Manufacturers — 0.4%
Cummins, Inc.      
5.45%, 02/20/2054       174,000       163,813
Daimler Truck Finance North America LLC      
2.50%, 12/14/2031*       444,000       380,160
4.95%, 01/13/2028*       243,000       244,458
5.13%, 09/25/2027*       160,000       161,577
5.13%, 01/19/2028*       947,000       957,808
Ford Motor Credit Co. LLC      
4.00%, 11/13/2030       442,000       393,628
6.05%, 11/05/2031       950,000        925,594
Security Description   Shares or
Principal
Amount 		Value
Auto Manufacturers (continued)
General Motors Co.      
5.35%, 04/15/2028   $    492,000 $      495,971
General Motors Financial Co., Inc.      
2.70%, 06/10/2031#       413,000       354,422
5.60%, 06/18/2031     1,458,000     1,463,990
5.75%, 02/08/2031       211,000       213,350
Hyundai Capital America      
4.55%, 09/26/2029*       600,000       588,222
4.85%, 03/25/2027*       402,000       401,457
4.88%, 11/01/2027*       812,000       811,010
5.35%, 03/19/2029*       767,000       774,307
5.80%, 06/26/2025*       573,000       573,261
6.50%, 01/16/2029*       566,000       591,301
Stellantis Finance US, Inc.      
5.75%, 03/18/2030*       480,000       481,123
6.45%, 03/18/2035*       552,000       545,735
Toyota Motor Credit Corp.      
4.60%, 10/10/2031       220,000       218,029
      10,739,216
Banks — 8.3%
ABN AMRO Bank NV      
5.52%, 12/03/2035*     1,400,000     1,403,030
ABQ Finance, Ltd.      
1.88%, 09/08/2025       548,000       542,787
AIB Group PLC      
5.32%, 05/15/2031*     1,215,000     1,225,711
5.87%, 03/28/2035*     1,000,000     1,015,076
6.61%, 09/13/2029*       875,000       920,376
Banco General SA      
4.13%, 08/07/2027       600,000       589,764
Banco Santander SA      
5.57%, 01/17/2030       400,000       411,158
5.59%, 08/08/2028     1,400,000     1,439,158
6.35%, 03/14/2034     1,200,000     1,240,004
6.94%, 11/07/2033       700,000       779,868
Bank of America Corp.      
3.31%, 04/22/2042     1,036,000       772,143
3.42%, 12/20/2028       348,000       337,666
3.85%, 03/08/2037     2,597,000     2,325,899
3.97%, 02/07/2030     1,423,000     1,387,803
4.08%, 04/23/2040     2,439,000     2,070,343
4.18%, 11/25/2027     2,581,000     2,558,703
4.57%, 04/27/2033     1,128,000     1,094,119
5.16%, 01/24/2031       830,000       842,298
5.43%, 08/15/2035       453,000       443,873
5.52%, 10/25/2035     1,508,000     1,480,219
5.74%, 02/12/2036       248,000       246,588
6.11%, 01/29/2037       823,000       852,338
Bank of Ireland Group PLC      
5.60%, 03/20/2030*     3,640,000     3,717,078
Bank of Montreal      
4.64%, 09/10/2030       457,000       456,647
Bank of New York Mellon Corp.      
4.94%, 02/11/2031       812,000       820,633
Bank of Nova Scotia      
4.59%, 05/04/2037       991,000       923,652
5.65%, 02/01/2034     1,529,000     1,581,910
BankUnited, Inc.      
5.13%, 06/11/2030#     1,368,000     1,341,737
Banque Federative du Credit Mutuel SA      
5.54%, 01/22/2030*     1,155,000      1,190,177
 
18  
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Banks (continued)
Barclays PLC      
3.56%, 09/23/2035   $  1,300,000 $    1,184,556
4.94%, 09/10/2030     1,161,000     1,158,979
5.37%, 02/25/2031       540,000       544,670
5.79%, 02/25/2036       515,000       516,130
BNP Paribas SA      
1.68%, 06/30/2027*     1,556,000     1,505,891
5.09%, 05/09/2031*       817,000       817,483
5.28%, 11/19/2030*     5,298,000     5,349,095
5.79%, 01/13/2033*       840,000       860,405
BPCE SA      
3.58%, 10/19/2042*       674,000       474,214
5.39%, 05/28/2031*     1,330,000     1,341,267
5.88%, 01/14/2031*       930,000       956,042
5.94%, 05/30/2035*       420,000       425,298
6.03%, 05/28/2036*     1,660,000     1,684,635
6.29%, 01/14/2036*     1,215,000     1,261,255
6.92%, 01/14/2046*       253,000       258,632
7.00%, 10/19/2034*     1,000,000     1,083,211
CaixaBank SA      
6.04%, 06/15/2035*     1,390,000     1,432,505
6.68%, 09/13/2027*     1,185,000     1,212,332
Canadian Imperial Bank of Commerce      
4.63%, 09/11/2030     1,510,000     1,501,769
CBQ Finance, Ltd.      
2.00%, 09/15/2025       600,000       594,240
Citibank, N.A      
4.91%, 05/29/2030       667,000       672,677
Citibank, N.A.      
5.57%, 04/30/2034       650,000       665,562
Citigroup, Inc.      
2.57%, 06/03/2031       418,000       374,442
2.67%, 01/29/2031       387,000       350,483
2.90%, 11/03/2042       582,000       400,189
3.67%, 07/24/2028       211,000       206,304
4.45%, 09/29/2027     2,307,000     2,297,509
4.54%, 09/19/2030     2,435,000     2,405,024
4.95%, 05/07/2031     3,250,000     3,247,782
5.41%, 09/19/2039     1,122,000     1,070,783
5.88%, 02/22/2033       795,000       815,104
6.00%, 10/31/2033     1,634,000     1,692,480
Citizens Financial Group, Inc.      
2.64%, 09/30/2032     1,324,000     1,084,822
5.72%, 07/23/2032       667,000       680,914
Cooperatieve Rabobank UA      
1.00%, 09/24/2026*     4,601,000     4,544,738
Cooperatieve Rabobank UA/NY      
4.88%, 01/21/2028       828,000       841,258
Credit Agricole SA      
5.22%, 05/27/2031*     1,427,000     1,439,526
5.23%, 01/09/2029*       931,000       940,813
5.30%, 07/12/2028*     2,064,000     2,107,158
5.86%, 01/09/2036*     1,265,000     1,285,141
Credit Suisse Group AG      
9.02%, 11/15/2033*       484,000       591,153
Danske Bank A/S      
4.61%, 10/02/2030*     1,001,000       990,078
5.02%, 03/04/2031*       830,000       832,921
DBS Group Holdings, Ltd.      
1.82%, 03/10/2031       560,000       547,784
Deutsche Bank AG      
2.55%, 01/07/2028       950,000        915,571
Security Description   Shares or
Principal
Amount 		Value
Banks (continued)
3.55%, 09/18/2031   $    824,000 $      759,321
3.73%, 01/14/2032       241,000       217,077
3.74%, 01/07/2033     1,426,000     1,255,221
5.00%, 09/11/2030       825,000       821,370
5.30%, 05/09/2031     1,935,000     1,937,675
5.37%, 01/10/2029       680,000       687,693
5.40%, 09/11/2035       855,000       834,372
5.41%, 05/10/2029       295,000       303,646
6.72%, 01/18/2029       274,000       285,948
DNB Bank ASA      
4.85%, 11/05/2030*     1,000,000     1,004,425
Fifth Third Bank NA      
4.97%, 01/28/2028       435,000       436,734
First Abu Dhabi Bank PJSC      
6.32%, 04/04/2034       708,000       728,461
First Citizens BancShares, Inc.      
6.25%, 03/12/2040       324,000       312,505
First Horizon Bank      
5.75%, 05/01/2030#     1,248,000     1,256,121
First Horizon Corp.      
5.51%, 03/07/2031       360,000       362,069
FNB Corp.      
5.72%, 12/11/2030       666,000       658,867
Goldman Sachs Group, Inc.      
1.54%, 09/10/2027     1,642,000     1,576,643
2.38%, 07/21/2032     1,898,000     1,633,269
3.21%, 04/22/2042     1,469,000     1,068,333
3.80%, 03/15/2030       606,000       584,644
4.22%, 05/01/2029     2,903,000     2,873,074
4.69%, 10/23/2030       310,000       308,889
5.05%, 07/23/2030       135,000       136,153
5.33%, 07/23/2035       290,000       287,542
5.73%, 01/28/2056       387,000       376,124
6.75%, 10/01/2037     1,618,000     1,740,325
Gulf International Bank BSC      
5.75%, 06/05/2029       600,000       617,304
HSBC Holdings PLC      
5.73%, 05/17/2032       868,000       890,274
5.87%, 11/18/2035       745,000       738,260
6.33%, 03/09/2044     3,508,000     3,681,397
HSBC USA, Inc.      
4.65%, 06/03/2028       514,000       515,445
Huntington Bancshares, Inc.      
5.27%, 01/15/2031       510,000       515,523
ING Groep NV      
1.40%, 07/01/2026*     2,577,000     2,569,667
4.86%, 03/25/2029       314,000       315,242
Intesa Sanpaolo SpA      
4.95%, 06/01/2042*       786,000       619,434
7.78%, 06/20/2054*       894,000       975,582
JPMorgan Chase & Co.      
2.07%, 06/01/2029     3,246,000     3,019,007
2.53%, 11/19/2041     2,736,000     1,867,471
2.55%, 11/08/2032       308,000       266,905
3.54%, 05/01/2028     2,232,000     2,191,153
4.51%, 10/22/2028       496,000       494,981
4.91%, 07/25/2033       308,000       305,238
5.53%, 11/29/2045       230,000       225,258
6.25%, 10/23/2034       537,000       574,231
KBC Group NV      
4.93%, 10/16/2030*       610,000       612,097
KeyBank NA      
3.40%, 05/20/2026     1,560,000      1,539,206
 
19
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Banks (continued)
4.90%, 08/08/2032   $    782,000 $      737,566
KeyCorp      
5.12%, 04/04/2031#     1,297,000     1,294,239
Lloyds Banking Group PLC      
5.68%, 01/05/2035       977,000       987,358
5.72%, 06/05/2030     2,460,000     2,537,785
Mashreqbank PSC      
7.88%, 02/24/2033       700,000       736,950
Mitsubishi UFJ Financial Group, Inc.      
5.16%, 04/24/2031       319,000       323,405
Mizuho Financial Group, Inc.      
5.78%, 07/06/2029     1,431,000     1,477,658
Morgan Stanley      
1.51%, 07/20/2027     1,869,000     1,803,329
1.59%, 05/04/2027       654,000       635,500
2.48%, 09/16/2036       585,000       488,877
3.22%, 04/22/2042     2,102,000     1,545,507
3.62%, 04/01/2031       641,000       607,776
4.65%, 10/18/2030       222,000       220,519
5.04%, 07/19/2030       660,000       666,555
5.17%, 01/16/2030       534,000       542,205
5.30%, 04/20/2037     1,133,000     1,111,697
5.32%, 07/19/2035     1,262,000     1,253,772
5.52%, 11/19/2055       462,000       440,199
5.94%, 02/07/2039       894,000       902,313
Morgan Stanley VRS      
3.59%, 07/22/2028(1)     1,990,000     1,945,641
Morgan Stanley Bank NA      
5.50%, 05/26/2028       312,000       317,601
NatWest Group PLC      
1.64%, 06/14/2027     1,452,000     1,406,888
3.03%, 11/28/2035       947,000       839,421
4.45%, 05/08/2030       778,000       765,044
4.89%, 05/18/2029       755,000       757,494
4.96%, 08/15/2030       671,000       672,287
5.12%, 05/23/2031       940,000       943,653
8.00%, 08/10/2025(2)     1,096,000     1,099,262
NatWest Markets PLC      
4.79%, 03/21/2028*#       528,000       530,490
5.41%, 05/17/2029*     1,905,000     1,953,512
Nbk Tier 2, Ltd.      
2.50%, 11/24/2030       744,000       730,059
Nordea Bank Abp      
5.38%, 09/22/2027*     1,556,000     1,584,934
PNC Financial Services Group, Inc.      
4.81%, 10/21/2032       670,000       661,643
4.90%, 05/13/2031       875,000       875,874
Regions Financial Corp.      
5.50%, 09/06/2035       557,000       547,056
5.72%, 06/06/2030       535,000       547,149
7.38%, 12/10/2037       769,000       845,851
Royal Bank of Canada      
4.65%, 10/18/2030     1,050,000     1,045,545
4.72%, 03/27/2028       884,000       887,005
Santander Holdings USA, Inc.      
6.17%, 01/09/2030     2,000,000     2,063,400
Santander UK Group Holdings PLC      
4.86%, 09/11/2030     1,880,000     1,861,640
5.69%, 04/15/2031       910,000       930,695
Shinhan Financial Group Co., Ltd.      
5.00%, 07/24/2028       800,000        808,128
Security Description   Shares or
Principal
Amount 		Value
Banks (continued)
Signature Bank      
4.00%, 10/15/2030   $    740,000 $      421,800
SNB Sukuk, Ltd.      
5.13%, 02/27/2029       550,000       555,854
Societe Generale SA      
5.25%, 02/19/2027*       775,000       779,550
5.51%, 05/22/2031*     1,320,000     1,329,733
6.10%, 04/13/2033*     2,240,000     2,304,188
6.45%, 01/10/2029*     2,500,000     2,586,828
Standard Chartered PLC      
5.01%, 10/15/2030*       550,000       549,549
5.69%, 05/14/2028*       609,000       618,162
Sumitomo Mitsui Financial Group, Inc.      
5.84%, 07/09/2044       335,000       333,897
Sumitomo Mitsui Trust Bank, Ltd.      
4.45%, 09/10/2027*       528,000       527,889
Swedbank AB      
1.54%, 11/16/2026*#     3,767,000     3,617,693
Texas Capital Bancshares, Inc.      
4.00%, 05/06/2031       360,000       347,091
Toronto-Dominion Bank      
5.30%, 01/30/2032       780,000       790,982
Truist Financial Corp.      
5.12%, 01/26/2034     1,000,000       980,392
7.16%, 10/30/2029     2,000,000     2,153,079
UBS AG      
7.50%, 02/15/2028       519,000       557,793
UBS Group AG      
1.49%, 08/10/2027*     1,610,000     1,548,981
4.13%, 09/24/2025*       161,000       160,629
4.75%, 05/12/2028*     1,677,000     1,678,931
5.43%, 02/08/2030*     1,620,000     1,652,376
5.58%, 05/09/2036*       210,000       210,143
5.62%, 09/13/2030*       720,000       741,536
United Overseas Bank, Ltd.      
2.00%, 10/14/2031     1,450,000     1,395,294
US Bancorp      
2.49%, 11/03/2036     2,056,000     1,711,500
5.08%, 05/15/2031       860,000       867,044
Walker & Dunlop, Inc.      
6.63%, 04/01/2033*       387,000       391,872
Wells Fargo & Co.      
2.57%, 02/11/2031     1,217,000     1,099,472
2.88%, 10/30/2030     1,491,000     1,375,940
3.07%, 04/30/2041     1,813,000     1,328,565
4.30%, 07/22/2027     3,302,000     3,286,792
4.65%, 11/04/2044       364,000       302,696
4.75%, 12/07/2046       202,000       167,128
4.97%, 04/23/2029       730,000       735,433
5.21%, 12/03/2035     2,415,000     2,368,399
5.39%, 04/24/2034     1,063,000     1,067,544
5.50%, 01/23/2035       212,000       213,203
5.61%, 01/15/2044       372,000       349,888
5.71%, 04/22/2028     1,965,000     2,001,306
Woori Bank      
5.13%, 08/06/2028       620,000       622,696
Yapi ve Kredi Bankasi AS      
7.25%, 03/03/2030*       320,000       317,907
Zions Bancorp NA      
3.25%, 10/29/2029     1,586,000     1,432,316
6.82%, 11/19/2035       794,000       800,421
      223,369,733
 
20  
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Beverages — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.      
4.90%, 02/01/2046   $  1,049,000 $      945,697
Constellation Brands, Inc.      
4.35%, 05/09/2027       744,000       741,767
PepsiCo, Inc.      
3.60%, 02/18/2028       369,000       364,571
4.00%, 03/05/2042       194,000       159,484
4.45%, 02/07/2028       535,000       539,913
      2,751,432
Biotechnology — 0.5%
Amgen, Inc.      
2.80%, 08/15/2041     1,181,000       831,927
3.15%, 02/21/2040     1,184,000       895,087
4.40%, 05/01/2045       510,000       422,976
4.66%, 06/15/2051       412,000       341,747
5.15%, 03/02/2028       444,000       452,118
5.25%, 03/02/2030       546,000       559,790
5.60%, 03/02/2043       256,000       248,438
5.65%, 03/02/2053     1,470,000     1,399,327
5.75%, 03/02/2063     1,015,000       959,586
Biogen, Inc.      
5.75%, 05/15/2035       610,000       614,107
6.45%, 05/15/2055       427,000       427,143
Gilead Sciences, Inc.      
2.60%, 10/01/2040     1,225,000       857,233
4.80%, 11/15/2029       534,000       541,429
5.10%, 06/15/2035       350,000       347,978
5.55%, 10/15/2053       562,000       538,891
Regeneron Pharmaceuticals, Inc.      
1.75%, 09/15/2030       374,000       320,394
2.80%, 09/15/2050       983,000       563,890
Royalty Pharma PLC      
2.15%, 09/02/2031     1,901,000     1,606,758
5.15%, 09/02/2029       310,000       313,479
5.90%, 09/02/2054       380,000       357,006
      12,599,304
Building Materials — 0.3%
Carrier Global Corp.      
3.38%, 04/05/2040     1,836,000     1,422,894
5.90%, 03/15/2034       232,000       243,753
CRH SMW Finance DAC      
5.20%, 05/21/2029     1,601,000     1,631,177
GCC SAB de CV      
3.61%, 04/20/2032       600,000       523,452
Holcim Finance US LLC      
4.95%, 04/07/2030*       320,000       322,054
Lennox International, Inc.      
5.50%, 09/15/2028       637,000       654,271
Martin Marietta Materials, Inc.      
2.40%, 07/15/2031     1,063,000       925,109
Owens Corning      
5.50%, 06/15/2027       303,000       307,370
St Marys Cement, Inc.      
5.75%, 04/02/2034       400,000       397,541
Standard Industries, Inc.      
3.38%, 01/15/2031*       279,000       246,856
4.38%, 07/15/2030*       352,000        330,357
Security Description   Shares or
Principal
Amount 		Value
Building Materials (continued)
Vulcan Materials Co.      
5.70%, 12/01/2054   $    379,000 $      364,328
      7,369,162
Chemicals — 0.3%
CF Industries, Inc.      
5.38%, 03/15/2044       708,000       637,594
Consolidated Energy Finance SA      
5.63%, 10/15/2028*       751,000       606,314
DuPont de Nemours, Inc.      
5.32%, 11/15/2038       750,000       763,818
Eastman Chemical Co.      
5.75%, 03/08/2033       521,000       533,811
Ecolab, Inc.      
2.70%, 12/15/2051     1,752,000     1,045,898
4.30%, 06/15/2028       248,000       248,736
5.25%, 01/15/2028       500,000       512,996
EIDP, Inc.      
5.13%, 05/15/2032     1,170,000     1,180,873
MEGlobal BV      
4.25%, 11/03/2026       790,000       781,541
Methanex Corp.      
5.25%, 12/15/2029       729,000       707,066
Methanex US Operations, Inc.      
6.25%, 03/15/2032*       135,000       130,642
Minerals Technologies, Inc.      
5.00%, 07/01/2028*       510,000       495,552
Nutrien, Ltd.      
5.20%, 06/21/2027       327,000       330,922
OCP SA      
6.10%, 04/30/2030*       200,000       200,310
RPM International, Inc.      
2.95%, 01/15/2032       121,000       105,248
Sherwin-Williams Co.      
4.80%, 09/01/2031       300,000       299,868
Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC      
7.63%, 05/03/2029*(3)       345,796       204,020
Westlake Corp.      
3.38%, 08/15/2061       602,000       340,984
      9,126,193
Coal — 0.0%
Warrior Met Coal, Inc.      
7.88%, 12/01/2028*       141,000       143,107
Commercial Services — 0.7%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.      
8.38%, 06/15/2032*       170,000       171,280
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.      
5.38%, 03/01/2029*       232,000       218,755
8.25%, 01/15/2030*#       160,000       162,738
Block, Inc.      
6.50%, 05/15/2032       375,000       383,245
Boost Newco Borrower LLC      
7.50%, 01/15/2031*       275,000       290,966
Champions Financing, Inc.      
8.75%, 02/15/2029*#       584,000       543,945
Deluxe Corp.      
8.00%, 06/01/2029*       691,000       641,283
8.13%, 09/15/2029*       339,000        342,710
 
21
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Commercial Services (continued)
DP World Crescent, Ltd.      
5.50%, 05/08/2035*   $    320,000 $      319,012
DP World, Ltd.      
5.63%, 09/25/2048       544,000       496,400
Element Fleet Management Corp.      
5.04%, 03/25/2030*       900,000       895,841
5.64%, 03/13/2027*     1,520,000     1,541,986
EquipmentShare.com, Inc.      
8.00%, 03/15/2033*       408,000       419,188
8.63%, 05/15/2032*       315,000       330,325
Ford Foundation      
2.82%, 06/01/2070#     1,448,000       780,402
GXO Logistics, Inc.      
6.25%, 05/06/2029       456,000       466,867
Herc Holdings Escrow, Inc.      
7.00%, 06/15/2030*       180,000       185,441
7.25%, 06/15/2033*       375,000       385,947
Hertz Corp.      
4.63%, 12/01/2026*#       303,000       267,577
12.63%, 07/15/2029*#       262,000       266,777
Mersin Uluslararasi Liman Isletmeciligi AS      
8.25%, 11/15/2028       300,000       308,998
Mobius Merger Sub, Inc.      
9.00%, 06/01/2030*       797,000       703,698
Prime Security Services Borrower LLC/Prime Finance, Inc.      
3.38%, 08/31/2027*       179,000       171,821
6.25%, 01/15/2028*       382,000       381,609
Quanta Services, Inc.      
2.35%, 01/15/2032     1,385,000     1,166,674
2.90%, 10/01/2030       500,000       454,084
3.05%, 10/01/2041       969,000       668,582
5.25%, 08/09/2034       617,000       611,381
Rentokil Terminix Funding LLC      
5.63%, 04/28/2035*       440,000       440,082
S&P Global, Inc.      
2.70%, 03/01/2029     1,623,000     1,529,624
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.      
6.75%, 08/15/2032*       451,000       460,154
Triton Container International, Ltd.      
2.05%, 04/15/2026*#       430,000       419,435
3.15%, 06/15/2031*     1,035,000       883,146
Triton Container International, Ltd. / TAL International Container Corp.      
3.25%, 03/15/2032       505,000       427,065
Veritiv Operating Co.      
10.50%, 11/30/2030*       514,000       546,693
VM Consolidated, Inc.      
5.50%, 04/15/2029*       632,000       625,289
WEX, Inc.      
6.50%, 03/15/2033*       451,000       446,065
      19,355,085
Computers — 0.6%
Accenture Capital, Inc.      
4.25%, 10/04/2031       650,000       638,233
4.50%, 10/04/2034       803,000       771,496
Apple, Inc.      
1.40%, 08/05/2028     1,074,000       989,082
2.65%, 05/11/2050       925,000       564,936
2.70%, 08/05/2051       739,000        449,006
Security Description   Shares or
Principal
Amount 		Value
Computers (continued)
3.95%, 08/08/2052   $    706,000 $      550,181
4.38%, 05/13/2045       476,000       413,219
Booz Allen Hamilton, Inc.      
5.95%, 04/15/2035#       378,000       374,041
Dell International LLC/EMC Corp.      
3.38%, 12/15/2041     1,959,000     1,420,023
4.35%, 02/01/2030       892,000       876,519
4.75%, 04/01/2028       766,000       769,518
5.30%, 04/01/2032     1,800,000     1,808,084
8.10%, 07/15/2036       502,000       593,467
Fortress Intermediate 3, Inc.      
7.50%, 06/01/2031*       377,000       389,648
Hewlett Packard Enterprise Co.      
4.45%, 09/25/2026       318,000       317,535
IBM International Capital Pte, Ltd.      
4.75%, 02/05/2031     1,725,000     1,730,479
Kyndryl Holdings, Inc.      
3.15%, 10/15/2031       462,000       409,662
Leidos, Inc.      
4.38%, 05/15/2030     1,662,000     1,618,030
5.50%, 03/15/2035       513,000       511,373
5.75%, 03/15/2033       587,000       603,142
NCR Voyix Corp.      
5.13%, 04/15/2029*        56,000        54,579
Seagate HDD Cayman      
4.09%, 06/01/2029       192,000       183,614
      16,035,867
Cosmetics/Personal Care — 0.1%
Edgewell Personal Care Co.      
4.13%, 04/01/2029*       660,000       617,264
Haleon US Capital LLC      
3.63%, 03/24/2032     1,000,000       926,556
4.00%, 03/24/2052     1,085,000       818,558
Kenvue, Inc.      
4.85%, 05/22/2032       464,000       466,088
L'Oreal SA      
5.00%, 05/20/2035*       334,000       336,293
Perrigo Finance Unlimited Co.      
6.13%, 09/30/2032#       735,000       733,700
      3,898,459
Diversified Financial Services — 1.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust      
2.45%, 10/29/2026     1,799,000     1,743,581
4.63%, 09/10/2029     1,160,000     1,151,049
Air Lease Corp.      
4.65%, 06/15/2026(2)       342,000       336,404
Aircastle, Ltd.      
5.25%, 06/15/2026*(2)       677,000       672,276
Aircastle, Ltd./Aircastle Ireland DAC      
5.25%, 03/15/2030*       645,000       642,063
Ally Financial, Inc.      
6.65%, 01/17/2040       689,000       661,666
6.70%, 02/14/2033#       358,000       364,107
American Express Co.      
5.09%, 01/30/2031       454,000       460,890
5.10%, 02/16/2028     1,377,000     1,389,582
5.44%, 01/30/2036       775,000       780,114
5.67%, 04/25/2036       361,000       368,607
Aviation Capital Group LLC      
5.13%, 04/10/2030*       635,000        631,156
 
22  
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Diversified Financial Services (continued)
Avolon Holdings Funding, Ltd.      
4.38%, 05/01/2026*   $ 12,000,000 $   11,919,147
4.95%, 01/15/2028*       465,000       463,668
5.15%, 01/15/2030*       715,000       712,449
5.38%, 05/30/2030*       725,000       727,413
5.75%, 11/15/2029*       965,000       981,512
6.38%, 05/04/2028*       343,000       355,069
Bread Financial Holdings, Inc.      
9.75%, 03/15/2029*       324,000       345,444
Burford Capital Global Finance LLC      
6.25%, 04/15/2028*       365,000       363,263
6.88%, 04/15/2030*       244,000       244,630
Caja de Compensacion de Asignacion Familiar de Los Andes      
7.00%, 07/30/2029*       550,000       571,829
Cobra AcquisitionCo LLC      
6.38%, 11/01/2029*       818,000       691,051
Credit Acceptance Corp.      
6.63%, 03/15/2030*       282,000       280,899
9.25%, 12/15/2028*       261,000       276,177
EZCORP, Inc.      
7.38%, 04/01/2032*       326,000       338,307
Focus Financial Partners LLC      
6.75%, 09/15/2031*       577,000       583,714
goeasy, Ltd.      
6.88%, 05/15/2030*       426,000       420,667
7.63%, 07/01/2029*       140,000       141,438
Intercontinental Exchange, Inc.      
4.25%, 09/21/2048     1,104,000       885,972
4.95%, 06/15/2052       672,000       594,043
5.20%, 06/15/2062       622,000       560,793
Jane Street Group/JSG Finance, Inc.      
6.13%, 11/01/2032*       598,000       598,990
7.13%, 04/30/2031*       217,000       226,692
LFS Topco LLC      
5.88%, 10/15/2026*       450,000       445,877
Macquarie Airfinance Holdings, Ltd.      
5.15%, 03/17/2030*     1,130,000     1,113,049
5.20%, 03/27/2028*     1,060,000     1,063,109
Mastercard, Inc.      
4.35%, 01/15/2032       657,000       646,762
Nasdaq, Inc.      
5.95%, 08/15/2053       303,000       300,682
6.10%, 06/28/2063       363,000       359,291
OneMain Finance Corp.      
5.38%, 11/15/2029       178,000       172,460
6.63%, 05/15/2029       380,000       384,236
Planet Financial Group LLC      
10.50%, 12/15/2029*       607,000       598,077
Rfna LP      
7.88%, 02/15/2030*       400,000       401,000
SURA Asset Management SA      
6.35%, 05/13/2032*       200,000       207,180
Synchrony Financial      
4.50%, 07/23/2025     2,146,000     2,144,465
5.15%, 03/19/2029       879,000       871,822
5.45%, 03/06/2031#       273,000       271,700
USAA Capital Corp.      
4.38%, 06/01/2028*       555,000       555,184
VFH Parent LLC/Valor Co.-Issuer, Inc.      
7.50%, 06/15/2031*       587,000        612,002
Security Description   Shares or
Principal
Amount 		Value
Diversified Financial Services (continued)
Voya Financial, Inc.      
5.00%, 09/20/2034   $    259,000 $      246,792
      41,878,350
Electric — 3.2%
AEP Transmission Co. LLC      
4.50%, 06/15/2052       252,000       204,727
AES Andes SA      
6.25%, 03/14/2032*#       575,000       577,575
AES Corp.      
2.45%, 01/15/2031#     2,780,000     2,377,145
5.45%, 06/01/2028#     1,250,000     1,266,340
5.80%, 03/15/2032       920,000       911,932
Algonquin Power & Utilities Corp.      
5.37%, 06/15/2026(4)       218,000       219,036
Alliant Energy Finance LLC      
5.95%, 03/30/2029*       504,000       521,948
Ameren Corp.      
5.70%, 12/01/2026       727,000       738,486
American Electric Power Co., Inc.      
5.63%, 03/01/2033#     1,172,000     1,199,833
Baltimore Gas & Electric Co.      
5.65%, 06/01/2054       570,000       548,899
California Buyer, Ltd./Atlantica Sustainable Infrastructure PLC      
6.38%, 02/15/2032*       554,000       547,782
Calpine Corp.      
3.75%, 03/01/2031*#       100,000        92,796
5.00%, 02/01/2031*       480,000       465,527
Clearway Energy Operating LLC      
3.75%, 01/15/2032*       516,000       453,242
CMS Energy Corp.      
3.75%, 12/01/2050     1,178,000     1,031,480
4.75%, 06/01/2050     1,337,000     1,264,602
Cometa Energia SA de CV      
6.38%, 04/24/2035       591,240       596,756
Commonwealth Edison Co.      
5.95%, 06/01/2055       133,000       133,197
Consolidated Edison Co. of New York, Inc.      
3.95%, 04/01/2050       715,000       540,080
4.13%, 05/15/2049       438,000       336,368
4.45%, 03/15/2044       751,000       632,110
4.50%, 12/01/2045       392,000       326,573
Constellation Energy Generation LLC      
5.60%, 06/15/2042     2,500,000     2,397,210
5.75%, 10/01/2041     1,000,000       972,479
Diamond II, Ltd.      
7.95%, 07/28/2026       248,000       249,565
Dominion Energy, Inc.      
5.25%, 08/01/2033     1,951,000     1,929,472
DTE Electric Co.      
3.95%, 03/01/2049     1,683,000     1,289,109
DTE Energy Co.      
4.88%, 06/01/2028     1,839,000     1,855,531
Duke Energy Carolinas LLC      
3.55%, 03/15/2052       651,000       451,790
5.40%, 01/15/2054       500,000       465,871
Duke Energy Corp.      
5.80%, 06/15/2054       399,000       377,641
Duke Energy Florida LLC      
5.95%, 11/15/2052       744,000       741,829
Duke Energy Ohio, Inc.      
5.65%, 04/01/2053       534,000        507,226
 
23
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Electric (continued)
Duke Energy Progress LLC      
4.00%, 04/01/2052   $  1,054,000 $      783,283
Emera US Finance LP      
4.75%, 06/15/2046     1,756,000     1,417,107
Enel Finance International NV      
3.50%, 04/06/2028*     1,128,000     1,094,093
4.75%, 05/25/2047*     1,025,000       841,588
5.13%, 06/26/2029*       323,000       327,005
7.75%, 10/14/2052*     1,090,000     1,278,795
Engie SA      
5.25%, 04/10/2029*       850,000       864,214
5.88%, 04/10/2054*       962,000       914,716
Entergy Mississippi LLC      
3.50%, 06/01/2051       490,000       327,548
3.85%, 06/01/2049       296,000       213,944
5.80%, 04/15/2055       156,000       150,836
5.85%, 06/01/2054       360,000       350,906
Entergy Texas, Inc.      
4.50%, 03/30/2039     2,880,000     2,566,129
5.00%, 09/15/2052       326,000       278,505
5.25%, 04/15/2035       266,000       265,382
Evergy Kansas Central, Inc.      
4.70%, 03/13/2028       174,000       175,040
FirstEnergy Corp.      
4.85%, 07/15/2047       566,000       466,627
FirstEnergy Pennsylvania Electric Co.      
5.20%, 04/01/2028*     2,230,000     2,266,496
FirstEnergy Transmission LLC      
4.55%, 04/01/2049*     1,950,000     1,636,756
Florida Power & Light Co.      
5.15%, 06/15/2029#       671,000       691,753
Georgia Power Co.      
3.25%, 03/15/2051     2,124,000     1,403,851
Interstate Power & Light Co.      
3.50%, 09/30/2049     1,493,000     1,023,918
Interstate Power and Light Co.      
4.95%, 09/30/2034       340,000       328,444
ITC Holdings Corp.      
5.65%, 05/09/2034*       455,000       457,965
Jersey Central Power & Light Co.      
5.10%, 01/15/2035       255,000       249,548
Kentucky Power Co.      
7.00%, 11/15/2033*       935,000       992,386
Liberty Utilities Finance GP 1      
2.05%, 09/15/2030*       456,000       395,127
LLPL Capital Pte, Ltd.      
6.88%, 02/04/2039       494,496       491,386
Minejesa Capital BV      
4.63%, 08/10/2030       513,110       499,251
Narragansett Electric Co.      
5.35%, 05/01/2034*       415,000       412,628
National Rural Utilities Cooperative Finance Corp.      
4.12%, 09/16/2027       736,000       733,673
4.75%, 02/07/2028       502,000       507,042
National Rural Utilities Cooperative Finance Corp. FRS      
7.45%, (TSFR3M+3.17%), 04/30/2043       558,000       555,230
New York State Electric & Gas Corp.      
5.85%, 08/15/2033*     1,465,000     1,514,017
NextEra Energy Capital Holdings, Inc.      
5.30%, 03/15/2032       708,000       719,952
5.75%, 09/01/2025       512,000        513,328
Security Description   Shares or
Principal
Amount 		Value
Electric (continued)
5.90%, 03/15/2055   $    582,000 $      562,820
Niagara Energy SAC      
5.75%, 10/03/2034*#       540,000       530,358
NRG Energy, Inc.      
3.63%, 02/15/2031*       889,000       806,153
5.25%, 06/15/2029*        39,000        38,541
OGE Energy Corp.      
5.45%, 05/15/2029       235,000       241,998
Oklahoma Gas & Electric Co.      
5.60%, 04/01/2053       326,000       309,716
Oncor Electric Delivery Co. LLC      
4.15%, 06/01/2032     1,145,000     1,086,233
Pacific Gas & Electric Co.      
3.95%, 12/01/2047     1,837,000     1,270,446
4.30%, 03/15/2045     2,422,000     1,803,314
4.95%, 06/08/2025       715,000       714,935
5.70%, 03/01/2035     1,780,000     1,750,141
5.80%, 05/15/2034       127,000       125,518
6.40%, 06/15/2033       157,000       161,539
PacifiCorp      
7.38%, 09/15/2055       910,000       925,861
Pattern Energy Operations LP/Pattern Energy Operations, Inc.      
4.50%, 08/15/2028*       778,000       746,537
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara      
4.88%, 07/17/2049       900,000       712,881
PG&E Recovery Funding LLC      
5.23%, 06/01/2042     1,155,000     1,138,405
5.53%, 06/01/2051     1,370,000     1,324,037
PPL Capital Funding, Inc.      
5.25%, 09/01/2034       234,000       231,653
Public Service Co. of Colorado      
2.70%, 01/15/2051     3,296,000     1,900,116
3.70%, 06/15/2028       552,000       542,611
4.10%, 06/15/2048     1,412,000     1,072,887
Public Service Co. of Oklahoma      
2.20%, 08/15/2031     1,709,000     1,453,492
Public Service Electric & Gas Co.      
4.85%, 08/01/2034       218,000       214,592
Puget Sound Energy, Inc.      
5.69%, 06/15/2054       384,000       366,677
RWE Finance US LLC      
6.25%, 04/16/2054*       596,000       575,943
Saavi Energia SARL      
8.88%, 02/10/2035*       410,000       419,430
San Diego Gas & Electric Co.      
5.55%, 04/15/2054       392,000       363,715
Southern California Edison Co.      
5.20%, 06/01/2034     1,500,000     1,436,549
5.45%, 06/01/2031     1,650,000     1,661,786
5.90%, 03/01/2055       435,000       390,602
Termocandelaria Power SA      
7.75%, 09/17/2031       400,000       398,772
Trans-Allegheny Interstate Line Co.      
5.00%, 01/15/2031*       337,000       339,598
Union Electric Co.      
3.90%, 04/01/2052       901,000       664,886
Virginia Electric & Power Co.      
5.55%, 08/15/2054       188,000       175,695
5.65%, 03/15/2055     1,600,000     1,523,302
Vistra Operations Co. LLC      
5.00%, 07/31/2027*       381,000        379,890
 
24  
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Electric (continued)
5.70%, 12/30/2034*   $  3,000,000 $    2,988,560
6.00%, 04/15/2034*       101,000       102,431
7.75%, 10/15/2031*       160,000       169,654
Wisconsin Power & Light Co.      
3.95%, 09/01/2032       355,000       330,639
XPLR Infrastructure Operating Partners LP      
7.25%, 01/15/2029*#       398,000       399,953
8.38%, 01/15/2031*#       730,000       762,335
      87,047,827
Electrical Components & Equipment — 0.0%
EnerSys      
4.38%, 12/15/2027*       230,000       222,560
6.63%, 01/15/2032*       160,000       163,317
WESCO Distribution, Inc.      
6.38%, 03/15/2033*       442,000       450,205
      836,082
Electronics — 0.2%
Allegion US Holding Co., Inc.      
5.41%, 07/01/2032       463,000       469,651
5.60%, 05/29/2034       438,000       441,408
Amphenol Corp.      
5.25%, 04/05/2034       385,000       389,550
Honeywell International, Inc.      
4.95%, 09/01/2031       442,000       449,515
Imola Merger Corp.      
4.75%, 05/15/2029*       580,000       555,750
TD Synnex Corp.      
6.10%, 04/12/2034       648,000       664,996
Trimble, Inc.      
6.10%, 03/15/2033       328,000       342,399
TTM Technologies, Inc.      
4.00%, 03/01/2029*       606,000       575,993
Tyco Electronics Group SA      
5.00%, 05/09/2035       544,000       531,718
Vontier Corp.      
2.95%, 04/01/2031       916,000       806,706
      5,227,686
Energy-Alternate Sources — 0.0%
India Green Power Holdings      
4.00%, 02/22/2027       303,310       291,317
Engineering & Construction — 0.0%
HTA Group, Ltd.      
7.50%, 06/04/2029       300,000       305,445
MasTec, Inc.      
5.90%, 06/15/2029       429,000       440,190
      745,635
Entertainment — 0.2%
Banijay Entertainment SASU      
8.13%, 05/01/2029*       521,000       540,656
Caesars Entertainment, Inc.      
4.63%, 10/15/2029*#       144,000       134,475
Flutter Treasury DAC      
5.88%, 06/04/2031*       555,000       557,775
GENM Capital Labuan, Ltd.      
3.88%, 04/19/2031       308,000       271,143
Ontario Gaming GTA LP/OTG Co.-Issuer, Inc.      
8.00%, 08/01/2030*       744,000        735,439
Security Description   Shares or
Principal
Amount 		Value
Entertainment (continued)
SeaWorld Parks & Entertainment, Inc.      
5.25%, 08/15/2029*#   $    648,000 $      622,884
Voyager Parent LLC      
9.25%, 07/01/2032*       625,000       645,696
WarnerMedia Holdings, Inc.      
4.28%, 03/15/2032       404,000       342,822
5.05%, 03/15/2042       778,000       559,637
5.14%, 03/15/2052        71,000        46,026
5.39%, 03/15/2062       394,000       253,630
      4,710,183
Environmental Control — 0.1%
Republic Services, Inc.      
4.75%, 07/15/2030       676,000       682,746
Reworld Holding Corp.      
5.00%, 09/01/2030       477,000       444,777
Waste Connections, Inc.      
2.20%, 01/15/2032       886,000       754,601
5.25%, 09/01/2035       221,000       222,860
Waste Management, Inc.      
4.95%, 07/03/2027       660,000       669,382
      2,774,366
Food — 0.8%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC      
5.88%, 02/15/2028*       296,000       295,734
6.25%, 03/15/2033*       415,000       421,298
Bimbo Bakeries USA, Inc.      
5.38%, 01/09/2036*     1,167,000     1,124,937
5.38%, 01/09/2036       430,000       414,372
C&S Group Enterprises LLC      
5.00%, 12/15/2028*       849,000       722,490
Conagra Brands, Inc.      
5.40%, 11/01/2048       526,000       462,953
7.00%, 10/01/2028       668,000       712,055
Hershey Co.      
4.55%, 02/24/2028       374,000       377,875
Hormel Foods Corp.      
4.80%, 03/30/2027       589,000       593,967
Indofood CBP Sukses Makmur Tbk PT      
3.54%, 04/27/2032       400,000       359,949
J.M. Smucker Co.      
6.50%, 11/15/2043       394,000       411,858
JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL      
3.00%, 05/15/2032       855,000       734,941
3.75%, 12/01/2031     1,520,000     1,394,589
6.50%, 12/01/2052       600,000       608,054
Kellanova      
7.45%, 04/01/2031       985,000     1,114,943
Kraft Heinz Foods Co.      
4.38%, 06/01/2046     3,018,000     2,382,540
4.88%, 10/01/2049       332,000       277,662
5.20%, 03/15/2032       335,000       336,018
Kroger Co.      
3.88%, 10/15/2046       497,000       366,283
5.00%, 09/15/2034       608,000       592,175
5.50%, 09/15/2054       797,000       736,972
5.65%, 09/15/2064       969,000       894,672
Land O'Lakes Capital Trust I      
7.45%, 03/15/2028*       124,000        122,686
 
25
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Food (continued)
Mars, Inc.      
4.65%, 04/20/2031*   $    815,000 $      817,790
5.65%, 05/01/2045*     1,819,000     1,784,498
5.70%, 05/01/2055*       375,000       363,787
Performance Food Group, Inc.      
4.25%, 08/01/2029*       380,000       362,191
5.50%, 10/15/2027*       199,000       198,175
Sysco Corp.      
4.45%, 03/15/2048     1,003,000       808,666
4.50%, 04/01/2046     1,922,000     1,559,835
5.10%, 09/23/2030       666,000       675,424
      22,029,389
Forest Products & Paper — 0.1%
Celulosa Arauco y Constitucion SA      
6.18%, 05/05/2032*#       365,000       366,162
Georgia-Pacific LLC      
0.95%, 05/15/2026*     1,435,000     1,387,875
4.40%, 06/30/2028*       221,000       221,223
Inversiones CMPC SA      
6.13%, 02/26/2034*#       850,000       849,165
LD Celulose International GmbH      
7.95%, 01/26/2032*#       200,000       206,100
Magnera Corp.      
4.75%, 11/15/2029*       749,000       634,901
Suzano Austria GmbH      
5.00%, 01/15/2030       300,000       291,645
      3,957,071
Gas — 0.2%
APA Infrastructure, Ltd.      
5.13%, 09/16/2034*     1,155,000     1,114,918
Atmos Energy Corp.      
5.75%, 10/15/2052       509,000       499,667
Brooklyn Union Gas Co.      
6.42%, 07/18/2054*       328,000       330,004
KeySpan Gas East Corp.      
5.99%, 03/06/2033*     1,644,000     1,681,677
NiSource, Inc.      
5.20%, 07/01/2029       750,000       764,130
5.85%, 04/01/2055       189,000       182,568
Southern California Gas Co.      
5.60%, 04/01/2054       615,000       576,127
Venture Global Plaquemines LNG LLC      
7.50%, 05/01/2033*        80,000        83,556
7.75%, 05/01/2035*       460,000       484,401
      5,717,048
Hand/Machine Tools — 0.0%
Stanley Black & Decker, Inc.      
6.71%, 03/15/2060     1,045,000     1,013,395
Healthcare-Products — 0.3%
Agilent Technologies, Inc.      
2.30%, 03/12/2031     1,036,000       905,559
2.75%, 09/15/2029       816,000       757,416
GE HealthCare Technologies, Inc.      
5.65%, 11/15/2027       705,000       723,737
Insulet Corp.      
6.50%, 04/01/2033*       391,000       402,048
Medline Borrower LP      
3.88%, 04/01/2029*       396,000        373,217
Security Description   Shares or
Principal
Amount 		Value
Healthcare-Products (continued)
Medline Borrower LP/Medline Co.-Issuer, Inc.      
6.25%, 04/01/2029*   $    185,000 $      188,249
Solventum Corp.      
5.60%, 03/23/2034       904,000       911,797
Sotera Health Holdings LLC      
7.38%, 06/01/2031*       322,000       334,469
STERIS PLC      
3.75%, 03/15/2051       597,000       414,430
Stryker Corp.      
4.85%, 12/08/2028       769,000       779,934
Thermo Fisher Scientific, Inc.      
5.00%, 01/31/2029#     1,034,000     1,057,472
      6,848,328
Healthcare-Services — 0.9%
Cigna Group      
2.38%, 03/15/2031       341,000       298,164
2.40%, 03/15/2030       561,000       505,847
3.40%, 03/15/2050     1,022,000       667,100
3.88%, 10/15/2047       260,000       188,677
4.38%, 10/15/2028       334,000       332,136
5.00%, 05/15/2029       485,000       492,344
Concentra Health Services, Inc.      
6.88%, 07/15/2032*       641,000       659,478
DaVita, Inc.      
6.75%, 07/15/2033*       522,000       527,391
Elevance Health, Inc.      
2.88%, 09/15/2029       877,000       817,481
6.10%, 10/15/2052       524,000       519,950
HCA, Inc.      
3.38%, 03/15/2029       788,000       749,472
3.50%, 09/01/2030     1,579,000     1,472,797
3.50%, 07/15/2051     1,724,000     1,104,818
4.63%, 03/15/2052       724,000       566,190
5.25%, 06/15/2049     1,027,000       888,235
5.45%, 04/01/2031     1,141,000     1,161,610
5.50%, 03/01/2032       798,000       807,649
5.75%, 03/01/2035       727,000       732,734
Humana, Inc.      
1.35%, 02/03/2027     1,084,000     1,031,992
4.88%, 04/01/2030       729,000       725,830
5.50%, 03/15/2053       311,000       269,938
5.75%, 04/15/2054       412,000       370,107
5.88%, 03/01/2033       640,000       650,285
LifePoint Health, Inc.      
5.38%, 01/15/2029*#       637,000       601,630
Molina Healthcare, Inc.      
3.88%, 11/15/2030*       250,000       228,574
6.25%, 01/15/2033*       483,000       482,221
Quest Diagnostics, Inc.      
5.00%, 12/15/2034       751,000       737,138
Roche Holdings, Inc.      
5.49%, 11/13/2030*     2,127,000     2,226,454
Select Medical Corp.      
6.25%, 12/01/2032*#       444,000       440,026
UnitedHealth Group, Inc.      
1.25%, 01/15/2026     1,560,000     1,527,140
4.75%, 05/15/2052     1,408,000     1,156,700
4.90%, 04/15/2031#       464,000       464,975
4.95%, 05/15/2062       598,000       491,648
      23,896,731
 
26  
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Home Builders — 0.0%
Lennar Corp.      
5.20%, 07/30/2030   $    306,000 $      308,874
Mattamy Group Corp.      
4.63%, 03/01/2030*       487,000       458,452
      767,326
Insurance — 1.0%
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer      
6.50%, 10/01/2031*       512,000       516,099
Aon North America, Inc.      
5.30%, 03/01/2031     2,141,000     2,193,903
5.75%, 03/01/2054     1,381,000     1,318,544
Arthur J Gallagher & Co.      
5.75%, 07/15/2054       311,000       295,723
6.75%, 02/15/2054       404,000       435,876
Arthur J. Gallagher & Co.      
4.85%, 12/15/2029       310,000       312,419
5.75%, 03/02/2053     1,164,000     1,113,932
Athene Global Funding      
1.73%, 10/02/2026*     2,229,000     2,142,590
4.86%, 08/27/2026*       594,000       595,374
5.32%, 11/13/2031*       952,000       946,669
Athene Holding, Ltd.      
3.45%, 05/15/2052       214,000       131,455
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance      
7.13%, 05/15/2031*       432,000       445,360
Chubb INA Holdings LLC      
4.65%, 08/15/2029       925,000       934,086
CNO Global Funding      
5.88%, 06/04/2027*     1,600,000     1,636,299
Equitable Financial Life Global Funding      
1.30%, 07/12/2026*     2,211,000     2,135,236
F&G Annuities & Life, Inc.      
6.25%, 10/04/2034       182,000       175,998
6.50%, 06/04/2029       290,000       296,423
F&G Global Funding      
2.30%, 04/11/2027*     1,720,000     1,644,526
5.88%, 06/10/2027*       700,000       713,665
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC      
7.25%, 02/15/2031*       599,000       614,974
Jones Deslauriers Insurance Management, Inc.      
8.50%, 03/15/2030*       475,000       498,828
Liberty Mutual Group, Inc.      
4.30%, 02/01/2061*     1,297,000       801,751
Marsh & McLennan Cos., Inc.      
4.55%, 11/08/2027       490,000       492,018
Meiji Yasuda Life Insurance Co.      
5.80%, 09/11/2054*       703,000       682,614
New York Life Global Funding      
4.85%, 01/09/2028*       336,000       339,836
Northwestern Mutual Global Funding      
4.35%, 09/15/2027*       439,000       439,393
5.16%, 05/28/2031*     1,000,000     1,019,259
Panther Escrow Issuer LLC      
7.13%, 06/01/2031*       495,000       512,079
Pricoa Global Funding I      
4.65%, 08/27/2031*       298,000       295,289
Prudential Financial, Inc.      
3.91%, 12/07/2047       450,000        340,685
Security Description   Shares or
Principal
Amount 		Value
Insurance (continued)
5.70%, 09/15/2048   $  1,087,000 $    1,087,632
Prudential Funding Asia PLC      
3.13%, 04/14/2030       396,000       371,859
Willis North America, Inc.      
4.65%, 06/15/2027       818,000       821,211
5.90%, 03/05/2054       438,000       422,416
      26,724,021
Internet — 0.3%
Alibaba Group Holding, Ltd.      
5.25%, 05/26/2035       430,000       428,903
Alphabet, Inc.      
5.25%, 05/15/2055       389,000       376,182
5.30%, 05/15/2065       389,000       372,466
Amazon.com, Inc.      
3.30%, 04/13/2027       552,000       544,509
3.60%, 04/13/2032       227,000       214,857
3.88%, 08/22/2037       234,000       208,497
4.05%, 08/22/2047       346,000       281,626
4.65%, 12/01/2029#       420,000       427,837
Cogent Communications Group LLC      
7.00%, 06/15/2027*       549,000       551,955
Cogent Communications Group, Inc./Cogent Communications Finance, Inc.      
7.00%, 06/15/2027*#       160,000       160,989
Expedia Group, Inc.      
2.95%, 03/15/2031       425,000       381,725
Gen Digital, Inc.      
6.25%, 04/01/2033*        65,000        65,722
6.75%, 09/30/2027*        98,000        99,693
7.13%, 09/30/2030*       382,000       394,296
GrubHub Holdings, Inc.      
5.50%, 07/01/2027*       705,000       650,362
ION Trading Technologies SARL      
9.50%, 05/30/2029*       200,000       206,211
Match Group Holdings II LLC      
3.63%, 10/01/2031*       123,000       107,575
4.13%, 08/01/2030*       356,000       328,557
Meituan      
3.05%, 10/28/2030       624,000       572,504
4.63%, 10/02/2029*       325,000       323,490
Meta Platforms, Inc.      
5.40%, 08/15/2054       875,000       830,642
5.55%, 08/15/2064       276,000       264,099
Prosus NV      
4.03%, 08/03/2050       820,000       526,597
Uber Technologies, Inc.      
4.80%, 09/15/2034       405,000       390,815
      8,710,109
Investment Companies — 0.0%
Abu Dhabi Developmental Holding Co. PJSC      
5.25%, 10/02/2054*       470,000       424,164
Iron/Steel — 0.2%
Allegheny Technologies, Inc.      
5.13%, 10/01/2031       150,000       144,751
ATI, Inc.      
4.88%, 10/01/2029       418,000       405,460
Cleveland-Cliffs, Inc.      
5.88%, 06/01/2027#        50,000        49,246
6.25%, 10/01/2040        48,000        34,892
7.00%, 03/15/2032*#       804,000       693,488
7.38%, 05/01/2033*        80,000         68,706
 
27
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Iron/Steel (continued)
Commercial Metals Co.      
3.88%, 02/15/2031   $    560,000 $      507,033
Mineral Resources, Ltd.      
8.13%, 05/01/2027*       810,000       810,620
8.50%, 05/01/2030*#        25,000        24,762
9.25%, 10/01/2028*       283,000       288,742
Nucor Corp.      
4.30%, 05/23/2027       552,000       552,190
5.10%, 06/01/2035       604,000       592,840
Steel Dynamics, Inc.      
5.38%, 08/15/2034       314,000       313,765
5.75%, 05/15/2055       377,000       354,401
Usiminas International Sarl      
7.50%, 01/27/2032*       400,000       402,975
Vale Overseas, Ltd.      
6.40%, 06/28/2054       430,000       411,072
      5,654,943
Leisure Time — 0.1%
Carnival Corp.      
5.75%, 03/01/2027*       174,000       174,435
6.00%, 05/01/2029*       874,000       876,304
NCL Corp., Ltd.      
5.88%, 03/15/2026*        24,000        24,015
6.75%, 02/01/2032*     1,013,000     1,013,188
7.75%, 02/15/2029*       105,000       110,398
Royal Caribbean Cruises, Ltd.      
6.00%, 02/01/2033*       882,000       885,166
      3,083,506
Lodging — 0.3%
Gohl Capital, Ltd.      
4.25%, 01/24/2027       540,000       529,193
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc.      
4.88%, 07/01/2031*       555,000       497,656
5.00%, 06/01/2029*       321,000       301,153
Hyatt Hotels Corp.      
5.50%, 06/30/2034       216,000       212,090
Marriott International, Inc.      
2.85%, 04/15/2031       820,000       733,896
3.50%, 10/15/2032       416,000       371,504
5.50%, 04/15/2037       264,000       257,675
Melco Resorts Finance, Ltd.      
5.38%, 12/04/2029*       691,000       633,223
Sands China, Ltd.      
2.85%, 03/08/2029#       800,000       725,495
4.38%, 06/18/2030#     1,430,000     1,344,700
Station Casinos LLC      
6.63%, 03/15/2032*       628,000       628,861
Travel & Leisure Co.      
4.50%, 12/01/2029*       436,000       414,288
6.00%, 04/01/2027       199,000       200,431
      6,850,165
Machinery-Construction & Mining — 0.1%
Caterpillar Financial Services Corp.      
1.70%, 01/08/2027       408,000       392,192
4.38%, 08/16/2029#       275,000       275,029
4.40%, 03/03/2028       796,000        799,502
Security Description   Shares or
Principal
Amount 		Value
Machinery-Construction & Mining (continued)
4.70%, 11/15/2029   $    693,000 $      702,260
5.00%, 05/14/2027       226,000       229,192
      2,398,175
Machinery-Diversified — 0.2%
AGCO Corp.      
5.45%, 03/21/2027       795,000       801,415
Deere & Co.      
5.45%, 01/16/2035       373,000       382,149
John Deere Capital Corp.      
4.40%, 09/08/2031       657,000       650,146
4.70%, 06/10/2030       526,000       530,713
4.85%, 06/11/2029       719,000       732,711
4.95%, 07/14/2028       316,000       322,617
nVent Finance SARL      
2.75%, 11/15/2031       624,000       532,784
Weir Group, Inc.      
5.35%, 05/06/2030*       452,000       453,854
      4,406,389
Media — 0.8%
Belo Corp.      
7.25%, 09/15/2027       216,000       221,348
Cable One, Inc.      
4.00%, 11/15/2030*#       752,000       582,396
CCO Holdings LLC/CCO Holdings Capital Corp.      
4.25%, 01/15/2034*#       425,000       366,874
5.38%, 06/01/2029*       367,000       361,930
6.38%, 09/01/2029*       628,000       636,518
Charter Communications Operating LLC/Charter Communications Operating Capital      
3.50%, 06/01/2041     1,503,000     1,056,300
3.85%, 04/01/2061     1,394,000       859,161
4.80%, 03/01/2050     2,208,000     1,707,359
6.10%, 06/01/2029       431,000       448,671
6.38%, 10/23/2035       198,000       203,273
Comcast Corp.      
3.40%, 04/01/2030       535,000       508,063
4.15%, 10/15/2028     1,431,000     1,421,575
4.60%, 10/15/2038     1,260,000     1,143,016
5.30%, 06/01/2034     1,000,000     1,009,354
5.50%, 05/15/2064       428,000       389,134
Cox Communications, Inc.      
5.45%, 09/15/2028*       453,000       463,748
5.45%, 09/01/2034*       550,000       535,155
5.95%, 09/01/2054*#       267,000       241,818
CSC Holdings LLC      
4.13%, 12/01/2030*       250,000       171,564
4.50%, 11/15/2031*       455,000       307,640
5.75%, 01/15/2030*       462,000       233,208
Discovery Communications LLC      
3.63%, 05/15/2030       323,000       285,647
Fox Corp.      
5.58%, 01/25/2049       559,000       512,895
Paramount Global      
4.60%, 01/15/2045       226,000       166,326
5.25%, 04/01/2044       321,000       246,745
5.85%, 09/01/2043       129,000       110,518
6.25%, 02/28/2057       513,000       483,799
6.38%, 03/30/2062       181,000       176,927
Sirius XM Radio, Inc.      
3.88%, 09/01/2031*#       856,000       748,576
4.00%, 07/15/2028*       308,000        292,272
 
28  
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Media (continued)
Sunrise FinCo I BV      
4.88%, 07/15/2031*   $    611,000 $      567,436
TEGNA, Inc.      
4.63%, 03/15/2028       415,000       402,319
Time Warner Cable LLC      
6.55%, 05/01/2037     2,133,000     2,147,181
Univision Communications, Inc.      
7.38%, 06/30/2030*       480,000       448,738
8.50%, 07/31/2031*       105,000       100,817
Virgin Media Finance PLC      
5.00%, 07/15/2030*       511,000       463,251
Walt Disney Co.      
2.00%, 09/01/2029       661,000       602,773
      20,624,325
Mining — 0.3%
Anglo American Capital PLC      
6.00%, 04/05/2054       200,000       189,884
AngloGold Ashanti Holdings PLC      
3.75%, 10/01/2030       520,000       480,352
Antofagasta PLC      
2.38%, 10/14/2030       650,000       561,293
BHP Billiton Finance USA, Ltd.      
5.13%, 02/21/2032       625,000       631,965
Capstone Copper Corp.      
6.75%, 03/31/2033*        65,000        64,988
Corp. Nacional del Cobre de Chile      
6.78%, 01/13/2055*       475,000       468,145
Endeavour Mining PLC      
7.00%, 05/28/2030*       200,000       198,880
FMG Resources August 2006 Pty, Ltd.      
4.38%, 04/01/2031*       999,000       917,116
Freeport Indonesia PT      
5.32%, 04/14/2032       370,000       365,160
Hudbay Minerals, Inc.      
6.13%, 04/01/2029*       339,000       339,852
Minera Mexico SA de CV      
4.50%, 01/26/2050       330,000       241,474
5.63%, 02/12/2032*       450,000       445,072
Navoi Mining & Metallurgical Co.      
6.70%, 10/17/2028*       280,000       282,851
Navoi Mining & Metallurgical Combinat      
6.95%, 10/17/2031       200,000       198,570
Nexa Resources SA      
6.60%, 04/08/2037*#       290,000       287,672
6.75%, 04/09/2034*#       340,000       348,881
Novelis Corp.      
4.75%, 01/30/2030*       422,000       401,168
6.88%, 01/30/2030*#        50,000        51,562
South32 Treasury, Ltd.      
4.35%, 04/14/2032*       781,000       719,206
Windfall Mining Group, Inc./Groupe Minier Windfall, Inc.      
5.85%, 05/13/2032*       205,000       204,598
      7,398,689
Miscellaneous Manufacturing — 0.1%
Siemens Financieringsmaatschappij NV      
2.15%, 03/11/2031*       685,000       603,334
Siemens Funding BV      
4.90%, 05/28/2032*       767,000        769,692
Security Description   Shares or
Principal
Amount 		Value
Miscellaneous Manufacturing (continued)
5.80%, 05/28/2055*   $    208,000 $      210,637
5.90%, 05/28/2065*       206,000       208,885
      1,792,548
Multi-National — 0.1%
Africa Finance Corp.      
5.55%, 10/08/2029*       760,000       746,594
African Export-Import Bank/The      
3.80%, 05/17/2031       600,000       526,944
Inter-American Development Bank      
1.13%, 07/20/2028     1,599,000     1,467,625
      2,741,163
Oil & Gas — 1.1%
Aker BP ASA      
5.13%, 10/01/2034*       390,000       365,780
5.80%, 10/01/2054*       215,000       188,170
APA Corp.      
4.38%, 10/15/2028*       707,000       678,836
5.35%, 07/01/2049*     1,781,000     1,365,528
Atlas Sand Co. LLC      
5.00%, 01/31/2026(3)(5)       171,432       165,260
Baytex Energy Corp.      
7.38%, 03/15/2032*#       551,000       500,174
BP Capital Markets America, Inc.      
3.54%, 04/06/2027     1,289,000     1,272,357
Chevron USA, Inc.      
4.20%, 10/15/2049       924,000       718,949
Civitas Resources, Inc.      
8.63%, 11/01/2030*       283,000       279,086
9.63%, 06/15/2033*       280,000       280,417
Comstock Resources, Inc.      
5.88%, 01/15/2030*       378,000       357,431
6.75%, 03/01/2029*       211,000       207,967
ConocoPhillips Co.      
5.50%, 01/15/2055       845,000       779,077
Coterra Energy, Inc.      
5.40%, 02/15/2035       695,000       673,940
Crescent Energy Finance LLC      
7.38%, 01/15/2033*       437,000       405,526
7.63%, 04/01/2032*       122,000       115,020
Devon Energy Corp.      
5.75%, 09/15/2054       765,000       665,001
Diamondback Energy, Inc.      
4.40%, 03/24/2051#       387,000       289,429
6.25%, 03/15/2053       798,000       761,784
Ecopetrol SA      
8.38%, 01/19/2036       402,000       382,631
Eni SpA      
5.75%, 05/19/2035*       394,000       394,547
5.95%, 05/15/2054*       894,000       836,606
Hess Corp.      
6.00%, 01/15/2040       736,000       756,399
HF Sinclair Corp.      
5.00%, 02/01/2028       420,000       417,965
6.25%, 01/15/2035       371,000       364,318
Hilcorp Energy I LP/Hilcorp Finance Co.      
6.00%, 02/01/2031*       873,000       801,667
7.25%, 02/15/2035*       140,000       129,704
KazMunayGas National Co. JSC      
3.50%, 04/14/2033       250,000       209,928
5.38%, 04/24/2030       400,000       395,264
6.38%, 10/24/2048       200,000        177,717
 
29
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Oil & Gas (continued)
Marathon Petroleum Corp.      
5.70%, 03/01/2035   $    689,000 $      681,444
Nabors Industries, Inc.      
7.38%, 05/15/2027*       445,000       427,222
Occidental Petroleum Corp.      
4.40%, 04/15/2046       106,000        75,144
6.13%, 01/01/2031       621,000       632,222
6.38%, 09/01/2028       609,000       628,062
6.45%, 09/15/2036       373,000       366,551
7.50%, 05/01/2031       812,000       874,019
ORLEN SA      
6.00%, 01/30/2035*       500,000       505,710
Ovintiv, Inc.      
6.25%, 07/15/2033     1,000,000     1,001,346
Pertamina Hulu Energi PT      
5.25%, 05/21/2030*       510,000       511,162
Pertamina Persero PT      
4.70%, 07/30/2049     1,500,000     1,187,549
Pioneer Natural Resources Co.      
5.10%, 03/29/2026       347,000       348,658
PTTEP Treasury Center Co., Ltd.      
2.59%, 06/10/2027       560,000       536,612
Raizen Fuels Finance SA      
6.45%, 03/05/2034*       200,000       198,042
6.45%, 03/05/2034       250,000       247,552
6.95%, 03/05/2054       400,000       367,180
Saudi Arabian Oil Co.      
4.25%, 04/16/2039       400,000       340,800
5.88%, 07/17/2064*       425,000       380,096
Southwestern Energy Co.      
4.75%, 02/01/2032       664,000       625,969
Strathcona Resources, Ltd.      
6.88%, 08/01/2026*       768,000       770,495
Talos Production, Inc.      
9.38%, 02/01/2031*       518,000       509,294
TotalEnergies Capital SA      
5.43%, 09/10/2064       596,000       540,652
Valaris, Ltd.      
8.38%, 04/30/2030*       561,000       563,181
Var Energi ASA      
6.50%, 05/22/2035*       372,000       375,534
Vital Energy, Inc.      
7.88%, 04/15/2032*#       509,000       412,864
Wildfire Intermediate Holdings LLC      
7.50%, 10/15/2029*       698,000       675,107
Woodside Finance, Ltd.      
5.40%, 05/19/2030     1,340,000     1,343,937
      30,062,882
Oil & Gas Services — 0.1%
Archrock Partners LP/Archrock Partners Finance Corp.      
6.63%, 09/01/2032*       520,000       522,735
6.88%, 04/01/2027*        38,000        38,055
Halliburton Co.      
4.75%, 08/01/2043       415,000       349,990
Kodiak Gas Services LLC      
7.25%, 02/15/2029*       537,000       550,325
Weatherford International, Ltd.      
8.63%, 04/30/2030*       369,000       374,817
      1,835,922
Security Description   Shares or
Principal
Amount 		Value
Packaging & Containers — 0.3%
Amcor Flexibles North America, Inc.      
2.69%, 05/25/2031#   $    120,000 $      105,885
5.10%, 03/17/2030*       235,000       236,535
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC      
3.25%, 09/01/2028*       838,000       770,658
4.00%, 09/01/2029*#       100,000        88,714
Clydesdale Acquisition Holdings, Inc.      
6.75%, 04/15/2032*        55,000        55,582
8.75%, 04/15/2030*       637,000       651,416
Crown Americas LLC      
5.25%, 04/01/2030       395,000       393,514
5.88%, 06/01/2033*       155,000       153,945
Iris Holding, Inc.      
10.00%, 12/15/2028*       603,000       530,539
Mauser Packaging Solutions Holding Co.      
7.88%, 08/15/2026*        17,000        16,956
7.88%, 04/15/2027*       323,000       326,064
Packaging Corp. of America      
5.70%, 12/01/2033     1,664,000     1,704,478
Silgan Holdings, Inc.      
4.13%, 02/01/2028       173,000       168,026
Smurfit Westrock Financing DAC      
5.42%, 01/15/2035       234,000       232,995
Sonoco Products Co.      
4.60%, 09/01/2029       908,000       896,744
5.00%, 09/01/2034       444,000       421,936
      6,753,987
Pharmaceuticals — 1.2%
AbbVie, Inc.      
4.05%, 11/21/2039     3,180,000     2,715,235
4.25%, 11/21/2049       879,000       704,229
4.95%, 03/15/2031     1,347,000     1,368,859
Astrazeneca Finance LLC      
4.85%, 02/26/2029       796,000       809,396
4.88%, 03/03/2028       701,000       713,781
4.90%, 03/03/2030       759,000       773,766
Becton Dickinson & Co.      
4.30%, 08/22/2032       758,000       721,965
4.69%, 02/13/2028     1,864,000     1,872,112
Bristol-Myers Squibb Co.      
2.95%, 03/15/2032       658,000       588,265
3.25%, 08/01/2042       654,000       478,016
5.75%, 02/01/2031       699,000       739,560
Cardinal Health, Inc.      
4.50%, 11/15/2044       690,000       561,326
4.60%, 03/15/2043     2,899,000     2,395,793
5.13%, 02/15/2029       822,000       837,453
5.75%, 11/15/2054       267,000       254,368
Cencora, Inc.      
4.30%, 12/15/2047     1,168,000       919,271
5.13%, 02/15/2034     2,033,000     2,022,559
CVS Health Corp.      
4.78%, 03/25/2038       347,000       308,389
5.13%, 07/20/2045     2,292,000     1,965,769
5.55%, 06/01/2031       592,000       605,051
7.00%, 03/10/2055       246,000       247,788
Eli Lilly & Co.      
3.10%, 05/15/2027       222,000       217,863
4.60%, 08/14/2034       453,000       441,612
4.75%, 02/12/2030       446,000        453,244
 
30  
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Pharmaceuticals (continued)
GlaxoSmithKline Capital, Inc.      
4.50%, 04/15/2030   $    461,000 $      460,718
HLF Financing Sarl LLC/Herbalife International, Inc.      
4.88%, 06/01/2029*       689,000       564,238
12.25%, 04/15/2029*       650,000       703,184
McKesson Corp.      
4.95%, 05/30/2032       813,000       815,313
Novartis Capital Corp.      
4.00%, 09/18/2031       437,000       425,372
Organon & Co./Organon Foreign Debt Co.-Issuer BV      
5.13%, 04/30/2031*#       643,000       540,300
Pfizer Investment Enterprises Pte., Ltd.      
4.75%, 05/19/2033     1,460,000     1,435,632
5.11%, 05/19/2043     1,001,000       933,133
5.30%, 05/19/2053     1,501,000     1,375,770
5.34%, 05/19/2063       249,000       223,911
Takeda Pharmaceutical Co., Ltd.      
3.18%, 07/09/2050       538,000       340,996
5.65%, 07/05/2044       253,000       244,618
5.80%, 07/05/2064       282,000       265,154
Teva Pharmaceutical Finance Netherlands III BV      
5.13%, 05/09/2029#       165,000       163,288
6.00%, 12/01/2032       275,000       277,476
7.88%, 09/15/2029       280,000       302,063
Teva Pharmaceutical Finance Netherlands IV BV      
5.75%, 12/01/2030       275,000       277,918
Viatris, Inc.      
3.85%, 06/22/2040       520,000       369,640
4.00%, 06/22/2050       454,000       290,503
Wyeth LLC      
5.95%, 04/01/2037       351,000       367,759
Zoetis, Inc.      
5.60%, 11/16/2032       323,000       336,848
      33,429,504
Pipelines — 1.3%
Acu Petroleo Luxembourg Sarl      
7.50%, 07/13/2035       276,793       278,363
Antero Midstream Partners LP/Antero Midstream Finance Corp.      
5.75%, 01/15/2028*       169,000       168,348
Columbia Pipelines Holding Co. LLC      
5.10%, 10/01/2031*       278,000       272,623
Columbia Pipelines Operating Co. LLC      
5.44%, 02/15/2035*     2,050,000     2,007,963
5.96%, 02/15/2055*     1,390,000     1,293,477
Delek Logistics Partners LP/Delek Logistics Finance Corp.      
8.63%, 03/15/2029*       542,000       561,332
Eastern Energy Gas Holdings LLC      
6.20%, 01/15/2055       385,000       384,757
EIG Pearl Holdings Sarl      
3.55%, 08/31/2036       595,586       523,071
Energy Transfer LP      
4.90%, 03/15/2035       798,000       746,796
4.95%, 05/15/2028       522,000       526,722
5.15%, 02/01/2043       388,000       331,403
5.20%, 04/01/2030       330,000       333,162
5.35%, 05/15/2045       785,000       686,074
5.40%, 10/01/2047     1,885,000     1,625,253
6.13%, 12/15/2045       386,000        367,701
Security Description   Shares or
Principal
Amount 		Value
Pipelines (continued)
EnLink Midstream LLC      
6.50%, 09/01/2030*   $    572,000 $      604,885
Enterprise Products Operating LLC      
3.70%, 01/31/2051       188,000       131,525
Excelerate Energy LP      
8.00%, 05/15/2030*       441,000       456,537
Galaxy Pipeline Assets Bidco, Ltd.      
2.16%, 03/31/2034       774,007       677,951
Genesis Energy LP/Genesis Energy Finance Corp.      
7.88%, 05/15/2032       712,000       721,038
8.00%, 05/15/2033        90,000        91,319
8.25%, 01/15/2029       142,000       146,931
GNL Quintero SA      
4.63%, 07/31/2029       402,496       398,733
Gray Oak Pipeline LLC      
3.45%, 10/15/2027*#     2,995,000     2,910,085
Greensaif Pipelines Bidco Sarl      
6.51%, 02/23/2042       360,000       366,368
Greensaif Pipelines Bidco SARL      
5.85%, 02/23/2036       350,000       350,000
Harvest Midstream I LP      
7.50%, 09/01/2028*       315,000       319,851
7.50%, 05/15/2032*       758,000       778,789
Howard Midstream Energy Partners LLC      
7.38%, 07/15/2032*       592,000       612,652
8.88%, 07/15/2028*       136,000       142,226
ITT Holdings LLC      
6.50%, 08/01/2029*       991,000       925,247
Kinder Morgan Energy Partners LP      
5.50%, 03/01/2044     1,151,000     1,053,195
Kinder Morgan, Inc.      
5.15%, 06/01/2030       649,000       655,098
MPLX LP      
5.40%, 04/01/2035     1,095,000     1,066,785
5.50%, 06/01/2034     1,080,000     1,064,626
5.95%, 04/01/2055       380,000       350,954
NGL Energy Operating LLC/NGL Energy Finance Corp.      
8.13%, 02/15/2029*       518,000       506,335
8.38%, 02/15/2032*       177,000       167,369
NGPL PipeCo LLC      
3.25%, 07/15/2031*       550,000       480,887
Northern Natural Gas Co.      
5.63%, 02/01/2054*       332,000       308,282
NuStar Logistics LP      
6.38%, 10/01/2030       384,000       391,219
ONEOK Partners LP      
6.65%, 10/01/2036     3,064,000     3,219,877
Oneok, Inc.      
4.75%, 10/15/2031       145,000       141,539
Plains All American Pipeline LP/PAA Finance Corp.      
4.30%, 01/31/2043       328,000       252,458
Sabine Pass Liquefaction LLC      
5.90%, 09/15/2037       351,000       358,534
South Bow USA Infrastructure Holdings LLC      
4.91%, 09/01/2027*       220,000       220,155
5.03%, 10/01/2029*       255,000       252,856
Targa Resources Partners LP/Targa Resources Partners Finance Corp.      
5.50%, 03/01/2030       393,000       396,053
Transportadora de Gas del Peru SA      
4.25%, 04/30/2028       636,000        628,349
 
31
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Venture Global LNG, Inc.      
8.38%, 06/01/2031*   $    860,000 $      873,022
Western Midstream Operating LP      
5.30%, 03/01/2048       218,000       176,037
Williams Cos., Inc.      
5.60%, 03/15/2035       540,000       545,008
5.75%, 06/24/2044     1,318,000     1,254,168
6.00%, 03/15/2055       145,000       140,821
      34,244,809
Private Equity — 0.0%
HAT Holdings I LLC/HAT Holdings II LLC      
3.38%, 06/15/2026*       361,000       351,432
8.00%, 06/15/2027*       343,000       353,033
      704,465
Real Estate — 0.1%
Cushman & Wakefield US Borrower LLC      
6.75%, 05/15/2028*       542,000       544,351
Greystar Real Estate Partners LLC      
7.75%, 09/01/2030*       423,000       448,870
Kennedy-Wilson, Inc.      
4.75%, 03/01/2029       823,000       756,513
Ontario Teachers' Cadillac Fairview Properties Trust      
2.50%, 10/15/2031*     1,061,000       918,363
Sobha Sukuk, Ltd.      
8.75%, 07/17/2028       300,000       308,634
      2,976,731
REITS — 0.6%
American Tower Corp.      
2.30%, 09/15/2031     1,756,000     1,503,913
3.13%, 01/15/2027       490,000       477,954
5.20%, 02/15/2029     2,021,000     2,056,511
Apollo Commercial Real Estate Finance, Inc.      
4.63%, 06/15/2029*#       736,000       687,284
Blackstone Mtg. Trust, Inc.      
7.75%, 12/01/2029*       534,000       562,195
Brixmor Operating Partnership LP      
2.50%, 08/16/2031     1,000,000       859,905
Crown Castle, Inc.      
5.00%, 01/11/2028       462,000       464,870
5.60%, 06/01/2029     1,033,000     1,061,413
ERP Operating LP      
4.95%, 06/15/2032       127,000       126,490
Essex Portfolio LP      
1.65%, 01/15/2031     1,000,000       838,357
Goodman US Finance Six LLC      
5.13%, 10/07/2034*       261,000       255,923
Host Hotels & Resorts LP      
3.50%, 09/15/2030     1,715,000     1,562,187
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.      
4.25%, 02/01/2027*       201,000       196,646
4.75%, 06/15/2029*       493,000       477,580
LXP Industrial Trust      
2.38%, 10/01/2031       294,000       244,835
National Health Investors, Inc.      
3.00%, 02/01/2031       523,000       456,468
NNN REIT, Inc.      
5.50%, 06/15/2034       430,000       430,515
Service Properties Trust      
8.38%, 06/15/2029       210,000        212,500
Security Description   Shares or
Principal
Amount 		Value
REITS (continued)
8.88%, 06/15/2032#   $    822,000 $      821,845
Starwood Property Trust, Inc.      
6.50%, 07/01/2030*       556,000       563,891
UDR, Inc.      
2.10%, 08/01/2032       583,000       472,453
Ventas Realty LP      
2.50%, 09/01/2031     1,000,000       869,308
Weyerhaeuser Co.      
4.00%, 03/09/2052       312,000       227,366
4.75%, 05/15/2026       660,000       661,118
      16,091,527
Retail — 0.5%
AutoNation, Inc.      
5.89%, 03/15/2035       222,000       220,772
AutoZone, Inc.      
5.10%, 07/15/2029       218,000       222,194
6.25%, 11/01/2028       319,000       337,280
Brinker International, Inc.      
8.25%, 07/15/2030*       526,000       556,614
CEC Entertainment LLC      
6.75%, 05/01/2026*       823,000       809,621
Darden Restaurants, Inc.      
4.35%, 10/15/2027       340,000       338,913
El Puerto de Liverpool SAB de CV      
3.88%, 10/06/2026       284,000       279,959
6.26%, 01/22/2032*       540,000       551,749
FirstCash, Inc.      
4.63%, 09/01/2028*       227,000       221,145
5.63%, 01/01/2030*       273,000       271,081
6.88%, 03/01/2032*        65,000        66,626
Genuine Parts Co.      
6.50%, 11/01/2028     1,601,000     1,692,982
Home Depot, Inc.      
4.90%, 04/15/2029       391,000       399,613
Kohl's Corp.      
5.13%, 05/01/2031#     1,157,000       735,937
LBM Acquisition LLC      
6.25%, 01/15/2029*#       567,000       455,374
Lowe's Cos., Inc.      
3.70%, 04/15/2046       313,000       227,098
McDonald's Corp.      
3.63%, 09/01/2049     1,744,000     1,243,897
4.45%, 03/01/2047     1,407,000     1,163,332
4.80%, 08/14/2028     1,187,000     1,204,749
Murphy Oil USA, Inc.      
4.75%, 09/15/2029       467,000       452,148
O'Reilly Automotive, Inc.      
3.60%, 09/01/2027       747,000       733,126
5.75%, 11/20/2026       389,000       395,590
Park River Holdings, Inc.      
6.75%, 08/01/2029*#       667,000       533,235
QXO Building Products, Inc.      
6.75%, 04/30/2032*       263,000       269,667
Raising Cane's Restaurants LLC      
9.38%, 05/01/2029*       211,000       223,916
Saks Global Enterprises LLC      
11.00%, 12/15/2029*       724,000       323,990
Specialty Building Products Holdings LLC/SBP Finance Corp.      
7.75%, 10/15/2029*       581,000       556,674
      14,487,282
 
32  
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Savings & Loans — 0.1%
Nationwide Building Society      
2.97%, 02/16/2028*   $  1,605,000 $    1,560,259
Semiconductors — 0.5%
Applied Materials, Inc.      
4.80%, 06/15/2029       309,000       315,126
Broadcom, Inc.      
2.45%, 02/15/2031*     1,014,000       896,511
3.19%, 11/15/2036*     1,977,000     1,608,023
4.55%, 02/15/2032       646,000       632,537
5.05%, 07/12/2029     1,600,000     1,628,653
Entegris, Inc.      
5.95%, 06/15/2030*       387,000       387,213
Foundry JV Holdco LLC      
5.90%, 01/25/2033*       338,000       344,944
6.15%, 01/25/2032*       762,000       791,251
6.25%, 01/25/2035*       476,000       489,592
6.30%, 01/25/2039*       554,000       568,792
6.40%, 01/25/2038*       295,000       305,418
Intel Corp.      
3.05%, 08/12/2051       580,000       333,479
3.25%, 11/15/2049       580,000       353,638
3.73%, 12/08/2047#     1,230,000       835,909
4.15%, 08/05/2032#       382,000       355,226
5.60%, 02/21/2054       376,000       333,916
5.70%, 02/10/2053       392,000       351,772
Marvell Technology, Inc.      
2.95%, 04/15/2031     1,100,000       983,579
QUALCOMM, Inc.      
4.75%, 05/20/2032       328,000       327,744
6.00%, 05/20/2053       464,000       477,457
SK Hynix, Inc.      
2.38%, 01/19/2031       650,000       566,106
Texas Instruments, Inc.      
4.60%, 02/15/2028       481,000       486,691
5.05%, 05/18/2063       852,000       752,281
      14,125,858
Software — 0.5%
Adobe, Inc.      
4.75%, 01/17/2028       736,000       747,464
4.85%, 04/04/2027       275,000       278,435
AppLovin Corp.      
5.50%, 12/01/2034       182,000       182,081
Cadence Design Systems, Inc.      
4.70%, 09/10/2034     1,052,000     1,022,909
Capstone Borrower, Inc.      
8.00%, 06/15/2030*       533,000       550,470
Cloud Software Group, Inc.      
6.50%, 03/31/2029*       683,000       682,232
8.25%, 06/30/2032*        50,000        52,574
Fiserv, Inc.      
4.40%, 07/01/2049       811,000       636,597
5.15%, 08/12/2034       435,000       426,567
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl      
4.63%, 05/01/2028*       628,000       598,074
Intuit, Inc.      
5.20%, 09/15/2033       559,000       571,793
Open Text Corp.      
3.88%, 12/01/2029*       360,000       335,053
Oracle Corp.      
2.30%, 03/25/2028     1,016,000        959,749
Security Description   Shares or
Principal
Amount 		Value
Software (continued)
3.80%, 11/15/2037   $  3,091,000 $    2,578,087
4.00%, 11/15/2047       969,000       719,321
4.30%, 07/08/2034       390,000       362,723
5.55%, 02/06/2053       354,000       324,623
Rackspace Finance LLC      
3.50%, 05/15/2028*       884,400       318,384
Roper Technologies, Inc.      
4.75%, 02/15/2032       425,000       420,470
Synopsys, Inc.      
5.70%, 04/01/2055       815,000       778,058
Take-Two Interactive Software, Inc.      
5.60%, 06/12/2034     1,510,000     1,532,660
      14,078,324
Telecommunications — 1.0%
Altice Financing SA      
5.00%, 01/15/2028*     1,110,000       869,105
5.75%, 08/15/2029*       394,000       301,151
AT&T, Inc.      
3.85%, 06/01/2060       747,000       507,272
4.50%, 05/15/2035     6,696,000     6,298,809
4.75%, 05/15/2046       312,000       266,094
4.90%, 08/15/2037     2,117,000     1,996,895
5.40%, 02/15/2034       223,000       226,031
Bell Telephone Co. of Canada or Bell Canada      
6.88%, 09/15/2055       357,000       359,308
7.00%, 09/15/2055       270,000       270,729
C&W Senior Finance, Ltd.      
9.00%, 01/15/2033*       510,000       506,010
Cisco Systems, Inc.      
5.10%, 02/24/2035     1,210,000     1,217,118
Connect Finco SARL/Connect US Finco LLC      
9.00%, 09/15/2029*       613,000       584,256
Corning, Inc.      
3.90%, 11/15/2049       393,000       287,686
5.45%, 11/15/2079       280,000       244,010
Iliad Holding SASU      
7.00%, 04/15/2032*       672,000       676,320
8.50%, 04/15/2031*       400,000       422,140
Rogers Communications, Inc.      
7.00%, 04/15/2055       111,000       111,869
7.13%, 04/15/2055       446,000       446,647
Sable International Finance, Ltd.      
7.13%, 10/15/2032*       510,000       500,492
Telefonica Emisiones SA      
4.90%, 03/06/2048       251,000       205,978
5.21%, 03/08/2047       500,000       431,649
Telesat Canada/Telesat LLC      
4.88%, 06/01/2027*       483,000       276,090
T-Mobile USA, Inc.      
3.00%, 02/15/2041     2,076,000     1,485,019
3.60%, 11/15/2060       439,000       285,260
Turkcell Iletisim Hizmetleri AS      
7.45%, 01/24/2030*       400,000       405,000
Verizon Communications, Inc.      
2.85%, 09/03/2041     1,251,000       868,322
3.00%, 11/20/2060       793,000       453,740
3.40%, 03/22/2041       449,000       339,409
3.88%, 03/01/2052       309,000       224,257
4.50%, 08/10/2033       774,000       741,731
5.25%, 04/02/2035       796,000       793,037
Viasat, Inc.      
7.50%, 05/30/2031*#       523,000        417,267
 
33
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Telecommunications (continued)
Vmed O2 UK Financing I PLC      
7.75%, 04/15/2032*   $    576,000 $      593,062
Vodafone Group PLC      
4.25%, 09/17/2050       587,000       444,079
5.13%, 06/04/2081       251,000       185,774
5.75%, 02/10/2063     1,016,000       924,690
5.88%, 06/28/2064     1,480,000     1,383,509
Zayo Group Holdings, Inc.      
6.13%, 03/01/2028*#       695,000       599,316
      27,149,131
Transportation — 0.4%
Burlington Northern Santa Fe LLC      
4.15%, 12/15/2048     1,609,000     1,287,427
4.45%, 03/15/2043     1,368,000     1,178,395
Canadian Pacific Railway Co.      
4.70%, 05/01/2048     1,104,000       938,888
5.20%, 03/30/2035       226,000       225,222
6.13%, 09/15/2115       212,000       207,603
CSX Corp.      
4.50%, 11/15/2052       793,000       652,685
FedEx Corp. Pass Through Trust      
1.88%, 08/20/2035     1,262,078     1,075,349
Rumo Luxembourg SARL      
4.20%, 01/18/2032       320,000       280,352
Ryder System, Inc.      
5.25%, 06/01/2028       746,000       760,341
6.60%, 12/01/2033       832,000       898,763
Star Leasing Co. LLC      
7.63%, 02/15/2030*       603,000       567,220
Stonepeak Nile Parent LLC      
7.25%, 03/15/2032*       606,000       627,634
TTX Co.      
5.50%, 09/25/2026*     1,285,000     1,299,304
Yunda Holding Investment, Ltd.      
2.25%, 08/19/2025       800,000       794,596
      10,793,779
Trucking & Leasing — 0.2%
AerCap Global Aviation Trust      
6.50%, 06/15/2045*       288,000       288,301
DAE Funding LLC      
3.38%, 03/20/2028       500,000       478,953
GATX Corp.      
3.25%, 09/15/2026       589,000       578,062
4.00%, 06/30/2030       236,000       226,025
5.50%, 06/15/2035       291,000       288,680
Penske Truck Leasing Co. LP/PTL Finance Corp.      
5.25%, 02/01/2030*       687,000       697,864
5.35%, 03/30/2029*       753,000       764,925
6.05%, 08/01/2028*     1,308,000     1,356,231
6.20%, 06/15/2030*     1,347,000     1,423,796
      6,102,837
Total Corporate Bonds & Notes
(cost $859,372,244) 		    836,328,713
ASSET BACKED SECURITIES — 7.0%
Auto Loan Receivables — 2.7%
American Credit Acceptance Receivables Trust      
Series 2024-3, Class D
6.04%, 07/12/2030* 		    3,037,000      3,093,799
Security Description   Shares or
Principal
Amount 		Value
Auto Loan Receivables (continued)
Avis Budget Rental Car Funding AESOP LLC      
Series 2022-1A, Class A
3.83%, 08/21/2028* 		  $  5,000,000 $    4,924,162
Bridgecrest Lending Auto Securitization Trust      
Series 2024-3, Class C
5.70%, 07/16/2029 		    5,004,000     5,054,871
Series 2024-3, Class D
5.83%, 05/15/2030 		    2,363,000     2,400,570
Carmax Auto Owner Trust      
Series 2025-1, Class A3
4.84%, 01/15/2030 		    1,095,000     1,104,793
CarMax Auto Owner Trust      
Series 2023-1, Class A3
4.75%, 10/15/2027 		      599,159       599,346
Citizens Auto Receivables Trust      
Series 2024-1, Class A3
5.11%, 04/17/2028* 		    1,000,000     1,004,687
Credit Acceptance Auto Loan Trust      
Series 2025-1A, Class C
5.71%, 07/16/2035* 		    2,600,000     2,635,175
Series 2024-2A, Class C
6.70%, 10/16/2034* 		    4,001,000     4,124,677
Exeter Automobile Receivables Trust      
Series 2025-2A, Class D
5.89%, 07/15/2031 		    4,700,000     4,787,040
FHF Issuer Trust      
Series 2024-2A, Class B
5.97%, 06/15/2030* 		    1,350,000     1,376,982
Ford Credit Floorplan Master Owner Trust      
Series 2018-4, Class A
4.06%, 11/15/2030 		    3,025,000     2,987,449
GLS Auto Receivables Issuer Trust      
Series 2024-2A, Class C
6.03%, 02/15/2030* 		    3,290,000     3,344,963
GLS Auto Receivables Issuer Trust 2024-3      
Series 2024-3A, Class D
5.53%, 02/18/2031* 		    3,533,000     3,550,652
GLS Auto Select Receivables Trust      
Series 2024-3A, Class C
5.92%, 08/15/2030* 		    2,500,000     2,563,050
GM Financial Consumer Automobile Receivables Trust      
Series 2022-4, Class A4
4.88%, 08/16/2028 		    1,250,000     1,255,353
Harley-Davidson Motorcycle Trust      
Series 2024-A, Class A4
5.29%, 12/15/2031 		    2,158,000     2,199,740
Honda Auto Receivables Owner Trust      
Series 2023-2, Class A4
4.91%, 09/17/2029 		    1,175,000     1,181,998
Series 2023-4, Class A3
5.67%, 06/21/2028 		    1,193,000     1,206,723
Hyundai Auto Receivables Trust      
Series 2023-C, Class A4
5.55%, 12/17/2029 		    1,400,000     1,434,126
Mercedes-Benz Auto Lease Trust      
Series 2024-A, Class A4
5.32%, 02/15/2030 		    1,198,000     1,216,539
Mercedes-Benz Auto Receivables Trust      
Series 2023-1, Class A3
4.51%, 11/15/2027 		    1,142,602      1,142,120
 
34  
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
ASSET BACKED SECURITIES (continued)
Auto Loan Receivables (continued)
Santander Drive Auto Receivables Trust      
Series 2024-3, Class D
5.97%, 10/15/2031 		  $  3,405,000 $    3,468,248
SBNA Auto Lease Trust      
Series 2024-B, Class A4
5.55%, 12/20/2028* 		    1,633,000     1,656,371
Tesla Electric Vehicle Trust      
Series 2023-1, Class A3
5.38%, 06/20/2028* 		      175,000       176,284
Toyota Auto Receivables Owner Trust      
Series 2023-B, Class A4
4.66%, 09/15/2028 		    3,970,000     3,983,282
Series 2024-A, Class A4
4.77%, 04/16/2029 		      920,000       927,060
Series 2024-C, Class A3
4.88%, 03/15/2029 		    2,800,000     2,821,003
Series 2023-D, Class A3
5.54%, 08/15/2028 		    1,800,000     1,819,845
Veros Auto Receivables Trust      
Series 2024-1, Class B
6.60%, 06/15/2028* 		    2,505,000     2,532,545
Volkswagen Auto Loan Enhanced Trust      
Series 2025-1, Class A4
4.61%, 07/21/2031 		    1,450,000     1,462,789
      72,036,242
Credit Card Receivables — 0.5%
American Express Credit Account Master Trust      
Series 2022-3, Class A
3.75%, 08/15/2027 		    1,674,000     1,671,308
BA Credit Card Trust      
Series 2022-A1, Class A1
3.53%, 11/15/2027 		    2,800,000     2,798,996
Series 2023-A2, Class A2
4.98%, 11/15/2028 		    1,850,000     1,867,286
Chase Issuance Trust      
Series 2024-A2, Class A
4.63%, 01/15/2031 		    1,975,000     1,994,841
Citibank Credit Card Issuance Trust      
Series 2018-A7, Class A7
3.96%, 10/13/2030 		      325,000       321,034
Mercury Financial Credit Card Master Trust      
Series 2024-2A, Class A
6.56%, 07/20/2029* 		    2,735,000     2,757,785
WF Card Issuance Trust      
Series 2024-A1, Class A
4.94%, 02/15/2029 		      700,000       707,256
World Financial Network Credit Card Master Trust      
Series 2024-A, Class A
5.47%, 02/15/2031 		    2,079,000     2,120,304
      14,238,810
Other Asset Backed Securities — 3.8%
AMSR Trust      
Series 2019-SFR1, Class D
3.25%, 01/19/2039* 		    6,500,000     6,331,463
Series 2024-SFR1, Class C
4.29%, 07/17/2041*(4) 		    2,523,000     2,414,526
Bridge Trust      
Series 2024-SFR1, Class C
4.30%, 08/17/2040* 		    2,100,000      2,007,518
Security Description   Shares or
Principal
Amount 		Value
Other Asset Backed Securities (continued)
Series 2024-SFR1, Class D
4.30%, 08/17/2040* 		  $  2,277,000 $    2,145,192
Cascade MH Asset Trust VRS      
Series 2024-MH1, Class A1
5.70%, 11/25/2056*(1) 		    2,650,651     2,690,378
CFMT LLC VRS      
Series 2024-HB13, Class M1
3.00%, 05/25/2034*(1) 		    2,695,000     2,555,473
FirstKey Homes Trust      
Series 2021-SFR1, Class E1
2.39%, 08/17/2038* 		    3,500,000     3,362,004
Series 2021-SFR1, Class E2
2.49%, 08/17/2038* 		    4,000,000     3,835,617
Series 2020-SFR1, Class E
2.79%, 08/17/2037* 		    4,100,000     4,062,541
GreatAmerica Leasing Receivables Funding LLC      
Series 2024-2, Class A3
5.00%, 09/15/2028* 		    1,467,000     1,479,268
HINNT LLC      
Series 2025-A, Class B
5.45%, 03/15/2044* 		    3,670,021     3,666,825
Home Partners of America Trust      
Series 2021-2, Class E1
2.85%, 12/17/2026* 		    2,846,150     2,707,888
Series 2021-2, Class E2
2.95%, 12/17/2026* 		      215,981       205,495
Series 2019-2, Class E
3.32%, 10/19/2039* 		      915,851       867,039
Series 2019-1, Class D
3.41%, 09/17/2039* 		    1,524,362     1,445,103
Identity Digital Capital LLC      
6.79%, 03/20/2065(5)     3,000,000     3,000,000
Jonah Energy ABS II LLC      
Series 2024-1A, Class A1
6.50%, 08/10/2039* 		    2,418,249     2,419,700
Mariner Finance Issuance Trust      
Series 2024-AA, Class C
6.00%, 09/22/2036* 		    1,314,000     1,329,852
Series 2024-AA, Class D
6.77%, 09/22/2036* 		    2,678,000     2,735,568
Navient Private Education Loan Trust      
Series 2020-A, Class A2A
2.46%, 11/15/2068* 		      594,368       569,180
OneMain Financial Issuance Trust      
Series 2020-2A, Class B
2.21%, 09/14/2035* 		    2,800,000     2,648,027
Oportun Issuance Trust      
Series 2021-C, Class A
2.18%, 10/08/2031* 		    3,114,336     3,036,586
PEAC Solutions Receivables LLC      
Series 2024-1A, Class A3
5.64%, 11/20/2030* 		    4,500,000     4,597,892
PRET Trust VRS      
Series 2024-RPL2, Class A1
4.08%, 06/25/2064*(1) 		    2,591,801     2,454,623
Progress Residential Trust      
Series 2021-SFR4, Class A
1.56%, 05/17/2038* 		      665,929       650,169
Series 2024-SFR4, Class C
3.33%, 07/17/2041* 		    1,228,000     1,131,947
Series 2024-SFR3, Class C
3.50%, 06/17/2041* 		    1,939,000      1,802,454
 
35
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
ASSET BACKED SECURITIES (continued)
Other Asset Backed Securities (continued)
Series 2024-SFR3, Class D
3.50%, 06/17/2041* 		  $  2,764,000 $    2,541,228
Series 2021-SFR10, Class E1
3.57%, 12/17/2040* 		    3,007,898     2,837,045
Reach ABS Trust      
Series 2024-2A, Class B
5.84%, 07/15/2031* 		    2,613,000     2,630,701
ReNew      
Series 2023-1A, Class A
5.90%, 11/20/2058* 		    4,048,234     3,966,659
Republic Finance Issuance Trust      
Series 2024-A, Class A
5.91%, 08/20/2032* 		    2,400,000     2,426,833
SCF Equipment Leasing LLC      
Series 2024-1A, Class C
5.82%, 09/20/2032* 		    1,728,000     1,774,273
Series 2024-1A, Class D
6.58%, 06/21/2033* 		    2,094,000     2,153,664
SCF Equipment Trust LLC      
Series 2025-1A, Class D
5.88%, 11/20/2035* 		      623,000       634,818
Sierra Timeshare Receivables Funding LLC      
Series 2024-2A, Class C
5.83%, 06/20/2041* 		    1,679,248     1,682,387
Stream Innovations Issuer Trust      
Series 2025-1A, Class B
5.48%, 09/15/2045* 		    1,600,000     1,604,193
Series 2024-1A, Class A
6.27%, 07/15/2044* 		    2,554,205     2,635,766
Tricon Residential Trust      
Series 2024-SFR2, Class A
4.75%, 06/17/2040* 		    2,696,931     2,685,584
Verdant Receivables LLC      
Series 2024-1A, Class A2
5.68%, 12/12/2031* 		    1,254,560     1,271,898
Verizon Master Trust      
Series 2023-6, Class A
5.35%, 09/22/2031* 		    3,340,000     3,438,477
Series 2023-7, Class A1A
5.67%, 11/20/2029 		      200,000       203,578
Westgate Resorts LLC      
Series 2024-1A, Class B
6.56%, 01/20/2038* 		    1,661,653     1,678,029
Series 2024-1A, Class C
7.06%, 01/20/2038* 		    1,896,734     1,915,966
      102,233,427
Total Asset Backed Securities
(cost $185,364,361) 		    188,508,479
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.0%
Commercial and Residential — 2.3%
Ajax Mtg. Loan Trust      
Series 2022-A, Class A1
3.50%, 10/25/2061*(4) 		    4,336,865     4,180,008
BAMLL Re-REMIC Trust VRS      
Series 2024-FRR3, Class B
1.47%, 01/27/2050*(1) 		    5,000,000     4,639,218
Brean Asset Backed Securities Trust      
Series 2024-RM8, Class A1
4.50%, 05/25/2064* 		    1,979,335      1,927,179
Security Description   Shares or
Principal
Amount 		Value
Commercial and Residential (continued)
BX Commercial Mtg. Trust FRS      
Series 2019-IMC, Class A
5.38%, (TSFR1M+1.05%), 04/15/2034* 		  $  1,554,232 $    1,539,661
CAMB Commercial Mtg. Trust FRS      
Series 2019-LIFE, Class A
5.70%, (TSFR1M+1.37%), 12/15/2037* 		      750,000       749,531
Center Street Lending Resi-Investor ABS Mtg. Trust      
Series 2024-RTL1, Class A1
6.89%, 10/25/2029*(4) 		    2,950,000     2,970,679
Chase Mtg. Finance Corp. VRS      
Series 2016-SH2, Class M2
3.75%, 12/25/2045*(1) 		      815,503       749,925
Citigroup Commercial Mtg. Trust VRS      
Series 2018-C5, Class A4
4.23%, 06/10/2051(1) 		    1,000,000       982,666
COMM Mtg. Trust VRS      
Series 2015-CR22, Class XA
0.37%, 03/10/2048(1)(6) 		      420,309             4
Series 2016-787S, Class B
3.83%, 02/10/2036*(1) 		    1,629,000     1,600,696
CSAIL Commercial Mtg. Trust      
Series 2019-C17, Class A2
3.00%, 09/15/2052 		       33,987        33,274
DBSG Mtg. Trust VRS      
Series 2024-ALTA, Class A
5.95%, 06/10/2037*(1) 		    2,900,000     2,943,535
GS Mtg. Backed Securities Trust      
Series 2024-RPL4, Class A1
3.90%, 09/25/2061*(4) 		    3,052,366     2,952,911
GS Mtg.-Backed Securities Trust VRS      
Series 2025-SL1, Class A1
5.85%, 11/25/2067*(1) 		    3,520,417     3,528,688
LHOME Mtg. Trust      
Series 2024-RTL5, Class A1
5.32%, 09/25/2039*(4) 		    2,300,000     2,286,422
Series 2025-RTL1, Class A1
5.65%, 01/25/2040*(4) 		    2,100,000     2,100,696
MFA Trust      
Series 2024-RTL3, Class A1
5.91%, 11/25/2039*(4) 		    3,260,000     3,264,915
MSDB Trust VRS      
Series 2017-712F, Class A
3.32%, 07/11/2039*(1) 		    5,310,000     5,061,906
New Residential Mtg. Loan Trust      
Series 2024-RTL2, Class A1
5.44%, 09/25/2039*(4) 		    4,000,000     3,969,317
One Bryant Park Trust      
Series 2019-OBP, Class A
2.52%, 09/15/2054* 		   11,400,000    10,257,076
PRPM LLC      
Series 2024-RCF3, Class A1
4.00%, 05/25/2054*(4) 		    1,508,468     1,472,396
Roc Mtg. Trust      
Series 2025-RTL1, Class A1
5.63%, 02/25/2040*(4) 		    1,600,000     1,595,542
ROCK Trust      
Series 2024-CNTR, Class A
5.39%, 11/13/2041* 		    1,100,000     1,113,882
Shellpoint Co,-Originator Trust VRS      
Series 2017-2, Class A1
3.50%, 10/25/2047*(1) 		      157,160        142,658
 
36  
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Commercial and Residential (continued)
Toorak Mtg. Trust      
Series 2025-RRTL1, Class A1
5.52%, 02/25/2040*(4) 		  $  2,500,000 $    2,487,585
      62,550,370
U.S. Government Agency — 1.7%
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS      
Series 2020-K105, Class C
3.53%, 03/25/2053*(1) 		    4,800,000     4,417,668
Series 2015-K49, Class B
3.74%, 10/25/2048*(1) 		    3,000,000     2,986,300
Series 2017-K70, Class C
3.81%, 12/25/2049*(1) 		    4,500,000     4,347,653
Series 2019-K91, Class C
4.26%, 04/25/2051*(1) 		    3,000,000     2,875,056
Series 2018-K83, Class B
4.28%, 11/25/2051*(1) 		    3,000,000     2,920,555
Series 2019-K90, Class C
4.32%, 02/25/2052*(1) 		    1,500,000     1,446,196
Series 2019-K88, Class C
4.38%, 02/25/2052*(1) 		    1,645,000     1,594,063
Federal Home Loan Mtg. Corp. Multifamily Structured Credit Risk FRS      
Series 2024-MN8, Class M1
7.17%, (SOFR30A+2.85%), 05/25/2044* 		    1,705,925     1,723,640
Federal Home Loan Mtg. Corp. REMIC      
Series 4740, Class BA
3.00%, 09/15/2045 		      236,886       232,356
Federal Home Loan Mtg. Corp. REMIC FRS      
Series 3572, Class JS
2.35%, (6.69%-SOFR30A), 09/15/2039(6)(7) 		      165,995        10,754
Federal National Mtg. Assoc. REMIC      
Series 2021-95, Class GA
1.88%, 03/25/2051 		    4,598,334     3,814,253
Series 2017-100, Class NP
3.00%, 12/25/2047 		    2,195,958     1,941,375
Series 2018-27, Class EA
3.00%, 05/25/2048 		    2,939,443     2,600,427
Series 2018-35, Class CD
3.00%, 05/25/2048 		    3,075,148     2,676,126
Federal National Mtg. Assoc. REMIC VRS      
Series 2023-M2, Class 3A2
1.98%, 04/25/2032(1) 		    5,000,000     4,258,290
Government National Mtg. Assoc. REMIC      
Series 2025-6, Class A
3.50%, 11/20/2050 		    4,835,115     4,504,760
Series 2024-64, Class YH
5.00%, 04/20/2054 		    2,951,058     2,785,154
Government National Mtg. Assoc. REMIC VRS      
Series 2013-118, Class B
2.50%, 10/16/2043(1) 		    1,241,317     1,162,473
      46,297,099
Total Collateralized Mortgage Obligations
(cost $109,056,301) 		    108,847,469
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 53.3%
U.S. Government — 19.7%
United States Treasury Bonds      
1.25%, 05/15/2050     1,219,000       569,454
1.75%, 08/15/2041    14,960,000     9,717,572
1.88%, 02/15/2051 to 11/15/2051     9,801,000      5,339,584
Security Description   Shares or
Principal
Amount 		Value
U.S. Government (continued)
2.00%, 11/15/2041 to 08/15/2051   $ 13,971,000 $    9,301,154
2.25%, 02/15/2052    23,835,000    14,192,998
2.38%, 02/15/2042 to 05/15/2051    46,721,000    30,545,168
3.00%, 11/15/2045 to 05/15/2047    10,021,000     7,364,194
3.38%, 11/15/2048    22,308,000    17,251,229
4.13%, 08/15/2053#       187,000       163,501
4.25%, 02/15/2054 to 08/15/2054    29,347,000    26,217,779
4.50%, 02/15/2044 to 11/15/2054    25,339,000    23,944,767
4.63%, 05/15/2044 to 02/15/2055     6,022,000     5,787,037
4.75%, 11/15/2043 to 11/15/2053     1,778,000     1,733,427
United States Treasury Bonds STRIPS      
Zero Coupon, 11/15/2031 to 02/15/2043    45,419,000    29,825,991
United States Treasury Notes      
1.25%, 12/31/2026       838,000       803,171
1.50%, 01/31/2027     2,280,000     2,189,869
1.63%, 11/30/2026       640,000       618,100
1.75%, 11/15/2029     1,279,000     1,167,087
2.25%, 08/15/2027       230,000       222,085
2.38%, 05/15/2029       500,000       472,051
2.63%, 02/15/2029       171,000       163,519
2.88%, 04/30/2029    35,010,000    33,699,860
3.88%, 08/15/2034     4,130,000     3,978,997
4.00%, 12/15/2027 to 02/15/2034    86,509,000    86,161,047
4.13%, 03/31/2029 to 10/31/2031   113,540,000   114,012,987
4.25%, 01/15/2028 to 05/15/2035    68,013,000    68,259,238
4.38%, 12/31/2029 to 01/31/2032    11,404,000    11,563,224
4.50%, 03/31/2026 to 11/15/2033    13,705,000    13,922,659
4.63%, 04/30/2029 to 04/30/2031    14,000,000    14,381,484
      533,569,233
U.S. Government Agency — 33.6%
Federal Home Loan Bank      
2.13%, 09/14/2029     7,765,000     7,163,454
3.25%, 11/16/2028#     1,000,000       979,668
5.50%, 07/15/2036       250,000       268,548
Federal Home Loan Mtg. Corp.      
1.50%, 04/01/2037     8,522,864     7,470,981
2.00%, 02/01/2036 to 04/01/2052    59,590,477    49,770,054
2.50%, 01/01/2028 to 11/01/2051    28,080,114    23,302,974
3.00%, 08/01/2027 to 11/01/2046    10,820,416     9,659,736
3.50%, 11/01/2041 to 03/01/2053    38,884,191    35,009,768
4.00%, 09/01/2040 to 06/01/2052    18,225,110    16,919,725
4.50%, 12/01/2039 to 12/01/2048     7,060,649     6,852,908
5.00%, 10/01/2033 to 06/01/2055    21,556,235    20,953,456
5.50%, 11/01/2032 to 12/01/2054    38,528,112    38,209,471
6.00%, 10/01/2033 to 03/01/2055     4,959,166     5,013,070
6.50%, 02/01/2035 to 01/01/2054     6,452,982     6,625,589
6.75%, 09/15/2029 to 03/15/2031       750,000       838,644
Federal Home Loan Mtg. Corp. FRS      
6.30%, (RFUCCT6M+1.49%), 02/01/2037        32,234        32,656
Federal National Mtg. Assoc.      
1.50%, 12/01/2050 to 03/01/2051     8,752,826     6,457,732
2.00%, 11/01/2035 to 03/01/2052   131,395,908   105,116,818
2.37%, 06/01/2029     2,986,726     2,766,958
2.50%, 12/01/2026 to 05/01/2052   149,736,776   124,766,792
3.00%, 10/01/2027 to 07/01/2052    87,789,155    76,587,742
3.50%, 08/01/2026 to 04/01/2052    55,372,077    49,893,455
4.00%, 11/01/2025 to 10/01/2052    45,798,177    42,519,905
4.37%, 01/01/2032     7,366,327     7,294,801
4.42%, 06/01/2032(5)     6,200,000     6,102,926
4.48%, 05/01/2035     8,634,000     8,431,049
4.50%, 02/01/2040 to 09/01/2054    24,505,297    23,339,915
4.61%, 07/01/2032 to 10/01/2032    13,787,000     13,727,255
 
37
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)
U.S. Government Agency (continued)
4.70%, 05/01/2035   $  2,735,200 $    2,703,681
4.90%, 04/01/2035     7,892,000     7,911,249
4.96%, 09/01/2032     5,547,000     5,622,433
5.00%, 09/01/2033 to 11/01/2054    37,444,934    36,381,855
5.02%, 01/01/2033     1,933,000     1,968,708
5.08%, 09/01/2031       836,186       858,511
5.24%, 12/01/2033     2,782,000     2,872,050
5.50%, 04/01/2033 to 04/01/2053     9,131,016     9,083,247
6.00%, 02/01/2032 to 11/01/2053    34,943,106    35,350,477
6.50%, 10/01/2037 to 12/01/2053     8,145,568     8,364,671
Federal National Mtg. Assoc. FRS      
6.87%, (RFUCCT1Y+1.83%), 10/01/2040       235,454       243,234
6.89%, (RFUCCT1Y+1.57%), 05/01/2037        51,777        53,408
7.06%, (H15T1Y+2.27%), 11/01/2036       131,561       136,122
7.33%, (RFUCCT1Y+1.82%), 10/01/2040        51,552        53,343
Federal National Mtg. Assoc. VRS      
1.46%, 11/01/2032(1)     5,439,543     4,416,092
1.51%, 11/01/2032(1)     9,136,068     7,436,427
2.15%, 02/01/2032(1)     7,909,634     6,846,495
Government National Mtg. Assoc.      
2.00%, 11/20/2050     9,586,204     7,702,769
2.50%, 05/20/2050 to 12/20/2051    25,534,525    21,406,457
3.00%, 02/20/2045 to 02/20/2052    29,306,561    25,776,942
3.50%, 03/20/2045 to 10/20/2047     1,569,878     1,420,088
4.00%, 03/20/2044 to 05/20/2048     1,893,829     1,764,083
4.50%, 05/15/2039 to 07/20/2052    10,648,378    10,135,381
5.50%, 12/15/2039 to 05/20/2053    13,873,086    13,836,175
6.00%, 10/15/2039        64,626        66,241
      908,486,189
Total U.S. Government & Agency Obligations
(cost $1,581,628,279) 		    1,442,055,422
FOREIGN GOVERNMENT OBLIGATIONS — 1.1%
Regional(State/Province) — 0.0%
Province of British Columbia Canada      
4.20%, 07/06/2033     1,171,000     1,135,175
Sovereign — 1.1%
Abu Dhabi Government International Bond      
4.13%, 10/11/2047       400,000       321,872
Dominican Republic      
5.95%, 01/25/2027       600,000       603,330
Emirate of Abu Dhabi      
2.70%, 09/02/2070       800,000       419,307
3.00%, 09/15/2051       500,000       318,230
3.88%, 04/16/2050       400,000       303,171
Government of Bulgaria      
5.00%, 03/05/2037     1,250,000     1,207,248
Government of Romania      
6.00%, 05/25/2034       780,000       727,350
6.38%, 01/30/2034*       270,000       257,404
Kingdom of Saudi Arabia      
3.45%, 02/02/2061       700,000       419,027
4.63%, 10/04/2047       200,000       162,528
5.00%, 01/18/2053       500,000       414,775
5.75%, 01/16/2054*       800,000       745,350
Oriental Republic of Uruguay      
5.10%, 06/18/2050       100,000        89,545
Republic of Azerbaijan      
3.50%, 09/01/2032     1,300,000     1,138,141
Republic of Hungary      
5.50%, 03/26/2036*     1,560,000      1,476,540
Security Description   Shares or
Principal
Amount 		Value
Sovereign (continued)
Republic of Indonesia      
4.40%, 03/10/2029   $  1,040,000 $    1,037,825
4.75%, 09/10/2034       200,000       193,620
5.10%, 02/10/2054       520,000       472,268
Republic of Italy      
3.88%, 05/06/2051       585,000       394,290
Republic of Ivory Coast      
8.08%, 04/01/2036*     1,200,000     1,133,206
Republic of Kazakhstan      
6.50%, 07/21/2045       400,000       417,508
Republic of Panama      
3.30%, 01/19/2033       960,000       753,168
6.40%, 02/14/2035     1,200,000     1,128,360
7.50%, 03/01/2031       600,000       627,906
8.00%, 03/01/2038       600,000       620,250
Republic of Peru      
2.84%, 06/20/2030       200,000       180,740
Republic of Poland      
5.13%, 09/18/2034       400,000       396,000
Republic of Serbia      
6.00%, 06/12/2034     1,000,000       991,039
Republic of Trinidad & Tobago      
6.40%, 06/26/2034       800,000       763,960
State of Qatar      
4.00%, 03/14/2029       320,000       316,790
4.40%, 04/16/2050     1,120,000       936,600
5.10%, 04/23/2048       200,000       185,813
Sultanate of Oman      
6.50%, 03/08/2047       300,000       293,529
United Mexican States      
4.28%, 08/14/2041     3,203,000     2,366,056
5.55%, 01/21/2045       300,000       257,520
6.00%, 05/13/2030       587,000       602,790
6.00%, 05/07/2036     1,020,000       975,987
6.34%, 05/04/2053       218,000       190,935
6.35%, 02/09/2035       800,000       796,912
6.40%, 05/07/2054     2,060,000     1,813,253
6.75%, 09/27/2034       300,000       311,250
6.88%, 05/13/2037     1,443,000     1,456,781
      28,218,174
Total Foreign Government Obligations
(cost $30,958,001) 		    29,353,349
COMMON STOCKS — 0.0%
Oil Field Machinery & Equipment — 0.0%
Hi-Crush, Inc.(5)(8)
(cost $0) 		          123       700,362
PREFERRED STOCKS — 0.0%
Sovereign — 0.0%
Federal Home Loan Mtg. Corp.
Series Z
8.38%#†
(cost $48,513) 		        3,142        43,108
Total Long-Term Investment Securities
(cost $2,766,427,699) 		    2,605,836,902
SHORT-TERM INVESTMENTS — 3.1%
Unaffiliated Investment Companies — 3.1%
State Street Institutional Liquid Reserves Government Money Market Fund, Premier Class
4.24%(9) 		   26,812,830     26,812,830
 
38  
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS (continued)
Unaffiliated Investment Companies (continued)
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(9) 		   39,176,379   $   39,176,380
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(9)(10) 		   17,482,408      17,482,408
Total Short-Term Investments
(cost $83,471,617) 		      83,471,618
TOTAL INVESTMENTS
(cost $2,849,899,316)(11) 		  99.4%   2,689,308,520
Other assets less liabilities   0.6   17,507,119
NET ASSETS   100.0%   $2,706,815,639
* 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 Core Bond Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $500,738,341 representing 18.5% of net assets.
# The security or a portion thereof is out on loan (see Note 2).
† Non-income producing security
(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) Perpetual maturity - maturity date reflects the next call date.
(3) 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.
(4) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of May 31, 2025.
(5) Securities classified as Level 3 (see Note 2).
(6) Interest Only
(7) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2025.
(8) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law.  Restricted securities are valued pursuant to Note 2.  Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities:
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Common Stocks
Hi-Crush, Inc.   03/13/2024   123   $0   $700,362   $5,694.00   0.0%
(9) The rate shown is the 7-day yield as of May 31, 2025.
(10) At May 31, 2025, the Fund had loaned securities with a total value of $28,129,869. This was secured by collateral of $17,482,408, which was received in cash and subsequently invested in short-term investments currently valued at $17,482,408 as reported in the Portfolio of Investments. Additional collateral of $11,334,953 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
May 31, 2025
Federal Home Loan Mtg. Corp.   1.50% to 9.50%   06/01/2025 to 04/25/2055   $61,493
Federal National Mtg. Assoc.   1.50% to 9.00%   06/01/2025 to 03/01/2062   38,734
Government National Mtg. Assoc.   1.50% to 7.50%   06/15/2025 to 01/16/2067   73,709
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 02/15/2055   11,161,017
(11) See Note 4 for cost of investments on a tax basis.
DAC—Designated Activity Company
FRS—Floating Rate Security
H15T1Y—US Treasury Yield Curve Rate Note Constant Maturity 1 Year
REMIC—Real Estate Mortgage Investment Conduit
RFUCCT1Y—Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year
RFUCCT6M—Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Month
SOFR30A—US 30 Day Average Secured Overnight Financing Rate
STRIPS—Separate Trading of Registered Interest and Principal
TSFR1M—Term Secured Overnight Financing Rate 1 Month
TSFR3M—Term Secured Overnight Financing Rate 3 Month
VRS—Variable Rate Security
The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.
 
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
Appreciation
294 Long U.S. Treasury 10 Year Notes September 2025 $32,202,367 $32,560,500 $  358,133
402 Long U.S. Treasury 2 Year Notes September 2025 83,289,966 83,389,875    99,909
116 Long U.S. Treasury Long Bonds September 2025 12,851,149 13,082,625   231,476
337 Long U.S. Treasury Ultra 10 Year Notes September 2025 37,552,804 37,928,297   375,493
            $1,065,011
* 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.
39
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (see Note 2):
  Level 1 - Unadjusted
Quoted Prices 		  Level 2 - Other
Observable Inputs 		  Level 3 - Significant
Unobservable Inputs 		  Total
ASSETS:              
Investments at Value:*              
Corporate Bonds & Notes:              
Oil & Gas $—   $29,897,622   $165,260   $30,062,882
Other Industries —   806,265,831   —   806,265,831
Asset Backed Securities:              
Other Asset Backed Securities —   99,233,427   3,000,000   102,233,427
Other Industries —   86,275,052   —   86,275,052
Collateralized Mortgage Obligations —   108,847,469   —   108,847,469
U.S. Government & Agency Obligations:              
Federal National Mtg. Assoc. —   403,222,586   6,102,926   409,325,512
Other Industries —   1,032,729,910   —   1,032,729,910
Foreign Government Obligations —   29,353,349   —   29,353,349
Common Stocks —   —   700,362   700,362
Preferred Stocks 43,108   —   —   43,108
Short-Term Investments 83,471,618   —   —   83,471,618
Total Investments at Value $83,514,726   $2,595,825,246   $9,968,548   $2,689,308,520
Other Financial Instruments:†              
Futures Contracts $1,065,011   $—   $—   $1,065,011
* 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.
Level 3 investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to Financial Statements
40  
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 96.7%
Advertising — 0.5%
WPP PLC      448,406 $  3,621,332
Aerospace/Defense — 4.6%
Airbus SE       12,332   2,269,504
Boeing Co.†       18,270   3,787,737
L3Harris Technologies, Inc.       53,218  13,003,286
Northrop Grumman Corp.       10,183   4,936,413
RTX Corp.       53,994   7,369,101
      31,366,041
Agriculture — 0.7%
British American Tobacco PLC ADR       97,645   4,413,554
Auto Manufacturers — 0.6%
General Motors Co.       87,078   4,319,940
Auto Parts & Equipment — 0.3%
Lear Corp.#       19,367   1,751,164
Banks — 8.9%
Bank of America Corp.      107,529   4,745,255
Citigroup, Inc.      186,784  14,068,571
First Citizens BancShares, Inc., Class A        6,637  12,271,017
JPMorgan Chase & Co.       44,076  11,636,064
PNC Financial Services Group, Inc.       14,972   2,602,283
Wells Fargo & Co.      206,462  15,439,228
      60,762,418
Beverages — 1.5%
Coca-Cola Co.       65,018   4,687,798
Diageo PLC      127,085   3,453,667
Keurig Dr Pepper, Inc.       65,017   2,189,122
      10,330,587
Building Materials — 1.1%
Johnson Controls International PLC       27,249   2,762,231
Vulcan Materials Co.       16,630   4,408,114
      7,170,345
Chemicals — 2.7%
Air Products & Chemicals, Inc.       21,399   5,968,395
International Flavors & Fragrances, Inc.       42,451   3,250,049
Linde PLC        9,694   4,532,721
PPG Industries, Inc.       40,583   4,496,596
      18,247,761
Coal — 0.4%
Teck Resources, Ltd., Class B       65,591   2,430,147
Commercial Services — 0.5%
Rentokil Initial PLC      779,530   3,692,852
Computers — 3.6%
Apple, Inc.       17,176   3,449,799
Cognizant Technology Solutions Corp., Class A       79,406   6,431,092
Hewlett Packard Enterprise Co.      189,488   3,274,353
HP, Inc.      219,721   5,471,053
Leidos Holdings, Inc.       24,569   3,648,988
Western Digital Corp.       44,312   2,284,284
      24,559,569
Cosmetics/Personal Care — 1.9%
Haleon PLC      893,848   4,984,703
Procter & Gamble Co.       14,779   2,510,804
Unilever PLC       88,748   5,628,375
      13,123,882
Security Description   Shares or
Principal
Amount 		Value
Distribution/Wholesale — 0.1%
WESCO International, Inc.        5,155 $    865,473
Diversified Financial Services — 4.4%
Apollo Global Management, Inc.       36,336   4,748,752
Capital One Financial Corp.       28,921   5,470,407
Charles Schwab Corp.       34,083   3,010,892
Intercontinental Exchange, Inc.       49,562   8,911,248
Visa, Inc., Class A       21,182   7,735,454
      29,876,753
Electric — 4.8%
American Electric Power Co., Inc.       21,694   2,245,112
Dominion Energy, Inc.       64,303   3,644,051
DTE Energy Co.       19,427   2,654,700
Edison International       28,340   1,577,121
Exelon Corp.      108,683   4,762,489
PG&E Corp.      277,105   4,677,532
Sempra      167,538  13,166,811
      32,727,816
Electrical Components & Equipment — 0.1%
Acuity, Inc.        3,535     918,711
Electronics — 1.6%
Allegion PLC        8,447   1,205,387
Fortive Corp.       40,754   2,860,523
Honeywell International, Inc.       14,529   3,293,288
TE Connectivity PLC       21,525   3,445,507
      10,804,705
Environmental Control — 0.6%
Waste Management, Inc.       17,265   4,160,347
Food — 2.5%
Kraft Heinz Co.      226,540   6,055,414
Lamb Weston Holdings, Inc.       54,328   3,030,416
Nestle SA ADR       76,315   8,128,311
      17,214,141
Healthcare-Products — 2.8%
Baxter International, Inc.      290,271   8,853,265
Medtronic PLC      126,215  10,473,321
      19,326,586
Healthcare-Services — 2.3%
Cigna Group        7,051   2,232,629
Elevance Health, Inc.        9,809   3,765,086
Fortrea Holdings, Inc.†       10,090      43,387
Labcorp Holdings, Inc.       27,211   6,774,723
UnitedHealth Group, Inc.       10,057   3,036,309
      15,852,134
Home Furnishings — 0.6%
Sony Group Corp.      162,200   4,294,673
Household Products/Wares — 0.5%
Henkel AG & Co. KGaA (Preference Shares)       41,487   3,320,060
Insurance — 5.0%
Chubb, Ltd.       17,379   5,165,039
Fidelity National Financial, Inc.       83,152   4,554,235
Hartford Insurance Group, Inc.       10,460   1,358,126
MetLife, Inc.       74,349   5,842,344
Prudential Financial, Inc.       13,292    1,380,906
 
41
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Insurance (continued)
Travelers Cos., Inc.       24,581 $  6,776,982
Willis Towers Watson PLC       27,444   8,687,398
      33,765,030
Internet — 2.3%
Alphabet, Inc., Class A       23,525   4,040,183
Amazon.com, Inc.†       23,665   4,851,562
CDW Corp.       13,630   2,458,307
Meta Platforms, Inc., Class A        6,873   4,450,199
      15,800,251
Machinery-Diversified — 0.9%
CNH Industrial NV      236,541   2,959,128
Westinghouse Air Brake Technologies Corp.       15,299   3,095,294
      6,054,422
Media — 3.0%
Comcast Corp., Class A      410,448  14,189,188
Walt Disney Co.       54,382   6,147,341
      20,336,529
Mining — 0.4%
Freeport-McMoRan, Inc.       67,638   2,602,710
Oil & Gas — 4.1%
BP PLC    1,572,129   7,620,250
EQT Corp.       45,654   2,516,905
Exxon Mobil Corp.       73,603   7,529,587
Hess Corp.       22,635   2,992,120
Shell PLC      211,542   6,981,589
      27,640,451
Packaging & Containers — 1.0%
Crown Holdings, Inc.       20,707   2,039,640
Sealed Air Corp.      136,801   4,404,992
      6,444,632
Pharmaceuticals — 8.5%
AstraZeneca PLC       43,575   6,293,792
Becton Dickinson & Co.       66,700  11,511,753
Cardinal Health, Inc.       82,642  12,763,230
CVS Health Corp.      224,793  14,395,744
Eli Lilly & Co.        2,722   2,007,938
Johnson & Johnson       19,932   3,093,646
Merck & Co., Inc.       52,515   4,035,252
Sanofi SA       38,826   3,858,318
      57,959,673
Pipelines — 2.7%
Enbridge, Inc.#      175,187   8,142,692
Enterprise Products Partners LP      114,907   3,541,434
Williams Cos., Inc.      111,203   6,728,893
      18,413,019
Private Equity — 0.6%
Carlyle Group, Inc.       92,860   4,197,272
REITS — 3.5%
American Tower Corp.       20,262   4,349,238
AvalonBay Communities, Inc.       22,779   4,710,014
Crown Castle, Inc.       49,611   4,978,464
Healthcare Realty Trust, Inc.#       91,769   1,330,651
Mid-America Apartment Communities, Inc.       19,576   3,066,580
Public Storage       10,196    3,144,548
Security Description   Shares or
Principal
Amount 		Value
REITS (continued)
Rexford Industrial Realty, Inc.       12,507 $    440,747
STAG Industrial, Inc.       50,574   1,799,423
      23,819,665
Retail — 1.9%
Dollar General Corp.       68,961   6,706,457
Home Depot, Inc.        8,992   3,311,664
Industria de Diseno Textil SA ADR#      118,483   3,209,704
      13,227,825
Semiconductors — 3.9%
Broadcom, Inc.       31,002   7,504,654
Intel Corp.       62,717   1,226,117
NVIDIA Corp.       12,598   1,702,368
Samsung Electronics Co., Ltd. GDR        6,661   6,700,966
STMicroelectronics NV      136,882   3,435,619
Taiwan Semiconductor Manufacturing Co., Ltd. ADR       15,223   2,942,910
Texas Instruments, Inc.       16,113   2,946,262
      26,458,896
Software — 7.5%
Electronic Arts, Inc.       36,711   5,278,308
Fidelity National Information Services, Inc.       92,640   7,375,071
Microsoft Corp.       47,809  22,009,351
Oracle Corp.       24,778   4,101,502
SS&C Technologies Holdings, Inc.      149,072  12,046,508
      50,810,740
Telecommunications — 2.4%
Cisco Systems, Inc.       83,420   5,258,797
T-Mobile US, Inc.       25,931   6,280,488
Verizon Communications, Inc.      111,134   4,885,451
      16,424,736
Toys/Games/Hobbies — 0.5%
Hasbro, Inc.       53,177   3,547,438
Transportation — 0.9%
CSX Corp.       75,084   2,371,904
Union Pacific Corp.       15,637   3,466,097
      5,838,001
Total Long-Term Investment Securities
(cost $582,553,360) 		    658,492,281
SHORT-TERM INVESTMENTS — 3.0%
Unaffiliated Investment Companies — 3.0%
State Street Institutional Liquid Reserves Fund, Premier Class
0.12%(1) 		  14,924,206  14,924,206
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(1) 		   5,354,822    5,354,822
 
42  
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS (continued)
Unaffiliated Investment Companies (continued)
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(1)(2) 		     105,780   $    105,780
Total Short-Term Investments
(cost $20,384,808) 		      20,384,808
TOTAL INVESTMENTS
(cost $602,938,168)(3) 		  99.7%   678,877,089
Other assets less liabilities   0.3   1,830,147
NET ASSETS   100.0%   $680,707,236
† 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 May 31, 2025.
(2) At May 31, 2025, the Fund had loaned securities with a total value of $7,755,836. This was secured by collateral of $105,780, which was received in cash and subsequently invested in short-term investments currently valued at $105,780 as reported in the Portfolio of Investments. Additional collateral of $7,772,704 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $42,879
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   277,129
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   21,277
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   116,707
United States Treasury Bills   0.00%   11/28/2025   274
United States Treasury Notes/Bonds   0.00% to 5.00%   07/15/2025 to 05/15/2054   7,314,438
(3) See Note 4 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 May 31, 2025 (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 $658,492,281   $—   $—   $658,492,281
Short-Term Investments 20,384,808   —   —   20,384,808
Total Investments at Value $678,877,089   $—   $—   $678,877,089
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
43
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
AFFILIATED INVESTMENT COMPANIES#(1) — 81.2%
Domestic Equity Investment Companies — 53.3%
VALIC Company I Capital Appreciation Fund     291,951 $  5,967,478
VALIC Company I Dividend Value Fund     674,949   8,308,626
VALIC Company I Growth Fund     294,334   4,974,250
VALIC Company I Large Capital Growth Fund     270,461   4,470,716
VALIC Company I Mid Cap Index Fund      54,921   1,282,397
VALIC Company I Mid Cap Strategic Growth Fund      78,309   1,655,450
VALIC Company I Mid Cap Value Fund      87,794   1,415,232
VALIC Company I Small Cap Growth Fund      57,717     907,317
VALIC Company I Small Cap Index Fund      34,198     497,584
VALIC Company I Small Cap Special Values Fund      61,018     627,265
VALIC Company I Small Cap Value Fund      19,452     212,800
VALIC Company I Stock Index Fund     240,473  14,038,828
VALIC Company I Systematic Core Fund     242,772   7,873,101
VALIC Company I Systematic Growth Fund     203,444   3,688,445
VALIC Company I Systematic Value Fund     566,661   8,380,920
VALIC Company I U.S. Socially Responsible Fund     297,024   5,352,369
Total Domestic Equity Investment Companies
(cost $61,544,220) 		    69,652,778
Domestic Fixed Income Investment Companies — 18.3%
VALIC Company I Core Bond Fund   1,711,334  16,548,595
VALIC Company I Government Securities Fund     543,515   5,022,076
VALIC Company I High Yield Bond Fund     134,276     933,219
VALIC Company I Inflation Protected Fund     167,551   1,439,263
Total Domestic Fixed Income Investment Companies
(cost $25,066,135) 		    23,943,153
International Equity Investment Companies — 9.3%
VALIC Company I Emerging Economies Fund      45,700     302,075
VALIC Company I Global Real Estate Fund     207,789   1,435,824
VALIC Company I International Equities Index Fund     257,267   2,323,125
VALIC Company I International Growth Fund†     172,008   2,320,384
VALIC Company I International Opportunities Fund      22,075     356,724
VALIC Company I International Socially Responsible Fund      66,387   1,798,421
VALIC Company I International Value Fund     308,037   3,530,108
Total International Equity Investment Companies
(cost $10,675,126) 		    12,066,661
International Fixed Income Investment Companies — 0.3%
VALIC Company I International Government Bond Fund†
(cost $401,642) 		     39,081     404,879
Total Affiliated Investment Companies
(cost $97,687,123) 		    106,067,471
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 15.4%
U.S. Government — 15.4%
United States Treasury Notes      
2.75%, 08/15/2032   $  559,000     509,236
3.38%, 05/15/2033   1,771,000   1,667,161
3.50%, 02/15/2033     927,200     882,977
3.88%, 08/15/2033 to 08/15/2034   5,707,500   5,528,832
4.00%, 02/15/2034   2,657,900   2,596,955
4.13%, 11/15/2032(2)   1,251,900   1,246,374
4.25%, 11/15/2034   1,151,400    1,140,066
Security Description   Shares or
Principal
Amount 		  Value
U.S. Government (continued)
4.38%, 05/15/2034   $2,576,200   $  2,583,446
4.50%, 11/15/2033   1,957,900     1,987,116
4.63%, 02/15/2035   1,991,300     2,028,637
Total U.S. Government & Agency Obligations
(cost $20,355,705) 		      20,170,800
PURCHASED OPTIONS† — 0.7%
Purchased Options - Puts — 0.7%
Over the Counter put option on the S&P 500 Index (Expiration Date: 09/19/2025; Strike Price: $4,950.00; Counterparty: JPMorgan Chase Bank, N.A.)       1,000        40,758
Over the Counter put option on the S&P 500 Index (Expiration Date: 10/17/2025; Strike Price: $4,600.00; Counterparty: Goldman Sachs International)       1,000        32,850
Over the Counter put option on the S&P 500 Index (Expiration Date: 10/17/2025; Strike Price: $4,600.00; Counterparty: UBS AG)       1,000        32,850
Over the Counter put option on the S&P 500 Index (Expiration Date: 11/21/2025; Strike Price: $4,700.00; Counterparty: Goldman Sachs International)       5,000       248,092
Over the Counter put option on the S&P 500 Index (Expiration Date: 11/21/2025; Strike Price: $4,700.00; Counterparty: JPMorgan Chase Bank, N.A.)         500        24,809
Over the Counter put option on the S&P 500 Index (Expiration Date: 11/21/2025; Strike Price: $5,250.00; Counterparty: Citibank, N.A.)       5,000       516,608
Total Purchased Options
(cost $1,421,105) 		      895,967
Total Long-Term Investment Securities
(cost $119,463,933) 		      127,134,238
SHORT-TERM INVESTMENTS — 3.6%
Unaffiliated Investment Companies — 3.6%
AllianceBernstein Government STIF Portfolio, Class AB
4.15%(3)
(cost $4,707,885) 		  4,707,885     4,707,885
TOTAL INVESTMENTS
(cost $124,171,818)(4) 		  100.9%   131,842,123
Other assets less liabilities   (0.9)   (1,144,083)
NET ASSETS   100.0%   $130,698,040
# The VALIC Company I 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.corebridgefinancial.com/rs.
† Non-income producing security
(1) See Note 8.
(2) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.
(3) The rate shown is the 7-day yield as of May 31, 2025.
(4) See Note 4 for cost of investments on a tax basis.
STIF—Short Term Investment Fund
 
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
Appreciation
40 Long S&P 500 E-Mini Index June 2025 $11,811,976 $11,832,000 $20,024
44  
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Futures Contracts — (continued)
Numberof
Contracts 		Type Description ExpirationMonth NotionalBasis* NotionalValue* Unrealized
(Depreciation)
10 Short S&P 500 E-Mini Index June 2025 $2,567,005 $2,958,000 $(390,995)
    Net Unrealized Appreciation (Depreciation)   $(370,971)
* 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 May 31, 2025 (see Note 2):
  Level 1 - Unadjusted
Quoted Prices 		  Level 2 - Other
Observable Inputs 		  Level 3 - Significant
Unobservable Inputs 		  Total
ASSETS:              
Investments at Value:*              
Affiliated Investment Companies $106,067,471   $—   $—   $106,067,471
U.S. Government & Agency Obligations —   20,170,800   —   20,170,800
Purchased Options —   895,967   —   895,967
Short-Term Investments 4,707,885   —   —   4,707,885
Total Investments at Value $110,775,356   $21,066,767   $—   $131,842,123
Other Financial Instruments:†              
Futures Contracts $20,024   $—   $—   $20,024
LIABILITIES:              
Other Financial Instruments:†              
Futures Contracts $390,995   $—   $—   $390,995
* 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
45
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 98.7%
Australia — 0.3%
BHP Group, Ltd.       90,197 $  2,208,215
Bermuda — 0.0%
Credicorp., Ltd.          533     112,895
Brazil — 4.1%
Alupar Investimento SA        3,225      17,303
AMBEV SA      741,946   1,820,002
Ambev SA ADR      335,736     819,196
Atacadao SA      102,602     152,123
B3 SA - Brasil Bolsa Balcao      273,896     668,039
Banco Bradesco SA (Preference Shares)      833,164   2,359,867
Banco Bradesco SA ADR      228,829     659,028
Banco do Brasil SA      161,744     662,303
BRF SA       29,289     103,954
C&A MODAS SA      108,782     339,118
Cia de Saneamento de Minas Gerais Copasa MG      130,379     544,357
Cia Siderurgica Nacional SA      558,618     805,769
Cia Siderurgica Nacional SA ADR#      271,034     392,999
Cosan SA      527,211     758,623
CPFL Energia SA       77,367     547,703
Fleury SA      147,137     330,573
Grupo SBF SA      475,077   1,020,840
Itau Unibanco Holding SA (Preference Shares)      687,492   4,499,139
Itau Unibanco Holding SA ADR       91,740     604,567
JBS SA       57,797     405,423
Lojas Renner SA      641,342   2,036,327
Marcopolo SA (Preference Shares)      201,451     255,358
NU Holdings, Ltd., Class A†      280,755   3,371,868
Petroleo Brasileiro SA (Preference Shares)      371,636   2,007,790
Petroreconcavo S/A       67,382     170,472
Porto Seguro SA       15,172     138,263
Telefonica Brasil SA      173,040     867,091
Vale SA      111,424   1,014,982
XP, Inc., Class A       41,958     812,307
YDUQS Participacoes SA      168,441     466,787
      28,652,171
Chile — 0.4%
Banco de Chile   10,500,257   1,544,808
Banco de Chile ADR       28,472     860,139
Enel Americas SA    5,631,926     525,121
Falabella SA       35,114     167,539
      3,097,607
China — 26.5%
3SBio, Inc.*      235,000     564,041
Agricultural Bank of China, Ltd.    2,353,000   1,512,431
Alibaba Group Holding, Ltd.    1,598,400  23,218,395
Avary Holding Shenzhen Co, Ltd., Class A       65,100     255,759
Baidu, Inc., Class A†       85,950     895,004
Bank of China, Ltd.    8,322,000   4,839,668
Bilibili, Inc., Class Z†       25,220     473,130
BOE Technology Group Co., Ltd., Class A    1,412,900     746,138
BYD Co., Ltd.#      137,500   6,888,064
BYD Co., Ltd., Class A       47,500   2,325,574
China Construction Bank Corp.    8,258,000   7,414,307
China International Capital Corp, Ltd., Class A       32,200     148,073
China International Capital Corp., Ltd.*       42,000      78,418
China Life Insurance Co., Ltd.    1,517,000   3,091,615
China Mengniu Dairy Co., Ltd.      341,000     768,882
China Merchants Bank Co., Ltd.      189,500   1,181,792
China Merchants Securities Co, Ltd., Class A      106,700     239,920
China Pacific Insurance Group Co., Ltd.      411,000    1,284,195
Security Description   Shares or
Principal
Amount 		Value
China (continued)
China Petroleum & Chemical Corp.    2,992,000 $  1,617,895
China State Construction Engineering Corp., Ltd., Class A      108,200      85,408
China Tower Corp., Ltd.*      470,500     698,450
CITIC Securities Co., Ltd.      265,500     673,138
CMOC Group, Ltd.    1,050,000     840,953
Contemporary Amperex Technology Co., Ltd., Class A       16,800     583,678
COSCO SHIPPING Holdings Co, Ltd., Class A      113,800     259,206
Country Garden Services Holdings Co., Ltd.      380,000     323,730
CSC Financial Co, Ltd.*       61,500      71,060
Dongfeng Motor Group Co., Ltd.      264,000     146,459
ENN Energy Holdings, Ltd.       47,400     379,026
Great Wall Motor Co., Ltd.#      240,500     373,581
Gree Electric Appliances, Inc. of Zhuhai, Class A      455,100   2,935,864
Guosen Securities Co, Ltd., Class A      292,500     456,488
Haier Smart Home Co., Ltd.      623,400   1,828,595
Huatai Securities Co., Ltd.*       61,400     103,520
Huatai Securities Co., Ltd., Class A    1,859,000   4,329,895
IEIT Systems Co, Ltd., Class A      192,900   1,312,227
Industrial & Commercial Bank of China, Ltd.    6,243,000   4,546,241
Industrial Securities Co, Ltd., Class A    1,376,300   1,099,778
Innovent Biologics, Inc.*†       82,000     647,856
JD Logistics, Inc.*†      734,400   1,165,134
JD.com, Inc., Class A      349,750   5,749,547
KE Holdings, Inc. ADR       69,191   1,277,266
KE Holdings, Inc., Class A          700       4,455
Kuaishou Technology*†       46,300     315,129
Li Auto, Inc., Class A†       58,800     842,132
Luzhou Laojiao Co, Ltd., Class A       13,000     211,230
Meituan, Class B*†      525,900   9,255,615
NetEase, Inc.      190,500   4,633,068
New China Life Insurance Co., Ltd., Class A       87,600     612,345
PetroChina Co., Ltd.    4,204,000   3,533,224
PICC Property & Casualty Co., Ltd.      302,000     575,414
Ping An Bank Co., Ltd., Class A      573,900     921,973
Ping An Insurance Group Co. of China, Ltd.      828,500   4,876,264
Ping An Insurance Group Co. of China, Ltd., Class A      411,100   3,043,937
Pop Mart International Group, Ltd.*       49,200   1,382,928
SF Holding Co., Ltd.†       71,000     370,343
Shandong Nanshan Aluminum Co., Ltd., Class A      420,800     219,296
Sinolink Securities Co., Ltd., Class A      232,100     268,685
Sinopec Engineering Group Co, Ltd.      372,000     264,254
SooChow Securities Co., Ltd., Class A    2,939,700   3,256,006
Tencent Holdings, Ltd.      584,400  37,131,025
Tingyi Cayman Islands Holding Corp.      486,000     798,317
Topsports International Holdings, Ltd.*    4,385,000   1,571,444
Uni-President China Holdings, Ltd.    1,477,000   1,921,338
Vipshop Holdings, Ltd. ADR       61,572     849,078
Weichai Power Co., Ltd., Class A      115,100     240,573
Wuliangye Yibin Co., Ltd., Class A      251,900   4,426,257
Xiaomi Corp., Class B*†    1,574,600  10,231,456
XPeng, Inc., Class A#†       72,900     709,839
Youngor Fashion Co., Ltd., Class A      714,400     745,599
Yunnan Baiyao Group Co., Ltd., Class A      130,400   1,023,520
Zai Lab, Ltd.†       44,600      15,358
Zhejiang NHU Co., Ltd., Class A      774,800   2,361,305
Zhongsheng Group Holdings, Ltd.       52,500      79,275
Zijin Mining Group Co., Ltd.#      992,000   2,213,975
ZTO Express Cayman, Inc.       39,000     687,875
ZTO Express Cayman, Inc. ADR#        4,102      72,195
      187,095,128
Egypt — 0.0%
Commercial International Bank Egypt SAE GDR        5,237       8,379
 
46  
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Greece — 0.6%
Eurobank Ergasias Services & Holdings SA      328,527 $  1,012,020
Hellenic Telecommunications Organization SA       61,847   1,193,109
OPAP SA      107,508   2,312,005
      4,517,134
Hong Kong — 1.0%
China Nonferrous Mining Corp, Ltd.      154,000     113,127
China Resources Land, Ltd.      448,000   1,462,652
CITIC, Ltd.    1,268,000   1,604,183
Geely Automobile Holdings, Ltd.    1,153,000   2,590,945
Lenovo Group, Ltd.      380,000     438,102
Sino Biopharmaceutical, Ltd.      535,000     303,624
Sinotruk Hong Kong, Ltd.      103,500     261,354
      6,773,987
Hungary — 0.3%
OTP Bank Nyrt       23,885   1,811,484
India — 18.1%
Adani Energy Solutions, Ltd.†       23,646     239,790
Adani Ports & Special Economic Zone, Ltd.       35,773     598,746
Ajanta Pharma, Ltd.       21,967     644,314
APL Apollo Tubes, Ltd.        8,489     179,720
Apollo Hospitals Enterprise, Ltd.        4,157     334,503
Atul, Ltd.        8,038     668,307
AWL Agri Business, Ltd.†      102,994     322,432
Axis Bank, Ltd.      190,994   2,660,413
Bajaj Auto, Ltd.        5,070     509,459
Bajaj Finance, Ltd.       17,716   1,892,605
Berger Paints India, Ltd.       29,097     193,470
Bharat Electronics, Ltd.      147,194     661,534
Bharat Petroleum Corp., Ltd.      113,896     422,576
Bharti Airtel, Ltd.      311,667   6,773,089
Bharti Hexacom, Ltd.       12,462     265,914
Biocon, Ltd.       74,924     292,823
Blue Star, Ltd.       25,097     447,977
Brigade Enterprises, Ltd.       39,761     509,749
Britannia Industries, Ltd.        6,316     405,641
Ceat, Ltd.        5,002     222,116
Chambal Fertilisers and Chemicals, Ltd.       80,142     514,145
Cholamandalam Investment & Finance Co., Ltd.        3,202      59,905
Cipla, Ltd.       30,507     521,872
City Union Bank, Ltd.      229,164     522,197
Coromandel International, Ltd.       76,164   2,033,710
Dalmia Bharat, Ltd.       36,433     858,640
Divi's Laboratories, Ltd.        8,602     664,437
DLF, Ltd.       50,234     468,352
Dr Lal PathLabs, Ltd.*       46,541   1,509,652
Eicher Motors, Ltd.        1,239      77,221
Elecon Engineering Co, Ltd.       65,755     509,404
Emami, Ltd.       39,725     272,493
Eternal, Ltd.†      128,985     361,369
Firstsource Solutions, Ltd.       72,661     315,013
Fortis Healthcare, Ltd.      101,827     844,721
Garden Reach Shipbuilders & Engineers, Ltd.        1,033      36,252
GE Vernova T&D India, Ltd.       23,018     601,117
GlaxoSmithKline Pharmaceuticals, Ltd.        3,976     153,232
Graphite India, Ltd.       65,256     414,565
Great Eastern Shipping Co., Ltd.       86,664     942,848
Havells India, Ltd.       33,053     589,257
HCL Technologies, Ltd.      103,574   1,974,654
HDFC Bank, Ltd.      469,432  10,650,333
HDFC Life Insurance Co., Ltd.*        7,169       65,080
Security Description   Shares or
Principal
Amount 		Value
India (continued)
Hero MotoCorp, Ltd.          989 $     49,908
Hindalco Industries, Ltd.       90,393     669,378
Hindustan Aeronautics, Ltd.       12,723     738,209
Hindustan Petroleum Corp., Ltd.       20,521      98,790
Hindustan Unilever, Ltd.       21,142     581,262
Hindustan Zinc, Ltd.      124,463     664,966
Hitachi Energy India, Ltd.        2,361     528,318
ICICI Bank, Ltd.      485,610   8,206,142
ICICI Bank, Ltd. ADR       27,365     936,978
IndiaMart InterMesh, Ltd.*       39,657   1,078,837
Indian Hotels Co., Ltd.       59,964     538,748
Indian Oil Corp., Ltd.       75,137     125,027
Indraprastha Gas, Ltd.      206,166     498,460
Indus Towers, Ltd.†       26,707     119,296
Infosys, Ltd.      376,159   6,865,589
Infosys, Ltd. ADR#       96,007   1,746,367
Intellect Design Arena, Ltd.       35,290     481,998
InterGlobe Aviation, Ltd.*†       18,375   1,143,405
Ipca Laboratories, Ltd.       15,452     257,831
ITC, Ltd.      405,122   1,982,411
Jindal Saw, Ltd.      258,837     640,627
JK Cement, Ltd.        4,750     303,317
Jubilant Pharmova, Ltd.        8,830     121,118
KEC International, Ltd.       53,524     519,603
Kotak Mahindra Bank, Ltd.       57,908   1,405,694
L&T Technology Services, Ltd.*       10,655     543,489
Larsen & Toubro, Ltd.       88,626   3,802,918
Larsen & Toubro, Ltd. GDR       13,772     585,999
Lemon Tree Hotels, Ltd.*†      125,407     204,579
LIC Housing Finance, Ltd.      104,172     725,217
LTIMindtree, Ltd.*        5,254     310,420
Lupin, Ltd.       42,321     966,793
Mahanagar Gas, Ltd.       37,110     574,592
Mahindra & Mahindra, Ltd.       69,685   2,419,330
Marico, Ltd.       19,155     160,716
Maruti Suzuki India, Ltd.        7,188   1,035,089
Max Financial Services, Ltd.†        5,775     101,227
MOIL, Ltd.       89,466     394,142
National Aluminium Co., Ltd.      276,018     582,323
Navin Fluorine International, Ltd.        3,944     196,290
NCC, Ltd.       91,234     246,478
NTPC, Ltd.      220,921     864,247
Oil & Natural Gas Corp., Ltd.       77,177     215,726
One 97 Communications, Ltd.†       51,858     538,729
Page Industries, Ltd.          155      84,007
Paradeep Phosphates, Ltd.*      354,592     725,137
PB Fintech, Ltd.†       11,833     243,588
Persistent Systems, Ltd.        9,733     639,768
Petronet LNG, Ltd.†      234,185     841,643
Power Grid Corp. of India, Ltd.      268,134     907,723
PTC India, Ltd.      447,219     919,523
PVR Inox, Ltd.†       55,019     635,861
Radico Khaitan, Ltd.       13,056     388,591
Reliance Industries, Ltd.      581,460   9,634,264
Sagility India, Ltd.†      658,917     303,298
SBI Life Insurance Co., Ltd.*       20,178     426,550
Shree Cement, Ltd.          727     252,231
Solar Industries India, Ltd.        4,384     821,984
SRF, Ltd.       10,278     343,741
State Bank of India      229,448   2,182,538
Strides Pharma Science, Ltd.       64,704     616,985
Sun Pharmaceutical Industries, Ltd.      120,520   2,358,854
Suzlon Energy, Ltd.†      189,641      158,405
 
47
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
India (continued)
Tata Consultancy Services, Ltd.      106,040 $  4,287,448
Tata Motors, Ltd.      161,094   1,352,851
Tata Steel, Ltd.      292,102     550,638
Tech Mahindra, Ltd.       66,452   1,221,490
Titan Co., Ltd.       20,312     842,625
Torrent Pharmaceuticals, Ltd.          943      34,984
Trent, Ltd.       18,215   1,197,305
TVS Motor Co., Ltd.        2,912      94,873
UltraTech Cement, Ltd.       13,560   1,770,921
United Spirits, Ltd.       14,038     249,362
UNO Minda, Ltd.        2,981      35,067
VA Tech Wabag, Ltd.†        4,059      77,243
Vedanta, Ltd.      135,555     691,437
Vishal Mega Mart, Ltd.†      666,855     976,418
Vodafone Idea, Ltd.†    2,425,321     196,123
Welspun Corp., Ltd.       72,717     792,728
Wipro, Ltd.      384,890   1,122,624
Wipro, Ltd. ADR#      203,748     586,794
Zee Entertainment Enterprises, Ltd.      568,451     864,883
Zensar Technologies, Ltd.       22,282     216,115
Zydus Lifesciences, Ltd.       31,512     342,462
      127,965,312
Indonesia — 1.6%
Aneka Tambang Tbk   15,108,200   2,876,364
Astra International Tbk PT    5,123,800   1,525,025
Bank Central Asia Tbk PT    6,079,900   3,499,322
Bank Mandiri Persero Tbk PT    3,771,900   1,225,660
Bank Rakyat Indonesia Persero Tbk PT    7,676,800   2,089,380
      11,215,751
Ireland — 0.8%
PDD Holdings, Inc. ADR†       56,936   5,494,893
Luxembourg — 0.0%
Allegro.eu SA*†       33,076     304,378
Malaysia — 1.5%
CIMB Group Holdings Bhd      252,300     410,769
KPJ Healthcare Bhd    2,639,100   1,686,445
Malayan Banking Bhd    1,907,800   4,383,480
Maxis Bhd      694,500     575,963
My EG Services Bhd      291,500      63,005
Public Bank Bhd    2,240,800   2,268,965
Sunway Construction Group BHD      167,000     231,481
Tenaga Nasional Bhd      386,500   1,271,232
      10,891,340
Marshall Islands — 0.0%
Costamare, Inc.        4,017      34,426
Mexico — 2.1%
Alsea SAB de CV#      157,706     395,403
America Movil SAB de CV    3,064,301   2,583,075
America Movil SAB de CV ADR#       73,978   1,250,228
Arca Continental SAB de CV#      177,526   1,954,104
Banco del Bajio SA*#       60,633     157,366
Coca-Cola Femsa SAB de CV      139,035   1,314,510
Coca-Cola Femsa SAB de CV ADR        9,535     905,825
Fomento Economico Mexicano SAB de CV#      180,125   1,913,526
Fomento Economico Mexicano SAB de CV ADR        3,048     324,703
GCC SAB de CV       65,618     612,335
Gentera SAB de CV#      553,249   1,085,619
Grupo Aeroportuario del Centro Norte SAB de CV       18,225      225,398
Security Description   Shares or
Principal
Amount 		Value
Mexico (continued)
Grupo Aeroportuario del Centro Norte SAB de CV ADR        1,207 $    119,817
Grupo Aeroportuario del Pacifico SAB de CV, Class B        4,482     103,047
Grupo Financiero Banorte SAB de CV, Class O#      227,120   2,014,291
Wal-Mart de Mexico SAB de CV       19,587      64,327
      15,023,574
Philippines — 0.5%
BDO Unibank, Inc.      325,693     939,808
International Container Terminal Services, Inc.      223,430   1,641,837
Manila Electric Co.       64,260     633,444
      3,215,089
Poland — 1.0%
Bank Polska Kasa Opieki SA       12,285     604,888
Dino Polska SA*†        6,719     986,565
Orlen SA       62,521   1,229,338
Powszechna Kasa Oszczednosci Bank Polski SA       85,798   1,725,564
Powszechny Zaklad Ubezpieczen SA      155,515   2,541,886
Tauron Polska Energia SA†      157,539     289,316
      7,377,557
Qatar — 0.7%
Barwa Real Estate Co.      308,966     244,238
Ooredoo Q.P.S.C.      105,979     358,961
Qatar Islamic Bank Q.P.S.C.      223,247   1,295,660
Qatar National Bank Q.P.S.C.      723,696   3,361,637
      5,260,496
Russia — 0.0%
Gazprom PJSC†(1)(2)    1,262,418           0
Magnitogorsk Iron & Steel Works PJSC†(1)(2)    2,290,683           0
Sberbank of Russia PJSC†(1)(2)    1,300,000           0
Severstal PAO GDR†(1)(2)       75,082           0
      0
Saudi Arabia — 3.4%
ACWA Power Co.†        6,942     478,286
Al Hammadi Holding      100,214     996,393
Al Rajhi Bank      267,746   6,514,663
Aldrees Petroleum & Transport Services Co.       27,813     904,271
Arab National Bank       54,119     311,795
Banque Saudi Fransi      235,588   1,082,018
Catrion Catering Holding Co.        2,671      84,381
Dr. Sulaiman Al Habib Medical Services Group Co.        4,087     284,761
MBC Group CJSC†        5,997      69,354
National Medical Care Co.        6,265     274,931
Power & Water Utility Co. for Jubail & Yanbu      110,103   1,185,106
Riyadh Cables Group Co.       18,986     704,238
Saudi Arabian Mining Co.†       26,147     354,592
Saudi Arabian Oil Co.*      159,694   1,064,299
Saudi Awwal Bank      123,971   1,112,823
Saudi Ceramic Co.†        3,598      28,454
Saudi Electricity Co.      317,252   1,196,529
Saudi National Bank      484,010   4,488,474
Saudi Real Estate Co.†       25,416     140,233
Saudi Telecom Co.      159,353   1,777,849
United Electronics Co.       11,818     273,138
Zamil Industrial Investment Co.†       54,158     592,751
      23,919,339
Singapore — 0.5%
Trip.com Group, Ltd.       55,200   3,477,675
South Africa — 3.0%
AVI, Ltd.      158,080      830,288
 
48  
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
South Africa (continued)
Capitec Bank Holdings, Ltd.       19,942 $  3,821,955
Discovery, Ltd.       35,550     431,127
FirstRand, Ltd.      690,176   2,859,726
Gold Fields, Ltd.       82,154   1,851,909
Gold Fields, Ltd. ADR       12,035     276,805
Growthpoint Properties, Ltd.      139,144     104,382
Harmony Gold Mining Co., Ltd.       24,974     355,184
Life Healthcare Group Holdings, Ltd.    1,546,640   1,230,775
Mr. Price Group, Ltd.       43,898     589,074
MTN Group, Ltd.      156,209   1,085,840
Naspers, Ltd.       13,221   3,796,532
Sanlam, Ltd.      271,361   1,337,301
Sasol, Ltd.†      100,931     455,866
Sasol, Ltd. ADR†       20,550      91,242
Shoprite Holdings, Ltd.       20,162     327,402
Standard Bank Group, Ltd.      113,059   1,466,419
      20,911,827
South Korea — 9.9%
Celltrion, Inc.        5,369     626,520
CJ ENM Co., Ltd.†        6,024     268,519
CJ Logistics Corp.       12,167     709,014
DL E&C Co, Ltd.       21,005     735,335
Dongsung Finetec Co, Ltd.        8,563     161,367
E-MART, Inc.        4,521     299,172
GS Engineering & Construction Corp.       79,534   1,305,679
GS Holdings Corp.       14,715     464,476
Hana Financial Group, Inc.       17,503     922,279
Hanon Systems†       59,551     130,350
Hanwha Aerospace Co., Ltd.        1,413     830,574
Hanwha Corp.       10,035     549,136
HD Hyundai Co., Ltd.        7,263     588,010
HD Hyundai Infracore Co., Ltd.       55,906     382,918
HL Mando Co., Ltd.       27,586     673,805
Hugel, Inc.†        1,594     383,567
Hyosung TNC Corp.        1,953     343,973
Hyundai Engineering & Construction Co., Ltd.       31,755   1,468,413
Hyundai Glovis Co., Ltd.        8,574     704,712
Hyundai Heavy Industries Co., Ltd.        3,328     978,114
Hyundai Marine & Fire Insurance Co, Ltd.†       58,033   1,024,211
Hyundai Mobis Co., Ltd.        2,686     492,540
Hyundai Motor Co.        9,739   1,307,992
Hyundai Steel Co.      138,639   2,833,674
Kakao Corp.        3,262     100,955
Kakaopay Corp.†        7,978     218,864
Kangwon Land, Inc.       30,296     374,171
KB Financial Group, Inc.       37,004   2,797,360
KB Financial Group, Inc. ADR        5,475     409,256
Kia Corp.       51,605   3,343,833
KIWOOM Securities Co., Ltd.        1,863     219,558
Korea Electric Power Corp.       24,511     539,182
Korea Shipbuilding & Offshore Engineering Co., Ltd.        6,852   1,571,833
KT Corp.            7         258
KT Corp. ADR       44,020     828,016
KT&G Corp.       13,795   1,201,826
NAVER Corp.       17,199   2,337,329
Pan Ocean Co., Ltd.      454,605   1,220,781
POSCO Holdings, Inc.        2,421     438,682
Samsung Biologics Co., Ltd.*†        1,550   1,159,382
Samsung C&T Corp.        8,248     895,521
Samsung E&A Co., Ltd.      177,932   2,804,973
Samsung Electronics Co., Ltd.      437,341   17,814,426
Security Description   Shares or
Principal
Amount 		Value
South Korea (continued)
Samsung Electronics Co., Ltd. GDR        1,403 $  1,411,418
Samsung Securities Co., Ltd.       62,812   2,754,313
Seegene, Inc.       19,314     468,956
Shinhan Financial Group Co., Ltd.       21,937     923,780
SK Hynix, Inc.       38,430   5,696,119
SK Telecom Co., Ltd.       35,445   1,323,054
SK Telecom Co., Ltd. ADR       46,943     964,209
      70,002,405
Taiwan — 17.7%
Accton Technology Corp.       95,000   2,325,558
Advantech Co., Ltd.      145,000   1,638,448
Airtac International Group       32,000     981,951
Arcadyan Technology Corp.      294,000   2,081,133
Ardentec Corp.       30,000      75,886
ASE Technology Holding Co., Ltd.      494,000   2,267,819
Asia Cement Corp.      446,000     617,828
ASMedia Technology, Inc.        2,000     127,860
ASPEED Technology, Inc.        8,000   1,036,653
Asustek Computer, Inc.       20,000     412,899
Bizlink Holding, Inc.       71,000   1,501,508
Cathay Financial Holding Co., Ltd.      200,000     395,343
Chroma ATE, Inc.      263,000   2,910,078
Chunghwa Telecom Co., Ltd.      162,000     697,567
CTBC Financial Holding Co., Ltd.    1,908,000   2,577,584
Delta Electronics, Inc.      144,000   1,773,683
E.Sun Financial Holding Co., Ltd.    2,367,264   2,333,905
Ennoconn Corp.       88,000     881,440
Fubon Financial Holding Co., Ltd.      822,500   2,166,141
Hon Hai Precision Industry Co., Ltd.      840,000   4,304,667
International Games System Co., Ltd.       15,000     416,717
ITEQ Corp.      158,000     459,120
King Slide Works Co., Ltd.        6,000     403,373
King Yuan Electronics Co., Ltd.      312,000     997,108
Kinik Co.       65,000     601,456
Largan Precision Co., Ltd.        1,000      76,495
MediaTek, Inc.      174,000   7,214,140
Phison Electronics Corp.       82,000   1,364,722
Pixart Imaging, Inc.       44,000     320,696
Poya International Co, Ltd.       37,000     615,936
Primax Electronics, Ltd.      840,000   2,173,364
Quanta Computer, Inc.†       74,000     660,861
Realtek Semiconductor Corp.      108,000   1,932,208
Sercomm Corp.       58,000     186,690
Simplo Technology Co., Ltd.      102,000   1,267,200
TA Chen Stainless Pipe    1,401,000   1,648,267
Taishin Financial Holding Co., Ltd.      751,000     427,376
Taiwan High Speed Rail Corp.      111,000     100,957
Taiwan Semiconductor Manufacturing Co., Ltd.    2,096,000  66,649,251
Taiwan Semiconductor Manufacturing Co., Ltd. ADR        3,660     707,551
Taiwan Surface Mounting Technology Corp.      196,000     709,780
Tong Yang Industry Co., Ltd.      233,000   1,001,438
Tripod Technology Corp.       85,000     600,970
United Integrated Services Co, Ltd.       25,000     460,156
Wistron NeWeb Corp.      558,000   2,266,206
WNC Corp.       83,000     317,906
      124,687,895
Thailand — 1.9%
Advanced Info Service PCL NVDR      503,800   4,389,210
Bangkok Bank PCL NVDR      458,500   1,976,323
Carabao Group PCL NVDR      328,900     588,619
CP ALL PCL NVDR    3,240,200    4,639,080
 
49
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
COMMON STOCKS (continued)
Thailand (continued)
PTT Exploration & Production PCL NVDR      218,200   $    651,393
Thai Oil PCL NVDR      589,300       534,055
Thai Union Group PCL NVDR    1,280,100       389,947
        13,168,627
Turkey — 0.5%
Arcelik AS†      231,179       621,367
Aselsan Elektronik Sanayi Ve Ticaret AS       88,003       290,845
KOC Holding AS      142,800       516,009
Mavi Giyim Sanayi Ve Ticaret AS, Class B*      437,757       341,373
Migros Ticaret AS       63,530       772,780
Turk Telekomunikasyon AS†      225,395       316,992
Turkiye Garanti Bankasi AS      217,531       587,457
        3,446,823
United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC      379,549     1,248,285
Abu Dhabi Islamic Bank PJSC       22,079       115,294
Emaar Development PJSC      220,556       804,642
Emaar Properties PJSC      866,263     3,101,377
Emirates Telecommunications Group Co. PJSC      262,744     1,228,953
First Abu Dhabi Bank PJSC      617,155     2,705,199
        9,203,750
United Kingdom — 0.2%
Anglogold Ashanti PLC       24,181     1,035,416
United States — 0.8%
BeOneMedicines, Ltd.†      117,800     2,261,022
BeOneMedicines, Ltd. ADR†        3,703       909,383
Coupang, Inc.†       10,212       286,447
Parade Technologies, Ltd.       42,000       800,150
Southern Copper Corp.        5,700       518,187
Yum China Holdings, Inc.       14,408       628,909
        5,404,098
Total Common Stocks
(cost $644,121,637) 		      696,317,671
RIGHTS — 0.0%
South Korea — 0.0%
Hanwha Aerospace Co, Ltd.†
Expires 07/02/2025
(cost $0) 		         102         9,389
Total Long-Term Investment Securities
(cost $644,121,637) 		      696,327,060
SHORT-TERM INVESTMENTS — 2.1%
Unaffiliated Investment Companies — 2.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.27%(3)   13,792,816    13,792,816
State Street Navigator Securities Lending Government Money Market Portfolio 4.32%(3)(4)      730,032       730,032
Total Short-Term Investments
(cost $14,522,848) 		      14,522,848
TOTAL INVESTMENTS
(cost $658,644,485)(5) 		  100.8%   710,849,908
Other assets less liabilities   (0.8)   (5,633,325)
NET ASSETS   100.0%   $705,216,583
# 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 Emerging Economies Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $36,105,563 representing 5.1% 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 May 31, 2025, the Fund held the following restricted securities:
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Common Stocks
Gazprom PJSC   06/10/2021   1,262,418   $4,856,005   $0   $0.00   0.0%
Magnitogorsk Iron & Steel Works PJSC                        
    12/14/2020   6,702   4,530            
    12/16/2020   187,873   134,493            
    02/10/2021   2,096,108   1,468,240            
        2,290,683   1,607,263   0   0.00   0.0
Sberbank Of Russia PJSC                        
    11/12/2020   664,800   2,189,656            
    11/20/2020   136,860   443,444            
    12/14/2020   29,992   120,624            
    12/16/2020   137,196   538,640            
    11/24/2021   331,152   1,424,053            
        1,300,000   4,716,417   0   0.00   0.0
Severstal PAO GDR                        
    10/30/2020   51,320   695,308            
    11/20/2020   10,696   154,403            
 
50  
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Common Stocks (continued)
    12/14/2020   2,344   $39,368            
    12/16/2020   10,722   184,609            
        75,082   1,073,688   $0   $0.00   0.0%
                $0       0.0%**
** Amount represents the total value of the restricted securities divided by the net assets of the Fund and may not equal the sum of the individual percentages shown due to rounding.
(3) The rate shown is the 7-day yield as of May 31, 2025.
(4) At May 31, 2025, the Fund had loaned securities with a total value of $18,781,530. This was secured by collateral of $730,032, which was received in cash and subsequently invested in short-term investments currently valued at $730,032 as reported in the Portfolio of Investments. Additional collateral of $19,159,991 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $3,360
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   21,718
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   1,667
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   9,146
United States Treasury Bills   0.00%   11/28/2025   21
United States Treasury Notes/Bonds   0.00% to 5.00%   06/30/2025 to 11/15/2054   19,124,079
(5) See Note 4 for cost of investments on a tax basis.
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
NVDR—Non-Voting Depositary Receipt
 
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
(Depreciation)
155 Long MSCI Emerging Markets Index June 2025 $9,014,060 $8,907,075 $(106,985)
* 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.
Industry Allocation*  
Banks 16.4%
Semiconductors 15.1
Internet 13.6
Telecommunications 6.2
Diversified Financial Services 4.8
Computers 3.9
Oil & Gas 3.4
Auto Manufacturers 3.3
Insurance 2.7
Beverages 2.4
Retail 2.3
Mining 2.2
Short-Term Investments 2.1
Engineering & Construction 1.9
Electronics 1.7
Pharmaceuticals 1.7
Electric 1.5
Software 1.5
Real Estate 1.3
Iron/Steel 1.3
Healthcare-Services 0.9
Biotechnology 0.9
Transportation 0.9
Building Materials 0.9
51
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Industry Allocation*(continued)  
Chemicals 0.9%
Home Furnishings 0.8
Food 0.7
Commercial Services 0.5
Agriculture 0.5
Auto Parts & Equipment 0.4
Entertainment 0.4
Holding Companies-Diversified 0.4
Electrical Components & Equipment 0.4
Shipbuilding 0.3
Aerospace/Defense 0.3
Metal Fabricate/Hardware 0.3
Distribution/Wholesale 0.3
Water 0.3
Miscellaneous Manufacturing 0.2
Airlines 0.2
Lodging 0.2
Gas 0.2
Media 0.1
Pipelines 0.1
Leisure Time 0.1
Household Products/Wares 0.1
Machinery-Diversified 0.1
Machinery-Construction & Mining 0.1
  100.8%
* Calculated as a percentage of net assets
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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:              
Indonesia $—   $11,215,751   $—   $11,215,751
Qatar —   5,260,496   —   5,260,496
Russia —   —   0   0
Saudi Arabia —   23,919,339   —   23,919,339
Taiwan 707,551   123,980,344   —   124,687,895
United States 4,603,948   800,150   —   5,404,098
Other Countries 525,830,092   —   —   525,830,092
Rights 9,389   —   —   9,389
Short-Term Investments 14,522,848   —   —   14,522,848
Total Investments at Value $545,673,828   $165,176,080   $0   $710,849,908
LIABILITIES:              
Other Financial Instruments:†              
Futures Contracts $106,985   $—   $—   $106,985
* 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.
Level 3 investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to Financial Statements
52  
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 98.6%
Australia — 6.7%
Charter Hall Group      88,424 $  1,035,655
Goodman Group     296,475   6,291,267
National Storage REIT#   1,498,303   2,231,012
NEXTDC, Ltd.#†     127,023   1,073,434
Scentre Group   2,463,955   5,828,933
      16,460,301
Belgium — 1.1%
Aedifica SA      20,605   1,555,831
Warehouses De Pauw CVA      47,797   1,164,658
      2,720,489
Canada — 2.8%
Canadian Apartment Properties REIT     112,004   3,653,076
Chartwell Retirement Residences(1)     112,300   1,522,864
First Capital Real Estate Investment Trust     131,270   1,697,849
      6,873,789
France — 0.9%
Klepierre SA      59,185   2,315,768
Germany — 2.2%
Vonovia SE     161,959   5,301,732
Guernsey — 0.7%
Shurgard Self Storage, Ltd.      40,430   1,645,739
Hong Kong — 1.9%
Link REIT     390,000   2,071,584
Swire Properties, Ltd.   1,164,101   2,553,537
      4,625,121
Japan — 7.7%
Comforia Residential REIT, Inc.         463     912,196
Japan Hotel REIT Investment Corp.       4,270   2,216,679
Japan Metropolitan Fund Investment Corp.       1,625   1,113,485
KDX Realty Investment Corp.         783     825,471
Mitsubishi Estate Co., Ltd.     236,337   4,337,649
Mitsui Fudosan Co., Ltd.     797,435   7,703,080
Mitsui Fudosan Logistics Park, Inc.       1,912   1,350,007
Star Asia Investment Corp.       1,452     568,106
      19,026,673
Singapore — 2.1%
CapitaLand Ascendas REIT   1,271,600   2,612,708
CapitaLand India Trust(1)   2,436,958   1,861,139
Parkway Life Real Estate Investment Trust     188,000     593,262
      5,067,109
Spain — 2.4%
Cellnex Telecom SA*      42,414   1,623,921
Merlin Properties Socimi SA     353,293   4,372,497
      5,996,418
SupraNational — 0.6%
Unibail-Rodamco-Westfield      16,831   1,594,984
Sweden — 0.4%
Catena AB      20,185     992,938
United Kingdom — 7.1%
Big Yellow Group PLC      98,302   1,319,173
British Land Co. PLC     228,930   1,204,184
Derwent London PLC      76,168   2,024,789
Grainger PLC     465,365   1,395,096
Helios Towers PLC†     553,651      893,662
Security Description   Shares or
Principal
Amount 		Value
United Kingdom (continued)
Safestore Holdings PLC#     108,605 $    961,381
Segro PLC     148,560   1,395,131
Shaftesbury Capital PLC     555,462   1,100,898
Tritax Big Box REIT PLC   1,416,450   2,803,517
UNITE Group PLC     390,194   4,526,515
      17,624,346
United States — 62.0%
American Homes 4 Rent, Class A     185,636   7,026,323
American Tower Corp.      16,890   3,625,439
Americold Realty Trust, Inc.     128,430   2,128,085
AvalonBay Communities, Inc.      27,269   5,638,411
Brixmor Property Group, Inc.     113,801   2,891,683
BXP, Inc.      55,626   3,745,299
Cousins Properties, Inc.      54,900   1,541,043
CubeSmart      64,270   2,748,185
Digital Realty Trust, Inc.      60,659  10,404,232
DigitalBridge Group, Inc.      30,356     335,737
Douglas Emmett, Inc.      40,630     578,165
Equinix, Inc.      15,185  13,496,732
Equity LifeStyle Properties, Inc.      72,951   4,637,495
Essential Properties Realty Trust, Inc.      63,200   2,054,000
Essex Property Trust, Inc.      18,298   5,194,802
Extra Space Storage, Inc.      19,009   2,873,210
Federal Realty Investment Trust      21,120   2,016,538
Healthcare Realty Trust, Inc.      93,774   1,359,723
Highwoods Properties, Inc.      54,299   1,612,680
Host Hotels & Resorts, Inc.      60,380     935,286
Iron Mountain, Inc.      33,015   3,258,911
Kimco Realty Corp.     109,922   2,336,942
Lamar Advertising Co., Class A      11,121   1,340,525
Mid-America Apartment Communities, Inc.      32,663   5,116,659
NNN REIT, Inc.      40,137   1,676,121
Phillips Edison & Co., Inc.      53,575   1,899,770
Prologis, Inc.     150,807  16,377,640
Public Storage      11,165   3,443,398
Rexford Industrial Realty, Inc.#     104,410   3,679,408
Ryman Hospitality Properties, Inc.      32,916   3,196,473
SBA Communications Corp.       3,826     887,211
Simon Property Group, Inc.      42,134   6,870,791
Smartstop Self Storage REIT, Inc.      41,256   1,507,494
Sun Communities, Inc.      16,175   1,996,642
Sunstone Hotel Investors, Inc.      67,416     604,047
Ventas, Inc.     128,065   8,232,018
Vornado Realty Trust      44,505   1,676,503
Welltower, Inc.      79,675  12,292,259
Weyerhaeuser Co.      63,360   1,641,658
      152,877,538
Total Long-Term Investment Securities
(cost $235,188,770) 		    243,122,945
SHORT-TERM INVESTMENTS — 0.9%
U.S. Government Agency — 0.9%
Federal Home Loan Bank
4.12%, 06/02/2025 		  $2,267,000   2,266,206
 
53
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS (continued)
Unaffiliated Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(2)(3) 		     13,884   $     13,884
Total Short-Term Investments
(cost $2,280,625) 		      2,280,090
TOTAL INVESTMENTS
(cost $237,469,395)(4) 		  99.5%   245,403,035
Other assets less liabilities   0.5   1,159,337
NET ASSETS   100.0%   $246,562,372
# 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 Global Real Estate Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $1,623,921 representing 0.7% of net assets.
(1) Consists of more than one type of securities traded together as a unit.
(2) The rate shown is the 7-day yield as of May 31, 2025.
(3) At May 31, 2025, the Fund had loaned securities with a total value of $4,437,607. This was secured by collateral of $13,884, which was received in cash and subsequently invested in short-term investments currently valued at $13,884 as reported in the Portfolio of Investments. Additional collateral of $4,688,190 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $52,970
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   342,344
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   26,284
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   144,171
United States Treasury Bills   0.00%   11/28/2025   338
United States Treasury Notes/Bonds   0.00% to 4.88%   02/15/2026 to 11/15/2053   4,122,083
(4) See Note 4 for cost of investments on a tax basis.
CVA—Certification Van Aandelen (Dutch Cert.)
 
Industry Allocation*  
Diversified REITS 19.0%
Warehouse/Industrial REITS 13.3
Apartment REITS 13.0
Real Estate 10.6
Health Care REITS 9.7
Shopping Centers REITS 8.8
Storage REITS 7.4
Office Property REITS 4.0
Regional Malls REITS 3.7
Hotel REITS 2.8
Manufactured Homes REITS 2.7
Single Tenant REITS 1.5
Engineering & Construction 1.0
Short-Term Investments 0.9
Healthcare-Services 0.6
Telecommunications 0.5
  99.5%
* Calculated as a percentage of net assets
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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 $243,122,945   $—   $—   $243,122,945
Short-Term Investments:              
U.S. Government Agency —   2,266,206   —   2,266,206
Other Short-Term Investments 13,884   —   —   13,884
Total Investments at Value $243,136,829   $2,266,206   $—   $245,403,035
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
54  
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 59.5%
Australia — 0.5%
Aristocrat Leisure, Ltd.        5,342 $    214,871
BHP Group, Ltd. (ASX)        9,652     237,979
Brambles, Ltd.       14,236     212,804
Cochlear, Ltd.            1         175
Fortescue, Ltd.#       28,479     282,523
Pro Medicus, Ltd.#          876     159,242
Qantas Airways, Ltd.       12,460      85,217
      1,192,811
Austria — 0.0%
Erste Group Bank AG          662      53,256
Belgium — 0.0%
KBC Group NV          269      26,561
Bermuda — 0.0%
Arch Capital Group, Ltd.          264      25,091
Brazil — 0.8%
AMBEV SA       46,800     114,801
B3 SA - Brasil Bolsa Balcao       14,100      34,390
BB Seguridade Participacoes SA       12,200      80,011
Cia de Saneamento Basico do Estado de Sao Paulo        4,700      96,457
Itausa SA (Preference Shares)       67,959     131,534
JBS SA       12,500      87,682
Petroleo Brasileiro SA       63,500     365,379
Petroleo Brasileiro SA (Preference Shares)       62,200     336,040
Vale SA       60,000     546,551
WEG SA       13,700     101,442
      1,894,287
Canada — 1.1%
Agnico Eagle Mines, Ltd.        1,500     176,817
ARC Resources, Ltd.        8,700     181,817
Barrick Mining Corp.        1,400      26,850
Canadian Imperial Bank of Commerce          400      27,232
CGI, Inc.#        1,200     129,002
Dollarama, Inc.        1,400     180,056
Fairfax Financial Holdings, Ltd.          300     510,456
Great-West Lifeco, Inc.#        4,300     163,214
iA Financial Corp., Inc.        1,400     142,535
Imperial Oil, Ltd.#          400      28,558
Kinross Gold Corp.       21,000     310,023
Loblaw Cos., Ltd.        1,300     219,324
Manulife Financial Corp.        1,300      41,396
Royal Bank of Canada        1,100     139,421
Suncor Energy, Inc.#        3,700     131,543
      2,408,244
China — 2.5%
Agricultural Bank of China, Ltd.      354,000     227,539
Alibaba Group Holding, Ltd.       12,900     187,386
Baidu, Inc., Class A†       12,550     130,684
Bank of China, Ltd.      361,000     209,940
China CITIC Bank Corp., Ltd.      148,000     130,425
China Construction Bank Corp.    1,432,000   1,285,697
China Hongqiao Group, Ltd.#       46,500      83,143
China Life Insurance Co., Ltd.       67,000     136,545
China Merchants Bank Co., Ltd.        4,000      24,945
Contemporary Amperex Technology Co., Ltd., Class A        3,600     125,074
Industrial & Commercial Bank of China, Ltd.    1,083,000     788,656
JD.com, Inc., Class A       11,550     189,871
Kuaishou Technology*†       40,800     277,339
Kweichow Moutai Co., Ltd., Class A          500      105,757
Security Description   Shares or
Principal
Amount 		Value
China (continued)
NetEase, Inc.       28,500 $    693,136
PetroChina Co., Ltd.      354,000     297,517
PICC Property & Casualty Co., Ltd.       86,000     163,860
Ping An Insurance Group Co. of China, Ltd.#       76,500     450,252
Qifu Technology, Inc. ADR        1,900      78,090
Vipshop Holdings, Ltd. ADR        5,470      75,431
      5,661,287
Denmark — 0.3%
Genmab A/S†        1,040     218,207
Novo Nordisk A/S, Class B        3,483     243,444
Pandora A/S          717     131,051
      592,702
Finland — 0.2%
Nokia Oyj       37,477     194,724
Wartsila OYJ Abp        8,961     179,381
      374,105
France — 1.2%
Air Liquide SA          864     178,940
BNP Paribas SA        1,844     161,514
Bouygues SA        2,833     123,490
Cie de Saint-Gobain SA        2,023     227,037
Cie Generale des Etablissements Michelin SCA        3,809     145,664
Credit Agricole SA       10,576     193,397
Engie SA       31,455     678,060
EssilorLuxottica SA          671     186,434
Hermes International S.C.A.           65     179,197
L'Oreal SA          303     128,121
Orange SA       10,362     154,540
Publicis Groupe SA          245      26,672
Sanofi SA        1,197     118,951
Schneider Electric SE          422     106,062
TotalEnergies SE        1,973     115,731
      2,723,810
Germany — 1.2%
Allianz SE          563     222,909
Bayer AG        4,731     132,872
Beiersdorf AG          145      19,864
Deutsche Bank AG       11,579     320,270
Deutsche Boerse AG          658     211,810
Deutsche Post AG        2,980     133,214
Deutsche Telekom AG        5,854     221,210
GEA Group AG        2,629     175,822
Heidelberg Materials AG        2,547     498,724
MTU Aero Engines AG           78      31,042
Muenchener Rueckversicherungs-Gesellschaft AG          208     134,950
RWE AG       10,293     387,197
Siemens Energy AG†        2,796     271,438
      2,761,322
Greece — 0.0%
OPAP SA        2,979      64,065
Hong Kong — 0.4%
China Resources Land, Ltd.       40,500     132,226
CK Asset Holdings, Ltd.       32,500     134,707
CK Hutchison Holdings, Ltd.       22,000     123,873
CLP Holdings, Ltd.        3,000      25,462
Geely Automobile Holdings, Ltd.       74,000      166,288
 
55
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Hong Kong (continued)
Sun Hung Kai Properties, Ltd.       14,000 $    150,425
WH Group, Ltd.*      137,000     126,498
      859,479
Hungary — 0.1%
OTP Bank Nyrt        3,146     238,599
India — 0.7%
Cipla, Ltd.        1,374      23,505
Coal India, Ltd.       25,986     120,676
Dr. Reddy's Laboratories, Ltd.          659       9,634
HCL Technologies, Ltd.        7,836     149,394
Hindalco Industries, Ltd.       17,150     126,999
Infosys, Ltd.        6,219     113,508
NTPC, Ltd.       30,946     121,054
Oil & Natural Gas Corp., Ltd.       56,812     158,801
Power Finance Corp., Ltd.       25,562     121,470
Power Grid Corp. of India, Ltd.       81,135     274,669
Shriram Finance, Ltd.        3,542      26,463
Sun Pharmaceutical Industries, Ltd.        1,188      23,252
Tata Consultancy Services, Ltd.        4,573     184,897
Tata Motors, Ltd.        3,418      28,704
Trent, Ltd.          462      30,368
      1,513,394
Indonesia — 0.1%
Astra International Tbk PT      339,000     100,898
Indofood Sukses Makmur Tbk PT       55,200      26,648
United Tractors Tbk PT       26,400      36,290
      163,836
Ireland — 0.5%
Eaton Corp. PLC          400     128,080
Linde PLC          300     140,274
Medtronic PLC        3,000     248,940
PDD Holdings, Inc. ADR†        4,100     395,691
TE Connectivity PLC          701     112,209
Trane Technologies PLC          300     129,081
      1,154,275
Israel — 0.3%
Bank Leumi Le-Israel BM       12,372     199,787
Check Point Software Technologies, Ltd.†        1,513     346,295
Nice, Ltd.†          797     132,850
      678,932
Italy — 1.1%
Banco BPM SpA#       12,498     143,470
Enel SpA       19,638     180,279
Generali        5,412     196,949
Intesa Sanpaolo SpA       31,991     178,352
Leonardo SpA        5,511     339,280
Prysmian SpA          473      30,398
UniCredit SpA       21,395   1,374,009
      2,442,737
Japan — 3.1%
Advantest Corp.        2,400     122,873
Asahi Group Holdings, Ltd.        9,900     131,133
Asahi Kasei Corp.       19,400     136,910
Asics Corp.        8,300     200,903
Bandai Namco Holdings, Inc.        6,600     210,804
Central Japan Railway Co.        8,300     182,329
Chugai Pharmaceutical Co., Ltd.        3,500      184,444
Security Description   Shares or
Principal
Amount 		Value
Japan (continued)
Daifuku Co., Ltd.        5,400 $    145,156
Daiwa House Industry Co., Ltd.        5,100     172,640
ENEOS Holdings, Inc.       26,200     124,796
Fujikura, Ltd.        3,300     154,067
Fujitsu, Ltd.        6,500     149,880
Hoya Corp.        1,200     142,729
Inpex Corp.        8,900     120,702
Kao Corp.        3,100     142,316
Kirin Holdings Co., Ltd.        8,000     115,195
Komatsu, Ltd.        4,900     150,581
Konami Group Corp.        1,700     232,207
Marubeni Corp.        8,100     165,777
Mitsubishi Electric Corp.       12,600     254,285
Mitsubishi Heavy Industries, Ltd.        1,600      37,272
MS&AD Insurance Group Holdings, Inc.        6,400     153,712
NEC Corp.       20,500     539,230
Nippon Steel Corp.        6,600     133,381
Nitto Denko Corp.       12,500     229,812
Nomura Holdings, Inc.       25,600     158,035
Olympus Corp.        3,000      38,674
Otsuka Holdings Co., Ltd.        3,400     173,668
Panasonic Holdings Corp.       14,500     168,081
Recruit Holdings Co., Ltd.       11,900     718,573
Shin-Etsu Chemical Co., Ltd.        4,500     145,137
Shionogi & Co., Ltd.        8,400     140,569
Sompo Holdings, Inc.        6,400     195,120
Subaru Corp.        7,000     130,324
Sumitomo Corp.        6,800     174,944
Sysmex Corp.        7,100     120,023
TDK Corp.        2,400      26,686
Tokyo Electron, Ltd.          200      31,968
Tokyo Gas Co., Ltd.        4,700     158,251
Toray Industries, Inc.       23,100     160,229
Toyota Tsusho Corp.        6,600     140,811
      7,014,227
Luxembourg — 0.1%
Spotify Technology SA†          288     191,560
Tenaris SA        6,795     113,956
      305,516
Malaysia — 0.1%
Malayan Banking Bhd       17,300      39,750
Tenaga Nasional Bhd       47,600     156,560
      196,310
Mexico — 0.1%
Grupo Mexico SAB de CV, Class B       26,200     144,778
Netherlands — 0.6%
AerCap Holdings NV        1,450     167,808
EXOR NV        1,709     164,553
Koninklijke Ahold Delhaize NV       14,459     610,402
Koninklijke KPN NV       36,296     170,536
Wolters Kluwer NV          834     148,011
      1,261,310
New Zealand — 0.0%
Fisher & Paykel Healthcare Corp., Ltd.        2,119      46,217
Norway — 0.1%
Equinor ASA       13,256     311,031
Kongsberg Gruppen ASA          180      31,706
      342,737
 
56  
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Poland — 0.1%
Orlen SA        9,303 $    182,777
Qatar — 0.0%
Qatar National Bank Q.P.S.C.        5,542      25,743
Russia — 0.0%
MMC Norilsk Nickel PJSC†(1)(2)       56,300           0
Saudi Arabia — 0.1%
Saudi Arabian Oil Co.*       17,824     118,790
Saudi Telecom Co.       12,113     135,141
      253,931
Singapore — 0.2%
Singapore Exchange, Ltd.       14,800     160,881
Singapore Technologies Engineering, Ltd.       26,700     161,887
Yangzijiang Shipbuilding Holdings, Ltd.       42,600      70,023
      392,791
South Africa — 0.2%
FirstRand, Ltd.        6,248      25,889
Gold Fields, Ltd.       14,761     332,741
Harmony Gold Mining Co., Ltd.        9,504     135,167
      493,797
South Korea — 1.7%
Hana Financial Group, Inc.        5,452     287,280
Hyundai Mobis Co., Ltd.        1,196     219,314
KB Financial Group, Inc.        2,491     188,310
Kia Corp.        4,010     259,835
Korea Shipbuilding & Offshore Engineering Co., Ltd.          652     149,567
Samsung Electronics Co., Ltd.       17,991     732,836
Samsung Electronics Co., Ltd. (Preference Shares)       13,511     451,444
Shinhan Financial Group Co., Ltd.        5,800     244,242
SK Hynix, Inc.        8,623   1,278,107
SK Square Co., Ltd.†        1,474     122,646
      3,933,581
Spain — 0.8%
ACS Actividades de Construccion y Servicios SA        3,080     202,312
Aena SME SA*          869     233,849
Banco Bilbao Vizcaya Argentaria SA       13,293     199,386
CaixaBank SA       22,924     194,906
Endesa SA        5,157     157,396
Iberdrola SA #       10,822     197,588
Industria de Diseno Textil SA       10,652     577,165
Repsol SA       10,973     147,705
      1,910,307
Sweden — 0.2%
Atlas Copco AB, Class B        1,631      23,231
Investor AB, Class B          841      24,755
Telefonaktiebolaget LM Ericsson, Class B       16,759     142,436
Volvo AB, Class B        6,371     176,704
      367,126
Switzerland — 1.8%
ABB, Ltd.        3,153     178,300
Bunge Global SA        1,485     116,053
Coca-Cola HBC AG        3,465     180,300
Garmin, Ltd.          743     150,807
Geberit AG          218     162,374
Givaudan SA            5      25,079
Holcim AG        1,706     188,676
Novartis AG        8,388      958,352
Security Description   Shares or
Principal
Amount 		Value
Switzerland (continued)
Roche Holding AG        4,751 $  1,532,674
Roche Holding AG (BR)          418     142,211
Schindler Holding AG (Participation Certificate)          578     205,355
Sonova Holding AG           83      25,979
Zurich Insurance Group AG          281     197,075
      4,063,235
Taiwan — 2.0%
ASE Technology Holding Co., Ltd.       28,000     128,540
Asustek Computer, Inc.        1,000      20,645
Cathay Financial Holding Co., Ltd.       15,000      29,651
Evergreen Marine Corp. Taiwan, Ltd.       17,000     137,713
Fubon Financial Holding Co., Ltd.       10,000      26,336
Hon Hai Precision Industry Co., Ltd.      152,000     778,940
MediaTek, Inc.       21,000     870,672
Novatek Microelectronics Corp.        6,000     102,328
Taiwan Semiconductor Manufacturing Co., Ltd.       74,000   2,353,075
United Microelectronics Corp.       18,000      27,737
      4,475,637
Thailand — 0.1%
Advanced Info Service PCL       16,400     144,878
Turkey — 0.0%
Turk Hava Yollari AO†        9,103      63,431
Turkcell Iletisim Hizmetleri AS       17,751      42,936
      106,367
United Arab Emirates — 0.3%
Aldar Properties PJSC       61,701     139,596
Emaar Development PJSC       15,358      56,030
Emaar Properties PJSC      109,592     392,359
Emirates NBD Bank PJSC       24,165     147,371
      735,356
United Kingdom — 2.7%
3i Group PLC       16,139     885,451
Anglogold Ashanti PLC        5,351     229,127
Associated British Foods PLC          832      23,350
Auto Trader Group PLC*        2,523      26,991
BAE Systems PLC        1,064      27,259
Barclays PLC       62,992     277,957
BT Group PLC#      121,566     293,924
Centrica PLC      109,550     233,728
Compass Group PLC        3,993     140,148
GSK PLC        7,276     147,736
HSBC Holdings PLC       15,337     180,441
Imperial Brands PLC        9,978     377,772
InterContinental Hotels Group PLC          240      27,466
Marks & Spencer Group PLC       32,144     162,150
NatWest Group PLC      120,797     853,817
Next PLC        1,640     284,272
RELX PLC        1,751      94,227
Rolls-Royce Holdings PLC       21,115     246,428
Royalty Pharma PLC, Class A        5,136     168,872
Sage Group PLC        8,207     134,793
SSE PLC        1,113      26,408
Standard Chartered PLC       15,261     238,107
Tesco PLC        5,148      26,912
Unilever PLC       12,915     819,066
Vodafone Group PLC      134,231     139,042
      6,065,444
 
57
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
United States — 34.2%
A.O. Smith Corp.            2 $        129
Abbott Laboratories        5,173     691,009
AbbVie, Inc.       10,016   1,864,078
Adobe, Inc.†        3,606   1,496,815
Aflac, Inc.        1,304     135,016
Akamai Technologies, Inc.†          302      22,931
Albertsons Cos., Inc., Class A        5,630     125,155
Alphabet, Inc., Class A       11,724   2,013,480
Alphabet, Inc., Class C       13,619   2,354,044
Altria Group, Inc.       22,794   1,381,544
Amazon.com, Inc.†       12,679   2,599,322
American Express Co.          783     230,241
Ameriprise Financial, Inc.          517     263,277
Amgen, Inc.        2,865     825,636
Amphenol Corp., Class A          411      36,961
Apple, Inc.       21,719   4,362,261
Applied Materials, Inc.          762     119,443
AppLovin Corp., Class A†        3,433   1,349,169
Arista Networks, Inc.†          328      28,418
AT&T, Inc.        7,738     215,116
Automatic Data Processing, Inc.          456     148,442
AutoZone, Inc.†           44     164,254
AvalonBay Communities, Inc.          725     149,908
Bank of New York Mellon Corp.       11,329   1,003,863
Berkshire Hathaway, Inc., Class B†          239     120,446
Best Buy Co., Inc.        1,683     111,549
Booking Holdings, Inc.          307   1,694,311
Boston Scientific Corp.†        1,371     144,311
Bristol-Myers Squibb Co.       12,206     589,306
Broadcom, Inc.        4,582   1,109,165
Broadridge Financial Solutions, Inc.          658     159,782
Builders FirstSource, Inc.†          187      20,136
Cardinal Health, Inc.          684     105,637
Carlisle Cos., Inc.          355     134,964
Caterpillar, Inc.          442     153,829
Cboe Global Markets, Inc.          217      49,719
Cencora, Inc.          617     179,695
Centene Corp.†        2,116     119,427
CF Industries Holdings, Inc.        2,611     236,844
Cintas Corp.        5,347   1,211,095
Cisco Systems, Inc.        2,043     128,791
Cognizant Technology Solutions Corp., Class A        2,147     173,886
Colgate-Palmolive Co.       11,519   1,070,576
Comcast Corp., Class A        3,700     127,909
Corpay, Inc.†          515     167,432
Deckers Outdoor Corp.†        2,241     236,470
Devon Energy Corp.        2,941      88,995
Dick's Sporting Goods, Inc.          668     119,799
DocuSign, Inc.†        3,747     332,022
Domino's Pizza, Inc.          325     153,991
Eastman Chemical Co.          500      39,185
eBay, Inc.        1,303      95,340
Electronic Arts, Inc.          181      26,024
EMCOR Group, Inc.          280     132,121
Entergy Corp.        1,718     143,075
EOG Resources, Inc.        2,765     300,196
Equinix, Inc.          163     144,878
Equity LifeStyle Properties, Inc.        1,741     110,675
Erie Indemnity Co., Class A           56      20,077
Expedia Group, Inc.          437      72,870
F5, Inc.†          376     107,303
FactSet Research Systems, Inc.          267      122,355
Security Description   Shares or
Principal
Amount 		Value
United States (continued)
Fair Isaac Corp.†          380 $    655,986
Fastenal Co.        6,354     262,674
FedEx Corp.          527     114,939
Fortinet, Inc.†        1,765     179,642
Fox Corp., Class A        3,855     211,794
Gaming & Leisure Properties, Inc.        2,586     120,766
Gartner, Inc.†           54      23,567
Gen Digital, Inc.        5,716     162,792
General Electric Co.          846     208,040
General Motors Co.       18,628     924,135
Gilead Sciences, Inc.       15,738   1,732,439
GoDaddy, Inc., Class A†        1,047     190,711
Goldman Sachs Group, Inc.          260     156,117
Hartford Insurance Group, Inc.          956     124,127
HCA Healthcare, Inc.        1,151     438,980
Hewlett Packard Enterprise Co.        7,293     126,023
Home Depot, Inc.          363     133,689
Howmet Aerospace, Inc.        1,162     197,412
Hubbell, Inc.          184      71,683
IDEXX Laboratories, Inc.†          248     127,313
Illinois Tool Works, Inc.          572     140,186
International Business Machines Corp.          669     173,311
Intuit, Inc.          207     155,968
Intuitive Surgical, Inc.†          262     144,713
Johnson & Johnson          791     122,771
Kellanova        1,021      84,365
Kimberly-Clark Corp.          909     130,678
KLA Corp.          212     160,459
Kroger Co.       11,568     789,285
Lam Research Corp.        1,490     120,377
Leidos Holdings, Inc.          956     141,985
Lennox International, Inc.          532     300,287
LKQ Corp.(2)            3         121
Lockheed Martin Corp.          222     107,088
Lowe's Cos., Inc.          606     136,792
LPL Financial Holdings, Inc.          254      98,339
Lululemon Athletica, Inc.†          405     128,251
Manhattan Associates, Inc.†          153      28,883
Marsh & McLennan Cos., Inc.          716     167,301
Masco Corp.        3,861     241,004
Mastercard, Inc., Class A        2,599   1,521,974
MercadoLibre, Inc.†           79     202,500
Merck & Co., Inc.        1,202      92,362
Meta Platforms, Inc., Class A        5,636   3,649,254
Mettler-Toledo International, Inc.†          351     405,587
Micron Technology, Inc.        5,685     537,005
Microsoft Corp.       11,533   5,309,332
Mid-America Apartment Communities, Inc.          929     145,528
Molina Healthcare, Inc.†          404     123,236
Molson Coors Beverage Co., Class B        2,313     123,954
Monster Beverage Corp.†        2,221     142,033
Moody's Corp.        2,445   1,171,937
Morgan Stanley        1,072     137,248
Motorola Solutions, Inc.           58      24,092
NetApp, Inc.        1,054     104,515
Netflix, Inc.†          272     328,367
Neurocrine Biosciences, Inc.†          229      28,172
New Fortress Energy, Inc.        8,697      21,656
Northern Trust Corp.        1,247     133,105
NRG Energy, Inc.        3,323     518,056
NVIDIA Corp.       47,153   6,371,785
NVR, Inc.†            3      21,348
Old Dominion Freight Line, Inc.          807      129,257
 
58  
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
United States (continued)
Oracle Corp.          983 $    162,716
O'Reilly Automotive, Inc.†          109     149,057
Ovintiv, Inc.        3,027     108,427
Packaging Corp. of America          346      66,837
Palantir Technologies, Inc., Class A†        3,972     523,430
Parker-Hannifin Corp.           44      29,247
Paychex, Inc.        1,080     170,543
PepsiCo, Inc.          840     110,418
PPG Industries, Inc.          890      98,612
Procter & Gamble Co.          827     140,499
Progressive Corp.          666     189,763
Public Storage          648     199,850
PulteGroup, Inc.          237      23,233
QUALCOMM, Inc.        5,985     869,022
Quest Diagnostics, Inc.          147      25,481
Reliance, Inc.          501     146,703
ResMed, Inc.          579     141,733
Rollins, Inc.        3,322     190,184
Ross Stores, Inc.          175      24,516
Royal Caribbean Cruises, Ltd.          675     173,455
RPM International, Inc.        1,353     154,026
RTX Corp.          316      43,128
SEI Investments Co.        1,907     162,591
ServiceNow, Inc.†          180     181,996
Sherwin-Williams Co.          939     336,923
Simon Property Group, Inc.        1,893     308,691
Snap-on, Inc.          487     156,205
Solventum Corp.†        1,378     100,718
Southern Co.          446      40,140
State Street Corp.        4,534     436,533
Stryker Corp.          432     165,300
Synchrony Financial        6,743     388,734
T. Rowe Price Group, Inc.        3,708     347,032
Targa Resources Corp.        1,354     213,837
Tesla, Inc.†        2,711     939,253
Texas Pacific Land Corp.          171     190,499
TJX Cos., Inc.        1,540     195,426
T-Mobile US, Inc.          461     111,654
Uber Technologies, Inc.†        1,756     147,785
Union Pacific Corp.          579     128,341
United Therapeutics Corp.†          576     183,658
Universal Health Services, Inc., Class B          933     177,597
Veeva Systems, Inc., Class A†          601     168,100
VeriSign, Inc.        1,239     337,590
Verisk Analytics, Inc.          562     176,547
Verizon Communications, Inc.        3,787     166,476
Vertiv Holdings Co., Class A          334      36,049
Viatris, Inc.        3,234      28,427
VICI Properties, Inc.       17,222     546,110
Visa, Inc., Class A        4,140   1,511,887
Vistra Corp.        3,301     530,042
Walmart, Inc.       14,738   1,454,935
Waters Corp.†          440     153,666
Welltower, Inc.          973     150,114
Williams-Sonoma, Inc.        2,126     343,902
WP Carey, Inc.          394      24,727
WW Grainger, Inc.          170      184,885
Security Description   Shares or
Principal
Amount 		Value
United States (continued)
Yum! Brands, Inc.        1,014 $    145,955
Zoom Communications, Inc.†        4,314     350,512
      77,375,711
Total Common Stocks
(cost $106,056,561) 		    134,666,569
CORPORATE BONDS & NOTES — 19.6%
Argentina — 0.4%
YPF SA      
6.95%, 07/21/2027*   $   320,000     318,636
8.25%, 01/17/2034*      370,000     364,645
9.00%, 02/12/2026(3)      223,846     226,246
      909,527
Australia — 0.2%
Mineral Resources, Ltd.      
8.13%, 05/01/2027*      120,000     120,092
9.25%, 10/01/2028*      255,000     260,174
      380,266
Bermuda — 0.3%
Aircastle, Ltd.      
5.25%, 06/15/2026*(4)      470,000     466,720
Geopark, Ltd.      
8.75%, 01/31/2030*      310,000     246,016
      712,736
Canada — 1.3%
Air Canada Pass-Through Trust      
3.60%, 09/15/2028*      198,046     191,839
Bank of Nova Scotia      
4.90%, 06/04/2025(4)      595,000     594,616
Baytex Energy Corp.      
8.50%, 04/30/2030*      460,000     445,718
ERO Copper Corp.      
6.50%, 02/15/2030*      355,000     348,146
First Quantum Minerals, Ltd.      
6.88%, 10/15/2027*      340,000     337,669
8.00%, 03/01/2033*      200,000     198,469
Taseko Mines, Ltd.      
8.25%, 05/01/2030*      435,000     446,932
Teine Energy, Ltd.      
6.88%, 04/15/2029*      440,000     432,548
      2,995,937
Cayman Islands — 1.1%
AS Mileage Plan IP, Ltd.      
5.02%, 10/20/2029*      415,000     406,350
5.31%, 10/20/2031*      415,000     403,723
Vale Overseas, Ltd.      
6.40%, 06/28/2054      270,000     258,115
Weibo Corp.      
3.38%, 07/08/2030#    1,603,000   1,483,333
      2,551,521
Colombia — 0.2%
Ecopetrol SA      
7.75%, 02/01/2032      320,000     310,246
8.88%, 01/13/2033      200,000     204,128
      514,374
 
59
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
France — 0.4%
Societe Generale SA      
7.13%, 01/19/2055*   $   605,000 $    599,425
7.37%, 01/10/2053*      230,000     235,411
      834,836
Israel — 0.2%
Energean Israel Finance, Ltd.      
8.50%, 09/30/2033*      410,000     417,488
Luxembourg — 0.6%
Connect Finco SARL/Connect US Finco LLC      
9.00%, 09/15/2029*      715,000     681,473
CSN Resources SA      
8.88%, 12/05/2030*      400,000     391,166
Raizen Fuels Finance SA      
5.70%, 01/17/2035*      220,000     203,736
      1,276,375
Mexico — 1.4%
Banco Mercantil del Norte SA      
5.88%, 01/24/2027*(4)      400,000     390,612
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple      
7.25%, 01/31/2041*      198,850     196,215
Grupo Aeromexico SAB de CV      
8.25%, 11/15/2029*      200,000     188,700
Petroleos Mexicanos      
5.35%, 02/12/2028    2,257,000   2,121,384
Trust Fibra Uno      
7.70%, 01/23/2032*      200,000     204,427
      3,101,338
Netherlands — 0.4%
Braskem Netherlands Finance BV      
8.00%, 10/15/2034*      250,000     223,050
8.50%, 01/12/2031*      410,000     393,543
Yinson Boronia Production BV      
8.95%, 07/31/2042*      376,648     392,098
      1,008,691
Panama — 0.6%
AES Panama Generation Holdings SRL      
4.38%, 05/31/2030    1,480,879   1,305,913
Peru — 0.1%
Petroleos del Peru SA      
5.63%, 06/19/2047*      310,000     188,011
Switzerland — 0.4%
UBS Group AG      
6.54%, 08/12/2033*      850,000     912,513
United Kingdom — 0.4%
Anglian Water Osprey Financing PLC      
2.00%, 07/31/2028 GBP    270,000     318,020
4.00%, 03/08/2026 GBP    479,000     634,523
      952,543
United States — 11.6%
Affinity Interactive      
6.88%, 12/15/2027*      760,000     564,908
Air Lease Corp.      
5.20%, 07/15/2031      220,000     222,580
Allegiant Travel Co.      
7.25%, 08/15/2027*#      430,000      424,674
Security Description   Shares or
Principal
Amount 		Value
United States (continued)
Antares Holdings LP      
2.75%, 01/15/2027*   $ 1,547,000 $  1,471,172
Ares Capital Corp.      
2.88%, 06/15/2028      980,000     915,020
ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C      
7.88%, 02/03/2030*      270,000     270,192
Axon Enterprise, Inc.      
6.25%, 03/15/2033*      140,000     142,041
Bain Capital Specialty Finance, Inc.      
2.95%, 03/10/2026      607,000     596,698
Blackstone Secured Lending Fund      
2.85%, 09/30/2028      983,000     907,515
Blue Owl Capital Corp      
2.63%, 01/15/2027    1,095,000   1,046,851
Blue Owl Finance LLC      
3.13%, 06/10/2031    1,027,000     896,433
Blue Owl Technology Finance Corp      
4.75%, 12/15/2025*#    1,270,000   1,264,628
Boeing Co.      
5.81%, 05/01/2050      870,000     814,694
Boost Newco Borrower LLC      
7.50%, 01/15/2031*      290,000     306,837
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.      
8.00%, 06/15/2029*      250,000     223,938
Central Parent, Inc./CDK Global, Inc.      
7.25%, 06/15/2029*      200,000     176,605
Charles Schwab Corp.      
4.00%, 06/01/2026(4)      855,000     844,951
Charter Communications Operating LLC/Charter Communications Operating Capital      
5.75%, 04/01/2048      320,000     280,806
Citadel Finance LLC      
5.90%, 02/10/2030*    1,000,000     995,233
Citizens Financial Group, Inc.      
5.65%, 10/06/2025(4)      505,000     503,802
Credit Acceptance Corp.      
9.25%, 12/15/2028*      383,000     405,271
DISH Network Corp.      
11.75%, 11/15/2027*      830,000     856,320
Enact Holdings, Inc.      
6.25%, 05/28/2029      900,000     924,054
Enova International, Inc.      
9.13%, 08/01/2029*      220,000     226,009
Ford Motor Credit Co. LLC      
5.30%, 09/06/2029      330,000     319,264
Freedom Mtg. Holdings LLC      
8.38%, 04/01/2032*      180,000     177,781
9.25%, 02/01/2029*      460,000     474,269
Genesis Energy LP/Genesis Energy Finance Corp.      
8.00%, 05/15/2033      155,000     157,272
Golub Capital BDC, Inc.      
2.50%, 08/24/2026#      934,000     903,842
Golub Capital Private Credit Fund      
5.88%, 05/01/2030*      380,000     376,726
Hercules Capital, Inc.      
2.63%, 09/16/2026      484,000     464,911
Liberty Interactive LLC      
8.25%, 02/01/2030      449,000      74,085
Main Street Capital Corp.      
3.00%, 07/14/2026      680,000      660,510
 
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PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
United States (continued)
MasTec, Inc.      
4.50%, 08/15/2028*   $   303,000 $    297,477
Mativ Holdings, Inc.      
8.00%, 10/01/2029*#      230,000     196,220
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd.      
6.50%, 06/20/2027*      538,650     539,886
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC      
8.25%, 04/15/2030*      300,000     305,291
11.88%, 04/15/2031*      100,000     103,789
Nexstar Media, Inc.      
4.75%, 11/01/2028*#      260,000     250,143
NFE Financial Holding LLC      
12.00%, 11/15/2029*    1,362,400     584,509
NGL Energy Operating LLC/NGL Energy Finance Corp.      
8.13%, 02/15/2029*       90,000      87,973
NMI Holdings, Inc.      
6.00%, 08/15/2029      400,000     405,970
PBF Holding Co. LLC/PBF Finance Corp.      
9.88%, 03/15/2030*      120,000     114,730
Plains All American Pipeline LP/PAA Finance Corp.      
5.70%, 09/15/2034      400,000     396,966
PNC Financial Services Group, Inc.      
5.00%, 11/01/2026#(4)      180,000     178,692
Regal Rexnord Corp.      
6.30%, 02/15/2030      110,000     114,048
6.40%, 04/15/2033      110,000     113,826
Ryan Specialty LLC      
4.38%, 02/01/2030*      600,000     570,630
5.88%, 08/01/2032*      200,000     198,748
Saks Global Enterprises LLC      
11.00%, 12/15/2029*      430,000     192,425
Synchrony Bank      
5.63%, 08/23/2027      380,000     385,131
Synchrony Financial      
4.88%, 06/13/2025      310,000     310,046
Talos Production, Inc.      
9.00%, 02/01/2029*       75,000      74,489
Tyson Foods, Inc.      
5.70%, 03/15/2034      320,000     326,149
US Bancorp      
3.70%, 01/15/2027(4)      390,000     371,687
Venture Global LNG, Inc.      
9.00%, 09/30/2029*(4)      290,000     273,519
Vistra Corp.      
7.00%, 12/15/2026*(4)      220,000     223,163
8.00%, 10/15/2026*(4)      185,000     189,868
World Acceptance Corp.      
7.00%, 11/01/2026*      490,000     487,931
      26,183,198
Total Corporate Bonds & Notes
(cost $46,275,507) 		    44,245,267
CONVERTIBLE BONDS & NOTES — 0.2%
United States — 0.2%
Global Payments, Inc.      
1.50%, 03/01/2031
(cost $347,163) 		     365,000     319,558
Security Description   Shares or
Principal
Amount 		Value
LOANS(5)(6)(7) — 0.5%
Cayman Islands — 0.1%
AS Mileage Plan IP, Ltd. BTL-B FRS      
8.57%, (SOFR+2.00%), 10/15/2031   $   139,300 $    139,517
FNZ Group Services LLC BTL-B FRS      
9.29%, (SOFR+5.00%), 11/05/2031      170,000     129,094
      268,611
United States — 0.4%
Sabre GLBL, Inc. BTL-B FRS      
9.42%, (SOFR+5.00%), 06/30/2028      970,392     950,176
Total Loans
(cost $1,217,422) 		    1,218,787
ASSET BACKED SECURITIES — 2.3%
Cayman Islands — 1.3%
Ares LXV CLO, Ltd. FRS      
Series 2022-65A, Class C
6.73%, (TSFR3M+2.45%), 07/25/2034* 		     420,000     421,021
BlueMountain CLO XXVIII, Ltd. FRS      
Series 2021-28A, Class D
7.42%, (TSFR3M+3.16%), 04/15/2034* 		     250,000     248,642
Dryden 60 CLO, Ltd. FRS      
Series 2018-60A, Class D
7.52%, (TSFR3M+3.26%), 07/15/2031* 		     840,000     838,857
Magnetite XII, Ltd. FRS      
Series 2015-12A, Class DR
7.52%, (TSFR3M+3.26%), 10/15/2031* 		     800,000     801,048
Neuberger Berman Loan Advisers CLO 34, Ltd. FRS      
Series 2019-34A, Class CR
6.37%, (TSFR3M+2.10%), 01/20/2035* 		     490,000     489,995
      2,799,563
Jersey — 0.3%
GoldenTree Loan Management US, Ltd. FRS      
Series 2024-20A, Class C 6.47%, (TSFR3M+2.20%), 07/20/2037*      730,000     733,505
United States — 0.7%
Cogent Ipv4 LLC      
Series 2025-1A, Class A2
6.65%, 04/25/2055* 		     470,000     477,070
Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC      
Series 2025-1A, Class B
6.51%, 05/20/2055* 		     800,000     812,500
Subway Funding LLC      
5.91%, 07/30/2054*      383,075     374,513
      1,664,083
Total Asset Backed Securities
(cost $5,186,282) 		    5,197,151
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.1%
United States — 3.1%
BX Commercial Mtg. Trust FRS      
Series 2021-VOLT, Class D
6.09%, (TSFR1M+1.76%), 09/15/2036* 		     260,000     258,375
Connecticut Avenue Securities Trust FRS      
Series 2024-R01, Class 1M2
6.12%, (SOFR30A+1.80%), 01/25/2044* 		     710,000     715,772
Series 2020-SBT1, Class 2M2
8.09%, (SOFR30A+3.76%), 02/25/2040* 		     345,264      359,075
 
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PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
United States (continued)
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS      
Series 2023-HQA2, Class M1B
7.67%, (SOFR30A+3.35%), 06/25/2043* 		  $ 1,180,000 $  1,231,259
Series 2022-HQA3, Class M1B
7.87%, (SOFR30A+3.55%), 08/25/2042* 		     820,000     859,675
Series 2022-DNA4, Class M2
9.57%, (SOFR30A+5.25%), 05/25/2042* 		     780,000     836,391
Federal National Mtg. Assoc. Connecticut Avenue Securities Trust FRS      
Series 2023-R07, Class 2M2
7.57%, (SOFR30A+3.25%), 09/25/2043* 		     330,000     343,906
Series 2023-R02, Class 1M2
7.67%, (SOFR30A+3.35%), 01/25/2043* 		   1,080,000   1,127,250
Series 2022-R06, Class 1M2
8.17%, (SOFR30A+3.85%), 05/25/2042* 		     860,000     898,383
Series 2023-R03, Class 2M2
8.22%, (SOFR30A+3.90%), 04/25/2043* 		     420,000     446,437
Total Collateralized Mortgage Obligations
(cost $7,113,270) 		    7,076,523
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 0.7%
United States — 0.7%
Government National Mtg. Assoc.      
6.00%, 02/20/2055 to 03/20/2055
(cost $1,665,505) 		   1,638,873   1,656,104
FOREIGN GOVERNMENT OBLIGATIONS — 5.4%
Argentina — 0.4%
Republic of Argentina      
0.75%, 07/09/2030(3)    1,025,200     802,732
Brazil — 0.4%
Federative Republic of Brazil      
10.00%, 01/01/2027 BRL  5,240,000     903,942
Egypt — 0.2%
Arab Republic of Egypt      
7.63%, 05/29/2032*      260,000     234,229
9.45%, 02/04/2033*      200,000     193,580
      427,809
Mexico — 2.1%
United Mexican States      
7.50%, 05/26/2033 MXN 52,300,000   2,435,795
8.00%, 07/31/2053 MXN 22,100,000     923,071
8.50%, 03/01/2029 MXN 28,600,000   1,466,922
      4,825,788
Panama — 0.7%
Republic of Panama      
3.87%, 07/23/2060    1,340,000     714,957
4.50%, 01/19/2063    1,415,000     850,910
      1,565,867
United Kingdom — 1.4%
United Kingdom Gilt Treasury      
3.75%, 10/22/2053 GBP  3,190,000   3,275,668
Security Description   Shares or
Principal
Amount 		  Value
Uruguay — 0.2%
Republic of Uruguay        
8.50%, 03/15/2028 UYU 11,840,000   $    277,595
9.75%, 07/20/2033 UYU  2,610,000        63,954
        341,549
Total Foreign Government Obligations
(cost $12,629,561) 		      12,143,355
WARRANTS — 0.0%
Canada — 0.0%
Constellation Software, Inc.†(1)
Expires 03/31/2040
(cost $0) 		         100             0
Total Long-Term Investment Securities
(cost $180,491,271) 		      206,523,314
SHORT-TERM INVESTMENTS — 8.7%
Sovereign — 2.6%
Canadian Treasury Bill
2.55%, 11/19/2025 		CAD  4,670,000     3,361,270
Egypt Treasury Bills
25.67%, 06/10/2025 		EGP 32,875,000       656,694
Egypt Treasury Bills
25.81%, 06/17/2025 		EGP 59,850,000     1,189,288
Egypt Treasury Bills
26.33%, 06/17/2025 		EGP 35,450,000       704,432
        5,911,684
Unaffiliated Investment Companies — 6.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.27%(8)   11,185,046    11,185,046
State Street Navigator Securities Lending Government Money Market Portfolio 4.32%(8)(9)    2,549,423     2,549,423
        13,734,469
Total Short-Term Investments
(cost $19,561,357) 		      19,646,153
TOTAL INVESTMENTS
(cost $200,052,628)(10) 		  100.0%   226,169,467
Other assets less liabilities   (0.0)   (106,598)
NET ASSETS   100.0%   $226,062,869
# 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 Global Strategy Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $37,137,890 representing 16.4% of net assets.
 
62  
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PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
(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 May 31, 2025, the Fund held the following restricted securities:
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Common Stocks
LKQ Corp.   07/23/2024   3   $136   $121   $40.47   0.0%
MMC Norilsk Nickel PJSC                        
    01/30/2020   2,800   9,349            
    04/24/2020   45,700   123,804            
    12/11/2020   7,800   25,736            
        56,300   158,889   0   0.00   0.0
                $121       0.0%**
** Amount represents the total value of the restricted securities divided by the net assets of the Fund and may not equal the sum of the individual percentages shown due to rounding.
(3) "Step-down" security where the rate decreases ("steps-down") at a predetermined rate. The rate reflected is as of May 31, 2025.
(4) Perpetual maturity - maturity date reflects the next call date.
(5) All loans in the Fund were purchased through assignment agreements unless otherwise indicated.
(6) 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. The rate shown represents the rate at the end of the period. Senior loans are generally considered to be restrictive in that the Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.
(7) 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.
(8) The rate shown is the 7-day yield as of May 31, 2025.
(9) At May 31, 2025, the Fund had loaned securities with a total value of $4,881,476. This was secured by collateral of $2,549,423, which was received in cash and subsequently invested in short-term investments currently valued at $2,549,423 as reported in the Portfolio of Investments. Additional collateral of $2,490,600 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
May 31, 2025
United States Treasury Bills   0.00%   06/24/2025 to 11/28/2025   $8,993
United States Treasury Notes/Bonds   0.13% to 5.00%   06/30/2025 to 02/15/2055   2,481,607
(10) See Note 4 for cost of investments on a tax basis.
ADR—American Depositary Receipt
ASX—Australian Stock Exchange
BR—Bearer Shares
CLO—Collateralized Loan Obligation
FRS—Floating Rate Security
REMIC—Real Estate Mortgage Investment Conduit
SOFR—Secured Overnight Financing Rate
SOFR30A—US 30 Day Average Secured Overnight Financing Rate
TSFR1M—Term Secured Overnight Financing Rate 1 Month
TSFR3M—Term Secured Overnight Financing Rate 3 Month
BRL—Brazilian Real
CAD—Canadian Dollar
EGP—Egyptian Pound
GBP—British Pound
MXN—Mexican Peso
UYU—Uruguayan Peso
The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.
 
Credit Default Swaps - Seller(1)  
Counterparty (OTC)/
Centrally cleared 		Reference
obligation 		Implied
credit
spread(2) 		Notional
amount(3) 		Currency USD
notional
amount(3) 		  Received
fixed
rate 		Fixed
payment
frequency 		Maturity
date 		Upfront
payment paid
(received) 		  Unrealized
appreciation
(depreciation) 		Value(4)  
JPMorgan Chase Bank, N.A. Republic of Panama 1.56 490,000 USD 490,000   1.000% Quarterly Dec 2028 $(9,610)   $656 $(8,954)  
(1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.
(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, credit indices or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(3) The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
63
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VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
Appreciation
26 Long U.S. Treasury 10 Year Notes September 2025 $2,870,403 $2,879,500 $  9,097
49 Long U.S. Treasury Ultra 10 Year Notes September 2025 5,495,536 5,514,797  19,261
70 Long U.S. Treasury Ultra Bonds September 2025 8,001,467 8,124,375 122,908
3 Short S&P 500 E-Mini Index June 2025   888,321   887,400     921
            $152,187
* 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.
Forward Foreign Currency Contracts
Counterparty Contract to
Deliver 		In
Exchange For 		Delivery
Date 		Unrealized
Appreciation 		  Unrealized
(Depreciation)
Citibank, N.A. MXN 95,000,000 USD 4,785,025 07/29/2025 $    —   $ (79,590)
  USD 1,410,135 CAD 1,940,000 07/28/2025  7,475         —
  USD 6,326,557 JPY 911,000,000 06/13/2025 11,515         —
  USD 2,505,899 KRW 3,420,000,000 08/14/2025     —    (14,909)
            18,990   (94,499)
HSBC Bank PLC GBP 3,150,000 USD 4,116,527 06/12/2025     —   (127,796)
  USD 198,575 GBP 150,000 06/12/2025  3,535         —
  USD 60,503 MXN 1,200,000 07/29/2025    945         —
            4,480   (127,796)
JPMorgan Chase Bank, N.A. EUR 1,440,000 USD 1,633,584 08/05/2025     —     (8,232)
  USD 1,648,217 EUR 1,440,000 08/05/2025     —     (6,402)
            —   (14,634)
Unrealized Appreciation (Depreciation)           $23,470   $(236,929)
CAD—Canadian Dollar
EUR—Euro Currency
GBP—British Pound
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
USD—United States Dollar
Industry Allocation*  
Short-Term Investments 8.7%
Internet 7.2
Semiconductors 6.7
Banks 6.7
Software 5.9
Diversified Financial Services 5.4
Foreign Government Obligations 5.4
Investment Companies 4.0
Oil & Gas 3.7
Collateralized Mortgage Obligations 3.1
Computers 2.9
Pharmaceuticals 2.8
Electric 2.5
Insurance 2.4
Other Asset Backed Securities 2.3
Retail 2.3
Commercial Services 2.1
Biotechnology 1.5
Telecommunications 1.5
Mining 1.3
Auto Manufacturers 1.2
Chemicals 1.2
Cosmetics/Personal Care 1.2
64  
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Industry Allocation*(continued)  
Airlines 1.1%
Healthcare-Products 1.1
Food 1.0
Aerospace/Defense 0.9
Iron/Steel 0.9
REITS 0.9
Electronics 0.8
Agriculture 0.8
Media 0.8
Building Materials 0.8
Pipelines 0.8
U.S. Government & Agency Obligations 0.7
Private Equity 0.6
Engineering & Construction 0.5
Leisure Time 0.5
Real Estate 0.5
Distribution/Wholesale 0.5
Transportation 0.5
Entertainment 0.4
Water 0.4
Beverages 0.4
Machinery-Construction & Mining 0.4
Healthcare-Services 0.4
Machinery-Diversified 0.3
Apparel 0.3
Auto Parts & Equipment 0.3
Miscellaneous Manufacturing 0.3
Hand/Machine Tools 0.2
Oil & Gas Services 0.1
Electrical Components & Equipment 0.1
Shipbuilding 0.1
Gas 0.1
Home Builders 0.1
Toys/Games/Hobbies 0.1
Home Furnishings 0.1
Food Service 0.1
Household Products/Wares 0.1
  100.0%
* Calculated as a percentage of net assets
65
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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:              
Denmark $—   $592,702   $—   $592,702
Indonesia —   163,836   —   163,836
Israel 346,295   332,637   —   678,932
Qatar —   25,743   —   25,743
Russia —   —   0   0
Saudi Arabia —   253,931   —   253,931
Taiwan —   4,475,637   —   4,475,637
Other Countries 128,475,788   —   —   128,475,788
Corporate Bonds & Notes —   44,245,267   —   44,245,267
Convertible Bonds & Notes —   319,558   —   319,558
Loans —   1,218,787   —   1,218,787
Asset Backed Securities —   5,197,151   —   5,197,151
Collateralized Mortgage Obligations —   7,076,523   —   7,076,523
U.S. Government & Agency Obligations —   1,656,104   —   1,656,104
Foreign Government Obligations —   12,143,355   —   12,143,355
Warrants —   —   0   0
Short-Term Investments:              
Sovereign —   5,911,684   —   5,911,684
Other Short-Term Investments 13,734,469   —   —   13,734,469
Total Investments at Value $142,556,552   $83,612,915   $0   $226,169,467
Other Financial Instruments:†              
Swaps $—   $656   $—   $656
Futures Contracts 152,187   —   —   152,187
Forward Foreign Currency Contracts —   23,470   —   23,470
Total Other Financial Instruments $152,187   $24,126   $—   $176,313
LIABILITIES:              
Other Financial Instruments:†              
Forward Foreign Currency Contracts $—   $236,929   $—   $236,929
* 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.
Level 3 investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to Financial Statements
66  
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES — 4.8%
Airlines — 0.4%
American Airlines Pass-Through Trust      
3.00%, 04/15/2030   $   447,522 $    420,677
3.35%, 04/15/2031      203,114     189,676
      610,353
Banks — 1.4%
BPCE SA      
5.13%, 01/18/2028*    1,000,000   1,012,506
Mitsubishi UFJ Financial Group, Inc.      
2.76%, 09/13/2026      217,000     212,320
Truist Financial Corp.      
4.92%, 07/28/2033    1,000,000     961,018
      2,185,844
Electric — 1.9%
Entergy Louisiana LLC      
3.25%, 04/01/2028    1,000,000     972,440
Fells Point Funding Trust      
3.05%, 01/31/2027*    1,000,000     972,482
NextEra Energy Capital Holdings, Inc.      
4.90%, 02/28/2028    1,000,000   1,010,120
      2,955,042
Pharmaceuticals — 0.1%
CVS Health Corp.      
4.30%, 03/25/2028      171,000     169,104
Telecommunications — 1.0%
AT&T, Inc.      
1.65%, 02/01/2028      580,000     539,781
T-Mobile USA, Inc.      
4.95%, 03/15/2028    1,000,000   1,014,881
      1,554,662
Total Corporate Bonds & Notes
(cost $7,629,629) 		    7,475,005
ASSET BACKED SECURITIES — 5.5%
Auto Loan Receivables — 1.9%
Exeter Select Automobile Receivables Trust      
Series 2025-1, Class A3
4.69%, 04/15/2030 		     910,000     910,787
GLS Auto Receivables Issuer Trust      
Series 2025-2A, Class A3
4.75%, 01/16/2029* 		   1,000,000   1,001,156
Honda Auto Receivables Owner Trust      
Series 2025-2, Class A3
4.15%, 10/15/2029 		     425,000     424,470
Stellantis Financial Underwritten Enhanced Lease Trust      
Series 2025-AA, Class A3
4.47%, 07/20/2028* 		     615,000     614,862
      2,951,275
Other Asset Backed Securities — 3.6%
AMSR Trust      
Series 2020-SFR3, Class A
1.36%, 09/17/2037* 		     568,738     562,969
Series 2021-SFR2, Class A
1.53%, 08/17/2038* 		     999,770     960,399
Series 2021-SFR1, Class A
1.95%, 06/17/2038* 		     300,000     279,578
Series 2025-SFR1, Class A
3.66%, 06/17/2042* 		   1,065,000      999,228
Security Description   Shares or
Principal
Amount 		Value
Other Asset Backed Securities (continued)
Aqua Finance Issuer Trust      
Series 2025-A, Class A
5.25%, 12/19/2050* 		  $ 1,459,650 $  1,455,933
FirstKey Homes Trust      
Series 2021-SFR1, Class A
1.54%, 08/17/2038* 		   1,230,898   1,183,274
Hilton Grand Vacations Trust      
Series 2022-2A, Class A
4.30%, 01/25/2037* 		     260,892     257,827
Sofi Professional Loan Program Trust      
Series 2018-B, Class A2FX
3.34%, 08/25/2047* 		      36,638      36,432
      5,735,640
Total Asset Backed Securities
(cost $8,798,823) 		    8,686,915
COLLATERALIZED MORTGAGE OBLIGATIONS — 24.9%
Commercial and Residential — 3.8%
BANK      
Series 2020-BN26, Class A4
2.40%, 03/15/2063 		     500,000     445,734
BANK VRS      
Series 2022-BNK41, Class A4
3.79%, 04/15/2065(1) 		     500,000     464,320
BBCMS Trust      
Series 2015-VFM, Class A1
2.47%, 03/10/2036* 		      44,841      44,147
Citigroup Commercial Mtg. Trust      
Series 2020-GC46, Class A5
2.72%, 02/15/2053 		   1,250,000   1,122,216
Eleven Madison Mtg. Trust VRS      
Series 2015-11MD, Class A
3.55%, 09/10/2035*(1) 		     398,000     391,630
GS Mtg. Securities Trust      
Series 2017-GS7, Class A4
3.43%, 08/10/2050 		   1,100,000   1,059,098
IRV Trust VRS      
Series 2025-200P, Class A
5.29%, 03/14/2047*(1) 		     750,000     744,415
PRPM LLC      
Series 2025-RPL2, Class A1
3.75%, 04/25/2055* 		     792,023     761,483
SLG Office Trust      
Series 2021-OVA, Class A
2.59%, 07/15/2041* 		   1,000,000     865,514
      5,898,557
U.S. Government Agency — 21.1%
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.      
Series K130, Class A2
1.72%, 06/25/2031 		     670,000     575,852
Series K145, Class A2
2.58%, 05/25/2032 		     430,000     380,416
Series KW10, Class A2
2.69%, 09/25/2029 		   2,000,000   1,866,772
Series K146, Class A2
2.92%, 06/25/2032 		     705,000     636,699
Series K149, Class A2
3.53%, 08/25/2032 		   2,000,000    1,873,867
 
67
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
U.S. Government Agency (continued)
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS      
Series K-150, Class A2
3.71%, 09/25/2032(1) 		  $ 1,070,000 $  1,012,766
Federal Home Loan Mtg. Corp. REMIC      
Series 4994, Class GV
2.00%, 06/25/2046 		   2,000,000   1,564,697
Series 4594, Class GN
2.50%, 02/15/2045 		     271,041     250,590
Series 4097, Class YK
3.00%, 08/15/2032 		   1,750,000   1,672,104
Series 4150, Class IG
3.00%, 01/15/2033(2) 		     659,875      34,496
Series 4838, Class CY
3.00%, 01/15/2038 		   1,000,000     918,479
Series 4365, Class HZ
3.00%, 01/15/2040 		     352,587     328,456
Series 4057, Class WY
3.50%, 06/15/2027 		     273,326     270,466
Series 3927, Class AY
4.50%, 09/15/2026 		      28,326      28,248
Series 3786, Class PB
4.50%, 07/15/2040 		     121,374     121,204
Federal Home Loan Mtg. Corp. REMIC FRS      
Series 4039, Class SA
2.05%, (6.39-SOFR30A), 05/15/2042(2)(3) 		     125,292      14,179
Federal Home Loan Mtg. Corp. SCRT      
Series 2024-2, Class MT
3.50%, 05/25/2064 		     422,207     362,871
Federal Home Loan Mtg. Corp. STRIPS      
Series 264, Class 30
3.00%, 07/15/2042 		     218,647     198,293
Federal National Mtg. Assoc. Grantor Trust      
Series 2017-T1, Class A
2.90%, 06/25/2027 		   1,114,190   1,079,158
Federal National Mtg. Assoc. REMIC      
Series 2002-34, Class AO
Zero Coupon, 05/18/2032(4) 		      27,788      26,487
Series 2020-M20, Class A2
1.44%, 10/25/2029 		     200,000     177,019
Series 2020-12, Class JC
2.00%, 03/25/2050 		     616,935     511,539
Series 2013-23, Class KJ
2.25%, 05/25/2042 		     468,627     433,949
Series 2012-93, Class ME
2.50%, 01/25/2042 		     398,914     376,278
Series 2013-73, Class TD
2.50%, 09/25/2042 		     155,980     148,453
Series 2019-M22, Class A2
2.52%, 08/25/2029 		     307,887     287,235
Series 2019-M31, Class A2
2.85%, 04/25/2034 		   1,000,000     865,969
Series 2012-87, Class CZ
3.00%, 08/25/2042 		   1,788,573   1,627,367
Series 2016-30, Class PA
3.00%, 04/25/2045 		     251,781     237,559
Series 2016-25, Class LA
3.00%, 07/25/2045 		     192,679     181,106
Series 2016-33, Class JA
3.00%, 07/25/2045 		     182,588     172,067
Series 2015-97, Class N
3.00%, 11/25/2045 		   2,000,000    1,718,465
Security Description   Shares or
Principal
Amount 		Value
U.S. Government Agency (continued)
Series 2016-38, Class NA
3.00%, 01/25/2046 		  $   355,457 $    329,071
Series 2016-30, Class LY
3.50%, 05/25/2036 		     800,000     762,771
Series 2010-117, Class DY
4.50%, 10/25/2025 		       1,079       1,076
Series 2010-134, Class MB
4.50%, 12/25/2040 		     250,000     234,694
Series 2007-116, Class PB
5.50%, 08/25/2035 		      17,702      18,338
Federal National Mtg. Assoc. REMIC VRS      
Series 2022-M3, Class A2
1.71%, 11/25/2031(1) 		   1,000,000     840,298
Federal National Mtg. Assoc. STRIPS      
Series 384, Class 23
6.00%, 08/25/2037(2) 		      54,370       9,316
Government National Mtg. Assoc. REMIC      
Series 2022-94, Class AO
Zero Coupon, 05/20/2052(4) 		   1,747,058   1,228,199
Series 2022-119, Class AZ
3.50%, 07/20/2052 		   1,670,555   1,409,778
Series 2014-58, Class EP
4.00%, 04/20/2044 		     432,000     378,697
Series 2022-120, Class LN
4.00%, 07/20/2052 		   1,431,540   1,227,839
Series 2004-18, Class Z
4.50%, 03/16/2034 		      71,155      70,785
Series 2008-6, Class GL
4.50%, 02/20/2038 		     312,119     308,711
Series 2024-159, Class PA
4.50%, 10/20/2054 		   3,923,980   3,793,636
Series 2005-21, Class Z
5.00%, 03/20/2035 		     143,062     143,322
Seasoned Credit Risk Transfer Trust Series      
Series 2025-1, Class MAU
3.25%, 11/25/2064 		   1,375,103   1,241,507
Series 2025-1, Class MTU
3.25%, 11/25/2064 		   1,415,861   1,211,960
      33,163,104
Total Collateralized Mortgage Obligations
(cost $41,555,403) 		    39,061,661
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 61.8%
U.S. Government — 34.9%
United States Treasury Bonds      
1.88%, 02/15/2041    1,800,000   1,212,328
2.00%, 11/15/2041 to 02/15/2050    4,000,000   2,391,914
2.88%, 08/15/2045    1,000,000     731,055
3.00%, 02/15/2048      750,000     544,717
3.13%, 02/15/2043    2,000,000   1,576,328
3.25%, 05/15/2042      500,000     405,586
3.75%, 08/15/2041 to 11/15/2043    9,500,000   8,228,536
3.88%, 08/15/2040    1,500,000   1,352,988
United States Treasury Notes      
0.63%, 08/15/2030    1,000,000     842,734
0.75%, 04/30/2026    4,000,000   3,878,250
1.25%, 06/30/2028    3,500,000   3,235,996
1.88%, 02/15/2032    4,500,000   3,902,695
3.13%, 08/15/2025    1,500,000   1,496,104
3.50%, 04/30/2030    4,000,000   3,915,312
3.63%, 03/31/2030    2,000,000   1,969,766
4.00%, 04/30/2032 to 02/15/2034    4,000,000    3,934,453
 
68  
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)
U.S. Government (continued)
4.13%, 10/31/2027 to 02/29/2032   $11,000,000 $ 11,045,429
4.63%, 05/31/2031 to 02/15/2035    4,000,000   4,084,727
      54,748,918
U.S. Government Agency — 26.9%
Federal Farm Credit Bank      
3.33%, 04/28/2037      500,000     430,756
Federal Home Loan Mtg. Corp.      
2.00%, 09/01/2051    1,352,293   1,067,273
3.20%, 04/01/2034      591,815     532,665
3.50%, 06/01/2033      316,356     309,157
3.70%, 05/01/2037    3,000,000   2,698,944
4.00%, 05/01/2052 to 08/01/2052    3,878,261   3,579,856
4.50%, 09/01/2039 to 06/01/2041      764,411     748,253
5.00%, 10/01/2034 to 10/01/2052      607,248     600,462
5.50%, 12/01/2036 to 06/01/2054    3,762,974   3,739,547
6.00%, 11/01/2033 to 02/01/2055    2,010,960   2,040,805
6.50%, 02/01/2032        6,039       6,239
8.00%, 08/01/2030           43          45
Federal National Mtg. Assoc.      
1.73%, 08/01/2031      650,000     552,602
2.04%, 06/01/2037      239,452     182,785
2.14%, 10/01/2029      988,562     906,430
2.31%, 05/01/2037      945,731     747,109
2.50%, 01/01/2052    1,955,820   1,620,954
2.53%, 04/01/2034    2,500,000   2,109,051
2.55%, 09/01/2034      700,000     593,003
3.00%, 03/01/2043 to 03/01/2052    3,921,482   3,403,473
3.30%, 02/01/2030    2,676,142   2,532,776
3.43%, 05/01/2032    2,000,000   1,861,327
3.54%, 06/01/2032    1,000,000     928,073
3.69%, 05/01/2030    1,353,980   1,316,076
4.00%, 09/01/2040 to 03/01/2043    1,874,066   1,790,676
4.33%, 10/01/2037    1,000,000     942,725
5.00%, 12/01/2036        3,245       3,199
5.50%, 12/01/2033        5,426       5,430
6.50%, 07/01/2032        1,374       1,437
7.00%, 09/01/2031        1,718       1,794
Government National Mtg. Assoc.      
2.50%, 03/20/2051 to 08/20/2053    1,850,706   1,554,925
3.50%, 09/15/2048 to 09/20/2051    3,977,902   3,567,313
4.00%, 04/20/2053    1,545,006   1,400,001
4.50%, 03/15/2038 to 08/15/2040      267,012     258,121
5.00%, 09/15/2035 to 05/15/2036       22,083      21,854
6.00%, 01/15/2032        2,370       2,445
7.50%, 01/15/2031        1,811       1,854
      42,059,435
Total U.S. Government & Agency Obligations
(cost $105,932,665) 		    96,808,353
Security Description   Shares or
Principal
Amount 		  Value
MUNICIPAL SECURITIES — 0.2%
Oklahoma Development Finance Authority
Revenue Bonds 		       
4.38%, 11/01/2045
(cost $275,000) 		  $   275,000   $    248,629
Total Long-Term Investment Securities
(cost $164,191,520) 		      152,280,563
REPURCHASE AGREEMENTS — 2.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $3,489,925 and collateralized by $3,506,300 of United States Treasury Notes bearing interest at 4.13% due 01/31/2027 and having an approximate value of $3,559,329
(cost $3,489,529) 		   3,489,529     3,489,529
TOTAL INVESTMENTS
(cost $167,681,049)(5) 		  99.4%   155,770,092
Other assets less liabilities   0.6   979,708
NET ASSETS   100.0%   $156,749,800
* 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 Government Securities Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $12,143,835 representing 7.7% of net assets.
(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) Interest Only
(3) 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 May 31, 2025.
(4) Principal Only
(5) See Note 4 for cost of investments on a tax basis.
FRS—Floating Rate Security
REMIC—Real Estate Mortgage Investment Conduit
SCRT—Structured Credit Risk Transfer
SOFR30A—US 30 Day Average Secured Overnight Financing Rate
STRIPS—Separate Trading of Registered Interest and Principal
VRS—Variable Rate Security
The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.
 
69
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (see Note 2):
  Level 1 - Unadjusted
Quoted Prices 		  Level 2 - Other
Observable Inputs 		  Level 3 - Significant
Unobservable Inputs 		  Total
ASSETS:              
Investments at Value:*              
Corporate Bonds & Notes $—   $7,475,005   $—   $7,475,005
Asset Backed Securities —   8,686,915   —   8,686,915
Collateralized Mortgage Obligations —   39,061,661   —   39,061,661
U.S. Government & Agency Obligations —   96,808,353   —   96,808,353
Municipal Securities —   248,629   —   248,629
Repurchase Agreements —   3,489,529   —   3,489,529
Total Investments at Value $—   $155,770,092   $—   $155,770,092
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
70  
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 98.0%
Advertising — 0.0%
Trade Desk, Inc., Class A†       6,538 $      491,788
Aerospace/Defense — 1.6%
Boeing Co.†       1,805       374,213
General Electric Co.       3,354       824,782
HEICO Corp.         648       194,167
HEICO Corp., Class A       1,194       281,593
Howmet Aerospace, Inc.         363        61,670
Loar Holdings, Inc.†         468        40,740
Lockheed Martin Corp.         993       479,003
Spirit AeroSystems Holdings, Inc., Class A†         330        12,335
Standardaero, Inc.†         495        14,518
TransDigm Group, Inc.      17,598    25,841,431
      28,124,452
Airlines — 0.0%
American Airlines Group, Inc.†          87           993
Apparel — 0.1%
Crocs, Inc.†         151        15,402
Deckers Outdoor Corp.†       2,230       235,309
NIKE, Inc., Class B      10,747       651,161
Skechers USA, Inc., Class A†         241        14,952
      916,824
Auto Manufacturers — 3.9%
Ferrari NV      44,430    21,271,307
Tesla, Inc.†     131,115    45,426,103
      66,697,410
Banks — 0.1%
Goldman Sachs Group, Inc.       1,173       704,328
Morgan Stanley         995       127,390
NU Holdings, Ltd., Class A†      47,717       573,081
Popular, Inc.         120        12,424
      1,417,223
Beverages — 0.3%
Celsius Holdings, Inc.†       2,589        98,071
Coca-Cola Co.      32,415     2,337,122
Monster Beverage Corp.†       8,125       519,594
PepsiCo, Inc.      15,803     2,077,304
      5,032,091
Biotechnology — 0.2%
Alnylam Pharmaceuticals, Inc.†       1,640       499,478
Amgen, Inc.       6,103     1,758,762
Apellis Pharmaceuticals, Inc.†       1,575        26,665
Exelixis, Inc.†       3,441       148,101
Incyte Corp.†         195        12,687
Ionis Pharmaceuticals, Inc.†       2,139        71,678
Regeneron Pharmaceuticals, Inc.         129        63,246
Sarepta Therapeutics, Inc.†       1,346        50,610
Ultragenyx Pharmaceutical, Inc.†       1,306        44,443
Vertex Pharmaceuticals, Inc.†       1,875       828,844
Viking Therapeutics, Inc.#†       1,563        41,888
      3,546,402
Building Materials — 1.3%
AAON, Inc.         991        95,424
Armstrong World Industries, Inc.         215        33,460
AZEK Co., Inc.†       1,459        72,235
Builders FirstSource, Inc.†         152        16,367
Eagle Materials, Inc.         370         74,818
Security Description   Shares or
Principal
Amount 		Value
Building Materials (continued)
Lennox International, Inc.         471 $      265,856
Louisiana-Pacific Corp.         642        57,825
Martin Marietta Materials, Inc.          50        27,377
Simpson Manufacturing Co., Inc.          75        11,678
Trane Technologies PLC      51,196    22,028,103
Trex Co., Inc.†       1,571        87,772
Vulcan Materials Co.         502       133,065
      22,903,980
Chemicals — 0.7%
Celanese Corp.         409        21,607
Ecolab, Inc.       3,141       834,312
RPM International, Inc.         422        48,041
Sherwin-Williams Co.      31,769    11,399,035
      12,302,995
Commercial Services — 1.3%
Automatic Data Processing, Inc.       5,573     1,814,179
Avis Budget Group, Inc.#†         123        14,980
Block, Inc.†       3,447       212,852
Booz Allen Hamilton Holding Corp.       1,854       196,987
Bright Horizons Family Solutions, Inc.†         127        16,408
Cintas Corp.       4,772     1,080,858
Corpay, Inc.†         992       322,509
Equifax, Inc.         363        95,901
Grand Canyon Education, Inc.†         136        26,907
H&R Block, Inc.         391        22,267
Moody's Corp.       2,299     1,101,957
Morningstar, Inc.         392       120,901
Paylocity Holding Corp.†         638       121,794
Quanta Services, Inc.         654       224,034
Rollins, Inc.       4,109       235,240
S&P Global, Inc.      30,135    15,455,036
Shift4 Payments, Inc., Class A#†         901        85,406
Toast, Inc., Class A†       6,806       287,077
TransUnion         163        13,958
U-Haul Holding Co. (Non-Voting)         638        36,392
United Rentals, Inc.         233       165,053
Valvoline, Inc.†       1,879        64,995
Verisk Analytics, Inc.       2,072       650,898
WillScot Holdings Corp.         774        20,859
      22,387,448
Computers — 7.1%
Apple, Inc.     583,717   117,239,559
Crowdstrike Holdings, Inc., Class A†       3,354     1,580,975
Dell Technologies, Inc., Class C         639        71,102
EPAM Systems, Inc.†          73        12,738
Fortinet, Inc.†       7,456       758,872
Gartner, Inc.†       1,108       483,553
Globant SA#†         465        45,612
HP, Inc.       3,336        83,066
KBR, Inc.         217        11,325
NetApp, Inc.       1,337       132,577
Okta, Inc.†       1,064       109,773
Pure Storage, Inc., Class A†       3,936       210,930
Super Micro Computer, Inc.†       7,285       291,546
Zscaler, Inc.†       1,370       377,709
      121,409,337
Cosmetics/Personal Care — 0.1%
Colgate-Palmolive Co.       6,575       611,081
e.l.f. Beauty, Inc.†         790         88,867
 
71
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Cosmetics/Personal Care (continued)
Estee Lauder Cos., Inc., Class A       1,224 $       81,935
Procter & Gamble Co.       7,669     1,302,886
      2,084,769
Distribution/Wholesale — 1.1%
Copart, Inc.†     326,288    16,797,306
Core & Main, Inc., Class A†       1,834       100,522
Fastenal Co.      14,192       586,697
Pool Corp.#         548       164,723
SiteOne Landscape Supply, Inc.†         242        28,268
WW Grainger, Inc.         556       604,684
      18,282,200
Diversified Financial Services — 4.5%
Ally Financial, Inc.         548        19,180
American Express Co.       3,014       886,267
Ameriprise Financial, Inc.       1,285       654,373
Apollo Global Management, Inc.       5,716       747,024
Ares Management Corp., Class A       2,709       448,339
Blue Owl Capital, Inc.       7,707       143,967
Charles Schwab Corp.       2,437       215,285
Coinbase Global, Inc., Class A†       2,503       617,290
Credit Acceptance Corp.#†          72        34,366
Houlihan Lokey, Inc.          73        12,752
Jefferies Financial Group, Inc.         724        35,186
Lazard, Inc.       1,506        65,360
LPL Financial Holdings, Inc.       1,158       448,331
Mastercard, Inc., Class A      11,887     6,961,027
SoFi Technologies, Inc.#†       2,482        33,011
TPG, Inc.         310        14,920
Tradeweb Markets, Inc., Class A         674        97,359
Visa, Inc., Class A     181,487    66,277,238
XP, Inc., Class A         721        13,959
      77,725,234
Electric — 0.1%
Constellation Energy Corp.         736       225,326
NRG Energy, Inc.       1,213       189,107
Vistra Corp.       4,909       788,238
      1,202,671
Electrical Components & Equipment — 0.0%
Generac Holdings, Inc.†         418        51,051
Universal Display Corp.         346        49,599
      100,650
Electronics — 0.1%
Amphenol Corp., Class A       9,987       898,131
Honeywell International, Inc.       1,486       336,832
Ingram Micro Holding Corp.          37           708
Jabil, Inc.         129        21,673
      1,257,344
Energy-Alternate Sources — 0.0%
Enphase Energy, Inc.†       1,937        80,172
Engineering & Construction — 0.0%
Comfort Systems USA, Inc.         517       247,245
EMCOR Group, Inc.         264       124,571
TopBuild Corp.†          39        11,033
      382,849
Entertainment — 0.1%
Churchill Downs, Inc.       1,024         97,761
Security Description   Shares or
Principal
Amount 		Value
Entertainment (continued)
DraftKings, Inc., Class A†       6,658 $      238,889
Light & Wonder, Inc.†       1,302       117,336
Live Nation Entertainment, Inc.†       2,322       318,555
TKO Group Holdings, Inc.#         159        25,092
Vail Resorts, Inc.         463        74,159
      871,792
Environmental Control — 0.1%
Tetra Tech, Inc.         842        29,419
Veralto Corp.       1,634       165,083
Waste Management, Inc.       5,873     1,415,217
      1,609,719
Food — 0.0%
Hershey Co.         298        47,886
Lamb Weston Holdings, Inc.         671        37,428
Performance Food Group Co.†         321        28,749
Sysco Corp.       4,489       327,697
      441,760
Hand/Machine Tools — 0.0%
Lincoln Electric Holdings, Inc.         226        43,751
Healthcare-Products — 3.8%
10X Genomics, Inc., Class A†       1,387        13,218
Align Technology, Inc.†         646       116,887
Boston Scientific Corp.†     165,008    17,368,742
Bruker Corp.       1,018        37,361
Danaher Corp.      84,753    16,094,595
Edwards Lifesciences Corp.†       1,644       128,594
Exact Sciences Corp.†       1,059        59,600
GE HealthCare Technologies, Inc.         629        44,370
IDEXX Laboratories, Inc.†       1,195       613,465
Inspire Medical Systems, Inc.†         431        59,564
Insulet Corp.†       1,027       333,806
Intuitive Surgical, Inc.†      52,765    29,144,220
Masimo Corp.†         332        53,950
Natera, Inc.†       1,684       265,617
Penumbra, Inc.†         542       144,698
Repligen Corp.†         117        13,814
ResMed, Inc.         584       142,957
Stryker Corp.       1,581       604,954
Waters Corp.†         529       184,748
West Pharmaceutical Services, Inc.         648       136,631
      65,561,791
Healthcare-Services — 0.1%
Chemed Corp.          22        12,647
Cigna Group         360       113,990
DaVita, Inc.†         693        94,428
Elevance Health, Inc.         547       209,961
HCA Healthcare, Inc.         667       254,387
IQVIA Holdings, Inc.†         300        42,099
Medpace Holdings, Inc.†         374       110,293
Molina Healthcare, Inc.†         526       160,451
UnitedHealth Group, Inc.         920       277,757
      1,276,013
Home Furnishings — 0.0%
SharkNinja, Inc.†         193        17,742
Somnigroup International, Inc.       2,712       176,443
      194,185
Household Products/Wares — 0.0%
Avery Dennison Corp.         444         78,912
 
72  
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Household Products/Wares (continued)
Clorox Co.       1,825 $      240,681
Kimberly-Clark Corp.       2,003       287,951
      607,544
Insurance — 0.2%
Allstate Corp.         603       126,552
Arthur J. Gallagher & Co.         249        86,513
Brown & Brown, Inc.       1,545       174,430
Everest Group, Ltd.         102        35,413
Kinsale Capital Group, Inc.         324       152,925
Markel Group, Inc.†          44        85,435
Marsh & McLennan Cos., Inc.         994       232,258
Progressive Corp.       7,168     2,042,378
Ryan Specialty Holdings, Inc.       1,504       107,641
      3,043,545
Internet — 24.8%
Airbnb, Inc., Class A†       6,200       799,800
Alphabet, Inc., Class A     304,470    52,289,678
Alphabet, Inc., Class C      67,792    11,717,847
Amazon.com, Inc.†     758,150   155,428,332
Booking Holdings, Inc.         452     2,494,556
CDW Corp.         994       179,278
Coupang, Inc.†      17,031       477,720
DoorDash, Inc., Class A†       4,478       934,335
Etsy, Inc.†       1,069        59,169
Expedia Group, Inc.       1,799       299,983
GoDaddy, Inc., Class A†       2,056       374,500
Lyft, Inc., Class A†       3,765        57,379
Meta Platforms, Inc., Class A     164,962   106,811,245
Netflix, Inc.†      47,690    57,572,799
Palo Alto Networks, Inc.†       9,454     1,819,139
Pinterest, Inc., Class A†       8,691       270,377
Roku, Inc.†         279        20,216
Shopify, Inc., Class A†      44,016     4,719,396
Spotify Technology SA†      42,623    28,350,262
TripAdvisor, Inc.†          55           783
Trump Media & Technology Group Corp.†         743        15,848
Uber Technologies, Inc.†      29,628     2,493,492
VeriSign, Inc.          80        21,798
      427,207,932
Iron/Steel — 0.0%
Cleveland-Cliffs, Inc.#†       2,317        13,508
Leisure Time — 0.0%
Norwegian Cruise Line Holdings, Ltd.†       6,450       113,843
Planet Fitness, Inc., Class A†         675        69,410
Royal Caribbean Cruises, Ltd.       1,210       310,934
YETI Holdings, Inc.†         399        12,193
      506,380
Lodging — 0.7%
Choice Hotels International, Inc.         341        43,198
Hilton Worldwide Holdings, Inc.      47,508    11,802,887
Hyatt Hotels Corp., Class A#         103        13,599
Las Vegas Sands Corp.       5,123       210,863
Wyndham Hotels & Resorts, Inc.         136        11,258
Wynn Resorts, Ltd.#         141        12,766
      12,094,571
Machinery-Construction & Mining — 0.1%
BWX Technologies, Inc.         273         34,289
Security Description   Shares or
Principal
Amount 		Value
Machinery-Construction & Mining (continued)
Caterpillar, Inc.       1,008 $      350,814
Vertiv Holdings Co., Class A       5,146       555,408
      940,511
Machinery-Diversified — 0.0%
Cognex Corp.          35         1,049
Rockwell Automation, Inc.         153        48,279
      49,328
Media — 0.9%
Charter Communications, Inc., Class A#†      38,643    15,313,062
FactSet Research Systems, Inc.         198        90,735
Liberty Broadband Corp., Class A†           9           836
Liberty Broadband Corp., Class C†         397        37,239
Liberty Media Corp.-Liberty Formula One, Class A†         145        12,777
Liberty Media Corp.-Liberty Formula One, Class C†       1,098       105,990
Nexstar Media Group, Inc.         169        28,801
      15,589,440
Metal Fabricate/Hardware — 0.0%
Advanced Drainage Systems, Inc.         391        42,994
Mining — 0.0%
Southern Copper Corp.       1,304       118,547
Miscellaneous Manufacturing — 0.1%
3M Co.       1,488       220,745
Axon Enterprise, Inc.†       1,050       787,878
Carlisle Cos., Inc.          90        34,216
Illinois Tool Works, Inc.       1,615       395,804
      1,438,643
Office/Business Equipment — 0.0%
Zebra Technologies Corp., Class A†         161        46,653
Oil & Gas — 0.0%
Civitas Resources, Inc.         391        10,702
EQT Corp.         537        29,605
Hess Corp.       2,658       351,361
Permian Resources Corp.       2,049        25,838
Texas Pacific Land Corp.         276       307,472
Viper Energy, Inc.         547        21,710
Weatherford International PLC       1,061        46,260
      792,948
Pharmaceuticals — 3.2%
AbbVie, Inc.      11,134     2,072,149
Cardinal Health, Inc.       2,128       328,648
Cencora, Inc.       2,507       730,139
Dexcom, Inc.†       5,713       490,175
Eli Lilly & Co.      64,249    47,394,560
McKesson Corp.         806       579,925
Merck & Co., Inc.      36,964     2,840,314
Neurocrine Biosciences, Inc.†       1,466       180,347
Zoetis, Inc.       5,407       911,783
      55,528,040
Pipelines — 0.1%
Antero Midstream Corp.       1,904        35,757
Cheniere Energy, Inc.       1,679       397,906
New Fortress Energy, Inc.       2,085         5,192
Targa Resources Corp.       3,168       500,322
      939,177
 
73
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Private Equity — 1.5%
Blackstone, Inc.      10,570 $    1,466,693
KKR & Co., Inc.     192,817    23,419,553
      24,886,246
Real Estate — 0.2%
CoStar Group, Inc.†      38,481     2,830,662
Jones Lang LaSalle, Inc.†         215        47,881
      2,878,543
REITS — 0.1%
American Tower Corp.       6,805     1,460,693
Equinix, Inc.          77        68,439
Iron Mountain, Inc.       2,445       241,346
Lamar Advertising Co., Class A         323        38,935
Public Storage         354       109,177
Simon Property Group, Inc.       1,218       198,619
      2,117,209
Retail — 1.1%
AutoZone, Inc.†         223       832,468
Burlington Stores, Inc.†         932       212,748
CarMax, Inc.†         177        11,409
Carvana Co.†         557       182,228
Casey's General Stores, Inc.          94        41,149
Cava Group, Inc.†       1,109        90,128
Chipotle Mexican Grill, Inc.†      19,850       994,088
Costco Wholesale Corp.       6,463     6,722,683
Darden Restaurants, Inc.         910       194,931
Dick's Sporting Goods, Inc.          75        13,451
Domino's Pizza, Inc.         178        84,340
Dutch Bros, Inc., Class A†         635        45,847
Ferguson Enterprises, Inc.         197        35,921
Five Below, Inc.†         636        74,139
Floor & Decor Holdings, Inc., Class A†         563        40,361
Freshpet, Inc.†         218        17,475
Home Depot, Inc.      11,538     4,249,330
Lululemon Athletica, Inc.†       1,671       529,156
McDonald's Corp.         678       212,790
Murphy USA, Inc.         269       114,807
O'Reilly Automotive, Inc.†         775     1,059,812
RH†          63        11,410
Ross Stores, Inc.       1,106       154,940
Starbucks Corp.      12,880     1,081,276
Texas Roadhouse, Inc.         980       191,306
TJX Cos., Inc.       9,810     1,244,889
Tractor Supply Co.       7,851       379,988
Ulta Beauty, Inc.†         589       277,690
Wendy's Co.#       1,248        14,227
Williams-Sonoma, Inc.       1,061       171,627
Wingstop, Inc.         431       147,273
Yum! Brands, Inc.       1,591       229,009
      19,662,896
Semiconductors — 19.1%
Advanced Micro Devices, Inc.†      15,518     1,718,308
Applied Materials, Inc.      10,879     1,705,283
ASML Holding NV      13,961    10,286,046
Astera Labs, Inc.†          42         3,810
Broadcom, Inc.     390,072    94,424,729
Entegris, Inc.       2,214       152,190
KLA Corp.       1,938     1,466,834
Lam Research Corp.      18,737     1,513,762
Lattice Semiconductor Corp.†       1,734         77,926
Security Description   Shares or
Principal
Amount 		Value
Semiconductors (continued)
Marvell Technology, Inc.       1,008 $       60,672
MKS, Inc.          16         1,315
Monolithic Power Systems, Inc.         691       457,373
NVIDIA Corp.   1,463,611   197,777,754
Onto Innovation, Inc.†         185        17,009
QUALCOMM, Inc.      15,263     2,216,188
Taiwan Semiconductor Manufacturing Co., Ltd. ADR      83,088    16,062,572
Teradyne, Inc.       2,092       164,431
Texas Instruments, Inc.       1,620       296,217
      328,402,419
Software — 19.1%
Adobe, Inc.†       6,345     2,633,746
Appfolio, Inc., Class A†         333        70,320
AppLovin Corp., Class A†      78,711    30,933,423
Atlassian Corp., Class A†       2,366       491,253
Autodesk, Inc.†       3,127       925,967
Bentley Systems, Inc., Class B       2,060        98,324
BILL Holdings, Inc.†         369        16,118
Broadridge Financial Solutions, Inc.       1,572       381,729
Cadence Design Systems, Inc.†     123,444    35,437,069
Cloudflare, Inc., Class A†       4,478       742,855
Confluent, Inc., Class A†       3,640        83,829
Datadog, Inc., Class A†       4,450       524,566
Dayforce, Inc.#†         235        13,884
DocuSign, Inc.†       2,947       261,134
DoubleVerify Holdings, Inc.†       1,184        16,268
Doximity, Inc., Class A†         204        10,626
Dropbox, Inc., Class A†         997        28,773
Duolingo, Inc., Class A†         553       287,344
Dynatrace, Inc.†       4,385       236,834
Elastic NV†       1,280       103,514
Fair Isaac Corp.†       7,938    13,703,211
Fiserv, Inc.†       2,638       429,440
Five9, Inc.†       1,090        28,896
Gitlab, Inc., Class A†       1,856        84,467
Guidewire Software, Inc.†         548       117,831
HubSpot, Inc.†         709       418,239
Intuit, Inc.      51,192    38,571,636
Manhattan Associates, Inc.†         891       168,203
Microsoft Corp.     395,654   182,143,275
MicroStrategy, Inc., Class A†         214        78,979
MongoDB, Inc.†       1,053       198,838
MSCI, Inc.         647       364,921
nCino, Inc.†         759        19,962
Nutanix, Inc., Class A†       1,045        80,141
Oracle Corp.      23,300     3,856,849
Palantir Technologies, Inc., Class A†      30,008     3,954,454
Paychex, Inc.       1,698       268,131
Paycom Software, Inc.         472       122,290
Pegasystems, Inc.         655        64,288
Procore Technologies, Inc.†       1,573       105,658
PTC, Inc.†       1,057       177,914
RingCentral, Inc., Class A†       1,174        30,442
ROBLOX Corp., Class A†       7,723       671,747
Salesforce, Inc.      11,423     3,031,322
SentinelOne, Inc., Class A†         670        11,799
ServiceNow, Inc.†       2,993     3,026,192
Snowflake, Inc., Class A†       4,524       930,451
Synopsys, Inc.†       2,243     1,040,707
Teradata Corp.†       1,404        30,832
Twilio, Inc., Class A†         445        52,376
Tyler Technologies, Inc.†         530        305,805
 
74  
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
COMMON STOCKS (continued)
Software (continued)
UiPath, Inc., Class A†       5,388   $       71,714
Unity Software, Inc.#†       2,002          52,212
Veeva Systems, Inc., Class A†       2,160         604,152
Workday, Inc., Class A†       3,067         759,727
        328,874,677
Telecommunications — 0.1%
Arista Networks, Inc.†      14,959       1,296,048
Iridium Communications, Inc.          11             279
Motorola Solutions, Inc.       1,154         479,348
Ubiquiti, Inc.          37          14,626
        1,790,301
Toys/Games/Hobbies — 0.0%
Hasbro, Inc.       1,787         119,211
Transportation — 0.1%
Expeditors International of Washington, Inc.         334          37,652
Old Dominion Freight Line, Inc.       4,006         641,641
Saia, Inc.†         227          60,021
Union Pacific Corp.       4,244         940,725
XPO, Inc.†       1,681         191,348
        1,871,387
Total Common Stocks
(cost $1,128,051,869) 		      1,685,908,493
CONVERTIBLE PREFERRED STOCKS — 1.8%
Internet — 0.6%
ByteDance, Ltd.
Series E-1†(1)(2) 		     47,885      11,111,235
Software — 1.2%
Databricks, Inc.
Series D †(1)(2) 		    163,280      15,519,764
Databricks, Inc.
Series J†(1)(2) 		     48,194       4,580,840
        20,100,604
Total Convertible Preferred Stocks
(cost $24,808,305) 		      31,211,839
Total Long-Term Investment Securities
(cost $1,152,860,174) 		      1,717,120,332
SHORT-TERM INVESTMENTS — 0.2%
Unaffiliated Investment Companies — 0.2%
State Street Institutional Treasury Money Market Fund, Premier Class
4.22%(3) 		    929,203         929,203
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(3) 		  2,897,028       2,897,028
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(3)(4) 		    100,151         100,151
Total Short-Term Investments
(cost $3,926,382) 		      3,926,382
TOTAL INVESTMENTS
(cost $1,156,786,556)(5) 		  100.0%   1,721,046,714
Other assets less liabilities   (0.0)   (570,969)
NET ASSETS   100.0%   $1,720,475,745
† 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) 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 May 31, 2025, the Fund held the following restricted securities:
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Convertible Preferred Stocks
ByteDance, Ltd.
Series E-1 		  12/10/2020   47,885   $5,246,960   $11,111,235   $232.04   0.6%
Databricks, Inc.
Series D 		  03/27/2025   163,280   15,103,400   15,519,764   95.05   0.9
Databricks, Inc.
Series J 		  01/21/2025   48,194   4,457,945   4,580,840   95.05   0.3
                $31,211,839       1.8%**
** Amount represents the total value of the restricted securities divided by the net assets of the Fund and may not equal the sum of the individual percentages shown due to rounding.
(3) The rate shown is the 7-day yield as of May 31, 2025.
(4) At May 31, 2025, the Fund had loaned securities with a total value of $3,540,788. This was secured by collateral of $100,151, which was received in cash and subsequently invested in short-term investments currently valued at $100,151 as reported in the Portfolio of Investments. Additional collateral of $3,520,608 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $5,406
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   34,938
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   2,682
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   14,713
United States Treasury Bills   0.00%   11/28/2025   34
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 02/15/2055   3,462,835
(5) See Note 4 for cost of investments on a tax basis.
ADR—American Depositary Receipt
 
75
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
Appreciation
7 Long E-Mini Russell 1000 Index June 2025 $1,394,637 $1,408,925 $14,288
            Unrealized
(Depreciation)
6 Long S&P 500 E-Mini Index June 2025 $1,796,905 $1,774,800 $(22,105)
    Net Unrealized Appreciation (Depreciation)   $(7,817)
* 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 May 31, 2025 (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 $1,685,908,493   $—   $—   $1,685,908,493
Convertible Preferred Stocks —   —   31,211,839   31,211,839
Short-Term Investments 3,926,382   —   —   3,926,382
Total Investments at Value $1,689,834,875   $—   $31,211,839   $1,721,046,714
Other Financial Instruments:†              
Futures Contracts $14,288   $—   $—   $14,288
LIABILITIES:              
Other Financial Instruments:†              
Futures Contracts $22,105   $—   $—   $22,105
* 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.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
  Convertible
Preferred Securities
Balance as of May 31, 2024 $8,322,413
Accrued Discounts —
Accrued Premiums —
Realized Gain —
Realized Loss —
Change in unrealized appreciation(1) 3,328,081
Change in unrealized depreciation(1) —
Net purchases 19,561,345
Net sales —
Transfers into Level 3 —
Transfers out of Level 3 —
Balance as of May 31, 2025 $31,211,839
(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2025 includes:
  Convertible
Preferred Securities
  $3,328,081
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 May 31, 2025.
76  
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is quantitative information about Level 3 fair value measurements:
Description Fair Value at
May 31, 2025 		Valuation
Technique(s) 		Unobservable
Input (1) 		Range
(weighted
average)
Convertible Preferred Securities $20,100,604 Market Approach Series J Capital Raise Price* $92.50
      2025 Current Year Revenue Multiple* 17.0x
  $11,111,235 Market Approach Last Twelve Months Revenue Multiple* 1.50x
(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.
See Notes to Financial Statements
77
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES — 88.4%
Advertising — 1.4%
Clear Channel Outdoor Holdings, Inc.      
7.50%, 06/01/2029*#   $ 1,050,000 $    928,253
7.88%, 04/01/2030*      975,000     987,812
9.00%, 09/15/2028*    2,690,000   2,817,339
Lamar Media Corp.      
3.75%, 02/15/2028      950,000     919,044
      5,652,448
Aerospace/Defense — 1.5%
Spirit AeroSystems, Inc.      
9.38%, 11/30/2029*    2,175,000   2,315,944
TransDigm, Inc.      
4.88%, 05/01/2029      125,000     121,025
5.50%, 11/15/2027      680,000     679,468
6.00%, 01/15/2033*      610,000     603,602
6.38%, 05/31/2033*      600,000     592,801
6.63%, 03/01/2032*      695,000     709,946
6.75%, 08/15/2028*      790,000     803,708
7.13%, 12/01/2031*      485,000     501,709
      6,328,203
Agriculture — 0.3%
Darling Ingredients, Inc.      
6.00%, 06/15/2030*    1,345,000   1,347,258
Airlines — 0.2%
JetBlue Airways Corp./JetBlue Loyalty LP      
9.88%, 09/20/2031*#    1,044,000   1,032,689
Auto Parts & Equipment — 0.1%
Adient Global Holdings, Ltd.      
7.00%, 04/15/2028*      400,000     408,814
Banks — 0.5%
Freedom Mtg. Corp.      
7.63%, 05/01/2026*      753,000     751,669
12.00%, 10/01/2028*    1,075,000   1,153,134
12.25%, 10/01/2030*      125,000     138,151
      2,042,954
Building Materials — 2.3%
Builders FirstSource, Inc.      
4.25%, 02/01/2032*      400,000     362,922
5.00%, 03/01/2030*    2,935,000   2,841,902
CP Atlas Buyer, Inc.      
7.00%, 12/01/2028*      560,000     464,927
EMRLD Borrower LP/Emerald Co.-Issuer, Inc.      
6.63%, 12/15/2030*    2,230,000   2,252,553
Quikrete Holdings, Inc.      
6.38%, 03/01/2032*      565,000     574,129
6.75%, 03/01/2033*#      670,000     679,880
Standard Building Solutions, Inc.      
6.50%, 08/15/2032*      900,000     914,019
Standard Industries, Inc.      
4.38%, 07/15/2030*    1,350,000   1,266,995
4.75%, 01/15/2028*      400,000     392,776
      9,750,103
Chemicals — 1.9%
Avient Corp.      
6.25%, 11/01/2031*      175,000     175,245
7.13%, 08/01/2030*    1,690,000   1,741,545
Axalta Coating Systems Dutch Holding B BV      
7.25%, 02/15/2031*      965,000    1,009,394
Security Description   Shares or
Principal
Amount 		Value
Chemicals (continued)
Mativ Holdings, Inc.      
8.00%, 10/01/2029*#   $ 1,750,000 $  1,492,976
Olympus Water US Holding Corp.      
7.25%, 06/15/2031*      400,000     400,000
9.75%, 11/15/2028*    2,900,000   3,040,551
      7,859,711
Commercial Services — 5.3%
Allied Universal Holdco LLC      
7.88%, 02/15/2031*#    3,850,000   3,990,021
Allied Universal Holdco LLC/Allied Universal Finance Corp.      
9.75%, 07/15/2027*      575,000     579,725
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl      
4.88%, 06/01/2028 GBP  1,325,000   1,709,365
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.      
8.38%, 06/15/2032*    2,250,000   2,266,947
Belron UK Finance PLC      
5.75%, 10/15/2029*      870,000     873,258
Boost Newco Borrower LLC      
7.50%, 01/15/2031*      940,000     994,576
Cimpress PLC      
7.38%, 09/15/2032*#    1,300,000   1,211,755
Garda World Security Corp.      
8.25%, 08/01/2032*    2,035,000   2,026,203
8.38%, 11/15/2032*    1,625,000   1,630,445
Hertz Corp.      
12.63%, 07/15/2029*#      765,000     778,948
Service Corp. International      
3.38%, 08/15/2030    2,175,000   1,972,654
5.75%, 10/15/2032      640,000     635,993
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.      
6.75%, 08/15/2032*    1,630,000   1,663,084
United Rentals North America, Inc.      
4.88%, 01/15/2028      835,000     826,140
6.13%, 03/15/2034*      780,000     790,615
      21,949,729
Computers — 2.9%
Amentum Holdings, Inc.      
7.25%, 08/01/2032*    2,515,000   2,565,511
CACI International, Inc.      
6.38%, 06/15/2033*      700,000     713,608
Fortress Intermediate 3, Inc.      
7.50%, 06/01/2031*    1,125,000   1,162,744
Insight Enterprises, Inc.      
6.63%, 05/15/2032*    1,875,000   1,910,503
McAfee Corp.      
7.38%, 02/15/2030*#    6,230,000   5,760,800
      12,113,166
Distribution/Wholesale — 0.6%
Velocity Vehicle Group LLC      
8.00%, 06/01/2029*      250,000     240,361
Windsor Holdings III LLC      
8.50%, 06/15/2030*    2,025,000   2,142,687
      2,383,048
Diversified Financial Services — 5.3%
Credit Acceptance Corp.      
6.63%, 03/15/2030*    1,130,000    1,125,587
 
78  
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Diversified Financial Services (continued)
9.25%, 12/15/2028*   $ 1,240,000 $  1,312,104
Freedom Mtg. Holdings LLC      
8.38%, 04/01/2032*    1,045,000   1,032,118
9.25%, 02/01/2029*    1,400,000   1,443,428
goeasy, Ltd.      
6.88%, 05/15/2030*#      800,000     789,985
7.63%, 07/01/2029*    1,050,000   1,060,789
Hightower Holding LLC      
9.13%, 01/31/2030*    1,355,000   1,410,423
Nationstar Mtg. Holdings, Inc.      
7.13%, 02/01/2032*#      575,000     598,743
Nationstar Mtg. Holdings, Inc.      
5.13%, 12/15/2030*      925,000     921,016
6.50%, 08/01/2029*      250,000     254,631
OneMain Finance Corp.      
5.38%, 11/15/2029    2,710,000   2,625,651
7.88%, 03/15/2030      165,000     172,425
9.00%, 01/15/2029      401,000     420,276
PennyMac Financial Services, Inc.      
5.75%, 09/15/2031*      570,000     548,962
6.88%, 02/15/2033*      540,000     542,900
7.13%, 11/15/2030*    1,400,000   1,430,920
7.88%, 12/15/2029*    1,110,000   1,169,142
Planet Financial Group LLC      
10.50%, 12/15/2029*    1,690,000   1,665,156
TrueNoord Capital DAC      
8.75%, 03/01/2030*    1,860,000   1,928,891
United Wholesale Mtg. LLC      
5.50%, 04/15/2029*    1,615,000   1,546,045
      21,999,192
Electric — 0.8%
Clearway Energy Operating LLC      
3.75%, 02/15/2031*    2,105,000   1,899,757
3.75%, 01/15/2032*      550,000     483,106
4.75%, 03/15/2028*    1,140,000   1,113,941
      3,496,804
Electronics — 0.4%
Imola Merger Corp.      
4.75%, 05/15/2029*    1,885,000   1,806,187
Entertainment — 4.3%
Caesars Entertainment, Inc.      
4.63%, 10/15/2029*#      650,000     607,003
6.00%, 10/15/2032*#    3,420,000   3,280,765
6.50%, 02/15/2032*      485,000     488,902
Cinemark USA, Inc.      
5.25%, 07/15/2028*#    1,774,000   1,750,114
7.00%, 08/01/2032*      170,000     174,884
Cirsa Finance International Sarl      
6.50%, 03/15/2029* EUR    255,000     303,728
7.88%, 07/31/2028* EUR  1,040,000   1,236,959
Great Canadian Gaming Corp.      
8.75%, 11/15/2029*    1,973,000   1,915,801
Speedway Motorsports LLC/Speedway Funding II, Inc.      
4.88%, 11/01/2027*    2,633,000   2,587,044
WarnerMedia Holdings, Inc.      
5.14%, 03/15/2052    1,750,000    1,134,452
Security Description   Shares or
Principal
Amount 		Value
Entertainment (continued)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.      
6.25%, 03/15/2033*   $ 1,130,000 $  1,117,618
7.13%, 02/15/2031*    3,235,000   3,393,052
      17,990,322
Environmental Control — 0.5%
Reworld Holding Corp.      
4.88%, 12/01/2029*      765,000     724,328
5.00%, 09/01/2030    1,285,000   1,198,194
      1,922,522
Food — 1.7%
B&G Foods, Inc.      
5.25%, 09/15/2027#      889,000     779,558
8.00%, 09/15/2028*      920,000     867,047
Performance Food Group, Inc.      
4.25%, 08/01/2029*    1,450,000   1,382,043
5.50%, 10/15/2027*      540,000     537,760
6.13%, 09/15/2032*      800,000     806,437
Post Holdings, Inc.      
4.63%, 04/15/2030*      400,000     378,552
6.25%, 10/15/2034*    1,235,000   1,219,907
6.38%, 03/01/2033*    1,300,000   1,290,499
      7,261,803
Gas — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp.      
9.50%, 06/01/2030*    2,250,000   2,272,607
Healthcare-Products — 1.7%
Avantor Funding, Inc.      
4.63%, 07/15/2028*    2,855,000   2,782,534
Medline Borrower LP      
3.88%, 04/01/2029*    2,705,000   2,549,372
5.25%, 10/01/2029*#    1,964,000   1,919,328
      7,251,234
Healthcare-Services — 2.2%
CHS/Community Health Systems, Inc.      
4.75%, 02/15/2031*#    1,785,000   1,527,880
5.25%, 05/15/2030*      675,000     607,868
10.88%, 01/15/2032*    1,217,000   1,297,163
Star Parent, Inc.      
9.00%, 10/01/2030*    1,675,000   1,731,228
Surgery Center Holdings, Inc.      
7.25%, 04/15/2032*#    2,440,000   2,435,291
Tenet Healthcare Corp.      
6.13%, 06/15/2030    1,575,000   1,590,432
      9,189,862
Home Builders — 2.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.      
4.63%, 08/01/2029*      997,000     939,802
4.63%, 04/01/2030*      607,000     569,106
6.63%, 01/15/2028*    1,556,000   1,562,521
Century Communities, Inc.      
3.88%, 08/15/2029*    2,115,000   1,917,170
KB Home      
4.80%, 11/15/2029      510,000     496,369
M/I Homes, Inc.      
3.95%, 02/15/2030    1,635,000    1,505,241
 
79
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Home Builders (continued)
4.95%, 02/01/2028   $   720,000 $    710,306
STL Holding Co. LLC      
8.75%, 02/15/2029*    1,625,000   1,702,051
Taylor Morrison Communities, Inc.      
5.13%, 08/01/2030*      155,000     151,127
5.75%, 01/15/2028*    1,455,000   1,463,607
      11,017,300
Insurance — 3.2%
Acrisure LLC/Acrisure Finance, Inc.      
7.50%, 11/06/2030*    2,075,000   2,140,983
8.50%, 06/15/2029*    1,525,000   1,593,732
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer      
7.38%, 10/01/2032*#    3,300,000   3,392,021
Ardonagh Finco, Ltd.      
7.75%, 02/15/2031*    2,510,000   2,595,280
HUB International, Ltd.      
7.25%, 06/15/2030*      925,000     963,315
7.38%, 01/31/2032*    2,525,000   2,635,087
      13,320,418
Internet — 1.1%
Gen Digital, Inc.      
7.13%, 09/30/2030*      300,000     309,657
Rakuten Group, Inc.      
8.13%, 12/15/2029*(1)    1,150,000   1,102,962
9.75%, 04/15/2029*      925,000     990,360
United Group BV      
6.75%, 02/15/2031* EUR    920,000   1,083,997
United Group BV FRS      
6.39%, (3 ME+4.25%), 02/15/2031* EUR    900,000   1,025,736
      4,512,712
Iron/Steel — 0.3%
ATI, Inc.      
4.88%, 10/01/2029    1,314,000   1,274,579
Leisure Time — 1.5%
Carnival Corp.      
6.00%, 05/01/2029*      515,000     516,357
NCL Corp., Ltd.      
5.88%, 02/15/2027*#      765,000     765,179
6.75%, 02/01/2032*    1,690,000   1,690,315
8.13%, 01/15/2029*      265,000     279,019
Viking Cruises, Ltd.      
5.88%, 09/15/2027*      725,000     724,638
7.00%, 02/15/2029*      400,000     402,788
9.13%, 07/15/2031*    1,600,000   1,717,878
      6,096,174
Lodging — 0.5%
Station Casinos LLC      
6.63%, 03/15/2032*#    2,015,000   2,017,763
Machinery-Diversified — 0.4%
TK Elevator Holdco GmbH      
7.63%, 07/15/2028*#      825,000     826,148
TK Elevator US Newco, Inc.      
5.25%, 07/15/2027*      995,000     985,579
      1,811,727
Security Description   Shares or
Principal
Amount 		Value
Media — 7.4%
CCO Holdings LLC/CCO Holdings Capital Corp.      
4.25%, 02/01/2031*   $ 3,245,000 $  2,972,117
4.25%, 01/15/2034*#    1,342,000   1,158,459
4.50%, 08/15/2030*    2,155,000   2,020,637
4.50%, 05/01/2032    1,240,000   1,128,578
4.75%, 03/01/2030*      600,000     572,753
4.75%, 02/01/2032*#      893,000     826,669
7.38%, 03/01/2031*    1,625,000   1,681,875
CSC Holdings LLC      
5.75%, 01/15/2030*    1,490,000     752,120
11.75%, 01/31/2029*    3,595,000   3,370,119
Directv Financing LLC      
8.88%, 02/01/2030*    1,550,000   1,526,849
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.      
10.00%, 02/15/2031*      900,000     876,017
Paramount Global      
6.88%, 04/30/2036    2,400,000   2,439,610
Scripps Escrow, Inc.      
5.88%, 07/15/2027*#    1,585,000   1,343,863
Sinclair Television Group, Inc.      
8.13%, 02/15/2033*      975,000     975,517
Sunrise FinCo I BV      
4.88%, 07/15/2031*    2,175,000   2,019,922
Univision Communications, Inc.      
8.50%, 07/31/2031*    3,325,000   3,192,539
Virgin Media Secured Finance PLC      
4.25%, 01/15/2030 GBP    775,000     954,134
4.50%, 08/15/2030*      960,000     886,426
Ziggo BV      
4.88%, 01/15/2030*    2,175,000   1,984,995
      30,683,199
Mining — 1.7%
Constellium SE      
3.75%, 04/15/2029*#      915,000     844,594
5.63%, 06/15/2028*      500,000     491,052
FMG Resources August 2006 Pty, Ltd.      
4.38%, 04/01/2031*       75,000      68,853
4.50%, 09/15/2027*    1,010,000     989,586
5.88%, 04/15/2030*    2,235,000   2,233,465
Novelis Corp.      
3.25%, 11/15/2026*    1,000,000     980,880
4.75%, 01/30/2030*    1,630,000   1,549,534
      7,157,964
Oil & Gas — 6.1%
Diamond Foreign Asset Co. / Diamond Finance LLC      
8.50%, 10/01/2030*    2,620,000   2,624,564
EQT Corp.      
4.75%, 01/15/2031*      785,000     759,403
7.50%, 06/01/2030*      145,000     157,402
Matador Resources Co.      
6.50%, 04/15/2032*      795,000     778,414
6.88%, 04/15/2028*    1,745,000   1,768,983
Nabors Industries, Inc.      
9.13%, 01/31/2030*    1,205,000   1,097,969
Noble Finance II LLC      
8.00%, 04/15/2030*    2,120,000   2,112,463
Northern Oil & Gas, Inc.      
8.75%, 06/15/2031*    1,025,000    1,033,171
 
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VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Oil & Gas (continued)
Permian Resources Operating LLC      
5.88%, 07/01/2029*   $   100,000 $     98,771
8.00%, 04/15/2027*      875,000     890,835
SM Energy Co.      
6.50%, 07/15/2028      165,000     164,084
6.75%, 08/01/2029*    1,825,000   1,788,289
7.00%, 08/01/2032*#    1,420,000   1,363,212
Sunoco LP      
6.25%, 07/01/2033*      845,000     844,993
7.00%, 05/01/2029*      715,000     737,925
7.25%, 05/01/2032*    1,215,000   1,263,302
Talos Production, Inc.      
9.00%, 02/01/2029*      925,000     918,697
9.38%, 02/01/2031*    1,550,000   1,523,949
Transocean, Inc.      
8.50%, 05/15/2031*    1,150,000     988,408
8.75%, 02/15/2030*    2,804,000   2,842,569
Vital Energy, Inc.      
7.75%, 07/31/2029*#      600,000     505,533
7.88%, 04/15/2032*#      300,000     243,338
9.75%, 10/15/2030      825,000     727,031
      25,233,305
Oil & Gas Services — 1.7%
Enerflex, Ltd.      
9.00%, 10/15/2027*    2,015,000   2,070,280
USA Compression Partners LP/USA Compression Finance Corp.      
7.13%, 03/15/2029*    1,875,000   1,904,467
Weatherford International, Ltd.      
8.63%, 04/30/2030*    3,225,000   3,275,839
      7,250,586
Packaging & Containers — 3.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.      
4.13%, 08/15/2026*#    1,750,000   1,590,873
5.25%, 08/15/2027*#    2,400,000   1,092,000
5.25%, 08/15/2027*#      200,000      91,000
Clydesdale Acquisition Holdings, Inc.      
6.63%, 04/15/2029*      785,000     791,726
6.75%, 04/15/2032*      115,000     116,216
8.75%, 04/15/2030*      525,000     536,881
Graphic Packaging International LLC      
3.75%, 02/01/2030*      965,000     889,578
6.38%, 07/15/2032*    1,625,000   1,627,400
LABL, Inc.      
8.63%, 10/01/2031*#    2,395,000   1,982,921
Mauser Packaging Solutions Holding Co.      
7.88%, 04/15/2027*    1,005,000   1,014,533
9.25%, 04/15/2027*    1,225,000   1,206,736
Owens-Brockway Glass Container, Inc.      
7.25%, 05/15/2031*#    1,990,000   1,993,399
7.38%, 06/01/2032*#      595,000     592,138
      13,525,401
Pharmaceuticals — 1.1%
1261229 BC, Ltd.      
10.00%, 04/15/2032*    3,140,000   3,108,653
Teva Pharmaceutical Finance Netherlands II BV      
7.88%, 09/15/2031 EUR    300,000      410,568
Security Description   Shares or
Principal
Amount 		Value
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III BV      
6.75%, 03/01/2028   $ 1,100,000 $  1,137,541
      4,656,762
Pipelines — 2.5%
Antero Midstream Partners LP/Antero Midstream Finance Corp.      
5.75%, 01/15/2028*      500,000     498,072
6.63%, 02/01/2032*    2,150,000   2,196,339
Buckeye Partners LP      
3.95%, 12/01/2026      751,000     736,349
4.13%, 12/01/2027      765,000     744,328
4.50%, 03/01/2028*    1,360,000   1,328,587
5.60%, 10/15/2044    1,308,000   1,075,904
6.75%, 02/01/2030*      200,000     206,442
6.88%, 07/01/2029*    1,345,000   1,382,909
Rockies Express Pipeline LLC      
6.75%, 03/15/2033*    1,950,000   2,008,397
      10,177,327
Real Estate — 0.7%
Canary Wharf Group Investment Holdings PLC      
3.38%, 04/23/2028 GBP  2,275,000   2,735,844
REITS — 3.2%
Brandywine Operating Partnership LP      
4.55%, 10/01/2029#      695,000     638,771
8.30%, 03/15/2028       80,000      83,872
8.88%, 04/12/2029      975,000   1,038,256
Hudson Pacific Properties LP      
4.65%, 04/01/2029#    2,785,000   2,015,469
5.95%, 02/15/2028#      375,000     322,408
Iron Mountain, Inc.      
4.50%, 02/15/2031*#      400,000     374,800
5.25%, 07/15/2030*    1,275,000   1,244,160
6.25%, 01/15/2033*      370,000     373,475
7.00%, 02/15/2029*    1,325,000   1,368,948
MPT Operating Partnership LP/MPT Finance Corp.      
8.50%, 02/15/2032*    1,320,000   1,353,058
Pebblebrook Hotel LP / PEB Finance Corp.      
6.38%, 10/15/2029*#    2,055,000   2,043,395
RHP Hotel Properties LP / RHP Finance Corp.      
6.50%, 06/15/2033*      335,000     340,700
RHP Hotel Properties LP/RHP Finance Corp.      
4.50%, 02/15/2029*      300,000     289,635
6.50%, 04/01/2032*      460,000     466,314
7.25%, 07/15/2028*    1,250,000   1,288,761
      13,242,022
Retail — 6.3%
1011778 BC ULC/New Red Finance, Inc.      
3.88%, 01/15/2028*    1,865,000   1,805,235
4.00%, 10/15/2030*    1,000,000     919,668
4.38%, 01/15/2028*      500,000     487,308
Asbury Automotive Group, Inc.      
4.63%, 11/15/2029*    1,315,000   1,250,092
5.00%, 02/15/2032*      880,000     821,734
Cougar JV Subsidiary LLC      
8.00%, 05/15/2032*    2,140,000   2,247,807
FirstCash, Inc.      
4.63%, 09/01/2028*    1,185,000   1,154,435
5.63%, 01/01/2030*      125,000      124,121
 
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Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES (continued)
Retail (continued)
LBM Acquisition LLC      
6.25%, 01/15/2029*#   $ 4,702,000 $  3,776,315
Michaels Cos., Inc.      
5.25%, 05/01/2028*      935,000     637,383
PetSmart, Inc./PetSmart Finance Corp.      
4.75%, 02/15/2028*    1,290,000   1,244,942
7.75%, 02/15/2029*    1,725,000   1,679,247
Specialty Building Products Holdings LLC/SBP Finance Corp.      
7.75%, 10/15/2029*    2,411,000   2,310,056
Staples, Inc.      
10.75%, 09/01/2029*    4,450,000   4,028,503
Victoria's Secret & Co.      
4.63%, 07/15/2029*#    1,050,000     956,959
Walgreens Boots Alliance, Inc.      
8.13%, 08/15/2029#    1,175,000   1,231,124
Yum! Brands, Inc.      
4.63%, 01/31/2032      993,000     941,647
5.38%, 04/01/2032#      624,000     616,776
      26,233,352
Software — 4.5%
AthenaHealth Group, Inc.      
6.50%, 02/15/2030*    4,455,000   4,292,493
Central Parent, Inc./CDK Global, Inc.      
7.25%, 06/15/2029*    1,000,000     883,024
Cloud Software Group, Inc.      
8.25%, 06/30/2032*      900,000     946,325
9.00%, 09/30/2029*    1,675,000   1,714,495
Open Text Corp.      
3.88%, 02/15/2028*    1,240,000   1,187,805
3.88%, 12/01/2029*      690,000     642,185
Open Text Holdings, Inc.      
4.13%, 02/15/2030*    1,625,000   1,517,020
4.13%, 12/01/2031*      305,000     276,345
ROBLOX Corp.      
3.88%, 05/01/2030*    2,730,000   2,539,157
Rocket Software, Inc.      
6.50%, 02/15/2029*#    2,300,000   2,233,075
9.00%, 11/28/2028*      475,000     490,080
UKG, Inc.      
6.88%, 02/01/2031*    1,755,000   1,808,343
      18,530,347
Telecommunications — 5.6%
Altice France Holding SA      
10.50%, 05/15/2027*†(2)      800,000     286,000
Altice France SA      
5.50%, 01/15/2028*      625,000     538,008
5.50%, 10/15/2029*      400,000     339,836
8.13%, 02/01/2027*    2,840,000   2,606,465
EchoStar Corp.      
6.75%, 11/30/2030(3)    1,866,825   1,605,469
10.75%, 11/30/2029†    3,175,000   3,190,557
Iliad Holding SASU      
6.88%, 04/15/2031* EUR  1,400,000   1,691,545
7.00%, 10/15/2028*      880,000     894,005
7.00%, 04/15/2032*    1,210,000   1,217,779
Kaixo Bondco Telecom SA      
5.13%, 09/30/2029 EUR    800,000     921,985
5.13%, 09/30/2029* EUR    910,000    1,048,759
Security Description   Shares or
Principal
Amount 		Value
Telecommunications (continued)
Level 3 Financing, Inc.      
3.75%, 07/15/2029*   $ 1,725,000 $  1,415,656
3.88%, 10/15/2030*      670,000     564,475
4.00%, 04/15/2031*#    2,130,000   1,762,575
4.88%, 06/15/2029*      800,000     726,587
10.50%, 04/15/2029*      500,000     562,500
Optics Bidco SpA      
6.38%, 11/15/2033*    1,377,000   1,328,805
7.20%, 07/18/2036*      848,000     816,200
7.72%, 06/04/2038*      353,000     351,703
Telecom Italia Capital SA      
6.38%, 11/15/2033      200,000     201,614
7.20%, 07/18/2036      717,000     745,451
7.72%, 06/04/2038      243,000     253,481
      23,069,455
Transportation — 0.2%
Stonepeak Nile Parent LLC      
7.25%, 03/15/2032*#      950,000     983,915
Total Corporate Bonds & Notes
(cost $368,136,180) 		    367,588,808
CONVERTIBLE BONDS & NOTES — 2.8%
Computers — 0.3%
Seagate HDD Cayman      
3.50%, 06/01/2028      875,000   1,324,500
Healthcare-Products — 0.2%
QIAGEN NV      
2.50%, 09/10/2031    1,000,000   1,040,342
Home Builders — 0.2%
Meritage Homes Corp.      
1.75%, 05/15/2028    1,022,000     986,744
Internet — 0.2%
Uber Technologies, Inc.      
0.88%, 12/01/2028      692,000     921,744
Leisure Time — 0.5%
Carnival Corp.      
5.75%, 12/01/2027      525,000     988,575
NCL Corp, Ltd.      
2.50%, 02/15/2027    1,025,000   1,005,012
      1,993,587
Oil & Gas — 0.2%
Northern Oil & Gas, Inc.      
3.63%, 04/15/2029      700,000     702,800
Pharmaceuticals — 0.3%
Jazz Investments I, Ltd.      
2.00%, 06/15/2026      225,000     228,825
3.13%, 09/15/2030*      792,000     844,668
      1,073,493
REITS — 0.4%
Rexford Industrial Realty LP      
4.13%, 03/15/2029*    1,050,000   1,025,325
4.38%, 03/15/2027*      525,000     518,962
      1,544,287
Semiconductors — 0.2%
Synaptics, Inc.      
0.75%, 12/01/2031*      900,000     817,650
 
82  
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VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CONVERTIBLE BONDS & NOTES (continued)
Software — 0.3%
Unity Software, Inc.      
Zero Coupon, 03/15/2030*#   $ 1,097,000 $  1,140,332
Total Convertible Bonds & Notes
(cost $11,130,991) 		    11,545,479
LOANS(4)(5)(6) — 2.2%      
Building Materials — 0.4%      
CP Atlas Buyer, Inc. FRS      
BTL-B
8.18%, (SOFR12+3.75%), 11/23/2027 		   1,819,803   1,726,538
Computers — 0.2%      
Fortress Intermediate 3, Inc. FRS      
BTL-B
7.83%, (SOFR12+ 3.50%), 06/27/2031 		     970,125     960,424
Healthcare-Services — 0.2%      
Star Parent, Inc. FRS      
BTL-B
8.30%, (SOFR4+4.00%), 09/27/2030 		     598,488     586,444
Insurance — 0.4%      
HUB International, Ltd. FRS      
BTL-B
6.77%, (SOFR4+ 2.50%), 06/20/2030 		   1,639,046   1,638,487
Packaging & Containers — 0.4%      
Clydesdale Acquisition Holdings, Inc. FRS      
BTL-B
7.50%, (SOFR12+ 3.18%), 04/13/2029 		   1,586,000   1,578,636
Retail — 0.6%      
Great Outdoors Group LLC FRS      
BTL-B
7.58% , (SOFR12+3.25%), 01/23/2032 		   1,400,000   1,384,250
Specialty Building Products Holdings LLC FRS      
BTL-B
8.18% , (SOFR12+3.75%), 10/15/2028 		   1,124,205   1,056,753
      2,441,003
Total Loans
(cost $9,095,881) 		    8,931,532
Total Long-Term Investment Securities
(cost $388,363,052) 		    388,065,819
SHORT-TERM INVESTMENTS — 11.3%
Unaffiliated Investment Companies — 11.3%
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(7)(8)
(cost $46,769,203) 		  46,769,203  46,769,203
Security Description   Shares or
Principal
Amount 		  Value
REPURCHASE AGREEMENTS — 5.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $20,985,029 and collateralized by $21,083,500 of United States Treasury Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $21,402,370
(cost $20,982,650) 		  $20,982,650   $ 20,982,650
TOTAL INVESTMENTS
(cost $456,114,905)(9) 		  109.7%   455,817,672
Other assets less liabilities   (9.7)   (40,219,579)
NET ASSETS   100.0%   $415,598,093
* 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 High Yield Bond Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $327,103,722 representing 78.7% of net assets.
# The security or a portion thereof is out on loan (see Note 2).
† Non-income producing security
(1) Perpetual maturity - maturity date reflects the next call date.
(2) Security in default of interest.
(3) 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.
(4) All loans in the Fund were purchased through assignment agreements unless otherwise indicated.
(5) 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. The rate shown represents the rate at the end of the period. 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.
(6) Senior loans in the Fund are generally subject to mandatory and/or optional prepayment.  Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.
(7) The rate shown is the 7-day yield as of May 31, 2025.
(8) At May 31, 2025, the Fund had loaned securities with a total value of $47,289,279. This was secured by collateral of $46,769,203, which was received in cash and subsequently invested in short-term investments currently valued at $46,769,203 as reported in the Portfolio of Investments. Additional collateral of $1,488,162 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
May 31, 2025
United States Treasury Notes/Bonds   0.13% to 4.88%   02/28/2026 to 02/15/2055   $1,488,162
(9) See Note 4 for cost of investments on a tax basis.
3 ME—3 Month Euribor
DAC—Designated Activity Company
FRS—Floating Rate Security
SOFR12—Secured Overnight Financing Rate 1 month
SOFR4—Secured Overnight Financing Rate 3 month
EUR—Euro Currency
GBP—British Pound
The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.
 
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Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Forward Foreign Currency Contracts
Counterparty Contract to
Deliver 		In
Exchange For 		Delivery
Date 		Unrealized
Appreciation 		  Unrealized
(Depreciation)
Deutsche Bank AG EUR 7,204,331 USD 8,180,331 06/30/2025 $—   $(14,005)
JPMorgan Chase Bank, N.A. GBP 4,051,000 USD 5,440,010 06/30/2025 —   (18,793)
Unrealized Appreciation (Depreciation)           $—   $(32,798)
EUR—Euro Currency
GBP—British Pound
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (see Note 2):
  Level 1 - Unadjusted
Quoted Prices 		  Level 2 - Other
Observable Inputs 		  Level 3 - Significant
Unobservable Inputs 		  Total
ASSETS:              
Investments at Value:*              
Corporate Bonds & Notes $—   $367,588,808   $—   $367,588,808
Convertible Bonds & Notes —   11,545,479   —   11,545,479
Loans —   8,931,532   —   8,931,532
Short-Term Investments 46,769,203   —   —   46,769,203
Repurchase Agreements —   20,982,650   —   20,982,650
Total Investments at Value $46,769,203   $409,048,469   $—   $455,817,672
LIABILITIES:              
Other Financial Instruments:†              
Forward Foreign Currency Contracts $—   $32,798   $—   $32,798
* 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
84  
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES — 2.8%
Banks — 1.3%
Banca Comerciala Romana SA      
7.63%, 05/19/2027 EUR     200,000 $    235,974
Banca Transilvania SA      
8.88%, 04/27/2027 EUR     400,000     472,102
Danske Bank A/S      
0.75%, 06/09/2029 EUR   1,610,000   1,720,233
mBank SA      
0.97%, 09/21/2027 EUR     400,000     440,597
OTP Bank Nyrt      
7.50%, 05/25/2027   $    660,000     675,437
Wells Fargo & Co.      
6.49%, 10/23/2034     1,095,000   1,174,432
      4,718,775
Electric — 0.3%
Pacific Gas & Electric Co.      
6.15%, 01/15/2033       985,000   1,001,652
Food — 0.1%
NBM US Holdings, Inc.      
7.00%, 05/14/2026       483,000     483,508
Investment Companies — 0.2%
HA Sustainable Infrastructure Capital, Inc.      
6.38%, 07/01/2034     1,000,000     975,344
Oil & Gas — 0.6%
Petroleos Mexicanos      
5.95%, 01/28/2031       880,000     762,754
6.84%, 01/23/2030     1,500,000   1,401,704
      2,164,458
Pipelines — 0.3%
Energy Transfer LP      
5.80%, 06/15/2038     1,159,000   1,134,796
Total Corporate Bonds & Notes
(cost $10,098,862) 		    10,478,533
ASSET BACKED SECURITIES — 1.0%
Auto Loan Receivables — 0.5%
Avis Budget Rental Car Funding AESOP LLC      
Series 2023-3A, Class A
5.44%, 02/22/2028* 		    1,280,000   1,294,541
Drive Auto Receivables Trust      
Series 2021-2, Class D
1.39%, 03/15/2029 		      646,297     640,795
      1,935,336
Other Asset Backed Securities — 0.5%
Wendy's Funding LLC      
Series 2021-1A, Class A2I
2.37%, 06/15/2051* 		    1,668,988   1,521,210
Wingstop Funding LLC      
Series 2020-1A, Class A2
2.84%, 12/05/2050* 		      310,275     292,802
      1,814,012
Total Asset Backed Securities
(cost $3,871,380) 		    3,749,348
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.3%
Commercial and Residential — 2.1%
Ajax Mtg. Loan Trust      
Series 2021-C, Class A
5.12%, 01/25/2061*(1) 		      209,028      208,939
Security Description   Shares or
Principal
Amount 		Value
Commercial and Residential (continued)
BRAVO Residential Funding Trust VRS      
Series 2021-NQM1, Class A1
0.94%, 02/25/2049*(2) 		  $    166,534 $    154,932
CSMC Trust VRS      
Series 2021-NQM4, Class A1
1.10%, 05/25/2066*(2) 		      765,852     660,153
Series 2021-RPL2, Class M3
3.60%, 01/25/2060*(2) 		      376,575     245,613
Series 2021-RPL4, Class A1
4.12%, 12/27/2060*(2) 		      341,029     339,465
Ellington Financial Mtg. Trust VRS      
Series 2021-2, Class A1
0.93%, 06/25/2066*(2) 		      224,059     184,956
GCAT Trust VRS      
Series 2021-NQM3, Class A1
1.09%, 05/25/2066*(2) 		      563,829     483,847
HIH Trust FRS      
Series 2024-61P, Class B
6.67%, (TSFR1M2.34%), 10/15/2041* 		      167,493     167,389
Legacy Mtg. Asset Trust      
Series 2021-GS2, Class A1
5.75%, 04/25/2061*(1) 		      323,012     322,921
Series 2021-GS3, Class A1
5.75%, 07/25/2061*(1) 		      443,738     441,954
MFA Trust VRS      
Series 2021-NQM1, Class A1
1.15%, 04/25/2065*(2) 		      199,191     187,939
New Residential Mtg. Loan Trust VRS      
Series 2021-NQ2R, Class A1
0.94%, 10/25/2058*(2) 		      139,648     132,640
NMLT Trust VRS      
Series 2021-INV1, Class A1
1.19%, 05/25/2056*(2) 		      922,644     797,317
SG Residential Mtg. Trust VRS      
Series 2021-1, Class A1
1.16%, 07/25/2061*(2) 		      877,528     719,898
SHR Trust FRS      
6.78%, (TSFR1M+2.45%), 10/15/2041*     1,255,000   1,254,215
Starwood Mtg. Residential Trust VRS      
Series 2021-2, Class A1
0.94%, 05/25/2065*(2) 		      126,148     117,670
Towd Point Mtg. Trust VRS      
Series 2021-R1, Class A1
2.92%, 11/30/2060*(2) 		    1,620,318   1,391,470
      7,811,318
U.S. Government Agency — 0.2%
Federal Home Loan Mtg. Corp. REMIC FRS      
Series 3925, Class FL
4.90%, (SOFR30A+0.56%), 01/15/2041 		       62,553      62,434
Series 4001, Class FM
4.95%, (SOFR30A+0.61%), 02/15/2042 		      119,716     117,646
Series 3355, Class BF
5.15%, (SOFR30A+0.81%), 08/15/2037 		      139,745     139,227
Federal National Mtg. Assoc. REMIC FRS      
Series 2012-93, Class BF
4.84%, (SOFR30A+0.51%), 09/25/2042 		      173,945      170,303
 
85
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
U.S. Government Agency (continued)
Government National Mtg. Assoc. REMIC FRS      
Series 2010-14, Class FN
4.99%, (TSFR1M+0.66%), 02/16/2040 		  $     83,690 $     83,427
      573,037
Total Collateralized Mortgage Obligations
(cost $9,341,059) 		    8,384,355
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 60.4%
U.S. Government — 52.0%
United States Treasury Bonds TIPS      
0.25%, 02/15/2050(3)     9,235,215   5,261,287
0.63%, 02/15/2043(3)     9,562,231   7,010,355
0.75%, 02/15/2042(3)     8,866,103   6,793,654
0.75%, 02/15/2045(3)(4)    34,680,109  25,046,271
0.88%, 02/15/2047(3)     5,596,900   4,003,571
1.00%, 02/15/2046(3)    12,024,218   9,008,778
1.38%, 02/15/2044(3)     6,503,659   5,399,834
1.50%, 02/15/2053(3)     1,000,466     779,340
United States Treasury Notes TIPS      
0.13%, 01/15/2030 to 07/15/2031(3)    45,704,186  42,210,553
0.63%, 07/15/2032(3)     7,038,273   6,510,001
0.88%, 01/15/2029(3)    14,880,553  14,600,279
1.38%, 07/15/2033(3)(5)    18,541,745  17,839,002
1.63%, 04/15/2030(3)     3,480,731   3,490,822
1.75%, 01/15/2034(3)    30,012,367  29,492,248
1.88%, 07/15/2034(3)     4,147,737   4,114,967
2.13%, 01/15/2035(3)     8,866,113   8,928,083
      190,489,045
U.S. Government Agency — 8.4%
Tennessee Valley Authority      
5.25%, 02/01/2055     4,000,000   3,791,687
Uniform Mtg. Backed Securities      
6.00%, June 30 TBA    26,800,000  27,061,608
      30,853,295
Total U.S. Government & Agency Obligations
(cost $255,505,208) 		    221,342,340
FOREIGN GOVERNMENT OBLIGATIONS — 37.2%
Regional(State/Province) — 1.8%
Province of Ontario, Canada TIPS      
2.00%, 12/01/2036(3) CAD   7,626,350   5,403,547
Queensland Treasury Corp.      
5.25%, 07/21/2036* AUD   2,000,000   1,300,893
      6,704,440
Sovereign — 35.4%
Commonwealth of Australia TIPS      
0.95%, 11/21/2027(3) AUD  15,785,251  10,083,631
1.65%, 08/21/2040(3) AUD   8,529,590   4,633,520
2.75%, 08/21/2035(3) AUD  22,584,435  14,327,488
Federative Republic of Brazil TIPS      
6.00%, 05/15/2035(3) BRL  10,467,000   7,581,333
24.98%, 05/15/2027(3) BRL  11,416,000   8,673,803
French Republic Government Bond OAT TIPS      
0.10%, 07/25/2031*(3) EUR  16,555,686  17,988,877
Government of New Zealand TIPS      
3.28%, 09/20/2040(3) NZD  15,976,649   8,668,167
3.31%, 09/20/2035(3) NZD  22,745,671  13,124,174
Government of Romania      
4.63%, 04/03/2049 EUR   1,850,000    1,546,183
Security Description   Shares or
Principal
Amount 		  Value
Sovereign (continued)
Government of Spain TIPS        
0.70%, 11/30/2033*(3) EUR   9,134,679   $ 10,002,357
Republic of Italy TIPS        
0.55%, 05/21/2026*(3) EUR  15,202,152    17,163,190
United Mexican States        
6.00%, 05/07/2036   $    500,000       478,425
United Mexican States TIPS        
2.75%, 11/27/2031(3) MXN 275,693,980    12,444,180
4.00%, 10/29/2054(3) MXN  68,699,490     3,012,173
        129,727,501
Total Foreign Government Obligations
(cost $137,321,200) 		      136,431,941
MUNICIPAL SECURITIES — 0.9%
City of New York, NY
General Obligation Bonds 		       
5.99%, 12/01/2036     1,580,000     1,619,919
Illinois State Toll Highway Authority
Revenue Bonds 		       
5.85%, 12/01/2034     1,520,000     1,559,684
Total Municipal Securities
(cost $3,615,484) 		      3,179,603
ESCROWS AND LITIGATION TRUSTS — 0.0%
Lehman Brothers Holdings, Inc.
Escrow Notes
1.00%, 12/31/2049†(6)
(cost $0) 		    1,000,000           971
Total Long-Term Investment Securities
(cost $419,753,193) 		      383,567,091
REPURCHASE AGREEMENTS — 3.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $13,482,248 and collateralized by $13,545,500 of United States Treasury Inflation Indexed Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $13,750,351
(cost $13,480,721) 		   13,480,721    13,480,721
TOTAL INVESTMENTS
(cost $433,233,914)(7) 		  108.3%   397,047,812
Other assets less liabilities   (8.3)   (30,371,124)
NET ASSETS   100.0%   $366,676,688
* 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 Inflation Protected Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $57,375,188 representing 15.6% of net assets.
† Non-income producing security
(1) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of May 31, 2025.
(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) Principal amount of security is adjusted for inflation.
(4) The security or a portion thereof was pledged as collateral to cover margin requirements for open swap contracts.
(5) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.
 
86  
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
(6) Securities classified as Level 3 (see Note 2).
(7) See Note 4 for cost of investments on a tax basis.
FRS—Floating Rate Security
REMIC—Real Estate Mortgage Investment Conduit
SOFR30A—US 30 Day Average Secured Overnight Financing Rate
TBA—Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.
TIPS—Treasury Inflation Protected Securities
TSFR1M—Term Secured Overnight Financing Rate 1 Month
VRS—Variable Rate Security
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
EUR—Euro Currency
MXN—Mexican Peso
NZD—New Zealand Dollar
The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.
 
Inflation Swaps
Counterparty (OTC)/
Centrally cleared 		Notional
amount 		Currency Payments
made 		Payments
received 		Fixed
payment
frequency 		Floating
payment
frequency 		Maturity
date 		Upfront
payment paid
(received) 		  Unrealized
appreciation
(depreciation) 		  Value
Bank of America, N.A. 24,590,000 USD Fixed 3.430% 12-Month USA CPI Maturity Maturity Apr 2027 $   —   $150,206   $150,206
Centrally Cleared 13,805,000 USD Fixed 2.545 12-Month USA CPI Maturity Maturity Mar 2028 8,581    38,704    47,285
                $8,581   $188,910   $197,491
Interest Rate Swaps
Counterparty (OTC)/
Centrally cleared 		Notional
amount 		Currency Payments
made 		Payments
received 		Fixed
payment
frequency 		Floating
payment
frequency 		Maturity
date 		Upfront
payment paid
(received) 		  Unrealized
appreciation
(depreciation) 		  Value
Centrally Cleared 2,445,000 USD Fixed 3.750% 12-Month SOFR Annual Annual Mar 2055 $100,480   $16,887   $117,367
SOFR—Secured Overnight Financing Rate                        
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
Appreciation
205 Long Australian 10 Year Bonds June 2025 $14,822,495 $15,082,323 $259,828
175 Long U.S. Treasury 5 Year Notes September 2025 18,839,074 18,932,813  93,739
            $353,567
            Unrealized
(Depreciation)
36 Short Canada 10 Year Bonds September 2025 $ 3,180,363 $ 3,208,482 $ (28,119)
7 Short Euro Buxl 30 Year Bonds June 2025    938,170    966,336  (28,166)
156 Short Euro-BTP June 2025 21,254,615 21,459,301 (204,686)
66 Short Euro-BUND June 2025  9,706,337  9,832,839 (126,502)
152 Short Euro-OAT June 2025 21,511,968 21,702,993 (191,025)
47 Short U.S. Treasury 10 Year Notes September 2025  5,183,886  5,205,250  (21,364)
63 Short U.S. Treasury Ultra 10 Year Notes September 2025  7,069,661  7,090,454  (20,793)
            $(620,655)
    Net Unrealized Appreciation (Depreciation)   $(267,088)
* 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.
Forward Foreign Currency Contracts
Counterparty Contract to
Deliver 		In
Exchange For 		Delivery
Date 		Unrealized
Appreciation 		  Unrealized
(Depreciation)
Australia & New Zealand Banking Group AUD 49,567,000 USD 31,191,026 06/18/2025 $     —   $  (766,652)
  NZD 830,000 USD 491,950 06/18/2025      —       (4,246)
  USD 1,932,980 NZD 3,264,000 06/18/2025  18,327           —
            18,327   (770,898)
Bank of America, N.A. USD 785,336 NZD 1,380,000 06/18/2025  39,665           —
Barclays Bank PLC AUD 1,100,000 USD 708,812 06/18/2025      —          (398)
87
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Forward Foreign Currency Contracts — (continued)
Counterparty Contract to
Deliver 		In
Exchange For 		Delivery
Date 		Unrealized
Appreciation 		  Unrealized
(Depreciation)
  USD 2,519,230 AUD 3,964,000 06/18/2025 $ 36,508   $        —
  USD 1,796,082 MXN 36,146,000 06/18/2025  63,891           —
            100,399   (398)
BNP Paribas SA EUR 500,000 USD 570,682 06/18/2025   2,423           —
Citibank, N.A. CAD 7,134,000 USD 4,974,020 06/18/2025      —     (228,515)
  USD 423,652 BRL 2,415,000 06/18/2025      —       (2,914)
            —   (231,429)
Credit Agricole SA USD 434,037 NZD 730,000 06/18/2025   2,377           —
Deutsche Bank AG EUR 44,929,000 USD 49,205,387 06/18/2025      —   (1,857,238)
Goldman Sachs International AUD 1,130,000 USD 724,139 06/18/2025      —       (4,414)
  BRL 95,386,000 USD 16,029,477 06/18/2025      —     (588,570)
  USD 1,292,300 AUD 2,100,000 06/18/2025  61,648           —
            61,648   (592,984)
HSBC Bank PLC MXN 5,600,000 USD 286,231 06/18/2025      —       (1,930)
JPMorgan Chase Bank, N.A. CAD 1,060,000 USD 748,615 06/18/2025      —      (24,399)
  NZD 830,000 USD 493,022 06/18/2025      —       (3,175)
            —   (27,574)
Morgan Stanley & Co. International PLC AUD 1,130,000 USD 701,488 06/18/2025      —      (27,065)
  USD 615,064 CAD 850,000 06/18/2025   4,806           —
            4,806   (27,065)
Natwest Markets PLC NZD 40,418,000 USD 23,082,437 06/18/2025      —   (1,080,528)
Standard Chartered Bank USD 1,818,934 EUR 1,596,000 06/18/2025      —       (5,051)
State Street Bank & Trust Co. USD 338,883 MXN 7,000,000 06/18/2025  21,318           —
Wells Fargo & Co. MXN 342,691,000 USD 16,690,645 06/18/2025      —     (943,287)
Unrealized Appreciation (Depreciation)           $250,963   $(5,538,382)
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
EUR—Euro Currency
MXN—Mexican Peso
NZD—New Zealand Dollar
USD—United States Dollar
88  
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (see Note 2):
  Level 1 - Unadjusted
Quoted Prices 		  Level 2 - Other
Observable Inputs 		  Level 3 - Significant
Unobservable Inputs 		  Total
ASSETS:              
Investments at Value:*              
Corporate Bonds & Notes $—   $10,478,533   $—   $10,478,533
Asset Backed Securities —   3,749,348   —   3,749,348
Collateralized Mortgage Obligations —   8,384,355   —   8,384,355
U.S. Government & Agency Obligations —   221,342,340   —   221,342,340
Foreign Government Obligations —   136,431,941   —   136,431,941
Municipal Securities —   3,179,603   —   3,179,603
Escrows and Litigation Trusts —   —   971   971
Repurchase Agreements —   13,480,721   —   13,480,721
Total Investments at Value $—   $397,046,841   $971   $397,047,812
Other Financial Instruments:†              
Swaps $—   $205,797   $—   $205,797
Futures Contracts 353,567   —   —   353,567
Forward Foreign Currency Contracts —   250,963   —   250,963
Total Other Financial Instruments $353,567   $456,760   $—   $810,327
LIABILITIES:              
Other Financial Instruments:†              
Futures Contracts $620,655   $—   $—   $620,655
Forward Foreign Currency Contracts —   5,538,382   —   5,538,382
Total Other Financial Instruments $620,655   $5,538,382   $—   $6,159,037
* 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.
Level 3 investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to Financial Statements
89
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 99.1%
Australia — 6.6%
ANZ Group Holdings, Ltd.      272,974 $    5,109,849
APA Group      124,270       664,066
Aristocrat Leisure, Ltd.       51,337     2,064,930
ASX, Ltd.       17,909       823,097
BHP Group, Ltd.      466,322    11,497,610
BlueScope Steel, Ltd.       41,325       606,017
Brambles, Ltd.      126,112     1,885,156
CAR Group, Ltd.       33,174       760,414
Cochlear, Ltd.        6,166     1,079,105
Coles Group, Ltd.      119,720     1,666,904
Commonwealth Bank of Australia      153,738    17,436,556
Computershare, Ltd.       50,337     1,305,027
CSL, Ltd.       44,769     7,127,660
Evolution Mining, Ltd.      184,562     1,052,999
Fortescue, Ltd.      156,194     1,549,506
Goodman Group      186,598     3,959,652
Insurance Australia Group, Ltd.      219,719     1,223,690
Lottery Corp., Ltd.      205,793       676,536
Macquarie Group, Ltd.       33,264     4,593,084
Medibank Private, Ltd.      262,281       806,446
National Australia Bank, Ltd.      281,348     6,891,562
Northern Star Resources, Ltd.      125,579     1,698,293
Origin Energy, Ltd.      160,515     1,119,523
Pro Medicus, Ltd.        5,383       978,541
Qantas Airways, Ltd.       71,265       487,396
QBE Insurance Group, Ltd.      138,865     2,073,106
REA Group, Ltd.        4,989       770,886
Reece, Ltd.#       19,452       196,357
Rio Tinto, Ltd.#       34,322     2,492,485
Santos, Ltd.      300,286     1,275,589
Scentre Group      480,949     1,137,772
SGH, Ltd.       19,466       636,800
Sigma Healthcare, Ltd.      425,599       856,115
Sonic Healthcare, Ltd.       38,727       665,774
South32, Ltd.      419,489       824,728
Stockland      220,716       776,813
Suncorp Group, Ltd.      106,474     1,415,901
Telstra Group, Ltd.      373,909     1,152,084
Transurban Group      286,996     2,623,266
Vicinity, Ltd.      357,764       567,312
Washington H. Soul Pattinson & Co., Ltd.#       21,959       522,736
Wesfarmers, Ltd.      103,177     5,521,484
Westpac Banking Corp.      314,483     6,600,423
WiseTech Global, Ltd.       16,935     1,169,681
Woodside Energy Group, Ltd.#      175,557     2,517,899
Woolworths Group, Ltd.      110,206     2,262,585
      113,123,415
Austria — 0.2%
Erste Group Bank AG       28,467     2,290,075
OMV AG       13,617       728,233
Verbund AG        5,823       454,556
      3,472,864
Belgium — 0.9%
Ageas SA       13,795       899,870
Anheuser-Busch InBev SA NV       91,108     6,417,951
D'ieteren Group        1,986       407,930
Elia Group SA        4,524       479,348
Groupe Bruxelles Lambert NV        7,678       627,259
KBC Group NV       21,233     2,096,520
Lotus Bakeries NV           36        372,382
Security Description   Shares or
Principal
Amount 		Value
Belgium (continued)
Sofina SA        1,375 $      397,805
Syensqo SA#        6,426       492,507
UCB SA#       11,689     2,122,237
      14,313,809
Bermuda — 0.2%
Aegon, Ltd.#      122,253       875,349
CK Infrastructure Holdings, Ltd.       58,000       375,394
Hongkong Land Holdings, Ltd.      102,000       527,340
Jardine Matheson Holdings, Ltd.       14,800       658,600
      2,436,683
Denmark — 2.3%
AP Moller-Maersk A/S, Series A          271       486,291
AP Moller-Maersk A/S, Series B          411       746,788
Carlsberg A/S, Class B        8,833     1,263,730
Coloplast A/S, Class B       11,661     1,133,182
Danske Bank A/S       63,773     2,446,582
Demant A/S†        8,177       320,692
DSV A/S       18,897     4,474,621
Genmab A/S†        5,814     1,219,860
Novo Nordisk A/S, Class B      297,776    20,813,023
Novonesis (Novozymes), Class B       32,580     2,294,426
Orsted A/S*†       15,158       620,854
Pandora A/S        7,582     1,385,822
ROCKWOOL A/S, Class B        8,476       403,392
Tryg A/S       31,345       805,168
Vestas Wind Systems A/S       93,371     1,477,926
      39,892,357
Finland — 1.0%
Elisa Oyj       13,151       692,859
Fortum Oyj       40,441       697,965
Kesko Oyj, Class B       25,253       610,746
Kone Oyj, Class B       31,426     1,956,837
Metso Oyj       56,045       676,454
Neste Oyj       38,137       409,210
Nokia Oyj      492,396     2,558,401
Nordea Bank Abp      288,631     4,183,423
Orion Oyj, Class B       10,021       679,856
Sampo Oyj, Class A      223,863     2,388,325
Stora Enso Oyj, Class R       52,491       530,806
UPM-Kymmene Oyj       49,349     1,366,653
Wartsila OYJ Abp       45,339       907,595
      17,659,130
France — 10.1%
Accor SA       18,023       956,702
Aeroports de Paris SA        3,202       429,378
Air Liquide SA       53,138    11,005,204
Alstom SA†       31,465       711,145
Amundi SA*        5,602       457,023
Arkema SA        5,154       368,098
AXA SA      162,776     7,672,045
BioMerieux        3,830       513,590
BNP Paribas SA       93,497     8,189,273
Bollore SE       65,927       419,198
Bouygues SA       17,519       763,652
Bureau Veritas SA       28,648       978,454
Capgemini SE       14,258     2,367,677
Carrefour SA       50,148       749,622
Cie de Saint-Gobain SA       41,262     4,630,747
Cie Generale des Etablissements Michelin SCA       61,990     2,370,619
Covivio SA        5,160        309,351
 
90  
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
France (continued)
Credit Agricole SA       97,294 $    1,779,159
Danone SA       59,689     5,099,307
Dassault Aviation SA        1,771       641,069
Dassault Systemes SE       61,875     2,318,447
Edenred SE       21,764       679,578
Eiffage SA        6,343       872,182
Engie SA      167,794     3,617,055
EssilorLuxottica SA       27,320     7,590,716
Eurazeo SE        3,365       235,170
FDJ United *        9,421       345,943
Gecina SA        4,257       468,377
Getlink SE       27,969       535,112
Hermes International S.C.A.        2,910     8,022,500
Ipsen SA        3,425       403,281
Kering SA        6,883     1,347,046
Klepierre SA       19,892       778,326
Legrand SA       24,247     2,944,468
L'Oreal SA       22,089     9,340,149
LVMH Moet Hennessy Louis Vuitton SE       25,271    13,722,886
Orange SA      172,162     2,567,648
Pernod Ricard SA       18,660     1,928,486
Publicis Groupe SA       21,162     2,303,843
Renault SA       17,772       915,733
Rexel SA       20,681       580,716
Safran SA       33,081     9,818,661
Sanofi SA      102,329    10,168,903
Sartorius Stedim Biotech        2,576       567,434
Schneider Electric SE       50,238    12,626,411
Societe Generale SA       66,171     3,595,156
Sodexo SA        8,180       565,174
Teleperformance SE        4,826       487,911
Thales SA        8,569     2,601,714
TotalEnergies SE      187,691    11,009,457
Veolia Environnement SA       58,027     1,995,051
Vinci SA       45,725     6,533,938
      171,898,785
Germany — 10.2%
adidas AG       15,811     3,940,596
Allianz SE       35,705    14,136,733
BASF SE       82,522     3,972,864
Bayer AG       90,834     2,551,105
Bayerische Motoren Werke AG       26,804     2,376,943
Bayerische Motoren Werke AG (Preference Shares)        5,175       428,651
Beiersdorf AG        9,172     1,256,491
Brenntag SE       11,347       768,399
Commerzbank AG       81,894     2,491,110
Continental AG       10,171       892,712
Covestro AG†       16,601     1,140,401
CTS Eventim AG & Co. KGaA        5,625       681,483
Daimler Truck Holding AG       43,929     1,905,884
Delivery Hero SE*†       16,981       470,073
Deutsche Bank AG      171,127     4,733,298
Deutsche Boerse AG       17,410     5,604,281
Deutsche Lufthansa AG       54,087       432,717
Deutsche Post AG       88,761     3,967,854
Deutsche Telekom AG      322,730    12,195,250
Dr. Ing. h.c. F. Porsche AG (Preference Shares)*       10,265       494,888
E.ON SE      207,582     3,636,836
Evonik Industries AG       23,697       512,843
Fresenius Medical Care AG       18,990     1,078,541
Fresenius SE & Co. KGaA       39,057      1,914,915
Security Description   Shares or
Principal
Amount 		Value
Germany (continued)
GEA Group AG       14,340 $      959,031
Hannover Rueck SE        5,575     1,762,309
Heidelberg Materials AG       12,294     2,407,268
Henkel AG & Co. KGaA        9,608       704,747
Henkel AG & Co. KGaA (Preference Shares)       15,649     1,252,335
Infineon Technologies AG      120,744     4,699,061
Knorr-Bremse AG        6,539       660,799
LEG Immobilien SE        6,885       584,364
Mercedes-Benz Group AG       66,772     3,987,178
Merck KGaA       11,950     1,567,177
MTU Aero Engines AG        4,977     1,980,723
Muenchener Rueckversicherungs-Gesellschaft AG       12,367     8,023,662
Nemetschek SE        5,208       723,212
Porsche Automobil Holding SE (Preference Shares)       14,158       564,257
Rational AG          461       378,711
Rheinmetall AG        4,027     8,619,083
RWE AG       58,459     2,199,079
SAP SE       95,931    28,963,121
Sartorius AG (Preference Shares)        2,423       580,502
Scout24 SE*        6,934       943,998
Siemens AG       69,820    16,790,895
Siemens Energy AG†       59,123     5,739,719
Siemens Healthineers AG*       26,073     1,378,982
Symrise AG       12,277     1,464,389
Talanx AG        5,969       774,668
Volkswagen AG (Preference Shares)       19,066     2,064,400
Vonovia SE       68,472     2,241,433
Zalando SE*†       20,743       740,730
      174,340,701
Hong Kong — 1.8%
AIA Group, Ltd.      981,800     8,220,169
BOC Hong Kong Holdings, Ltd.      342,000     1,443,701
CK Asset Holdings, Ltd.      177,500       735,707
CK Hutchison Holdings, Ltd.      248,000     1,396,386
CLP Holdings, Ltd.      152,000     1,290,074
Futu Holdings, Ltd. ADR        5,116       521,474
Galaxy Entertainment Group, Ltd.      202,000       860,441
Hang Seng Bank, Ltd.       69,700       976,019
Henderson Land Development Co., Ltd.      134,000       419,546
HKT Trust & HKT, Ltd.      349,000       502,952
Hong Kong & China Gas Co., Ltd.#    1,032,000       908,138
Hong Kong Exchanges & Clearing, Ltd.      106,400     5,370,818
Link REIT      236,500     1,256,230
MTR Corp., Ltd.#      144,000       503,195
Power Assets Holdings, Ltd.      127,500       807,333
Sino Land Co., Ltd.      376,000       379,783
SITC International Holdings Co., Ltd.      124,000       396,143
Sun Hung Kai Properties, Ltd.      134,000     1,439,785
Swire Pacific, Ltd., Class A       37,000       315,447
Techtronic Industries Co., Ltd.      125,000     1,400,473
WH Group, Ltd.*      940,000       867,939
Wharf Holdings, Ltd.#       97,000       257,929
Wharf Real Estate Investment Co., Ltd.      154,000       386,124
      30,655,806
Ireland — 0.5%
AIB Group PLC      193,756     1,522,402
Bank of Ireland Group PLC       92,774     1,272,510
DCC PLC        9,150       571,538
James Hardie Industries PLC CDI†       40,359       921,986
Kerry Group PLC, Class A       13,830      1,510,655
 
91
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Ireland (continued)
Kingspan Group PLC       13,935 $    1,194,599
Ryanair Holdings PLC       78,364     2,079,425
      9,073,115
Isle of Man — 0.0%
Entain PLC       56,154       567,897
Israel — 0.9%
Azrieli Group, Ltd.        3,924       299,974
Bank Hapoalim BM      116,388     1,949,782
Bank Leumi Le-Israel BM      138,925     2,243,402
Check Point Software Technologies, Ltd.†        7,964     1,822,800
CyberArk Software, Ltd.†        4,330     1,657,437
Elbit Systems, Ltd.        2,456       985,640
ICL Group, Ltd.       73,202       482,990
Israel Discount Bank, Ltd., Class A      113,984       971,440
Mizrahi Tefahot Bank, Ltd.       14,355       821,707
Monday.com, Ltd.†        3,457     1,028,423
Nice, Ltd.†        5,775       962,619
Teva Pharmaceutical Industries, Ltd. ADR†      103,589     1,738,223
Wix.com, Ltd.†        4,765       709,747
      15,674,184
Italy — 2.6%
Banca Mediolanum SpA       20,611       342,793
Banco BPM SpA      104,742     1,202,375
BPER Banca SpA       92,009       816,132
DiaSorin SpA        2,017       209,233
Enel SpA      752,001     6,903,455
Eni SpA#      197,393     2,907,413
FinecoBank Banca Fineco SpA#       56,492     1,220,016
Generali#       79,561     2,895,318
Infrastrutture Wireless Italiane SpA*       27,787       325,919
Intesa Sanpaolo SpA    1,390,253     7,750,744
Leonardo SpA       37,418     2,303,606
Mediobanca Banca di Credito Finanziario SpA#       46,227     1,098,059
Moncler SpA       21,597     1,350,199
Nexi SpA*#       44,320       266,511
Poste Italiane SpA*#       42,267       917,129
Prysmian SpA       25,981     1,669,707
Recordati Industria Chimica e Farmaceutica SpA       10,635       637,587
Snam SpA#      186,445     1,114,807
Telecom Italia SpA#†      898,204       383,878
Terna - Rete Elettrica Nazionale#      130,089     1,323,182
UniCredit SpA      129,099     8,290,875
Unipol Assicurazioni SpA       33,168       648,892
      44,577,830
Japan — 21.8%
Advantest Corp.       70,400     3,604,273
Aeon Co., Ltd.       60,500     1,864,676
AGC, Inc.#       18,100       538,616
Aisin Corp.       47,100       603,254
Ajinomoto Co., Inc.       83,100     2,085,946
ANA Holdings, Inc.       16,100       319,662
Asahi Group Holdings, Ltd.      133,600     1,769,635
Asahi Kasei Corp.      116,000       818,639
Asics Corp.       60,200     1,457,150
Astellas Pharma, Inc.      167,300     1,661,432
Bandai Namco Holdings, Inc.       54,400     1,737,534
Bridgestone Corp.       52,500     2,267,539
Canon, Inc.#       86,300     2,658,060
Capcom Co., Ltd.       32,700        977,171
Security Description   Shares or
Principal
Amount 		Value
Japan (continued)
Central Japan Railway Co.       71,400 $    1,568,473
Chiba Bank, Ltd.       53,600       489,457
Chubu Electric Power Co., Inc.       59,600       732,289
Chugai Pharmaceutical Co., Ltd.       61,700     3,251,476
Concordia Financial Group, Ltd.       94,700       610,076
Dai Nippon Printing Co., Ltd.       34,900       516,970
Daifuku Co., Ltd.       30,000       806,421
Dai-ichi Life Holdings, Inc.      324,000     2,540,978
Daiichi Sankyo Co., Ltd.      158,300     4,226,614
Daikin Industries, Ltd.       24,200     2,789,235
Daito Trust Construction Co., Ltd.        5,400       609,444
Daiwa House Industry Co., Ltd.       51,800     1,753,486
Daiwa Securities Group, Inc.      123,000       836,925
Denso Corp.      173,800     2,369,149
Dentsu Group, Inc.       18,000       390,535
Disco Corp.        8,500     1,941,659
East Japan Railway Co.       83,900     1,766,684
Eisai Co., Ltd.       24,800       713,693
ENEOS Holdings, Inc.      252,400     1,202,230
FANUC Corp.       86,900     2,335,934
Fast Retailing Co., Ltd.       17,600     5,913,757
Fuji Electric Co., Ltd.       12,700       567,416
FUJIFILM Holdings Corp.#      102,800     2,346,122
Fujikura, Ltd.       23,100     1,078,466
Fujitsu, Ltd.      161,700     3,728,556
Hankyu Hanshin Holdings, Inc.       21,100       569,676
Hikari Tsushin, Inc.        1,700       464,769
Hitachi, Ltd.      420,800    11,831,939
Honda Motor Co., Ltd.      389,300     3,971,593
Hoshizaki Corp.#       10,100       378,675
Hoya Corp.       31,900     3,794,214
Hulic Co., Ltd.#       42,600       432,824
Idemitsu Kosan Co., Ltd.       80,500       493,143
IHI Corp.       13,500     1,312,050
Inpex Corp.#       81,500     1,105,301
Isuzu Motors, Ltd.       49,200       669,984
ITOCHU Corp.      109,200     5,873,783
Japan Airlines Co., Ltd.       13,300       270,169
Japan Exchange Group, Inc.       91,800     1,020,106
Japan Post Bank Co., Ltd.      165,600     1,790,130
Japan Post Holdings Co., Ltd.      164,400     1,617,208
Japan Post Insurance Co., Ltd.       17,500       386,254
Japan Tobacco, Inc.      110,200     3,398,781
JFE Holdings, Inc.       49,200       585,189
Kajima Corp.       35,400       876,789
Kansai Electric Power Co., Inc.       85,100       970,493
Kao Corp.       42,300     1,941,928
Kawasaki Kisen Kaisha, Ltd.#       32,400       490,182
KDDI Corp.      281,900     4,895,709
Keyence Corp.       17,900     7,555,829
Kikkoman Corp.       63,900       587,288
Kirin Holdings Co., Ltd.       71,800     1,033,876
Kobe Bussan Co., Ltd.       14,300       452,170
Komatsu, Ltd.       82,600     2,538,359
Konami Group Corp.        9,300     1,270,312
Kubota Corp.       90,400     1,045,070
Kyocera Corp.      117,800     1,442,056
Kyowa Kirin Co., Ltd.       21,600       353,283
Lasertec Corp.#        7,400       751,082
LY Corp.      270,100       979,827
M3, Inc.       41,300       584,793
Makita Corp.       21,900       676,656
Marubeni Corp.      129,500      2,650,387
 
92  
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Japan (continued)
MatsukiyoCocokara & Co.       30,900 $      626,182
MEIJI Holdings Co., Ltd.       21,900       490,827
Minebea Mitsumi, Inc.       33,300       470,590
Mitsubishi Chemical Group Corp.      125,300       671,018
Mitsubishi Corp.      314,100     6,406,640
Mitsubishi Electric Corp.      175,800     3,547,887
Mitsubishi Estate Co., Ltd.       98,300     1,804,165
Mitsubishi HC Capital, Inc.#       81,100       596,576
Mitsubishi Heavy Industries, Ltd.#      295,000     6,871,955
Mitsubishi UFJ Financial Group, Inc.    1,053,200    14,825,092
Mitsui & Co., Ltd.      227,600     4,790,996
Mitsui Fudosan Co., Ltd.      242,800     2,345,405
Mitsui OSK Lines, Ltd.       31,400     1,118,350
Mizuho Financial Group, Inc.      220,100     6,121,409
MonotaRO Co., Ltd.       23,300       482,856
MS&AD Insurance Group Holdings, Inc.      118,400     2,843,673
Murata Manufacturing Co., Ltd.      153,300     2,271,348
NEC Corp.      113,600     2,988,123
Nexon Co., Ltd.       30,200       548,194
NIDEC Corp.       76,700     1,497,807
Nintendo Co., Ltd.      101,400     8,339,894
Nippon Building Fund, Inc.          708       647,505
Nippon Paint Holdings Co., Ltd.       90,800       687,492
Nippon Sanso Holdings Corp.       15,900       571,934
Nippon Steel Corp.       89,400     1,806,701
Nippon Telegraph & Telephone Corp.    2,745,200     3,060,079
Nippon Yusen KK#       40,600     1,487,214
Nissan Motor Co., Ltd.#†      203,500       521,708
Nissin Foods Holdings Co., Ltd.#       18,600       395,797
Nitori Holdings Co., Ltd.#        7,400       738,997
Nitto Denko Corp.       66,000     1,213,406
Nomura Holdings, Inc.      274,100     1,692,088
Nomura Research Institute, Ltd.       34,400     1,333,495
NTT Data Group Corp.       58,400     1,619,347
Obayashi Corp.       60,000       909,205
Obic Co., Ltd.       29,400     1,076,130
Olympus Corp.      104,200     1,343,278
Omron Corp.       17,100       445,043
Ono Pharmaceutical Co., Ltd.       33,200       361,198
Oracle Corp. Japan†        3,500       410,942
Oriental Land Co., Ltd.       99,200     2,215,015
ORIX Corp.      106,700     2,273,479
Osaka Gas Co., Ltd.       33,600       857,659
Otsuka Corp.       20,100       414,236
Otsuka Holdings Co., Ltd.       40,800     2,084,020
Pan Pacific International Holdings Corp.       35,300     1,162,561
Panasonic Holdings Corp.      215,600     2,499,189
Rakuten Group, Inc.†      139,500       774,208
Recruit Holdings Co., Ltd.      129,700     7,831,845
Renesas Electronics Corp.      153,900     1,906,972
Resona Holdings, Inc.      190,100     1,690,350
Ricoh Co., Ltd.       44,900       421,401
Sanrio Co., Ltd.       16,500       727,337
SBI Holdings, Inc.       25,100       765,585
SCREEN Holdings Co., Ltd.#        7,800       561,034
SCSK Corp.       14,000       427,214
Secom Co., Ltd.       38,800     1,420,469
Sekisui Chemical Co., Ltd.       34,900       608,770
Sekisui House, Ltd.       55,200     1,259,402
Seven & i Holdings Co., Ltd.      204,700     3,095,502
SG Holdings Co., Ltd.       29,200       285,212
Shimadzu Corp.       22,200        538,897
Security Description   Shares or
Principal
Amount 		Value
Japan (continued)
Shimano, Inc.#        6,900 $      986,125
Shin-Etsu Chemical Co., Ltd.      165,300     5,331,369
Shionogi & Co., Ltd.       68,200     1,141,288
Shiseido Co., Ltd.#       38,000       615,310
SMC Corp.        5,200     1,956,844
SoftBank Corp.    2,630,000     4,046,576
SoftBank Group Corp.       87,800     4,645,813
Sompo Holdings, Inc.       81,800     2,493,878
Sony Group Corp.      565,000    14,959,867
Subaru Corp.       54,800     1,020,252
Sumitomo Corp.      100,100     2,575,282
Sumitomo Electric Industries, Ltd.       64,800     1,367,197
Sumitomo Metal Mining Co., Ltd.#       24,200       558,183
Sumitomo Mitsui Financial Group, Inc.      339,000     8,716,773
Sumitomo Mitsui Trust Group, Inc.       60,000     1,635,776
Sumitomo Realty & Development Co., Ltd.       27,900     1,077,067
Suntory Beverage & Food, Ltd.       12,000       391,202
Suzuki Motor Corp.      144,900     1,865,438
Sysmex Corp.       45,000       760,711
T&D Holdings, Inc.       44,300     1,020,259
Taisei Corp.       14,300       800,291
Takeda Pharmaceutical Co., Ltd.      146,200     4,383,104
TDK Corp.      179,100     1,991,452
Terumo Corp.      123,200     2,278,295
TIS, Inc.       19,800       653,326
Toho Co., Ltd.       10,400       550,374
Tokio Marine Holdings, Inc.      164,600     6,991,453
Tokyo Electron, Ltd.       41,200     6,585,357
Tokyo Gas Co., Ltd.       30,400     1,023,580
Tokyo Metro Co., Ltd.#       27,000       341,218
Tokyu Corp.       45,900       558,857
Toppan Holdings, Inc.       21,400       572,570
Toray Industries, Inc.      125,800       872,587
Toyota Industries Corp.       15,000     1,888,356
Toyota Motor Corp.      870,600    16,753,128
Toyota Tsusho Corp.       58,900     1,256,632
Trend Micro, Inc.       11,600       872,650
Unicharm Corp.#      102,700       818,988
West Japan Railway Co.       41,400       897,367
Yakult Honsha Co., Ltd.       23,600       478,741
Yamaha Motor Co., Ltd.       85,700       661,086
Yokogawa Electric Corp.       21,000       517,940
Zensho Holdings Co., Ltd.        9,000       494,048
ZOZO, Inc.       33,700       366,287
      372,085,309
Jersey — 0.5%
CVC Capital Partners PLC*       19,164       356,208
Experian PLC       84,352     4,197,154
Glencore PLC      945,080     3,608,682
WPP PLC       99,745       805,542
      8,967,586
Luxembourg — 0.7%
ArcelorMittal SA       43,368     1,315,752
Eurofins Scientific SE       10,914       727,924
InPost SA†       19,130       314,522
Spotify Technology SA†       14,105     9,381,800
Tenaris SA       36,603       613,854
      12,353,852
Macau — 0.0%
Sands China, Ltd.      224,400       441,296
 
93
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Netherlands — 5.9%
ABN AMRO Bank NV CVA*       42,363 $    1,095,261
Adyen NV*†        2,322     4,454,656
AerCap Holdings NV       16,968     1,963,707
Airbus SE       54,589    10,046,219
Akzo Nobel NV#       15,395     1,048,116
Argenx SE†        5,582     3,209,605
ASM International NV        4,333     2,359,587
ASML Holding NV       36,181    26,863,337
ASR Nederland NV       13,590       871,530
BE Semiconductor Industries NV#        7,315       884,985
Davide Campari-Milano NV#       55,495       361,940
Euronext NV*        7,182     1,169,399
EXOR NV        8,737       841,252
Ferrari NV       11,654     5,576,190
Ferrovial SE#       43,845     2,232,306
Heineken Holding NV       11,984       933,456
Heineken NV       26,628     2,371,010
IMCD NV        5,465       741,526
ING Groep NV      291,005     6,172,277
JDE Peet's NV       15,402       423,564
Koninklijke Ahold Delhaize NV       83,870     3,540,659
Koninklijke KPN NV      359,567     1,689,423
Koninklijke Philips NV       76,940     1,769,071
NN Group NV       24,871     1,565,049
Prosus NV      120,599     6,189,423
QIAGEN NV       19,942       900,065
Randstad NV#        9,474       397,588
Stellantis NV#      185,238     1,885,595
STMicroelectronics NV       62,602     1,571,255
Universal Music Group NV#      101,409     3,242,479
Wolters Kluwer NV       22,053     3,913,765
      100,284,295
New Zealand — 0.3%
Contact Energy, Ltd.       84,766       463,972
Fisher & Paykel Healthcare Corp., Ltd.       56,436     1,230,902
Infratil, Ltd.      105,323       663,657
Meridian Energy, Ltd.      127,784       419,202
Xero, Ltd.†       13,363     1,587,435
      4,365,168
Norway — 0.6%
Aker BP ASA       29,218       672,672
DNB Bank ASA       82,799     2,216,918
Equinor ASA       77,465     1,817,590
Gjensidige Forsikring ASA       18,492       468,124
Kongsberg Gruppen ASA        8,133     1,432,601
Mowi ASA       41,656       777,831
Norsk Hydro ASA      130,026       712,841
Orkla ASA       62,507       707,899
Salmar ASA        5,605       249,846
Telenor ASA       55,507       851,578
Yara International ASA       14,925       535,156
      10,443,056
Portugal — 0.2%
EDP SA      282,872     1,127,367
Galp Energia SGPS SA#       37,612       599,813
Jeronimo Martins SGPS SA       26,183       658,806
      2,385,986
Singapore — 1.7%
CapitaLand Ascendas REIT      360,900        741,527
Security Description   Shares or
Principal
Amount 		Value
Singapore (continued)
CapitaLand Integrated Commercial Trust      539,882 $      874,862
CapitaLand Investment, Ltd.#      215,100       420,277
DBS Group Holdings, Ltd.      196,300     6,806,386
Genting Singapore, Ltd.#      660,900       353,573
Grab Holdings, Ltd., Class A†      209,553     1,020,523
Keppel, Ltd.      144,100       758,627
Oversea-Chinese Banking Corp., Ltd.      311,100     3,914,831
Sea, Ltd. ADR†       33,295     5,339,519
Sembcorp Industries, Ltd.       92,800       476,322
Singapore Airlines, Ltd.#      137,700       761,234
Singapore Technologies Engineering, Ltd.      143,900       872,493
Singapore Telecommunications, Ltd.      687,100     2,029,735
United Overseas Bank, Ltd.      115,300     3,165,554
Wilmar International, Ltd.      190,900       451,440
Yangzijiang Shipbuilding Holdings, Ltd.      284,000       466,819
      28,453,722
Spain — 3.1%
Acciona SA        2,231       359,713
ACS Actividades de Construccion y Servicios SA       16,484     1,082,765
Aena SME SA*        7,183     1,932,957
Amadeus IT Group SA#       41,653     3,470,500
Banco Bilbao Vizcaya Argentaria SA      532,868     7,992,645
Banco de Sabadell SA      502,998     1,602,017
Banco Santander SA    1,392,032    11,113,078
Bankinter SA       62,137       800,076
CaixaBank SA      364,863     3,102,157
Cellnex Telecom SA*       45,582     1,745,215
EDP Renovaveis SA#       28,433       285,393
Endesa SA       31,858       972,335
Iberdrola SA #      534,271     9,754,740
Industria de Diseno Textil SA#      100,857     5,464,804
International Consolidated Airlines Group SA      114,557       504,036
Repsol SA      107,012     1,440,463
Telefonica SA#      339,707     1,817,514
      53,440,408
SupraNational — 0.1%
Unibail-Rodamco-Westfield       11,209     1,062,217
Sweden — 3.1%
AddTech AB, Class B       24,031       825,686
Alfa Laval AB       26,751     1,137,628
Assa Abloy AB, Class B       92,672     2,937,641
Atlas Copco AB, Class A      251,329     4,034,603
Atlas Copco AB, Class B      144,317     2,055,553
Beijer Ref AB       35,588       525,266
Boliden AB†       24,655       771,260
Epiroc AB, Class A       60,932     1,363,303
Epiroc AB, Class B       36,057       705,197
EQT AB       34,426     1,007,613
Essity AB, Class B       56,423     1,649,677
Evolution AB*       13,623       935,014
Fastighets AB Balder, Class B†       64,034       448,715
H & M Hennes & Mauritz AB, Class B       52,374       750,077
Hexagon AB, Class B      191,962     1,934,247
Holmen AB, Class B        7,526       310,870
Industrivarden AB, Class A       11,020       399,329
Industrivarden AB, Class C       13,956       504,119
Indutrade AB       25,264       684,638
Investment AB Latour, Class B       13,690       360,994
Investor AB, Class B      159,009     4,680,565
L E Lundbergforetagen AB, Class B        6,853       349,979
Lifco AB, Class B       21,553        877,682
 
94  
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Sweden (continued)
Nibe Industrier AB, Class B      143,552 $      588,017
Saab AB, Class B       29,615     1,496,821
Sagax AB, Class B       18,685       408,901
Sandvik AB       98,582     2,153,247
Securitas AB, Class B       45,472       672,336
Skandinaviska Enskilda Banken AB, Class A      145,783     2,432,264
Skanska AB, Class B       31,464       747,959
SKF AB, Class B       30,747       676,072
Svenska Cellulosa AB SCA, Class B       54,691       739,619
Svenska Handelsbanken AB, Class A      134,859     1,801,271
Swedbank AB, Class A       77,997     2,111,226
Swedish Orphan Biovitrum AB†       18,103       553,648
Tele2 AB, Class B       49,275       737,304
Telefonaktiebolaget LM Ericsson, Class B      256,837     2,182,871
Telia Co. AB      212,672       821,676
Trelleborg AB, Class B       19,698       721,599
Volvo AB, Class B      145,931     4,047,487
      52,141,974
Switzerland — 9.7%
ABB, Ltd.      146,226     8,268,965
Alcon AG       46,202     3,968,993
Avolta AG        8,128       435,337
Baloise Holding AG        3,811       903,897
Banque Cantonale Vaudoise#        2,785       322,153
Barry Callebaut AG#          329       337,195
BKW AG        1,838       386,136
Chocoladefabriken Lindt & Spruengli AG           10     1,569,866
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)#           87     1,398,554
Cie Financiere Richemont SA, Class A#       49,387     9,292,317
Coca-Cola HBC AG       20,093     1,045,532
DSM-Firmenich AG       17,195     1,913,749
EMS-Chemie Holding AG#          649       492,861
Galderma Group AG        8,798     1,151,330
Geberit AG        3,091     2,302,288
Givaudan SA          851     4,268,442
Helvetia Holding AG        3,346       791,982
Holcim AG       47,883     5,295,639
Julius Baer Group, Ltd.       19,047     1,252,520
Kuehne & Nagel International AG        4,466     1,004,172
Logitech International SA       14,063     1,169,467
Lonza Group AG        6,678     4,618,612
Nestle SA      240,695    25,648,787
Novartis AG      174,658    19,955,154
Partners Group Holding AG        2,098     2,809,230
Roche Holding AG       64,543    20,821,588
Roche Holding AG (BR)        2,959     1,006,707
Sandoz Group AG       38,648     1,959,637
Schindler Holding AG        2,171       743,891
Schindler Holding AG (Participation Certificate)        3,765     1,337,650
SGS SA       14,017     1,460,970
SIG Group AG#       29,279       597,676
Sika AG       14,096     3,762,930
Sonova Holding AG#        4,686     1,466,724
Straumann Holding AG       10,320     1,323,543
Swatch Group AG #        2,608       439,050
Swiss Life Holding AG        2,656     2,650,836
Swiss Prime Site AG        7,148     1,015,311
Swiss Re AG       27,710     4,890,495
Swisscom AG        2,395     1,645,653
Temenos AG#        4,884        362,294
Security Description   Shares or
Principal
Amount 		Value
Switzerland (continued)
UBS Group AG      302,153 $    9,615,294
VAT Group AG*        2,434       924,802
Zurich Insurance Group AG       13,445     9,429,470
      166,057,699
United Kingdom — 14.1%
3i Group PLC       89,424     4,906,164
Admiral Group PLC       24,073     1,086,564
Anglo American PLC      116,737     3,468,146
Antofagasta PLC       36,461       869,771
Ashtead Group PLC       39,685     2,317,905
Associated British Foods PLC       29,563       829,694
AstraZeneca PLC      142,453    20,575,320
Auto Trader Group PLC*       82,132       878,644
Aviva PLC      246,020     2,023,986
BAE Systems PLC      276,744     7,090,139
Barclays PLC    1,313,852     5,797,463
Barratt Redrow PLC      124,785       774,738
BP PLC    1,476,329     7,155,899
British American Tobacco PLC      181,988     8,175,015
BT Group PLC#      550,641     1,331,350
Bunzl PLC       30,578       978,894
Centrica PLC      469,479     1,001,646
Coca-Cola Europacific Partners PLC       19,154     1,758,146
Compass Group PLC      156,943     5,508,456
Croda International PLC       12,265       506,994
Diageo PLC      205,736     5,591,089
GSK PLC      379,401     7,703,568
Haleon PLC      829,076     4,623,491
Halma PLC       35,102     1,374,383
Hikma Pharmaceuticals PLC       15,387       443,658
HSBC Holdings PLC    1,623,597    19,101,707
Imperial Brands PLC       71,865     2,720,846
Informa PLC      122,993     1,301,522
InterContinental Hotels Group PLC       13,667     1,564,104
Intertek Group PLC       14,922       962,232
J Sainsbury PLC      162,199       623,710
JD Sports Fashion PLC      234,481       265,758
Kingfisher PLC      167,637       627,003
Land Securities Group PLC       65,432       558,051
Legal & General Group PLC      539,479     1,807,717
Lloyds Banking Group PLC    5,525,627     5,747,501
London Stock Exchange Group PLC       44,224     6,718,229
M&G PLC      211,136       673,350
Marks & Spencer Group PLC      189,681       956,841
Melrose Industries PLC      115,188       726,484
Mondi PLC       39,790       646,281
National Grid PLC#      452,326     6,377,802
NatWest Group PLC      707,468     5,000,522
Next PLC       10,723     1,858,687
Pearson PLC       55,442       870,252
Phoenix Group Holdings PLC       64,923       554,585
Prudential PLC      239,708     2,728,454
Reckitt Benckiser Group PLC       62,642     4,247,041
RELX PLC      169,709     9,132,573
Rentokil Initial PLC      233,417     1,105,762
Rio Tinto PLC      104,260     6,183,694
Rolls-Royce Holdings PLC      778,844     9,089,686
Sage Group PLC       92,689     1,522,342
Schroders PLC       72,982       349,473
Segro PLC      118,830     1,115,936
Severn Trent PLC       24,981       909,779
Shell PLC      549,922     18,149,253
 
95
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
COMMON STOCKS (continued)
United Kingdom (continued)
Smith & Nephew PLC       76,803   $    1,111,898
Smiths Group PLC       31,696         919,878
Spirax Group PLC        6,636         510,979
SSE PLC      102,029       2,420,824
Standard Chartered PLC      186,068       2,903,090
Tesco PLC      618,130       3,231,408
Unilever PLC      229,109      14,530,032
United Utilities Group PLC       63,047         994,722
Vodafone Group PLC    1,838,476       1,904,371
Whitbread PLC       16,312         636,042
Wise PLC, Class A†       61,601         912,149
        241,043,693
Total Long-Term Investment Securities
(cost $1,204,244,071) 		      1,691,212,837
SHORT-TERM INVESTMENTS — 3.1%
Unaffiliated Investment Companies — 3.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.27%(1)        3,150           3,150
State Street Navigator Securities Lending Government Money Market Portfolio 4.32%(1)(2)   53,352,381      53,352,381
Total Short-Term Investments
(cost $53,355,531) 		      53,355,531
TOTAL INVESTMENTS
(cost $1,257,599,602)(3) 		  102.2%   1,744,568,368
Other assets less liabilities   (2.2)   (37,961,697)
NET ASSETS   100.0%   $1,706,606,671
# 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 International Equities Index Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $21,322,145 representing 1.2% of net assets.
(1) The rate shown is the 7-day yield as of May 31, 2025.
(2) At May 31, 2025, the Fund had loaned securities with a total value of $63,781,440. This was secured by collateral of $53,352,381, which was received in cash and subsequently invested in short-term investments currently valued at $53,352,381 as reported in the Portfolio of Investments. Additional collateral of $13,762,557 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
May 31, 2025
Government National Mtg. Assoc.   2.30% to 5.50%   11/16/2050 to 12/16/2057   $341,961
United States Treasury Bills   0.00%   06/24/2025 to 12/26/2025   166,868
United States Treasury Notes/Bonds   0.13% to 4.88%   06/30/2025 to 11/15/2054   13,253,728
(3) See Note 4 for cost of investments on a tax basis.
ADR—American Depositary Receipt
ASX—Australian Stock Exchange
BR—Bearer Shares
CDI—CHESS Depositary Interest
CVA—Certification Van Aandelen (Dutch Cert.)
 
Contracts For Difference Swaps
Counterparty Underlying
Reference 		Number of
Contracts 		Financing
Rate 		Payment
Frequency 		Maturity
Date 		Notional
Amount 		Unrealized
Appreciation/
(Depreciation) 		  Value
Spain                  
Goldman Sachs and Co. LLC Redeia Corporation SA 37,521 2.42% Monthly 08/19/2026 $783,887 $(13,791)   $(13,791)
Singapore                  
HSBC Holdings Singapore Exchange, Ltd. 79,300 2.41 Monthly 02/10/2028 850,011  10,292    10,292
              $(3,499)   $(3,499)
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
Appreciation
12 Long SGX Nikkei 225 Index June 2025 $1,571,686 $1,582,613 $10,927
6 Long SPI 200 Index June 2025   814,371   817,707  3,336
            $14,263
            Unrealized
(Depreciation)
51 Long Euro STOXX 50 Index June 2025 $3,114,007 $3,108,499 $(5,508)
13 Long FTSE 100 Index June 2025 1,538,923 1,538,127   (796)
            $(6,304)
    Net Unrealized Appreciation (Depreciation)   $7,959
* 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.
96  
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VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Industry Allocation*  
Banks 14.5%
Pharmaceuticals 7.9
Insurance 6.2
Food 3.5
Aerospace/Defense 3.4
Telecommunications 3.2
Oil & Gas 3.2
Short-Term Investments 3.1
Semiconductors 3.0
Electric 2.7
Commercial Services 2.7
Software 2.7
Auto Manufacturers 2.6
Chemicals 2.4
Retail 2.3
Cosmetics/Personal Care 2.2
Mining 2.1
Healthcare-Products 2.1
Machinery-Construction & Mining 2.0
Diversified Financial Services 1.9
Internet 1.9
Distribution/Wholesale 1.8
Apparel 1.7
Machinery-Diversified 1.5
Beverages 1.5
Engineering & Construction 1.5
Electronics 1.4
Building Materials 1.4
Miscellaneous Manufacturing 1.2
Transportation 1.1
Computers 1.1
Home Furnishings 1.1
Electrical Components & Equipment 1.0
Agriculture 0.9
REITS 0.8
Biotechnology 0.7
Real Estate 0.6
Auto Parts & Equipment 0.6
Toys/Games/Hobbies 0.6
Private Equity 0.6
Entertainment 0.5
Healthcare-Services 0.5
Investment Companies 0.5
Household Products/Wares 0.4
Gas 0.4
Food Service 0.3
Iron/Steel 0.3
Leisure Time 0.3
Lodging 0.3
Water 0.3
Airlines 0.2
Hand/Machine Tools 0.2
Home Builders 0.2
Metal Fabricate/Hardware 0.2
Advertising 0.2
Office/Business Equipment 0.2
Media 0.1
Forest Products & Paper 0.1
Shipbuilding 0.1
Energy-Alternate Sources 0.1
Holding Companies-Diversified 0.1
  102.2%
* Calculated as a percentage of net assets
97
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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:              
Denmark $—   $39,892,357   $—   $39,892,357
Israel 6,956,630   8,717,554   —   15,674,184
Other Countries 1,635,646,296   —   —   1,635,646,296
Short-Term Investments 53,355,531   —   —   53,355,531
Total Investments at Value $1,695,958,457   $48,609,911   $—   $1,744,568,368
Other Financial Instruments:†              
Swaps $—   $10,292   $—   $10,292
Futures Contracts 14,263   —   —   14,263
Total Other Financial Instruments $14,263   $10,292   $—   $24,555
LIABILITIES:              
Other Financial Instruments:†              
Swaps $—   $13,791   $—   $13,791
Futures Contracts 6,304   —   —   6,304
Total Other Financial Instruments $6,304   $13,791   $—   $20,095
* 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
98  
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
CORPORATE BONDS & NOTES — 4.6%
Cayman Islands — 0.5%
Gaci First Investment Co.      
4.88%, 02/14/2035   $    300,000 $   289,345
Mexico — 1.1%
Petroleos Mexicanos      
5.35%, 02/12/2028       200,000    187,982
6.70%, 02/16/2032       470,000    419,501
      607,483
Morocco — 0.5%
OCP SA      
6.70%, 03/01/2036*       280,000    275,100
Peru — 0.5%
Orazul Energy Peru SA      
5.63%, 04/28/2027       300,000    294,450
Serbia — 0.4%
Telecommunications co Telekom Srbija AD Belgrade      
7.00%, 10/28/2029*       200,000    198,192
Singapore — 0.4%
LLPL Capital Pte, Ltd.      
6.88%, 02/04/2039       218,160    216,788
Turkey — 0.5%
Turkcell Iletisim Hizmetleri AS      
7.45%, 01/24/2030*       250,000    253,125
United Arab Emirates — 0.4%
DP World, Ltd.      
5.63%, 09/25/2048       250,000    228,125
United States — 0.3%
Sasol Financing USA LLC      
8.75%, 05/03/2029       200,000    196,644
Total Corporate Bonds & Notes
(cost $2,573,107) 		    2,559,252
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 28.3%
United States — 28.3%
United States Treasury Bonds      
1.88%, 02/15/2041       940,000    633,105
2.50%, 05/15/2046       350,000    236,387
2.88%, 05/15/2043 to 05/15/2049       970,000    712,632
3.00%, 02/15/2047       500,000    367,480
3.75%, 08/15/2041 to 11/15/2043       920,000    798,256
4.25%, 02/15/2054       250,000    223,291
4.50%, 11/15/2054       400,000    373,375
4.63%, 02/15/2055       500,000    476,875
4.75%, 02/15/2041 to 02/15/2045       750,000    736,631
United States Treasury Notes      
0.50%, 06/30/2027       500,000    466,387
0.88%, 11/15/2030     1,000,000    847,070
1.13%, 08/31/2028     1,020,000    934,934
1.25%, 09/30/2028       450,000    413,209
1.38%, 11/15/2031       400,000    337,781
1.63%, 05/15/2031#       500,000    435,625
1.88%, 02/28/2029     1,000,000    929,961
2.38%, 05/15/2027     1,120,000  1,087,756
2.75%, 08/15/2032#       700,000    637,684
2.88%, 05/15/2028       500,000    486,230
3.63%, 08/31/2029#       900,000    889,172
3.75%, 06/30/2030     1,000,000    989,219
3.88%, 08/15/2034       400,000     385,375
Security Description   Shares or
Principal
Amount 		Value
United States (continued)
4.00%, 02/15/2034   $    600,000 $   586,242
4.25%, 11/15/2034       200,000    198,031
4.38%, 11/30/2030 to 05/15/2034     1,500,000  1,520,953
Total U.S. Government & Agency Obligations
(cost $16,856,542) 		    15,703,661
FOREIGN GOVERNMENT OBLIGATIONS — 64.7%
Angola — 1.0%
Republic of Angola      
8.00%, 11/26/2029       300,000    255,844
8.75%, 04/14/2032       350,000    286,929
      542,773
Argentina — 1.0%
Republic of Argentina      
0.75%, 07/09/2030(1)       193,600    151,589
4.13%, 07/09/2035(1)       580,000    389,470
      541,059
Australia — 2.5%
Commonwealth of Australia      
1.25%, 05/21/2032 AUD     600,000    324,627
2.75%, 11/21/2027 AUD     650,000    413,505
3.00%, 03/21/2047 AUD     559,000    271,459
3.75%, 05/21/2034 AUD     600,000    375,049
      1,384,640
Azerbaijan — 0.5%
Republic of Azerbaijan      
3.50%, 09/01/2032       300,000    262,648
Belgium — 0.8%
Kingdom of Belgium      
0.40%, 06/22/2040* EUR     600,000    439,283
Benin — 0.5%
Republic of Benin      
7.96%, 02/13/2038       300,000    274,927
Bulgaria — 1.2%
Government of Bulgaria      
4.88%, 05/13/2036 EUR     200,000    253,068
5.00%, 03/05/2037       400,000    386,320
      639,388
Dominican Republic — 0.9%
Dominican Republic      
5.88%, 01/30/2060       350,000    287,052
5.95%, 01/25/2027       200,000    201,110
      488,162
Ecuador — 0.6%
Republic of Ecuador      
5.00%, 07/31/2040(1)       360,000    192,305
5.50%, 07/31/2035(1)       225,164    140,164
      332,469
Egypt — 1.1%
Arab Republic of Egypt      
7.63%, 05/29/2032       450,000    405,362
8.75%, 09/30/2051       300,000    233,440
      638,802
Finland — 0.5%
Republic of Finland      
0.13%, 04/15/2052* EUR     600,000    294,491
 
99
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
France — 3.6%
Government of France      
0.75%, 05/25/2028* EUR     400,000 $   436,233
1.25%, 05/25/2034* EUR     600,000    585,964
1.75%, 05/25/2066* EUR     235,000    148,196
3.00%, 05/25/2054* EUR     350,000    335,287
3.50%, 11/25/2033* EUR     400,000    471,369
      1,977,049
Germany — 5.4%
Federal Republic of Germany      
0.50%, 08/15/2027 EUR     930,000  1,027,145
2.30%, 02/15/2033 EUR     400,000    453,038
2.50%, 08/15/2054 EUR     200,000    205,441
2.60%, 08/15/2034 EUR     500,000    573,570
4.00%, 01/04/2037 EUR     100,000    128,704
4.75%, 07/04/2040 EUR     260,000    364,952
6.50%, 07/04/2027 EUR     200,000    248,912
      3,001,762
Indonesia — 0.6%
Republic of Indonesia      
2.15%, 07/28/2031   $    400,000    343,322
Italy — 5.4%
Republic of Italy      
2.00%, 02/01/2028 EUR     465,000    527,538
2.50%, 12/01/2032 EUR     600,000    656,622
2.70%, 03/01/2047* EUR     470,000    429,405
3.00%, 08/01/2029 EUR     180,000    209,536
3.50%, 03/01/2030* EUR     300,000    356,372
4.35%, 11/01/2033 EUR     300,000    369,262
4.75%, 09/01/2028* EUR     140,000    171,634
6.00%, 05/01/2031 EUR     200,000    267,353
      2,987,722
Ivory Coast — 0.8%
Republic of Ivory Coast      
8.08%, 04/01/2036*       275,000    259,693
8.25%, 01/30/2037       200,000    189,460
      449,153
Japan — 8.3%
Government of Japan      
0.10%, 03/20/2028 JPY 100,000,000    681,414
0.10%, 03/20/2031 JPY  70,000,000    459,895
0.20%, 06/20/2028 JPY  50,000,000    340,992
0.50%, 12/20/2041 JPY 100,000,000    529,511
0.60%, 09/20/2029 JPY  80,000,000    547,182
0.70%, 03/20/2061 JPY 185,000,000    645,170
0.80%, 03/20/2047 JPY  80,000,000    395,855
1.70%, 09/20/2032 JPY  60,000,000    431,648
2.30%, 12/20/2036 JPY  30,000,000    221,301
2.30%, 03/20/2039 JPY  50,000,000    361,430
      4,614,398
Jordan — 1.2%
Kingdom of Jordan      
5.85%, 07/07/2030       350,000    328,206
7.38%, 10/10/2047       400,000    344,312
      672,518
Kazakhstan — 0.6%
Republic of Kazakhstan      
6.50%, 07/21/2045       300,000    313,131
Security Description   Shares or
Principal
Amount 		Value
Mexico — 2.1%
United Mexican States      
2.66%, 05/24/2031   $    200,000 $   169,680
6.40%, 05/07/2054       450,000    396,099
8.50%, 02/28/2030 MXN   6,000,000    305,955
8.50%, 11/18/2038 MXN   6,000,000    281,003
      1,152,737
Morocco — 0.6%
Kingdom of Morocco      
3.00%, 12/15/2032       400,000    330,541
Nigeria — 0.5%
Federal Republic of Nigeria      
6.13%, 09/28/2028       300,000    278,925
Oman — 0.5%
Sultanate of Oman      
6.50%, 03/08/2047       300,000    293,529
Pakistan — 0.5%
Islamic Republic of Pakistan      
7.38%, 04/08/2031       300,000    255,000
Panama — 0.3%
Republic of Panama      
6.40%, 02/14/2035       200,000    188,060
Peru — 0.8%
Republic of Peru      
1.95%, 11/17/2036 EUR     300,000    272,758
2.84%, 06/20/2030       200,000    180,740
      453,498
Poland — 1.5%
Republic of Poland      
2.50%, 07/25/2026 PLN   1,000,000    260,495
5.13%, 09/18/2034       380,000    376,200
5.50%, 03/18/2054       200,000    181,252
      817,947
Qatar — 0.3%
State of Qatar      
5.10%, 04/23/2048       200,000    185,813
Romania — 0.3%
Government of Romania      
6.00%, 05/25/2034       150,000    139,875
Saudi Arabia — 2.6%
Kingdom of Saudi Arabia      
3.25%, 10/22/2030       300,000    279,069
3.38%, 03/05/2032 EUR     200,000    226,415
3.45%, 02/02/2061       300,000    179,583
5.38%, 01/13/2031*       200,000    205,976
5.75%, 01/16/2054*       200,000    186,337
5.75%, 01/16/2054       400,000    372,750
      1,450,130
Serbia — 1.2%
Republic of Serbia      
1.65%, 03/03/2033 EUR     300,000    274,261
6.00%, 06/12/2034       400,000    396,416
      670,677
 
100  
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
South Africa — 1.0%
Republic of South Africa      
7.10%, 11/19/2036*   $    200,000 $   193,857
7.30%, 04/20/2052       400,000    346,000
      539,857
Spain — 5.7%
Kingdom of Spain      
0.50%, 10/31/2031* EUR     400,000    397,519
1.00%, 10/31/2050* EUR     470,000    292,640
1.30%, 10/31/2026* EUR     655,000    738,027
3.45%, 10/31/2034* EUR   1,000,000  1,172,135
5.75%, 07/30/2032 EUR     400,000    542,847
      3,143,168
Sri Lanka — 0.8%
Republic of Sri Lanka      
3.35%, 03/15/2033(1)       200,000    155,250
3.60%, 05/15/2036(1)       200,000    155,000
3.60%, 02/15/2038*(1)       200,000    155,772
      466,022
Sweden — 0.7%
Kingdom of Sweden      
2.25%, 05/11/2035 SEK   4,000,000    414,714
Trinidad and Tobago — 0.6%
Republic of Trinidad & Tobago      
6.40%, 06/26/2034       350,000    334,233
Turkey — 1.1%
Republic of Turkey      
7.25%, 05/29/2032       400,000    393,106
9.38%, 01/19/2033       200,000    220,267
      613,373
United Arab Emirates — 1.3%
Emirate of Abu Dhabi      
1.63%, 06/02/2028       400,000    370,078
2.70%, 09/02/2070       200,000    104,827
3.88%, 04/16/2050       300,000    227,378
      702,283
United Kingdom — 5.0%
United Kingdom Gilt Treasury      
0.88%, 01/31/2046 GBP     468,000    285,202
1.13%, 01/31/2039 GBP     500,000    420,946
3.25%, 01/31/2033 GBP     300,000    373,314
3.75%, 03/07/2027 GBP     600,000     804,279
Security Description   Shares or
Principal
Amount 		  Value
United Kingdom (continued)
4.25%, 07/31/2034 GBP     350,000   $   459,195
4.38%, 07/31/2054 GBP     400,000      458,749
        2,801,685
Uruguay — 0.2%
Oriental Republic of Uruguay        
5.10%, 06/18/2050   $    100,000       89,545
Zambia — 0.6%
Repubic of Zambia        
5.75%, 06/30/2033(1)       399,705      358,935
Total Foreign Government Obligations
(cost $37,072,687) 		      35,878,244
TOTAL INVESTMENTS
(cost $56,502,336)(2) 		  97.6%   54,141,157
Other assets less liabilities   2.4   1,344,943
NET ASSETS   100.0%   $55,486,100
* 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 International Government Bond Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $7,996,607 representing 14.4% of net assets.
# The security or a portion thereof is out on loan.
At May 31, 2025, the Fund had loaned securities with a total value of $1,977,129. This was secured by collateral of $2,072,598 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
May 31, 2025
Federal Home Loan Mtg. Corp.   1.50% to 9.50%   06/01/2025 to 04/25/2055   $732,741
Federal National Mtg. Assoc.   1.50% to 9.00%   06/01/2025 to 03/01/2062   461,557
Government National Mtg. Assoc.   1.50% to 7.50%   06/15/2025 to 01/16/2067   878,300
(1) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of May 31, 2025.
(2) See Note 4 for cost of investments on a tax basis.
AUD—Australian Dollar
EUR—Euro Currency
GBP—British Pound
JPY—Japanese Yen
MXN—Mexican Peso
PLN—Polish Zloty
SEK—Swedish Krona
 
Industry Allocation*  
Foreign Government Obligations 64.7%
U.S. Government & Agency Obligations 28.3
Oil & Gas 1.1
Electric 0.9
Chemicals 0.8
Investment Companies 0.5
Telecommunications 0.5
Commercial Services 0.4
Distribution/Wholesale 0.4
  97.6%
* Calculated as a percentage of net assets
101
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (see Note 2):
  Level 1 - Unadjusted
Quoted Prices 		  Level 2 - Other
Observable Inputs 		  Level 3 - Significant
Unobservable Inputs 		  Total
ASSETS:              
Investments at Value:*              
Corporate Bonds & Notes $—   $2,559,252   $—   $2,559,252
U.S. Government & Agency Obligations —   15,703,661   —   15,703,661
Foreign Government Obligations —   35,878,244   —   35,878,244
Total Investments at Value $—   $54,141,157   $—   $54,141,157
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
102  
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 99.0%
Brazil — 1.6%
NU Holdings, Ltd., Class A†     503,604 $  6,048,284
Canada — 8.7%
Brookfield Corp.#     148,168   8,552,257
Canada Goose Holdings, Inc.#†     384,121   4,636,341
Canadian Pacific Kansas City, Ltd.     161,398  13,182,571
Shopify, Inc., Class A†      63,559   6,814,796
      33,185,965
Denmark — 8.3%
DSV A/S     133,204  31,541,381
France — 21.4%
EssilorLuxottica SA      21,687   6,025,617
Hermes International S.C.A.      12,546  34,587,727
L'Oreal SA      36,907  15,605,816
LVMH Moet Hennessy Louis Vuitton SE      13,548   7,356,957
Schneider Electric SE      71,941  18,081,067
      81,657,184
Hong Kong — 2.7%
AIA Group, Ltd.   1,235,518  10,344,436
India — 8.2%
HDFC Bank, Ltd.     536,825  12,179,325
ICICI Bank, Ltd. ADR     404,350  13,844,944
Titan Co., Ltd.     125,639   5,212,018
      31,236,287
Italy — 5.8%
Moncler SpA     351,878  21,998,668
Japan — 5.2%
Keyence Corp.      34,400  14,520,699
Sanrio Co., Ltd.     118,900   5,240,375
      19,761,074
Luxembourg — 8.1%
Spotify Technology SA†      46,244  30,758,734
Netherlands — 5.4%
Adyen NV*†       3,693   7,084,860
ASML Holding NV      18,462  13,707,496
      20,792,356
Switzerland — 5.9%
Chocoladefabriken Lindt & Spruengli AG          39   6,122,479
Cie Financiere Richemont SA, Class A      33,741   6,348,473
Straumann Holding AG      78,280  10,039,434
      22,510,386
Taiwan — 4.9%
Taiwan Semiconductor Manufacturing Co., Ltd.     583,000  18,538,413
Security Description   Shares or
Principal
Amount 		  Value
United Kingdom — 5.5%
Birkenstock Holding PLC†      86,144   $  4,632,825
London Stock Exchange Group PLC      80,002    12,153,395
Rightmove PLC     426,314     4,280,383
        21,066,603
United States — 7.3%
Liberty Media Corp.-Liberty Formula One, Class C†      93,800     9,054,514
MercadoLibre, Inc.†       7,255    18,596,669
        27,651,183
Total Long-Term Investment Securities
(cost $247,359,345) 		      377,090,954
SHORT-TERM INVESTMENTS — 1.3%
Unaffiliated Investment Companies — 1.3%
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(1)(2)
(cost $4,801,513) 		  4,801,513     4,801,513
TOTAL INVESTMENTS
(cost $252,160,858)(3) 		  100.3%   381,892,467
Other assets less liabilities   (0.3)   (1,112,335)
NET ASSETS   100.0%   $380,780,132
† 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 International Growth Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $7,084,860 representing 1.9% of net assets.
(1) The rate shown is the 7-day yield as of May 31, 2025.
(2) At May 31, 2025, the Fund had loaned securities with a total value of $5,710,683. This was secured by collateral of $4,801,513, which was received in cash and subsequently invested in short-term investments currently valued at $4,801,513 as reported in the Portfolio of Investments. Additional collateral of $1,099,133 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
May 31, 2025
United States Treasury Notes/Bonds   0.13% to 5.00%   07/15/2025 to 05/15/2054   $1,099,133
(3) See Note 4 for cost of investments on a tax basis.
ADR—American Depositary Receipt
 
Industry Allocation*  
Internet 15.9%
Apparel 13.4
Transportation 11.8
Retail 8.9
Semiconductors 8.5
Banks 8.4
Electrical Components & Equipment 4.7
Healthcare-Products 4.2
Cosmetics/Personal Care 4.1
Machinery-Diversified 3.8
103
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Industry Allocation*(continued)  
Diversified Financial Services 3.2%
Insurance 2.7
Media 2.4
Private Equity 2.2
Commercial Services 1.8
Food 1.6
Toys/Games/Hobbies 1.4
Short-Term Investments 1.3
  100.3%
* Calculated as a percentage of net assets
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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:              
Denmark $—   $31,541,381   $—   $31,541,381
Taiwan —   18,538,413   —   18,538,413
Other Countries 327,011,160   —   —   327,011,160
Short-Term Investments 4,801,513   —   —   4,801,513
Total Investments at Value $331,812,673   $50,079,794   $—   $381,892,467
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
104  
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 98.4%
Australia — 3.9%
ALS, Ltd.#      137,713 $  1,426,530
Brickworks, Ltd.        8,611     152,698
Challenger, Ltd.      205,427   1,007,703
Charter Hall Group       68,621     803,715
Cochlear, Ltd.        6,983   1,222,087
Computershare, Ltd.       54,477   1,412,360
Evolution Mining, Ltd.      112,383     641,112
Genesis Minerals, Ltd.†      296,157     901,061
JB Hi-Fi, Ltd.        6,168     428,641
Judo Capital Holdings, Ltd.†      577,730     530,677
Liberty Financial Group, Ltd.      242,002     485,143
Nufarm, Ltd.#†       89,559     137,397
Orora, Ltd.#      323,956     390,497
Reliance Worldwide Corp, Ltd.       88,843     252,553
Sandfire Resources, Ltd.#†       48,266     358,724
SiteMinder, Ltd.#†      102,814     304,860
Stockland      541,591   1,906,138
Ventia Services Group Pty., Ltd.       50,940     155,314
Worley, Ltd.       31,573     264,982
      12,782,192
Austria — 2.0%
Addiko Bank AG       12,429     274,488
ANDRITZ AG       30,728   2,123,063
BAWAG Group AG*       29,144   3,623,526
Fabasoft AG        4,067      79,197
Wienerberger AG        8,944     331,068
      6,431,342
Belgium — 1.2%
Aedifica SA        4,939     372,931
Elia Group SA#        9,759   1,033,844
KBC Ancora       19,653   1,428,160
Warehouses De Pauw CVA       39,273     956,956
      3,791,891
Bermuda — 0.2%
Hiscox, Ltd.       46,849     795,968
Brazil — 3.4%
Hapvida Participacoes e Investimentos SA*†      442,701     221,370
Odontoprev SA      657,600   1,264,726
Raia Drogasil SA      482,800   1,253,533
Rumo SA      613,183   2,017,677
TIM SA      289,717     987,251
TOTVS SA      487,187   3,595,448
WEG SA      266,600   1,974,038
      11,314,043
Canada — 2.4%
Advantage Energy, Ltd.†       42,591     346,972
Birchcliff Energy, Ltd.       60,418     285,284
CCL Industries, Inc., Class B       32,745   1,909,558
Faraday Copper Corp.†      680,041     381,558
IMAX Corp.#†       30,808     858,003
Lundin Mining Corp.#       68,587     649,211
MEG Energy Corp.#       11,179     195,664
Montage Gold Corp.†      299,528     990,897
NGEx Minerals, Ltd.†       98,989   1,135,342
NuVista Energy, Ltd.†       38,994     392,682
Peyto Exploration & Development Corp.#       30,121      406,047
Security Description   Shares or
Principal
Amount 		Value
Canada (continued)
Sprott, Inc.          988 $     57,131
Topaz Energy Corp.#        8,461     155,058
      7,763,407
China — 0.7%
ENN Energy Holdings, Ltd.       98,462     787,335
Kanzhun, Ltd. ADR†       18,924     320,951
Pony AI, Inc. ADR#†        8,426     162,285
Shandong Weigao Group Medical Polymer Co., Ltd.      688,934     492,905
Zai Lab, Ltd. ADR#†       20,529     618,744
      2,382,220
Denmark — 2.2%
ALK-Abello A/S†       24,766     670,358
Ascendis Pharma A/S ADR†        2,740     446,181
Chemometec A/S       27,894   2,252,562
Dfds A/S†       47,074     752,354
NTG Nordic Transport Group A/S†        7,762     243,229
Pandora A/S       10,296   1,881,881
Royal Unibrew A/S       12,236   1,017,178
      7,263,743
Finland — 0.8%
Elisa Oyj       19,886   1,047,692
Kemira Oyj       39,235     862,030
Konecranes OYJ        9,513     743,146
Nokian Renkaat Oyj       13,487     100,612
      2,753,480
France — 4.0%
Alten SA       15,540   1,291,606
Ayvens SA*      101,038   1,027,924
Gaztransport Et Technigaz SA        8,821   1,639,587
Imerys SA        3,675     122,680
Interparfums SA       30,166   1,290,615
JCDecaux SE       75,485   1,295,927
Kaufman & Broad SA       12,670     481,936
Lectra       23,278     627,736
Legrand SA        8,885   1,078,962
Medincell SA†       22,206     420,818
Neurones       33,984   1,815,525
Thermador Groupe        8,731     674,126
Valeo SE       38,351     403,233
Vetoquinol SA        6,593     561,452
Vicat SACA        2,830     184,123
Wendel SE        2,132     207,340
      13,123,590
Germany — 5.1%
Amadeus Fire AG        8,345     707,807
Atoss Software SE        5,140     757,540
Bertrandt AG        7,431     168,076
Carl Zeiss Meditec AG       58,468   3,777,449
CTS Eventim AG & Co. KGaA       16,621   2,013,676
Evotec SE†       20,432     161,283
Fuchs SE (Preference Shares)       37,545   1,894,498
Gerresheimer AG        4,234     304,555
Hensoldt AG       15,811   1,651,639
Hypoport SE†          472     105,043
KION Group AG        9,018     418,795
Knorr-Bremse AG       27,091   2,737,683
RENK Group AG        7,717      686,787
 
105
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Germany (continued)
STRATEC SE        3,607 $    115,495
United Internet AG       42,255   1,100,625
      16,600,951
Greece — 0.5%
Alpha Services & Holdings SA      198,859     638,998
Hellenic Telecommunications Organization SA       45,152     871,041
      1,510,039
Hong Kong — 1.3%
Chow Tai Fook Jewellery Group, Ltd.#      954,600   1,361,088
Dah Sing Financial Holdings, Ltd.      215,034     804,893
HKT Trust & HKT, Ltd.      874,000   1,259,543
Stella International Holdings, Ltd.      176,033     314,301
SUNeVision Holdings, Ltd.      738,023     632,502
      4,372,327
India — 0.7%
AIA Engineering, Ltd.        9,457     384,811
Ashok Leyland, Ltd.       50,673     139,806
Coforge, Ltd.        9,466     945,660
Triveni Turbine, Ltd.      106,304     720,494
      2,190,771
Indonesia — 1.1%
Indofood CBP Sukses Makmur Tbk PT    1,078,200     720,614
Selamat Sempurna Tbk PT    6,600,200     755,691
Telkom Indonesia Persero Tbk PT   11,993,600   2,072,156
      3,548,461
Ireland — 1.0%
AIB Group PLC      160,398   1,260,297
Bank of Cyprus Holdings PLC (ASE)       84,480     583,211
Bank of Cyprus Holdings PLC (CSE)       13,952      97,269
ICON PLC†        9,418   1,226,977
      3,167,754
Israel — 2.8%
Camtek, Ltd.#†       10,227     680,504
First International Bank of Israel, Ltd.       14,095     887,512
Fiverr International, Ltd.#†       68,485   2,220,284
Melisron, Ltd.       17,806   1,663,653
Nova, Ltd.#†        3,464     739,980
Phoenix Financial, Ltd.       10,940     263,912
Sapiens International Corp. NV       51,358   1,473,974
SimilarWeb, Ltd.†       61,828     458,764
Tower Semiconductor, Ltd.†       18,602     733,663
      9,122,246
Italy — 3.3%
Banca Generali SpA        9,405     548,362
BFF Bank SpA*†       95,813     987,821
Brunello Cucinelli SpA        4,194     516,447
Buzzi SpA        6,814     349,865
De' Longhi SpA       23,774     777,973
DiaSorin SpA#       23,899   2,479,156
Eurogroup Laminations SpA#       42,505     133,976
Interpump Group SpA       33,686   1,313,463
Italgas SpA#      174,041   1,428,755
Recordati Industria Chimica e Farmaceutica SpA       35,565   2,132,185
Saipem SpA#      121,749     301,778
      10,969,781
Security Description   Shares or
Principal
Amount 		Value
Japan — 28.0%
ABC-Mart, Inc.       60,744 $  1,186,217
Adastria Co., Ltd.       45,968     893,836
ADEKA Corp.        8,554     158,691
Air Water, Inc.       22,360     313,735
Amada Co., Ltd.       31,044     319,620
As One Corp.       47,600     739,662
ASKUL Corp.       82,420     888,953
Azbil Corp.      325,000   2,870,670
BayCurrent, Inc.        7,567     404,026
Canon Marketing Japan, Inc.       36,400   1,356,383
COMSYS Holdings Corp.       12,662     292,142
Daicel Corp.       17,264     148,051
Denka Co., Ltd.        4,914      70,229
Disco Corp.        8,200   1,873,130
DMG Mori Co., Ltd.       11,778     253,084
Ebara Corp.       36,296     586,835
eGuarantee, Inc.       95,018   1,049,923
en Japan, Inc.       46,150     553,563
EXEO Group, Inc.       23,738     303,623
FP Corp.       21,814     445,846
Fujimi, Inc.       65,600     860,716
Fujitec Co., Ltd.        4,004     160,277
Fukui Computer Holdings, Inc.       33,500     710,066
Funai Soken Holdings, Inc.       47,800     789,608
GMO Payment Gateway, Inc.       10,562     649,890
Hakuhodo DY Holdings, Inc.       47,370     373,146
Heiwa Real Estate Co., Ltd.       19,136     593,117
Hirose Electric Co., Ltd.        8,417     993,814
Ibiden Co., Ltd.       23,322     958,034
IHI Corp.        9,594     932,431
Inaba Denki Sangyo Co., Ltd.        8,814     237,845
INFRONEER Holdings, Inc.       13,156     107,748
Japan Airport Terminal Co., Ltd.       16,172     502,822
Japan Elevator Service Holdings Co., Ltd.       64,900   1,628,194
Japan Real Estate Investment Corp.          983     799,270
Japan Steel Works, Ltd.        5,018     239,192
JCU Corp.       27,900     622,391
JGC Holdings Corp.       20,514     173,427
Kandenko Co., Ltd.        5,616     116,324
Kansai Paint Co., Ltd.#       16,848     240,669
Katitas Co., Ltd.#       97,800   1,500,015
Kawasaki Heavy Industries, Ltd.       11,076     781,659
Kinden Corp.        9,334     254,018
Koito Manufacturing Co., Ltd.       25,337     321,786
Konami Group Corp.        6,300     860,534
Kurita Water Industries, Ltd.        6,344     238,382
Kyudenko Corp.        6,032     222,760
Kyushu Electric Power Co., Inc.      220,090   1,897,367
Lintec Corp.        7,228     144,063
Lixil Corp.       24,128     272,476
M3, Inc.       59,747     845,995
Marui Group Co., Ltd.       80,730   1,657,014
Mebuki Financial Group, Inc.      498,835   2,467,568
Medikit Co., Ltd.       13,800     239,758
MEITEC Group Holdings, Inc.       79,100   1,771,154
MIRAIT ONE corp       12,012     213,118
MISUMI Group, Inc.      198,981   2,647,410
Mitsubishi Gas Chemical Co., Inc.       13,078     202,084
Mitsui Chemicals, Inc.        9,828     224,365
Miura Co., Ltd.        8,580     181,385
MonotaRO Co., Ltd.#       61,100   1,266,202
Nabtesco Corp.       12,168     201,976
NGK Insulators, Ltd.       17,732      222,181
 
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PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Japan (continued)
Nichias Corp.        3,978 $    138,309
Nifco, Inc.       21,237     511,683
Nippon Shokubai Co., Ltd.       12,896     148,860
Nissan Chemical Corp.       11,102     335,463
NOF Corp.#      131,756   2,344,038
NSD Co., Ltd.       45,800   1,133,741
NSK, Ltd.       26,286     118,720
Nxera Pharma Co., Ltd.#†       69,472     438,379
OBIC Business Consultants Co., Ltd.       34,962   1,995,503
Obic Co., Ltd.       64,100   2,346,257
PALTAC Corp.       27,794     808,932
Penta-Ocean Construction Co., Ltd.       23,504     142,842
Persol Holdings Co., Ltd.      337,596     633,220
Rakuten Bank, Ltd.†       42,786   2,244,633
Resonac Holdings Corp.       12,090     267,266
Resorttrust, Inc.      114,530   1,300,944
Sansan, Inc.†       29,644     415,319
Sanwa Holdings Corp.       14,430     500,104
SCSK Corp.#       78,700   2,401,555
Sega Sammy Holdings, Inc.       88,400   1,677,447
Seria Co., Ltd.      111,700   2,052,433
Shimamura Co., Ltd.       27,953   1,943,568
Shimano, Inc.        9,400   1,343,417
Shimizu Corp.       41,262     455,504
Shin-Etsu Polymer Co., Ltd.       13,052     152,747
SHO-BOND Holdings Co., Ltd.#       58,470   1,990,243
SMS Co., Ltd.      133,700   1,344,015
Socionext, Inc.#       78,760   1,172,957
Sohgo Security Services Co., Ltd.      202,204   1,409,435
Sojitz Corp.       19,620     486,495
Sumitomo Chemical Co., Ltd.       96,590     232,791
Sumitomo Heavy Industries, Ltd.       12,844     270,903
Sumitomo Rubber Industries, Ltd.       23,192     290,192
Sysmex Corp.       91,400   1,545,088
Taiheiyo Cement Corp.        6,916     178,265
Takasago Thermal Engineering Co., Ltd.        2,132      98,529
TechnoPro Holdings, Inc.      126,851   3,476,843
Teijin, Ltd.       12,064      97,211
THK Co., Ltd.       13,858     381,084
TKC Corp.       44,600   1,317,280
Tokyo Seimitsu Co., Ltd.       19,360   1,082,395
Tokyu Fudosan Holdings Corp.      214,951   1,577,458
Tosoh Corp.       17,264     256,569
TOTO, Ltd.        6,968     179,315
Toyo Suisan Kaisha, Ltd.       25,000   1,666,145
UBE Corp.        9,048     142,296
USS Co., Ltd.      154,200   1,677,077
Visional, Inc.†        6,619     416,657
      92,170,597
Jersey — 0.8%
MAC Copper, Ltd. CDI†      201,959   2,490,396
Luxembourg — 0.1%
Subsea 7 SA       22,913     390,137
Mexico — 0.7%
Gruma SAB de CV, Class B       92,820   1,746,477
Grupo Aeroportuario del Sureste SAB de CV, Class B       13,737     440,857
Grupo Traxion SAB de CV*#†      164,481     167,737
      2,355,071
Netherlands — 1.7%
Aalberts NV       41,305    1,441,699
Security Description   Shares or
Principal
Amount 		Value
Netherlands (continued)
Arcadis NV       11,566 $    597,271
Corbion NV        6,902     149,136
IMCD NV        9,602   1,302,860
Immatics NV#†       54,033     291,237
Merus NV†       16,515     925,996
SBM Offshore NV        1,970      45,229
Technip Energies NV       22,684     858,723
      5,612,151
New Zealand — 0.0%
Fletcher Building, Ltd.#†       85,859     161,098
Norway — 0.6%
DOF Group ASA       26,689     232,575
Europris ASA*      128,369   1,001,055
Storebrand ASA       59,391     777,924
      2,011,554
Poland — 0.1%
Alior Bank SA       12,986     360,640
Russia — 0.0%
Moscow Exchange MICEX-RTS PJSC(1)(2)      205,642           0
Singapore — 0.5%
BOC Aviation, Ltd.*       51,030     412,934
ComfortDelGro Corp., Ltd.      198,224     218,242
Keppel DC REIT      510,297     866,486
      1,497,662
Slovenia — 0.3%
Nova Ljubljanska Banka dd GDR       30,044     962,000
South Africa — 0.1%
Hudaco Industries, Ltd.       43,144     473,870
South Korea — 1.1%
Coway Co., Ltd.       31,006   1,997,850
NICE Information Service Co., Ltd.       53,478     563,579
Park Systems Corp.        6,035   1,067,290
      3,628,719
Spain — 1.0%
Almirall SA       61,389     777,898
Fluidra SA#       38,610     946,938
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros#      276,375     429,292
Logista Integral SA       16,880     545,093
Melia Hotels International SA       46,561     357,121
Unicaja Banco SA*      153,815     338,296
      3,394,638
Sweden — 3.9%
AddTech AB, Class B       39,184   1,346,331
Billerud Aktiebolag       66,964     729,225
Cibus Nordic Real Estate AB publ       73,527   1,380,891
Epiroc AB, Class A       60,808   1,360,528
Haypp Group AB†       40,811     468,263
Hexpol AB      127,848   1,188,204
Karnov Group AB†      123,240   1,208,368
Loomis AB       28,683   1,109,987
MIPS AB       22,375     961,101
Mycronic AB       47,975   1,893,589
Svenska Handelsbanken AB, Class A       65,664     877,054
Thule Group AB*       15,984     421,485
      12,945,026
 
107
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Switzerland — 4.7%
Belimo Holding AG        1,610 $  1,553,269
BKW AG        4,515     948,534
Bossard Holding AG#        3,023     701,571
Cembra Money Bank AG        7,426     912,234
Kardex Holding AG        2,213     657,447
Partners Group Holding AG        2,598   3,478,731
PSP Swiss Property AG        6,386   1,122,788
Siegfried Holding AG       11,118   1,304,980
Tecan Group AG#        9,536   1,896,772
VZ Holding AG       12,846   2,725,287
      15,301,613
Taiwan — 2.1%
Advantech Co., Ltd.      149,000   1,683,647
ASPEED Technology, Inc.       12,930   1,675,490
Chroma ATE, Inc.       93,589   1,035,556
Gudeng Precision Industrial Co., Ltd.       39,572     455,247
Minth Group, Ltd.      109,883     297,792
Nien Made Enterprise Co., Ltd.      114,000   1,635,611
      6,783,343
United Kingdom — 15.7%
Allfunds Group PLC      110,699     694,455
Autolus Therapeutics PLC ADR#†      239,920     419,860
Beazley PLC      105,697   1,343,646
Bellway PLC       39,591   1,446,660
BP Marsh & Partners PLC       17,494     155,566
Bunzl PLC       47,939   1,534,672
Clarkson PLC       14,443     648,010
Currys PLC†    1,269,882   2,082,256
Deliveroo PLC*†      241,026     569,930
Diploma PLC       30,929   1,952,758
easyJet PLC      126,733     983,882
Elementis PLC      316,524     608,997
Genus PLC       23,616     641,153
Greggs PLC       47,761   1,328,200
Halma PLC       53,633   2,099,945
Hammerson PLC#      588,366   2,243,439
Hill & Smith PLC       54,903   1,369,990
Howden Joinery Group PLC      171,757   1,991,341
IMI PLC      164,156   4,396,969
Immunocore Holdings PLC ADR#†       14,600     534,360
Inchcape PLC       80,156     734,927
Intermediate Capital Group PLC       10,352     279,792
Intertek Group PLC       19,359   1,248,348
JET2 PLC       38,236     958,221
Marks & Spencer Group PLC       65,164     328,718
Pennon Group PLC       93,640     642,184
Rathbones Group PLC       57,743   1,282,144
Rightmove PLC      148,737   1,493,386
Rotork PLC      744,202   3,154,494
Smiths Group PLC       56,783   1,647,951
Softcat PLC       79,628   1,921,505
Spectris PLC       39,137   1,056,733
Spirax Group PLC       26,739   2,058,930
Synthomer PLC†       75,703     106,690
Tate & Lyle PLC      143,337   1,067,981
Trainline PLC*†      391,589   1,427,705
Verona Pharma PLC ADR†       17,940   1,456,728
Weir Group PLC       88,837   2,903,788
WH Smith PLC       60,756     856,251
      51,672,565
Security Description   Shares or
Principal
Amount 		  Value
United States — 0.4%
PriceSmart, Inc.       11,565   $  1,248,789
Total Common Stocks
(cost $280,573,387) 		      323,344,075
PREFERRED STOCKS — 0.1%
Germany — 0.1%
Jungheinrich AG (Preference Shares)
(cost $287,505) 		       7,384       296,799
RIGHTS — 0.0%
Spain — 0.0%
Almirall SA#†
Expires 06/06/2025, Strike Price EUR 1.84
(cost $13,554) 		      65,965        15,205
Total Long-Term Investment Securities
(cost $280,874,446) 		      323,656,079
SHORT-TERM INVESTMENTS — 3.2%
Unaffiliated Investment Companies — 3.2%
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(3)(4)
(cost $10,558,352) 		  10,558,352    10,558,352
TOTAL INVESTMENTS
(cost $291,432,798)(5) 		  101.7%   334,214,431
Other assets less liabilities   (1.7)   (5,623,580)
NET ASSETS   100.0%   $328,590,851
# 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 International Opportunities Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $10,199,783 representing 3.1% of net assets.
 
108  
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
(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 May 31, 2025, the Fund held the following restricted securities:
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Common Stocks
Moscow Exchange MICEX-RTS PJSC                        
    03/26/2020   27,771   $33,435            
    03/27/2020   156,529   182,610            
    10/19/2020   21,342   40,021            
        205,642   256,066   $0   $0.00   0.0%
(3) The rate shown is the 7-day yield as of May 31, 2025.
(4) At May 31, 2025, the Fund had loaned securities with a total value of $23,739,607. This was secured by collateral of $10,558,352, which was received in cash and subsequently invested in short-term investments currently valued at $10,558,352 as reported in the Portfolio of Investments. Additional collateral of $14,450,191 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
May 31, 2025
Government National Mtg. Assoc.   2.30% to 5.50%   11/16/2050 to 12/16/2057   $204,229
United States Treasury Bills   0.00%   06/24/2025 to 12/26/2025   34,210
United States Treasury Notes/Bonds   0.13% to 6.13%   06/30/2025 to 02/15/2055   14,211,752
(5) See Note 4 for cost of investments on a tax basis.
ADR—American Depositary Receipt
ASE—Athens Stock Exchange
CDI—CHESS Depositary Interest
CSE—Cyprus Stock Exchange
CVA—Certification Van Aandelen (Dutch Cert.)
EUR—Euro Currency
GDR—Global Depositary Receipt
 
Industry Allocation*  
Machinery-Diversified 6.2%
Retail 6.2
Banks 5.9
Commercial Services 4.9
Electronics 4.3
Internet 4.2
Healthcare-Products 4.1
Miscellaneous Manufacturing 3.9
Computers 3.8
Software 3.8
Short-Term Investments 3.2
Semiconductors 2.9
Chemicals 2.8
Diversified Financial Services 2.7
Engineering & Construction 2.7
Pharmaceuticals 2.5
REITS 2.4
Mining 2.3
Distribution/Wholesale 2.2
Food 2.0
Building Materials 2.0
Telecommunications 2.0
Real Estate 1.9
Insurance 1.7
109
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Industry Allocation*(continued)  
Transportation 1.5%
Home Furnishings 1.4
Machinery-Construction & Mining 1.3
Private Equity 1.3
Electric 1.2
Packaging & Containers 1.1
Auto Parts & Equipment 1.1
Metal Fabricate/Hardware 1.0
Entertainment 0.9
Leisure Time 0.8
Aerospace/Defense 0.7
Biotechnology 0.7
Gas 0.6
Airlines 0.6
Oil & Gas 0.6
Home Builders 0.5
Advertising 0.5
Lodging 0.5
Pipelines 0.5
Housewares 0.5
Healthcare-Services 0.5
Hand/Machine Tools 0.4
Office/Business Equipment 0.4
Cosmetics/Personal Care 0.4
Environmental Control 0.4
Electrical Components & Equipment 0.3
Beverages 0.3
Oil & Gas Services 0.3
Water 0.2
Agriculture 0.2
Apparel 0.1
Iron/Steel 0.1
Investment Companies 0.1
Auto Manufacturers 0.1
  101.7%
* Calculated as a percentage of net assets
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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:              
Denmark $446,181   $6,817,562   $—   $7,263,743
Indonesia —   3,548,461   —   3,548,461
Israel 6,307,169   2,815,077   —   9,122,246
Russia —   —   0   0
Taiwan 297,792   6,485,551   —   6,783,343
Other Countries 296,626,282   —   —   296,626,282
Preferred Stocks 296,799   —   —   296,799
Rights 15,205   —   —   15,205
Short-Term Investments 10,558,352   —   —   10,558,352
Total Investments at Value $314,547,780   $19,666,651   $0   $334,214,431
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
Level 3 investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to Financial Statements
110  
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 98.1%
Australia — 6.3%
ANZ Group Holdings, Ltd.     132,754 $  2,485,046
APA Group     117,773     629,347
ASX, Ltd.       8,852     406,838
BlueScope Steel, Ltd.      97,951   1,436,417
Brambles, Ltd.      79,984   1,195,623
Cochlear, Ltd.       3,720     651,033
Commonwealth Bank of Australia      36,326   4,119,999
Computershare, Ltd.      28,543     740,000
CSL, Ltd.      19,280   3,069,563
Evolution Mining, Ltd.      84,505     482,134
Goodman Group      62,615   1,328,705
Macquarie Group, Ltd.      17,110   2,362,544
Northern Star Resources, Ltd.     106,276   1,437,245
Origin Energy, Ltd.      42,666     297,577
Pro Medicus, Ltd.         457      83,089
QBE Insurance Group, Ltd.      57,944     865,042
Scentre Group     272,778     645,306
Sigma Healthcare, Ltd.     233,777     470,255
Sonic Healthcare, Ltd.      50,356     865,694
South32, Ltd.     556,397   1,093,893
Stockland     134,404     473,037
Suncorp Group, Ltd.      58,934     783,710
Transurban Group     207,053   1,892,553
Vicinity, Ltd.     260,754     413,482
Washington H. Soul Pattinson & Co., Ltd.      56,204   1,337,940
Wesfarmers, Ltd.       2,487     133,091
Westpac Banking Corp.     151,589   3,181,576
Woodside Energy Group, Ltd.     145,926   2,092,921
      34,973,660
Austria — 0.7%
Erste Group Bank AG      15,130   1,217,158
OMV AG      42,150   2,254,169
Verbund AG       2,542     198,434
      3,669,761
Belgium — 0.7%
Ageas SA       4,006     261,318
D'ieteren Group       2,612     536,512
Elia Group SA         898      95,149
Groupe Bruxelles Lambert NV      12,784   1,044,397
KBC Group NV      15,833   1,563,331
Sofina SA         422     122,090
Syensqo SA       5,684     435,638
      4,058,435
Bermuda — 0.1%
Aegon, Ltd.      60,528     433,389
CK Infrastructure Holdings, Ltd.      12,500      80,904
Hongkong Land Holdings, Ltd.      21,300     110,121
      624,414
Denmark — 1.4%
AP Moller-Maersk A/S, Series B         599   1,088,385
Coloplast A/S, Class B       2,853     277,246
Demant A/S†       4,073     159,738
DSV A/S       8,123   1,923,445
Genmab A/S†       3,173     665,740
Novonesis (Novozymes), Class B      12,875     906,714
Orsted A/S*†      13,854     567,444
Pandora A/S       5,824    1,064,498
Security Description   Shares or
Principal
Amount 		Value
Denmark (continued)
ROCKWOOL A/S, Class B       9,823 $    467,499
Vestas Wind Systems A/S      32,544     515,124
      7,635,833
Finland — 1.1%
Elisa Oyj       2,995     157,791
Kesko Oyj, Class B       9,720     235,079
Kone Oyj, Class B       8,300     516,825
Metso Oyj       9,703     117,114
Neste Oyj      31,325     336,118
Nokia Oyj     226,054   1,174,536
Nordea Bank Abp      82,442   1,194,916
Orion Oyj, Class B      12,380     839,898
Sampo Oyj, Class A      79,532     848,502
UPM-Kymmene Oyj      25,250     699,264
      6,120,043
France — 9.3%
Accor SA       8,001     424,711
Aeroports de Paris SA       2,429     325,721
Air Liquide SA      31,362   6,495,261
Alstom SA†      24,771     559,853
Amundi SA*       3,485     284,314
AXA SA     134,301   6,329,946
BioMerieux       1,580     211,873
Bureau Veritas SA       8,771     299,568
Capgemini SE       8,288   1,376,302
Covivio SA       3,180     190,647
Credit Agricole SA     105,769   1,934,137
Dassault Systemes SE      34,390   1,288,588
Edenred SE      16,570     517,396
Eiffage SA      11,775   1,619,098
EssilorLuxottica SA      15,390   4,276,029
Eurazeo SE       4,429     309,529
Gecina SA       2,448     269,341
Getlink SE      36,038     689,491
Hermes International S.C.A.       1,764   4,863,124
Ipsen SA       8,054     948,328
Kering SA       3,895     762,276
Klepierre SA      16,114     630,502
Legrand SA       8,364   1,015,694
Orange SA      57,489     857,399
Publicis Groupe SA      14,226   1,548,741
Rexel SA      16,485     462,894
Sartorius Stedim Biotech       1,538     338,786
Schneider Electric SE      21,817   5,483,308
Societe Generale SA      39,743   2,159,288
Sodexo SA       7,791     538,297
Teleperformance SE       2,270     229,498
Vinci SA      31,030   4,434,075
      51,674,015
Germany — 9.7%
adidas AG       6,662   1,660,379
Allianz SE       9,674   3,830,241
Bayerische Motoren Werke AG      34,943   3,098,698
Bayerische Motoren Werke AG (Preference Shares)       7,797     645,834
Beiersdorf AG      16,279   2,230,094
Brenntag SE       3,761     254,688
Commerzbank AG      58,461   1,778,308
Covestro AG†       2,058     141,374
Daimler Truck Holding AG      25,966   1,126,549
Deutsche Boerse AG       9,618   3,096,035
Deutsche Post AG      35,493    1,586,632
 
111
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Germany (continued)
E.ON SE      45,727 $    801,137
Evonik Industries AG      26,479     573,050
Fresenius SE & Co. KGaA      13,396     656,789
GEA Group AG       6,949     464,735
Hannover Rueck SE       3,725   1,177,507
Henkel AG & Co. KGaA       4,406     323,180
Henkel AG & Co. KGaA (Preference Shares)      17,854   1,428,794
Infineon Technologies AG      60,409   2,350,970
Knorr-Bremse AG       1,764     178,261
Merck KGaA      12,377   1,623,175
Muenchener Rueckversicherungs-Gesellschaft AG       6,234   4,044,596
Nemetschek SE       2,323     322,585
RWE AG       7,812     293,868
SAP SE      35,369  10,678,474
Sartorius AG (Preference Shares)       1,106     264,975
Siemens AG      27,204   6,542,245
Siemens Healthineers AG*      21,543   1,139,393
Symrise AG       5,944     708,995
Vonovia SE      25,103     821,747
Zalando SE*†      12,172     434,661
      54,277,969
Hong Kong — 2.3%
AIA Group, Ltd.     394,200   3,300,459
BOC Hong Kong Holdings, Ltd.     197,500     833,716
CK Asset Holdings, Ltd.     161,500     669,389
Futu Holdings, Ltd. ADR       1,786     182,047
Hang Seng Bank, Ltd.      34,400     481,708
Henderson Land Development Co., Ltd.     140,000     438,331
HKT Trust & HKT, Ltd.     203,000     292,548
Hong Kong & China Gas Co., Ltd.     632,000     556,146
Hong Kong Exchanges & Clearing, Ltd.      34,000   1,716,239
Link REIT      72,400     384,571
MTR Corp., Ltd.      81,500     284,794
Power Assets Holdings, Ltd.      68,500     433,743
SITC International Holdings Co., Ltd.      47,000     150,151
Sun Hung Kai Properties, Ltd.      79,500     854,201
Swire Pacific, Ltd., Class A      59,500     507,273
Techtronic Industries Co., Ltd.      48,500     543,384
WH Group, Ltd.*   1,018,500     940,422
Wharf Holdings, Ltd.      24,000      63,818
Wharf Real Estate Investment Co., Ltd.      85,000     213,121
      12,846,061
Ireland — 0.8%
AIB Group PLC      62,359     489,974
Bank of Ireland Group PLC      69,241     949,726
DCC PLC       7,880     492,209
James Hardie Industries PLC CDI†      19,847     453,397
Kerry Group PLC, Class A      15,369   1,678,761
Ryanair Holdings PLC       9,540     253,149
      4,317,216
Israel — 1.0%
Bank Hapoalim BM      71,791   1,202,674
Bank Leumi Le-Israel BM      80,179   1,294,754
Check Point Software Technologies, Ltd.†       1,981     453,411
CyberArk Software, Ltd.†         621     237,706
ICL Group, Ltd.      46,403     306,169
Israel Discount Bank, Ltd., Class A      62,143     529,620
Mizrahi Tefahot Bank, Ltd.       8,963     513,059
Monday.com, Ltd.†       1,187      353,120
Security Description   Shares or
Principal
Amount 		Value
Israel (continued)
Nice, Ltd.†       1,606 $    267,700
Wix.com, Ltd.†       1,486     221,340
      5,379,553
Italy — 3.6%
Banco BPM SpA      47,313     543,125
BPER Banca SpA      29,456     261,279
DiaSorin SpA       1,346     139,627
FinecoBank Banca Fineco SpA      22,561     487,233
Generali      93,544   3,404,176
Infrastrutture Wireless Italiane SpA*      51,764     607,150
Intesa Sanpaolo SpA     470,250   2,621,672
Mediobanca Banca di Credito Finanziario SpA      74,254   1,763,801
Moncler SpA      20,870   1,304,748
Nexi SpA*      12,294      73,928
Poste Italiane SpA*      69,768   1,513,858
Prysmian SpA       4,447     285,793
Recordati Industria Chimica e Farmaceutica SpA      18,231   1,092,981
Snam SpA     300,151   1,794,687
Telecom Italia SpA†     498,492     213,047
Terna - Rete Elettrica Nazionale     119,137   1,211,785
UniCredit SpA      47,167   3,029,115
      20,348,005
Japan — 21.5%
Advantest Corp.      22,000   1,126,335
Aeon Co., Ltd.      40,400   1,245,172
Aisin Corp.      18,000     230,543
Ajinomoto Co., Inc.      43,500   1,091,921
ANA Holdings, Inc.       9,700     192,591
Asahi Kasei Corp.      22,800     160,905
Asics Corp.      14,000     338,872
Astellas Pharma, Inc.     105,500   1,047,705
Bandai Namco Holdings, Inc.      12,200     389,667
Canon, Inc.      52,300   1,610,852
Central Japan Railway Co.      47,800   1,050,042
Chiba Bank, Ltd.      12,400     113,233
Chubu Electric Power Co., Inc.       5,200      63,891
Chugai Pharmaceutical Co., Ltd.      28,300   1,491,358
Dai-ichi Life Holdings, Inc.     176,300   1,382,637
Daiichi Sankyo Co., Ltd.      66,900   1,786,232
Denso Corp.      97,900   1,334,521
Dentsu Group, Inc.       1,600      34,714
Disco Corp.       2,600     593,919
East Japan Railway Co.      35,900     755,947
Eisai Co., Ltd.      27,400     788,515
ENEOS Holdings, Inc.     378,000   1,800,488
FANUC Corp.      36,300     975,770
Fast Retailing Co., Ltd.       6,800   2,284,860
FUJIFILM Holdings Corp.      47,000   1,072,643
Fujikura, Ltd.       8,600     401,507
Fujitsu, Ltd.      45,700   1,053,772
Hitachi, Ltd.     154,600   4,347,000
Hoya Corp.      12,400   1,474,867
Idemitsu Kosan Co., Ltd.     185,400   1,135,759
IHI Corp.       3,700     359,599
Inpex Corp.      95,900   1,300,593
Isuzu Motors, Ltd.      63,500     864,716
ITOCHU Corp.      39,300   2,113,916
Japan Airlines Co., Ltd.       5,700     115,786
Japan Post Bank Co., Ltd.      10,400     112,424
Japan Post Holdings Co., Ltd.      11,700     115,093
JFE Holdings, Inc.     132,200    1,572,399
 
112  
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Japan (continued)
Kajima Corp.      35,100 $    869,359
Kao Corp.      26,900   1,234,938
KDDI Corp.     141,300   2,453,933
Keyence Corp.       6,800   2,870,371
Komatsu, Ltd.      40,000   1,229,230
Kubota Corp.      41,700     482,073
Kyocera Corp.      38,700     473,749
Kyowa Kirin Co., Ltd.      24,600     402,350
Lasertec Corp.       2,200     223,295
M3, Inc.      11,900     168,500
Marubeni Corp.      85,200   1,743,730
MEIJI Holdings Co., Ltd.      25,500     571,510
Mitsubishi Chemical Group Corp.      93,200     499,113
Mitsubishi Corp.     168,600   3,438,903
Mitsubishi Electric Corp.      31,700     639,750
Mitsubishi Estate Co., Ltd.      58,700   1,077,360
Mitsubishi UFJ Financial Group, Inc.     310,500   4,370,671
Mitsui Fudosan Co., Ltd.     123,600   1,193,954
Mitsui OSK Lines, Ltd.      10,700     381,094
Mizuho Financial Group, Inc.     102,800   2,859,068
MS&AD Insurance Group Holdings, Inc.      61,100   1,467,470
Murata Manufacturing Co., Ltd.      68,700   1,017,884
NEC Corp.       6,300     165,715
Nexon Co., Ltd.      13,000     235,978
NIDEC Corp.      16,700     326,120
Nintendo Co., Ltd.      35,500   2,919,785
Nippon Paint Holdings Co., Ltd.      18,700     141,587
Nippon Yusen KK      17,400     637,377
Nissin Foods Holdings Co., Ltd.      13,700     291,528
Nitori Holdings Co., Ltd.       1,200     119,837
Nomura Research Institute, Ltd.       2,700     104,664
NTT Data Group Corp.      19,300     535,161
Obayashi Corp.      25,700     389,443
Ono Pharmaceutical Co., Ltd.      46,200     502,631
Oriental Land Co., Ltd.      42,000     937,809
ORIX Corp.      59,100   1,259,256
Osaka Gas Co., Ltd.      29,500     753,004
Otsuka Holdings Co., Ltd.      23,800   1,215,678
Pan Pacific International Holdings Corp.      21,600     711,369
Rakuten Group, Inc.†      43,300     240,310
Recruit Holdings Co., Ltd.      41,700   2,518,026
Renesas Electronics Corp.      42,600     527,856
Resona Holdings, Inc.     102,600     912,309
Sanrio Co., Ltd.       1,700      74,938
Secom Co., Ltd.      12,000     439,320
Seven & i Holdings Co., Ltd.      49,300     745,521
SG Holdings Co., Ltd.       7,200      70,326
Shimano, Inc.       2,400     343,000
Shin-Etsu Chemical Co., Ltd.      76,100   2,454,429
Shionogi & Co., Ltd.      59,500     995,698
Shiseido Co., Ltd.      22,900     370,805
SMC Corp.       1,600     602,106
SoftBank Corp.   1,092,100   1,680,329
SoftBank Group Corp.      33,400   1,767,314
Sompo Holdings, Inc.       7,800     237,803
Sony Group Corp.     199,500   5,282,289
Subaru Corp.      58,700   1,092,861
Sumitomo Corp.      59,800   1,538,480
Sumitomo Electric Industries, Ltd.      57,100   1,204,737
Sumitomo Metal Mining Co., Ltd.      65,300   1,506,173
Sumitomo Mitsui Financial Group, Inc.     154,600   3,975,260
Sumitomo Mitsui Trust Group, Inc.       4,100      111,778
Security Description   Shares or
Principal
Amount 		Value
Japan (continued)
Sumitomo Realty & Development Co., Ltd.       4,600 $    177,581
Suntory Beverage & Food, Ltd.      18,600     606,363
Suzuki Motor Corp.     107,800   1,387,814
Sysmex Corp.       8,700     147,071
TDK Corp.      30,500     339,136
Terumo Corp.      48,200     891,346
Tokio Marine Holdings, Inc.      67,300   2,858,595
Tokyo Electron, Ltd.      14,100   2,253,727
Tokyo Gas Co., Ltd.      21,500     723,913
Toppan Holdings, Inc.         600      16,053
Toray Industries, Inc.      65,700     455,715
Toyota Industries Corp.       7,700     969,356
Unicharm Corp.      31,700     252,794
Yakult Honsha Co., Ltd.      24,600     499,026
Yamaha Motor Co., Ltd.     120,000     925,675
      120,041,844
Jersey — 0.2%
WPP PLC     125,993   1,017,521
Luxembourg — 0.7%
Eurofins Scientific SE       3,690     246,109
Spotify Technology SA†       4,425   2,943,245
Tenaris SA      60,135   1,008,500
      4,197,854
Netherlands — 6.6%
ABN AMRO Bank NV CVA*      31,505     814,537
Adyen NV*†         747   1,433,087
AerCap Holdings NV       3,147     364,202
Akzo Nobel NV      11,652     793,287
Argenx SE†       2,142   1,231,633
ASM International NV         952     518,423
ASML Holding NV      12,356   9,173,970
BE Semiconductor Industries NV       1,430     173,035
EXOR NV      12,567   1,210,028
Ferrari NV       6,081   2,909,629
Ferrovial SE      49,140   2,501,893
ING Groep NV     174,695   3,705,317
JDE Peet's NV      36,383   1,000,554
Koninklijke Ahold Delhaize NV      58,219   2,457,775
Koninklijke KPN NV     146,860     690,021
NN Group NV      17,789   1,119,402
Prosus NV      62,116   3,187,939
QIAGEN NV      11,519     519,900
STMicroelectronics NV      36,153     907,409
Universal Music Group NV      25,864     826,983
Wolters Kluwer NV       7,086   1,257,558
      36,796,582
New Zealand — 0.2%
Fisher & Paykel Healthcare Corp., Ltd.      20,552     448,251
Meridian Energy, Ltd.      77,092     252,904
Xero, Ltd.†       3,233     384,059
      1,085,214
Norway — 1.2%
Aker BP ASA      68,946   1,587,310
DNB Bank ASA      16,740     448,208
Equinor ASA     112,243   2,633,599
Mowi ASA      38,141     712,196
Orkla ASA      63,087      714,468
 
113
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VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Norway (continued)
Telenor ASA      30,180 $    463,016
Yara International ASA       6,204     222,453
      6,781,250
Portugal — 0.7%
EDP SA     292,190   1,164,503
Galp Energia SGPS SA      97,799   1,559,639
Jeronimo Martins SGPS SA      40,329   1,014,741
      3,738,883
Singapore — 1.7%
DBS Group Holdings, Ltd.      90,700   3,144,876
Grab Holdings, Ltd., Class A†      85,903     418,348
Keppel, Ltd.      46,700     245,856
Oversea-Chinese Banking Corp., Ltd.     170,100   2,140,510
Sea, Ltd. ADR†      12,019   1,927,487
United Overseas Bank, Ltd.      48,200   1,323,328
Yangzijiang Shipbuilding Holdings, Ltd.     113,000     185,741
      9,386,146
Spain — 2.3%
Acciona SA       2,024     326,337
ACS Actividades de Construccion y Servicios SA       1,159      76,130
Aena SME SA*       8,898   2,394,467
Amadeus IT Group SA      22,347   1,861,937
Banco de Sabadell SA     576,061   1,834,718
Bankinter SA      37,193     478,897
CaixaBank SA     228,095   1,939,321
Cellnex Telecom SA*      20,733     793,812
Iberdrola SA     123,155   2,248,569
International Consolidated Airlines Group SA     142,013     624,839
      12,579,027
SupraNational — 0.1%
Unibail-Rodamco-Westfield       5,709     541,012
Sweden — 3.0%
Assa Abloy AB, Class B      28,787     912,529
Atlas Copco AB, Class A     103,690   1,664,543
Atlas Copco AB, Class B       7,452     106,141
Boliden AB†      53,987   1,688,827
Epiroc AB, Class A       4,871     108,985
Epiroc AB, Class B      33,990     664,771
EQT AB       9,683     283,411
Essity AB, Class B      52,353   1,530,679
Hexagon AB, Class B      60,210     606,688
Industrivarden AB, Class A       1,908      69,140
Industrivarden AB, Class C       4,681     169,087
Investor AB, Class B     137,859   4,057,997
Sandvik AB      46,829   1,022,848
Skandinaviska Enskilda Banken AB, Class A      97,136   1,620,630
Svenska Cellulosa AB SCA, Class B       8,286     112,057
Svenska Handelsbanken AB, Class A      87,012   1,162,193
Volvo AB, Class B      28,493     790,271
      16,570,797
Switzerland — 10.4%
ABB, Ltd.      88,147   4,984,643
Alcon AG      24,295   2,087,067
Baloise Holding AG       3,126     741,428
Barry Callebaut AG         150     153,736
Chocoladefabriken Lindt & Spruengli AG           1     156,987
Coca-Cola HBC AG      29,922    1,556,980
Security Description   Shares or
Principal
Amount 		Value
Switzerland (continued)
DSM-Firmenich AG       9,365 $  1,042,295
EMS-Chemie Holding AG       1,497   1,136,847
Galderma Group AG       1,681     219,980
Geberit AG       1,161     864,755
Givaudan SA         584   2,929,225
Holcim AG      13,399   1,481,868
Julius Baer Group, Ltd.      21,179   1,392,719
Kuehne & Nagel International AG       3,998     898,943
Logitech International SA      10,692     889,138
Lonza Group AG       2,549   1,762,929
Novartis AG      79,164   9,044,703
Partners Group Holding AG       1,568   2,099,558
Sandoz Group AG      15,641     793,073
Schindler Holding AG         334     114,445
Schindler Holding AG (Participation Certificate)       5,222   1,855,301
SGS SA      11,982   1,248,865
SIG Group AG      21,758     444,149
Sika AG       8,897   2,375,056
Sonova Holding AG       2,558     800,657
Straumann Holding AG       7,076     907,499
Swatch Group AG       6,240   1,050,488
Swiss Life Holding AG       2,163   2,158,795
Swiss Prime Site AG       6,256     888,610
Swiss Re AG      16,918   2,985,832
Swisscom AG       3,396   2,333,460
Temenos AG       3,820     283,367
VAT Group AG*       1,072     407,308
Zurich Insurance Group AG       8,789   6,164,047
      58,254,753
United Kingdom — 12.5%
3i Group PLC      61,409   3,369,147
Admiral Group PLC       9,707     438,137
Antofagasta PLC      83,720   1,997,126
Ashtead Group PLC      23,641   1,380,814
Associated British Foods PLC      33,977     953,574
AstraZeneca PLC      64,762   9,353,955
Auto Trader Group PLC*      40,872     437,247
Aviva PLC     345,491   2,842,325
Barratt Redrow PLC      97,429     604,896
Bunzl PLC      36,752   1,176,543
Centrica PLC     193,307     412,426
Coca-Cola Europacific Partners PLC      20,562   1,887,386
Compass Group PLC     100,969   3,543,855
Croda International PLC      11,514     475,950
Halma PLC      31,063   1,216,240
Hikma Pharmaceuticals PLC      29,760     858,078
Informa PLC     114,123   1,207,659
InterContinental Hotels Group PLC      13,778   1,576,807
Intertek Group PLC      13,487     869,698
JD Sports Fashion PLC     344,064     389,959
Kingfisher PLC     285,409   1,067,499
Land Securities Group PLC      97,015     827,414
Legal & General Group PLC     443,375   1,485,687
London Stock Exchange Group PLC      19,956   3,031,589
M&G PLC     220,155     702,113
Marks & Spencer Group PLC      99,158     500,200
Mondi PLC      58,401     948,566
National Grid PLC     354,491   4,998,327
Pearson PLC      66,907   1,050,214
Phoenix Group Holdings PLC     126,522   1,080,776
Prudential PLC     167,787   1,909,820
RELX PLC      86,692    4,665,168
 
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VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
COMMON STOCKS (continued)
United Kingdom (continued)
Rentokil Initial PLC     193,090   $    914,721
Sage Group PLC      57,507       944,506
Schroders PLC     155,152       742,942
Segro PLC      90,738       852,123
Smith & Nephew PLC      91,848     1,329,708
Smiths Group PLC      49,016     1,422,538
Spirax Group PLC       5,596       430,898
SSE PLC      98,243     2,330,994
Standard Chartered PLC     136,696     2,132,773
Whitbread PLC      30,845     1,202,717
Wise PLC, Class A†      17,608       260,728
        69,823,843
Total Long-Term Investment Securities
(cost $424,415,711) 		      546,739,691
SHORT-TERM INVESTMENTS — 0.3%
Unaffiliated Investment Companies — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(1)
(cost $1,890,240) 		  1,890,240     1,890,240
TOTAL INVESTMENTS
(cost $426,305,951)(2) 		  98.4%   548,629,931
Other assets less liabilities   1.6   8,651,456
NET ASSETS   100.0%   $557,281,387
† 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 International Socially Responsible Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $11,841,628 representing 2.1% of net assets.
(1) The rate shown is the 7-day yield as of May 31, 2025.
(2) See Note 4 for cost of investments on a tax basis.
ADR—American Depositary Receipt
ASX—Australian Stock Exchange
CDI—CHESS Depositary Interest
CVA—Certification Van Aandelen (Dutch Cert.)
 
Contracts For Difference Swaps
Counterparty Underlying
Reference 		Number of
Contracts 		Financing
Rate 		Payment
Frequency 		Maturity
Date 		Notional
Amount 		Unrealized
Appreciation/
(Depreciation) 		  Value
Spain                  
HSBC Holdings Redeia Corporation SA 11,724 2.43% Monthly 02/10/2028 $244,937 $(4,309)   $(4,309)
France                  
BNP Paribas Hong Kong Exchanges And Clearing L  5,800 0.31 Monthly 05/24/2027  39,463    665      665
Singapore                  
Goldman Sachs and Co. LLC Singapore Exchange, Ltd. 24,800 2.41 Monthly 08/19/2026 265,705  3,344    3,344
              $(300)   $(300)
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
Appreciation
12 Long FTSE 100 Index June 2025 $1,410,066 $1,419,809 $ 9,743
10 Long SGX Nikkei 225 Index June 2025 1,312,141 1,318,844  6,703
5 Long SPI 200 Index June 2025   673,926   681,423  7,497
            $23,943
115
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Futures Contracts — (continued)
Numberof
Contracts 		Type Description ExpirationMonth NotionalBasis* NotionalValue* Unrealized
(Depreciation)
46 Long Euro STOXX 50 Index June 2025 $2,824,990 $2,803,745 $(21,245)
    Net Unrealized Appreciation (Depreciation)   $2,698
* 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.
Industry Allocation*  
Banks 12.6%
Insurance 9.4
Pharmaceuticals 6.1
Chemicals 3.5
Commercial Services 3.4
Semiconductors 3.1
Oil & Gas 2.8
Healthcare-Products 2.8
Software 2.8
Engineering & Construction 2.8
Electric 2.7
Auto Manufacturers 2.3
Food 2.2
Diversified Financial Services 2.1
Telecommunications 2.1
Electronics 2.1
Distribution/Wholesale 2.0
Transportation 1.9
Retail 1.8
Internet 1.7
Machinery-Diversified 1.6
Miscellaneous Manufacturing 1.6
Mining 1.6
Machinery-Construction & Mining 1.4
Apparel 1.4
Investment Companies 1.3
Electrical Components & Equipment 1.3
Real Estate 1.2
Private Equity 1.2
Building Materials 1.1
REITS 1.0
Cosmetics/Personal Care 1.0
Home Furnishings 1.0
Beverages 0.9
Biotechnology 0.9
Computers 0.8
Food Service 0.7
Healthcare-Services 0.6
Auto Parts & Equipment 0.6
Gas 0.6
Toys/Games/Hobbies 0.6
Lodging 0.6
Leisure Time 0.6
Iron/Steel 0.6
Advertising 0.5
Hand/Machine Tools 0.4
Media 0.4
Entertainment 0.4
Household Products/Wares 0.4
Metal Fabricate/Hardware 0.4
Short-Term Investments 0.3
Forest Products & Paper 0.3
Office/Business Equipment 0.3
Airlines 0.1
Pipelines 0.1
Home Builders 0.1
116  
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VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Industry Allocation*(continued)  
Energy-Alternate Sources 0.1%
Packaging & Containers 0.1
Aerospace/Defense 0.1
  98.4%
* Calculated as a percentage of net assets
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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:              
Denmark $—   $7,635,833   $—   $7,635,833
Israel 1,265,577   4,113,976   —   5,379,553
Other Countries 533,724,305   —   —   533,724,305
Short-Term Investments 1,890,240   —   —   1,890,240
Total Investments at Value $536,880,122   $11,749,809   $—   $548,629,931
Other Financial Instruments:†              
Swaps $—   $4,009   $—   $4,009
Futures Contracts 23,943   —   —   23,943
Total Other Financial Instruments $23,943   $4,009   $—   $27,952
LIABILITIES:              
Other Financial Instruments:†              
Swaps $—   $4,309   $—   $4,309
Futures Contracts 21,245   —   —   21,245
Total Other Financial Instruments $21,245   $4,309   $—   $25,554
* 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
117
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VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 97.8%
Australia — 2.0%
Northern Star Resources, Ltd.     274,522 $  3,712,555
Paladin Energy, Ltd.†     265,615   1,068,384
Transurban Group     361,224   3,301,741
      8,082,680
Brazil — 1.1%
Banco do Brasil SA     627,218   2,568,309
JBS SA     254,859   1,787,734
      4,356,043
Canada — 1.8%
Cameco Corp.      51,322   3,003,877
Energy Fuels, Inc.†     187,659     917,653
Pan American Silver Corp.      77,621   1,893,176
Teck Resources, Ltd., Class B       9,930     367,906
Vermilion Energy, Inc.     166,006   1,080,699
      7,263,311
Denmark — 0.4%
Novo Nordisk A/S, Class B      24,429   1,707,463
Finland — 0.6%
UPM-Kymmene Oyj      85,541   2,368,941
France — 14.9%
AXA SA     110,536   5,209,842
BNP Paribas SA      44,525   3,899,883
Capgemini SE      35,661   5,921,851
Cie de Saint-Gobain SA       8,860     994,339
Eiffage SA      12,844   1,766,089
Engie SA     225,578   4,862,677
LVMH Moet Hennessy Louis Vuitton SE       7,892   4,285,585
Sanofi SA      80,480   7,997,667
Schneider Electric SE      16,326   4,103,244
Societe Generale SA      94,251   5,120,778
TotalEnergies SE     178,840  10,490,281
Vinci SA      32,019   4,575,400
      59,227,636
Germany — 5.2%
Deutsche Telekom AG     150,785   5,697,830
Duerr AG      41,289   1,073,589
E.ON SE     229,142   4,014,567
Fresenius Medical Care AG      46,269   2,627,858
KION Group AG      26,345   1,223,459
Merck KGaA       5,931     777,818
Siemens AG      21,455   5,159,677
      20,574,798
Greece — 1.0%
Piraeus Financial Holdings SA     622,054   4,147,460
Guernsey — 0.5%
Burford Capital, Ltd.     141,474   1,819,356
Hong Kong — 1.4%
BOC Hong Kong Holdings, Ltd.     635,500   2,682,666
WH Group, Ltd.*   3,231,500   2,983,772
      5,666,438
Ireland — 2.3%
Bank of Ireland Group PLC     308,318   4,228,963
DCC PLC      21,271   1,328,653
Flutter Entertainment PLC†       3,579      904,413
Security Description   Shares or
Principal
Amount 		Value
Ireland (continued)
Jazz Pharmaceuticals PLC†      14,026 $  1,515,790
Smurfit WestRock PLC      28,499   1,234,862
      9,212,681
Israel — 1.1%
Bezeq The Israeli Telecommunication Corp., Ltd.     232,932     363,710
Check Point Software Technologies, Ltd.†      18,213   4,168,591
      4,532,301
Italy — 1.6%
Buzzi SpA      20,478   1,051,444
Enel SpA     555,877   5,103,014
      6,154,458
Japan — 21.3%
Dai-ichi Life Holdings, Inc.     327,700   2,569,995
Daiwabo Holdings Co, Ltd.     126,900   2,150,055
ITOCHU Corp.     137,200   7,379,881
Iyogin Holdings, Inc.      85,600     936,338
Kinden Corp.      58,600   1,594,757
Macnica Holdings, Inc.     129,700   1,731,046
Marubeni Corp.     118,900   2,433,445
MatsukiyoCocokara & Co.      97,400   1,973,789
Mebuki Financial Group, Inc.     568,600   2,812,672
Medipal Holdings Corp.     108,200   1,696,746
Murata Manufacturing Co., Ltd.     223,500   3,311,456
Nippon Television Holdings, Inc.      79,500   1,810,497
ORIX Corp.     435,700   9,283,549
Sankyo Co., Ltd.     221,500   3,874,461
Sanwa Holdings Corp.      43,500   1,507,589
Shimamura Co., Ltd.      46,500   3,233,139
Ship Healthcare Holdings, Inc.      59,900     775,938
Subaru Corp.     142,200   2,647,443
Sumitomo Corp.      90,500   2,328,302
Sumitomo Mitsui Financial Group, Inc.     449,000  11,545,224
Sundrug Co., Ltd.      35,000   1,092,359
Takeda Pharmaceutical Co., Ltd.     107,000   3,207,881
Tokyo Electron, Ltd.      21,900   3,500,469
Tokyo Tatemono Co., Ltd.     191,600   3,420,692
Toppan Holdings, Inc.      99,400   2,659,509
Toyota Motor Corp.     268,400   5,164,874
      84,642,106
Jersey — 1.0%
TP ICAP Group PLC     748,756   2,648,194
WPP PLC     186,469   1,505,926
      4,154,120
Marshall Islands — 0.2%
Star Bulk Carriers Corp.      56,204     927,928
Netherlands — 6.5%
ASR Nederland NV      65,915   4,227,144
ING Groep NV     333,798   7,079,925
Koninklijke Ahold Delhaize NV     186,309   7,865,227
Koninklijke KPN NV     949,277   4,460,171
Prosus NV      41,282   2,118,689
      25,751,156
Norway — 0.5%
Leroy Seafood Group ASA     457,048   1,995,225
Portugal — 1.1%
Banco Comercial Portugues SA   5,424,214   4,225,022
 
118  
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Singapore — 2.7%
BW LPG, Ltd. (^OSEAX)*      26,771 $    273,811
BW LPG, Ltd. (NYSE)*      73,005     763,632
DBS Group Holdings, Ltd.     124,700   4,323,771
Singapore Exchange, Ltd.     314,700   3,420,891
Venture Corp., Ltd.     219,800   1,886,556
      10,668,661
South Africa — 0.3%
Impala Platinum Holdings, Ltd.†     149,544   1,073,773
South Korea — 0.3%
Youngone Corp.      23,890   1,051,042
Spain — 4.0%
Banco Bilbao Vizcaya Argentaria SA     265,340   3,979,913
Banco Santander SA     729,888   5,826,951
Iberdrola SA #     326,164   5,955,115
      15,761,979
Switzerland — 6.2%
Nestle SA      52,598   5,604,914
Novartis AG      16,489   1,883,913
Partners Group Holding AG       2,191   2,933,757
Roche Holding AG       5,118   1,651,068
Swiss Re AG      22,298   3,935,340
Zurich Insurance Group AG      12,035   8,440,586
      24,449,578
Taiwan — 0.9%
Taiwan Semiconductor Manufacturing Co., Ltd.     108,000   3,434,217
United Kingdom — 18.8%
Ashtead Group PLC      52,239   3,051,154
AstraZeneca PLC      43,522   6,286,137
AstraZeneca PLC ADR      21,033   1,531,833
BT Group PLC   1,214,519   2,936,486
Coca-Cola Europacific Partners PLC      86,800   7,967,372
Diversified Energy Co. PLC     134,117   1,873,614
HSBC Holdings PLC     675,716   7,949,836
Imperial Brands PLC     123,424   4,672,896
JD Sports Fashion PLC   1,059,034   1,200,299
Just Group PLC   1,309,512   2,635,969
Marks & Spencer Group PLC     492,683   2,485,328
National Grid PLC#     472,394   6,660,761
NatWest Group PLC     621,014   4,389,448
Rio Tinto PLC     103,985   6,167,384
Shell PLC     401,110  13,237,963
Vodafone Group PLC   1,496,785   1,550,433
      74,596,913
United States — 0.1%
Insmed, Inc.†       5,541     386,374
Total Common Stocks
(cost $337,272,272) 		    388,231,660
Security Description   Shares or
Principal
Amount 		  Value
UNAFFILIATED INVESTMENT COMPANIES — 0.4%
United States — 0.4%
iShares MSCI EAFE Value ETF
(cost $1,567,817) 		     24,474   $  1,557,525
Total Long-Term Investment Securities
(cost $338,840,089) 		      389,789,185
SHORT-TERM INVESTMENTS — 0.5%
Unaffiliated Investment Companies — 0.5%
Allspring Government Money Market Fund, Institutional Shares Class 4.17%(1)     173,442       173,442
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.27%(1)   1,771,181     1,771,181
State Street Navigator Securities Lending Government Money Market Portfolio 4.32%(1)(2)     136,718       136,718
Total Short-Term Investments
(cost $2,081,341) 		      2,081,341
TOTAL INVESTMENTS
(cost $340,921,430)(3) 		  98.7%   391,870,526
Other assets less liabilities   1.3   5,009,718
NET ASSETS   100.0%   $396,880,244
† 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 International Value Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $4,021,215 representing 1.0% 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 May 31, 2025.
(2) At May 31, 2025, the Fund had loaned securities with a total value of $12,140,821. This was secured by collateral of $136,718, which was received in cash and subsequently invested in short-term investments currently valued at $136,718 as reported in the Portfolio of Investments. Additional collateral of $12,630,279 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
May 31, 2025
United States Treasury Bills   0.00%   07/15/2025 to 12/26/2025   $256,622
United States Treasury Notes/Bonds   0.13% to 4.88%   06/30/2025 to 08/15/2054   12,373,657
(3) See Note 4 for cost of investments on a tax basis.
^OSEAX—Oslo Stock Exchange
ADR—American Depositary Receipt
ETF—Exchange Traded Fund
NYSE—New York Stock Exchange
 
Forward Foreign Currency Contracts
Counterparty Contract to
Deliver 		In
Exchange For 		Delivery
Date 		Unrealized
Appreciation 		  Unrealized
(Depreciation)
Barclays Bank PLC NOK 6,430,000 USD 620,621 06/11/2025 $     —   $  (9,309)
  USD 837,731 DKK 5,494,000 06/11/2025      —     (1,041)
  USD 2,932,339 GBP 2,216,000 06/11/2025  53,494         —
            53,494   (10,350)
119
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Forward Foreign Currency Contracts — (continued)
Counterparty Contract to
Deliver 		In
Exchange For 		Delivery
Date 		Unrealized
Appreciation 		  Unrealized
(Depreciation)
Citibank, N.A. JPY 861,683,000 USD 6,076,543 06/11/2025 $ 82,948   $      —
  USD 828,156 JPY 118,758,000 06/11/2025      —     (2,113)
  USD 7,619,782 SEK 73,609,000 06/11/2025  61,899         —
            144,847   (2,113)
Goldman Sachs and Co. LLC SEK 5,884,000 USD 610,140 06/11/2025      —     (3,902)
  USD 616,362 CAD 852,000 06/11/2025   4,747         —
            4,747   (3,902)
HSBC Bank PLC USD 6,908,751 AUD 10,859,000 06/11/2025  91,734         —
  USD 1,054,679 NZD 1,772,000 06/11/2025   4,419         —
            96,153   —
Morgan Stanley & Co. International PLC CAD 11,339,000 USD 8,180,747 06/11/2025      —    (85,400)
  USD 6,462,776 CHF 5,260,000 06/11/2025      —    (65,380)
            —   (150,780)
State Street Bank & Trust Co. SEK 17,966,000 USD 1,864,989 06/11/2025      —     (9,905)
  SGD 3,022,000 USD 2,308,584 06/11/2025      —    (35,645)
            —   (45,550)
UBS AG USD 620,634 AUD 965,000 06/11/2025   1,474         —
  USD 1,876,320 EUR 1,655,000 06/11/2025   3,750         —
  USD 2,110,858 NOK 22,213,000 06/11/2025  65,289         —
            70,513   —
Wells Fargo & Co. AUD 954,000 USD 615,058 06/11/2025      41         —
  NZD 1,772,000 USD 1,053,010 06/11/2025      —     (6,088)
  USD 203,813 EUR 182,000 06/11/2025   2,938         —
            2,979   (6,088)
Unrealized Appreciation (Depreciation)           $372,733   $(218,783)
AUD—Australian Dollar
CAD—Canadian Dollar
CHF—Swiss Franc
DKK—Danish Krone
EUR—Euro Currency
GBP—British Pound
JPY—Japanese Yen
NOK—Norwegian Krone
NZD—New Zealand Dollar
SEK—Swedish Krona
SGD—Singapore Dollar
USD—United States Dollar
 
Industry Allocation*  
Banks 19.1%
Pharmaceuticals 7.3
Oil & Gas 7.0
Insurance 6.8
Electric 6.7
Food 5.7
Mining 4.4
Diversified Financial Services 4.2
Telecommunications 3.7
Distribution/Wholesale 3.6
Computers 2.5
Commercial Services 2.3
Beverages 2.0
Engineering & Construction 2.0
Auto Manufacturers 2.0
Retail 1.9
Semiconductors 1.8
Electronics 1.7
Apparel 1.4
Miscellaneous Manufacturing 1.3
Entertainment 1.2
Agriculture 1.2
120  
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Industry Allocation*(continued)  
Electrical Components & Equipment 1.0%
Building Materials 1.0
Real Estate 0.9
Private Equity 0.8
Healthcare-Services 0.7
Forest Products & Paper 0.6
Machinery-Diversified 0.6
Internet 0.5
Short-Term Investments 0.5
Transportation 0.5
Media 0.5
Unaffiliated Investment Companies 0.4
Advertising 0.4
Packaging & Containers 0.3
Biotechnology 0.1
Coal 0.1
  98.7%
* Calculated as a percentage of net assets
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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:              
Denmark $—   $1,707,463   $—   $1,707,463
Israel 4,168,591   363,710   —   4,532,301
Taiwan —   3,434,217   —   3,434,217
Other Countries 378,557,679   —   —   378,557,679
Unaffiliated Investment Companies 1,557,525   —   —   1,557,525
Short-Term Investments 2,081,341   —   —   2,081,341
Total Investments at Value $386,365,136   $5,505,390   $—   $391,870,526
Other Financial Instruments:†              
Forward Foreign Currency Contracts $—   $372,733   $—   $372,733
LIABILITIES:              
Other Financial Instruments:†              
Forward Foreign Currency Contracts $—   $218,783   $—   $218,783
* 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
121
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 99.7%
Apparel — 1.9%
LVMH Moet Hennessy Louis Vuitton SE      11,036 $  5,992,868
NIKE, Inc., Class B      84,752   5,135,124
      11,127,992
Auto Parts & Equipment — 0.7%
Aptiv PLC†      60,215   4,022,964
Beverages — 1.6%
PepsiCo, Inc.      70,786   9,304,820
Chemicals — 1.2%
Sherwin-Williams Co.      19,786   7,099,415
Commercial Services — 3.7%
Moody's Corp.      16,126   7,729,514
TransUnion     160,378  13,733,168
      21,462,682
Computers — 8.6%
Accenture PLC, Class A      59,934  18,988,290
Apple, Inc.     137,684  27,653,831
Gartner, Inc.†       8,399   3,665,492
      50,307,613
Cosmetics/Personal Care — 2.1%
Estee Lauder Cos., Inc., Class A      94,855   6,349,594
L'Oreal SA      13,925   5,888,069
      12,237,663
Distribution/Wholesale — 0.9%
Pool Corp.#      17,678   5,313,830
Diversified Financial Services — 9.0%
Brookfield Asset Management, Ltd., Class A     113,923   6,409,440
Charles Schwab Corp.      82,811   7,315,524
CME Group, Inc.      17,497   5,056,633
Mastercard, Inc., Class A      15,059   8,818,550
Visa, Inc., Class A      68,628  25,062,259
      52,662,406
Electric — 2.1%
CMS Energy Corp.     176,813  12,417,577
Electrical Components & Equipment — 3.0%
Eaton Corp. PLC      38,776  12,416,075
Schneider Electric SE      21,053   5,291,290
      17,707,365
Electronics — 6.7%
Amphenol Corp., Class A     139,442  12,540,019
Hubbell, Inc.      33,000  12,856,140
Mettler-Toledo International, Inc.†       5,361   6,194,743
TE Connectivity PLC      50,063   8,013,584
      39,604,486
Food — 1.2%
McCormick & Co., Inc.      97,908   7,120,849
Healthcare-Products — 7.6%
Agilent Technologies, Inc.      95,899  10,733,017
Boston Scientific Corp.†      58,754   6,184,446
Danaher Corp.      43,474   8,255,713
STERIS PLC      55,824  13,688,603
Stryker Corp.       6,841   2,617,640
Thermo Fisher Scientific, Inc.       7,887   3,177,041
      44,656,460
Security Description   Shares or
Principal
Amount 		Value
Healthcare-Services — 0.6%
ICON PLC†      27,878 $  3,631,946
Household Products/Wares — 2.3%
Church & Dwight Co., Inc.     136,420  13,411,450
Insurance — 3.7%
Aon PLC, Class A      38,383  14,281,547
Marsh & McLennan Cos., Inc.      31,946   7,464,502
      21,746,049
Internet — 4.0%
Alphabet, Inc., Class A      77,886  13,376,141
Tencent Holdings, Ltd.     162,900  10,350,178
      23,726,319
Lodging — 1.2%
Hilton Worldwide Holdings, Inc.      28,588   7,102,403
Machinery-Diversified — 1.8%
Graco, Inc.      47,716   4,039,637
Otis Worldwide Corp.      68,970   6,576,289
      10,615,926
Media — 1.2%
Walt Disney Co.      63,902   7,223,482
Pharmaceuticals — 1.6%
Becton Dickinson & Co.      53,481   9,230,286
REITS — 2.0%
American Tower Corp.      55,603  11,935,184
Retail — 2.9%
Ross Stores, Inc.      57,306   8,027,998
Starbucks Corp.      28,732   2,412,051
TJX Cos., Inc.      50,721   6,436,495
      16,876,544
Semiconductors — 8.6%
Analog Devices, Inc.      17,639   3,774,393
NVIDIA Corp.     242,155  32,722,405
Taiwan Semiconductor Manufacturing Co., Ltd. ADR      54,146  10,467,505
Texas Instruments, Inc.      20,503   3,748,974
      50,713,277
Software — 18.6%
Fiserv, Inc.†      43,437   7,071,109
Microsoft Corp.     184,824  85,085,577
Salesforce, Inc.      51,894  13,771,111
Veeva Systems, Inc., Class A†      11,603   3,245,359
      109,173,156
Transportation — 0.9%
Canadian Pacific Kansas City, Ltd.      64,889   5,298,187
Total Long-Term Investment Securities
(cost $448,145,638) 		    585,730,331
 
122  
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS — 0.3%
Sovereign — 0.3%
Federal Home Loan Bank        
4.12%, 06/02/2025
(cost $1,854,787) 		  $1,855,000   $  1,854,350
TOTAL INVESTMENTS
(cost $450,000,425)(1) 		  100.0%   587,584,681
Other assets less liabilities   (0.0)   (100,061)
NET ASSETS   100.0%   $587,484,620
† Non-income producing security
# The security or a portion thereof is out on loan.
At May 31, 2025, the Fund had loaned securities with a total value of $5,313,830. This was secured by collateral of $5,452,628 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $10,871
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   70,262
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   5,395
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   29,590
United States Treasury Bills   0.00%   11/28/2025   69
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 05/15/2054   5,336,441
(1) See Note 4 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 May 31, 2025 (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 $585,730,331   $—   $—   $585,730,331
Short-Term Investments —   1,854,350   —   1,854,350
Total Investments at Value $585,730,331   $1,854,350   $—   $587,584,681
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
123
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 98.8%
Aerospace/Defense — 0.7%
Curtiss-Wright Corp.       33,930 $   14,932,932
Hexcel Corp.       73,098     3,866,153
      18,799,085
Agriculture — 0.2%
Darling Ingredients, Inc.†      143,299     4,465,197
Airlines — 0.5%
Alaska Air Group, Inc.†      110,891     5,647,678
American Airlines Group, Inc.†      594,763     6,786,246
      12,433,924
Apparel — 1.0%
Capri Holdings, Ltd.†      104,539     1,894,247
Columbia Sportswear Co.#       27,450     1,750,761
Crocs, Inc.†       50,505     5,151,510
PVH Corp.       50,320     4,215,306
Skechers USA, Inc., Class A†      118,563     7,355,649
Under Armour, Inc., Class A#†      170,126     1,141,546
Under Armour, Inc., Class C#†       94,938       598,109
VF Corp.#      298,348     3,717,416
      25,824,544
Auto Parts & Equipment — 0.8%
Autoliv, Inc.       64,416     6,623,253
Gentex Corp.      202,564     4,369,306
Goodyear Tire & Rubber Co.†      256,756     2,929,586
Lear Corp.       48,514     4,386,636
Visteon Corp.†       24,678     2,083,440
      20,392,221
Banks — 6.2%
Associated Banc-Corp.      147,703     3,422,279
Bank OZK       95,058     4,213,921
Columbia Banking System, Inc.      189,524     4,431,071
Comerica, Inc.      118,397     6,759,285
Commerce Bancshares, Inc.      109,990     6,930,470
Cullen/Frost Bankers, Inc.       58,100     7,377,538
East West Bancorp, Inc.      124,902    11,391,062
First Financial Bankshares, Inc.      115,883     4,086,035
First Horizon Corp.      472,113     9,385,606
FNB Corp.      324,007     4,493,977
Glacier Bancorp, Inc.      102,173     4,237,114
Hancock Whitney Corp.       77,538     4,239,002
Home BancShares, Inc.      166,575     4,712,407
International Bancshares Corp.       48,198     3,018,641
Old National Bancorp      287,400     5,995,164
Pinnacle Financial Partners, Inc.       68,951     7,328,112
Prosperity Bancshares, Inc.       85,841     5,978,826
SouthState Corp.       88,459     7,766,700
Synovus Financial Corp.      127,188     6,083,402
Texas Capital Bancshares, Inc.†       41,457     2,972,052
UMB Financial Corp.       61,318     6,323,112
United Bankshares, Inc.      128,627     4,648,580
Valley National Bancorp      427,937     3,757,287
Webster Financial Corp.      154,420     7,949,542
Western Alliance Bancorp       98,269     7,115,658
Wintrust Financial Corp.       59,911     7,153,973
Zions Bancorp NA      133,229     6,309,725
      158,080,541
Beverages — 0.5%
Boston Beer Co., Inc., Class A†        7,389      1,698,362
Security Description   Shares or
Principal
Amount 		Value
Beverages (continued)
Celsius Holdings, Inc.†      141,878 $    5,374,339
Coca-Cola Consolidated, Inc.       53,110     6,089,061
      13,161,762
Biotechnology — 2.6%
BioMarin Pharmaceutical, Inc.†      171,711     9,971,258
Bio-Rad Laboratories, Inc., Class A†       17,583     3,990,110
Cytokinetics, Inc.†      106,328     3,298,294
Exelixis, Inc.†      252,167    10,853,268
Halozyme Therapeutics, Inc.†      114,629     6,427,248
Illumina, Inc.†      142,715    11,736,882
Roivant Sciences, Ltd.#†      377,515     4,148,890
Sarepta Therapeutics, Inc.†       87,424     3,287,142
United Therapeutics Corp.†       40,224    12,825,422
      66,538,514
Building Materials — 2.1%
AAON, Inc.       61,050     5,878,504
Eagle Materials, Inc.       29,992     6,064,682
Fortune Brands Innovations, Inc.      111,925     5,641,020
Knife River Corp.†       51,007     4,799,759
Louisiana-Pacific Corp.       56,322     5,072,923
Owens Corning       77,290    10,352,995
Simpson Manufacturing Co., Inc.       37,816     5,887,951
Trex Co., Inc.†       96,003     5,363,688
UFP Industries, Inc.       54,712     5,337,703
      54,399,225
Chemicals — 1.4%
Ashland, Inc.       41,287     2,044,119
Avient Corp.       82,317     2,974,113
Axalta Coating Systems, Ltd.†      196,542     6,053,494
Cabot Corp.       48,852     3,648,756
NewMarket Corp.        6,863     4,420,184
Olin Corp.      104,243     2,023,357
RPM International, Inc.      115,837    13,186,884
Westlake Corp.       30,150     2,141,554
      36,492,461
Commercial Services — 3.7%
Avis Budget Group, Inc.#†       15,460     1,882,873
Brink's Co.       39,321     3,226,681
Euronet Worldwide, Inc.†       37,207     4,028,774
FTI Consulting, Inc.†       32,131     5,274,625
Graham Holdings Co., Class B        3,036     2,897,589
Grand Canyon Education, Inc.†       25,897     5,123,592
GXO Logistics, Inc.#†      107,663     4,429,256
H&R Block, Inc.      120,595     6,867,885
Insperity, Inc.       31,866     2,062,368
ManpowerGroup, Inc.       42,288     1,773,982
Morningstar, Inc.       24,342     7,507,560
Paylocity Holding Corp.†       39,275     7,497,597
RB Global, Inc.      166,154    17,496,016
Service Corp. International      129,932    10,134,696
Shift4 Payments, Inc., Class A#†       61,866     5,864,278
Valvoline, Inc.†      114,515     3,961,074
WEX, Inc.†       31,456     4,181,446
      94,210,292
Computers — 3.6%
ASGN, Inc.†       39,823     2,103,053
CACI International, Inc., Class A†       20,200     8,645,600
Crane NXT Co.#       44,304     2,375,137
ExlService Holdings, Inc.†      144,951      6,666,297
 
124  
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Computers (continued)
Genpact, Ltd.      144,778 $    6,232,693
KBR, Inc.      120,048     6,265,305
Kyndryl Holdings, Inc.†      210,471     8,216,788
Lumentum Holdings, Inc.#†       62,348     4,506,513
Maximus, Inc.       50,995     3,697,647
Okta, Inc.†      147,405    15,207,774
Parsons Corp.†       42,751     2,771,975
Pure Storage, Inc., Class A†      279,236    14,964,257
Qualys, Inc.†       33,255     4,607,480
Science Applications International Corp.       44,042     5,088,613
      91,349,132
Cosmetics/Personal Care — 0.4%
Coty, Inc., Class A†      331,118     1,632,412
e.l.f. Beauty, Inc.†       50,311     5,659,484
Perrigo Co. PLC      122,919     3,290,542
      10,582,438
Distribution/Wholesale — 1.2%
Core & Main, Inc., Class A†      171,356     9,392,023
Watsco, Inc.       31,381    13,919,670
WESCO International, Inc.       40,007     6,716,775
      30,028,468
Diversified Financial Services — 3.8%
Affiliated Managers Group, Inc.       26,463     4,657,488
Ally Financial, Inc.      247,634     8,667,190
Evercore, Inc., Class A       31,898     7,384,068
Federated Hermes, Inc.       70,203     2,962,566
Hamilton Lane, Inc., Class A       39,046     5,817,854
Houlihan Lokey, Inc.       48,676     8,502,724
Interactive Brokers Group, Inc., Class A       98,098    20,569,188
Janus Henderson Group PLC      115,048     4,179,694
Jefferies Financial Group, Inc.      146,693     7,129,280
SEI Investments Co.       86,853     7,405,087
SLM Corp.      189,566     6,136,251
Stifel Financial Corp.       92,054     8,673,328
Voya Financial, Inc.       86,690     5,766,619
      97,851,337
Electric — 1.4%
ALLETE, Inc.       52,168     3,393,007
Black Hills Corp.       64,525     3,772,777
IDACORP, Inc.       47,734     5,677,959
Northwestern Energy Group, Inc.       55,255     3,057,259
OGE Energy Corp.      181,050     8,051,293
Ormat Technologies, Inc.       50,962     3,788,005
Portland General Electric Co.       98,520     4,177,248
TXNM Energy, Inc.       81,585     4,625,054
      36,542,602
Electrical Components & Equipment — 1.1%
Acuity, Inc.       27,731     7,207,010
Belden, Inc.       36,282     3,853,148
EnerSys       35,524     2,970,872
Littelfuse, Inc.       22,445     4,602,572
Novanta, Inc.†       31,877     3,947,010
Universal Display Corp.       39,492     5,661,178
      28,241,790
Electronics — 3.1%
Arrow Electronics, Inc.†       47,006     5,564,570
Avnet, Inc.       77,939      3,897,730
Security Description   Shares or
Principal
Amount 		Value
Electronics (continued)
Coherent Corp.†      139,622 $   10,559,612
Flex, Ltd.†      345,168    14,600,607
NEXTracker, Inc., Class A†      129,480     7,340,221
nVent Electric PLC      148,496     9,771,037
Sensata Technologies Holding PLC      134,756     3,511,741
TD SYNNEX Corp.       68,145     8,268,714
Vontier Corp.      133,976     4,789,642
Woodward, Inc.       53,482    11,569,761
      79,873,635
Engineering & Construction — 2.9%
AECOM      119,551    13,132,677
Comfort Systems USA, Inc.       31,967    15,287,578
EMCOR Group, Inc.       41,447    19,557,182
Exponent, Inc.       44,948     3,431,330
Fluor Corp.†      154,532     6,425,441
MasTec, Inc.†       55,685     8,682,962
TopBuild Corp.†       26,418     7,473,388
      73,990,558
Entertainment — 1.0%
Churchill Downs, Inc.       65,923     6,293,669
Light & Wonder, Inc.†       79,564     7,170,307
Marriott Vacations Worldwide Corp.#       28,938     1,905,857
Vail Resorts, Inc.       33,731     5,402,694
Warner Music Group Corp., Class A      130,625     3,438,050
      24,210,577
Environmental Control — 0.7%
Clean Harbors, Inc.†       45,648    10,352,510
Tetra Tech, Inc.      241,495     8,437,835
      18,790,345
Food — 2.9%
Albertsons Cos., Inc., Class A      365,406     8,122,975
Flowers Foods, Inc.      172,536     2,915,858
Ingredion, Inc.       58,113     8,084,681
Lancaster Colony Corp.       17,034     2,851,492
Performance Food Group Co.†      140,747    12,605,301
Pilgrim's Pride Corp.#       36,319     1,785,442
Post Holdings, Inc.†       41,220     4,558,520
Sprouts Farmers Market, Inc.†       90,090    15,572,958
US Foods Holding Corp.†      207,567    16,422,701
      72,919,928
Food Service — 0.4%
Aramark      238,854     9,673,587
Gas — 1.2%
National Fuel Gas Co.       81,586     6,734,108
New Jersey Resources Corp.       90,358     4,146,529
ONE Gas, Inc.       51,045     3,816,124
Southwest Gas Holdings, Inc.       54,131     3,888,230
Spire, Inc.       52,569     3,957,394
UGI Corp.      193,542     6,979,125
      29,521,510
Hand/Machine Tools — 0.9%
Lincoln Electric Holdings, Inc.       50,839     9,841,922
MSA Safety, Inc.       35,365     5,763,434
Regal Rexnord Corp.       59,670     7,962,365
      23,567,721
Healthcare-Products — 2.1%
Avantor, Inc.†      613,480      7,920,027
 
125
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Healthcare-Products (continued)
Bruker Corp.      100,193 $    3,677,083
Dentsply Sirona, Inc.      179,097     2,861,970
Envista Holdings Corp.†      155,242     2,836,271
Globus Medical, Inc., Class A†      102,475     6,064,470
Haemonetics Corp.†       45,467     3,078,571
Lantheus Holdings, Inc.†       62,642     4,733,230
LivaNova PLC†       49,624     2,146,238
Masimo Corp.†       40,039     6,506,337
Penumbra, Inc.†       34,579     9,231,556
Repligen Corp.†       46,946     5,542,914
      54,598,667
Healthcare-Services — 2.4%
Acadia Healthcare Co., Inc.†       83,899     1,899,473
Amedisys, Inc.†       28,704     2,700,185
Chemed Corp.       13,501     7,760,915
Encompass Health Corp.       90,774    10,974,577
Ensign Group, Inc.       51,247     7,546,633
HealthEquity, Inc.†       78,386     7,886,416
Medpace Holdings, Inc.†       22,469     6,626,108
Sotera Health Co.†      131,160     1,605,398
Tenet Healthcare Corp.†       85,680    14,460,214
      61,459,919
Home Builders — 0.9%
KB Home       62,527     3,225,143
Taylor Morrison Home Corp.†       92,642     5,213,892
Thor Industries, Inc.#       47,950     3,893,060
Toll Brothers, Inc.       90,325     9,416,381
      21,748,476
Home Furnishings — 0.8%
Dolby Laboratories, Inc., Class A       55,145     4,095,068
Somnigroup International, Inc.#      185,399    12,062,059
Whirlpool Corp.       49,899     3,896,613
      20,053,740
Housewares — 0.1%
Scotts Miracle-Gro Co.       38,837     2,313,132
Insurance — 5.2%
American Financial Group, Inc.       65,070     8,067,379
Brighthouse Financial, Inc.†       52,824     3,159,403
CNO Financial Group, Inc.       93,045     3,531,988
Essent Group, Ltd.       94,616     5,487,728
Fidelity National Financial, Inc.      234,216    12,828,010
First American Financial Corp.       92,805     5,179,447
Hanover Insurance Group, Inc.       32,465     5,713,191
Kemper Corp.       54,119     3,449,004
Kinsale Capital Group, Inc.       19,933     9,408,177
MGIC Investment Corp.      223,847     5,920,753
Old Republic International Corp.      210,993     7,975,535
Primerica, Inc.       30,067     8,136,130
Reinsurance Group of America, Inc.       59,349    12,065,058
RenaissanceRe Holdings, Ltd.       45,611    11,376,296
RLI Corp.       75,137     5,775,781
Ryan Specialty Holdings, Inc.       95,861     6,860,772
Selective Insurance Group, Inc.       54,784     4,822,088
Unum Group      148,042    12,096,512
      131,853,252
Internet — 0.9%
Chewy, Inc., Class A†      149,246      6,753,381
Security Description   Shares or
Principal
Amount 		Value
Internet (continued)
Hims & Hers Health, Inc.†      172,260 $    9,743,026
Maplebear, Inc.†      145,818     6,659,508
      23,155,915
Iron/Steel — 2.1%
ATI, Inc.†      128,518    10,235,174
Carpenter Technology Corp.       45,003    10,575,705
Cleveland-Cliffs, Inc.#†      441,210     2,572,254
Commercial Metals Co.      102,389     4,770,303
Reliance, Inc.       48,761    14,278,196
United States Steel Corp.      202,874    10,918,679
      53,350,311
Leisure Time — 0.7%
Brunswick Corp.       59,449     3,009,308
Harley-Davidson, Inc.#      104,926     2,540,259
Planet Fitness, Inc., Class A†       75,845     7,799,141
Polaris, Inc.#       47,233     1,852,478
YETI Holdings, Inc.†       73,467     2,245,152
      17,446,338
Lodging — 0.9%
Boyd Gaming Corp.       59,728     4,477,808
Choice Hotels International, Inc.       20,128     2,549,815
Hilton Grand Vacations, Inc.#†       55,904     2,133,856
Hyatt Hotels Corp., Class A#       38,422     5,072,857
Travel & Leisure Co.       61,632     2,993,466
Wyndham Hotels & Resorts, Inc.       70,048     5,798,573
      23,026,375
Machinery-Construction & Mining — 0.7%
BWX Technologies, Inc.       82,389    10,348,059
Oshkosh Corp.       58,622     5,814,716
Terex Corp.       59,825     2,692,723
      18,855,498
Machinery-Diversified — 3.4%
AGCO Corp.       55,821     5,469,342
Applied Industrial Technologies, Inc.       34,577     7,832,382
Chart Industries, Inc.†       38,034     5,966,013
CNH Industrial NV      787,716     9,854,327
Cognex Corp.      153,046     4,586,789
Crane Co.       43,830     7,512,462
Esab Corp.       51,394     6,320,948
Flowserve Corp.      118,828     5,930,705
Graco, Inc.      152,130    12,879,326
Middleby Corp.†       48,466     7,082,337
Toro Co.       90,662     6,870,366
Watts Water Technologies, Inc., Class A       24,472     5,925,161
      86,230,158
Media — 0.5%
New York Times Co., Class A      147,017     8,397,611
Nexstar Media Group, Inc.       26,376     4,494,998
      12,892,609
Metal Fabricate/Hardware — 1.4%
Advanced Drainage Systems, Inc.       63,603     6,993,786
Mueller Industries, Inc.      102,473     7,979,573
RBC Bearings, Inc.†       28,175    10,308,387
Timken Co.       57,712     3,952,695
Valmont Industries, Inc.       18,051     5,740,940
      34,975,381
 
126  
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Mining — 0.7%
Alcoa Corp.      234,060 $    6,265,786
Royal Gold, Inc.       59,248    10,553,254
      16,819,040
Miscellaneous Manufacturing — 1.6%
Carlisle Cos., Inc.       40,056    15,228,490
Donaldson Co., Inc.      107,499     7,476,555
Fabrinet†       32,426     7,551,043
ITT, Inc.       73,340    11,040,604
      41,296,692
Oil & Gas — 2.7%
Antero Resources Corp.†      263,545     9,869,760
Chord Energy Corp.       55,077     4,956,930
Civitas Resources, Inc.#       80,001     2,189,627
CNX Resources Corp.†      134,104     4,328,877
HF Sinclair Corp.      144,093     5,206,080
Matador Resources Co.      104,549     4,496,652
Murphy Oil Corp.#      123,517     2,585,211
Ovintiv, Inc.      235,461     8,434,213
PBF Energy, Inc., Class A       88,310     1,682,306
Permian Resources Corp.      576,347     7,267,736
Range Resources Corp.      217,415     8,270,467
Valaris, Ltd.#†       58,950     2,217,699
Viper Energy, Inc.      118,310     4,695,724
Weatherford International PLC       65,633     2,861,599
      69,062,881
Oil & Gas Services — 0.3%
ChampionX Corp.      171,907     4,137,801
NOV, Inc.      343,111     4,117,332
      8,255,133
Packaging & Containers — 1.4%
AptarGroup, Inc.       59,911     9,489,903
Crown Holdings, Inc.      105,468    10,388,598
Graphic Packaging Holding Co.      270,487     6,010,221
Greif, Inc., Class A       23,290     1,294,924
Silgan Holdings, Inc.       73,127     4,027,104
Sonoco Products Co.       88,530     4,031,656
      35,242,406
Pharmaceuticals — 1.1%
BellRing Brands, Inc.†      115,846     7,292,506
Jazz Pharmaceuticals PLC†       54,469     5,886,465
Neurocrine Biosciences, Inc.†       89,831    11,051,010
Option Care Health, Inc.†      153,330     5,010,824
      29,240,805
Pipelines — 0.6%
Antero Midstream Corp.      301,850     5,668,743
DT Midstream, Inc.       91,292     9,561,924
      15,230,667
Private Equity — 0.3%
Carlyle Group, Inc.      190,135     8,594,102
Real Estate — 0.4%
Jones Lang LaSalle, Inc.†       42,747     9,519,757
REITS — 7.2%
Agree Realty Corp.       96,433     7,261,405
American Homes 4 Rent, Class A      285,818    10,818,211
Annaly Capital Management, Inc.      521,089      9,874,636
Security Description   Shares or
Principal
Amount 		Value
REITS (continued)
Brixmor Property Group, Inc.      275,639 $    7,003,987
COPT Defense Properties      101,337     2,781,701
Cousins Properties, Inc.      151,058     4,240,198
CubeSmart      204,024     8,724,066
EastGroup Properties, Inc.       46,813     7,937,144
EPR Properties       68,232     3,799,840
Equity LifeStyle Properties, Inc.      172,138    10,942,813
First Industrial Realty Trust, Inc.      119,240     5,894,033
Gaming & Leisure Properties, Inc.      247,222    11,545,267
Healthcare Realty Trust, Inc.      319,296     4,629,792
Independence Realty Trust, Inc.      207,647     3,860,158
Kilroy Realty Corp.#       95,795     3,084,599
Kite Realty Group Trust      197,915     4,377,880
Lamar Advertising Co., Class A       79,230     9,550,384
National Storage Affiliates Trust       63,181     2,173,426
NNN REIT, Inc.      168,981     7,056,647
Omega Healthcare Investors, Inc.      253,929     9,395,373
Park Hotels & Resorts, Inc.      185,967     1,926,618
PotlatchDeltic Corp.       64,299     2,529,523
Rayonier, Inc.      125,620     2,977,194
Rexford Industrial Realty, Inc.      204,754     7,215,531
Sabra Health Care REIT, Inc.      213,160     3,726,037
STAG Industrial, Inc.      167,129     5,946,450
Starwood Property Trust, Inc.#      288,585     5,699,554
Vornado Realty Trust      149,596     5,635,281
WP Carey, Inc.      197,947    12,423,154
      183,030,902
Retail — 6.2%
Abercrombie & Fitch Co., Class A†       46,252     3,630,319
AutoNation, Inc.†       23,225     4,269,916
Bath & Body Works, Inc.      195,136     5,487,224
BJ's Wholesale Club Holdings, Inc.†      119,014    13,473,575
Burlington Stores, Inc.†       56,589    12,917,571
Casey's General Stores, Inc.       33,443    14,640,008
Cava Group, Inc.†       73,296     5,956,766
Dick's Sporting Goods, Inc.       52,170     9,356,168
FirstCash Holdings, Inc.       35,086     4,487,850
Five Below, Inc.†       49,389     5,757,276
Floor & Decor Holdings, Inc., Class A†       96,613     6,926,186
GameStop Corp., Class A†      366,328    10,916,574
Gap, Inc.      200,470     4,472,486
Lithia Motors, Inc.       23,999     7,605,523
Macy's, Inc.      250,144     2,974,212
MSC Industrial Direct Co., Inc., Class A       40,262     3,269,274
Murphy USA, Inc.       16,431     7,012,587
Ollie's Bargain Outlet Holdings, Inc.#†       55,209     6,153,043
Penske Automotive Group, Inc.#       16,844     2,765,448
RH†       13,860     2,510,185
Texas Roadhouse, Inc.       60,108    11,733,683
Wendy's Co.#      154,266     1,758,632
Wingstop, Inc.       26,296     8,985,343
      157,059,849
Savings & Loans — 0.1%
Flagstar Financial, Inc.      273,027     3,145,271
Semiconductors — 2.2%
Allegro MicroSystems, Inc.†      117,634     2,982,022
Amkor Technology, Inc.      102,216     1,841,932
Cirrus Logic, Inc.†       48,101     4,731,214
Entegris, Inc.      136,162     9,359,776
IPG Photonics Corp.†       22,467     1,488,663
Lattice Semiconductor Corp.†      124,936      5,614,624
 
127
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Semiconductors (continued)
MACOM Technology Solutions Holdings, Inc.†       53,583 $    6,516,229
MKS, Inc.       61,068     5,019,179
Onto Innovation, Inc.†       44,574     4,098,134
Power Integrations, Inc.       49,736     2,473,371
Rambus, Inc.†       96,022     5,134,296
Silicon Laboratories, Inc.†       29,244     3,524,779
Synaptics, Inc.†       35,368     2,078,224
      54,862,443
Software — 4.4%
Appfolio, Inc., Class A†       21,113     4,458,432
BILL Holdings, Inc.†       84,504     3,691,135
Blackbaud, Inc.†       34,269     2,132,560
Commvault Systems, Inc.†       39,641     7,260,249
Concentrix Corp.#       41,736     2,335,755
DocuSign, Inc.†      182,019    16,128,704
Doximity, Inc., Class A†      120,283     6,265,541
Dropbox, Inc., Class A†      195,011     5,628,017
Duolingo, Inc., Class A†       34,144    17,741,564
Dynatrace, Inc.†      269,708    14,566,929
Guidewire Software, Inc.†       75,249    16,180,040
Manhattan Associates, Inc.†       55,071    10,396,303
Pegasystems, Inc.       40,338     3,959,175
ZoomInfo Technologies, Inc.†      244,401     2,334,030
      113,078,434
Telecommunications — 0.9%
Ciena Corp.†      128,044    10,251,203
EchoStar Corp., Class A#†      108,859     1,930,070
Frontier Communications Parent, Inc.†      199,678     7,234,334
Iridium Communications, Inc.       95,295     2,420,493
      21,836,100
Toys/Games/Hobbies — 0.2%
Mattel, Inc.†      303,540     5,749,048
Transportation — 1.6%
Kirby Corp.†       51,716     5,721,858
Knight-Swift Transportation Holdings, Inc.      146,431     6,489,822
Landstar System, Inc.       31,438     4,313,922
Ryder System, Inc.       37,918     5,578,875
Saia, Inc.†       23,962     6,335,793
XPO, Inc.†      105,634    12,024,318
      40,464,588
Security Description   Shares or
Principal
Amount 		  Value
Trucking & Leasing — 0.2%
GATX Corp.       32,020   $    5,098,865
Water — 0.3%
Essential Utilities, Inc.      228,302       8,796,476
Total Long-Term Investment Securities
(cost $1,918,166,156) 		      2,520,284,624
SHORT-TERM INVESTMENTS — 1.6%
Unaffiliated Investment Companies — 1.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(1) 		  29,077,566      29,077,565
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(1)(2) 		  11,729,819      11,729,819
Total Short-Term Investments
(cost $40,807,384) 		      40,807,384
TOTAL INVESTMENTS
(cost $1,958,973,540)(3) 		  100.4%   2,561,092,008
Other assets less liabilities   (0.4)   (11,060,515)
NET ASSETS   100.0%   $2,550,031,493
† 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 May 31, 2025.
(2) At May 31, 2025, the Fund had loaned securities with a total value of $70,593,953. This was secured by collateral of $11,729,819, which was received in cash and subsequently invested in short-term investments currently valued at $11,729,819 as reported in the Portfolio of Investments. Additional collateral of $61,251,659 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $222,695
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   1,439,284
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   110,504
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   606,124
United States Treasury Bills   0.00%   11/28/2025   1,421
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 02/15/2055   58,871,631
(3) See Note 4 for cost of investments on a tax basis.
 
Contracts For Difference Swaps
Counterparty Underlying
Reference 		Number of
Contracts 		Financing
Rate 		Payment
Frequency 		Maturity
Date 		Notional
Amount 		Unrealized
Appreciation/
(Depreciation) 		  Value
Diversified Financial Services                  
HSBC Holdings Western Union Co. 304,441 4.73% Monthly 02/09/2028 $ 2,943,336 $(118,123)   $(118,123)
Insurance                  
BNP Paribas Equitable Holdings Inc 279,214 4.53 Monthly 05/24/2027 14,511,555  250,489    250,489
Banks                  
HSBC Holdings Cadence Bank 165,357 4.73 Monthly 02/09/2028  5,058,296  (47,979)    (47,979)
              $84,387   $84,387
128  
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
(Depreciation)
27 Long S&P Mid Cap 400 E-Mini Index June 2025 $8,133,832 $8,111,070 $(22,762)
* 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 May 31, 2025 (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 $2,520,284,624   $—   $—   $2,520,284,624
Short-Term Investments 40,807,384   —   —   40,807,384
Total Investments at Value $2,561,092,008   $—   $—   $2,561,092,008
Other Financial Instruments:†              
Swaps $—   $250,489   $—   $250,489
LIABILITIES:              
Other Financial Instruments:†              
Swaps $—   $166,102   $—   $166,102
Futures Contracts 22,762   —   —   22,762
Total Other Financial Instruments $22,762   $166,102   $—   $188,864
* 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
129
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 96.2%
Advertising — 0.9%
Trade Desk, Inc., Class A†      137,650 $   10,354,033
Aerospace/Defense — 3.6%
AeroVironment, Inc.#†       77,539    13,804,268
HEICO Corp.       39,450    11,820,798
Leonardo DRS, Inc.      355,144    15,022,591
Standardaero, Inc.†       68,402     2,006,231
      42,653,888
Airlines — 0.9%
Ryanair Holdings PLC ADR#      105,663     5,874,863
United Airlines Holdings, Inc.†       68,700     5,457,871
      11,332,734
Apparel — 1.3%
Gildan Activewear, Inc.#      134,736     6,278,698
On Holding AG, Class A†      158,849     9,434,042
      15,712,740
Auto Manufacturers — 0.6%
PACCAR, Inc.       72,114     6,767,899
Banks — 0.5%
Western Alliance Bancorp       84,315     6,105,249
Biotechnology — 1.8%
Argenx SE ADR†        5,569     3,192,485
Corteva, Inc.       93,247     6,601,888
Illumina, Inc.†       22,832     1,877,704
Insmed, Inc.#†      113,165     7,890,995
Revolution Medicines, Inc.†       46,135     1,817,719
      21,380,791
Building Materials — 0.5%
Builders FirstSource, Inc.†       51,935     5,592,361
Commercial Services — 3.8%
API Group Corp.†      134,306     6,268,061
Cimpress PLC†       37,457     1,657,847
Global Payments, Inc.       28,474     2,152,919
Quanta Services, Inc.       33,622    11,517,552
RB Global, Inc.       54,967     5,788,025
Rentokil Initial PLC      324,994     1,539,588
Rentokil Initial PLC ADR      138,352     3,288,627
TransUnion       39,647     3,394,973
UL Solutions, Inc.       28,246     2,019,589
WEX, Inc.†       54,426     7,234,848
      44,862,029
Computers — 4.0%
Amdocs, Ltd.       87,200     8,001,472
CyberArk Software, Ltd.†       28,981    11,093,347
Parsons Corp.†      114,715     7,438,121
SailPoint, Inc.†      422,563     7,445,560
Zscaler, Inc.†       51,910    14,311,587
      48,290,087
Cosmetics/Personal Care — 1.0%
e.l.f. Beauty, Inc.#†      112,074    12,607,204
Diversified Financial Services — 6.0%
Ameriprise Financial, Inc.       33,731    17,177,174
Apollo Global Management, Inc.       58,989     7,709,272
Cboe Global Markets, Inc.       11,395     2,610,822
Charles Schwab Corp.       42,999     3,798,532
Interactive Brokers Group, Inc., Class A       50,401     10,568,082
Security Description   Shares or
Principal
Amount 		Value
Diversified Financial Services (continued)
LPL Financial Holdings, Inc.       30,723 $   11,894,717
Rocket Cos., Inc., Class A#      548,225     6,989,869
Tradeweb Markets, Inc., Class A       71,788    10,369,777
      71,118,245
Electric — 3.0%
Alliant Energy Corp.      137,882     8,580,397
Ameren Corp.       64,623     6,260,676
DTE Energy Co.       41,115     5,618,365
Vistra Corp.       94,719    15,209,030
      35,668,468
Electrical Components & Equipment — 0.8%
Emerson Electric Co.       81,049     9,675,630
Electronics — 3.0%
Flex, Ltd.†      309,961    13,111,350
Fortive Corp.      117,941     8,278,279
Garmin, Ltd.       30,530     6,196,674
Sensata Technologies Holding PLC      188,368     4,908,870
TE Connectivity PLC       17,846     2,856,609
      35,351,782
Entertainment — 2.9%
Churchill Downs, Inc.       72,484     6,920,047
DraftKings, Inc., Class A#†      315,670    11,326,240
Entain PLC      238,043     2,407,377
Live Nation Entertainment, Inc.†      100,126    13,736,286
      34,389,950
Environmental Control — 1.5%
Clean Harbors, Inc.†       24,537     5,564,746
Veralto Corp.       33,217     3,355,913
Waste Connections, Inc.       44,530     8,776,418
      17,697,077
Food Service — 0.7%
Aramark      196,323     7,951,081
Healthcare-Products — 8.6%
Align Technology, Inc.†       48,285     8,736,688
Avantor, Inc.†      207,744     2,681,975
Boston Scientific Corp.†      111,540    11,740,700
Cooper Cos., Inc.†      110,856     7,569,248
Globus Medical, Inc., Class A†       30,840     1,825,111
ICU Medical, Inc.†       26,108     3,520,925
IDEXX Laboratories, Inc.†       17,872     9,174,770
Inspire Medical Systems, Inc.†       45,103     6,233,235
Insulet Corp.†       41,983    13,645,734
Lantheus Holdings, Inc.†       21,752     1,643,581
Natera, Inc.†       68,626    10,824,379
Revvity, Inc.#       95,599     8,644,062
STERIS PLC       14,645     3,591,100
Teleflex, Inc.       63,493     7,763,289
Waters Corp.†       13,300     4,644,892
      102,239,689
Healthcare-Services — 1.6%
Ensign Group, Inc.       48,820     7,189,233
Tenet Healthcare Corp.†       72,663    12,263,335
      19,452,568
Home Builders — 0.6%
D.R. Horton, Inc.       59,498     7,024,334
 
130  
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Insurance — 4.0%
Arthur J. Gallagher & Co.       33,244 $   11,550,295
Intact Financial Corp.       66,165    15,011,092
MGIC Investment Corp.      299,495     7,921,643
W.R. Berkley Corp.      106,278     7,937,904
Willis Towers Watson PLC       15,770     4,991,994
      47,412,928
Internet — 3.7%
CDW Corp.       28,853     5,203,927
DoorDash, Inc., Class A†       25,281     5,274,881
GoDaddy, Inc., Class A†       51,357     9,354,677
Reddit, Inc., Class A†       85,199     9,572,108
Robinhood Markets, Inc., Class A†      186,741    12,352,917
Wayfair, Inc., Class A#†       42,152     1,738,348
Ziff Davis, Inc.†       35,274     1,144,289
      44,641,147
Iron/Steel — 1.1%
Carpenter Technology Corp.       54,561    12,821,835
Machinery-Construction & Mining — 0.8%
Vertiv Holdings Co., Class A       84,051     9,071,624
Machinery-Diversified — 0.6%
Ingersoll Rand, Inc.       85,637     6,991,405
Media — 0.9%
Liberty Media Corp.-Liberty Formula One, Class A†       13,607     1,199,049
Liberty Media Corp.-Liberty Formula One, Class C†       98,316     9,490,443
      10,689,492
Miscellaneous Manufacturing — 1.7%
Parker-Hannifin Corp.       16,075    10,685,053
Teledyne Technologies, Inc.†       20,105    10,029,580
      20,714,633
Oil & Gas — 0.4%
Diamondback Energy, Inc.       35,506     4,777,332
Pharmaceuticals — 1.7%
Ascendis Pharma A/S ADR†       17,925     2,918,907
BellRing Brands, Inc.†       91,871     5,783,279
Dexcom, Inc.†      107,111     9,190,124
Vaxcyte, Inc.†       60,220     1,956,548
      19,848,858
Pipelines — 2.0%
Cheniere Energy, Inc.       54,240    12,854,338
ONEOK, Inc.       23,566     1,905,075
Targa Resources Corp.       56,135     8,865,401
      23,624,814
Real Estate — 0.1%
FirstService Corp.        8,145     1,428,592
REITS — 0.6%
Lamar Advertising Co., Class A       41,492     5,001,446
Lineage, Inc.#       47,589     2,031,574
      7,033,020
Retail — 5.9%
Burlington Stores, Inc.†       10,769     2,458,239
CarMax, Inc.†       71,956     4,638,284
Cava Group, Inc.†      122,333     9,942,003
Dollar Tree, Inc.†       26,486     2,390,626
Ferguson Enterprises, Inc.       53,917      9,831,226
Security Description   Shares or
Principal
Amount 		Value
Retail (continued)
Freshpet, Inc.†       73,380 $    5,882,141
O'Reilly Automotive, Inc.†        7,530    10,297,275
Texas Roadhouse, Inc.       63,265    12,349,961
Wingstop, Inc.       36,321    12,410,886
      70,200,641
Semiconductors — 3.4%
Astera Labs, Inc.†      117,534    10,662,685
KLA Corp.        4,086     3,092,612
Monolithic Power Systems, Inc.       20,547    13,600,059
NXP Semiconductors NV       37,176     7,105,449
ON Semiconductor Corp.†      146,768     6,167,191
      40,627,996
Software — 19.5%
ANSYS, Inc.†       24,237     8,018,084
AppLovin Corp., Class A†      103,505    40,677,465
Broadridge Financial Solutions, Inc.       34,160     8,295,073
Cloudflare, Inc., Class A†      121,493    20,154,474
Constellation Software, Inc.        5,980    21,681,819
Dayforce, Inc.#†      112,251     6,631,789
Dynatrace, Inc.†       50,154     2,708,818
Elastic NV†       86,226     6,973,097
Monday.com, Ltd.†       23,876     7,102,871
MongoDB, Inc.†       48,724     9,200,553
Palantir Technologies, Inc., Class A†      457,191    60,248,630
PTC, Inc.†       37,337     6,284,564
SentinelOne, Inc., Class A†      341,246     6,009,342
Snowflake, Inc., Class A†       52,760    10,851,149
SS&C Technologies Holdings, Inc.      180,672    14,600,104
Topicus.com, Inc.†       20,795     2,720,086
      232,157,918
Telecommunications — 0.8%
Motorola Solutions, Inc.       23,233     9,650,524
Transportation — 1.4%
CSX Corp.      211,485     6,680,811
JB Hunt Transport Services, Inc.       49,588     6,885,294
TFI International, Inc.       36,896     3,174,163
      16,740,268
Total Long-Term Investment Securities
(cost $947,966,707) 		    1,144,660,866
SHORT-TERM INVESTMENTS — 2.2%
Commercial Paper — 1.3%
Manhattan Asset Funding      
4.32%, 06/02/2025   $13,200,000    13,195,216
Victory Receivables Corp.      
4.32%, 06/02/2025    2,300,000     2,299,167
      15,494,383
U.S. Government Agency — 0.1%
Federal Home Loan Bank      
4.12%, 06/02/2025    1,900,000     1,899,334
 
131
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS (continued)
Unaffiliated Investment Companies — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(1)(2) 		   9,370,913   $    9,370,913
Total Short-Term Investments
(cost $26,768,396) 		      26,764,630
TOTAL INVESTMENTS
(cost $974,735,103)(3) 		  98.4%   1,171,425,496
Other assets less liabilities   1.6   18,898,739
NET ASSETS   100.0%   $1,190,324,235
† 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 May 31, 2025.
(2) At May 31, 2025, the Fund had loaned securities with a total value of $24,110,588. This was secured by collateral of $9,370,913, which was received in cash and subsequently invested in short-term investments currently valued at $9,370,913 as reported in the Portfolio of Investments. Additional collateral of $15,622,939 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:
Securities   Coupon Range   Maturity Date Range   Value as of
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $77,366
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   500,019
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   38,390
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   210,572
United States Treasury Bills   0.00%   11/28/2025   494
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 05/15/2054   14,796,098
(3) See Note 4 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 May 31, 2025 (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 $1,144,660,866   $—   $—   $1,144,660,866
Short-Term Investments:              
Unaffiliated Investment Companies 9,370,913   —   —   9,370,913
Other Short-Term Investments —   17,393,717   —   17,393,717
Total Investments at Value $1,154,031,779   $17,393,717   $—   $1,171,425,496
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
132  
Table of Contents
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 97.5%
Aerospace/Defense — 3.2%
Curtiss-Wright Corp.        7,401 $  3,257,254
Ducommun, Inc.†       39,818   2,802,391
Howmet Aerospace, Inc.       44,598   7,576,754
L3Harris Technologies, Inc.       12,320   3,010,269
Standardaero, Inc.†       87,230   2,558,456
      19,205,124
Apparel — 1.0%
Crocs, Inc.†       19,272   1,965,744
Ralph Lauren Corp.        8,277   2,291,156
Steven Madden, Ltd.#       77,303   1,905,519
      6,162,419
Auto Parts & Equipment — 0.6%
Gentex Corp.       68,260   1,472,368
Goodyear Tire & Rubber Co.†      168,940   1,927,606
      3,399,974
Banks — 5.7%
Ameris Bancorp       40,778   2,506,624
Cadence Bank      135,271   4,098,711
Columbia Banking System, Inc.      129,749   3,033,532
East West Bancorp, Inc.       31,607   2,882,558
Fifth Third Bancorp       84,240   3,217,126
Huntington Bancshares, Inc.      250,404   3,913,814
SouthState Corp.       44,775   3,931,245
Synovus Financial Corp.       88,678   4,241,469
UMB Financial Corp.       30,965   3,193,111
Webster Financial Corp.       58,431   3,008,028
      34,026,218
Beverages — 1.2%
Coca-Cola Consolidated, Inc.       21,930   2,514,275
Coca-Cola Europacific Partners PLC       21,717   1,993,403
Primo Brands Corp.       76,213   2,520,364
      7,028,042
Building Materials — 2.1%
Boise Cascade Co.       30,534   2,652,794
Builders FirstSource, Inc.†       10,559   1,136,993
Fortune Brands Innovations, Inc.       36,834   1,856,433
Masco Corp.       60,378   3,768,795
Masterbrand, Inc.†       79,560     811,512
UFP Industries, Inc.       21,432   2,090,906
      12,317,433
Chemicals — 2.7%
Avient Corp.       70,613   2,551,248
Axalta Coating Systems, Ltd.†       55,261   1,702,039
CF Industries Holdings, Inc.       41,919   3,802,472
DuPont de Nemours, Inc.       29,065   1,941,542
Ingevity Corp.†       79,268   3,279,317
Mosaic Co.       83,014   3,000,126
      16,276,744
Commercial Services — 3.1%
Booz Allen Hamilton Holding Corp.        9,211     978,669
Equifax, Inc.       11,299   2,985,083
H&R Block, Inc.       38,135   2,171,788
RB Global, Inc.       37,299   3,927,585
Robert Half, Inc.       23,207    1,062,648
Security Description   Shares or
Principal
Amount 		Value
Commercial Services (continued)
TransUnion       41,621 $  3,564,006
Valvoline, Inc.†      109,741   3,795,941
      18,485,720
Computers — 3.5%
Amdocs, Ltd.       32,620   2,993,211
CACI International, Inc., Class A#†        5,477   2,344,156
Check Point Software Technologies, Ltd.†       21,743   4,976,538
Cognizant Technology Solutions Corp., Class A       19,844   1,607,166
Dell Technologies, Inc., Class C       23,628   2,629,087
Leidos Holdings, Inc.       15,659   2,325,675
NetApp, Inc.       26,633   2,640,928
Science Applications International Corp.       12,605   1,456,382
      20,973,143
Cosmetics/Personal Care — 0.5%
Perrigo Co. PLC      115,102   3,081,281
Distribution/Wholesale — 1.1%
LKQ Corp.       37,754   1,527,904
Resideo Technologies, Inc.†       69,481   1,438,257
WESCO International, Inc.       19,490   3,272,176
      6,238,337
Diversified Financial Services — 8.7%
Affiliated Managers Group, Inc.       13,385   2,355,760
Air Lease Corp.       60,455   3,482,812
Ameriprise Financial, Inc.       13,859   7,057,557
Bread Financial Holdings, Inc.       41,299   2,116,161
Capital One Financial Corp.        8,489   1,605,694
Evercore, Inc., Class A       17,444   4,038,112
LPL Financial Holdings, Inc.       18,712   7,244,538
PRA Group, Inc.†      114,599   1,626,160
Rocket Cos., Inc., Class A#      171,535   2,187,071
SLM Corp.       87,743   2,840,241
Stifel Financial Corp.       63,919   6,022,448
Synchrony Financial       52,684   3,037,233
TPG, Inc.       42,175   2,029,883
Voya Financial, Inc.       86,544   5,756,907
      51,400,577
Electric — 2.9%
CenterPoint Energy, Inc.       53,628   1,997,107
DTE Energy Co.       29,564   4,039,921
Entergy Corp.       32,818   2,733,083
FirstEnergy Corp.       45,889   1,924,585
IDACORP, Inc.       10,269   1,221,497
NRG Energy, Inc.       13,625   2,124,137
OGE Energy Corp.       66,547   2,959,345
      16,999,675
Electrical Components & Equipment — 1.5%
AMETEK, Inc.       16,017   2,862,878
Belden, Inc.       29,530   3,136,086
Generac Holdings, Inc.†       21,482   2,623,597
      8,622,561
Electronics — 3.9%
Allegion PLC       30,440   4,343,788
Arrow Electronics, Inc.†       11,468   1,357,582
Atmus Filtration Technologies, Inc.       58,539   2,108,575
Flex, Ltd.†      146,688   6,204,902
Jabil, Inc.       17,403    2,923,878
 
133
Table of Contents
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Electronics (continued)
Keysight Technologies, Inc.†       24,172 $  3,795,971
TE Connectivity PLC       14,651   2,345,186
      23,079,882
Engineering & Construction — 1.1%
Fluor Corp.†       40,879   1,699,749
Frontdoor, Inc.†       50,654   2,786,477
TopBuild Corp.†        6,759   1,912,053
      6,398,279
Entertainment — 0.4%
Churchill Downs, Inc.       14,512   1,385,461
International Game Technology PLC       49,592     729,498
      2,114,959
Food — 2.8%
Lamb Weston Holdings, Inc.       31,260   1,743,683
Simply Good Foods Co.†       63,127   2,178,513
Sysco Corp.       39,960   2,917,080
US Foods Holding Corp.†      121,258   9,593,933
      16,433,209
Gas — 1.0%
Chesapeake Utilities Corp.       19,064   2,329,430
ONE Gas, Inc.       35,357   2,643,289
Spire, Inc.       11,928     897,940
      5,870,659
Healthcare-Products — 1.2%
LivaNova PLC†       46,512   2,011,644
QIAGEN NV#       48,124   2,171,836
Solventum Corp.†       37,958   2,774,350
      6,957,830
Healthcare-Services — 2.0%
Acadia Healthcare Co., Inc.†       43,638     987,964
Evotec SE†      195,111     774,591
ICON PLC†       12,766   1,663,154
Molina Healthcare, Inc.†       11,423   3,484,472
Quest Diagnostics, Inc.        8,770   1,520,192
Tenet Healthcare Corp.†       20,388   3,440,883
      11,871,256
Home Builders — 0.9%
Century Communities, Inc.       28,215   1,463,512
NVR, Inc.†          516   3,671,820
      5,135,332
Home Furnishings — 1.1%
Somnigroup International, Inc.#      102,402   6,662,274
Insurance — 4.8%
Aegon, Ltd.#      342,732   2,464,243
Aon PLC, Class A        6,572   2,445,310
Equitable Holdings, Inc.       33,747   1,784,204
Everest Group, Ltd.       11,407   3,960,396
First American Financial Corp.       33,114   1,848,092
Kemper Corp.       64,882   4,134,930
Markel Group, Inc.†        2,194   4,260,090
RenaissanceRe Holdings, Ltd.        7,143   1,781,607
Travelers Cos., Inc.        8,138   2,243,647
Willis Towers Watson PLC       10,936   3,461,791
      28,384,310
Security Description   Shares or
Principal
Amount 		Value
Internet — 2.7%
Cargurus, Inc.†       67,899 $  2,127,955
CDW Corp.       14,243   2,568,867
eBay, Inc.       54,909   4,017,692
F5, Inc.†       11,312   3,228,219
Gen Digital, Inc.       97,217   2,768,740
Maplebear, Inc.†       30,678   1,401,064
      16,112,537
Iron/Steel — 1.6%
Commercial Metals Co.       41,535   1,935,116
Reliance, Inc.       26,802   7,848,161
      9,783,277
Leisure Time — 0.9%
Harley-Davidson, Inc.#       46,452   1,124,603
Malibu Boats, Inc., Class A#†       63,803   1,923,022
OneSpaWorld Holdings, Ltd.      130,785   2,466,605
      5,514,230
Lodging — 1.8%
Boyd Gaming Corp.       37,761   2,830,942
Marriott International, Inc., Class A        8,504   2,243,610
Wyndham Hotels & Resorts, Inc.       67,073   5,552,303
      10,626,855
Machinery-Diversified — 2.8%
Dover Corp.        9,669   1,718,665
Flowserve Corp.       37,162   1,854,755
IDEX Corp.       18,270   3,305,226
Ingersoll Rand, Inc.       45,931   3,749,807
Middleby Corp.†       23,341   3,410,820
Watts Water Technologies, Inc., Class A       10,485   2,538,628
      16,577,901
Mining — 0.3%
Freeport-McMoRan, Inc.       53,423   2,055,717
Miscellaneous Manufacturing — 2.4%
3M Co.       12,758   1,892,649
ITT, Inc.        8,051   1,211,998
JBT Marel Corp.       31,586   3,626,389
Parker-Hannifin Corp.        4,762   3,165,301
Textron, Inc.       59,486   4,403,749
      14,300,086
Office/Business Equipment — 0.5%
Zebra Technologies Corp., Class A†       10,952   3,173,561
Oil & Gas — 5.5%
Antero Resources Corp.†       60,890   2,280,330
Chord Energy Corp.       41,515   3,736,350
Coterra Energy, Inc.      134,776   3,276,405
Diamondback Energy, Inc.       18,776   2,526,311
EQT Corp.      131,982   7,276,168
Expand Energy Corp.       26,594   3,088,361
Marathon Petroleum Corp.       23,297   3,744,760
Phillips 66       13,277   1,506,674
Range Resources Corp.       80,859   3,075,876
Viper Energy, Inc.       59,676   2,368,540
      32,879,775
Oil & Gas Services — 0.5%
TechnipFMC PLC       98,089   3,055,472
Packaging & Containers — 1.6%
Ball Corp.       44,166    2,366,414
 
134  
Table of Contents
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Packaging & Containers (continued)
Packaging Corp. of America       15,457 $  2,985,829
Silgan Holdings, Inc.       79,068   4,354,275
      9,706,518
Pharmaceuticals — 1.1%
Cencora, Inc.       16,256   4,734,397
McKesson Corp.        2,876   2,069,311
      6,803,708
Pipelines — 0.3%
ONEOK, Inc.       18,107   1,463,770
Private Equity — 0.6%
Carlyle Group, Inc.       80,181   3,624,181
REITS — 7.7%
American Healthcare REIT, Inc.       72,398   2,529,586
Brixmor Property Group, Inc.      184,628   4,691,397
BXP, Inc.       30,197   2,033,164
Camden Property Trust       36,233   4,257,015
Douglas Emmett, Inc.       87,720   1,248,256
EastGroup Properties, Inc.       13,923   2,360,645
Equity LifeStyle Properties, Inc.       33,514   2,130,485
Equity Residential       28,127   1,972,828
Essential Properties Realty Trust, Inc.      121,933   3,962,822
Essex Property Trust, Inc.       10,095   2,865,971
Extra Space Storage, Inc.       11,695   1,767,699
First Industrial Realty Trust, Inc.       58,761   2,904,556
Lamar Advertising Co., Class A       26,519   3,196,600
Regency Centers Corp.       40,563   2,926,620
Simon Property Group, Inc.       28,236   4,604,445
VICI Properties, Inc.       68,805   2,181,807
      45,633,896
Retail — 3.3%
AutoZone, Inc.†        1,707   6,372,299
Boot Barn Holdings, Inc.†       11,775   1,887,650
Darden Restaurants, Inc.        9,107   1,950,810
Dick's Sporting Goods, Inc.       20,048   3,595,408
Five Below, Inc.†       18,559   2,163,423
MSC Industrial Direct Co., Inc., Class A#       20,403   1,656,724
Ross Stores, Inc.       15,875   2,223,929
      19,850,243
Semiconductors — 1.9%
Allegro MicroSystems, Inc.†      112,636   2,855,323
Lam Research Corp.       36,715   2,966,205
Microchip Technology, Inc.       52,174   3,028,179
MKS, Inc.       30,112   2,474,905
      11,324,612
Software — 1.9%
Fidelity National Information Services, Inc.       20,054   1,596,499
Pegasystems, Inc.       10,098     991,119
Progress Software Corp.       49,973   3,076,338
PTC, Inc.†       19,798   3,332,399
SS&C Technologies Holdings, Inc.       31,494   2,545,030
      11,541,385
Telecommunications — 0.7%
InterDigital, Inc.#        9,831   2,135,883
Viavi Solutions, Inc.†      233,465   2,126,866
      4,262,749
Security Description   Shares or
Principal
Amount 		  Value
Transportation — 2.4%
Expeditors International of Washington, Inc.       29,945   $  3,375,700
Landstar System, Inc.       12,203     1,674,496
Norfolk Southern Corp.       22,302     5,511,270
Ryder System, Inc.       23,633     3,477,123
        14,038,589
Total Common Stocks
(cost $553,969,657) 		      579,454,300
UNAFFILIATED INVESTMENT COMPANIES — 0.3%
iShares Russell 2000 Value ETF
(cost $1,673,341) 		      11,042     1,665,465
Total Long-Term Investment Securities
(cost $555,642,998) 		      581,119,765
SHORT-TERM INVESTMENTS — 2.2%
Unaffiliated Investment Companies — 2.2%
State Street Institutional Liquid Reserves Government Money Market Fund, Administration Class
3.99%(1) 		  10,337,351    10,337,351
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(1)(2) 		   2,896,790     2,896,790
Total Short-Term Investments
(cost $13,234,141) 		      13,234,141
REPURCHASE AGREEMENTS — 0.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $2,836,311 and collateralized by $2,849,700 of United States Treasury Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $2,892,880
(cost $2,835,989) 		  $ 2,835,989     2,835,989
TOTAL INVESTMENTS
(cost $571,713,128)(3) 		  100.5%   597,189,895
Other assets less liabilities   (0.5)   (2,753,998)
NET ASSETS   100.0%   $594,435,897
† 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 May 31, 2025.
(2) At May 31, 2025, the Fund had loaned securities with a total value of $18,328,178. This was secured by collateral of $2,896,790, which was received in cash and subsequently invested in short-term investments currently valued at $2,896,790 as reported in the Portfolio of Investments. Additional collateral of $16,055,493 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $128,650
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   831,467
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   63,838
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   350,155
United States Treasury Bills   0.00%   11/28/2025   821
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 02/15/2055   14,680,562
(3) See Note 4 for cost of investments on a tax basis.
ETF—Exchange Traded Fund
 
135
Table of Contents
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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 $579,454,300   $—   $—   $579,454,300
Unaffiliated Investment Companies 1,665,465   —   —   1,665,465
Short-Term Investments 13,234,141   —   —   13,234,141
Repurchase Agreements —   2,835,989   —   2,835,989
Total Investments at Value $594,353,906   $2,835,989   $—   $597,189,895
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
136  
Table of Contents
VALIC Company I Moderate Growth Lifestyle Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
AFFILIATED INVESTMENT COMPANIES#(1) — 99.0%
Domestic Fixed Income Investment Companies — 42.5%
VALIC Company I Core Bond Fund   42,832,599 $414,191,229
VALIC Company I High Yield Bond Fund    1,468,431  10,205,600
Total Domestic Fixed Income Investment Companies
(cost $421,151,942) 		    424,396,829
Domestic Equity Investment Companies — 41.5%
VALIC Company I Small Cap Growth Fund    1,121,981  17,637,541
VALIC Company I Small Cap Value Fund    1,568,074  17,154,726
VALIC Company I Stock Index Fund    4,182,487 244,173,565
VALIC Company I Systematic Growth Fund    3,845,446  69,717,946
VALIC Company I Systematic Value Fund    4,386,745  64,879,953
Total Domestic Equity Investment Companies
(cost $357,314,315) 		    413,563,731
International Equity Investment Companies — 15.0%
VALIC Company I International Equities Index Fund
(cost $120,688,394) 		  16,539,012 149,347,279
Total Long-Term Investment Securities
(cost $899,154,651) 		    987,307,839
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS — 0.7%
Unaffiliated Investment Companies — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(2)
(cost $6,513,372) 		   6,513,372   $  6,513,372
TOTAL INVESTMENTS
(cost $905,668,023)(3) 		  99.7%   993,821,211
Other assets less liabilities   0.3   2,983,111
NET ASSETS   100.0%   $996,804,322
# The VALIC Company I Moderate Growth Lifestyle 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.corebridgefinancial.com/rs.
(1) See Note 8.
(2) The rate shown is the 7-day yield as of May 31, 2025.
(3) See Note 4 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 May 31, 2025 (see Note 2):
  Level 1 - Unadjusted
Quoted Prices 		  Level 2 - Other
Observable Inputs 		  Level 3 - Significant
Unobservable Inputs 		  Total
ASSETS:              
Investments at Value:*              
Affiliated Investment Companies $987,307,839   $—   $—   $987,307,839
Short-Term Investments 6,513,372   —   —   6,513,372
Total Investments at Value $993,821,211   $—   $—   $993,821,211
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
137
Table of Contents
VALIC Company I Nasdaq-100® Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 99.7%
Advertising — 0.2%
Trade Desk, Inc., Class A†      28,500 $    2,143,770
Auto Manufacturers — 3.5%
PACCAR, Inc.      33,059     3,102,587
Tesla, Inc.†      93,064    32,242,954
      35,345,541
Beverages — 2.0%
Coca-Cola Europacific Partners PLC      29,037     2,665,306
Keurig Dr Pepper, Inc.      85,467     2,877,674
Monster Beverage Corp.†      61,303     3,920,327
PepsiCo, Inc.      86,396    11,356,754
      20,820,061
Biotechnology — 3.0%
Amgen, Inc.      33,841     9,752,299
Biogen, Inc.†       9,221     1,196,794
Gilead Sciences, Inc.      78,449     8,635,666
Regeneron Pharmaceuticals, Inc.       6,772     3,320,176
Vertex Pharmaceuticals, Inc.†      16,176     7,150,601
      30,055,536
Chemicals — 1.4%
Linde PLC      29,791    13,929,676
Commercial Services — 2.1%
Automatic Data Processing, Inc.      25,630     8,343,334
Cintas Corp.      25,421     5,757,857
PayPal Holdings, Inc.†      62,316     4,379,568
Verisk Analytics, Inc.       8,837     2,776,055
      21,256,814
Computers — 9.3%
Apple, Inc.     384,634    77,253,739
Cognizant Technology Solutions Corp., Class A      31,158     2,523,486
Crowdstrike Holdings, Inc., Class A†      14,731     6,943,752
Fortinet, Inc.†      48,441     4,930,325
Zscaler, Inc.†       9,666     2,664,916
      94,316,218
Distribution/Wholesale — 0.6%
Copart, Inc.†      60,858     3,132,970
Fastenal Co.      72,248     2,986,732
      6,119,702
Electric — 1.5%
American Electric Power Co., Inc.      33,589     3,476,126
Constellation Energy Corp.      19,707     6,033,298
Exelon Corp.      63,323     2,774,814
Xcel Energy, Inc.      36,193     2,537,129
      14,821,367
Electronics — 0.9%
Honeywell International, Inc.      40,941     9,280,096
Food — 0.7%
Kraft Heinz Co.      75,277     2,012,154
Mondelez International, Inc., Class A      81,484     5,499,355
      7,511,509
Healthcare-Products — 1.7%
GE HealthCare Technologies, Inc.      28,807     2,032,046
IDEXX Laboratories, Inc.†       5,123     2,629,943
Intuitive Surgical, Inc.†      22,467    12,409,423
      17,071,412
Security Description   Shares or
Principal
Amount 		Value
Internet — 22.1%
Airbnb, Inc., Class A†      27,269 $    3,517,701
Alphabet, Inc., Class A     149,352    25,649,712
Alphabet, Inc., Class C     140,748    24,328,292
Amazon.com, Inc.†     271,350    55,629,464
Booking Holdings, Inc.       2,067    11,407,628
CDW Corp.       8,346     1,505,285
DoorDash, Inc., Class A†      24,850     5,184,953
MercadoLibre, Inc.†       3,194     8,187,148
Meta Platforms, Inc., Class A      56,071    36,305,412
Netflix, Inc.†      26,946    32,530,020
Palo Alto Networks, Inc.†      41,708     8,025,453
PDD Holdings, Inc. ADR†      42,075     4,060,658
Shopify, Inc., Class A†      76,565     8,209,299
      224,541,025
Lodging — 0.4%
Marriott International, Inc., Class A      17,367     4,581,936
Media — 1.3%
Charter Communications, Inc., Class A#†       8,942     3,543,446
Comcast Corp., Class A     237,586     8,213,348
Warner Bros. Discovery, Inc.†     154,635     1,541,711
      13,298,505
Miscellaneous Manufacturing — 0.4%
Axon Enterprise, Inc.†       4,827     3,621,988
Oil & Gas — 0.2%
Diamondback Energy, Inc.      18,233     2,453,250
Oil & Gas Services — 0.2%
Baker Hughes Co.      62,371     2,310,845
Pharmaceuticals — 0.5%
AstraZeneca PLC ADR      36,681     2,671,477
Dexcom, Inc.†      24,616     2,112,053
      4,783,530
Real Estate — 0.2%
CoStar Group, Inc.†      25,835     1,900,423
Retail — 4.4%
Costco Wholesale Corp.      27,963    29,086,553
Lululemon Athletica, Inc.†       7,325     2,319,608
O'Reilly Automotive, Inc.†       3,608     4,933,940
Ross Stores, Inc.      20,784     2,911,631
Starbucks Corp.      71,555     6,007,042
      45,258,774
Semiconductors — 21.6%
Advanced Micro Devices, Inc.†     102,080    11,303,319
Analog Devices, Inc.      31,243     6,685,377
Applied Materials, Inc.      51,179     8,022,308
ARM Holdings PLC ADR#†       8,247     1,027,081
ASML Holding NV       5,689     4,191,485
Broadcom, Inc.     198,498    48,050,411
GlobalFoundries, Inc.†      34,814     1,246,341
Intel Corp.     272,763     5,332,517
KLA Corp.       8,371     6,335,842
Lam Research Corp.      80,863     6,532,922
Marvell Technology, Inc.      54,509     3,280,897
Microchip Technology, Inc.      33,879     1,966,337
Micron Technology, Inc.      70,186     6,629,770
NVIDIA Corp.     624,752    84,422,738
NXP Semiconductors NV      15,977     3,053,684
ON Semiconductor Corp.†      26,547      1,115,505
 
138  
Table of Contents
VALIC Company I Nasdaq-100® Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Semiconductors (continued)
QUALCOMM, Inc.      69,671 $   10,116,229
Texas Instruments, Inc.      57,345    10,485,533
      219,798,296
Software — 17.6%
Adobe, Inc.†      27,396    11,371,806
ANSYS, Inc.†       5,522     1,826,788
AppLovin Corp., Class A†      19,482     7,656,426
Atlassian Corp., Class A†      10,331     2,145,025
Autodesk, Inc.†      13,544     4,010,649
Cadence Design Systems, Inc.†      17,267     4,956,838
Datadog, Inc., Class A†      19,985     2,355,832
Electronic Arts, Inc.      16,417     2,360,436
Intuit, Inc.      17,611    13,269,360
Microsoft Corp.     190,344    87,626,764
MicroStrategy, Inc., Class A†      14,974     5,526,304
Palantir Technologies, Inc., Class A†     141,670    18,669,273
Paychex, Inc.      22,682     3,581,715
Roper Technologies, Inc.       6,765     3,857,877
Synopsys, Inc.†       9,740     4,519,165
Take-Two Interactive Software, Inc.†      11,118     2,515,781
Workday, Inc., Class A†      13,481     3,339,378
      179,589,417
Telecommunications — 3.3%
Cisco Systems, Inc.     250,608    15,798,328
T-Mobile US, Inc.      71,923    17,419,751
      33,218,079
Transportation — 0.6%
CSX Corp.     119,349     3,770,235
Old Dominion Freight Line, Inc.      13,389     2,144,516
      5,914,751
Total Common Stocks
(cost $475,027,536) 		    1,013,942,521
UNAFFILIATED INVESTMENT COMPANIES — 0.0%
Invesco QQQ Trust Series 1 #
(cost $4,716) 		         10         5,191
Total Long-Term Investment Securities
(cost $475,032,252) 		    1,013,947,712
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS — 0.3%
Unaffiliated Investment Companies — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(1) 		  3,417,111   $    3,417,111
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(1)(2) 		      9,228           9,228
Total Short-Term Investments
(cost $3,426,339) 		      3,426,339
TOTAL INVESTMENTS
(cost $478,458,591)(3) 		  100.0%   1,017,374,051
Other assets less liabilities   0.0   245,148
NET ASSETS   100.0%   $1,017,619,199
† 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 May 31, 2025.
(2) At May 31, 2025, the Fund had loaned securities with a total value of $3,552,374. This was secured by collateral of $9,228, which was received in cash and subsequently invested in short-term investments currently valued at $9,228 as reported in the Portfolio of Investments. Additional collateral of $3,627,567 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
May 31, 2025
United States Treasury Notes/Bonds   0.13% to 5.00%   07/15/2025 to 05/15/2054   $3,627,567
(3) See Note 4 for cost of investments on a tax basis.
ADR—American Depositary Receipt
 
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
Appreciation
8 Long NASDAQ 100 E-Mini Index June 2025 $3,374,887 $3,420,280 $45,393
* 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.
139
Table of Contents
VALIC Company I Nasdaq-100® Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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 $1,013,942,521   $—   $—   $1,013,942,521
Unaffiliated Investment Companies 5,191   —   —   5,191
Short-Term Investments 3,426,339   —   —   3,426,339
Total Investments at Value $1,017,374,051   $—   $—   $1,017,374,051
Other Financial Instruments:†              
Futures Contracts $45,393   $—   $—   $45,393
* 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
140  
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 97.4%
Auto Manufacturers — 0.7%
Tesla, Inc.†       54,567 $   18,905,283
Biotechnology — 0.0%
Ginkgo Bioworks, Inc., Earnout Shares 15.00(1)          963            10
PrognomiQ, Inc., Class A†(1)(2)       28,713         9,188
      9,198
Commercial Services — 1.8%
Adyen NV*†        8,951    17,172,104
RELX PLC      376,838    20,278,834
Toast, Inc., Class A†      279,797    11,801,837
      49,252,775
Computers — 12.9%
Apple, Inc.      821,095   164,916,931
Crowdstrike Holdings, Inc., Class A†      113,158    53,339,286
CyberArk Software, Ltd.†      111,677    42,747,722
EPAM Systems, Inc.†       44,344     7,737,584
International Business Machines Corp.       40,551    10,505,142
Okta, Inc.†      209,792    21,644,241
Rubrik, Inc., Class A†      318,172    30,337,700
SailPoint, Inc.†      387,703     6,831,327
Zscaler, Inc.†       79,500    21,918,150
      359,978,083
Diversified Financial Services — 1.8%
CME Group, Inc.       34,273     9,904,897
Deutsche Boerse AG       29,539     9,508,607
Mastercard, Inc., Class A       50,900    29,807,040
      49,220,544
Electronics — 1.2%
Amphenol Corp., Class A      280,065    25,186,245
Coherent Corp.†      106,601     8,062,234
      33,248,479
Entertainment Software — 0.1%
Epic Games, Inc.†(1)(2)        3,719     2,102,425
Healthcare-Services — 0.0%
Verily Life Sciences LLC
Series B†(1)(2) 		       6,986       851,943
Internet — 18.5%
Alibaba Group Holding, Ltd.    1,058,092    15,369,869
Alphabet, Inc., Class A       83,775    14,387,518
Alphabet, Inc., Class C      525,455    90,824,897
Amazon.com, Inc.†      326,589    66,954,011
MercadoLibre, Inc.†       10,786    27,647,646
Meta Platforms, Inc., Class A      255,856   165,664,201
Netflix, Inc.†       26,103    31,512,325
Palo Alto Networks, Inc.†       57,426    11,049,911
Reddit, Inc., Class A†       70,461     7,916,293
Robinhood Markets, Inc., Class A†      285,571    18,890,522
Shopify, Inc., Class A†      108,639    11,648,274
Spotify Technology SA†       77,789    51,740,575
      513,606,042
Machinery-Construction & Mining — 0.7%
Hitachi, Ltd.      662,000    18,613,934
Media — 0.8%
Thomson Reuters Corp.      106,748    21,208,809
Semiconductors — 26.6%
Advanced Micro Devices, Inc.†      277,290     30,704,322
Security Description   Shares or
Principal
Amount 		Value
Semiconductors (continued)
Analog Devices, Inc.      120,515 $   25,787,800
Applied Materials, Inc.       60,524     9,487,137
ARM Holdings PLC ADR#†       89,285    11,119,554
ASM International NV       21,174    11,530,553
ASML Holding NV (XAMS)       26,707    19,829,168
Broadcom, Inc.      694,702   168,166,513
KLA Corp.       19,771    14,964,275
Lam Research Corp.      294,202    23,768,580
Marvell Technology, Inc.      192,312    11,575,259
Micron Technology, Inc.      244,041    23,052,113
Monolithic Power Systems, Inc.       34,074    22,553,581
NVIDIA Corp.    2,249,399   303,961,287
NXP Semiconductors NV       67,342    12,871,076
Samsung Electronics Co., Ltd.      151,454     6,169,250
Taiwan Semiconductor Manufacturing Co., Ltd. ADR      220,618    42,649,872
      738,190,340
Software — 30.6%
AppLovin Corp., Class A†       51,677    20,309,061
Atlassian Corp., Class A†      119,726    24,858,709
Autodesk, Inc.†       43,205    12,793,865
Cadence Design Systems, Inc.†      118,917    34,137,503
Cloudflare, Inc., Class A†      138,104    22,910,073
Constellation Software, Inc.        5,854    21,224,978
Dynatrace, Inc.†      213,775    11,545,988
Elastic NV†      161,587    13,067,541
Guidewire Software, Inc.†       66,467    14,291,734
HubSpot, Inc.†       10,561     6,229,934
Intuit, Inc.       20,200    15,220,094
Klaviyo, Inc., Class A†      466,355    15,856,070
Microsoft Corp.      535,398   246,475,823
Monday.com, Ltd.†       35,728    10,628,723
MongoDB, Inc.†       17,353     3,276,767
Oracle Corp.      254,324    42,098,252
Palantir Technologies, Inc., Class A†      336,661    44,365,187
Salesforce, Inc.      179,498    47,633,384
Samsara, Inc., Class A†      457,497    21,291,910
SAP SE       94,661    28,579,688
SAP SE ADR       69,300    20,988,198
SentinelOne, Inc., Class A†      388,854     6,847,719
ServiceNow, Inc.†       61,143    61,821,076
Snowflake, Inc., Class A†      329,798    67,829,555
Take-Two Interactive Software, Inc.†       69,322    15,686,182
Twilio, Inc., Class A†       64,630     7,606,951
Xero, Ltd.†      104,285    12,388,360
      849,963,325
Telecommunications — 1.3%
Arista Networks, Inc.†      359,015    31,105,060
Xiaomi Corp., Class B*†      927,000     6,023,472
      37,128,532
Toys/Games/Hobbies — 0.4%
Nintendo Co., Ltd.      136,600    11,235,005
Total Common Stocks
(cost $1,963,535,302) 		    2,703,514,717
CONVERTIBLE PREFERRED STOCKS — 0.3%
Automotive - Cars & Lt. Trucks — 0.1%
GM Cruise Holdings LLC
Class F†(1)(2) 		      89,700         89,700
 
141
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
CONVERTIBLE PREFERRED STOCKS (continued)
Automotive - Cars & Lt. Trucks (continued)
Waymo LLC
Series A-2†(1)(2) 		      21,059 $    1,521,197
Waymo LLC
Series B-2†(1)(2) 		      10,055       737,936
      2,348,833
Biotechnology — 0.0%
Freenome Holdings, Inc.
Series B †(1)(2) 		      94,602       451,252
Freenome Holdings, Inc.
Series C†(1)(2) 		      53,807       297,015
Insitro, Inc.
Series B†(1)(2) 		      52,029       438,604
      1,186,871
E-Commerce/Services — 0.1%
Rappi, Inc.
Series E †(1)(2) 		      39,184     1,322,199
Rappi, Inc.
Series F†(1)(2) 		      14,609       492,956
      1,815,155
Healthcare-Services — 0.0%
Caris Life Sciences, Inc.
Series C†(1)(2) 		     217,911       939,196
Medical - Biomedical/Gene — 0.1%
National Resilience, Inc.
Series B†(1)(2) 		      69,360     1,634,121
Medical Imaging Systems — 0.0%
RefleXion Medical, Inc.
Series C †(1)(2) 		     160,251         4,808
RefleXion Medical, Inc.
Series D†(1)(2) 		      67,040         2,011
      6,819
Medical Information Systems — 0.0%
Kardium, Inc.
Series D-5†(1)(2) 		     542,402       506,739
Retirement/Aged Care — 0.0%
Honor Tech, Inc.
Series D†(1)(2) 		     180,527       240,101
Therapeutics — 0.0%
Color Health, Inc.
Series D-1†(1)(2) 		      26,210       164,337
Total Convertible Preferred Stocks
(cost $12,213,015) 		    8,842,172
UNAFFILIATED INVESTMENT COMPANIES — 1.9%
KraneShares CSI China Internet ETF #
(cost $58,037,585) 		   1,607,277    52,622,249
ESCROWS AND LITIGATION TRUSTS — 0.0%
Exact Sciences CMO Milestone †(1)      216,096       114,531
Exact Sciences FDA Milestone †(1)      108,048        64,829
Total Escrows and Litigation Trusts
(cost $0) 		    179,360
Security Description   Shares or
Principal
Amount 		  Value
WARRANTS — 0.0%
Software — 0.0%
Constellation Software, Inc.
Expires 03/31/2040†(1)
(cost $0) 		CAD      3,500   $            0
Total Long-Term Investment Securities
(cost $2,033,785,902) 		      2,765,158,498
SHORT-TERM INVESTMENTS — 1.3%
Unaffiliated Investment Companies — 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(3) 		     308,699         308,699
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(3)(4) 		  36,411,214      36,411,214
Total Short-Term Investments
(cost $36,719,912) 		      36,719,913
TOTAL INVESTMENTS
(cost $2,070,505,814)(5) 		  100.9%   2,801,878,411
Other assets less liabilities   (0.9)   (24,064,130)
NET ASSETS   100.0%   $2,777,814,281
† 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 Science & Technology Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $23,195,576 representing 0.8% 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) 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 May 31, 2025, the Fund held the following restricted securities:
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Common Stocks
Epic Games, Inc.                        
    06/18/2020   2,698   $1,553,204            
    03/29/2021   1,021   904,286            
        3,719   2,457,490   $2,102,425   $565.32   0.1%
PrognomiQ, Inc., Class A                        
    11/15/2019   3,628   81,510            
    05/12/2020   3,099   69,623            
    09/11/2020   21,986   493,989            
        28,713   645,122   9,188   0.32   0.0
Verily Life Sciences LLC
Series B 		  01/23/2019   6,986   861,094   851,943   121.95   0.0
Convertible Preferred Stocks
Caris Life Sciences, Inc.
Series C 		  08/14/2020   217,911   601,434   939,196   4.31   0.0
 
142  
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Convertible Preferred Stocks (continued)
Color Health, Inc.
Series D-1 		  01/13/2020   26,210   $543,971   $164,337   $6.27   0.0%
Freenome Holdings, Inc.
Series B 		  06/24/2019   94,602   431,111   451,252   4.77   0.0
Freenome Holdings, Inc.
Series C 		  08/14/2020   53,807   355,842   297,015   5.52   0.0
GM Cruise Holdings LLC
Class F 		  05/07/2019   89,700   1,637,025   89,700   1.00   0.0
Honor Tech, Inc.
Series D 		  10/16/2020   180,527   434,723   240,101   1.33   0.0
Insitro, Inc.
Series B 		  05/21/2020   52,029   324,177   438,604   8.43   0.0
Kardium, Inc.
Series D-5 		  11/29/2018   542,402   525,533   506,739   0.93   0.0
National Resilience, Inc.
Series B 		  10/23/2020   69,360   947,458   1,634,121   23.56   0.1
Rappi, Inc.
Series E 		  09/08/2020   39,184   2,341,089   1,322,199   33.74   0.1
Rappi, Inc.
Series F 		  07/08/2021   14,609   941,157   492,956   33.74   0.0
RefleXion Medical, Inc.
Series C 		  04/03/2018   160,251   271,145   4,808   0.03   0.0
RefleXion Medical, Inc.
Series D 		  04/04/2020   67,040   127,808   2,011   0.03   0.0
Waymo LLC
Series A-2 		  05/08/2020   21,059   1,808,277   1,521,197   72.24   0.1
Waymo LLC
Series B-2 		  06/11/2021   10,055   922,265   737,936   73.39   0.0
                $11,805,728       0.4%**
** Amount represents the total value of the restricted securities divided by the net assets of the Fund and may not equal the sum of the individual percentages shown due to rounding.
(3) The rate shown is the 7-day yield as of May 31, 2025.
(4) At May 31, 2025, the Fund had loaned securities with a total value of $34,703,466. This was secured by collateral of $36,411,214, which was received in cash and subsequently invested in short-term investments currently valued at $36,411,214 as reported in the Portfolio of Investments. Additional collateral of $158,438 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
May 31, 2025
United States Treasury Notes/Bonds   0.13% to 4.63%   07/15/2025 to 05/15/2054   $158,438
(5) See Note 4 for cost of investments on a tax basis.
ADR—American Depositary Receipt
ETF—Exchange Traded Fund
XAMS—Euronext Amsterdam Stock Exchange
CAD—Canadian Dollar
 
143
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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:              
Biotechnology $—   $—   $9,198   $9,198
Entertainment Software —   —   2,102,425   2,102,425
Healthcare-Services —   —   851,943   851,943
Other Industries 2,700,551,151   —   —   2,700,551,151
Convertible Preferred Stocks —   —   8,842,172   8,842,172
Unaffiliated Investment Companies 52,622,249   —   —   52,622,249
Escrows and Litigation Trusts —   —   179,360   179,360
Warrants —   —   0   0
Short-Term Investments 36,719,913   —   —   36,719,913
Total Investments at Value $2,789,893,313   $—   $11,985,098   $2,801,878,411
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.
See Notes to Financial Statements
144  
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 97.3%
Aerospace/Defense — 2.1%
AAR Corp.†       72,141 $  4,430,179
Hexcel Corp.      125,703   6,648,432
      11,078,611
Agriculture — 0.7%
Farmer's Business Network, Inc.†(1)(2)        8,265           0
Vital Farms, Inc.†      119,077   3,791,412
      3,791,412
Banks — 1.5%
Bancorp, Inc.†       88,132   4,503,545
Dogwood State Bank†        5,013      75,315
Grasshopper Bancorp, Inc.†(1)(2)        5,208      23,436
Triumph Financial, Inc.†       57,211   3,305,080
      7,907,376
Beverages — 0.7%
Celsius Holdings, Inc.†       98,292   3,723,301
Biotechnology — 8.4%
ADMA Biologics, Inc.†      253,440   5,028,250
Arcutis Biotherapeutics, Inc.†      184,544   2,406,454
Biohaven, Ltd.†       62,094     919,612
Blueprint Medicines Corp.†       37,169   3,767,078
Bridgebio Pharma, Inc.†      110,297   3,777,672
Celldex Therapeutics, Inc.†       67,824   1,341,559
Crinetics Pharmaceuticals, Inc.†       65,706   2,004,690
Cytokinetics, Inc.†       40,798   1,265,554
Edgewise Therapeutics, Inc.†       79,696   1,138,059
Halozyme Therapeutics, Inc.†       65,755   3,686,883
Insmed, Inc.†       90,134   6,285,044
Metsera, Inc.†       26,821     716,657
Mineralys Therapeutics, Inc.#†       61,528     958,606
NeoGenomics, Inc.†      343,861   2,503,308
Newamsterdam Pharma Co. NV#†       33,369     604,313
Nuvalent, Inc., Class A†       32,079   2,393,414
Revolution Medicines, Inc.†       72,037   2,838,258
Scholar Rock Holding Corp.†       69,236   2,008,536
Vera Therapeutics, Inc.†       43,745     828,968
Viking Therapeutics, Inc.#†       28,694     768,999
      45,241,914
Building Materials — 4.6%
Fortune Brands Innovations, Inc.       75,878   3,824,251
Hayward Holdings, Inc.†      577,548   8,056,795
Knife River Corp.†       30,230   2,844,643
Titan America SA      241,573   3,454,494
Trex Co., Inc.†      117,419   6,560,199
      24,740,382
Chemicals — 0.5%
Sensient Technologies Corp.       28,252   2,670,662
Commercial Services — 6.6%
Colliers International Group, Inc.#       19,158   2,308,156
First Advantage Corp.#†      244,772   4,190,497
Herc Holdings, Inc.       12,077   1,497,548
Korn Ferry       84,361   5,737,392
Paylocity Holding Corp.†       25,458   4,859,932
Shift4 Payments, Inc., Class A#†       40,423   3,831,696
Stride, Inc.†       52,055   7,880,606
Verra Mobility Corp.†      220,571   5,216,504
      35,522,331
Security Description   Shares or
Principal
Amount 		Value
Computers — 2.1%
CyberArk Software, Ltd.†       15,619 $  5,978,641
Globant SA#†       14,673   1,439,274
Grid Dynamics Holdings, Inc.†      101,158   1,267,510
Tenable Holdings, Inc.†       76,445   2,463,058
      11,148,483
Cosmetics/Personal Care — 0.7%
e.l.f. Beauty, Inc.†       35,402   3,982,371
Distribution/Wholesale — 1.4%
OPENLANE, Inc.†       52,307   1,199,399
SiteOne Landscape Supply, Inc.†       53,448   6,243,261
      7,442,660
Diversified Financial Services — 1.7%
Dave, Inc.†       14,776   2,967,316
Hamilton Lane, Inc., Class A       40,979   6,105,871
      9,073,187
Electric — 1.5%
Talen Energy Corp.#†       21,670   5,286,397
TransAlta Corp.#      271,431   2,652,304
      7,938,701
Electrical Components & Equipment — 0.9%
Littelfuse, Inc.       24,121   4,946,252
Electronics — 1.0%
Mirion Technologies, Inc.†      295,701   5,647,889
Engineering & Construction — 1.5%
Construction Partners, Inc., Class A†       76,401   7,998,421
Environmental Control — 3.0%
Casella Waste Systems, Inc., Class A†       90,636  10,623,445
Clean Harbors, Inc.†       24,473   5,550,232
      16,173,677
Healthcare-Products — 5.0%
Alphatec Holdings, Inc.#†      605,311   7,524,016
Integer Holdings Corp.†       32,583   3,869,557
Natera, Inc.†       16,978   2,677,940
SI-BONE, Inc.†      225,291   4,258,000
Twist Bioscience Corp.†       83,124   2,435,533
UFP Technologies, Inc.†       25,502   5,972,568
      26,737,614
Healthcare-Services — 5.4%
Encompass Health Corp.       52,091   6,297,802
Ensign Group, Inc.       56,084   8,258,930
HealthEquity, Inc.†       56,057   5,639,895
Pediatrix Medical Group, Inc. †      169,001   2,391,364
RadNet, Inc.†      112,810   6,485,447
      29,073,438
Home Builders — 0.6%
Champion Homes, Inc.†       51,865   3,391,971
Human Resources — 0.0%
Checkr, Inc.†(1)(2)        5,868      36,030
Insurance — 4.3%
Goosehead Insurance, Inc., Class A       30,581   3,310,699
HCI Group, Inc.#       25,354   4,278,995
Kinsale Capital Group, Inc.        9,046    4,269,622
 
145
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Insurance (continued)
Palomar Holdings, Inc.†       41,584 $  7,130,408
Root, Inc., Class A†       32,671   4,279,574
      23,269,298
Internet — 2.3%
Magnite, Inc.#†      374,708   6,130,223
Q2 Holdings, Inc.†       50,458   4,416,084
QuinStreet, Inc.†      129,080   1,971,052
      12,517,359
Iron/Steel — 2.8%
ATI, Inc.†       74,516   5,934,454
Carpenter Technology Corp.       39,825   9,358,875
      15,293,329
Leisure Time — 3.0%
Life Time Group Holdings, Inc.†      143,724   4,110,506
OneSpaWorld Holdings, Ltd.      244,900   4,618,814
Planet Fitness, Inc., Class A†       69,961   7,194,090
      15,923,410
Machinery-Diversified — 2.2%
Albany International Corp., Class A      102,165   6,750,042
Applied Industrial Technologies, Inc.       16,220   3,674,154
Ichor Holdings, Ltd.†       96,642   1,525,011
      11,949,207
Media — 0.7%
New York Times Co., Class A       63,208   3,610,441
Metal Fabricate/Hardware — 1.3%
Janus International Group, Inc.†      193,870   1,583,918
RBC Bearings, Inc.†       14,684   5,372,435
      6,956,353
Oil & Gas — 1.2%
Kosmos Energy, Ltd.#†    1,727,045   2,866,895
Transocean, Ltd.#†    1,521,415   3,788,323
      6,655,218
Oil & Gas Services — 0.9%
Aris Water Solutions, Inc., Class A#       47,136   1,038,877
Expro Group Holdings NV†      470,871   3,917,647
      4,956,524
Packaging & Containers — 0.7%
Graphic Packaging Holding Co.      167,367   3,718,895
Pharmaceuticals — 2.7%
Alkermes PLC†      108,268   3,314,084
Centessa Pharmaceuticals PLC ADR†      110,981   1,499,353
CorMedix, Inc.†       73,288     889,716
Madrigal Pharmaceuticals, Inc.†       16,531   4,550,323
Vaxcyte, Inc.†       69,615   2,261,791
Verona Pharma PLC ADR†       27,094   2,200,033
      14,715,300
Private Equity — 0.5%
P10, Inc., Class A#      255,943   2,779,541
Real Estate — 1.1%
FirstService Corp.       34,007   5,960,858
REITS — 0.4%
National Storage Affiliates Trust       59,490   2,046,456
Security Description   Shares or
Principal
Amount 		Value
Retail — 5.8%
Boot Barn Holdings, Inc.†       47,379 $  7,595,327
Brinker International, Inc.†       37,493   6,472,417
Five Below, Inc.†       18,680   2,164,838
Freshpet, Inc.†       37,206   2,982,433
National Vision Holdings, Inc.†      250,113   4,954,739
Ollie's Bargain Outlet Holdings, Inc.#†       21,216   2,364,523
PriceSmart, Inc.       41,636   4,495,855
      31,030,132
Semiconductors — 4.0%
Impinj, Inc.#†       29,865   3,407,298
MACOM Technology Solutions Holdings, Inc.†       39,088   4,753,492
Onto Innovation, Inc.†       14,695   1,351,058
Power Integrations, Inc.       64,485   3,206,839
Rambus, Inc.†       48,782   2,608,374
Silicon Laboratories, Inc.†       50,548   6,092,550
      21,419,611
Shipbuilding — 0.8%
Huntington Ingalls Industries, Inc.       18,154   4,049,431
Software — 8.7%
ACI Worldwide, Inc.†      138,798   6,420,796
Agilysys, Inc.†       34,828   3,688,634
BlackLine, Inc.†       88,730   4,962,669
Duolingo, Inc., Class A†        5,586   2,902,541
Elastic NV†       27,472   2,221,661
Guidewire Software, Inc.†       34,011   7,313,045
Hinge Health, Inc., Class A†       35,186   1,366,624
Klaviyo, Inc., Class A†      152,656   5,190,304
nCino, Inc.#†      101,280   2,663,664
Onestream, Inc.†      114,517   3,213,347
Phreesia, Inc.†       98,490   2,412,020
Schrodinger, Inc.†      104,110   2,250,858
ServiceTitan, Inc. (Lockup Shares)†(2)(3)        2,132     235,948
Talkspace, Inc.†      693,101   2,210,992
      47,053,103
Telecommunications — 1.7%
Credo Technology Group Holding, Ltd.†       77,006   4,694,285
Extreme Networks, Inc.†      208,537   3,267,775
Globalstar, Inc.#†       70,165   1,295,246
NII Holdings, Inc.(1)        3,000           0
      9,257,306
Transportation — 2.3%
Cargojet, Inc.#       44,466   3,027,582
Knight-Swift Transportation Holdings, Inc.      125,543   5,564,066
Schneider National, Inc., Class B      165,770   3,840,891
      12,432,539
Total Common Stocks
(cost $524,382,501) 		    523,860,994
CONVERTIBLE PREFERRED STOCKS — 0.1%
Agriculture — 0.0%
Farmer's Business Network, Inc.
Series D†(1)(2) 		          22           0
E-Commerce/Services — 0.0%
Flexe, Inc.
Series C†(1)(2) 		       4,643      24,329
Electrical Components & Equipment — 0.0%
Sila Nanotechnologies, Inc.
Series F†(1)(2) 		       2,608      45,736
 
146  
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
CONVERTIBLE PREFERRED STOCKS (continued)
Healthcare-Services — 0.0%
Caris Life Sciences, Inc.
Series C†(1)(2) 		      17,921   $     77,240
Human Resources — 0.1%
Checkr, Inc.
Series C †(1)(2) 		       8,994        55,223
Checkr, Inc.
Series D†(1)(2) 		      12,252        75,227
        130,450
Industrial Automation/Robotics — 0.0%
Nuro, Inc.
Series C†(1)(2) 		       6,234        79,764
Medical - Biomedical/Gene — 0.0%
National Resilience, Inc.
Series B†(1)(2) 		       5,496       129,486
Medical Information Systems — 0.0%
Kardium, Inc.
Series D†(1)(2) 		      58,843        54,974
Retirement/Aged Care — 0.0%
Honor Tech, Inc.
Series D†(1)(2) 		      43,123        57,354
Transportation — 0.0%
Haul Hub, Inc.
Series B†(1)(2) 		       2,168         9,691
Total Convertible Preferred Stocks
(cost $730,138) 		      609,024
WARRANTS — 0.0%
Banks — 0.0%
Grasshopper Bancorp, Inc.
Expires 10/12/2028†(1)(2)
(cost $0) 		       1,009           686
Total Long-Term Investment Securities
(cost $525,112,639) 		      524,470,704
SHORT-TERM INVESTMENTS — 3.4%
Unaffiliated Investment Companies — 3.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(4) 		  14,143,257    14,143,257
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(4)(5) 		   4,147,388     4,147,388
Total Short-Term Investments
(cost $18,290,645) 		      18,290,645
TOTAL INVESTMENTS
(cost $543,403,284)(6) 		  100.8%   542,761,349
Other assets less liabilities   (0.8)   (4,422,708)
NET ASSETS   100.0%   $538,338,641
† 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) 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 May 31, 2025, the Fund held the following restricted securities:
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Common Stocks
Checkr, Inc.                        
    06/29/2018   2,100   $8,603            
    12/02/2019   3,768   36,085            
        5,868   44,688   $36,030   $6.14   0.0%
Farmer's Business Network, Inc.   11/03/2017   8,265   152,606   0   0.00   0.0
Grasshopper Bancorp, Inc.                        
    10/12/2018   1,009   10,090            
    05/02/2019   4,199   41,990            
        5,208   52,080   23,436   4.50   0.0
ServiceTitan, Inc. (Lockup Shares)   11/09/2018   2,132   56,060   235,948   110.67   0.0
Convertible Preferred Stocks
Caris Life Sciences, Inc.
Series C 		  08/14/2020   17,921   49,462   77,240   4.31   0.0
Checkr, Inc.
Series C 		  04/10/2018   8,994   40,926   55,223   6.14   0.0
Checkr, Inc.
Series D 		  09/06/2019   12,252   123,526   75,227   6.14   0.1
Farmer's Business Network, Inc.
Series D 		  11/03/2017   22   406   0   0.00   0.0
Flexe, Inc.
Series C 		  11/18/2020   4,643   56,492   24,329   5.24   0.0
Haul Hub, Inc.
Series B 		  02/14/2020   2,168   31,609   9,691   4.47   0.0
Honor Tech, Inc.
Series D 		  10/16/2020   43,123   103,844   57,354   1.33   0.0
Kardium, Inc.
Series D 		  01/08/2021   58,843   59,775   54,974   0.93   0.0
National Resilience, Inc.
Series B 		  10/23/2020   5,496   75,075   129,486   23.56   0.0
Nuro, Inc.
Series C 		  10/30/2020   6,234   81,383   79,764   12.80   0.0
Sila Nanotechnologies, Inc.
Series F 		  01/07/2021   2,608   107,640   45,736   17.54   0.0
 
147
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Warrants
Grasshopper Bancorp, Inc.
Expires 10/12/2028 		  10/12/2018   1,009   $0   $686   $0.68   0.0%
                $905,124       0.1%**
** Amount represents the total value of the restricted securities divided by the net assets of the Fund and may not equal the sum of the individual percentages shown due to rounding.
(3) Security is subject to a contractual sale restriction.  The value represents 0.0% of net assets.  The lock-up agreement lasts for 180 days and ends on June 9, 2025. A lapse in the restriction may occur if the company decides to waive or modify the lock-up agreement.
(4) The rate shown is the 7-day yield as of May 31, 2025.
(5) At May 31, 2025, the Fund had loaned securities with a total value of $27,570,545. This was secured by collateral of $4,147,388, which was received in cash and subsequently invested in short-term investments currently valued at $4,147,388 as reported in the Portfolio of Investments. Additional collateral of $24,291,729 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $211,950
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   1,369,839
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   105,172
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   576,879
United States Treasury Bills   0.00%   11/28/2025 to 12/26/2025   41,662
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 02/15/2055   21,986,227
(6) See Note 4 for cost of investments on a tax basis.
ADR—American Depositary Receipt
Forward Foreign Currency Contracts
Counterparty Contract to
Deliver 		In
Exchange For 		Delivery
Date 		Unrealized
Appreciation 		  Unrealized
(Depreciation)
Citibank, N.A. CAD 24,403,751 USD 17,162,526 06/27/2025 $     —   $(642,226)
  USD 7,164,264 CAD 10,042,492 06/27/2025 162,645         —
Unrealized Appreciation (Depreciation)           $162,645   $(642,226)
CAD—Canadian Dollar
USD—United States Dollar
148  
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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:              
Agriculture $3,791,412   $—   $0   $3,791,412
Banks 7,883,940   —   23,436   7,907,376
Human Resources —   —   36,030   36,030
Telecommunications 9,257,306   —   0   9,257,306
Other Industries 502,868,870   —   —   502,868,870
Convertible Preferred Stocks —   —   609,024   609,024
Warrants —   —   686   686
Short-Term Investments 18,290,645   —   —   18,290,645
Total Investments at Value $542,092,173   $—   $669,176   $542,761,349
Other Financial Instruments:†              
Forward Foreign Currency Contracts $—   $162,645   $—   $162,645
LIABILITIES:              
Other Financial Instruments:†              
Forward Foreign Currency Contracts $—   $642,226   $—   $642,226
* 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.
Level 3 investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to Financial Statements
149
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 96.7%
Advertising — 0.1%
Advantage Solutions, Inc.#†       53,461 $       63,618
Boston Omaha Corp., Class A#†       13,393       196,877
Clear Channel Outdoor Holdings, Inc.†      146,809       157,086
National CineMedia, Inc.       37,147       202,451
Stagwell, Inc.†       45,250       201,815
TechTarget, Inc.†       16,996       137,498
      959,345
Aerospace/Defense — 2.3%
AAR Corp.†       14,974       919,553
AeroVironment, Inc.†       11,665     2,076,720
AerSale Corp.†       15,893        93,610
Amprius Technologies, Inc.†        3,828        10,297
Archer Aviation, Inc., Class A†      137,142     1,383,763
Astronics Corp.†       13,435       419,441
Ducommun, Inc.†        5,772       406,233
Eve Holding, Inc.#†       16,120        87,048
FTAI Aviation, Ltd.#       43,184     5,059,006
Intuitive Machines, Inc.†       17,440       198,990
Joby Aviation, Inc.#†      184,133     1,439,920
Kratos Defense & Security Solutions, Inc.†       62,762     2,315,290
Leonardo DRS, Inc.       31,902     1,349,455
Mercury Systems, Inc.†       22,109     1,088,868
Moog, Inc., Class A       11,871     2,199,815
National Presto Industries, Inc.        2,726       233,482
Redwire Corp.†       10,378       148,509
Rocket Lab Corp.#†      150,081     4,020,670
Triumph Group, Inc.†       30,558       788,091
Virgin Galactic Holdings, Inc.†        7,992        25,654
VirTra, Inc.†        8,477        49,506
      24,313,921
Agriculture — 0.3%
Alico, Inc.        1,523        49,117
Andersons, Inc.       14,842       527,039
Dole PLC       34,467       488,053
Fresh Del Monte Produce, Inc.       15,457       545,941
Limoneira Co.        7,921       125,073
Tejon Ranch Co.#†        5,876        98,070
Turning Point Brands, Inc.        7,302       542,685
Universal Corp.       10,828       708,043
Vital Farms, Inc.†       13,351       425,096
      3,509,117
Airlines — 0.3%
Allegiant Travel Co.        6,587       366,106
Frontier Group Holdings, Inc.#†       30,113       121,054
JetBlue Airways Corp.#†      135,924       686,416
SkyWest, Inc.†       16,843     1,708,722
Sun Country Airlines Holdings, Inc.†       16,790       194,428
Wheels Up Experience, Inc.†       36,629        47,984
      3,124,710
Apparel — 0.4%
Hanesbrands, Inc.†      138,920       687,654
Kontoor Brands, Inc.       23,157     1,588,570
Oxford Industries, Inc.#        7,097       380,967
Rocky Brands, Inc.        5,352       121,758
Steven Madden, Ltd.       30,564       753,402
Superior Group of Cos., Inc.        7,987        78,752
Torrid Holdings, Inc.†        4,880         25,181
Security Description   Shares or
Principal
Amount 		Value
Apparel (continued)
Weyco Group, Inc.#        3,508 $      110,011
Wolverine World Wide, Inc.       35,461       604,965
      4,351,260
Auto Manufacturers — 0.2%
Blue Bird Corp.#†       13,000       503,100
Hyliion Holdings Corp.†       59,305        91,330
REV Group, Inc.       22,844       856,422
Wabash National Corp.       15,808       137,055
      1,587,907
Auto Parts & Equipment — 1.1%
Adient PLC†       38,616       602,023
Aeva Technologies, Inc.#†        9,158       167,317
American Axle & Manufacturing Holdings, Inc.†       48,877       214,570
Aurora Innovation, Inc.#†      405,684     2,458,445
Commercial Vehicle Group, Inc.†       21,744        28,267
Cooper-Standard Holdings, Inc.†        6,526       150,359
Dana, Inc.       57,004       947,977
Dorman Products, Inc.†       11,005     1,423,057
Douglas Dynamics, Inc.        9,637       264,921
Fox Factory Holding Corp.†       18,140       465,291
Gentherm, Inc.†       13,544       370,632
Goodyear Tire & Rubber Co.†      121,384     1,384,991
indie Semiconductor, Inc., Class A†       52,000       137,800
Luminar Technologies, Inc.†        6,244        22,416
Methode Electronics, Inc.       18,134       144,165
Miller Industries, Inc.        5,780       262,007
Phinia, Inc.       18,568       805,851
SES AI Corp.†       21,399        19,452
Shyft Group, Inc.#       15,594       163,581
Solid Power, Inc.#†       44,102        68,799
Standard Motor Products, Inc.        8,892       269,428
Titan International, Inc.#†       23,498       170,126
Visteon Corp.†       11,956     1,009,385
XPEL, Inc.†        9,689       348,513
      11,899,373
Banks — 8.7%
1st Source Corp.        8,464       512,580
ACNB Corp.        3,520       146,326
Alerus Financial Corp.        9,546       200,561
Amalgamated Financial Corp.        7,611       230,004
Amerant Bancorp, Inc.       15,742       275,957
Ameris Bancorp       27,364     1,682,065
Ames National Corp.        6,532       113,657
Arrow Financial Corp.        6,981       179,761
Associated Banc-Corp.       70,299     1,628,828
Atlantic Union Bankshares Corp.       53,573     1,608,261
BancFirst Corp.        8,472     1,048,029
Bancorp, Inc.†       19,413       992,004
Bank First Corp.        4,469       519,745
Bank of Hawaii Corp.       16,247     1,080,588
Bank of Marin Bancorp        6,724       143,288
Bank of N.T. Butterfield & Son, Ltd.       19,679       829,667
Bank7 Corp.        1,709        66,002
BankUnited, Inc.       31,000     1,053,380
Bankwell Financial Group, Inc.        2,742        95,175
Banner Corp.       14,593       899,658
Bar Harbor Bankshares        6,353       184,745
BayCom Corp.        4,449       117,409
BCB Bancorp, Inc.        6,347        51,411
Blue Foundry Bancorp†        8,392        76,032
Bridgewater Bancshares, Inc.†        8,451        123,723
 
150  
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Banks (continued)
Burke & Herbert Financial Services Corp.        5,758 $      327,745
Business First Bancshares, Inc.       10,250       243,847
Byline Bancorp, Inc.       13,238       342,467
California Bancorp#†       10,459       156,257
Camden National Corp.        7,119       280,061
Capital Bancorp, Inc.        3,911       126,325
Capital City Bank Group, Inc.        5,859       221,119
Carter Bankshares, Inc.†       12,642       207,961
Chemung Financial Corp.        2,476       116,050
ChoiceOne Financial Services, Inc.        3,543       104,802
Citizens & Northern Corp.        6,323       117,292
Citizens Financial Services, Inc.        1,920       117,408
City Holding Co.        6,027       710,523
Civista Bancshares, Inc.        6,517       146,958
CNB Financial Corp.        8,761       189,851
Coastal Financial Corp.†        5,752       505,543
Colony Bankcorp, Inc.        7,040       107,642
Community Financial System, Inc.       22,241     1,250,834
Community Trust Bancorp, Inc.        6,530       333,356
Community West Bancshares        7,196       128,089
ConnectOne Bancorp, Inc.       15,409       353,945
Customers Bancorp, Inc.†       12,309       627,267
CVB Financial Corp.       56,326     1,056,112
Dime Community Bancshares, Inc.       16,518       423,852
Eagle Bancorp, Inc.       12,275       216,040
Eastern Bankshares, Inc.       83,490     1,252,350
Enterprise Bancorp, Inc.        4,206       162,141
Enterprise Financial Services Corp.       16,116       853,181
Equity Bancshares, Inc., Class A        6,941       270,283
Esquire Financial Holdings, Inc.        3,002       272,401
Farmers & Merchants Bancorp, Inc.        5,415       128,931
Farmers National Banc Corp.       15,478       204,774
FB Financial Corp.       15,915       694,690
Fidelity D&D Bancorp, Inc.        3,240       132,127
Financial Institutions, Inc.        8,135       210,046
First Bancorp       16,643       688,521
First Bancorp, Inc.        6,471       156,533
First Bank        8,962       130,218
First Busey Corp.       37,086       820,342
First Business Financial Services, Inc.        3,348       163,282
First Commonwealth Financial Corp.       42,044       656,727
First Community Bankshares, Inc.        7,205       270,908
First Financial Bancorp       40,144       969,879
First Financial Bankshares, Inc.       55,246     1,947,974
First Financial Corp.        4,865       252,202
First Foundation, Inc.       27,043       139,542
First Internet Bancorp        3,451        83,687
First Interstate BancSystem, Inc., Class A       34,714       942,485
First Merchants Corp.       24,793       934,696
First Mid Bancshares, Inc.        9,720       342,922
First of Long Island Corp.        9,095       107,958
Five Star Bancorp        8,726       243,979
FVCBankcorp, Inc.†        7,086        82,623
German American Bancorp, Inc.       12,116       463,013
Glacier Bancorp, Inc.       48,293     2,002,711
Great Southern Bancorp, Inc.        3,665       205,020
Guaranty Bancshares, Inc.        3,352       138,572
Hancock Whitney Corp.       36,072     1,972,056
Hanmi Financial Corp.       12,491       286,294
HarborOne Bancorp, Inc.       16,025       182,365
HBT Financial, Inc.        5,448       127,483
Heritage Commerce Corp.       25,337        234,621
Security Description   Shares or
Principal
Amount 		Value
Banks (continued)
Heritage Financial Corp.       14,040 $      328,255
Hilltop Holdings, Inc.       21,034       627,234
Home BancShares, Inc.       79,203     2,240,653
HomeStreet, Inc.†        7,782       101,399
Hope Bancorp, Inc.       50,640       508,426
Horizon Bancorp, Inc.       18,426       273,442
Independent Bank Corp.       18,047     1,109,890
International Bancshares Corp.       23,267     1,457,212
Investar Holding Corp.        3,931        74,728
John Marshall Bancorp, Inc.        8,298       144,717
Kearny Financial Corp.       30,364       183,095
Lakeland Financial Corp.       10,342       619,176
LCNB Corp.        8,741       126,832
LINKBANCORP, Inc.       16,588       113,628
Live Oak Bancshares, Inc.       14,741       404,640
Mercantile Bank Corp.        6,706       296,137
Merchants Bancorp        9,011       288,532
Metrocity Bankshares, Inc.        7,845       219,189
Metropolitan Bank Holding Corp.†        4,494       290,627
Mid Penn Bancorp, Inc.#       10,409       277,400
Middlefield Banc Corp.        4,903       143,903
Midland States Bancorp, Inc.        8,549       144,307
MidWestOne Financial Group, Inc.        8,163       234,686
MVB Financial Corp.        4,878        95,414
National Bank Holdings Corp., Class A       15,339       554,505
National Bankshares, Inc.        4,291       109,935
NB Bancorp, Inc.†       16,552       278,901
NBT Bancorp, Inc.       21,616       904,630
Nicolet Bankshares, Inc.        6,113       749,698
Northeast Bank        3,449       289,130
Northeast Community Bancorp, Inc.        5,236       118,438
Northrim BanCorp, Inc.        2,262       207,199
Norwood Financial Corp.        3,539        92,014
Oak Valley Bancorp        4,776       121,740
Old National Bancorp      133,118     2,776,841
Old Second Bancorp, Inc.       18,524       306,387
Orange County Bancorp, Inc.        4,345       111,102
Origin Bancorp, Inc.       12,479       425,409
Orrstown Financial Services, Inc.        7,891       237,203
Park National Corp.        6,125       995,680
Parke Bancorp, Inc.        4,465        86,576
Pathward Financial, Inc.        3,048       237,896
PCB Bancorp        4,638        89,699
Peapack-Gladstone Financial Corp.        7,104       194,792
Peoples Bancorp of North Carolina, Inc.        3,660       100,760
Peoples Bancorp, Inc.       14,702       431,063
Peoples Financial Services Corp.        3,913       188,059
Pioneer Bancorp, Inc.†        9,217       105,074
Plumas Bancorp        2,332       101,512
Ponce Financial Group, Inc.†        8,221       110,079
Primis Financial Corp.        9,438        89,378
Princeton Bancorp, Inc.        3,996       125,115
Provident Bancorp, Inc.†       10,806       123,080
QCR Holdings, Inc.        7,564       509,057
RBB Bancorp        6,926       117,603
Red River Bancshares, Inc.        2,873       161,147
Renasant Corp.       39,492     1,384,195
Republic Bancorp, Inc., Class A        3,522       241,398
S&T Bancorp, Inc.       15,841       580,731
Seacoast Banking Corp. of Florida       35,114       906,995
ServisFirst Bancshares, Inc.       21,090     1,569,729
Shore Bancshares, Inc.       13,033       188,848
Sierra Bancorp        5,532        151,411
 
151
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Banks (continued)
Simmons First National Corp., Class A       52,766 $      989,890
SmartFinancial, Inc.        6,759       214,801
South Plains Financial, Inc.        5,007       180,102
Southern First Bancshares, Inc.†        3,281       118,346
Southern States Bancshares, Inc.        4,936       170,243
Southside Bancshares, Inc.       11,938       336,532
SouthState Corp.       41,208     3,618,062
Stellar Bancorp, Inc.       20,421       549,733
Stock Yards Bancorp, Inc.       11,293       830,713
Texas Capital Bancshares, Inc.†       19,988     1,432,940
Third Coast Bancshares, Inc.†        4,823       147,873
Tompkins Financial Corp.        5,411       332,235
Towne Bank       29,883     1,032,756
TriCo Bancshares       14,556       580,784
Triumph Financial, Inc.†       10,107       583,881
TrustCo Bank Corp.        7,719       239,598
Trustmark Corp.       25,870       891,480
UMB Financial Corp.       28,846     2,974,600
United Bankshares, Inc.       54,962     1,986,327
United Community Banks, Inc.       49,721     1,428,982
Unity Bancorp, Inc.        3,013       133,190
Univest Financial Corp.       12,299       363,066
USCB Financial Holdings, Inc.        4,513        74,600
Valley National Bancorp      201,441     1,768,652
Veritex Holdings, Inc.       21,830       528,286
Virginia National Bankshares Corp.        3,309       123,591
Walker & Dunlop, Inc.       13,997       958,655
Washington Trust Bancorp, Inc.        7,959       220,146
WesBanco, Inc.       36,497     1,123,378
West BanCorp, Inc.        6,857       132,889
Westamerica BanCorp       10,676       512,982
      91,953,583
Beverages — 0.4%
BRC, Inc., Class A#†        4,209         7,534
MGP Ingredients, Inc.        6,163       181,315
National Beverage Corp.        8,655       391,466
Primo Brands Corp.      104,077     3,441,826
Vita Coco Co., Inc.†       14,976       532,996
Westrock Coffee Co.†        6,527        44,906
      4,600,043
Biotechnology — 7.0%
4D Molecular Therapeutics, Inc.†       18,499        66,966
89bio, Inc.†       47,520       467,597
Absci Corp.#†       33,585        89,000
ACADIA Pharmaceuticals, Inc.†       50,874     1,097,352
Achieve Life Sciences, Inc.#†       14,641        52,415
Actinium Pharmaceuticals, Inc.†        9,673        14,896
Acumen Pharmaceuticals, Inc.†        8,413         8,581
ADC Therapeutics SA#†       34,570       106,821
ADMA Biologics, Inc.†       97,647     1,937,316
Adverum Biotechnologies, Inc.#†        7,633        16,945
Agenus, Inc.#†        9,984        34,245
Akero Therapeutics, Inc.†       31,732     1,575,494
Aldeyra Therapeutics, Inc.#†       21,178        45,533
Allogene Therapeutics, Inc.#†       52,569        61,506
Altimmune, Inc.†       30,194       163,953
Alto Neuroscience, Inc.#†        9,436        24,345
Alumis Inc#†       21,282        74,487
ALX Oncology Holdings, Inc.†        7,224         3,507
Amicus Therapeutics, Inc.†      124,738        757,160
Security Description   Shares or
Principal
Amount 		Value
Biotechnology (continued)
AnaptysBio, Inc.#†        8,799 $      195,602
Anavex Life Sciences Corp.#†       31,899       240,199
ANI Pharmaceuticals, Inc.†        7,861       461,598
Annexon, Inc.†       40,892        83,420
Apogee Therapeutics, Inc.#†       15,992       585,947
Applied Therapeutics, Inc.†       24,278         8,577
Arbutus Biopharma Corp.#†       62,107       208,680
Arcellx, Inc.†       18,774     1,165,114
Arcturus Therapeutics Holdings, Inc.#†        9,681       121,303
Arcus Biosciences, Inc.†       21,857       195,183
Arcutis Biotherapeutics, Inc.†       45,197       589,369
Ardelyx, Inc.†       97,431       357,572
ArriVent Biopharma, Inc.#†       12,638       268,557
Arrowhead Pharmaceuticals, Inc.†       50,752       815,585
ARS Pharmaceuticals, Inc.#†       20,921       301,890
Artiva Biotherapeutics, Inc.†        3,669         7,081
Astria Therapeutics, Inc.†       18,383        87,503
Atea Pharmaceuticals, Inc.†       30,770        91,387
Atossa Therapeutics, Inc.†       43,780        34,021
Aura Biosciences, Inc.#†       18,437       108,041
Aurinia Pharmaceuticals, Inc.†       56,982       446,739
Avidity Biosciences, Inc.†       48,285     1,495,869
Axsome Therapeutics, Inc.†       15,689     1,649,855
Beam Therapeutics, Inc.†       38,599       611,022
Bicara Therapeutics, Inc.†        8,013        74,120
BioAge Labs, Inc.†        5,022        19,887
BioCryst Pharmaceuticals, Inc.†       87,844       944,323
Biohaven, Ltd.†       36,300       537,603
Biomea Fusion, Inc.#†        5,893         8,486
Black Diamond Therapeutics, Inc.#†       16,397        36,073
Blueprint Medicines Corp.†       27,031     2,739,592
Boundless Bio, Inc.†        6,585         7,244
Bridgebio Pharma, Inc.†       59,759     2,046,746
C4 Therapeutics, Inc.#†       21,427        26,784
Cabaletta Bio, Inc.†       19,074        35,668
Candel Therapeutics, Inc.†       11,822        64,430
Capricor Therapeutics, Inc.#†       15,190       150,229
Cardiff Oncology, Inc.#†       23,061        78,638
Cargo Therapeutics, Inc.#†       12,194        51,825
Caribou Biosciences, Inc.†       29,443        31,210
Cartesian Therapeutics, Inc.†        3,370        32,217
Cartesian Therapeutics, Inc. CVR#†(1)       44,751        10,740
Cassava Sciences, Inc.#†       22,212        44,646
Celcuity, Inc.†       13,901       147,768
Celldex Therapeutics, Inc.†       26,200       518,236
Century Therapeutics, Inc.†       19,894        10,552
CervoMed, Inc.†        2,067        14,924
CG oncology, Inc.†       22,886       586,339
Chinook Therapeutics, Inc. CVR†(1)       22,455         3,593
Climb Bio, Inc.†        7,622         8,994
Cogent Biosciences, Inc.†       38,037       206,921
Compass Therapeutics, Inc.†       45,400        95,340
Contineum Therapeutics, Inc., Class A†        3,720        13,615
Crinetics Pharmaceuticals, Inc.†       38,959     1,188,639
Cullinan Therapeutics, Inc.†       22,217       192,066
Cytek Biosciences, Inc.†       47,458       131,459
Cytokinetics, Inc.†       48,589     1,507,231
Day One Biopharmaceuticals, Inc.†       23,278       148,514
Denali Therapeutics, Inc.†       53,153       703,746
Design Therapeutics, Inc.†       13,098        48,856
Dianthus Therapeutics, Inc.†       10,161       176,700
Disc Medicine, Inc.†        9,702       452,889
Dynavax Technologies Corp.†       56,004        548,279
 
152  
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Biotechnology (continued)
Dyne Therapeutics, Inc.†       35,083 $      419,593
Edgewise Therapeutics, Inc.†       32,096       458,331
Editas Medicine, Inc.#†       29,533        50,797
Entrada Therapeutics, Inc.†       14,423       109,615
Erasca, Inc.†       78,134       109,388
Esperion Therapeutics, Inc.#†       60,040        51,022
Evolus, Inc.†       23,769       218,437
EyePoint Pharmaceuticals, Inc.†       27,789       201,192
Fate Therapeutics, Inc.†       39,118        47,333
Generation Bio Co.†       26,260         9,932
Geron Corp.†      251,428       382,171
Greenwich Lifesciences, Inc.†        2,590        25,512
Guardant Health, Inc.†       50,856     2,065,771
Halozyme Therapeutics, Inc.†       53,034     2,973,616
HilleVax, Inc.#†       11,091        20,740
Humacyte, Inc.#†       38,457       102,680
Icosavax, Inc. CVR†(1)       10,570         3,277
Ideaya Biosciences, Inc.†       36,735       730,659
ImmunityBio, Inc.#†       64,972       172,826
Immunome, Inc.#†       30,142       264,044
Immunovant, Inc.#†       24,676       366,439
Inhibrx Biosciences, Inc.#†        8,471       114,104
Inhibrx. Inc. CVR†(1)       13,726        15,510
Inmune Bio, Inc.#†        5,751        42,442
Innoviva, Inc.†       24,009       469,856
Inovio Pharmaceuticals, Inc.†       13,933        27,866
Inozyme Pharma, Inc.†       22,823        90,607
Insmed, Inc.†       73,297     5,111,000
Intellia Therapeutics, Inc.#†       42,717       293,466
Invivyd, Inc.†       27,407        25,626
Iovance Biotherapeutics, Inc.#†      112,175       196,306
iTeos Therapeutics, Inc.†       11,213       112,354
Janux Therapeutics, Inc.†       13,447       320,039
Jasper Therapeutics, Inc.#†        6,183        34,007
Keros Therapeutics, Inc.†       14,068       199,062
Kiniksa Pharmaceuticals International PLC†       15,186       415,489
Kiniksa Pharmaceuticals, Ltd., Class A†        2,870        78,523
Kodiak Sciences, Inc.†       11,628        39,535
Korro Bio, Inc.†        2,086        23,822
Krystal Biotech, Inc.†       10,545     1,328,248
Kura Oncology, Inc.†       29,895       170,103
Kymera Therapeutics, Inc.†       19,785       586,427
Kyverna Therapeutics, Inc.†       10,118        25,801
Larimar Therapeutics, Inc.#†       17,884        40,239
LENZ Therapeutics, Inc.#†        5,678       165,798
Lexeo Therapeutics, Inc.†       10,564        28,734
Lexicon Pharmaceuticals, Inc.†       48,810        30,584
Ligand Pharmaceuticals, Inc.†        7,613       777,972
Lineage Cell Therapeutics, Inc.#†       64,651        42,974
Liquidia Corp.†       26,562       396,305
MacroGenics, Inc.#†       25,349        34,475
Maravai LifeSciences Holdings, Inc., Class A†       44,834       100,877
MBX Biosciences, Inc.†        4,783        59,405
MeiraGTx Holdings PLC#†       18,645        95,462
Mersana Therapeutics, Inc.†       26,600         9,142
Metagenomi, Inc.†        9,108        15,484
Metsera, Inc.†        6,557       175,203
Mind Medicine MindMed, Inc.#†       31,227       226,708
Mineralys Therapeutics, Inc.†       12,048       187,708
Monte Rosa Therapeutics, Inc.#†       15,801        66,048
Myriad Genetics, Inc.†       37,388       156,656
Nektar Therapeutics†       72,521         52,541
Security Description   Shares or
Principal
Amount 		Value
Biotechnology (continued)
NeoGenomics, Inc.†       51,131 $      372,234
Neumora Therapeutics, Inc.#†       29,108        20,850
Niagen Bioscience, Inc.†       22,055       238,635
Nkarta, Inc.#†       22,493        39,138
Novavax, Inc.#†       64,875       476,182
Nurix Therapeutics, Inc.†       31,518       335,036
Nuvalent, Inc., Class A†       15,266     1,138,996
Nuvation Bio, Inc.#†       77,076       163,401
Olema Pharmaceuticals, Inc.#†       15,583        82,278
Omeros Corp.#†       23,542        72,745
Oncternal Therapeutics, Inc. CVR#†(1)          368           377
Organogenesis Holdings, Inc.#†       33,446        91,642
Ovid Therapeutics, Inc.†       28,249         7,689
Perspective Therapeutics, Inc.†       22,981        59,061
Phathom Pharmaceuticals, Inc.#†       16,949        72,033
Pliant Therapeutics Inc#†       18,741        25,300
Praxis Precision Medicines, Inc.†        7,171       276,442
Precigen, Inc.#†       54,911        72,483
Prime Medicine, Inc.#†       22,014        25,977
ProKidney Corp.†       20,871        15,086
Prothena Corp. PLC†       16,883        77,493
PTC Therapeutics, Inc.†       32,377     1,570,932
Puma Biotechnology, Inc.†       17,892        58,686
Pyxis Oncology, Inc.†       20,969        25,372
Q32 Bio, Inc.†        5,176         8,954
Rain Oncology, Inc. CVR#†(1)        6,782           339
Rapport Therapeutics, Inc.†        5,638        46,626
RAPT Therapeutics, Inc.†       11,470        10,154
Recursion Pharmaceuticals, Inc., Class A#†      105,422       440,664
REGENXBIO, Inc.†       19,196       169,885
Relay Therapeutics, Inc.†       53,151       159,453
Renovaro, Inc.†       12,422         3,847
Replimune Group, Inc.†       28,182       253,074
Revolution Medicines, Inc.†       72,393     2,852,284
Rigel Pharmaceuticals, Inc.†        7,400       142,080
Rocket Pharmaceuticals, Inc.†       32,315        81,111
Sage Therapeutics, Inc.†       23,110       149,291
Sana Biotechnology, Inc.#†       51,867       112,551
Savara, Inc.#†       51,200       116,736
Scholar Rock Holding Corp.†       34,471     1,000,004
Septerna, Inc.†        8,085        74,786
Shattuck Labs, Inc.#†       15,750        15,908
Soleno Therapeutics, Inc.†       10,918       800,835
Solid Biosciences, Inc.#†        9,714        31,182
SpringWorks Therapeutics, Inc.†       29,247     1,366,127
Stoke Therapeutics, Inc.†       15,273       145,704
Summit Therapeutics, Inc.#†       39,096       712,134
Sutro Biopharma, Inc.#†       32,992        29,617
Syndax Pharmaceuticals, Inc.†       34,932       368,183
Tango Therapeutics, Inc.†       15,039        33,387
Tarsus Pharmaceuticals, Inc.†       15,955       685,267
Taysha Gene Therapies, Inc.#†       74,521       201,952
Tenaya Therapeutics, Inc.†       45,299        20,838
Terns Pharmaceuticals, Inc.†       27,812        86,495
TG Therapeutics, Inc.†       59,353     2,083,884
Theravance Biopharma, Inc.†       15,809       144,810
Third Harmonic Bio, Inc.†        5,804        30,239
Tourmaline Bio, Inc.†        9,734       162,363
Travere Therapeutics, Inc.†       35,441       532,324
TScan Therapeutics, Inc.†        8,431        12,056
Tyra Biosciences, Inc.#†        8,079        73,519
Upstream Bio, Inc.†        6,777        62,552
UroGen Pharma, Ltd.†       16,449         69,744
 
153
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Biotechnology (continued)
Ventyx Biosciences, Inc.†       23,601 $       40,122
Vera Therapeutics, Inc.†       18,811       356,468
Veracyte, Inc.†       33,377       888,162
Verastem, Inc.#†       15,728       118,275
Vericel Corp.†       20,925       864,098
Veru, Inc.#†       50,326        25,576
Verve Therapeutics, Inc.#†       29,980       133,411
Vir Biotechnology, Inc.†       36,936       182,464
Viridian Therapeutics, Inc.†       31,602       439,900
Wave Life Sciences, Ltd.†       41,044       246,674
Werewolf Therapeutics, Inc.†       10,868        13,150
XBiotech, Inc.†        5,671        16,162
Xencor, Inc.†       27,569       220,552
XOMA Royalty Corp.†        3,457        85,595
Zenas Biopharma, Inc.†        5,600        53,312
Zentalis Pharmaceuticals, Inc.†       17,860        21,611
Zevra Therapeutics, Inc. †       21,845       186,775
Zura Bio, Ltd.†       11,217        11,329
Zymeworks, Inc.†       23,186       265,016
      74,316,917
Building Materials — 1.5%
American Woodmark Corp.†        6,630       373,733
Apogee Enterprises, Inc.       10,153       392,413
Aspen Aerogels, Inc.†       25,199       145,146
Boise Cascade Co.       16,487     1,432,391
Gibraltar Industries, Inc.†       12,917       756,678
Griffon Corp.       16,848     1,158,300
JELD-WEN Holding, Inc.†       33,688       122,961
Knife River Corp.†       24,247     2,281,643
LSI Industries, Inc.       10,978       178,612
Masterbrand, Inc.†       51,979       530,186
Modine Manufacturing Co.†       21,889     1,987,521
Northwest Pipe Co.†        3,835       148,184
SmartRent, Inc.†       80,543        68,002
Smith-Midland Corp.#†        2,592        78,123
SPX Technologies, Inc.†       19,140     2,911,003
Tecnoglass, Inc.        9,838       842,428
UFP Industries, Inc.       25,391     2,477,146
      15,884,470
Chemicals — 1.6%
AdvanSix, Inc.       10,862       255,366
American Vanguard Corp.       18,550        91,266
Avient Corp.       38,997     1,408,962
Balchem Corp.       13,495     2,249,616
Cabot Corp.       22,512     1,681,421
Codexis, Inc.†       32,109        73,851
Ecovyst, Inc.#†       49,087       365,698
H.B. Fuller Co.       23,650     1,320,143
Hawkins, Inc.        8,222     1,097,555
Ingevity Corp.†       14,211       587,909
Innospec, Inc.       10,420       886,534
Intrepid Potash, Inc.†        6,000       226,560
Koppers Holdings, Inc.        8,324       255,713
Kronos Worldwide, Inc.#       15,351        97,172
Lightwave Logic, Inc.†       26,916        26,378
Mativ Holdings, Inc.       28,366       162,253
Minerals Technologies, Inc.       13,481       765,451
Northern Technologies International Corp.#        5,884        42,541
Oil-Dri Corp. of America        3,954       198,372
Orion SA       27,714        301,805
Security Description   Shares or
Principal
Amount 		Value
Chemicals (continued)
Perimeter Solutions, Inc.†       55,729 $      672,649
Quaker Chemical Corp.        6,209       673,304
Rayonier Advanced Materials, Inc.†       29,809       114,765
Rogers Corp.†        6,965       463,660
Sensient Technologies Corp.       17,913     1,693,316
Stepan Co.        9,882       536,494
Tronox Holdings PLC       58,021       329,559
Valhi, Inc.        3,962        57,687
      16,636,000
Coal — 0.4%
Alpha Metallurgical Resources, Inc.†        4,653       521,322
Core Natural Resources, Inc.       22,245     1,541,579
Hallador Energy Co.†        9,225       159,131
NACCO Industries, Inc., Class A        1,219        43,713
Peabody Energy Corp.       54,633       718,970
Ramaco Resources, Inc., Class A#       12,404       112,132
Ramaco Resources, Inc., Class B          115         1,029
SunCoke Energy, Inc.       39,132       318,535
Warrior Met Coal, Inc.       22,041     1,001,763
      4,418,174
Commercial Services — 4.7%
ABM Industries, Inc.       26,832     1,412,705
Acacia Research Corp.#†       19,093        71,217
Adtalem Global Education, Inc.†       15,938     2,104,294
Alarm.com Holdings, Inc.†       19,513     1,120,046
Alight, Inc., Class A      178,411       974,124
Alta Equipment Group, Inc.#       10,854        51,557
American Public Education, Inc.†        7,190       211,746
AMN Healthcare Services, Inc.†       15,554       328,345
Arlo Technologies, Inc.†       40,075       573,874
Barrett Business Services, Inc.       10,894       450,195
BrightView Holdings, Inc.†       25,382       395,452
Brink's Co.       18,642     1,529,763
Cadiz, Inc.#†        8,540        25,150
Carriage Services, Inc.        6,900       300,150
Cass Information Systems, Inc.        5,757       243,521
CBIZ, Inc.†       20,652     1,491,901
Chegg, Inc.†       86,908        88,646
Cimpress PLC†        7,497       331,817
CompoSecure, Inc., Class A†       10,461       143,420
CoreCivic, Inc.†       47,468     1,042,397
Coursera, Inc.†       51,655       457,147
CPI Card Group, Inc.†        3,873        86,213
CRA International, Inc.        2,803       532,710
Cross Country Healthcare, Inc.†       15,227       200,692
Custom Truck One Source, Inc.†       15,194        65,334
Deluxe Corp.       21,546       307,461
Distribution Solutions Group, Inc.#†        2,553        69,569
DLH Holdings Corp.†       16,970        84,850
Driven Brands Holdings, Inc.†       25,065       446,658
Emerald Holding, Inc.#       18,631        85,330
Ennis, Inc.       13,271       247,770
European Wax Center, Inc., Class A†       21,458       109,221
EVERTEC, Inc.       27,942     1,012,339
First Advantage Corp.#†       24,387       417,505
FiscalNote Holdings, Inc.#†       44,348        26,578
Flywire Corp.†       53,772       578,049
Forrester Research, Inc.†        4,981        52,948
Franklin Covey Co.†        4,777       111,686
GEO Group, Inc.†       54,492     1,478,913
Graham Holdings Co., Class B        1,380      1,317,086
 
154  
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Commercial Services (continued)
Green Dot Corp., Class A†       22,839 $      211,032
Hackett Group, Inc.       10,751       263,615
Healthcare Services Group, Inc.†       33,564       473,252
Heidrick & Struggles International, Inc.        8,561       373,773
Herc Holdings, Inc.       11,895     1,474,980
Hertz Global Holdings, Inc.#†       52,412       343,299
HireQuest, Inc.        6,946        69,529
Huron Consulting Group, Inc.†        7,468     1,066,654
ICF International, Inc.        8,319       714,769
Information Services Group, Inc.       15,149        71,503
Insperity, Inc.       15,538     1,005,619
John Wiley & Sons, Inc., Class A       17,461       683,074
Kelly Services, Inc., Class A       13,313       156,028
Kforce, Inc.        8,686       354,389
KinderCare Learning Cos., Inc.#†       15,593       191,326
Korn Ferry       22,119     1,504,313
Laureate Education, Inc.†       56,600     1,273,500
Legalzoom.com, Inc.†       47,293       431,785
Lifecore Biomedical, Inc.#†        7,556        51,154
Lincoln Educational Services Corp.†       11,100       264,180
MarketWise, Inc.#        4,455        74,889
Marqeta, Inc., Class A†      199,080     1,071,050
Matthews International Corp., Class A       14,708       315,487
Medifast, Inc.†        4,578        64,412
Mister Car Wash, Inc.†       46,229       327,301
Monro, Inc.       15,750       241,448
National Research Corp.        6,407        86,559
Payoneer Global, Inc.†      112,560       766,534
Paysafe, Ltd.#†       16,507       203,861
Performant Healthcare, Inc.†       40,690       124,918
Priority Technology Holdings, Inc.†       13,371       114,055
PROG Holdings, Inc.       17,341       499,941
Progyny, Inc.†       31,435       675,853
Quad/Graphics, Inc.       13,153        76,682
Remitly Global, Inc.†       64,466     1,376,994
Repay Holdings Corp.†       41,681       200,486
Resources Connection, Inc.       13,931        72,650
Sezzle, Inc.#†        5,934       633,217
SoundThinking, Inc.†        5,656        87,725
Spire Global, Inc.†        6,914        71,767
StoneCo., Ltd., Class A†      122,385     1,670,555
Strategic Education, Inc.        9,827       896,517
Stride, Inc.†       18,043     2,731,530
Target Hospitality Corp.#†       14,007       102,391
Transcat, Inc.#†        3,372       294,645
TriNet Group, Inc.       13,587     1,130,574
TrueBlue, Inc.†       12,387        74,322
Udemy, Inc.†       35,545       260,189
Universal Technical Institute, Inc.†       21,093       749,434
Upbound Group, Inc.       24,658       565,655
Verra Mobility Corp.†       70,061     1,656,943
Willdan Group, Inc.†        5,420       292,951
ZipRecruiter, Inc., Class A†       26,473       158,044
      49,225,732
Computers — 2.3%
3D Systems Corp.#†       50,529        78,320
ASGN, Inc.†       18,359       969,539
Cantaloupe, Inc.†       28,361       237,382
Conduent, Inc.†       66,183       148,250
Corsair Gaming, Inc.†       21,792       191,552
Cricut, Inc., Class A       22,938        139,004
Security Description   Shares or
Principal
Amount 		Value
Computers (continued)
Diebold Nixdorf, Inc.†       11,612 $      559,350
D-Wave Quantum, Inc.†       77,648     1,267,992
Everspin Technologies, Inc.†       12,735        71,443
ExlService Holdings, Inc.†       66,428     3,055,024
Grid Dynamics Holdings, Inc.†       29,063       364,159
Insight Enterprises, Inc.†       11,667     1,521,260
Integral Ad Science Holding Corp.†       37,118       302,140
Maximus, Inc.       24,449     1,772,797
Mitek Systems, Inc.†       19,013       178,532
NCR Atleos Corp.†       31,811       843,310
NCR Voyix Corp.#†       66,126       733,337
NetScout Systems, Inc.†       31,054       709,273
NextNav, Inc.†       32,535       408,314
OneSpan, Inc.       18,875       300,679
PAR Technology Corp.†       13,906       911,677
PlayAGS, Inc.†       13,698       167,390
Qualys, Inc.†       15,784     2,186,873
Rapid7, Inc.†       24,329       558,351
Rekor Systems, Inc.†       29,013        33,655
Rigetti Computing, Inc.†       78,570       951,483
Rimini Street, Inc.†       29,701        90,588
System1, Inc.†       30,298        10,738
Telos Corp.†       24,380        61,438
Tenable Holdings, Inc.†       50,915     1,640,481
TTEC Holdings, Inc.#†       11,450        56,219
Unisys Corp.†       35,062       167,246
V2X, Inc.†        7,220       326,922
Varonis Systems, Inc.†       46,669     2,225,178
WNS Holdings, Ltd.†       18,661     1,082,151
      24,322,047
Cosmetics/Personal Care — 0.4%
Beauty Health Co.#†       19,935        32,494
Edgewell Personal Care Co.       21,526       594,548
Honest Co., Inc.†       33,365       167,826
Interparfums, Inc.        7,748     1,055,433
Olaplex Holdings, Inc.#†       54,467        71,896
Prestige Consumer Healthcare, Inc.†       21,165     1,813,206
Waldencast PLC, Class A†       10,554        28,390
      3,763,793
Distribution/Wholesale — 0.8%
A-Mark Precious Metals, Inc.        7,709       152,099
EVI Industries, Inc.        1,240        22,990
G-III Apparel Group, Ltd.†       18,110       526,095
Global Industrial Co.        5,624       146,505
H&E Equipment Services, Inc.       13,762     1,302,436
Hudson Technologies, Inc.†       21,249       151,930
MRC Global, Inc.†       35,830       444,650
OPENLANE, Inc.†       46,654     1,069,776
Resideo Technologies, Inc.†       63,377     1,311,904
Rush Enterprises, Inc., Class A       25,695     1,275,757
Rush Enterprises, Inc., Class B        3,508       183,170
ScanSource, Inc.†        9,910       400,166
ThredUp, Inc., Class A†       31,875       229,500
Titan Machinery, Inc.#†        8,062       150,598
VSE Corp.        7,743     1,007,287
      8,374,863
Diversified Financial Services — 3.1%
Acadian Asset Management, Inc.       13,046       392,815
AlTi Global, Inc.#†       29,379        97,538
Artisan Partners Asset Management, Inc., Class A       26,782     1,079,315
Atlanticus Holdings Corp.†        3,167        155,341
 
155
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Diversified Financial Services (continued)
B. Riley Financial, Inc.#        8,780 $       26,779
Brookfield Business Corp., Class A        8,888       253,575
Burford Capital, Ltd.       86,827     1,116,595
Cohen & Steers, Inc.       12,067       927,228
Columbia Financial, Inc.†       11,617       166,239
Consumer Portfolio Services, Inc.†        9,263        83,830
Dave, Inc.†        3,335       669,735
Diamond Hill Investment Group, Inc.        1,465       206,946
Enact Holdings, Inc.       12,089       427,951
Encore Capital Group, Inc.†        9,961       377,522
Enova International, Inc.†       10,836     1,004,172
Federal Agricultural Mtg. Corp., Class C        4,078       760,221
First Western Financial, Inc.†        3,447        71,835
Forge Global Holdings, Inc.#†        4,480        62,272
GCM Grosvenor, Inc., Class A#       21,885       275,970
Hamilton Lane, Inc., Class A       16,857     2,511,693
International Money Express, Inc.†       16,407       180,969
LendingClub Corp.†       50,358       505,091
LendingTree, Inc.†        5,129       179,618
Medallion Financial Corp.        7,862        72,094
Mr. Cooper Group, Inc.†       26,643     3,451,068
Navient Corp.       31,616       424,919
Nelnet, Inc., Class A        6,368       739,834
NerdWallet, Inc., Class A†       14,916       157,215
Onity Group, Inc.†        2,738       101,470
OppFi, Inc.        8,073       102,285
Pagseguro Digital, Ltd., Class A       81,487       726,049
Paysign, Inc.†       25,422       113,128
PennyMac Financial Services, Inc.       11,366     1,091,136
Perella Weinberg Partners       24,367       423,255
Piper Sandler Cos.        7,379     1,855,450
PJT Partners, Inc., Class A       10,047     1,513,681
PRA Group, Inc.†       18,762       266,233
Radian Group, Inc.       63,155     2,156,743
Regional Management Corp.        4,908       129,817
Resolute Holdings Management, Inc.#†        1,924        66,166
Silvercrest Asset Management Group, Inc., Class A        7,174       104,166
StepStone Group, Inc., Class A       28,601     1,654,568
StoneX Group, Inc.†       18,675     1,580,932
SWK Holdings Corp.#        4,657        65,245
Upstart Holdings, Inc.†       34,260     1,616,044
Velocity Financial, Inc.†        6,466       108,305
Victory Capital Holdings, Inc., Class A       17,936     1,112,211
Virtus Investment Partners, Inc.        3,083       526,268
WisdomTree, Inc.       57,086       538,892
World Acceptance Corp.†        1,441       222,606
      32,453,030
Electric — 1.5%
ALLETE, Inc.       24,885     1,618,520
Ameresco, Inc., Class A#†       14,481       199,548
Avista Corp.       34,136     1,314,577
Black Hills Corp.       30,691     1,794,503
Genie Energy, Ltd., Class B        5,538       117,073
Hawaiian Electric Industries, Inc.#†       69,645       743,809
MGE Energy, Inc.       15,499     1,399,870
Northwestern Energy Group, Inc.       26,458     1,463,921
Ormat Technologies, Inc.       24,536     1,823,761
Otter Tail Corp.       17,816     1,375,039
Portland General Electric Co.       44,414      1,883,154
Security Description   Shares or
Principal
Amount 		Value
Electric (continued)
TXNM Energy, Inc.       38,342 $    2,173,608
Unitil Corp.        7,024       385,126
      16,292,509
Electrical Components & Equipment — 0.7%
American Superconductor Corp.†       15,161       428,450
Belden, Inc.       17,326     1,840,021
ChargePoint Holdings, Inc.†      120,520        83,834
Energizer Holdings, Inc.       31,226       727,254
EnerSys       16,759     1,401,555
Graham Corp.†        4,308       169,864
Insteel Industries, Inc.        7,426       260,059
nLight, Inc.†       13,155       199,035
Novanta, Inc.†       15,253     1,888,626
Powell Industries, Inc.#        3,937       667,676
Ultralife Corp.†        3,787        25,259
      7,691,633
Electronics — 2.7%
Advanced Energy Industries, Inc.       15,912     1,826,379
Allient, Inc.        5,399       164,130
Applied Optoelectronics, Inc.†       19,095       294,445
Atkore, Inc.       15,175       987,893
Atmus Filtration Technologies, Inc.       35,624     1,283,176
Badger Meter, Inc.       12,496     3,101,757
Bel Fuse, Inc., Class B        4,943       364,793
Benchmark Electronics, Inc.       16,102       588,045
CTS Corp.       11,305       460,000
Enovix Corp.#†       66,864       509,504
ESCO Technologies, Inc.       11,005     1,994,546
Evolv Technologies Holdings, Inc.#†       50,605       276,303
FARO Technologies, Inc.†        7,555       320,105
GoPro, Inc., Class A†       58,109        38,526
Itron, Inc.†       19,206     2,220,214
Kimball Electronics, Inc.†        9,154       165,687
Knowles Corp.†       34,022       558,301
Mesa Laboratories, Inc.        1,874       188,562
MicroVision, Inc.#†       77,846        85,631
Mirion Technologies, Inc.†       87,819     1,677,343
Napco Security Technologies, Inc.       12,750       355,725
NEXTracker, Inc., Class A†       61,316     3,476,004
NVE Corp.        1,161        82,617
OSI Systems, Inc.†        6,745     1,477,897
Plexus Corp.†       11,399     1,496,233
Sanmina Corp.†       22,788     1,929,916
Standard BioTools, Inc.†       96,805        97,773
Stoneridge, Inc.†        8,568        43,011
TTM Technologies, Inc.†       43,808     1,308,107
Turtle Beach Corp.†        6,916        79,396
Vicor Corp.†        9,120       397,997
Vishay Intertechnology, Inc.       55,541       781,462
      28,631,478
Energy-Alternate Sources — 0.2%
Array Technologies, Inc.#†       56,118       370,379
ASP Isotopes, Inc.†       23,982       181,304
Energy Vault Holdings, Inc.#†       24,043        19,862
Fluence Energy, Inc.#†       26,274       123,488
FuelCell Energy, Inc.#†        3,484        17,803
FutureFuel Corp.       22,515        88,934
Montauk Renewables, Inc.#†       21,850        40,204
Plug Power, Inc.†      329,454       290,809
REX American Resources Corp.†        7,476       315,039
Shoals Technologies Group, Inc., Class A#†       65,529        309,297
 
156  
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Energy-Alternate Sources (continued)
Sunrun, Inc.†       94,052 $      704,449
T1 Energy, Inc.#†       14,624        15,940
      2,477,508
Engineering & Construction — 2.2%
908 Devices, Inc.†        7,078        40,203
Arcosa, Inc.       20,677     1,783,805
Bowman Consulting Group, Ltd.†        5,426       136,030
Centuri Holdings, Inc.†        5,429       113,357
Concrete Pumping Holdings, Inc.       10,790        75,854
Construction Partners, Inc., Class A†       19,649     2,057,054
Dycom Industries, Inc.†       12,100     2,782,032
Exponent, Inc.       21,489     1,640,470
Fluor Corp.†       72,615     3,019,332
Frontdoor, Inc.†       32,744     1,801,247
Granite Construction, Inc.       18,722     1,674,683
Great Lakes Dredge & Dock Corp.†       29,443       329,173
IES Holdings, Inc.#†        3,462       898,943
Latham Group, Inc.†       16,534        93,417
Limbach Holdings, Inc.†        4,769       611,481
Mistras Group, Inc.†        4,796        36,210
MYR Group, Inc.†        6,840     1,072,854
NV5 Global, Inc.†       22,840       504,764
Orion Group Holdings, Inc.†       15,604       128,577
Primoris Services Corp.       22,724     1,638,628
Sterling Infrastructure, Inc.†       12,608     2,370,430
Tutor Perini Corp.†       19,448       717,242
      23,525,786
Entertainment — 1.1%
Accel Entertainment, Inc.†       17,933       201,208
AMC Entertainment Holdings, Inc., Class A†      168,007       598,105
Atlanta Braves Holdings, Inc., Class A#†        4,351       189,051
Atlanta Braves Holdings, Inc., Class C†       21,326       866,049
Cinemark Holdings, Inc.#       47,516     1,604,615
Everi Holdings, Inc.†       32,809       462,935
Golden Entertainment, Inc.        9,011       257,084
IMAX Corp.#†       19,845       552,683
International Game Technology PLC       48,848       718,554
Lionsgate Studios Corp.†       84,840       613,393
Madison Square Garden Entertainment Corp.†       16,577       615,173
Monarch Casino & Resort, Inc.        4,708       394,248
Pursuit Attractions & Hospitality, Inc.†       10,115       282,107
RCI Hospitality Holdings, Inc.        2,642       106,288
Red Rock Resorts, Inc., Class A       19,311       928,280
Reservoir Media, Inc.†       11,771        91,814
Rush Street Interactive, Inc.†       32,319       410,128
Six Flags Entertainment Corp.       39,915     1,339,547
Starz Entertainment Corp.#†        5,655       118,529
Super Group SGHC, Ltd.       60,145       525,667
United Parks & Resorts, Inc.#†       13,991       626,657
Webtoon Entertainment, Inc.#†        3,454        30,361
      11,532,476
Environmental Control — 0.5%
Arq, Inc.#†       12,338        60,950
Casella Waste Systems, Inc., Class A†       26,547     3,111,574
CECO Environmental Corp.†       11,322       304,449
Energy Recovery, Inc.†       22,963       289,563
Enviri Corp.†       33,947       276,668
LanzaTech Global, Inc.†       86,399        24,382
Montrose Environmental Group, Inc.†       14,203       277,385
Perma-Fix Environmental Services, Inc.#†        8,039         85,133
Security Description   Shares or
Principal
Amount 		Value
Environmental Control (continued)
Pure Cycle Corp.†        3,823 $       40,600
PureCycle Technologies, Inc.#†       55,018       523,221
Quest Resource Holding Corp.†        5,436        11,959
      5,005,884
Food — 1.8%
B&G Foods, Inc.#       31,027       130,624
Beyond Meat, Inc.#†       12,235        35,849
Calavo Growers, Inc.        7,707       212,328
Cal-Maine Foods, Inc.       18,694     1,793,315
Chefs' Warehouse, Inc.†       15,104       963,333
Hain Celestial Group, Inc.†       30,290        56,642
HF Foods Group, Inc.†       14,789        56,346
Ingles Markets, Inc., Class A        6,815       424,575
J&J Snack Foods Corp.        5,993       690,214
John B. Sanfilippo & Son, Inc.        4,055       251,978
Krispy Kreme, Inc.#       39,506       114,172
Lancaster Colony Corp.        8,318     1,392,433
Lifeway Foods, Inc.†        1,384        31,272
Mama's Creations, Inc.†        8,224        68,341
Mission Produce, Inc.†       16,253       181,709
Nathan's Famous, Inc.          667        71,356
Natural Grocers by Vitamin Cottage, Inc.        4,637       226,425
Seneca Foods Corp., Class A†        2,477       233,606
Simply Good Foods Co.†       39,210     1,353,137
SpartanNash Co.       16,448       320,078
Sprouts Farmers Market, Inc.†       42,829     7,403,421
SunOpta, Inc.†       30,426       189,858
TreeHouse Foods, Inc.†       18,857       423,528
United Natural Foods, Inc.†       25,690       785,343
Utz Brands, Inc.       28,029       370,824
Village Super Market, Inc., Class A        4,987       192,398
Weis Markets, Inc.#        7,435       563,573
WK Kellogg Co.#       28,570       483,404
      19,020,082
Forest Products & Paper — 0.1%
Sylvamo Corp.       15,271       808,905
Gas — 1.1%
Brookfield Infrastructure Corp., Class A#       50,943     2,015,815
Chesapeake Utilities Corp.        9,616     1,174,979
New Jersey Resources Corp.       42,435     1,947,342
Northwest Natural Holding Co.       17,737       726,685
ONE Gas, Inc.       23,896     1,786,465
RGC Resources, Inc.        2,326        47,799
Southwest Gas Holdings, Inc.       25,837     1,855,872
Spire, Inc.       24,105     1,814,624
      11,369,581
Hand/Machine Tools — 0.4%
Cadre Holdings, Inc.       10,136       332,157
Enerpac Tool Group Corp.       23,118       991,300
Franklin Electric Co., Inc.       18,985     1,640,114
Kennametal, Inc.       34,854       750,407
Luxfer Holdings PLC       11,106       126,941
      3,840,919
Healthcare-Products — 2.9%
Accuray, Inc.#†       25,649        39,243
Adaptive Biotechnologies Corp.†       49,238       468,746
Alphatec Holdings, Inc.†       41,590       516,964
AngioDynamics, Inc.†       16,582       169,136
Anteris Technologies Global Corp.#†        6,654         28,213
 
157
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Healthcare-Products (continued)
Artivion, Inc.†       14,503 $      428,999
AtriCure, Inc.†       20,257       700,285
Avanos Medical, Inc.†       14,968       188,148
Avita Medical, Inc.#†        9,718        54,615
Axogen, Inc.†       18,891       205,723
Beta Bionics, Inc.†        5,222        90,027
BioLife Solutions, Inc.#†       16,921       370,232
Bioventus, Inc., Class A†       15,205        98,528
CareDx, Inc.†       23,037       391,399
Castle Biosciences, Inc.†       10,860       173,434
Ceribell, Inc.†        4,582        77,023
Cerus Corp.†       51,124        64,928
CONMED Corp.#       13,251       751,994
CVRx, Inc.#†        4,946        32,817
Embecta Corp.       24,542       258,427
Glaukos Corp.†       20,841     1,965,098
Haemonetics Corp.†       21,100     1,428,681
ICU Medical, Inc.†        9,115     1,229,249
InfuSystem Holdings, Inc.†        6,122        35,385
Inmode, Ltd.#†       28,743       421,372
Inogen, Inc.†       10,004        64,276
Integer Holdings Corp.†       14,175     1,683,423
Integra LifeSciences Holdings Corp.#†       27,980       354,227
iRadimed Corp.        2,438       141,112
iRhythm Technologies, Inc.†       13,290     1,867,245
Lantheus Holdings, Inc.†       29,275     2,212,019
LeMaitre Vascular, Inc.        7,903       649,627
LivaNova PLC†       23,188     1,002,881
MaxCyte, Inc.†       44,987       107,069
Merit Medical Systems, Inc.†       24,403     2,319,017
MiMedx Group, Inc.†       50,003       321,519
Nautilus Biotechnology, Inc.†       14,061        10,504
Neogen Corp.†       85,583       501,516
NeuroPace, Inc.†        4,597        60,772
Novocure, Ltd.†       44,119       843,114
OmniAb, Inc.†       37,611        47,766
Omnicell, Inc.†       19,179       582,466
OraSure Technologies, Inc.†       22,372        64,431
Orchestra BioMed Holdings, Inc.†        8,079        23,025
Orthofix Medical, Inc.†       13,024       146,520
OrthoPediatrics Corp.†        5,835       116,467
Pacific Biosciences of California, Inc.#†      116,288       112,067
PROCEPT BioRobotics Corp.†       18,942     1,098,636
Pulmonx Corp.†       14,206        48,300
Pulse Biosciences, Inc.#†        7,411       128,247
Quanterix Corp.#†       13,596        70,699
Quantum-Si, Inc.†       53,165        89,317
RxSight, Inc.†       15,093       230,772
Sanara Medtech, Inc.†        1,121        32,509
Semler Scientific, Inc.#†        3,004       120,160
Sera Prognostics, Inc., Class A†        7,591        11,842
SI-BONE, Inc.†       15,821       299,017
STAAR Surgical Co.#†       20,367       362,736
Stereotaxis, Inc.†       12,385        26,380
Surmodics, Inc.†        5,541       160,800
Tactile Systems Technology, Inc.†        9,528        94,137
Tandem Diabetes Care, Inc.†       27,070       536,527
TransMedics Group, Inc.#†       13,941     1,772,180
Treace Medical Concepts, Inc.†       18,826       108,061
Twist Bioscience Corp.†       25,200       738,360
UFP Technologies, Inc.†        2,838       664,660
Utah Medical Products, Inc.          919         50,619
Security Description   Shares or
Principal
Amount 		Value
Healthcare-Products (continued)
Varex Imaging Corp.†       15,226 $      116,783
Zimvie, Inc.†       11,609       106,106
      30,286,577
Healthcare-Services — 2.0%
Addus HomeCare Corp.†        6,761       749,863
agilon health, Inc.†      125,543       278,705
Ardent Health Partners LLC†       13,287       192,396
Astrana Health, Inc.†       17,293       428,693
Aveanna Healthcare Holdings, Inc.†       20,536       109,457
Blade Air Mobility, Inc.†       13,566        47,345
BrightSpring Health Services, Inc.#†       24,738       589,012
Brookdale Senior Living, Inc.†       71,880       467,939
Community Health Systems, Inc.#†       43,621       169,249
Concentra Group Holdings Parent, Inc.       46,797     1,012,219
CorVel Corp.†       11,310     1,258,464
DocGo, Inc.#†       44,701        63,475
Enhabit, Inc.†       14,477       152,008
Ensign Group, Inc.       23,596     3,474,747
Fulgent Genetics, Inc.†        7,585       157,161
GeneDx Holdings Corp.†        5,523       393,348
HealthEquity, Inc.†       36,479     3,670,152
Joint Corp.†        3,797        40,628
LifeStance Health Group, Inc.†       58,038       344,746
Nano-X Imaging, Ltd.#†       22,002       112,650
National HealthCare Corp.        5,676       591,099
OPKO Health, Inc.†      135,585       184,396
Oscar Health, Inc., Class A†       88,905     1,226,889
PACS Group, Inc.†       15,631       155,060
Pediatrix Medical Group, Inc. †       36,786       520,522
Pennant Group, Inc.†       12,095       347,247
RadNet, Inc.†       28,107     1,615,871
Select Medical Holdings Corp.       47,789       730,694
Sonida Senior Living, Inc.†        1,577        38,479
Surgery Partners, Inc.†       30,815       727,542
Teladoc Health, Inc.†       71,963       497,984
U.S. Physical Therapy, Inc.        5,721       429,018
Viemed Healthcare, Inc.†        7,409        49,270
      20,826,328
Home Builders — 1.6%
Beazer Homes USA, Inc.†        9,626       197,525
Cavco Industries, Inc.†        3,418     1,482,028
Century Communities, Inc.       10,649       552,364
Champion Homes, Inc.†       22,809     1,491,709
Dream Finders Homes, Inc., Class A#†        9,494       198,045
Forestar Group, Inc.†       10,371       198,605
Green Brick Partners, Inc.†       12,092       706,777
Hovnanian Enterprises, Inc., Class A†        2,065       186,428
Installed Building Products, Inc.#       10,098     1,610,429
KB Home       27,366     1,411,538
Landsea Homes Corp.†       11,017       124,161
LCI Industries#       10,926       952,092
LGI Homes, Inc.†        7,867       394,137
M/I Homes, Inc.†       11,108     1,184,224
Meritage Homes Corp.       30,545     1,942,967
Taylor Morrison Home Corp.†       43,501     2,448,236
Tri Pointe Homes, Inc.†       39,195     1,155,469
Winnebago Industries, Inc.       13,010       441,429
      16,678,163
Home Furnishings — 0.2%
Arhaus, Inc.†       19,824       178,019
Daktronics, Inc.†       18,366        272,551
 
158  
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Home Furnishings (continued)
Ethan Allen Interiors, Inc.       11,200 $      292,656
Flexsteel Industries, Inc.        2,394        72,706
Hamilton Beach Brands Holding Co., Class A#        3,983        72,769
Hooker Furnishings Corp.        9,878        97,002
iRobot Corp.†        5,279        16,207
Lovesac Co.†        5,677       108,658
MillerKnoll, Inc.       31,246       527,120
Sleep Number Corp.#†        4,901        52,735
Sonos, Inc.†       51,913       533,666
Xperi, Inc.†       25,187       196,207
      2,420,296
Household Products/Wares — 0.3%
ACCO Brands Corp.       50,147       180,028
Central Garden & Pet Co.†        5,280       190,397
Central Garden & Pet Co., Class A†       19,651       628,243
Helen of Troy, Ltd.†       10,079       271,024
Quanex Building Products Corp.       22,452       375,622
WD-40 Co.        5,791     1,410,861
      3,056,175
Housewares — 0.0%
Lifetime Brands, Inc.        6,169        20,543
Insurance — 2.5%
Ambac Financial Group, Inc.†       19,351       151,518
American Coastal Insurance Corp.       10,274       110,959
AMERISAFE, Inc.        8,098       384,412
Baldwin Insurance Group, Inc.#†       29,201     1,125,115
Bowhead Specialty Holdings, Inc.†        7,794       290,716
CNO Financial Group, Inc.       42,422     1,610,339
Crawford & Co., Class A        6,451        67,026
Donegal Group, Inc., Class A        6,691       135,158
Enstar Group, Ltd.†        5,410     1,812,404
Essent Group, Ltd.       44,250     2,566,500
F&G Annuities & Life, Inc.        9,113       291,251
Fidelis Insurance Holdings, Ltd.       21,032       367,639
Genworth Financial, Inc.,†      163,195     1,150,525
GoHealth, Inc., Class A†        6,606        36,399
Goosehead Insurance, Inc., Class A        9,830     1,064,196
Greenlight Capital Re, Ltd., Class A†       11,548       166,753
Hamilton Insurance Group, Ltd., Class B†       17,613       383,259
HCI Group, Inc.        3,519       593,902
Heritage Insurance Holdings, Inc.†        9,718       237,799
Hippo Holdings, Inc.#†       10,180       239,841
Horace Mann Educators Corp.       17,480       759,156
Investors Title Co.          604       141,348
James River Group Holdings, Ltd.       15,940        92,771
Kestrel Group, Ltd.#†        3,929        99,833
Kingsway Financial Services, Inc.#†       11,126       143,080
Lemonade, Inc.#†       23,345       782,058
MBIA, Inc.#†       18,973        83,671
Mercury General Corp.       12,028       775,565
NI Holdings, Inc.†        7,069        93,876
NMI Holdings, Inc.†       34,062     1,352,943
Palomar Holdings, Inc.†       11,133     1,908,976
ProAssurance Corp.†       21,171       490,955
Roadzen, Inc.†       70,137        68,994
Root, Inc., Class A†        3,914       512,695
Safety Insurance Group, Inc.        6,735       553,213
Selective Insurance Group, Inc.       25,839     2,274,349
Selectquote, Inc.†       71,161       154,419
Skyward Specialty Insurance Group, Inc.†       15,791      1,000,360
Security Description   Shares or
Principal
Amount 		Value
Insurance (continued)
Stewart Information Services Corp.       11,996 $      723,839
Tiptree, Inc.       12,650       280,577
Trupanion, Inc.†       15,035       709,502
United Fire Group, Inc.        8,919       253,746
Universal Insurance Holdings, Inc.       10,015       271,807
      26,313,444
Internet — 1.8%
1-800-Flowers.com, Inc., Class A#†        2,127        10,465
AudioEye, Inc.#†        3,509        42,880
Backblaze, Inc., Class A†       19,855       113,173
BARK, Inc.†       34,474        44,471
Beyond, Inc.†       17,027       109,143
Bumble, Inc., Class A#†       27,172       152,707
Cardlytics, Inc.#†       22,945        41,530
Cargurus, Inc.†       36,877     1,155,725
Cars.com, Inc.†       26,681       273,480
Cogent Communications Holdings, Inc.       18,780       858,434
Couchbase, Inc.†       17,504       316,297
Entravision Communications Corp., Class A       51,864       107,358
ePlus, Inc.†       11,708       835,600
Eventbrite, Inc., Class A†       30,649        72,332
EverQuote, Inc., Class A†        9,379       216,186
Figs, Inc., Class A†       47,148       205,094
fuboTV, Inc.†      138,733       507,763
Gambling.com Group, Ltd.†        3,615        42,621
Getty Images Holdings, Inc.†       31,743        56,503
Grindr, Inc.†       12,498       305,201
Groupon, Inc.#†       10,283       299,544
HealthStream, Inc.       11,586       324,640
Hims & Hers Health, Inc.#†       82,176     4,647,875
Lands' End, Inc.†        3,321        27,963
LifeMD, Inc.†       14,988       183,003
Liquidity Services, Inc.†        7,747       181,047
LiveOne, Inc.†       55,406        40,945
Magnite, Inc.†       56,207       919,546
MediaAlpha, Inc., Class A†        6,853        69,901
Nerdy, Inc.#†       16,098        27,528
Nextdoor Holdings, Inc.†       51,635        79,002
Open Lending Corp.†       52,509        93,991
Opendoor Technologies, Inc.†      272,382       177,648
OptimizeRx Corp.#†        4,775        57,968
Q2 Holdings, Inc.†       24,953     2,183,887
QuinStreet, Inc.†       21,468       327,816
RealReal, Inc.†       43,342       244,882
Revolve Group, Inc.†       16,232       334,379
Shutterstock, Inc.       10,342       190,810
Sprinklr, Inc., Class A†       48,967       413,281
Stitch Fix, Inc., Class A†       45,624       201,658
TrueCar, Inc.†       23,866        34,606
Tucows, Inc., Class A†          589        11,427
Upwork, Inc.†       54,439       843,260
Vivid Seats, Inc., Class A#†       28,198        43,989
Yelp, Inc.†       27,051     1,032,537
Ziff Davis, Inc.†       17,285       560,725
      19,020,821
Investment Companies — 0.8%
Bit Digital, Inc.#†       52,919       124,889
Cannae Holdings, Inc.       26,118       487,101
Cipher Mining, Inc.#†       93,056       290,335
Cleanspark, Inc.#†      117,975     1,018,124
Compass Diversified Holdings       30,542        205,242
 
159
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Investment Companies (continued)
Core Scientific, Inc.†       74,135 $      789,538
FTAI Infrastructure, Inc.       47,681       291,331
HA Sustainable Infrastructure Capital, Inc.       50,781     1,272,064
Hut 8 Corp.#†       35,727       545,551
MARA Holdings, Inc.#†      145,178     2,049,913
NewtekOne, Inc.       10,528       114,229
Riot Platforms, Inc.#†      132,215     1,066,975
Terawulf, Inc.#†      118,745       419,170
      8,674,462
Iron/Steel — 0.7%
Carpenter Technology Corp.       20,453     4,806,455
Commercial Metals Co.       48,230     2,247,036
Radius Recycling, Inc.       11,044       327,013
      7,380,504
Leisure Time — 0.5%
Acushnet Holdings Corp.#       10,888       742,997
Escalade, Inc.        6,164        91,474
Global Business Travel Group I#†       46,418       290,112
Johnson Outdoors, Inc., Class A#        2,225        60,498
Life Time Group Holdings, Inc.†       36,501     1,043,929
Lindblad Expeditions Holdings, Inc.†       20,263       212,762
Malibu Boats, Inc., Class A†        6,663       200,823
Marine Products Corp.        3,288        27,323
MasterCraft Boat Holdings, Inc.#†        4,750        80,798
OneSpaWorld Holdings, Ltd.       44,606       841,269
Peloton Interactive, Inc., Class A†      149,733     1,063,104
Sabre Corp.†      159,174       401,118
Topgolf Callaway Brands Corp.†       51,745       328,063
Xponential Fitness, Inc., Class A†       12,459       112,256
      5,496,526
Lodging — 0.1%
Hilton Grand Vacations, Inc.#†       30,241     1,154,299
Marcus Corp.       12,620       233,218
      1,387,517
Machinery-Construction & Mining — 0.6%
Argan, Inc.        5,386     1,132,676
Astec Industries, Inc.       10,456       410,816
Bloom Energy Corp., Class A†       85,449     1,578,243
Hyster-Yale, Inc.        5,986       240,398
Manitowoc Co., Inc.†       14,651       153,982
NANO Nuclear Energy, Inc.†       10,192       307,085
NuScale Power Corp.†       38,442     1,229,760
Terex Corp.       29,045     1,307,315
      6,360,275
Machinery-Diversified — 2.2%
Alamo Group, Inc.        4,545       900,092
Albany International Corp., Class A       13,651       901,922
Applied Industrial Technologies, Inc.       16,351     3,703,828
Cactus, Inc., Class A       28,335     1,161,735
Chart Industries, Inc.†       18,274     2,866,460
Columbus McKinnon Corp.       13,315       193,866
CSW Industrials, Inc.        7,121     2,177,531
DXP Enterprises, Inc.†        5,282       436,716
Eastman Kodak Co.#†       32,909       186,923
Gencor Industries, Inc.†        2,548        35,137
Gorman-Rupp Co.        7,346       268,129
GrafTech International, Ltd.#†       68,439        68,179
Ichor Holdings, Ltd.†       13,381        211,152
Security Description   Shares or
Principal
Amount 		Value
Machinery-Diversified (continued)
Kadant, Inc.        4,900 $    1,538,159
Lindsay Corp.        4,434       618,100
Mueller Water Products, Inc., Class A       66,433     1,629,601
Taylor Devices, Inc.#†          946        34,936
Tennant Co.        8,549       636,217
Thermon Group Holdings, Inc.†       14,209       368,581
Twin Disc, Inc.       11,747        85,166
Watts Water Technologies, Inc., Class A       11,646     2,819,729
Zurn Elkay Water Solutions Corp.       61,307     2,218,700
      23,060,859
Media — 0.4%
AMC Networks, Inc., Class A†       16,178       106,937
Cable One, Inc.        2,353       344,314
E.W. Scripps Co., Class A†       43,768        97,165
Gannett Co., Inc.†       72,907       258,091
Gray Media, Inc.       36,376       144,413
iHeartMedia, Inc., Class A†       54,488        71,379
Liberty Latin America, Ltd., Class A†       11,218        55,080
Liberty Latin America, Ltd., Class C†       45,209       226,045
Scholastic Corp.       12,390       213,975
Sinclair, Inc.       16,582       232,645
Sphere Entertainment Co.#†       11,551       435,473
TEGNA, Inc.       68,550     1,146,156
Thryv Holdings, Inc.†       18,381       244,467
Townsquare Media, Inc., Class A        5,592        38,585
Value Line, Inc.        1,009        39,543
WideOpenWest, Inc.†       27,999       117,876
      3,772,144
Metal Fabricate/Hardware — 1.0%
AZZ, Inc.       12,482     1,131,993
Eastern Co.        4,630       103,573
Helios Technologies, Inc.       14,707       445,916
Hillman Solutions Corp.†       81,080       587,019
Janus International Group, Inc.†       58,178       475,314
L.B. Foster Co., Class A†        4,895        92,466
Mayville Engineering Co., Inc.†        8,542       134,622
Metallus, Inc.†       17,142       216,503
Mueller Industries, Inc.       47,510     3,699,604
NN, Inc.#†       21,754        44,596
Olympic Steel, Inc.        5,371       159,250
Omega Flex, Inc.          401        13,121
Park-Ohio Holdings Corp.        6,342       116,059
Proto Labs, Inc.†       10,918       403,748
Ryerson Holding Corp.       13,280       275,693
Standex International Corp.        4,483       676,664
Tredegar Corp.†       10,119        84,797
Worthington Enterprises, Inc.       13,362       787,155
Worthington Steel, Inc.       15,006       373,649
Xometry, Inc., Class A†       19,631       650,768
      10,472,510
Mining — 0.9%
Caledonia Mining Corp. PLC        6,609       113,014
Centrus Energy Corp., Class A†        5,665       719,002
Century Aluminum Co.†       21,639       335,188
Coeur Mining, Inc.†      265,704     2,146,888
Compass Minerals International, Inc.†       11,052       212,309
Constellium SE†       51,460       624,724
Contango ORE, Inc.#†          860        16,701
Dakota Gold Corp.†       11,654        35,661
Encore Energy Corp.†       45,223        90,898
Energy Fuels, Inc.#†       67,219        328,701
 
160  
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Mining (continued)
Hecla Mining Co.      254,023 $    1,305,678
i-80 Gold Corp.†       56,734        28,543
Ivanhoe Electric, Inc.†       27,356       201,067
Kaiser Aluminum Corp.        6,704       486,643
Lifezone Metals, Ltd.†        7,176        28,632
MAC Copper, Ltd.†       17,323       210,648
Novagold Resources, Inc.†       91,387       327,166
Perpetua Resources Corp.†       17,236       239,753
Piedmont Lithium, Inc.#†        2,619        16,186
SSR Mining, Inc.†       81,907       968,960
United States Lime & Minerals, Inc.        4,899       503,519
Uranium Energy Corp.†      163,009       966,643
Ur-Energy, Inc.†       83,796        68,445
      9,974,969
Miscellaneous Manufacturing — 1.3%
AMMO, Inc.#†       25,583        37,095
Byrna Technologies, Inc.#†        6,558       174,836
Core Molding Technologies, Inc.†        6,348       105,821
Enpro, Inc.        8,927     1,652,745
Fabrinet†       15,505     3,610,650
Federal Signal Corp.       25,567     2,405,088
Hillenbrand, Inc.       30,382       593,664
JBT Marel Corp.       19,979     2,293,789
LSB Industries, Inc.#†       22,667       171,589
Materion Corp.        7,977       617,659
Myers Industries, Inc.       15,779       200,236
NL Industries, Inc.        9,256        67,476
Park Aerospace Corp.        9,097       124,174
Sight Sciences, Inc.†        7,019        25,900
Smith & Wesson Brands, Inc.#       23,398       222,749
Sturm Ruger & Co., Inc.        5,626       203,661
Trinity Industries, Inc.       35,902       924,118
      13,431,250
Multi-National — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E       12,625       517,877
Office Furnishings — 0.2%
CompX International, Inc.        1,114        28,574
HNI Corp.       20,884       971,732
Interface, Inc.       26,432       531,019
Steelcase, Inc., Class A       43,367       447,114
Virco Mfg. Corp.        8,795        73,966
      2,052,405
Office/Business Equipment — 0.0%
Xerox Holdings Corp.       49,455       241,835
Oil & Gas — 2.2%
Amplify Energy Corp.#†       17,799        51,083
Berry Corp.       50,746       121,283
BKV Corp.†        7,243       155,725
Borr Drilling, Ltd.#      123,616       216,328
California Resources Corp.       29,750     1,314,057
CNX Resources Corp.†       61,179     1,974,858
Comstock Resources, Inc.†       40,667       947,541
Crescent Energy Co., Class A       67,964       570,218
CVR Energy, Inc.#       14,524       339,716
Delek US Holdings, Inc.       26,608       512,204
Diversified Energy Co. PLC #       18,597       259,800
DLB Oil & Gas, Inc.†(1)        3,000             0
Evolution Petroleum Corp.       14,600         65,554
Security Description   Shares or
Principal
Amount 		Value
Oil & Gas (continued)
Granite Ridge Resources, Inc.#       25,857 $      145,316
Gulfport Energy Corp.†        5,398     1,033,717
Helmerich & Payne, Inc.       43,374       661,453
HighPeak Energy, Inc.#        2,096        20,729
Infinity Natural Resources, Inc., Class A†        3,501        58,397
Kosmos Energy, Ltd.†      195,343       324,269
Magnolia Oil & Gas Corp., Class A       73,628     1,583,002
Murphy Oil Corp.       59,932     1,254,377
Nabors Industries, Ltd.#†        3,392        87,548
Noble Corp. PLC       57,571     1,426,034
Northern Oil & Gas, Inc.       42,735     1,135,896
Par Pacific Holdings, Inc.†       23,118       499,118
Patterson-UTI Energy, Inc.      169,703       936,761
PBF Energy, Inc., Class A       44,681       851,173
PrimeEnergy Resources Corp.#†          181        34,951
Riley Exploration Permian, Inc.        6,619       169,844
Ring Energy, Inc.†       66,993        49,414
Sable Offshore Corp.†       19,776       569,153
SandRidge Energy, Inc.       18,453       181,024
Seadrill, Ltd.†       29,480       683,936
Sitio Royalties Corp., Class A       32,804       559,964
SM Energy Co.       49,622     1,162,147
Talos Energy, Inc.#†       53,632       431,201
Transocean, Ltd.†      282,391       703,154
VAALCO Energy, Inc.#       57,452       182,123
Valaris, Ltd.#†       26,209       985,983
Vital Energy, Inc.#†       10,787       160,511
Vitesse Energy, Inc.       13,000       272,090
W&T Offshore, Inc.#       15,932        23,579
      22,715,231
Oil & Gas Services — 1.1%
Archrock, Inc.       71,129     1,771,112
Aris Water Solutions, Inc., Class A       13,029       287,159
Atlas Energy Solutions, Inc.       34,305       416,806
Bristow Group, Inc.†       10,446       305,650
ChampionX Corp.       81,240     1,955,447
Core Laboratories, Inc.       23,599       253,689
DMC Global, Inc.†        6,588        42,558
DNOW, Inc.†       44,755       645,367
Expro Group Holdings NV†       41,524       345,480
Flowco Holdings, Inc., Class A       10,449       179,827
Forum Energy Technologies, Inc.†        2,358        34,757
Helix Energy Solutions Group, Inc.†       63,933       395,745
Innovex International, Inc.†       15,405       212,589
Kodiak Gas Services, Inc.       20,121       710,473
Liberty Energy, Inc.       69,788       808,843
Mammoth Energy Services, Inc.#†        3,695         9,755
Matrix Service Co.†       12,253       149,732
Natural Gas Services Group, Inc.†        3,727        89,336
NPK International, Inc.†       35,745       289,177
Oceaneering International, Inc.†       44,732       853,039
Oil States International, Inc.†       25,647       111,564
ProFrac Holding Corp., Class A#†        6,279        52,367
ProPetro Holding Corp.†       37,054       200,092
Ranger Energy Services, Inc., Class A       10,459       111,388
RPC, Inc.       44,890       199,312
SEACOR Marine Holdings, Inc.†        1,975        10,546
Select Water Solutions, Inc.       43,402       348,952
Solaris Energy Infrastructure, Inc.       13,606       373,213
TETRA Technologies, Inc.†       53,132       142,394
Tidewater, Inc.#†       20,226       803,174
      12,109,543
 
161
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Packaging & Containers — 0.3%
Ardagh Metal Packaging SA       72,936 $      284,451
Clearwater Paper Corp.†        6,406       184,429
Greif, Inc., Class A       11,268       626,501
Greif, Inc., Class B        2,049       123,452
Karat Packaging, Inc.        3,333       104,856
O-I Glass, Inc.†       68,448       897,353
Ranpak Holdings Corp.#†       25,254        84,096
TriMas Corp.       17,260       455,146
      2,760,284
Pharmaceuticals — 2.5%
AdaptHealth Corp.†       43,071       386,778
Aduro Biotech Holding, Inc. CVR†(1)        6,346         1,523
Agios Pharmaceuticals, Inc.†       24,027       771,026
Akebia Therapeutics, Inc.†       92,056       278,930
Alector, Inc.†       30,871        41,058
Alkermes PLC†       68,676     2,102,172
Amneal Pharmaceuticals, Inc.†       67,212       491,992
Amphastar Pharmaceuticals, Inc.†       16,304       419,176
Anika Therapeutics, Inc.†        3,849        42,916
Aquestive Therapeutics, Inc.#†       26,377        71,482
Arvinas, Inc.†       26,405       190,116
Avadel Pharmaceuticals PLC†       38,845       353,878
Biote Corp., Class A#†        7,897        27,324
Catalyst Pharmaceuticals, Inc.†       48,039     1,199,053
Coherus Biosciences, Inc.†       40,408        31,478
Collegium Pharmaceutical, Inc.†       13,636       397,353
Corbus Pharmaceuticals Holdings, Inc.#†        4,937        36,632
Corcept Therapeutics, Inc.†       34,375     2,666,125
CorMedix, Inc.†       27,821       337,747
Enanta Pharmaceuticals, Inc.†        7,552        44,783
Enliven Therapeutics, Inc.#†       15,417       273,960
Fennec Pharmaceuticals, Inc.†        1,719        13,958
Foghorn Therapeutics, Inc.†       10,737        43,807
Fulcrum Therapeutics, Inc.†       22,893       157,389
Guardian Pharmacy Services, Inc., Class A†        3,843        81,356
Gyre Therapeutics, Inc.#†        2,965        26,892
Harmony Biosciences Holdings, Inc.†       15,951       550,309
Harrow, Inc.†       12,651       355,620
Herbalife, Ltd.†       44,008       343,702
Heron Therapeutics, Inc.#†       46,200        86,856
Ironwood Pharmaceuticals, Inc.†       42,700        25,582
Jounce Therapeutics, Inc. CVR#†(1)       15,509           136
KalVista Pharmaceuticals, Inc.#†       15,722       185,520
Lyell Immunopharma, Inc.†       51,672        22,565
Madrigal Pharmaceuticals, Inc.†        7,642     2,103,537
MannKind Corp.†      114,489       475,129
Maze Therapeutics, Inc.†        3,756        37,598
MediWound, Ltd.#†        3,103        68,142
Mirum Pharmaceuticals, Inc.†       16,839       748,662
Nature's Sunshine Products, Inc.†        3,234        49,998
Neurogene, Inc.#†        5,055        85,985
Ocugen, Inc.†      122,988       102,830
Ocular Therapeutix, Inc.†       65,409       523,926
Option Care Health, Inc.†       72,941     2,383,712
ORIC Pharmaceuticals, Inc.#†       24,470       199,920
Owens & Minor, Inc.†       30,041       198,271
Pacira BioSciences, Inc.†       19,056       492,407
Phibro Animal Health Corp., Class A        8,682       212,014
Protagonist Therapeutics, Inc.†       25,248     1,198,523
Regulus Therapeutics, Inc.†       26,847       212,897
Rhythm Pharmaceuticals, Inc.†       23,275      1,427,456
Security Description   Shares or
Principal
Amount 		Value
Pharmaceuticals (continued)
SIGA Technologies, Inc.       19,398 $      116,000
Skye Bioscience, Inc.#†        8,367        16,567
Spyre Therapeutics, Inc.†       16,311       249,232
Supernus Pharmaceuticals, Inc.†       21,498       681,487
Telomir Pharmaceuticals, Inc.†       10,618        20,652
Trevi Therapeutics, Inc.†       31,612       205,794
USANA Health Sciences, Inc.†        3,904       116,612
Vanda Pharmaceuticals, Inc.†       23,694       102,832
Vaxcyte, Inc.†       52,789     1,715,115
Voyager Therapeutics, Inc.†       19,304        52,893
Xeris Biopharma Holdings, Inc.†       61,274       302,694
Y-mAbs Therapeutics, Inc.†       14,991        68,959
      26,229,038
Pipelines — 0.3%
Excelerate Energy, Inc., Class A        8,702       244,788
Golar LNG, Ltd.#       39,937     1,643,807
Kinetik Holdings, Inc.       15,678       698,298
NextDecade Corp.†       46,633       386,121
      2,973,014
Private Equity — 0.1%
Chicago Atlantic Real Estate Finance, Inc.       10,619       154,613
P10, Inc., Class A       17,335       188,258
Patria Investments, Ltd., Class A       28,656       365,077
      707,948
Real Estate — 0.5%
American Realty Investors, Inc.†          999        14,256
Anywhere Real Estate, Inc.†       41,724       145,617
Compass, Inc., Class A†      159,654       943,555
eXp World Holdings, Inc.       39,479       336,361
FRP Holdings, Inc.†        3,730       101,157
Kennedy-Wilson Holdings, Inc.       48,847       311,155
Legacy Housing Corp.†        2,689        59,938
Marcus & Millichap, Inc.       11,328       326,360
Maui Land & Pineapple Co., Inc.#†        1,453        23,074
McGrath RentCorp       10,453     1,174,708
Newmark Group, Inc., Class A       59,080       650,471
RE/MAX Holdings, Inc., Class A†        7,608        57,440
Real Brokerage, Inc.†       44,849       184,778
Redfin Corp.†       51,736       516,843
RMR Group, Inc., Class A        9,697       146,425
Sky Harbour Group Corp.†        4,730        48,719
St. Joe Co.       13,853       619,367
Stratus Properties, Inc.#†        1,691        30,692
Transcontinental Realty Investors, Inc.†        1,825        71,777
      5,762,693
REITS — 6.2%
Acadia Realty Trust       49,815       959,437
Advanced Flower Capital, Inc.#       16,621        82,440
AG Mtg. Investment Trust, Inc.       12,237        85,170
Alexander & Baldwin, Inc.       33,224       595,042
Alexander's, Inc.        1,133       255,140
Alpine Income Property Trust, Inc.        8,331       127,631
American Assets Trust, Inc.       20,373       406,238
American Healthcare REIT, Inc.       64,459     2,252,197
Angel Oak Mtg. REIT, Inc.        5,051        46,015
Apartment Investment & Management Co., Class A       51,552       411,385
Apollo Commercial Real Estate Finance, Inc.       62,851       617,825
Apple Hospitality REIT, Inc.       96,920     1,123,303
Ares Commercial Real Estate Corp.#       22,709       104,688
Armada Hoffler Properties, Inc.       33,519        233,292
 
162  
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
REITS (continued)
ARMOUR Residential REIT, Inc.       26,346 $      427,069
Blackstone Mtg. Trust, Inc., Class A       74,760     1,412,216
Braemar Hotels & Resorts, Inc.       30,478        69,490
Brandywine Realty Trust       82,459       348,802
BrightSpire Capital, Inc.       54,916       277,875
Broadstone Net Lease, Inc.       81,451     1,295,885
BRT Apartments Corp.        5,627        88,682
CareTrust REIT, Inc.       79,910     2,298,212
CBL & Associates Properties, Inc.       11,116       280,234
Centerspace        7,522       479,527
Chatham Lodging Trust       26,904       191,825
Chimera Investment Corp.       34,243       451,323
Claros Mtg. Trust, Inc.       45,427       116,747
Clipper Realty, Inc.        6,219        23,632
Community Healthcare Trust, Inc.       14,284       233,401
COPT Defense Properties       48,635     1,335,031
CTO Realty Growth, Inc.#       14,688       270,553
Curbline Properties Corp.       37,405       848,719
DiamondRock Hospitality Co.       90,898       694,461
Diversified Healthcare Trust       89,830       281,168
Dynex Capital, Inc.#       38,929       468,705
Easterly Government Properties, Inc.       16,935       367,998
Ellington Financial, Inc.#       40,320       506,822
Elme Communities       39,700       637,582
Empire State Realty Trust, Inc., Class A       49,894       382,188
Essential Properties Realty Trust, Inc.       74,456     2,419,820
Farmland Partners, Inc.#       23,094       261,424
Four Corners Property Trust, Inc.       41,852     1,155,534
Franklin BSP Realty Trust, Inc.       38,290       422,339
Franklin Street Properties Corp.       36,151        65,795
FrontView REIT, Inc.        2,100        24,171
Getty Realty Corp.       22,733       665,168
Gladstone Commercial Corp.       20,765       297,978
Gladstone Land Corp.#        9,035        89,311
Global Medical REIT, Inc.       32,017       203,628
Global Net Lease, Inc.       89,892       697,562
Granite Point Mtg. Trust, Inc.#       20,953        54,268
Hudson Pacific Properties, Inc.       75,492       140,415
Independence Realty Trust, Inc.       95,862     1,782,075
Industrial Logistics Properties Trust        8,807        28,975
Innovative Industrial Properties, Inc.       12,618       696,766
InvenTrust Properties Corp.       33,966       954,105
Invesco Mtg. Capital, Inc.#       32,087       236,802
Kite Realty Group Trust       92,008     2,035,217
KKR Real Estate Finance Trust, Inc.       29,886       266,882
Ladder Capital Corp.       51,923       546,230
LTC Properties, Inc.       19,954       706,172
LXP Industrial Trust      123,571     1,060,239
Macerich Co.      107,010     1,731,422
MFA Financial, Inc.       47,645       443,098
National Health Investors, Inc.       18,842     1,366,233
NET Lease Office Properties†        7,764       242,314
NETSTREIT Corp.       30,983       498,826
New York Mtg. Trust, Inc.       36,203       236,406
NexPoint Diversified Real Estate Trust#       13,442        55,919
Nexpoint Real Estate Finance, Inc.#        5,348        78,990
NexPoint Residential Trust, Inc.        8,323       282,982
One Liberty Properties, Inc.        6,748       165,191
Orchid Island Capital, Inc.#       39,357       268,808
Orion Office REIT, Inc.#       32,670        62,400
Outfront Media, Inc.       63,261     1,045,072
Paramount Group, Inc.       84,925        513,796
Security Description   Shares or
Principal
Amount 		Value
REITS (continued)
Peakstone Realty Trust       18,374 $      227,654
Pebblebrook Hotel Trust       44,356       407,188
PennyMac Mtg. Investment Trust       40,089       492,293
Phillips Edison & Co., Inc.       52,120     1,848,175
Piedmont Office Realty Trust, Inc., Class A       58,438       416,079
Plymouth Industrial REIT, Inc.       17,049       276,194
Postal Realty Trust, Inc., Class A        8,801       121,806
PotlatchDeltic Corp.       33,916     1,334,255
Ready Capital Corp.#       75,154       335,938
Redwood Trust, Inc.       62,785       342,178
RLJ Lodging Trust       69,282       505,759
Ryman Hospitality Properties, Inc.       24,831     2,411,338
Sabra Health Care REIT, Inc.      100,504     1,756,810
Safehold, Inc.       24,730       372,681
Saul Centers, Inc.        4,114       138,560
Service Properties Trust       83,088       192,764
Seven Hills Realty Trust#        5,436        64,090
SITE Centers Corp.       23,802       283,720
SL Green Realty Corp.       30,491     1,730,974
Strawberry Fields REIT, Inc.        4,804        49,001
Summit Hotel Properties, Inc.       44,618       195,427
Sunrise Realty Trust, Inc.        6,585        70,723
Sunstone Hotel Investors, Inc.       89,265       799,814
Tanger, Inc.       46,373     1,381,915
Terreno Realty Corp.       42,070     2,373,589
TPG RE Finance Trust, Inc.       31,504       241,951
Two Harbors Investment Corp.       47,275       500,642
UMH Properties, Inc.       29,778       499,973
Uniti Group, Inc.      111,211       478,207
Universal Health Realty Income Trust        6,608       262,404
Urban Edge Properties       53,544       972,359
Veris Residential, Inc.       29,603       449,966
Whitestone REIT       23,102       284,617
Xenia Hotels & Resorts, Inc.       46,974       574,492
      65,283,819
Retail — 3.7%
Abercrombie & Fitch Co., Class A†       21,079     1,654,491
Academy Sports & Outdoors, Inc.       29,529     1,208,031
American Eagle Outfitters, Inc.       78,169       856,732
America's Car-Mart, Inc.†        3,602       179,236
Arko Corp.#       28,987       124,064
Asbury Automotive Group, Inc.†        8,364     1,906,239
Biglari Holdings, Inc., Class B#†          259        64,009
BJ's Restaurants, Inc.†        8,880       396,137
Blink Charging Co.†       25,412        17,865
Bloomin' Brands, Inc.       36,345       277,312
BlueLinx Holdings, Inc.†        4,061       271,762
Boot Barn Holdings, Inc.†       12,581     2,016,860
Brinker International, Inc.†       18,737     3,234,568
Buckle, Inc.       12,553       534,883
Build-A-Bear Workshop, Inc.        5,321       271,584
Caleres, Inc.#       16,707       224,709
Camping World Holdings, Inc., Class A       20,614       335,184
Cheesecake Factory, Inc.#       21,034     1,160,446
Citi Trends, Inc.†        1,468        38,873
Clean Energy Fuels Corp.†       46,020        82,376
Cracker Barrel Old Country Store, Inc.#       10,247       588,588
Dave & Buster's Entertainment, Inc.#†       14,135       310,405
Denny's Corp.†       14,585        55,715
Designer Brands, Inc., Class A#       14,505        51,493
Destination XL Group, Inc.†       26,557        30,009
Dine Brands Global, Inc.        6,387        153,671
 
163
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Retail (continued)
El Pollo Loco Holdings, Inc.†       15,422 $      161,931
EVgo, Inc.†       44,894       177,331
First Watch Restaurant Group, Inc.#†       14,784       228,265
FirstCash Holdings, Inc.       16,292     2,083,910
Foot Locker, Inc.#†       35,469       842,743
Genesco, Inc.†        4,786       104,000
GMS, Inc.†       16,875     1,277,944
Group 1 Automotive, Inc.        5,571     2,361,658
GrowGeneration Corp.#†       17,310        18,695
Haverty Furniture Cos., Inc.        6,238       130,748
J. Jill, Inc.        3,502        56,032
Jack in the Box, Inc.#        7,942       150,620
Kura Sushi USA, Inc., Class A†        2,728       180,212
La-Z-Boy, Inc.       18,589       778,693
Leslie's, Inc.†       25,087        18,908
MarineMax, Inc.†        9,608       203,690
Movado Group, Inc.        6,417       103,955
National Vision Holdings, Inc.†       31,588       625,758
Nu Skin Enterprises, Inc., Class A       22,066       190,430
ODP Corp.†       12,463       205,016
OneWater Marine, Inc., Class A#†        1,725        25,478
Papa John's International, Inc.       13,894       628,703
Patrick Industries, Inc.#       14,077     1,208,651
PC Connection, Inc.        4,923       321,964
Petco Health & Wellness Co., Inc.#†       26,667        97,868
Portillo's, Inc., Class A†       22,684       272,208
Potbelly Corp.#†       11,877       126,728
PriceSmart, Inc.       10,661     1,151,175
Sally Beauty Holdings, Inc.†       46,556       405,503
Savers Value Village, Inc.†        5,890        59,018
Shake Shack, Inc., Class A†       16,166     2,098,185
Shoe Carnival, Inc.#       10,121       194,526
Signet Jewelers, Ltd.#       17,882     1,190,405
Sonic Automotive, Inc., Class A        6,940       485,314
Sweetgreen, Inc., Class A#†       42,948       576,362
Tile Shop Holdings, Inc.†        8,078        51,457
Urban Outfitters, Inc.†       26,648     1,862,695
Vera Bradley, Inc.†        4,990        10,080
Victoria's Secret & Co.†       34,130       723,897
Warby Parker, Inc., Class A†       39,461       835,389
Winmark Corp.        1,080       458,806
Zumiez, Inc.†        4,922        61,476
      38,791,669
Savings & Loans — 0.8%
Axos Financial, Inc.†       22,715     1,579,601
Banc of California, Inc.       57,772       792,632
Brookline Bancorp, Inc.       36,672       378,822
Capitol Federal Financial, Inc.       51,568       294,453
Essa Bancorp, Inc.        3,564        65,542
Flagstar Financial, Inc.      109,545     1,261,958
Flushing Financial Corp.       13,560       163,127
FS Bancorp, Inc.        4,032       154,869
Greene County Bancorp, Inc.        2,976        64,549
Hingham Institution for Savings          844       204,594
Home Bancorp, Inc.        3,907       196,913
HomeTrust Bancshares, Inc.        6,265       226,104
Northfield Bancorp, Inc.       16,204       189,263
Northwest Bancshares, Inc.       52,968       650,447
OceanFirst Financial Corp.       26,836       451,113
Pacific Premier Bancorp, Inc.       39,831       844,417
Southern Missouri Bancorp, Inc.        4,868        256,349
Security Description   Shares or
Principal
Amount 		Value
Savings & Loans (continued)
Timberland Bancorp, Inc.        4,777 $      145,364
WaterStone Financial, Inc.        6,838        88,347
      8,008,464
Semiconductors — 1.7%
ACM Research, Inc., Class A#†       21,798       491,545
Aehr Test Systems†        9,914        94,580
Alpha & Omega Semiconductor, Ltd.†       11,192       237,494
Ambarella, Inc.†       16,398       863,191
Arteris, Inc.†       15,424       119,844
Axcelis Technologies, Inc.†       13,459       758,280
CEVA, Inc.†        9,797       183,792
Cohu, Inc.†       16,668       284,523
Diodes, Inc.†       18,524       822,466
FormFactor, Inc.†       32,915       982,513
Impinj, Inc.†        9,750     1,112,377
Kulicke & Soffa Industries, Inc.       23,223       746,619
MaxLinear, Inc.†       32,013       364,628
Navitas Semiconductor Corp.†       40,887       208,524
Ouster, Inc.†       20,056       245,285
Penguin Solutions, Inc.†       23,950       425,352
Photronics, Inc.†       26,860       448,831
Power Integrations, Inc.       24,062     1,196,603
QuickLogic Corp.#†        1,818         9,417
Rambus, Inc.†       45,426     2,428,928
Richardson Electronics, Ltd.#        6,368        56,994
Semtech Corp.†       31,453     1,174,140
Silicon Laboratories, Inc.†       13,627     1,642,462
SiTime Corp.†        7,939     1,556,600
SkyWater Technology, Inc.#†        8,499        76,831
Synaptics, Inc.†       16,831       988,990
Ultra Clean Holdings, Inc.†       17,795       344,689
Veeco Instruments, Inc.†       20,605       397,882
Vishay Precision Group, Inc.#†        5,662       145,627
      18,409,007
Software — 5.4%
8x8, Inc.†       38,524        63,179
ACI Worldwide, Inc.†       44,764     2,070,783
ACV Auctions, Inc., Class A†       62,908     1,030,433
Adeia, Inc.       49,123       630,739
Agilysys, Inc.†        9,243       978,926
Airship AI Holdings, Inc.†        4,722        24,318
Alignment Healthcare, Inc.†       43,780       672,899
Alkami Technology, Inc.†       27,012       773,624
Amplitude, Inc., Class A†       33,209       411,460
Appian Corp., Class A†       17,554       552,951
Asana, Inc., Class A†       34,975       626,402
Asure Software, Inc.†       14,469       140,349
AvePoint, Inc.†       54,757     1,021,218
AvidXchange Holdings, Inc.†       73,885       723,334
Bandwidth, Inc., Class A†       14,104       197,738
BigBear.ai Holdings, Inc.#†       50,688       210,862
BigCommerce Holdings, Inc., Series 1†       28,730       144,799
Blackbaud, Inc.†       16,734     1,041,357
BlackLine, Inc.†       24,808     1,387,512
Blend Labs, Inc., Class A†      107,960       395,134
Box, Inc., Class A†       58,549     2,214,323
Braze, Inc., Class A†       28,955     1,065,544
C3.ai, Inc., Class A†       47,806     1,271,162
Cerence, Inc.†       19,045       162,073
Clear Secure, Inc., Class A       37,548       929,313
Clearwater Analytics Holdings, Inc., Class A†       82,420      1,903,902
 
164  
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Software (continued)
Climb Global Solutions, Inc.        1,979 $      218,036
Commvault Systems, Inc.†       18,214     3,335,894
Consensus Cloud Solutions, Inc.†        7,663       168,356
CS Disco, Inc.†       15,144        59,667
CSG Systems International, Inc.       12,835       847,880
Daily Journal Corp.†          529       222,937
Definitive Healthcare Corp.#†       24,429        80,860
Digi International, Inc.†       15,495       502,193
Digimarc Corp.#†        7,357        96,230
Digital Turbine, Inc.†       45,578       215,128
DigitalOcean Holdings, Inc.#†       28,568       808,474
Domo, Inc., Class B†       15,296       194,259
Donnelley Financial Solutions, Inc.†       11,933       650,110
E2open Parent Holdings, Inc.†       89,557       287,478
eGain Corp.†        5,995        32,313
EverCommerce, Inc.#†       11,076       110,871
Evolent Health, Inc., Class A†       46,984       350,031
Fastly, Inc., Class A#†       59,705       434,652
Freshworks, Inc., Class A†       89,392     1,365,016
GigaCloud Technology, Inc., Class A†        9,753       171,263
Health Catalyst, Inc.†       26,035        98,933
I3 Verticals, Inc., Class A†       10,127       250,238
IBEX Holdings, Ltd.†        3,638       104,738
Ibotta, Inc., Class A#†        5,810       290,442
Immersion Corp.       19,297       145,113
Innodata, Inc.†       12,007       473,916
Inspired Entertainment, Inc.†        9,325        72,922
Intapp, Inc.†       23,058     1,270,957
IonQ, Inc.†       86,071     3,472,104
Jamf Holding Corp.†       35,220       369,810
Kaltura, Inc.†       46,580        98,750
Life360, Inc.†        4,472       284,196
LiveRamp Holdings, Inc.†       27,519       896,569
MeridianLink, Inc.†       16,490       275,218
N-able, Inc.†       32,832       255,761
Olo, Inc., Class A†       45,169       393,422
ON24, Inc.†       16,569        94,278
Outbrain, Inc.†       16,460        42,467
Pagaya Technologies, Ltd., Class A#†       16,066       264,125
PagerDuty, Inc.†       37,709       537,730
PDF Solutions, Inc.†       10,357       183,319
Phreesia, Inc.†       24,964       611,368
Planet Labs PBC†       98,561       378,474
Playstudios, Inc.†       50,568        67,761
Porch Group, Inc.†       36,883       336,373
Privia Health Group, Inc.†       43,862       998,299
Progress Software Corp.       18,319     1,127,718
PROS Holdings, Inc.†       20,668       363,550
PubMatic, Inc., Class A†       20,269       237,147
Rackspace Technology, Inc.†       53,542        61,038
Red Violet, Inc.        4,690       227,746
ReposiTrak, Inc.#        4,895       106,809
Sapiens International Corp. NV       14,245       408,832
Schrodinger, Inc.†       23,349       504,805
SEMrush Holdings, Inc., Class A†       15,143       149,007
Silvaco Group, Inc.#†        3,366        15,585
Simulations Plus, Inc.        5,985       190,592
SoundHound AI, Inc., Class A#†      139,649     1,411,851
Sprout Social, Inc., Class A†       22,302       486,853
SPS Commerce, Inc.†       15,483     2,179,387
Talkspace, Inc.†       52,345       166,981
Verint Systems, Inc.†       28,054        492,067
Security Description   Shares or
Principal
Amount 		Value
Software (continued)
Vertex, Inc., Class A#†       23,337 $      923,445
Viant Technology, Inc., Class A†        8,520       117,491
Vimeo, Inc.†       64,698       282,083
Waystar Holding Corp.†       38,868     1,553,943
Weave Communications, Inc.†       21,322       205,757
WM Technology, Inc.†       47,995        49,915
Workiva, Inc.†       21,901     1,473,718
Yext, Inc.†       45,242       303,574
Zeta Global Holdings Corp., Class A†       75,802       996,038
Zspace, Inc.†        1,745         7,669
      57,106,866
Telecommunications — 2.0%
A10 Networks, Inc.       32,400       559,224
ADTRAN Holdings, Inc.†       33,479       268,836
Anterix, Inc.†        3,103        82,509
Applied Digital Corp.#†       90,321       616,892
AST SpaceMobile, Inc.#†       56,950     1,313,836
ATN International, Inc.        4,216        59,909
Aviat Networks, Inc.†        4,527        97,104
BlackSky Technology, Inc.#†        9,973       111,598
Calix, Inc.†       25,813     1,193,593
Clearfield, Inc.#†        5,551       205,998
CommScope Holding Co., Inc.†       93,047       562,004
Credo Technology Group Holding, Ltd.†       60,298     3,675,766
DigitalBridge Group, Inc.       67,582       747,457
EchoStar Corp., Class A†       51,753       917,581
Extreme Networks, Inc.†       55,068       862,916
Globalstar, Inc.†       19,275       355,816
Gogo, Inc.#†       21,167       224,582
Harmonic, Inc.†       46,208       416,796
IDT Corp., Class B        5,418       333,695
InterDigital, Inc.       10,715     2,327,941
Lumen Technologies, Inc.†      430,312     1,686,823
NETGEAR, Inc.†       11,852       347,619
Ooma, Inc.†       10,528       143,707
Powerfleet, Inc.#†       45,621       207,576
Preformed Line Products Co.        1,110       158,330
Ribbon Communications, Inc.†       40,970       138,479
Shenandoah Telecommunications Co.       16,444       206,865
Spok Holdings, Inc.        9,824       159,149
Telephone & Data Systems, Inc.       41,972     1,442,158
Viasat, Inc.#†       51,804       452,249
Viavi Solutions, Inc.†       93,396       850,838
      20,727,846
Textiles — 0.1%
UniFirst Corp.        6,532     1,231,674
Therapeutics — 0.0%
Tobira Therapeutics, Inc. CVR†(1)        4,989             0
Toys/Games/Hobbies — 0.0%
Funko, Inc., Class A†       12,550        52,584
JAKKS Pacific, Inc.        5,521       111,138
      163,722
Transportation — 1.2%
ArcBest Corp.       10,616       665,517
Ardmore Shipping Corp.#       21,175       203,492
Costamare Bulkers Holdings, Ltd.†        4,624        43,281
Costamare, Inc.       23,122       198,156
Covenant Logistics Group, Inc.        6,881       156,199
CryoPort, Inc.†       19,537       117,417
DHT Holdings, Inc.       58,049        672,207
 
165
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Transportation (continued)
Dorian LPG, Ltd.       14,229 $      304,643
FLEX LNG, Ltd.#       11,409       272,675
Forward Air Corp.#†       12,185       204,464
Genco Shipping & Trading, Ltd.#       21,306       282,091
Golden Ocean Group, Ltd.       56,809       437,429
Heartland Express, Inc.       19,824       177,425
Himalaya Shipping, Ltd.#       12,646        75,623
Hub Group, Inc., Class A       26,409       890,247
International Seaways, Inc.#       18,267       676,792
Marten Transport, Ltd.       24,691       321,971
Matson, Inc.       14,086     1,589,605
Nordic American Tankers, Ltd.#       89,938       238,336
PAMT Corp.†        5,130        64,433
Pangaea Logistics Solutions, Ltd.#       15,422        69,399
Proficient Auto Logistics, Inc.†        9,715        78,303
Radiant Logistics, Inc.†       22,899       136,020
RXO, Inc.#†       69,885     1,085,314
Safe Bulkers, Inc.       25,674        97,561
Scorpio Tankers, Inc.       19,664       781,447
SFL Corp., Ltd.       53,912       462,565
Teekay Corp., Ltd.       25,538       215,796
Teekay Tankers, Ltd., Class A       10,047       443,977
Universal Logistics Holdings, Inc.#        4,727       113,732
Werner Enterprises, Inc.       27,398       710,978
World Kinect Corp.       25,735       704,882
      12,491,977
Trucking & Leasing — 0.3%
GATX Corp.       15,174     2,416,308
Greenbrier Cos., Inc.       13,895       626,247
Willis Lease Finance Corp.        1,359       182,568
      3,225,123
Water — 0.4%
American States Water Co.       16,090     1,269,018
California Water Service Group       25,340     1,197,315
Consolidated Water Co., Ltd.        4,193       113,337
Global Water Resources, Inc.          935         9,490
Middlesex Water Co.        6,974       404,143
SJW Group       13,476       707,221
York Water Co.        4,561       148,962
      3,849,486
Total Long-Term Investment Securities
(cost $879,053,388) 		    1,019,883,930
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS — 5.9%
Unaffiliated Investment Companies — 5.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(2) 		  33,001,727   $   33,001,727
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(2)(3) 		  29,085,892      29,085,892
Total Short-Term Investments
(cost $62,087,619) 		      62,087,619
TOTAL INVESTMENTS
(cost $941,141,007)(4) 		  102.6%   1,081,971,549
Other assets less liabilities   (2.6)   (26,985,667)
NET ASSETS   100.0%   $1,054,985,882
# The security or a portion thereof is out on loan (see Note 2).
† Non-income producing security
(1) Securities classified as Level 3 (see Note 2).
(2) The rate shown is the 7-day yield as of May 31, 2025.
(3) At May 31, 2025, the Fund had loaned securities with a total value of $64,029,082. This was secured by collateral of $29,085,892, which was received in cash and subsequently invested in short-term investments currently valued at $29,085,892 as reported in the Portfolio of Investments. Additional collateral of $37,984,038 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $99,663
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   644,123
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   49,454
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   271,259
United States Treasury Bills   0.00%   11/28/2025   636
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 02/15/2055   36,918,903
(4) See Note 4 for cost of investments on a tax basis.
CVR—Contingent Value Rights
 
Contracts For Difference Swaps
Counterparty Underlying
Reference 		Number of
Contracts 		Financing
Rate 		Payment
Frequency 		Maturity
Date 		Notional
Amount 		Unrealized
Appreciation/
(Depreciation) 		Value
Banks                
HSBC Holdings Bank of Hawaii Corp.    369 4.73% Monthly 02/09/2028 $   24,870 $   (328) $   (328)
BNP Paribas Central Pacific Financial Corp. 11,342 4.53 Monthly 05/24/2027   303,339    (508)    (508)
HSBC Holdings Cathay General Bancorp 28,852 4.73 Monthly 02/09/2028 1,260,959 (24,507) (24,507)
BNP Paribas First BanCorp 68,817 4.53 Monthly 05/24/2027 1,401,534 (26,570) (26,570)
Bank of America Merrill Lynch Fulton Financial Corp. 77,197 4.73 Monthly 02/16/2028 1,334,636  (2,988)  (2,988)
Bank of America Merrill Lynch Pathward Financial, Inc.  7,229 4.73 Monthly 02/16/2028   565,149    (925)    (925)
BNP Paribas Independent Bank Corp.  8,476 4.53 Monthly 05/24/2027   269,732  (2,483)  (2,483)
Goldman Sachs and Co. LLC Preferred Bank  5,197 4.33 Monthly 08/18/2026   432,651   1,870   1,870
Goldman Sachs and Co. LLC Hanmi Financial Corp.    294 4.33 Monthly 08/18/2026     6,783     (45)     (45)
HSBC Holdings OFG Bancorp 19,083 4.73 Monthly 02/09/2028   798,072 (12,997) (12,997)
166  
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Contracts For Difference Swaps — (continued)
Counterparty Underlying
Reference 		Number of
Contracts 		Financing
Rate 		Payment
Frequency 		Maturity
Date 		Notional
Amount 		Unrealized
Appreciation/
(Depreciation) 		  Value
HSBC Holdings Atlantic Union Bankshares Corp.  1,260 4.73% Monthly 02/09/2028 $   37,110 $    715   $    715
HSBC Holdings Cadence Bank 77,450 4.73 Monthly 02/09/2028 2,369,207 (22,472)   (22,472)
              (91,238)   (91,238)
Savings & Loans                  
JPMorgan Securities, LLC Provident Financial Services, Inc. 53,528 4.53 Monthly 02/09/2026   899,645  (5,727)    (5,727)
HSBC Holdings Berkshire Hills Bancorp, Inc. 18,253 4.73 Monthly 02/09/2028   461,582  (9,638)    (9,638)
HSBC Holdings WSFS Financial Corp. 24,880 4.73 Monthly 02/09/2028 1,322,024  (6,120)    (6,120)
BNP Paribas WaFd, Inc. 34,370 4.53 Monthly 05/24/2027   988,861 (12,066)   (12,066)
              (33,551)   (33,551)
Office/Business Equipment                  
BNP Paribas Pitney Bowes, Inc. 69,816 4.53 Monthly 05/24/2027   635,877  83,228    83,228
Diversified Financial Services                  
HSBC Holdings Bread Financial Holdings, Inc. 21,140 4.73 Monthly 02/09/2028 1,084,440  (1,226)    (1,226)
BNP Paribas Moelis & Co., Class A 30,045 4.53 Monthly 05/24/2027 1,705,853  10,017    10,017
              8,791   8,791
REITS                  
BNP Paribas Arbor Realty Trust, Inc. 78,293 4.53 Monthly 05/24/2027   711,561  38,485    38,485
HSBC Holdings Douglas Emmett, Inc. 68,657 4.73 Monthly 02/09/2028   971,359   5,630     5,630
Bank of America Merrill Lynch JBG SMITH Properties 34,699 4.73 Monthly 02/16/2028   598,332  (4,979)    (4,979)
              39,136   39,136
Insurance                  
Goldman Sachs and Co. LLC Genworth Financial, Inc., 16,888 4.33 Monthly 08/18/2026   117,675   1,385     1,385
HSBC Holdings Employers Holdings, Inc. 10,501 4.73 Monthly 02/09/2028   511,062      22        22
HSBC Holdings SiriusPoint, Ltd. 39,971 4.73 Monthly 02/09/2028   772,621  10,410    10,410
JPMorgan Securities, LLC Jackson Financial, Inc., Class A 31,095 4.53 Monthly 02/09/2026 2,530,760  16,232    16,232
              28,049   28,049
Energy-Alternate Sources                  
HSBC Holdings Green Plains, Inc. 27,089 4.73 Monthly 02/09/2028   118,596  (5,906)    (5,906)
Commercial Services                  
BNP Paribas Perdoceo Education Corp. 27,854 4.53 Monthly 05/24/2027   862,176  85,974    85,974
HSBC Holdings Payoneer Global, Inc.  2,648 4.73 Monthly 02/09/2028    18,292    (259)      (259)
              85,715   85,715
              $114,224   $114,224
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
(Depreciation)
117 Long E-Mini Russell 2000 Index June 2025 $12,203,969 $12,099,555 $(104,414)
* 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.
167
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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:              
Biotechnology $74,283,081   $—   $33,836   $74,316,917
Oil & Gas 22,715,231   —   0   22,715,231
Pharmaceuticals 26,227,379   —   1,659   26,229,038
Other Industries 896,622,744   —   —   896,622,744
Short-Term Investments 62,087,619   —   —   62,087,619
Total Investments at Value $1,081,936,054   $—   $35,495   $1,081,971,549
Other Financial Instruments:†              
Swaps $—   $253,968   $—   $253,968
LIABILITIES:              
Other Financial Instruments:†              
Swaps $—   $139,744   $—   $139,744
Futures Contracts 104,414   —   —   104,414
Total Other Financial Instruments $104,414   $139,744   $—   $244,158
* 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.
Level 3 investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to Financial Statements
168  
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 97.6%
Apparel — 1.4%
Crocs, Inc.†       5,870 $    598,740
Levi Strauss & Co., Class A      53,485     927,965
Steven Madden, Ltd.#      39,705     978,728
      2,505,433
Auto Parts & Equipment — 1.4%
Douglas Dynamics, Inc.      74,737   2,054,520
Holley, Inc.#†     239,327     464,295
      2,518,815
Banks — 11.4%
Associated Banc-Corp.      62,057   1,437,861
BOK Financial Corp.       8,987     848,552
Hancock Whitney Corp.      63,509   3,472,037
Old National Bancorp      74,755   1,559,389
Renasant Corp.#      57,733   2,023,542
SouthState Corp.      35,266   3,096,355
UMB Financial Corp.      56,139   5,789,054
Webster Financial Corp.      30,380   1,563,962
      19,790,752
Beverages — 0.9%
Primo Brands Corp.      46,632   1,542,120
Building Materials — 5.9%
Eagle Materials, Inc.      21,212   4,289,279
Simpson Manufacturing Co., Inc.       9,527   1,483,354
Titan America SA      66,354     948,862
UFP Industries, Inc.      35,789   3,491,575
      10,213,070
Chemicals — 9.3%
Avient Corp.     108,744   3,928,921
Ecovyst, Inc.#†     151,949   1,132,020
Innospec, Inc.      62,157   5,288,317
Mativ Holdings, Inc.     127,792     730,970
Minerals Technologies, Inc.      14,982     850,678
NewMarket Corp.       5,194   3,345,248
Quaker Chemical Corp.#       8,463     917,728
      16,193,882
Coal — 0.2%
Core Natural Resources, Inc.       4,534     314,206
Commercial Services — 4.9%
Alight, Inc., Class A     107,650     587,769
CBIZ, Inc.†      12,417     897,004
Custom Truck One Source, Inc.#†     131,265     564,439
Ennis, Inc.      51,724     965,687
Euronet Worldwide, Inc.†      12,815   1,387,608
Korn Ferry      44,359   3,016,856
Matthews International Corp., Class A      29,206     626,469
WillScot Holdings Corp.      13,825     372,584
      8,418,416
Computers — 2.7%
Diebold Nixdorf, Inc.#†      23,371   1,125,781
Insight Enterprises, Inc.†       3,070     400,297
Kyndryl Holdings, Inc.†      57,249   2,235,001
Maximus, Inc.      13,955   1,011,877
      4,772,956
Cosmetics/Personal Care — 2.8%
Edgewell Personal Care Co.      17,691      488,625
Security Description   Shares or
Principal
Amount 		Value
Cosmetics/Personal Care (continued)
Perrigo Co. PLC      34,945 $    935,478
Prestige Consumer Healthcare, Inc.†      39,683   3,399,643
      4,823,746
Distribution/Wholesale — 0.3%
VSE Corp.#       4,066     528,946
Diversified Financial Services — 1.7%
Air Lease Corp.      32,224   1,856,425
GlassBridge Enterprises, Inc.#†         292       7,300
Marex Group PLC      18,993     819,738
Westwood Holdings Group, Inc.      18,724     276,928
      2,960,391
Electrical Components & Equipment — 2.6%
Belden, Inc.      31,191   3,312,484
Novanta, Inc.†      10,322   1,278,070
      4,590,554
Electronics — 2.3%
Atkore, Inc.      23,040   1,499,904
Atmus Filtration Technologies, Inc.      34,887   1,256,630
Ingram Micro Holding Corp.      29,958     573,096
Knowles Corp.†      37,148     609,599
      3,939,229
Entertainment — 1.1%
Genius Sports, Ltd.†      63,676     610,653
Pursuit Attractions & Hospitality, Inc.†      46,169   1,287,653
      1,898,306
Food — 5.2%
J&J Snack Foods Corp.      44,072   5,075,772
Nomad Foods, Ltd.     152,376   2,666,580
Tootsie Roll Industries, Inc.#      37,054   1,320,975
      9,063,327
Gas — 0.6%
MDU Resources Group, Inc.      63,779   1,096,361
Hand/Machine Tools — 3.2%
Franklin Electric Co., Inc.      64,407   5,564,121
Healthcare-Products — 1.9%
Azenta, Inc.†      23,738     634,279
CONMED Corp.#       7,844     445,147
Haemonetics Corp.#†      23,423   1,585,971
Varex Imaging Corp.†      85,538     656,077
      3,321,474
Healthcare-Services — 0.6%
Ardent Health Partners LLC#†      25,773     373,193
Charles River Laboratories International, Inc.†       4,466     605,724
      978,917
Household Products/Wares — 4.0%
ACCO Brands Corp.     204,461     734,015
Central Garden & Pet Co.†      36,118   1,302,415
Central Garden & Pet Co., Class A†      48,758   1,558,793
Quanex Building Products Corp.      80,849   1,352,604
Spectrum Brands Holdings, Inc.      33,352   1,926,745
      6,874,572
Insurance — 5.6%
Abacus Life, Inc.†      44,585      344,642
 
169
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Insurance (continued)
Aspen Insurance Holdings, Ltd., Class A
Class A† 		     13,925 $    477,628
CNO Financial Group, Inc.      32,824   1,245,999
Hanover Insurance Group, Inc.      15,799   2,780,308
Stewart Information Services Corp.      53,424   3,223,604
White Mountains Insurance Group, Ltd.         954   1,702,699
      9,774,880
Internet — 0.7%
Angi, Inc.†      10,185     159,395
IAC, Inc.†      13,655     491,034
Ziff Davis, Inc.†      16,523     536,006
      1,186,435
Investment Companies — 0.8%
Compass Diversified Holdings     137,434     923,557
New Mountain Finance Corp.      43,820     471,941
      1,395,498
Lodging — 0.4%
Boyd Gaming Corp.       9,456     708,916
Machinery-Diversified — 3.5%
Alamo Group, Inc.      19,345   3,831,084
CSW Industrials, Inc.       2,496     763,252
Gates Industrial Corp. PLC†      65,982   1,395,519
      5,989,855
Media — 0.3%
DallasNews Corp.†       9,253      39,510
Thryv Holdings, Inc.#†      35,023     465,806
      505,316
Metal Fabricate/Hardware — 5.3%
Hillman Solutions Corp.†     227,377   1,646,210
Janus International Group, Inc.#†      97,461     796,256
Mayville Engineering Co., Inc.†      61,763     973,385
Mueller Industries, Inc.      68,884   5,363,997
Timken Co.       5,925     405,803
      9,185,651
Miscellaneous Manufacturing — 0.5%
Myers Industries, Inc.      67,567     857,425
Oil & Gas — 3.5%
Berry Corp.      81,914     195,774
Chord Energy Corp.      23,828   2,144,520
Magnolia Oil & Gas Corp., Class A#      88,999   1,913,479
Northern Oil & Gas, Inc.      43,170   1,147,459
Patterson-UTI Energy, Inc.     127,174     702,000
      6,103,232
Oil & Gas Services — 0.5%
Forum Energy Technologies, Inc.†      10,077     148,535
Liberty Energy, Inc.      62,021     718,823
      867,358
Packaging & Containers — 4.7%
Amcor PLC     142,585   1,298,949
Silgan Holdings, Inc.      79,568   4,381,810
TriMas Corp.      93,019   2,452,911
      8,133,670
REITS — 3.9%
AGNC Investment Corp.#     225,053    2,011,974
Security Description   Shares or
Principal
Amount 		  Value
REITS (continued)
Agree Realty Corp.      11,790   $    887,787
Elme Communities      64,127     1,029,880
New York Mtg. Trust, Inc.     117,777       769,084
Smartstop Self Storage REIT, Inc.       9,496       346,984
Two Harbors Investment Corp.     159,467     1,688,755
        6,734,464
Retail — 1.6%
Denny's Corp.#†     185,574       708,893
Five Below, Inc.†       7,938       925,332
Jack in the Box, Inc.#      22,372       424,285
La-Z-Boy, Inc.#      16,721       700,443
        2,758,953
Semiconductors — 0.2%
Diodes, Inc.†       8,507       377,711
Software — 0.8%
Progress Software Corp.      19,861     1,222,643
Synchronoss Technologies, Inc.†      16,788       114,830
        1,337,473
Special Purpose Acquisition Company — 0.0%
Pershing Square Tontine Holdings, Ltd.†(1)      60,410             0
Transportation — 0.9%
Werner Enterprises, Inc.#      57,965     1,504,192
Total Common Stocks
(cost $168,242,484) 		      169,330,623
RIGHTS — 0.0%
Special Purpose Acquisition Company — 0.0%
Pershing Square SPARC Holdings, Ltd.†(1)(2)
(cost $0) 		     15,102             0
Total Long-Term Investment Securities
(cost $168,242,484) 		      169,330,623
SHORT-TERM INVESTMENTS — 2.6%
Unaffiliated Investment Companies — 2.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(3) 		  4,161,269     4,161,269
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(3)(4) 		    253,203       253,203
Total Short-Term Investments
(cost $4,414,472) 		      4,414,472
TOTAL INVESTMENTS
(cost $172,656,956)(5) 		  100.2%   173,745,095
Other assets less liabilities   (0.2)   (284,725)
NET ASSETS   100.0%   $173,460,370
† Non-income producing security
# The security or a portion thereof is out on loan (see Note 2).
 
170  
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
(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 May 31, 2025, the Fund held the following restricted securities:
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Rights
Pershing Square SPARC Holdings, Ltd.   07/26/2022   15,102   $0   $0   $0.00   0.0%
(3) The rate shown is the 7-day yield as of May 31, 2025.
(4) At May 31, 2025, the Fund had loaned securities with a total value of $10,585,833. This was secured by collateral of $253,203, which was received in cash and subsequently invested in short-term investments currently valued at $253,203 as reported in the Portfolio of Investments. Additional collateral of $10,785,545 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $70,782
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   457,468
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   35,123
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   192,653
United States Treasury Bills   0.00%   11/28/2025   452
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 02/15/2055   10,029,067
(5) See Note 4 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 May 31, 2025 (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:              
Diversified Financial Services $2,953,091   $7,300   $—   $2,960,391
Special Purpose Acquisition Company —   —   0   0
Other Industries 166,370,232   —   —   166,370,232
Rights —   —   0   0
Short-Term Investments 4,414,472   —   —   4,414,472
Total Investments at Value $173,737,795   $7,300   $0   $173,745,095
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
Level 3 investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to Financial Statements
171
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 99.0%
Advertising — 0.1%
Stagwell, Inc.†      73,108 $    326,062
Aerospace/Defense — 0.1%
Standardaero, Inc.†      10,432     305,971
Agriculture — 0.7%
Andersons, Inc.      16,328     579,807
Dole PLC      55,603     787,339
Fresh Del Monte Produce, Inc.      11,765     415,540
      1,782,686
Airlines — 0.4%
SkyWest, Inc.†       8,750     887,687
Auto Manufacturers — 0.2%
Blue Bird Corp.#†       8,810     340,947
Auto Parts & Equipment — 1.7%
Aurora Innovation, Inc.#†     104,575     633,724
Dana, Inc.      67,199   1,117,519
Goodyear Tire & Rubber Co.†     115,048   1,312,698
Phinia, Inc.      17,997     781,070
Titan International, Inc.#†      33,562     242,989
      4,088,000
Banks — 18.7%
1st Source Corp.       3,134     189,795
Amalgamated Financial Corp.      11,159     337,225
Amerant Bancorp, Inc.       6,153     107,862
Ameris Bancorp      28,192   1,732,962
Associated Banc-Corp.       5,496     127,342
Atlantic Union Bankshares Corp.       6,965     209,089
Bank of N.T. Butterfield & Son, Ltd.      52,518   2,214,159
BankUnited, Inc.      21,792     740,492
Banner Corp.       3,396     209,363
BayCom Corp.       2,066      54,522
Bridgewater Bancshares, Inc.†       3,526      51,621
Burke & Herbert Financial Services Corp.       2,594     147,651
Business First Bancshares, Inc.      22,218     528,566
Byline Bancorp, Inc.      31,235     808,049
Cadence Bank       8,607     260,792
Capital City Bank Group, Inc.       4,288     161,829
Central Pacific Financial Corp.      12,792     341,546
CNB Financial Corp.       9,634     208,769
Community Trust Bancorp, Inc.       4,015     204,966
ConnectOne Bancorp, Inc.      50,838   1,167,749
Customers Bancorp, Inc.†      27,338   1,393,145
CVB Financial Corp.      11,931     223,706
Dime Community Bancshares, Inc.       6,995     179,492
Eastern Bankshares, Inc.      90,358   1,355,370
Enterprise Financial Services Corp.      31,109   1,646,911
Equity Bancshares, Inc., Class A      28,274   1,100,990
FB Financial Corp.       4,323     188,699
Financial Institutions, Inc.      18,869     487,198
First BanCorp.      63,744   1,273,605
First Busey Corp.       5,249     116,108
First Commonwealth Financial Corp.       5,128      80,099
First Financial Corp.      14,517     752,561
First Interstate BancSystem, Inc., Class A       5,669     153,913
First Merchants Corp.      27,214   1,025,968
First Mid Bancshares, Inc.      18,784     662,700
Hancock Whitney Corp.      16,982     928,406
Hanmi Financial Corp.      32,090     735,503
HBT Financial, Inc.       2,420      56,628
Heritage Commerce Corp.     101,312      938,149
Security Description   Shares or
Principal
Amount 		Value
Banks (continued)
Hilltop Holdings, Inc.      30,883 $    920,931
Home BancShares, Inc.      17,397     492,161
Independent Bank Corp.      10,317     634,496
Mercantile Bank Corp.       7,560     333,850
Merchants Bancorp      15,147     485,007
Metropolitan Bank Holding Corp.†       8,636     558,490
Mid Penn Bancorp, Inc.#       2,813      74,966
Midland States Bancorp, Inc.       4,672      78,863
MidWestOne Financial Group, Inc.       4,168     119,830
National Bank Holdings Corp., Class A       4,249     153,601
Nicolet Bankshares, Inc.         780      95,659
Northrim BanCorp, Inc.       1,583     145,003
OFG Bancorp      25,895   1,065,320
Old National Bancorp     125,922   2,626,733
Old Second Bancorp, Inc.      62,637   1,036,016
Origin Bancorp, Inc.       9,551     325,594
Orrstown Financial Services, Inc.       3,488     104,849
Pathward Financial, Inc.      20,067   1,566,229
Peapack-Gladstone Financial Corp.       9,445     258,982
Pinnacle Financial Partners, Inc.       3,498     371,767
QCR Holdings, Inc.      21,771   1,465,188
Renasant Corp.      26,442     926,792
Seacoast Banking Corp. of Florida      16,491     425,963
Sierra Bancorp       4,161     113,887
SmartFinancial, Inc.       3,459     109,927
South Plains Financial, Inc.      20,114     723,501
Southside Bancshares, Inc.      13,140     370,417
SouthState Corp.       7,033     617,497
Texas Capital Bancshares, Inc.†       9,628     690,231
Towne Bank      14,463     499,841
TriCo Bancshares       9,381     374,302
Trustmark Corp.       4,554     156,931
UMB Financial Corp.      11,232   1,158,244
United Bankshares, Inc.      13,589     491,106
United Community Banks, Inc.       3,600     103,464
Unity Bancorp, Inc.       4,311     190,568
Univest Financial Corp.       6,522     192,529
Veritex Holdings, Inc.      35,673     863,287
WesBanco, Inc.      22,645     697,013
Wintrust Financial Corp.       8,056     961,967
      45,684,502
Beverages — 0.2%
Primo Brands Corp.      15,780     521,845
Biotechnology — 3.1%
Akero Therapeutics, Inc.†       6,698     332,556
Alumis Inc#†      35,346     123,711
ANI Pharmaceuticals, Inc.†      10,892     639,578
Atea Pharmaceuticals, Inc.†      38,893     115,512
Aurinia Pharmaceuticals, Inc.†      34,407     269,751
Avidity Biosciences, Inc.†       5,320     164,814
Beam Therapeutics, Inc.#†      26,050     412,371
Biohaven, Ltd.†         840      12,440
Celldex Therapeutics, Inc.†      12,530     247,843
Compass Therapeutics, Inc.#†     283,442     595,228
Cytek Biosciences, Inc.†      45,960     127,309
Cytokinetics, Inc.†      10,750     333,465
Denali Therapeutics, Inc.†       8,474     112,196
Dynavax Technologies Corp.†      61,425     601,351
Erasca, Inc.#†     174,805     244,727
Intellia Therapeutics, Inc.#†      16,825     115,588
iTeos Therapeutics, Inc.†      80,180     803,404
Relay Therapeutics, Inc.†      57,898      173,694
 
172  
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Biotechnology (continued)
Syndax Pharmaceuticals, Inc.†      26,815 $    282,630
Tenaya Therapeutics, Inc.#†      38,491      17,706
Travere Therapeutics, Inc.†      36,041     541,336
Viridian Therapeutics, Inc.#†      31,810     442,795
Wave Life Sciences, Ltd.†      49,057     294,833
Zymeworks, Inc.†      55,849     638,354
      7,643,192
Building Materials — 1.5%
Boise Cascade Co.       5,553     482,445
Gibraltar Industries, Inc.†       1,170      68,539
Griffon Corp.      18,058   1,241,487
Modine Manufacturing Co.†      11,410   1,036,028
UFP Industries, Inc.       8,750     853,650
      3,682,149
Chemicals — 1.5%
AdvanSix, Inc.       1,728      40,625
Avient Corp.      14,313     517,129
Ecovyst, Inc.#†       9,529      70,991
H.B. Fuller Co.      20,478   1,143,082
Innospec, Inc.       7,515     639,376
Minerals Technologies, Inc.       4,705     267,150
Perimeter Solutions, Inc.†      81,528     984,043
Tronox Holdings PLC      17,889     101,610
      3,764,006
Coal — 0.8%
Core Natural Resources, Inc.       5,936     411,365
Peabody Energy Corp.      65,735     865,073
SunCoke Energy, Inc.      17,803     144,916
Warrior Met Coal, Inc.#      13,866     630,210
      2,051,564
Commercial Services — 5.2%
ABM Industries, Inc.      37,410   1,969,636
Adtalem Global Education, Inc.†      10,628   1,403,215
Alight, Inc., Class A      19,610     107,071
API Group Corp.†      27,628   1,289,399
Barrett Business Services, Inc.      20,238     836,335
GEO Group, Inc.†      15,424     418,607
Healthcare Services Group, Inc.†      40,693     573,771
Heidrick & Struggles International, Inc.       8,466     369,626
Hertz Global Holdings, Inc.#†      19,303     126,435
John Wiley & Sons, Inc., Class A      16,916     661,754
KinderCare Learning Cos., Inc.#†      61,716     757,255
Korn Ferry       3,223     219,196
Laureate Education, Inc.†      42,163     948,668
Marqeta, Inc., Class A†     159,351     857,308
Mister Car Wash, Inc.†      51,396     363,884
Perdoceo Education Corp.       4,621     157,299
StoneCo., Ltd., Class A†      59,576     813,212
Strategic Education, Inc.       8,561     781,020
      12,653,691
Computers — 1.4%
ASGN, Inc.†      17,596     929,245
D-Wave Quantum, Inc.†      28,116     459,134
OneSpan, Inc.      32,797     522,456
Rigetti Computing, Inc.†      46,181      559,252
Security Description   Shares or
Principal
Amount 		Value
Computers (continued)
Unisys Corp.†      79,539 $    379,401
V2X, Inc.†      10,246     463,939
      3,313,427
Cosmetics/Personal Care — 0.4%
Prestige Consumer Healthcare, Inc.†      10,225     875,976
Distribution/Wholesale — 2.1%
G-III Apparel Group, Ltd.†      24,941     724,536
Hudson Technologies, Inc.†      15,203     108,701
MRC Global, Inc.†      49,329     612,173
Resideo Technologies, Inc.†      46,323     958,886
Rush Enterprises, Inc., Class A      34,015   1,688,845
WESCO International, Inc.       5,646     947,907
      5,041,048
Diversified Financial Services — 4.1%
Atlanticus Holdings Corp.†       1,288      63,176
BGC Group, Inc., Class A      99,115     919,787
Bread Financial Holdings, Inc.       5,701     292,119
Burford Capital, Ltd.      49,108     631,529
Enact Holdings, Inc.      22,072     781,349
Enova International, Inc.†      17,550   1,626,359
LendingClub Corp.†      21,106     211,693
Mr. Cooper Group, Inc.†      10,199   1,321,077
Navient Corp.      42,816     575,447
Nelnet, Inc., Class A       3,808     442,413
PennyMac Financial Services, Inc.       7,734     742,464
Radian Group, Inc.      24,104     823,152
StoneX Group, Inc.†      12,422   1,051,584
Virtus Investment Partners, Inc.       3,038     518,587
      10,000,736
Electric — 3.0%
Avista Corp.       3,715     143,065
Black Hills Corp.      12,340     721,520
Clearway Energy, Inc., Class A      17,239     497,345
Clearway Energy, Inc., Class C       3,711     114,187
IDACORP, Inc.      11,451   1,362,096
Northwestern Energy Group, Inc.       6,812     376,908
Otter Tail Corp.       3,020     233,084
Portland General Electric Co.      38,233   1,621,079
TXNM Energy, Inc.      15,198     861,575
Unitil Corp.      26,656   1,461,548
      7,392,407
Electrical Components & Equipment — 0.5%
EnerSys      13,768   1,151,418
Electronics — 2.6%
Bel Fuse, Inc., Class A       6,354     403,542
Benchmark Electronics, Inc.      22,059     805,595
CTS Corp.       2,865     116,577
Knowles Corp.†      80,422   1,319,725
Mirion Technologies, Inc.†      44,750     854,725
Plexus Corp.†       4,003     525,434
Sanmina Corp.†      22,371   1,894,600
TTM Technologies, Inc.†       5,477     163,543
Vishay Intertechnology, Inc.      24,457     344,110
      6,427,851
Energy-Alternate Sources — 0.1%
Sunrun, Inc.†      17,686     132,468
Engineering & Construction — 1.7%
Arcosa, Inc.      17,717    1,528,446
 
173
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Engineering & Construction (continued)
Fluor Corp.†      17,638 $    733,388
MYR Group, Inc.†       7,450   1,168,532
Tutor Perini Corp.†      20,051     739,481
      4,169,847
Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A†     110,251     392,494
Cinemark Holdings, Inc.#       4,557     153,890
International Game Technology PLC      55,870     821,848
Six Flags Entertainment Corp.       4,683     157,161
United Parks & Resorts, Inc.#†      10,003     448,034
      1,973,427
Food — 0.6%
Cal-Maine Foods, Inc.      12,082   1,159,026
SpartanNash Co.       8,012     155,914
Utz Brands, Inc.      18,302     242,135
      1,557,075
Gas — 2.1%
Chesapeake Utilities Corp.       5,992     732,163
New Jersey Resources Corp.      17,123     785,774
Northwest Natural Holding Co.      13,638     558,749
ONE Gas, Inc.      22,014   1,645,767
Southwest Gas Holdings, Inc.      11,699     840,339
Spire, Inc.       7,414     558,126
      5,120,918
Hand/Machine Tools — 0.2%
Kennametal, Inc.      22,553     485,566
Healthcare-Products — 1.4%
Adaptive Biotechnologies Corp.†      33,780     321,586
Alphatec Holdings, Inc.#†      52,213     649,007
Embecta Corp.       9,406      99,045
ICU Medical, Inc.†       8,081   1,089,804
Inmode, Ltd.#†      44,591     653,704
Omnicell, Inc.†      17,970     545,749
OraSure Technologies, Inc.†      47,326     136,299
      3,495,194
Healthcare-Services — 0.7%
Addus HomeCare Corp.†       4,479     496,766
Oscar Health, Inc., Class A†      11,059     152,614
Pediatrix Medical Group, Inc. †      74,504   1,054,232
      1,703,612
Home Builders — 2.0%
Century Communities, Inc.       6,425     333,265
Champion Homes, Inc.†       9,628     629,671
Green Brick Partners, Inc.†       7,670     448,312
KB Home      11,311     583,421
M/I Homes, Inc.†       5,597     596,696
Meritage Homes Corp.      14,023     892,003
Taylor Morrison Home Corp.†      17,794   1,001,446
Tri Pointe Homes, Inc.†      16,542     487,658
      4,972,472
Home Furnishings — 0.7%
Daktronics, Inc.#†      31,041     460,649
MillerKnoll, Inc.      29,851     503,586
Xperi, Inc.†      81,360     633,794
      1,598,029
Security Description   Shares or
Principal
Amount 		Value
Household Products/Wares — 0.3%
ACCO Brands Corp.      18,845 $     67,653
Central Garden & Pet Co., Class A†      20,477     654,650
      722,303
Insurance — 3.4%
CNO Financial Group, Inc.      40,790   1,548,388
Essent Group, Ltd.      28,289   1,640,762
Fidelis Insurance Holdings, Ltd.      31,914     557,857
Genworth Financial, Inc.,†      44,544     314,035
Hamilton Insurance Group, Ltd., Class B†      25,384     552,356
Heritage Insurance Holdings, Inc.†       4,378     107,130
Jackson Financial, Inc., Class A      19,629   1,607,811
NMI Holdings, Inc.†      25,541   1,014,489
RLI Corp.       4,446     341,764
Safety Insurance Group, Inc.       5,353     439,695
Selective Insurance Group, Inc.       1,834     161,429
      8,285,716
Internet — 0.5%
Magnite, Inc.†      43,528     712,118
QuinStreet, Inc.†       4,468      68,226
RealReal, Inc.†      81,383     459,814
Shutterstock, Inc.#       3,460      63,837
      1,303,995
Investment Companies — 1.1%
Compass Diversified Holdings      13,029      87,555
HA Sustainable Infrastructure Capital, Inc.#      27,309     684,091
Hut 8 Corp.#†      45,956     701,748
MARA Holdings, Inc.#†      41,228     582,139
Riot Platforms, Inc.#†      77,196     622,972
      2,678,505
Iron/Steel — 0.6%
Commercial Metals Co.      33,215   1,547,487
Leisure Time — 0.7%
Life Time Group Holdings, Inc.†      37,343   1,068,010
Peloton Interactive, Inc., Class A†      84,181     597,685
      1,665,695
Machinery-Construction & Mining — 0.2%
Terex Corp.      12,642     569,016
Machinery-Diversified — 0.5%
DXP Enterprises, Inc.†       3,273     270,612
Ichor Holdings, Ltd.†      43,734     690,122
Thermon Group Holdings, Inc.†      11,065     287,026
      1,247,760
Media — 0.2%
AMC Networks, Inc., Class A†      14,521      95,984
Gray Media, Inc.      27,539     109,330
Scholastic Corp.      18,877     326,005
      531,319
Metal Fabricate/Hardware — 0.9%
Hillman Solutions Corp.†      65,654     475,335
Mueller Industries, Inc.      20,514   1,597,425
      2,072,760
Mining — 1.1%
Coeur Mining, Inc.†     130,717   1,056,193
Constellium SE†      17,019     206,611
Hecla Mining Co.     132,702      682,088
 
174  
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Mining (continued)
SSR Mining, Inc.†      31,361 $    371,001
Uranium Energy Corp.#†      45,143     267,698
      2,583,591
Multi-National — 0.3%
Banco Latinoamericano de Comercio Exterior SA, Class E      17,916     734,914
Oil & Gas — 2.9%
Chord Energy Corp.       3,683     331,470
CNX Resources Corp.†       7,189     232,061
CVR Energy, Inc.#      15,043     351,856
Gulfport Energy Corp.†       6,103   1,168,724
Helmerich & Payne, Inc.      14,353     218,883
Matador Resources Co.      22,912     985,445
Murphy Oil Corp.      33,611     703,478
Noble Corp. PLC       9,146     226,546
Ovintiv, Inc.      18,418     659,733
Par Pacific Holdings, Inc.†       5,612     121,163
Patterson-UTI Energy, Inc.      93,258     514,784
PBF Energy, Inc., Class A      14,276     271,958
Permian Resources Corp.      68,044     858,035
SM Energy Co.      22,249     521,072
      7,165,208
Oil & Gas Services — 1.1%
DNOW, Inc.†      67,853     978,440
Expro Group Holdings NV†      18,178     151,241
Helix Energy Solutions Group, Inc.†      13,063      80,860
Liberty Energy, Inc.      83,906     972,470
ProPetro Holding Corp.†      26,967     145,622
Select Water Solutions, Inc.      56,090     450,964
      2,779,597
Packaging & Containers — 0.4%
Greif, Inc., Class A       6,405     356,118
O-I Glass, Inc.†      49,624     650,571
      1,006,689
Pharmaceuticals — 1.6%
Amneal Pharmaceuticals, Inc.†      77,010     563,713
BellRing Brands, Inc.†       3,055     192,312
Enanta Pharmaceuticals, Inc.†      16,436      97,465
Nature's Sunshine Products, Inc.†       9,639     149,019
Option Care Health, Inc.†      49,348   1,612,693
ORIC Pharmaceuticals, Inc.†      38,247     312,478
Pacira BioSciences, Inc.†      41,747   1,078,743
      4,006,423
Pipelines — 0.2%
Excelerate Energy, Inc., Class A      16,044     451,318
Real Estate — 0.3%
Cushman & Wakefield PLC†      35,281     353,869
Newmark Group, Inc., Class A      29,723     327,250
      681,119
REITS — 11.8%
Agree Realty Corp.       3,119     234,861
Alexander & Baldwin, Inc.      57,269   1,025,688
American Assets Trust, Inc.      27,885     556,027
American Healthcare REIT, Inc.       5,515     192,694
Apple Hospitality REIT, Inc.       5,517      63,942
Armada Hoffler Properties, Inc.      13,362      93,000
BrightSpire Capital, Inc.     132,050      668,173
Security Description   Shares or
Principal
Amount 		Value
REITS (continued)
Broadstone Net Lease, Inc.      97,733 $  1,554,932
CareTrust REIT, Inc.      44,467   1,278,871
Chatham Lodging Trust      88,373     630,099
City Office REIT, Inc.      15,034      73,366
Community Healthcare Trust, Inc.       6,474     105,785
COPT Defense Properties      61,477   1,687,544
Curbline Properties Corp.      29,769     675,459
DiamondRock Hospitality Co.     118,036     901,795
Empire State Realty Trust, Inc., Class A      61,015     467,375
Essential Properties Realty Trust, Inc.      39,415   1,280,987
Independence Realty Trust, Inc.#      50,351     936,025
InvenTrust Properties Corp.      25,299     710,649
Kite Realty Group Trust      55,465   1,226,886
KKR Real Estate Finance Trust, Inc.      46,146     412,084
Ladder Capital Corp.     168,781   1,775,576
LXP Industrial Trust     122,937   1,054,799
Macerich Co.      22,769     368,402
MFA Financial, Inc.      20,672     192,250
New York Mtg. Trust, Inc.      60,587     395,633
Outfront Media, Inc.      15,439     255,052
Paramount Group, Inc.      36,231     219,198
Phillips Edison & Co., Inc.      37,566   1,332,090
Piedmont Office Realty Trust, Inc., Class A      91,720     653,046
Plymouth Industrial REIT, Inc.      30,497     494,051
PotlatchDeltic Corp.      51,564   2,028,528
Redwood Trust, Inc.      27,103     147,711
RLJ Lodging Trust      29,621     216,233
Ryman Hospitality Properties, Inc.       9,120     885,643
Sabra Health Care REIT, Inc.      73,477   1,284,378
SL Green Realty Corp.      14,150     803,296
TPG RE Finance Trust, Inc.      44,120     338,842
UMH Properties, Inc.       9,063     152,168
Veris Residential, Inc.      15,352     233,350
Xenia Hotels & Resorts, Inc.      94,107   1,150,929
      28,757,417
Retail — 3.4%
American Eagle Outfitters, Inc.      19,450     213,172
Arko Corp.#      35,457     151,756
Asbury Automotive Group, Inc.†       4,884   1,113,113
Biglari Holdings, Inc., Class B#†       1,822     450,289
BJ's Restaurants, Inc.†       7,004     312,448
BlueLinx Holdings, Inc.†       2,827     189,183
Brinker International, Inc.†       1,869     322,646
EVgo, Inc.†      67,778     267,723
Foot Locker, Inc.#†      17,347     412,165
Group 1 Automotive, Inc.       1,891     801,633
National Vision Holdings, Inc.†      27,652     547,786
Portillo's, Inc., Class A#†      34,769     417,228
Signet Jewelers, Ltd.#       4,360     290,245
Sonic Automotive, Inc., Class A       7,037     492,097
Urban Outfitters, Inc.†      23,810   1,664,319
Victoria's Secret & Co.†      27,321     579,478
      8,225,281
Savings & Loans — 1.8%
Axos Financial, Inc.†      15,616   1,085,936
Banc of California, Inc.      72,003     987,881
Brookline Bancorp, Inc.      29,384     303,537
Capitol Federal Financial, Inc.      41,427     236,548
HomeTrust Bancshares, Inc.       6,985     252,089
OceanFirst Financial Corp.      57,865      972,711
 
175
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Savings & Loans (continued)
Southern Missouri Bancorp, Inc.       3,274 $    172,409
WSFS Financial Corp.       8,609     455,330
      4,466,441
Semiconductors — 0.6%
Ambarella, Inc.†       4,466     235,090
Navitas Semiconductor Corp.†      70,379     358,933
Synaptics, Inc.†       7,749     455,331
Vishay Precision Group, Inc.#†      16,815     432,482
      1,481,836
Software — 1.6%
Adeia, Inc.      18,311     235,113
BigBear.ai Holdings, Inc.#†     138,772     577,291
Cerence, Inc.†      13,652     116,178
Consensus Cloud Solutions, Inc.†      11,976     263,113
Digital Turbine, Inc.†      39,519     186,530
Health Catalyst, Inc.†      35,572     135,174
IBEX Holdings, Ltd.†       8,716     250,934
Immersion Corp.      38,528     289,731
LiveRamp Holdings, Inc.†      34,656   1,129,092
ON24, Inc.†      54,759     311,579
Planet Labs PBC†      44,090     169,306
Verint Systems, Inc.†      19,514     342,275
      4,006,316
Telecommunications — 2.2%
AST SpaceMobile, Inc.#†      54,783   1,263,844
ATN International, Inc.       2,674      37,998
DigitalBridge Group, Inc.      25,655     283,744
EchoStar Corp., Class A#†      11,570     205,136
Extreme Networks, Inc.†      47,242     740,282
Gogo, Inc.#†      19,007     201,664
Lumen Technologies, Inc.†     282,821   1,108,658
NETGEAR, Inc.†      27,864     817,251
Ooma, Inc.†      19,291     263,322
Spok Holdings, Inc.      11,356     183,967
Telephone & Data Systems, Inc.       9,021     309,962
      5,415,828
Transportation — 2.1%
ArcBest Corp.       6,996     438,579
Costamare Bulkers Holdings, Ltd.†       3,861      36,139
Costamare, Inc.      19,306     165,452
International Seaways, Inc.#      16,756     620,810
Matson, Inc.      11,877   1,340,319
Radiant Logistics, Inc.†      39,537     234,850
Safe Bulkers, Inc.      33,819     128,512
Scorpio Tankers, Inc.       4,128     164,047
Teekay Tankers, Ltd., Class A      33,413   1,476,521
World Kinect Corp.      19,942     546,211
      5,151,440
Security Description   Shares or
Principal
Amount 		  Value
Trucking & Leasing — 0.1%
GATX Corp.       1,582   $    251,918
Water — 0.5%
American States Water Co.       4,990       393,561
Consolidated Water Co., Ltd.#      31,694       856,689
        1,250,250
Total Long-Term Investment Securities
(cost $244,089,990) 		      242,183,915
SHORT-TERM INVESTMENTS — 1.2%
Unaffiliated Investment Companies — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(1)(2)
(cost $2,923,256) 		  2,923,256     2,923,256
REPURCHASE AGREEMENTS — 1.6%
Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $3,896,688 and collateralized by $3,915,000 of United States Treasury Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $3,974,238
(cost $3,896,247) 		  $3,896,247     3,896,247
TOTAL INVESTMENTS
(cost $250,909,493)(3) 		  101.8%   249,003,418
Other assets less liabilities   (1.8)   (4,419,010)
NET ASSETS   100.0%   $244,584,408
† 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 May 31, 2025.
(2) At May 31, 2025, the Fund had loaned securities with a total value of $10,392,259. This was secured by collateral of $2,923,256, which was received in cash and subsequently invested in short-term investments currently valued at $2,923,256 as reported in the Portfolio of Investments. Additional collateral of $8,113,340 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $74,456
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   481,210
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   36,946
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   202,651
United States Treasury Bills   0.00%   11/28/2025   475
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 02/15/2055   7,317,602
(3) See Note 4 for cost of investments on a tax basis.
 
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
(Depreciation)
36 Long E-Mini Russell 2000 Index June 2025 $3,741,767 $3,722,940 $(18,827)
* 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.
176  
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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 $242,183,915   $—   $—   $242,183,915
Short-Term Investments 2,923,256   —   —   2,923,256
Repurchase Agreements —   3,896,247   —   3,896,247
Total Investments at Value $245,107,171   $3,896,247   $—   $249,003,418
LIABILITIES:              
Other Financial Instruments:†              
Futures Contracts $18,827   $—   $—   $18,827
* 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
177
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 99.8%
Advertising — 0.0%
Interpublic Group of Cos., Inc.       48,097 $    1,152,404
Omnicom Group, Inc.       25,369     1,863,099
      3,015,503
Aerospace/Defense — 2.1%
Boeing Co.†       95,897    19,881,366
General Dynamics Corp.       32,762     9,123,889
General Electric Co.      136,916    33,669,014
Howmet Aerospace, Inc.       51,126     8,685,796
L3Harris Technologies, Inc.       24,314     5,940,883
Lockheed Martin Corp.       26,637    12,849,156
Northrop Grumman Corp.       17,156     8,316,714
RTX Corp.      170,378    23,253,190
TransDigm Group, Inc.        7,107    10,436,132
      132,156,140
Agriculture — 0.8%
Altria Group, Inc.      215,555    13,064,789
Archer-Daniels-Midland Co.       61,785     2,982,362
Bunge Global SA       17,235     1,346,915
Philip Morris International, Inc.      198,865    35,913,030
      53,307,096
Airlines — 0.1%
Delta Air Lines, Inc.       82,843     4,008,773
Southwest Airlines Co.#       76,519     2,554,204
United Airlines Holdings, Inc.†       42,462     3,373,394
      9,936,371
Apparel — 0.2%
Deckers Outdoor Corp.†       19,596     2,067,770
NIKE, Inc., Class B      149,383     9,051,116
Ralph Lauren Corp.        5,150     1,425,572
Tapestry, Inc.       26,728     2,099,484
      14,643,942
Auto Manufacturers — 2.3%
Cummins, Inc.       17,751     5,706,592
Ford Motor Co.      502,578     5,216,760
General Motors Co.      128,466     6,373,198
PACCAR, Inc.       67,706     6,354,208
Tesla, Inc.†      357,909   124,001,152
      147,651,910
Auto Parts & Equipment — 0.0%
Aptiv PLC†       29,625     1,979,246
Banks — 4.4%
Bank of America Corp.      846,879    37,372,770
Bank of New York Mellon Corp.       90,511     8,020,180
Citigroup, Inc.      239,805    18,062,113
Citizens Financial Group, Inc.       56,440     2,277,354
Fifth Third Bancorp       86,487     3,302,939
Goldman Sachs Group, Inc.       39,910    23,963,959
Huntington Bancshares, Inc.      187,697     2,933,704
JPMorgan Chase & Co.      357,620    94,411,680
KeyCorp      128,609     2,039,739
M&T Bank Corp.       21,423     3,912,697
Morgan Stanley      158,261    20,262,156
Northern Trust Corp.       25,302     2,700,735
PNC Financial Services Group, Inc.       51,120     8,885,167
Regions Financial Corp.      117,362     2,516,241
State Street Corp.       37,245     3,585,949
Truist Financial Corp.      165,212      6,525,874
Security Description   Shares or
Principal
Amount 		Value
Banks (continued)
US Bancorp      201,414 $    8,779,636
Wells Fargo & Co.      419,507    31,370,733
      280,923,626
Beverages — 1.2%
Brown-Forman Corp., Class B#       23,515       783,990
Coca-Cola Co.      495,200    35,703,920
Constellation Brands, Inc., Class A       20,065     3,577,389
Keurig Dr Pepper, Inc.      175,342     5,903,765
Molson Coors Beverage Co., Class B       22,230     1,191,306
Monster Beverage Corp.†       90,406     5,781,464
PepsiCo, Inc.      175,414    23,058,170
      76,000,004
Biotechnology — 1.1%
Amgen, Inc.       68,656    19,785,286
Biogen, Inc.†       18,899     2,452,901
Corteva, Inc.       88,513     6,266,721
Gilead Sciences, Inc.      159,078    17,511,306
Incyte Corp.†       20,739     1,349,279
Moderna, Inc.†       43,723     1,161,283
Regeneron Pharmaceuticals, Inc.       13,258     6,500,132
Vertex Pharmaceuticals, Inc.†       32,714    14,461,224
      69,488,132
Building Materials — 0.7%
Builders FirstSource, Inc.†       14,859     1,600,017
Carrier Global Corp.      101,704     7,241,325
Johnson Controls International PLC       83,247     8,438,748
Lennox International, Inc.        4,135     2,334,001
Martin Marietta Materials, Inc.        7,550     4,134,002
Masco Corp.       27,370     1,708,435
Mohawk Industries, Inc.†        6,765       680,627
Trane Technologies PLC       28,508    12,266,137
Vulcan Materials Co.       17,052     4,519,974
      42,923,266
Chemicals — 1.2%
Air Products & Chemicals, Inc.       28,023     7,815,895
Albemarle Corp.#       15,180       846,437
CF Industries Holdings, Inc.       22,468     2,038,072
Dow, Inc.       90,873     2,520,817
DuPont de Nemours, Inc.       53,975     3,605,530
Eastman Chemical Co.       14,870     1,165,362
Ecolab, Inc.       31,796     8,445,653
International Flavors & Fragrances, Inc.       33,012     2,527,399
Linde PLC       60,900    28,475,622
LyondellBasell Industries NV, Class A       33,466     1,890,494
Mosaic Co.       41,012     1,482,174
PPG Industries, Inc.       29,955     3,319,014
Sherwin-Williams Co.       29,379    10,541,479
      74,673,948
Commercial Services — 1.5%
Automatic Data Processing, Inc.       51,930    16,904,773
Cintas Corp.       43,416     9,833,724
Corpay, Inc.†        9,001     2,926,315
Equifax, Inc.       15,318     4,046,862
Global Payments, Inc.       31,970     2,417,252
MarketAxess Holdings, Inc.        4,868     1,053,484
Moody's Corp.       19,592     9,390,837
PayPal Holdings, Inc.†      125,038     8,787,671
Quanta Services, Inc.       19,059     6,528,851
Rollins, Inc.       36,261      2,075,942
 
178  
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Commercial Services (continued)
S&P Global, Inc.       40,296 $   20,666,207
United Rentals, Inc.        8,432     5,973,060
Verisk Analytics, Inc.       18,232     5,727,401
      96,332,379
Computers — 7.8%
Accenture PLC, Class A       79,998    25,344,966
Amentum Holdings, Inc.†          962        19,886
Apple, Inc.    1,921,312   385,895,515
Cognizant Technology Solutions Corp., Class A       63,861     5,172,103
Crowdstrike Holdings, Inc., Class A†       31,361    14,782,635
Dell Technologies, Inc., Class C       38,578     4,292,574
EPAM Systems, Inc.†        7,324     1,277,965
Fortinet, Inc.†       80,282     8,171,102
Gartner, Inc.†        9,919     4,328,850
Hewlett Packard Enterprise Co.      169,576     2,930,273
HP, Inc.      121,081     3,014,917
International Business Machines Corp.      117,928    30,550,428
Leidos Holdings, Inc.       16,935     2,515,186
NetApp, Inc.       26,250     2,602,950
Seagate Technology Holdings PLC       27,334     3,223,772
Super Micro Computer, Inc.†       65,019     2,602,060
Western Digital Corp.       44,909     2,315,059
      499,040,241
Cosmetics/Personal Care — 1.1%
Colgate-Palmolive Co.      102,662     9,541,406
Estee Lauder Cos., Inc., Class A       30,235     2,023,931
Kenvue, Inc.      247,540     5,908,780
Procter & Gamble Co.      299,905    50,950,860
      68,424,977
Distribution/Wholesale — 0.3%
Copart, Inc.†      113,207     5,827,896
Fastenal Co.      148,072     6,121,297
LKQ Corp.(1)       33,564     1,358,335
Pool Corp.#        4,914     1,477,099
WW Grainger, Inc.        5,722     6,223,018
      21,007,645
Diversified Financial Services — 4.4%
American Express Co.       70,984    20,872,845
Ameriprise Financial, Inc.       12,421     6,325,270
Apollo Global Management, Inc.       56,350     7,364,382
Blackrock, Inc.       18,602    18,227,914
Capital One Financial Corp.       81,263    15,370,896
Cboe Global Markets, Inc.       13,517     3,097,015
Charles Schwab Corp.      217,843    19,244,251
CME Group, Inc.       45,828    13,244,292
Coinbase Global, Inc., Class A†       27,104     6,684,388
Franklin Resources, Inc.#       40,023       866,098
Intercontinental Exchange, Inc.       73,084    13,140,503
Invesco, Ltd.       57,842       836,395
Mastercard, Inc., Class A      104,161    60,996,682
Nasdaq, Inc.       53,430     4,463,542
Raymond James Financial, Inc.       23,811     3,499,741
Synchrony Financial       50,192     2,893,569
T. Rowe Price Group, Inc.       28,745     2,690,245
Visa, Inc., Class A      220,417    80,494,084
      280,312,112
Electric — 2.3%
AES Corp.       91,802        926,282
Security Description   Shares or
Principal
Amount 		Value
Electric (continued)
Alliant Energy Corp.       33,131 $    2,061,742
Ameren Corp.       34,848     3,376,074
American Electric Power Co., Inc.       68,844     7,124,666
CenterPoint Energy, Inc.       84,145     3,133,560
CMS Energy Corp.       38,579     2,709,403
Consolidated Edison, Inc.       44,733     4,674,151
Constellation Energy Corp.       39,731    12,163,646
Dominion Energy, Inc.      108,455     6,146,145
DTE Energy Co.       26,758     3,656,481
Duke Energy Corp.       98,531    11,599,069
Edison International       49,986     2,781,721
Entergy Corp.       53,026     4,416,005
Evergy, Inc.       29,693     1,971,912
Eversource Energy       47,356     3,069,142
Exelon Corp.      129,785     5,687,179
FirstEnergy Corp.       66,224     2,777,435
NextEra Energy, Inc.      262,877    18,569,631
NRG Energy, Inc.       26,154     4,077,409
PG&E Corp.      283,215     4,780,669
Pinnacle West Capital Corp.       14,680     1,339,256
PPL Corp.       95,322     3,312,439
Public Service Enterprise Group, Inc.       64,327     5,212,417
Sempra       81,779     6,427,012
Southern Co.      139,296    12,536,640
Vistra Corp.       43,927     7,053,358
WEC Energy Group, Inc.       39,206     4,212,293
Xcel Energy, Inc.       74,142     5,197,354
      150,993,091
Electrical Components & Equipment — 0.5%
AMETEK, Inc.       29,865     5,338,070
Eaton Corp. PLC       50,436    16,149,607
Emerson Electric Co.       71,183     8,497,826
Generac Holdings, Inc.†        7,697       940,035
      30,925,538
Electronics — 1.0%
Allegion PLC       11,224     1,601,665
Amphenol Corp., Class A      154,117    13,859,742
Fortive Corp.       44,053     3,092,080
Garmin, Ltd.       19,835     4,025,910
Honeywell International, Inc.       83,091    18,834,237
Hubbell, Inc.        6,930     2,699,789
Jabil, Inc.       14,142     2,375,997
Keysight Technologies, Inc.†       22,325     3,505,918
Mettler-Toledo International, Inc.†        2,701     3,121,060
TE Connectivity PLC       38,521     6,166,057
Trimble, Inc.†       31,735     2,261,753
      61,544,208
Energy-Alternate Sources — 0.0%
Enphase Energy, Inc.†       17,104       707,934
First Solar, Inc.#†       13,823     2,185,140
      2,893,074
Engineering & Construction — 0.0%
Jacobs Solutions, Inc.       15,822     1,998,319
Entertainment — 0.1%
Caesars Entertainment, Inc.#†       27,434       737,426
Live Nation Entertainment, Inc.†       20,246     2,777,549
TKO Group Holdings, Inc.#        8,598     1,356,850
      4,871,825
 
179
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Environmental Control — 0.4%
Pentair PLC       21,333 $    2,115,807
Republic Services, Inc.       26,208     6,743,056
Veralto Corp.       31,931     3,225,989
Waste Management, Inc.       46,319    11,161,490
      23,246,342
Food — 0.7%
Campbell's Co.       25,404       864,752
Conagra Brands, Inc.       61,628     1,410,665
General Mills, Inc.       71,171     3,861,738
Hershey Co.       19,075     3,065,162
Hormel Foods Corp.       37,569     1,152,617
J.M. Smucker Co.       13,740     1,547,261
Kellanova       34,714     2,868,418
Kraft Heinz Co.      112,629     3,010,573
Kroger Co.       85,952     5,864,505
Lamb Weston Holdings, Inc.       18,417     1,027,300
McCormick & Co., Inc.       32,604     2,371,289
Mondelez International, Inc., Class A      164,054    11,072,005
Sysco Corp.       60,505     4,416,865
Tyson Foods, Inc., Class A       36,951     2,075,168
      44,608,318
Forest Products & Paper — 0.0%
International Paper Co.       68,076     3,254,714
Gas — 0.1%
Atmos Energy Corp.#       20,494     3,170,012
NiSource, Inc.       60,675     2,399,089
      5,569,101
Hand/Machine Tools — 0.0%
Snap-on, Inc.        6,765     2,169,874
Stanley Black & Decker, Inc.       19,905     1,302,384
      3,472,258
Healthcare-Products — 2.9%
Abbott Laboratories      221,060    29,529,195
Agilent Technologies, Inc.       36,834     4,122,461
Align Technology, Inc.†        9,061     1,639,497
Baxter International, Inc.       65,923     2,010,652
Bio-Techne Corp.       20,412       987,941
Boston Scientific Corp.†      188,467    19,838,036
Cooper Cos., Inc.†       25,769     1,759,507
Danaher Corp.       81,642    15,503,816
Edwards Lifesciences Corp.†       76,150     5,956,453
GE HealthCare Technologies, Inc.       59,043     4,164,893
Hologic, Inc.†       28,972     1,801,189
IDEXX Laboratories, Inc.†       10,572     5,427,242
Insulet Corp.†        9,057     2,943,797
Intuitive Surgical, Inc.†       45,616    25,195,541
Medtronic PLC      163,325    13,552,709
ResMed, Inc.       18,963     4,641,953
Revvity, Inc.#       15,713     1,420,769
Solventum Corp.†       17,844     1,304,218
STERIS PLC       12,686     3,110,734
Stryker Corp.       43,848    16,777,999
Thermo Fisher Scientific, Inc.       48,916    19,704,343
Waters Corp.†        7,666     2,677,274
West Pharmaceutical Services, Inc.        9,351     1,971,658
Zimmer Biomet Holdings, Inc.       25,703     2,369,046
      188,410,923
Security Description   Shares or
Principal
Amount 		Value
Healthcare-Services — 1.4%
Centene Corp.†       64,028 $    3,613,740
Charles River Laboratories International, Inc.†        6,603       895,565
Cigna Group       34,745    11,001,657
DaVita, Inc.†        5,682       774,229
Elevance Health, Inc.       29,464    11,309,462
HCA Healthcare, Inc.       23,086     8,804,769
Humana, Inc.       15,576     3,631,233
IQVIA Holdings, Inc.†       21,600     3,031,128
Labcorp Holdings, Inc.       10,768     2,680,909
Molina Healthcare, Inc.†        7,166     2,185,917
Quest Diagnostics, Inc.       14,331     2,484,135
UnitedHealth Group, Inc.      117,704    35,536,015
Universal Health Services, Inc., Class B        7,582     1,443,234
      87,391,993
Home Builders — 0.2%
D.R. Horton, Inc.       35,063     4,139,538
Lennar Corp., Class A       30,150     3,198,312
NVR, Inc.†          365     2,597,314
PulteGroup, Inc.       26,140     2,562,504
      12,497,668
Household Products/Wares — 0.2%
Avery Dennison Corp.       10,375     1,843,949
Church & Dwight Co., Inc.       31,758     3,122,129
Clorox Co.       15,906     2,097,683
Kimberly-Clark Corp.       42,825     6,156,522
      13,220,283
Insurance — 4.1%
Aflac, Inc.       63,907     6,616,931
Allstate Corp.       34,215     7,180,702
American International Group, Inc.       76,606     6,483,932
Aon PLC, Class A       27,390    10,191,271
Arch Capital Group, Ltd.       46,360     4,406,054
Arthur J. Gallagher & Co.       32,276    11,213,973
Assurant, Inc.        6,622     1,344,134
Berkshire Hathaway, Inc., Class B†      234,433   118,144,855
Brown & Brown, Inc.       30,642     3,459,482
Chubb, Ltd.       47,454    14,103,329
Cincinnati Financial Corp.       20,193     3,045,508
Erie Indemnity Co., Class A        3,221     1,154,761
Everest Group, Ltd.        5,550     1,926,905
Globe Life, Inc.       10,838     1,320,827
Hartford Insurance Group, Inc.       37,133     4,821,349
Loews Corp.       22,811     2,036,794
Marsh & McLennan Cos., Inc.       62,574    14,621,041
MetLife, Inc.       74,747     5,873,619
Principal Financial Group, Inc.       27,169     2,116,193
Progressive Corp.       74,955    21,356,928
Prudential Financial, Inc.       45,706     4,748,396
Travelers Cos., Inc.       28,565     7,875,371
W.R. Berkley Corp.       38,767     2,895,507
Willis Towers Watson PLC       12,887     4,079,380
      261,017,242
Internet — 12.9%
Airbnb, Inc., Class A†       55,890     7,209,810
Alphabet, Inc., Class A      746,036   128,124,223
Alphabet, Inc., Class C      604,634   104,510,987
Amazon.com, Inc.†    1,206,343   247,312,378
Booking Holdings, Inc.        4,233    23,361,631
CDW Corp.       17,206     3,103,274
DoorDash, Inc., Class A†       43,802      9,139,287
 
180  
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Internet (continued)
eBay, Inc.       59,164 $    4,329,030
Expedia Group, Inc.       15,924     2,655,327
F5, Inc.†        7,444     2,124,369
Gen Digital, Inc.       70,024     1,994,283
GoDaddy, Inc., Class A†       18,232     3,320,959
Match Group, Inc.       32,420       970,655
Meta Platforms, Inc., Class A      280,086   181,352,884
Netflix, Inc.†       54,710    66,047,553
Palo Alto Networks, Inc.†       84,485    16,256,604
Uber Technologies, Inc.†      267,183    22,486,121
VeriSign, Inc.       10,504     2,862,025
      827,161,400
Iron/Steel — 0.1%
Nucor Corp.       30,318     3,315,576
Steel Dynamics, Inc.       18,282     2,249,966
      5,565,542
Leisure Time — 0.2%
Carnival Corp.†      135,281     3,141,225
Norwegian Cruise Line Holdings, Ltd.†       56,772     1,002,026
Royal Caribbean Cruises, Ltd.       31,203     8,018,235
      12,161,486
Lodging — 0.3%
Hilton Worldwide Holdings, Inc.       30,306     7,529,223
Las Vegas Sands Corp.       44,368     1,826,187
Marriott International, Inc., Class A       28,834     7,607,274
MGM Resorts International#†       28,886       914,242
Wynn Resorts, Ltd.#       11,565     1,047,095
      18,924,021
Machinery-Construction & Mining — 0.6%
Caterpillar, Inc.       61,151    21,282,383
GE Vernova, Inc.       35,187    16,642,747
      37,925,130
Machinery-Diversified — 0.7%
Deere & Co.       32,335    16,369,917
Dover Corp.       17,718     3,149,374
IDEX Corp.        9,777     1,768,757
Ingersoll Rand, Inc.       52,017     4,246,668
Nordson Corp.        7,003     1,484,566
Otis Worldwide Corp.       51,196     4,881,539
Rockwell Automation, Inc.       14,599     4,606,714
Westinghouse Air Brake Technologies Corp.       21,121     4,273,201
Xylem, Inc.       31,368     3,953,623
      44,734,359
Media — 0.9%
Charter Communications, Inc., Class A#†       12,463     4,938,713
Comcast Corp., Class A      481,474    16,644,556
FactSet Research Systems, Inc.        4,911     2,250,515
Fox Corp., Class A       28,127     1,545,297
Fox Corp., Class B       17,034       856,470
News Corp., Class A       48,812     1,378,451
News Corp., Class B#       14,424       471,953
Paramount Global, Class B       76,817       929,486
Walt Disney Co.      231,215    26,136,544
Warner Bros. Discovery, Inc.†      288,226     2,873,613
      58,025,598
Security Description   Shares or
Principal
Amount 		Value
Mining — 0.2%
Freeport-McMoRan, Inc.      185,543 $    7,139,695
Newmont Corp.      143,175     7,548,186
      14,687,881
Miscellaneous Manufacturing — 0.6%
3M Co.       68,835    10,211,672
A.O. Smith Corp.       15,247       980,535
Axon Enterprise, Inc.†        9,353     7,018,117
Illinois Tool Works, Inc.       33,707     8,260,912
Parker-Hannifin Corp.       16,339    10,860,533
Teledyne Technologies, Inc.†        6,018     3,002,139
Textron, Inc.       23,573     1,745,109
      42,079,017
Office/Business Equipment — 0.0%
Zebra Technologies Corp., Class A†        6,634     1,922,334
Oil & Gas — 2.4%
APA Corp.       47,765       812,483
Chevron Corp.      213,757    29,220,582
ConocoPhillips      162,581    13,876,288
Coterra Energy, Inc.       95,084     2,311,492
Devon Energy Corp.       84,813     2,566,441
Diamondback Energy, Inc.       24,128     3,246,422
EOG Resources, Inc.       70,915     7,699,241
EQT Corp.       77,039     4,247,160
Expand Energy Corp.       27,153     3,153,278
Exxon Mobil Corp.      556,746    56,955,116
Hess Corp.       35,685     4,717,200
Marathon Petroleum Corp.       40,799     6,558,031
Occidental Petroleum Corp.       87,229     3,557,199
Phillips 66       53,322     6,050,981
Texas Pacific Land Corp.        2,433     2,710,435
Valero Energy Corp.       40,875     5,271,649
      152,953,998
Oil & Gas Services — 0.2%
Baker Hughes Co.      127,835     4,736,287
Halliburton Co.      112,081     2,195,667
Schlumberger NV      180,866     5,977,621
      12,909,575
Packaging & Containers — 0.1%
Amcor PLC      294,932     2,686,831
Ball Corp.       38,530     2,064,437
Packaging Corp. of America       11,513     2,223,966
Smurfit WestRock PLC       63,836     2,766,014
      9,741,248
Pharmaceuticals — 4.3%
AbbVie, Inc.      225,788    42,021,405
Becton Dickinson & Co.       37,073     6,398,429
Bristol-Myers Squibb Co.      257,896    12,451,219
Cardinal Health, Inc.       31,189     4,816,829
Cencora, Inc.       22,283     6,489,701
CVS Health Corp.      159,690    10,226,547
Dexcom, Inc.†       48,212     4,136,590
Eli Lilly & Co.      100,776    74,339,432
Henry Schein, Inc.#†       16,098     1,126,699
Johnson & Johnson      307,932    47,794,126
McKesson Corp.       15,914    11,450,282
Merck & Co., Inc.      323,539    24,860,737
Pfizer, Inc.      723,230     16,988,673
 
181
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Viatris, Inc.      154,107 $    1,354,600
Zoetis, Inc.       56,631     9,549,685
      274,004,954
Pipelines — 0.4%
Kinder Morgan, Inc.      249,586     6,998,391
ONEOK, Inc.       80,106     6,475,769
Targa Resources Corp.       26,975     4,260,162
Williams Cos., Inc.      154,070     9,322,776
      27,057,098
Private Equity — 0.4%
Blackstone, Inc.       93,154    12,926,049
KKR & Co., Inc.       85,609    10,398,069
      23,324,118
Real Estate — 0.1%
CBRE Group, Inc., Class A†       38,163     4,771,138
CoStar Group, Inc.†       54,411     4,002,473
      8,773,611
REITS — 2.0%
Alexandria Real Estate Equities, Inc.       19,891     1,396,149
American Tower Corp.       59,430    12,756,650
AvalonBay Communities, Inc.       18,343     3,792,782
BXP, Inc.#       18,789     1,265,063
Camden Property Trust       13,774     1,618,307
Crown Castle, Inc.       56,112     5,630,839
Digital Realty Trust, Inc.       40,856     7,007,621
Equinix, Inc.       12,345    10,972,483
Equity Residential       44,122     3,094,717
Essex Property Trust, Inc.        8,299     2,356,086
Extra Space Storage, Inc.       27,370     4,136,976
Federal Realty Investment Trust        9,957       950,694
Healthpeak Properties, Inc.       90,322     1,572,506
Host Hotels & Resorts, Inc.       90,253     1,398,019
Invitation Homes, Inc.       73,558     2,478,905
Iron Mountain, Inc.       37,926     3,743,676
Kimco Realty Corp.       87,730     1,865,140
Mid-America Apartment Communities, Inc.       15,094     2,364,475
Prologis, Inc.      117,914    12,805,460
Public Storage       20,349     6,275,835
Realty Income Corp.      113,000     6,398,060
Regency Centers Corp.       21,075     1,520,561
SBA Communications Corp.       13,883     3,219,329
Simon Property Group, Inc.       39,598     6,457,246
UDR, Inc.       38,874     1,610,550
Ventas, Inc.       56,440     3,627,963
VICI Properties, Inc.      136,106     4,315,921
Welltower, Inc.       77,371    11,936,798
Weyerhaeuser Co.       93,681     2,427,275
      128,996,086
Retail — 4.8%
AutoZone, Inc.†        2,116     7,899,113
Best Buy Co., Inc.       25,120     1,664,954
CarMax, Inc.†       19,858     1,280,047
Chipotle Mexican Grill, Inc.†      174,990     8,763,499
Costco Wholesale Corp.       56,774    59,055,179
Darden Restaurants, Inc.       15,125     3,239,926
Dollar General Corp.       28,396     2,761,511
Dollar Tree, Inc.†       26,099     2,355,696
Domino's Pizza, Inc.        4,459      2,112,763
Security Description   Shares or
Principal
Amount 		Value
Retail (continued)
Genuine Parts Co.       17,952 $    2,271,287
Home Depot, Inc.      127,050    46,791,245
Lowe's Cos., Inc.       72,074    16,269,264
Lululemon Athletica, Inc.†       13,866     4,390,946
McDonald's Corp.       91,655    28,765,922
O'Reilly Automotive, Inc.†        7,282     9,958,135
Ross Stores, Inc.       42,599     5,967,694
Starbucks Corp.      144,363    12,119,274
Target Corp.       59,161     5,561,726
TJX Cos., Inc.      143,704    18,236,038
Tractor Supply Co.       68,971     3,338,196
Ulta Beauty, Inc.†        5,988     2,823,102
Walgreens Boots Alliance, Inc.#       92,605     1,041,806
Walmart, Inc.      554,831    54,772,916
Williams-Sonoma, Inc.       15,894     2,571,013
Yum! Brands, Inc.       36,032     5,186,446
      309,197,698
Semiconductors — 11.4%
Advanced Micro Devices, Inc.†      207,258    22,949,678
Analog Devices, Inc.       63,189    13,521,182
Applied Materials, Inc.      103,758    16,264,066
Broadcom, Inc.      599,509   145,123,144
Intel Corp.      549,970    10,751,913
KLA Corp.       16,909    12,798,084
Lam Research Corp.      163,418    13,202,540
Microchip Technology, Inc.       69,439     4,030,240
Micron Technology, Inc.      141,884    13,402,363
Monolithic Power Systems, Inc.        6,175     4,087,233
NVIDIA Corp.    3,132,253   423,261,348
NXP Semiconductors NV       32,814     6,271,740
ON Semiconductor Corp.†       54,410     2,286,308
QUALCOMM, Inc.      141,457    20,539,556
Skyworks Solutions, Inc.       20,754     1,432,649
Teradyne, Inc.       21,027     1,652,722
Texas Instruments, Inc.      116,495    21,301,111
      732,875,877
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.        5,053     1,127,122
Software — 11.2%
Adobe, Inc.†       55,676    23,110,551
Akamai Technologies, Inc.†       19,396     1,472,738
ANSYS, Inc.†       11,291     3,735,289
Autodesk, Inc.†       27,102     8,025,444
Broadridge Financial Solutions, Inc.       15,108     3,668,676
Cadence Design Systems, Inc.†       34,804     9,991,184
Dayforce, Inc.#†       20,529     1,212,853
Electronic Arts, Inc.       29,330     4,217,067
Fair Isaac Corp.†        3,153     5,442,961
Fidelity National Information Services, Inc.       68,390     5,444,528
Fiserv, Inc.†       72,307    11,770,857
Intuit, Inc.       35,801    26,974,980
Jack Henry & Associates, Inc.        9,412     1,705,172
Microsoft Corp.      950,801   437,710,748
MSCI, Inc.       10,026     5,654,865
Oracle Corp.      207,483    34,344,661
Palantir Technologies, Inc., Class A†      261,568    34,469,431
Paychex, Inc.       41,375     6,533,526
Paycom Software, Inc.        6,080     1,575,267
PTC, Inc.†       15,536     2,615,020
Roper Technologies, Inc.       13,510     7,704,348
Salesforce, Inc.      122,400     32,481,288
 
182  
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Software (continued)
ServiceNow, Inc.†       26,347 $   26,639,188
Synopsys, Inc.†       19,582     9,085,656
Take-Two Interactive Software, Inc.†       21,193     4,795,552
Tyler Technologies, Inc.†        5,526     3,188,447
Workday, Inc., Class A†       27,630     6,844,227
      720,414,524
Telecommunications — 1.9%
Arista Networks, Inc.†      131,365    11,381,463
AT&T, Inc.      918,084    25,522,735
Cisco Systems, Inc.      508,119    32,031,822
Corning, Inc.       99,533     4,935,841
Juniper Networks, Inc.       42,748     1,535,936
Motorola Solutions, Inc.       21,578     8,963,070
T-Mobile US, Inc.       61,119    14,803,022
Verizon Communications, Inc.      538,418    23,668,855
      122,842,744
Toys/Games/Hobbies — 0.0%
Hasbro, Inc.       16,931     1,129,467
Transportation — 0.9%
C.H. Robinson Worldwide, Inc.       15,327     1,470,932
CSX Corp.      242,759     7,668,757
Expeditors International of Washington, Inc.       18,073     2,037,369
FedEx Corp.       28,609     6,239,623
JB Hunt Transport Services, Inc.       10,257     1,424,185
Norfolk Southern Corp.       29,236     7,224,800
Old Dominion Freight Line, Inc.       24,257     3,885,244
Union Pacific Corp.       77,173    17,106,167
United Parcel Service, Inc., Class B       92,468     9,019,329
      56,076,406
Water — 0.1%
American Water Works Co., Inc.       25,163     3,597,554
Total Common Stocks
(cost $2,000,854,822) 		    6,415,940,283
UNAFFILIATED INVESTMENT COMPANIES — 0.0%
iShares Core S&P 500 ETF
(cost $2,740) 		           5         2,961
Total Long-Term Investment Securities
(cost $2,000,857,562) 		    6,415,943,244
SHORT-TERM INVESTMENTS — 0.4%
Unaffiliated Investment Companies — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(2) 		  24,049,231     24,049,231
Security Description   Shares or
Principal
Amount 		  Value
Unaffiliated Investment Companies (continued)
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(2)(3) 		     722,978   $      722,978
Total Short-Term Investments
(cost $24,772,209) 		      24,772,209
TOTAL INVESTMENTS
(cost $2,025,629,771)(4) 		  100.2%   6,440,715,453
Other assets less liabilities   (0.2)   (11,096,536)
NET ASSETS   100.0%   $6,429,618,917
† Non-income producing security
# 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 May 31, 2025, the Fund held the following restricted securities:
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Common Stocks
LKQ Corp.       33,564   $1,146,382   $1,358,335   $40.47   0.0%
(2) The rate shown is the 7-day yield as of May 31, 2025.
(3) At May 31, 2025, the Fund had loaned securities with a total value of $19,225,588. This was secured by collateral of $722,978, which was received in cash and subsequently invested in short-term investments currently valued at $722,978 as reported in the Portfolio of Investments. Additional collateral of $19,078,810 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $130,144
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   841,124
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   64,579
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   354,221
United States Treasury Bills   0.00%   11/28/2025   830
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 05/15/2054   17,687,912
(4) See Note 4 for cost of investments on a tax basis.
ETF—Exchange Traded Fund
 
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
(Depreciation)
104 Long S&P 500 E-Mini Index June 2025 $30,990,782 $30,763,200 $(227,582)
* 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.
183
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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 $6,415,940,283   $—   $—   $6,415,940,283
Unaffiliated Investment Companies 2,961   —   —   2,961
Short-Term Investments 24,772,209   —   —   24,772,209
Total Investments at Value $6,440,715,453   $—   $—   $6,440,715,453
LIABILITIES:              
Other Financial Instruments:†              
Futures Contracts $227,582   $—   $—   $227,582
* 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
184  
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 96.2%
Advertising — 0.1%
Interpublic Group of Cos., Inc.       9,873 $    236,557
Omnicom Group, Inc.       4,045     297,065
      533,622
Aerospace/Defense — 1.1%
Boeing Co.†         657     136,209
Curtiss-Wright Corp.         991     436,149
General Dynamics Corp.       2,330     648,882
General Electric Co.       7,422   1,825,144
HEICO Corp., Class A         981     231,359
Howmet Aerospace, Inc.       3,192     542,289
L3Harris Technologies, Inc.       1,391     339,877
Lockheed Martin Corp.       1,732     835,482
Northrop Grumman Corp.         787     381,514
RTX Corp.      10,171   1,388,138
Spirit AeroSystems Holdings, Inc., Class A†       3,397     126,980
TransDigm Group, Inc.         398     584,435
      7,476,458
Agriculture — 0.7%
Altria Group, Inc.      17,473   1,059,039
Archer-Daniels-Midland Co.       4,986     240,674
Bunge Global SA       3,412     266,648
Darling Ingredients, Inc.†      17,827     555,489
Philip Morris International, Inc.      13,672   2,469,026
      4,590,876
Airlines — 0.2%
Alaska Air Group, Inc.†       2,192     111,639
American Airlines Group, Inc.†      11,886     135,619
Delta Air Lines, Inc.      15,162     733,689
United Airlines Holdings, Inc.†       7,365     585,112
      1,566,059
Apparel — 0.7%
Birkenstock Holding PLC†       2,574     138,430
Capri Holdings, Ltd.#†      25,796     467,424
Carter's, Inc.      11,209     351,626
Columbia Sportswear Co.#       6,645     423,818
Deckers Outdoor Corp.†       3,354     353,914
NIKE, Inc., Class B       9,736     589,904
PVH Corp.       4,845     405,866
Ralph Lauren Corp.       1,121     310,304
Skechers USA, Inc., Class A†       7,815     484,843
Tapestry, Inc.      11,017     865,385
Under Armour, Inc., Class A#†      56,025     375,928
Under Armour, Inc., Class C#†      59,328     373,766
      5,141,208
Auto Manufacturers — 1.3%
Cummins, Inc.       1,312     421,782
Ford Motor Co.      53,627     556,648
General Motors Co.       1,474      73,125
Lucid Group, Inc.#†     154,972     345,588
Rivian Automotive, Inc., Class A#†      36,783     534,457
Tesla, Inc.†      20,872   7,231,313
      9,162,913
Auto Parts & Equipment — 0.4%
Allison Transmission Holdings, Inc.       8,944     925,883
Aptiv PLC†       7,820     522,454
BorgWarner, Inc.      15,874      525,271
Security Description   Shares or
Principal
Amount 		Value
Auto Parts & Equipment (continued)
Gentex Corp.      11,699 $    252,347
Lear Corp.       5,454     493,151
      2,719,106
Banks — 3.3%
Bank of America Corp.      58,596   2,585,842
Bank of New York Mellon Corp.      13,957   1,236,730
Bank OZK       5,562     246,563
Citigroup, Inc.      18,413   1,386,867
Citizens Financial Group, Inc.       6,181     249,403
Comerica, Inc.       3,643     207,979
Commerce Bancshares, Inc.       4,396     276,992
Fifth Third Bancorp       2,619     100,020
First Horizon Corp.      11,556     229,733
FNB Corp.      14,502     201,143
Huntington Bancshares, Inc.       9,786     152,955
JPMorgan Chase & Co.      31,058   8,199,312
M&T Bank Corp.       1,071     195,607
Morgan Stanley       9,534   1,220,638
Northern Trust Corp.       5,060     540,104
NU Holdings, Ltd., Class A†      19,023     228,466
PNC Financial Services Group, Inc.       2,364     410,887
Popular, Inc.       4,858     502,949
Prosperity Bancshares, Inc.       3,109     216,542
Regions Financial Corp.       7,101     152,245
State Street Corp.       8,992     865,750
Synovus Financial Corp.#       2,105     100,682
Truist Financial Corp.       2,885     113,958
US Bancorp       3,492     152,216
Wells Fargo & Co.      31,866   2,382,939
Western Alliance Bancorp       3,033     219,620
Wintrust Financial Corp.       2,165     258,523
Zions Bancorp NA       5,228     247,598
      22,882,263
Beverages — 0.9%
Boston Beer Co., Inc., Class A†       1,934     444,530
Coca-Cola Co.      29,153   2,101,931
Coca-Cola Consolidated, Inc.       2,530     290,065
Keurig Dr Pepper, Inc.      11,313     380,909
Molson Coors Beverage Co., Class B      16,217     869,069
Monster Beverage Corp.†       8,873     567,428
PepsiCo, Inc.      12,983   1,706,615
      6,360,547
Biotechnology — 1.3%
Alnylam Pharmaceuticals, Inc.†       1,189     362,122
Amgen, Inc.       2,673     770,305
Biogen, Inc.†       6,557     851,033
Bio-Rad Laboratories, Inc., Class A†         871     197,656
Corteva, Inc.       2,492     176,434
Exelixis, Inc.†      17,733     763,228
Gilead Sciences, Inc.      17,320   1,906,585
Illumina, Inc.†       1,720     141,453
Incyte Corp.†       8,880     577,733
Regeneron Pharmaceuticals, Inc.       1,336     655,014
Roivant Sciences, Ltd.#†      11,403     125,319
Royalty Pharma PLC, Class A      13,222     434,739
United Therapeutics Corp.†       2,669     851,011
Vertex Pharmaceuticals, Inc.†       2,874   1,270,452
      9,083,084
Building Materials — 0.8%
Armstrong World Industries, Inc.       1,628      253,366
 
185
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Building Materials (continued)
Builders FirstSource, Inc.†       9,284 $    999,701
Carrier Global Corp.       1,180      84,016
CRH PLC       1,324     120,696
Fortune Brands Innovations, Inc.       3,075     154,980
Johnson Controls International PLC       3,631     368,075
Lennox International, Inc.         978     552,032
Martin Marietta Materials, Inc.         295     161,527
Masco Corp.      10,220     637,932
Mohawk Industries, Inc.†       3,210     322,958
Owens Corning       4,911     657,828
Simpson Manufacturing Co., Inc.         861     134,058
Trane Technologies PLC       1,725     742,216
Trex Co., Inc.†       3,023     168,895
Vulcan Materials Co.         440     116,631
      5,474,911
Chemicals — 1.0%
Air Products & Chemicals, Inc.         656     182,965
Axalta Coating Systems, Ltd.†       3,736     115,069
Celanese Corp.      11,834     625,190
CF Industries Holdings, Inc.       4,102     372,092
Dow, Inc.       4,258     118,117
Eastman Chemical Co.         841      65,909
Ecolab, Inc.       1,906     506,272
FMC Corp.      11,548     468,387
International Flavors & Fragrances, Inc.       2,078     159,092
Linde PLC       2,934   1,371,880
LyondellBasell Industries NV, Class A       2,534     143,146
NewMarket Corp.         493     317,521
Olin Corp.      28,962     562,152
PPG Industries, Inc.       1,605     177,834
RPM International, Inc.       4,587     522,184
Sherwin-Williams Co.       2,626     942,235
Westlake Corp.         789      56,043
      6,706,088
Commercial Services — 2.1%
ADT, Inc.     106,894     889,358
Automatic Data Processing, Inc.       2,995     974,962
Avis Budget Group, Inc.#†       2,247     273,662
Block, Inc.†       3,282     202,664
Booz Allen Hamilton Holding Corp.       1,264     134,300
Cintas Corp.       6,168   1,397,052
Clarivate PLC#†     134,124     566,003
Corpay, Inc.†       1,201     390,457
Dun & Bradstreet Holdings, Inc.      58,655     528,482
Euronet Worldwide, Inc.†       1,537     166,426
FTI Consulting, Inc.†       1,409     231,301
Global Payments, Inc.       2,832     214,128
Grand Canyon Education, Inc.†       5,610   1,109,911
GXO Logistics, Inc.†       9,518     391,571
H&R Block, Inc.      14,763     840,753
ManpowerGroup, Inc.       6,746     282,995
Moody's Corp.       2,667   1,278,346
Morningstar, Inc.         767     236,558
PayPal Holdings, Inc.†       2,451     172,256
Quanta Services, Inc.       1,037     355,235
Robert Half, Inc.      11,451     524,341
Rollins, Inc.      16,173     925,904
S&P Global, Inc.       1,906     977,511
Service Corp. International       3,291     256,698
Valvoline, Inc.†       3,598      124,455
Security Description   Shares or
Principal
Amount 		Value
Commercial Services (continued)
Verisk Analytics, Inc.       2,079 $    653,097
Vestis Corp.      84,114     518,142
WEX, Inc.†         978     130,006
      14,746,574
Computers — 7.6%
Accenture PLC, Class A       8,371   2,652,100
Amdocs, Ltd.      12,157   1,115,526
Amentum Holdings, Inc.†         131       2,698
Apple, Inc.     172,609  34,668,518
CACI International, Inc., Class A†       1,677     717,756
Cognizant Technology Solutions Corp., Class A      16,965   1,373,995
Crane NXT Co.#       6,860     367,765
Crowdstrike Holdings, Inc., Class A†       1,351     636,821
DXC Technology Co.†      83,315   1,266,388
EPAM Systems, Inc.†       3,216     561,160
Fortinet, Inc.†       8,537     868,896
Gartner, Inc.†       2,222     969,725
Genpact, Ltd.      16,351     703,911
Globant SA#†       3,021     296,330
Hewlett Packard Enterprise Co.      33,558     579,882
HP, Inc.      17,377     432,687
International Business Machines Corp.      10,377   2,688,266
Kyndryl Holdings, Inc.†       8,163     318,684
Leidos Holdings, Inc.       3,080     457,442
NetApp, Inc.       4,720     468,035
Okta, Inc.†       2,197     226,664
Parsons Corp.†       4,635     300,533
Pure Storage, Inc., Class A†       9,357     501,442
Science Applications International Corp.       4,784     552,743
Zscaler, Inc.†         550     151,635
      52,879,602
Cosmetics/Personal Care — 1.1%
Colgate-Palmolive Co.      16,341   1,518,732
Coty, Inc., Class A†     133,172     656,538
e.l.f. Beauty, Inc.†       5,603     630,281
Estee Lauder Cos., Inc., Class A       4,072     272,580
Kenvue, Inc.       8,056     192,297
Perrigo Co. PLC       8,278     221,602
Procter & Gamble Co.      25,129   4,269,166
      7,761,196
Distribution/Wholesale — 0.7%
Copart, Inc.†       2,709     139,459
Core & Main, Inc., Class A†       6,142     336,643
Fastenal Co.      23,358     965,620
LKQ Corp.(1)      18,871     763,709
Pool Corp.#         806     242,276
Watsco, Inc.#         619     274,570
WESCO International, Inc.       4,255     714,372
WW Grainger, Inc.         983   1,069,071
      4,505,720
Diversified Financial Services — 4.6%
Affiliated Managers Group, Inc.       2,682     472,032
Ally Financial, Inc.      18,759     656,565
American Express Co.       4,554   1,339,104
Ameriprise Financial, Inc.       2,740   1,395,318
Apollo Global Management, Inc.       3,458     451,926
Ares Management Corp., Class A       1,866     308,823
Blackrock, Inc.         971     951,473
Capital One Financial Corp.      11,872   2,245,589
Cboe Global Markets, Inc.       1,986      455,032
 
186  
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Diversified Financial Services (continued)
Charles Schwab Corp.       5,926 $    523,503
CME Group, Inc.       3,353     969,017
Coinbase Global, Inc., Class A†         745     183,732
Evercore, Inc., Class A         629     145,607
Franklin Resources, Inc.      10,930     236,525
Interactive Brokers Group, Inc., Class A       1,068     223,938
Intercontinental Exchange, Inc.       4,614     829,597
Invesco, Ltd.      29,429     425,543
Janus Henderson Group PLC       9,194     334,018
Jefferies Financial Group, Inc.       9,405     457,083
Lazard, Inc.       7,255     314,867
LPL Financial Holdings, Inc.       2,752   1,065,464
Mastercard, Inc., Class A       8,560   5,012,736
Nasdaq, Inc.       4,190     350,033
OneMain Holdings, Inc.      14,844     769,513
Raymond James Financial, Inc.       3,407     500,761
SEI Investments Co.       4,843     412,914
SLM Corp.      16,570     536,371
SoFi Technologies, Inc.#†       9,591     127,560
Stifel Financial Corp.       6,060     570,973
Synchrony Financial      16,220     935,083
T. Rowe Price Group, Inc.       3,302     309,034
Tradeweb Markets, Inc., Class A       2,357     340,469
Virtu Financial, Inc., Class A       8,925     358,696
Visa, Inc., Class A      17,153   6,264,104
Voya Financial, Inc.      10,411     692,540
Western Union Co.     106,999     992,951
      32,158,494
Electric — 1.9%
Alliant Energy Corp.       5,457     339,589
Ameren Corp.       2,997     290,349
American Electric Power Co., Inc.       4,430     458,461
CenterPoint Energy, Inc.       9,139     340,336
Clearway Energy, Inc., Class A      16,422     473,775
Clearway Energy, Inc., Class C      14,629     450,134
CMS Energy Corp.       5,381     377,908
Consolidated Edison, Inc.       2,525     263,837
Constellation Energy Corp.       1,551     474,839
Dominion Energy, Inc.       3,470     196,645
DTE Energy Co.       2,608     356,383
Duke Energy Corp.       7,157     842,522
Edison International       3,065     170,567
Entergy Corp.       3,248     270,493
Evergy, Inc.       6,126     406,828
Eversource Energy       1,950     126,379
Exelon Corp.      12,485     547,093
FirstEnergy Corp.       7,269     304,862
IDACORP, Inc.       2,964     352,568
NextEra Energy, Inc.       6,459     456,264
NRG Energy, Inc.       9,300   1,449,870
OGE Energy Corp.       8,369     372,169
PG&E Corp.      19,961     336,942
Pinnacle West Capital Corp.       3,473     316,842
PPL Corp.       7,673     266,637
Public Service Enterprise Group, Inc.       4,107     332,790
Sempra       2,998     235,613
Southern Co.       8,185     736,650
Vistra Corp.       6,874   1,103,758
WEC Energy Group, Inc.       3,197     343,486
Xcel Energy, Inc.       5,913     414,501
      13,409,090
Security Description   Shares or
Principal
Amount 		Value
Electrical Components & Equipment — 0.3%
Acuity, Inc.       4,237 $  1,101,154
AMETEK, Inc.       1,938     346,398
Eaton Corp. PLC         336     107,587
Emerson Electric Co.         605      72,225
Generac Holdings, Inc.†       1,895     231,437
Littelfuse, Inc.       1,621     332,402
      2,191,203
Electronics — 1.2%
Allegion PLC       2,404     343,051
Amphenol Corp., Class A       6,927     622,945
Arrow Electronics, Inc.†      10,616   1,256,722
Avnet, Inc.      24,014   1,200,940
Fortive Corp.       4,031     282,936
Garmin, Ltd.       2,016     409,188
Honeywell International, Inc.       3,462     784,732
Jabil, Inc.       2,699     453,459
Keysight Technologies, Inc.†         953     149,659
Mettler-Toledo International, Inc.†         472     545,405
nVent Electric PLC       4,041     265,898
Sensata Technologies Holding PLC      32,734     853,048
TD SYNNEX Corp.       8,066     978,728
Trimble, Inc.†       2,496     177,890
Vontier Corp.       9,290     332,117
      8,656,718
Engineering & Construction — 0.3%
AECOM       5,685     624,497
EMCOR Group, Inc.         996     469,973
Jacobs Solutions, Inc.       2,147     271,166
MasTec, Inc.†       3,439     536,243
      1,901,879
Entertainment — 0.2%
Churchill Downs, Inc.       2,222     212,134
Liberty Media Corp.-Liberty Live, Class A†       1,716     123,312
Liberty Media Corp.-Liberty Live, Class C†       2,541     185,366
Live Nation Entertainment, Inc.#†       1,553     213,056
Madison Square Garden Sports Corp.†       1,979     375,792
TKO Group Holdings, Inc.#       1,259     198,683
Vail Resorts, Inc.         429      68,713
      1,377,056
Environmental Control — 0.3%
Clean Harbors, Inc.†         303      68,717
Pentair PLC       1,388     137,662
Republic Services, Inc.       2,671     687,221
Veralto Corp.       4,862     491,208
Waste Management, Inc.       3,673     885,083
      2,269,891
Food — 1.5%
Albertsons Cos., Inc., Class A      36,606     813,751
Conagra Brands, Inc.      24,730     566,070
Flowers Foods, Inc.      38,608     652,475
General Mills, Inc.       4,118     223,443
Grocery Outlet Holding Corp.†      11,557     156,944
Hershey Co.       1,512     242,963
Hormel Foods Corp.       4,671     143,306
Ingredion, Inc.       4,950     688,644
J.M. Smucker Co.       1,419     159,794
Kellanova       2,200     181,786
Kraft Heinz Co.      18,883     504,743
Kroger Co.      23,026    1,571,064
 
187
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Food (continued)
McCormick & Co., Inc.       3,173 $    230,772
Mondelez International, Inc., Class A       6,189     417,696
Performance Food Group Co.†       4,126     369,524
Pilgrim's Pride Corp.#      10,455     513,968
Post Holdings, Inc.†       8,943     989,006
Seaboard Corp.          59     157,954
Smithfield Foods, Inc.       9,081     212,314
Sysco Corp.       8,864     647,072
Tyson Foods, Inc., Class A       6,622     371,891
US Foods Holding Corp.†      11,700     925,704
      10,740,884
Food Service — 0.0%
Aramark       6,752     273,456
Forest Products & Paper — 0.0%
International Paper Co.       3,437     164,323
Gas — 0.3%
Atmos Energy Corp.       2,376     367,520
MDU Resources Group, Inc.      12,679     217,952
National Fuel Gas Co.       3,583     295,741
NiSource, Inc.       6,495     256,812
UGI Corp.#      24,794     894,071
      2,032,096
Hand/Machine Tools — 0.3%
Lincoln Electric Holdings, Inc.       1,187     229,791
MSA Safety, Inc.       2,656     432,848
Regal Rexnord Corp.       4,535     605,151
Snap-on, Inc.       2,052     658,179
      1,925,969
Healthcare-Products — 2.0%
Abbott Laboratories      13,705   1,830,714
Agilent Technologies, Inc.       1,654     185,116
Align Technology, Inc.†       1,460     264,172
Avantor, Inc.†      25,115     324,235
Baxter International, Inc.       2,944      89,792
Boston Scientific Corp.†      11,793   1,241,331
Cooper Cos., Inc.†       1,416      96,685
Danaher Corp.       2,926     555,647
Dentsply Sirona, Inc.      30,642     489,659
Edwards Lifesciences Corp.†       1,498     117,174
Enovis Corp.†       1,979      61,943
Envista Holdings Corp.†      41,498     758,168
Hologic, Inc.†       4,995     310,539
IDEXX Laboratories, Inc.†       1,324     679,689
Inspire Medical Systems, Inc.†       1,946     268,937
Insulet Corp.†       1,479     480,719
Intuitive Surgical, Inc.†       1,364     753,392
Medtronic PLC       8,644     717,279
Natera, Inc.†       2,993     472,086
Penumbra, Inc.†       1,301     347,328
QIAGEN NV#       9,863     445,117
ResMed, Inc.       1,472     360,331
STERIS PLC       1,474     361,440
Stryker Corp.       2,624   1,004,047
Teleflex, Inc.       3,057     373,779
Thermo Fisher Scientific, Inc.       2,667   1,074,321
Waters Corp.†         501     174,969
Zimmer Biomet Holdings, Inc.       2,737     252,269
      14,090,878
Security Description   Shares or
Principal
Amount 		Value
Healthcare-Services — 1.6%
Amedisys, Inc.†       6,529 $    614,183
Centene Corp.†       5,641     318,378
Charles River Laboratories International, Inc.†       3,062     415,299
Chemed Corp.       1,012     581,738
Cigna Group       4,154   1,315,323
DaVita, Inc.†       2,926     398,697
Elevance Health, Inc.         939     360,426
Encompass Health Corp.       3,100     374,790
Fortrea Holdings, Inc.†     112,124     482,133
HCA Healthcare, Inc.       1,633     622,810
Humana, Inc.       1,845     430,125
IQVIA Holdings, Inc.†         946     132,752
Labcorp Holdings, Inc.       1,693     421,506
Quest Diagnostics, Inc.       2,922     506,499
Tenet Healthcare Corp.†       3,799     641,157
UnitedHealth Group, Inc.       9,349   2,822,557
Universal Health Services, Inc., Class B       3,172     603,790
      11,042,163
Home Builders — 0.4%
D.R. Horton, Inc.       1,566     184,882
Lennar Corp., Class A       3,837     407,029
Lennar Corp., Class B#       3,863     391,322
NVR, Inc.†          60     426,956
PulteGroup, Inc.       3,095     303,403
Thor Industries, Inc.#       5,543     450,036
Toll Brothers, Inc.       3,624     377,802
      2,541,430
Home Furnishings — 0.2%
Dolby Laboratories, Inc., Class A       7,260     539,128
Leggett & Platt, Inc.      18,775     170,101
SharkNinja, Inc.†       2,276     209,233
Somnigroup International, Inc.#       3,469     225,693
      1,144,155
Household Products/Wares — 0.3%
Avery Dennison Corp.       1,376     244,557
Church & Dwight Co., Inc.       4,268     419,587
Clorox Co.       4,668     615,616
Kimberly-Clark Corp.       6,076     873,486
Reynolds Consumer Products, Inc.       7,431     164,076
      2,317,322
Housewares — 0.0%
Newell Brands, Inc.      13,826      73,278
Insurance — 5.1%
Aflac, Inc.       9,153     947,702
Allstate Corp.       2,001     419,950
American Financial Group, Inc.       2,300     285,154
American International Group, Inc.       3,687     312,068
Aon PLC, Class A       2,343     871,783
Arch Capital Group, Ltd.       5,599     532,129
Arthur J. Gallagher & Co.       3,016   1,047,879
Assurant, Inc.       1,489     302,237
Assured Guaranty, Ltd.       3,132     264,811
Axis Capital Holdings, Ltd.       5,456     566,333
Berkshire Hathaway, Inc., Class B†      20,627  10,395,183
Brighthouse Financial, Inc.†       7,246     433,383
Brown & Brown, Inc.       4,201     474,293
Chubb, Ltd.       4,387   1,303,816
Cincinnati Financial Corp.       2,493     375,994
CNA Financial Corp.       8,130      389,508
 
188  
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Insurance (continued)
Equitable Holdings, Inc.      10,860 $    574,168
Everest Group, Ltd.       1,045     362,814
Fidelity National Financial, Inc.       8,426     461,492
First American Financial Corp.       5,052     281,952
Globe Life, Inc.       2,734     333,193
Hanover Insurance Group, Inc.       1,385     243,732
Hartford Insurance Group, Inc.       7,453     967,698
Kemper Corp.       5,802     369,761
Kinsale Capital Group, Inc.         318     150,093
Lincoln National Corp.      14,666     486,031
Loews Corp.       8,496     758,608
Markel Group, Inc.†         263     510,667
Marsh & McLennan Cos., Inc.       6,816   1,592,627
MetLife, Inc.       4,961     389,835
MGIC Investment Corp.      24,341     643,819
Old Republic International Corp.      20,062     758,344
Primerica, Inc.       1,755     474,903
Principal Financial Group, Inc.       4,935     384,387
Progressive Corp.       4,990   1,421,801
Prudential Financial, Inc.       3,582     372,134
Reinsurance Group of America, Inc.       2,069     420,607
RenaissanceRe Holdings, Ltd.       1,868     465,917
RLI Corp.       3,385     260,205
Ryan Specialty Holdings, Inc.       3,509     251,139
Travelers Cos., Inc.       2,986     823,240
Unum Group      14,858   1,214,047
W.R. Berkley Corp.       5,763     430,438
White Mountains Insurance Group, Ltd.         160     285,568
Willis Towers Watson PLC       1,370     433,674
      35,045,117
Internet — 10.8%
Alphabet, Inc., Class A      62,338  10,705,928
Alphabet, Inc., Class C      51,620   8,922,517
Amazon.com, Inc.†     105,706  21,670,787
Angi, Inc.†      56,498     884,194
Booking Holdings, Inc.         339   1,870,917
CDW Corp.       2,743     494,727
Coupang, Inc.†      17,517     491,352
DoorDash, Inc., Class A†       2,664     555,844
eBay, Inc.       6,350     464,629
Etsy, Inc.†       8,528     472,025
Expedia Group, Inc.       3,288     548,274
F5, Inc.†       2,299     656,089
Gen Digital, Inc.      25,247     719,035
GoDaddy, Inc., Class A†       4,241     772,498
IAC, Inc.†      17,729     637,535
Lyft, Inc., Class A†      29,888     455,493
Match Group, Inc.       9,367     280,448
Meta Platforms, Inc., Class A      23,992  15,534,580
Netflix, Inc.†       3,277   3,956,093
Palo Alto Networks, Inc.†       3,909     752,170
Pinterest, Inc., Class A†      11,825     367,876
Robinhood Markets, Inc., Class A†       3,597     237,941
Spotify Technology SA†       1,251     832,090
TripAdvisor, Inc.†      17,614     250,823
Uber Technologies, Inc.†       7,956     669,577
VeriSign, Inc.       4,662   1,270,255
Wayfair, Inc., Class A#†      13,575     559,833
      75,033,530
Security Description   Shares or
Principal
Amount 		Value
Iron/Steel — 0.1%
Reliance, Inc.       1,752 $    513,021
Leisure Time — 0.3%
Carnival Corp.†      22,472     521,800
Harley-Davidson, Inc.      17,845     432,027
Norwegian Cruise Line Holdings, Ltd.†      18,163     320,577
Planet Fitness, Inc., Class A†       1,814     186,533
Royal Caribbean Cruises, Ltd.       1,068     274,444
YETI Holdings, Inc.†      12,953     395,844
      2,131,225
Lodging — 0.4%
Boyd Gaming Corp.       7,007     525,315
Choice Hotels International, Inc.#       1,877     237,778
Hilton Worldwide Holdings, Inc.       1,862     462,595
Hyatt Hotels Corp., Class A#         573      75,653
Marriott International, Inc., Class A       1,415     373,319
MGM Resorts International#†      20,815     658,795
Travel & Leisure Co.       3,615     175,581
Wyndham Hotels & Resorts, Inc.       2,788     230,791
Wynn Resorts, Ltd.#         968      87,643
      2,827,470
Machinery-Construction & Mining — 0.3%
BWX Technologies, Inc.       1,633     205,105
Caterpillar, Inc.       3,068   1,067,756
GE Vernova, Inc.       1,776     840,012
Vertiv Holdings Co., Class A       2,393     258,277
      2,371,150
Machinery-Diversified — 0.9%
CNH Industrial NV      38,435     480,822
Deere & Co.       1,209     612,068
Dover Corp.       1,723     306,263
Esab Corp.       2,120     260,739
Flowserve Corp.       2,964     147,933
Gates Industrial Corp. PLC†      44,477     940,689
Graco, Inc.       5,150     435,999
IDEX Corp.       1,139     206,057
Ingersoll Rand, Inc.       2,550     208,182
Middleby Corp.†       1,979     289,191
Nordson Corp.         994     210,718
Otis Worldwide Corp.       5,975     569,716
Toro Co.       1,718     130,190
Westinghouse Air Brake Technologies Corp.       4,564     923,389
Xylem, Inc.       1,556     196,118
      5,918,074
Media — 1.8%
Charter Communications, Inc., Class A#†       1,347     533,776
Comcast Corp., Class A      40,815   1,410,974
FactSet Research Systems, Inc.         949     434,889
Fox Corp., Class A      18,887   1,037,652
Fox Corp., Class B      18,427     926,509
Liberty Global, Ltd., Class A†      61,873     595,837
Liberty Global, Ltd., Class C†      79,679     787,228
Liberty Media Corp.-Liberty Formula One, Class A†       1,460     128,655
Liberty Media Corp.-Liberty Formula One, Class C†       2,983     287,949
New York Times Co., Class A       8,805     502,942
News Corp., Class A      25,911     731,727
News Corp., Class B#      24,940     816,037
Nexstar Media Group, Inc.       4,359     742,861
Paramount Global, Class A       4,243      96,104
Paramount Global, Class B      34,353      415,671
 
189
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Media (continued)
Sirius XM Holdings, Inc.      35,020 $    759,234
Walt Disney Co.       8,998   1,017,134
Warner Bros. Discovery, Inc.†      93,348     930,679
      12,155,858
Metal Fabricate/Hardware — 0.1%
Advanced Drainage Systems, Inc.         658      72,354
Timken Co.       3,639     249,235
Valmont Industries, Inc.         852     270,970
      592,559
Mining — 0.1%
Alcoa Corp.      11,149     298,459
Newmont Corp.       4,270     225,114
Royal Gold, Inc.         812     144,634
      668,207
Miscellaneous Manufacturing — 0.6%
3M Co.       3,311     491,187
A.O. Smith Corp.       5,563     357,757
Axon Enterprise, Inc.†         487     365,425
Carlisle Cos., Inc.       1,172     445,571
Donaldson Co., Inc.       7,867     547,150
Illinois Tool Works, Inc.       3,411     835,968
ITT, Inc.       1,093     164,540
Parker-Hannifin Corp.         245     162,851
Teledyne Technologies, Inc.†       1,008     502,851
Textron, Inc.       7,421     549,377
      4,422,677
Office/Business Equipment — 0.0%
Zebra Technologies Corp., Class A†         710     205,737
Oil & Gas — 1.7%
APA Corp.      17,625     299,801
Chevron Corp.      13,054   1,784,482
Civitas Resources, Inc.#      19,673     538,450
ConocoPhillips       7,051     601,803
EOG Resources, Inc.       4,019     436,343
EQT Corp.       4,094     225,702
Expand Energy Corp.       1,302     151,201
Exxon Mobil Corp.      40,001   4,092,102
Hess Corp.         849     112,229
HF Sinclair Corp.      16,087     581,223
Marathon Petroleum Corp.       6,404   1,029,379
Matador Resources Co.       2,967     127,611
Occidental Petroleum Corp.       7,651     312,008
Ovintiv, Inc.       8,880     318,082
Texas Pacific Land Corp.         146     162,648
Valero Energy Corp.       5,776     744,931
      11,517,995
Oil & Gas Services — 0.2%
Baker Hughes Co.       5,213     193,142
Halliburton Co.      25,353     496,665
NOV, Inc.      52,322     627,864
Schlumberger NV       5,525     182,601
      1,500,272
Packaging & Containers — 0.4%
Amcor PLC      53,419     486,647
AptarGroup, Inc.       1,807     286,229
Ardagh Group SA#†      10,044      97,929
Crown Holdings, Inc.       4,657      458,714
Security Description   Shares or
Principal
Amount 		Value
Packaging & Containers (continued)
Graphic Packaging Holding Co.#       5,001 $    111,122
Packaging Corp. of America       1,764     340,752
Sealed Air Corp.       5,112     164,606
Silgan Holdings, Inc.       9,738     536,272
Smurfit WestRock PLC       3,596     155,815
Sonoco Products Co.       9,779     445,336
      3,083,422
Pharmaceuticals — 3.9%
AbbVie, Inc.      16,921   3,149,167
Becton Dickinson & Co.       1,698     293,058
BellRing Brands, Inc.†       5,799     365,047
Bristol-Myers Squibb Co.      30,906   1,492,142
Cardinal Health, Inc.       4,683     723,242
Cencora, Inc.       2,845     828,578
CVS Health Corp.       9,942     636,686
Dexcom, Inc.†       1,583     135,821
Elanco Animal Health, Inc.#†      89,370   1,201,133
Eli Lilly & Co.       7,913   5,837,183
Henry Schein, Inc.#†      10,421     729,366
Jazz Pharmaceuticals PLC†       6,805     735,416
Johnson & Johnson      26,767   4,154,506
McKesson Corp.       1,023     736,059
Merck & Co., Inc.      26,162   2,010,288
Neurocrine Biosciences, Inc.†         959     117,976
Organon & Co.#      33,859     312,180
Pfizer, Inc.      25,421     597,139
Premier, Inc., Class A#      40,905     939,997
Viatris, Inc.     113,243     995,406
Zoetis, Inc.       4,591     774,180
      26,764,570
Pipelines — 0.5%
Antero Midstream Corp.      20,176     378,905
Cheniere Energy, Inc.       2,810     665,942
DT Midstream, Inc.       4,734     495,839
Kinder Morgan, Inc.      18,697     524,264
ONEOK, Inc.       4,277     345,753
Targa Resources Corp.       2,201     347,604
Williams Cos., Inc.      10,843     656,110
      3,414,417
Private Equity — 0.1%
Blackstone, Inc.       3,639     504,948
KKR & Co., Inc.       2,416     293,447
      798,395
Real Estate — 0.1%
CBRE Group, Inc., Class A†       1,515     189,405
Jones Lang LaSalle, Inc.†       2,064     459,653
      649,058
REITS — 2.2%
AGNC Investment Corp.#      70,309     628,562
Agree Realty Corp.       4,835     364,075
Alexandria Real Estate Equities, Inc.       2,918     204,814
American Homes 4 Rent, Class A       5,902     223,391
American Tower Corp.       1,961     420,929
Americold Realty Trust, Inc.      21,890     362,717
Annaly Capital Management, Inc.      19,554     370,548
AvalonBay Communities, Inc.       1,392     287,824
Brixmor Property Group, Inc.       8,790     223,354
BXP, Inc.       3,819     257,133
Camden Property Trust       2,841      333,789
 
190  
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
REITS (continued)
Cousins Properties, Inc.      13,197 $    370,440
Crown Castle, Inc.       1,042     104,565
CubeSmart       1,726      73,804
Digital Realty Trust, Inc.         864     148,193
EastGroup Properties, Inc.         730     123,772
EPR Properties       4,627     257,678
Equinix, Inc.         252     223,983
Equity LifeStyle Properties, Inc.       3,771     239,722
Equity Residential       2,967     208,105
Essex Property Trust, Inc.         460     130,594
Federal Realty Investment Trust       1,647     157,256
First Industrial Realty Trust, Inc.       3,633     179,579
Gaming & Leisure Properties, Inc.       6,455     301,449
Highwoods Properties, Inc.      16,195     480,991
Host Hotels & Resorts, Inc.      44,154     683,945
Invitation Homes, Inc.       5,024     169,309
Iron Mountain, Inc.       3,921     387,042
Kilroy Realty Corp.#      15,206     489,633
Mid-America Apartment Communities, Inc.       1,237     193,776
Millrose Properties, Inc.†       4,312     120,175
NNN REIT, Inc.       4,938     206,211
Omega Healthcare Investors, Inc.       6,886     254,782
Park Hotels & Resorts, Inc.      60,478     626,552
Public Storage         875     269,859
Rayonier, Inc.       5,086     120,538
Realty Income Corp.       8,392     475,155
Regency Centers Corp.       3,690     266,234
Rithm Capital Corp.      91,274   1,017,705
Simon Property Group, Inc.       1,071     174,648
STAG Industrial, Inc.       4,295     152,816
Starwood Property Trust, Inc.#      13,495     266,526
Sun Communities, Inc.       2,348     289,837
UDR, Inc.       3,532     146,331
Ventas, Inc.       4,758     305,844
VICI Properties, Inc.      11,359     360,194
Vornado Realty Trust      11,313     426,161
Welltower, Inc.       4,286     661,244
Weyerhaeuser Co.       3,557      92,162
WP Carey, Inc.       8,306     521,285
      15,355,231
Retail — 5.9%
Advance Auto Parts, Inc.       5,762     276,173
AutoNation, Inc.†       1,544     283,864
AutoZone, Inc.†         357   1,332,695
Bath & Body Works, Inc.      16,591     466,539
Best Buy Co., Inc.       8,494     562,982
BJ's Wholesale Club Holdings, Inc.†       3,924     444,236
Burlington Stores, Inc.†       1,727     394,222
CarMax, Inc.†       1,754     113,063
Carvana Co.†         777     254,203
Casey's General Stores, Inc.       2,300   1,006,848
Cava Group, Inc.†         949      77,125
Chipotle Mexican Grill, Inc.†       4,625     231,620
Costco Wholesale Corp.       4,842   5,036,552
Darden Restaurants, Inc.         649     139,022
Dick's Sporting Goods, Inc.       2,859     512,733
Dillard's, Inc., Class A#         972     384,931
Dollar General Corp.       4,659     453,088
Dollar Tree, Inc.†       5,188     468,269
Domino's Pizza, Inc.       1,074     508,883
Ferguson Enterprises, Inc.       2,653      483,748
Security Description   Shares or
Principal
Amount 		Value
Retail (continued)
Floor & Decor Holdings, Inc., Class A†       1,674 $    120,009
Gap, Inc.      45,095   1,006,069
Genuine Parts Co.       4,086     516,961
Home Depot, Inc.      11,172   4,114,536
Kohl's Corp.#      27,447     223,144
Lowe's Cos., Inc.       7,932   1,790,490
Lululemon Athletica, Inc.†       1,947     616,556
Macy's, Inc.      90,891   1,080,694
McDonald's Corp.       5,409   1,697,615
MSC Industrial Direct Co., Inc., Class A#       7,723     627,108
Murphy USA, Inc.       1,100     469,469
Ollie's Bargain Outlet Holdings, Inc.#†       1,019     113,568
O'Reilly Automotive, Inc.†       1,138   1,556,215
Penske Automotive Group, Inc.       5,151     845,691
Ross Stores, Inc.       3,462     484,992
Starbucks Corp.       2,214     185,865
Target Corp.       7,009     658,916
Texas Roadhouse, Inc.       1,493     291,449
TJX Cos., Inc.      14,555   1,847,030
Tractor Supply Co.      12,774     618,262
Ulta Beauty, Inc.†       1,422     670,416
Walmart, Inc.      52,678   5,200,372
Wendy's Co.#      17,093     194,860
Williams-Sonoma, Inc.       5,165     835,490
Wingstop, Inc.       1,573     537,494
Yum! Brands, Inc.       6,241     898,330
      40,632,397
Savings & Loans — 0.0%
TFS Financial Corp.#      15,465     204,293
Semiconductors — 8.7%
Advanced Micro Devices, Inc.†       3,373     373,492
Amkor Technology, Inc.      31,824     573,468
Analog Devices, Inc.         438      93,723
Applied Materials, Inc.       9,659   1,514,048
Broadcom, Inc.      43,141  10,443,142
Cirrus Logic, Inc.†      11,371   1,118,452
Intel Corp.      11,730     229,322
IPG Photonics Corp.†       3,630     240,524
KLA Corp.       1,164     881,008
Lam Research Corp.      13,967   1,128,394
Lattice Semiconductor Corp.†       4,032     181,198
MKS, Inc.       7,735     635,740
NVIDIA Corp.     276,797  37,403,579
ON Semiconductor Corp.†      13,888     583,574
Qorvo, Inc.†      12,715     966,594
QUALCOMM, Inc.      14,169   2,057,339
Skyworks Solutions, Inc.       8,934     616,714
Teradyne, Inc.       3,317     260,716
Texas Instruments, Inc.       5,579   1,020,120
      60,321,147
Software — 11.1%
Adobe, Inc.†       5,011   2,080,016
Akamai Technologies, Inc.†       7,520     570,994
ANSYS, Inc.†       1,552     513,433
Appfolio, Inc., Class A†       1,388     293,104
AppLovin Corp., Class A†       4,500   1,768,500
Atlassian Corp., Class A†       3,089     641,369
Autodesk, Inc.†       3,177     940,773
Bentley Systems, Inc., Class B       5,815     277,550
BILL Holdings, Inc.†      14,213     620,824
Broadridge Financial Solutions, Inc.       1,432      347,733
 
191
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Software (continued)
Cadence Design Systems, Inc.†       2,237 $    642,176
CCC Intelligent Solutions Holdings, Inc.†      55,649     488,598
Cloudflare, Inc., Class A†       2,263     375,409
Concentrix Corp.#      14,510     812,052
Datadog, Inc., Class A†         972     114,579
DocuSign, Inc.†       6,051     536,179
Dropbox, Inc., Class A†      32,596     940,721
Duolingo, Inc., Class A†         249     129,383
Dynatrace, Inc.†       3,473     187,577
Electronic Arts, Inc.       4,681     673,034
Fair Isaac Corp.†         565     975,348
Fiserv, Inc.†       4,859     790,997
Five9, Inc.†      15,810     419,123
Guidewire Software, Inc.†       1,434     308,339
HubSpot, Inc.†         837     493,746
Informatica, Inc., Class A†      28,019     672,736
Intuit, Inc.       2,576   1,940,939
Jack Henry & Associates, Inc.       2,244     406,545
Manhattan Associates, Inc.†       2,867     541,232
Microsoft Corp.      87,306  40,192,190
MicroStrategy, Inc., Class A†       1,050     387,513
MongoDB, Inc.†         716     135,202
MSCI, Inc.         340     191,767
Nutanix, Inc., Class A†      10,113     775,566
Oracle Corp.       9,501   1,572,701
Palantir Technologies, Inc., Class A†      15,433   2,033,761
Paychex, Inc.       3,223     508,944
Pegasystems, Inc.       6,564     644,257
Playtika Holding Corp.      74,655     353,865
Procore Technologies, Inc.†       1,873     125,809
PTC, Inc.†       2,845     478,870
RingCentral, Inc., Class A†      32,215     835,335
ROBLOX Corp., Class A†       2,838     246,849
Roper Technologies, Inc.       1,369     780,700
Salesforce, Inc.       7,971   2,115,264
ServiceNow, Inc.†       1,801   1,820,973
SS&C Technologies Holdings, Inc.       7,136     576,660
Synopsys, Inc.†         723     335,458
Take-Two Interactive Software, Inc.†       1,444     326,748
Teradata Corp.†      34,831     764,889
Twilio, Inc., Class A†       7,952     935,950
Tyler Technologies, Inc.†         713     411,394
Workday, Inc., Class A†       1,109     274,710
Zoom Communications, Inc.†       8,217     667,631
      76,996,015
Telecommunications — 1.6%
Arista Networks, Inc.†       6,340     549,298
AT&T, Inc.      77,447   2,153,027
Ciena Corp.†       1,408     112,724
Cisco Systems, Inc.      36,757   2,317,161
Corning, Inc.       9,145     453,501
Juniper Networks, Inc.      18,288     657,088
Motorola Solutions, Inc.       2,807   1,165,972
T-Mobile US, Inc.       4,296   1,040,491
Ubiquiti, Inc.       2,070     818,250
Verizon Communications, Inc.      43,162   1,897,401
      11,164,913
Toys/Games/Hobbies — 0.1%
Mattel, Inc.†      22,411     424,464
Security Description   Shares or
Principal
Amount 		Value
Transportation — 0.4%
C.H. Robinson Worldwide, Inc.       4,142 $    397,508
CSX Corp.       7,233     228,491
Expeditors International of Washington, Inc.       2,262     254,995
FedEx Corp.       1,453     316,899
Kirby Corp.†       3,442     380,823
Landstar System, Inc.       3,664     502,774
Schneider National, Inc., Class B       5,005     115,966
Union Pacific Corp.       2,182     483,662
      2,681,118
Water — 0.1%
American Water Works Co., Inc.       1,697     242,620
Essential Utilities, Inc.       3,124     120,368
      362,988
Total Common Stocks
(cost $450,016,913) 		    667,655,832
UNAFFILIATED INVESTMENT COMPANIES — 2.8%
Vanguard Russell 1000 ETF #
(cost $19,057,693) 		     71,340  19,120,547
ESCROWS AND LITIGATION TRUSTS — 0.0%
GCI Liberty, Inc. (2)
(cost $0) 		      1,081           0
Total Long-Term Investment Securities
(cost $469,074,606) 		    686,776,379
 
192  
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS — 0.3%
Unaffiliated Investment Companies — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(3)(4)
(cost $2,130,549) 		  2,130,549   $  2,130,549
TOTAL INVESTMENTS
(cost $471,205,155)(5) 		  99.3%   688,906,928
Other assets less liabilities   0.7   4,918,696
NET ASSETS   100.0%   $693,825,624
† Non-income producing security
# 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 May 31, 2025, the Fund held the following restricted securities:
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Common Stocks
LKQ Corp.       18,871   $746,264   $763,709   $40.47   0.1%
(2) Securities classified as Level 3 (see Note 2).
(3) The rate shown is the 7-day yield as of May 31, 2025.
(4) At May 31, 2025, the Fund had loaned securities with a total value of $18,535,434. This was secured by collateral of $2,130,549, which was received in cash and subsequently invested in short-term investments currently valued at $2,130,549 as reported in the Portfolio of Investments. Additional collateral of $17,028,832 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $73,795
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   476,938
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   36,618
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   200,852
United States Treasury Bills   0.00%   11/28/2025   471
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 02/15/2055   16,240,158
(5) See Note 4 for cost of investments on a tax basis.
ETF—Exchange Traded Fund
193
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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:              
Packaging & Containers $2,985,493   $97,929   $—   $3,083,422
Other Industries 664,572,410   —   —   664,572,410
Unaffiliated Investment Companies 19,120,547   —   —   19,120,547
Escrows and Litigation Trusts —   —   0   0
Short-Term Investments 2,130,549   —   —   2,130,549
Total Investments at Value $688,808,999   $97,929   $0   $688,906,928
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
Level 3 investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to Financial Statements
194  
Table of Contents
VALIC Company I Systematic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 99.1%
Aerospace/Defense — 0.4%
General Electric Co.     1,765 $    434,031
HEICO Corp.       534     160,008
HEICO Corp., Class A    10,419   2,457,217
Howmet Aerospace, Inc.     1,670     283,716
Lockheed Martin Corp.     1,296     625,165
TransDigm Group, Inc.       223     327,460
      4,287,597
Apparel — 0.5%
Crocs, Inc.†     4,892     498,984
Deckers Outdoor Corp.†    29,097   3,070,315
NIKE, Inc., Class B    10,847     657,220
Skechers USA, Inc., Class A†    12,723     789,335
      5,015,854
Auto Manufacturers — 2.7%
Tesla, Inc.†    76,642  26,553,387
Banks — 0.1%
Morgan Stanley     6,936     888,016
Popular, Inc.     4,956     513,095
      1,401,111
Beverages — 0.9%
Boston Beer Co., Inc., Class A†     3,576     821,944
Coca-Cola Co.    21,608   1,557,937
Monster Beverage Corp.†     3,112     199,012
PepsiCo, Inc.    44,420   5,839,009
      8,417,902
Biotechnology — 0.9%
Amgen, Inc.     2,860     824,195
Exelixis, Inc.†    71,436   3,074,605
Incyte Corp.†    25,016   1,627,541
Regeneron Pharmaceuticals, Inc.     1,970     965,851
Sarepta Therapeutics, Inc.†    10,501     394,838
Vertex Pharmaceuticals, Inc.†     3,696   1,633,817
      8,520,847
Building Materials — 0.2%
Armstrong World Industries, Inc.     1,580     245,895
Builders FirstSource, Inc.†     1,722     185,425
Eagle Materials, Inc.     1,639     331,422
Lennox International, Inc.       642     362,377
Louisiana-Pacific Corp.     1,502     135,285
Trane Technologies PLC     1,110     477,600
Vulcan Materials Co.       386     102,317
      1,840,321
Chemicals — 0.3%
Celanese Corp.     4,078     215,441
Ecolab, Inc.     5,418   1,439,129
RPM International, Inc.     2,856     325,127
Sherwin-Williams Co.     2,515     902,407
      2,882,104
Commercial Services — 2.5%
Automatic Data Processing, Inc.    10,451   3,402,114
Block, Inc.†     7,687     474,672
Booz Allen Hamilton Holding Corp.     7,320     777,750
Bright Horizons Family Solutions, Inc.†     1,321     170,673
Cintas Corp.    16,866   3,820,149
Corpay, Inc.†     1,504     488,965
Grand Canyon Education, Inc.†    15,560    3,078,468
Security Description   Shares or
Principal
Amount 		Value
Commercial Services (continued)
H&R Block, Inc.    10,080 $    574,056
Moody's Corp.    15,452   7,406,453
Morningstar, Inc.     8,263   2,548,474
Quanta Services, Inc.       894     306,249
Rollins, Inc.    14,301     818,732
Shift4 Payments, Inc., Class A#†     1,089     103,226
Toast, Inc., Class A†     2,815     118,737
Valvoline, Inc.†     4,164     144,033
Verisk Analytics, Inc.     2,205     692,679
WEX, Inc.†     1,193     158,586
      25,084,016
Computers — 10.6%
Apple, Inc.   476,966  95,798,621
Crowdstrike Holdings, Inc., Class A†       575     271,038
Dell Technologies, Inc., Class C     6,132     682,308
EPAM Systems, Inc.†     6,846   1,194,559
Fortinet, Inc.†    32,281   3,285,560
Gartner, Inc.†     1,589     693,471
Globant SA#†     3,899     382,453
HP, Inc.    15,630     389,187
KBR, Inc.     6,586     343,723
NetApp, Inc.     2,806     278,243
Okta, Inc.†     5,492     566,610
Pure Storage, Inc., Class A†     5,967     319,771
      104,205,544
Cosmetics/Personal Care — 0.2%
Colgate-Palmolive Co.     8,273     768,893
e.l.f. Beauty, Inc.#†     1,622     182,459
Estee Lauder Cos., Inc., Class A     1,299      86,955
Procter & Gamble Co.     7,988   1,357,081
      2,395,388
Distribution/Wholesale — 0.3%
Copart, Inc.†     3,471     178,687
Core & Main, Inc., Class A†    10,680     585,371
Fastenal Co.    22,638     935,855
Pool Corp.#       747     224,541
SiteOne Landscape Supply, Inc.†     3,840     448,550
WW Grainger, Inc.       973   1,058,196
      3,431,200
Diversified Financial Services — 5.5%
Ally Financial, Inc.    20,750     726,250
American Express Co.     4,932   1,450,255
Ameriprise Financial, Inc.     4,000   2,036,960
Apollo Global Management, Inc.     9,227   1,205,877
Ares Management Corp., Class A     1,370     226,735
Coinbase Global, Inc., Class A†     6,951   1,714,256
Credit Acceptance Corp.#†       134      63,958
Houlihan Lokey, Inc.    11,601   2,026,463
Jefferies Financial Group, Inc.    12,174     591,656
LPL Financial Holdings, Inc.     3,512   1,359,706
Mastercard, Inc., Class A    23,957  14,029,219
Tradeweb Markets, Inc., Class A    16,800   2,426,760
Visa, Inc., Class A    69,161  25,256,905
Western Union Co.   104,896     973,435
      54,088,435
Electric — 0.3%
Constellation Energy Corp.       223       68,272
 
195
Table of Contents
VALIC Company I Systematic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Electric (continued)
NRG Energy, Inc.    12,569 $  1,959,507
Vistra Corp.     5,892     946,078
      2,973,857
Electrical Components & Equipment — 0.0%
Generac Holdings, Inc.†     3,181     388,495
Electronics — 0.9%
Amphenol Corp., Class A    81,517   7,330,824
Honeywell International, Inc.     1,228     278,351
Jabil, Inc.     5,604     941,528
      8,550,703
Engineering & Construction — 1.1%
Comfort Systems USA, Inc.    11,827   5,656,026
EMCOR Group, Inc.     9,481   4,473,705
TopBuild Corp.†     2,224     629,147
      10,758,878
Entertainment — 0.1%
Churchill Downs, Inc.     1,680     160,390
Live Nation Entertainment, Inc.†     2,489     341,466
Madison Square Garden Sports Corp.†     1,691     321,104
TKO Group Holdings, Inc.#       686     108,258
Vail Resorts, Inc.       467      74,799
      1,006,017
Environmental Control — 0.1%
Tetra Tech, Inc.     4,654     162,611
Veralto Corp.     2,251     227,418
Waste Management, Inc.     4,113     991,110
      1,381,139
Food — 0.4%
Performance Food Group Co.†    13,886   1,243,630
Pilgrim's Pride Corp.#    31,167   1,532,170
Sysco Corp.    11,067     807,891
      3,583,691
Hand/Machine Tools — 0.0%
Lincoln Electric Holdings, Inc.       484      93,698
Healthcare-Products — 1.0%
Align Technology, Inc.†     1,109     200,662
IDEXX Laboratories, Inc.†     1,339     687,389
Inspire Medical Systems, Inc.†     2,933     405,341
Insulet Corp.†       337     109,535
Intuitive Surgical, Inc.†     2,240   1,237,242
Masimo Corp.†     2,413     392,113
Natera, Inc.†     1,539     242,746
ResMed, Inc.    20,493   5,016,481
Stryker Corp.     4,416   1,689,738
      9,981,247
Healthcare-Services — 0.5%
Chemed Corp.     2,132   1,225,559
Cigna Group     2,879     911,606
DaVita, Inc.†     5,717     778,998
Elevance Health, Inc.       707     271,375
Fortrea Holdings, Inc.†    63,596     273,463
HCA Healthcare, Inc.       759     289,475
IQVIA Holdings, Inc.†     2,836     397,976
Medpace Holdings, Inc.†       320       94,368
Security Description   Shares or
Principal
Amount 		Value
Healthcare-Services (continued)
Molina Healthcare, Inc.†       622 $    189,735
UnitedHealth Group, Inc.       744     224,621
      4,657,176
Home Furnishings — 0.3%
SharkNinja, Inc.†    25,005   2,298,710
Somnigroup International, Inc.#     2,640     171,758
      2,470,468
Household Products/Wares — 0.1%
Avery Dennison Corp.     1,237     219,852
Clorox Co.     2,917     384,694
Kimberly-Clark Corp.     4,190     602,354
      1,206,900
Insurance — 1.8%
Allstate Corp.     1,028     215,746
Arthur J. Gallagher & Co.     1,530     531,583
Brown & Brown, Inc.    46,598   5,260,914
Equitable Holdings, Inc.    10,716     566,555
Everest Group, Ltd.     1,510     524,257
Markel Group, Inc.†       388     753,380
Marsh & McLennan Cos., Inc.    12,161   2,841,539
Progressive Corp.    22,619   6,444,832
RLI Corp.     2,896     222,616
Ryan Specialty Holdings, Inc.     3,792     271,393
      17,632,815
Internet — 21.6%
Alphabet, Inc., Class A   204,727  35,159,815
Alphabet, Inc., Class C   177,066  30,605,858
Amazon.com, Inc.†   317,836  65,159,558
Booking Holdings, Inc.     1,521   8,394,293
CDW Corp.     3,529     636,490
Coupang, Inc.†    23,295     653,425
DoorDash, Inc., Class A†     7,376   1,539,002
Etsy, Inc.†     9,850     545,198
Expedia Group, Inc.     5,470     912,123
GoDaddy, Inc., Class A†     6,670   1,214,940
Lyft, Inc., Class A†    35,026     533,796
Meta Platforms, Inc., Class A    71,086  46,027,474
Netflix, Inc.†    11,667  14,084,752
Palo Alto Networks, Inc.†     3,969     763,715
Pinterest, Inc., Class A†    13,208     410,901
Roku, Inc.†     3,996     289,550
Spotify Technology SA†     4,410   2,933,267
TripAdvisor, Inc.†    42,494     605,115
Uber Technologies, Inc.†    11,797     992,836
VeriSign, Inc.     5,574   1,518,748
      212,980,856
Leisure Time — 0.3%
Norwegian Cruise Line Holdings, Ltd.†    19,090     336,938
Royal Caribbean Cruises, Ltd.     1,745     448,413
YETI Holdings, Inc.†    83,632   2,555,794
      3,341,145
Lodging — 0.2%
Choice Hotels International, Inc.     2,014     255,134
Hilton Worldwide Holdings, Inc.     2,166     538,121
Hyatt Hotels Corp., Class A#     3,153     416,291
Las Vegas Sands Corp.     8,713      358,627
 
196  
Table of Contents
VALIC Company I Systematic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Lodging (continued)
Wyndham Hotels & Resorts, Inc.     1,914 $    158,441
Wynn Resorts, Ltd.#     3,275     296,518
      2,023,132
Machinery-Construction & Mining — 0.2%
BWX Technologies, Inc.     1,498     188,149
Caterpillar, Inc.       571     198,725
Vertiv Holdings Co., Class A    10,381   1,120,421
      1,507,295
Machinery-Diversified — 0.0%
Cognex Corp.     1,467      43,966
Media — 0.2%
FactSet Research Systems, Inc.       506     231,880
Liberty Media Corp.-Liberty Formula One, Class A†     3,448     303,838
Liberty Media Corp.-Liberty Formula One, Class C†     4,001     386,216
Nexstar Media Group, Inc.     5,905   1,006,330
      1,928,264
Miscellaneous Manufacturing — 0.2%
3M Co.     1,343     199,234
Axon Enterprise, Inc.†       331     248,369
Carlisle Cos., Inc.       414     157,395
Illinois Tool Works, Inc.     3,855     944,783
      1,549,781
Office/Business Equipment — 0.1%
Zebra Technologies Corp., Class A†     1,701     492,899
Oil & Gas — 0.1%
Civitas Resources, Inc.#    16,241     444,516
Hess Corp.     1,188     157,042
Matador Resources Co.     8,872     381,585
Permian Resources Corp.     5,491      69,241
Texas Pacific Land Corp.       161     179,359
Viper Energy, Inc.     3,983     158,085
      1,389,828
Packaging & Containers — 0.0%
Sealed Air Corp.     7,324     235,833
Pharmaceuticals — 3.9%
AbbVie, Inc.     9,125   1,698,254
Cardinal Health, Inc.     4,889     755,057
Cencora, Inc.    22,925   6,676,677
Eli Lilly & Co.    25,727  18,978,036
McKesson Corp.     1,187     854,058
Merck & Co., Inc.   110,927   8,523,631
Neurocrine Biosciences, Inc.†     3,770     463,785
Zoetis, Inc.     3,288     554,456
      38,503,954
Pipelines — 0.2%
Antero Midstream Corp.    27,796     522,009
Cheniere Energy, Inc.     4,888   1,158,407
Targa Resources Corp.     3,416     539,489
      2,219,905
Private Equity — 0.1%
Blackstone, Inc.     2,970     412,117
KKR & Co., Inc.     2,218     269,398
      681,515
Security Description   Shares or
Principal
Amount 		Value
Real Estate — 0.1%
Jones Lang LaSalle, Inc.†     4,068 $    905,944
REITS — 0.2%
American Tower Corp.     3,408     731,527
Equinix, Inc.        91      80,883
Iron Mountain, Inc.     5,092     502,631
Lamar Advertising Co., Class A     1,804     217,454
Public Storage       658     202,934
Simon Property Group, Inc.     1,380     225,037
      1,960,466
Retail — 4.4%
AutoZone, Inc.†       439   1,638,805
Burlington Stores, Inc.†       819     186,953
CarMax, Inc.†     5,481     353,305
Carvana Co.†     4,717   1,543,214
Casey's General Stores, Inc.     2,166     948,188
Cava Group, Inc.†       776      63,066
Chipotle Mexican Grill, Inc.†     4,025     201,572
Costco Wholesale Corp.    12,368  12,864,946
Darden Restaurants, Inc.       476     101,964
Dick's Sporting Goods, Inc.     2,170     389,168
Domino's Pizza, Inc.     1,217     576,639
Ferguson Enterprises, Inc.     1,211     220,814
Home Depot, Inc.    28,391  10,456,121
Lululemon Athletica, Inc.†    10,069   3,188,550
McDonald's Corp.     1,018     319,499
Murphy USA, Inc.     2,168     925,281
O'Reilly Automotive, Inc.†     1,132   1,548,010
Ross Stores, Inc.     2,638     369,557
Starbucks Corp.     2,608     218,942
Texas Roadhouse, Inc.     2,143     418,335
TJX Cos., Inc.    16,241   2,060,983
Tractor Supply Co.    11,700     566,280
Ulta Beauty, Inc.†     2,969   1,399,765
Wendy's Co.#    16,110     183,654
Williams-Sonoma, Inc.     6,850   1,108,056
Wingstop, Inc.     1,992     680,666
Yum! Brands, Inc.     4,799     690,768
      43,223,101
Semiconductors — 16.3%
Advanced Micro Devices, Inc.†     8,467     937,551
Applied Materials, Inc.    17,711   2,776,199
Astera Labs, Inc.†     6,681     606,100
Broadcom, Inc.   158,186  38,292,085
KLA Corp.     6,824   5,164,949
Lam Research Corp.    14,719   1,189,148
MKS, Inc.     8,129     668,123
NVIDIA Corp.   798,648 107,921,304
QUALCOMM, Inc.    16,775   2,435,730
Texas Instruments, Inc.       833     152,314
      160,143,503
Software — 18.6%
Adobe, Inc.†    18,024   7,481,582
Appfolio, Inc., Class A†     1,262     266,497
AppLovin Corp., Class A†    12,859   5,053,587
Atlassian Corp., Class A†     2,229     462,807
Autodesk, Inc.†     3,240     959,429
Bentley Systems, Inc., Class B    13,679     652,899
BILL Holdings, Inc.†    13,173     575,397
Broadridge Financial Solutions, Inc.     2,823     685,509
Cadence Design Systems, Inc.†     4,612    1,323,967
 
197
Table of Contents
VALIC Company I Systematic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Software (continued)
DocuSign, Inc.†    15,720 $  1,392,949
Doximity, Inc., Class A†    13,488     702,590
Dropbox, Inc., Class A†    37,353   1,078,008
Dynatrace, Inc.†    52,302   2,824,831
Fair Isaac Corp.†     1,112   1,919,623
Fiserv, Inc.†    12,589   2,049,363
Five9, Inc.†    13,662     362,180
Guidewire Software, Inc.†     1,155     248,348
HubSpot, Inc.†       772     455,403
Intuit, Inc.    10,936   8,239,948
Manhattan Associates, Inc.†     2,550     481,389
Microsoft Corp.   242,059 111,434,281
MicroStrategy, Inc., Class A†       235      86,729
Nutanix, Inc., Class A†     6,435     493,500
Oracle Corp.    32,944   5,453,220
Palantir Technologies, Inc., Class A†    46,339   6,106,553
Paychex, Inc.    18,545   2,928,441
Paycom Software, Inc.     3,832     992,833
Pegasystems, Inc.    11,819   1,160,035
PTC, Inc.†     3,326     559,832
RingCentral, Inc., Class A†    34,144     885,354
ROBLOX Corp., Class A†     2,927     254,590
Salesforce, Inc.    19,270   5,113,680
ServiceNow, Inc.†     4,270   4,317,354
Synopsys, Inc.†     4,443   2,061,463
Teradata Corp.†    29,726     652,783
Twilio, Inc., Class A†    10,775   1,268,218
Tyler Technologies, Inc.†     1,987   1,146,479
Veeva Systems, Inc., Class A†     4,168   1,165,790
Workday, Inc., Class A†     1,638     405,749
      183,703,190
Telecommunications — 0.6%
Arista Networks, Inc.†    42,939   3,720,235
Iridium Communications, Inc.    19,539     496,291
Motorola Solutions, Inc.     2,238     929,620
Ubiquiti, Inc.     1,901     751,446
      5,897,592
Toys/Games/Hobbies — 0.0%
Hasbro, Inc.     2,296     153,166
Transportation — 0.1%
Expeditors International of Washington, Inc.     4,071     458,924
Union Pacific Corp.     1,529     338,918
      797,842
Total Common Stocks
(cost $638,252,325) 		    976,491,967
CONVERTIBLE PREFERRED STOCKS — 0.1%
Software — 0.1%
Databricks, Inc.
Series G †(1)(2)
(cost $323,874) 		    5,478     520,684
UNAFFILIATED INVESTMENT COMPANIES — 1.0%
iShares Russell 1000 Growth ETF
(cost $9,450,939) 		   25,008   9,988,945
Total Long-Term Investment Securities
(cost $648,027,138) 		    987,001,596
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS — 0.0%
Unaffiliated Investment Companies — 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(3) 		      179   $        179
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(3)(4) 		      756           756
Total Short-Term Investments
(cost $934) 		      935
TOTAL INVESTMENTS
(cost $648,028,072)(5) 		  100.2%   987,002,531
Other assets less liabilities   (0.2)   (1,481,346)
NET ASSETS   100.0%   $985,521,185
† 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) 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 May 31, 2025, the Fund held the following restricted securities:
Description   Acquisition
Date 		  Shares or
Principal
Amount 		  Acquisition
Cost 		  Value   Value
Per Share 		  % of
Net Assets
Convertible Preferred Stocks
Databricks, Inc.
Series G 		  02/01/2021   5,478   $323,874   $520,684   $95.05   0.1%
(3) The rate shown is the 7-day yield as of May 31, 2025.
(4) At May 31, 2025, the Fund had loaned securities with a total value of $4,109,802. This was secured by collateral of $756, which was received in cash and subsequently invested in short-term investments currently valued at $756 as reported in the Portfolio of Investments. Additional collateral of $4,216,097 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $11,289
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   72,963
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   5,602
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   30,727
United States Treasury Bills   0.00%   11/28/2025   72
United States Treasury Notes/Bonds   0.00% to 5.00%   07/15/2025 to 02/15/2055   4,095,444
(5) See Note 4 for cost of investments on a tax basis.
ETF—Exchange Traded Fund
 
198  
Table of Contents
VALIC Company I Systematic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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 $976,491,967   $—   $—   $976,491,967
Convertible Preferred Stocks —   —   520,684   520,684
Unaffiliated Investment Companies 9,988,945   —   —   9,988,945
Short-Term Investments 935   —   —   935
Total Investments at Value $986,481,847   $—   $520,684   $987,002,531
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
Level 3 investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to Financial Statements
199
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 99.3%
Advertising — 0.5%
Omnicom Group, Inc.      31,199 $  2,291,254
Aerospace/Defense — 4.1%
Curtiss-Wright Corp.      12,651   5,567,832
General Dynamics Corp.      20,113   5,601,269
Howmet Aerospace, Inc.       6,402   1,087,636
RTX Corp.      26,903   3,671,721
TransDigm Group, Inc.       1,883   2,765,054
      18,693,512
Agriculture — 2.0%
Altria Group, Inc.      30,626   1,856,242
Philip Morris International, Inc.      40,290   7,275,971
      9,132,213
Apparel — 0.7%
Tapestry, Inc.      43,652   3,428,865
Auto Manufacturers — 0.9%
Cummins, Inc.       2,440     784,411
General Motors Co.      67,163   3,331,957
      4,116,368
Auto Parts & Equipment — 1.3%
Allison Transmission Holdings, Inc.      24,099   2,494,728
Aptiv PLC†      23,460   1,567,363
BorgWarner, Inc.      37,310   1,234,588
Gentex Corp.      19,932     429,933
      5,726,612
Banks — 8.0%
Bank of America Corp.      91,118   4,021,038
Bank of New York Mellon Corp.      68,433   6,063,848
Citigroup, Inc.       7,331     552,171
East West Bancorp, Inc.      16,470   1,502,064
JPMorgan Chase & Co.      67,416  17,797,824
Northern Trust Corp.      15,395   1,643,262
State Street Corp.      40,476   3,897,029
Wells Fargo & Co.      14,781   1,105,323
      36,582,559
Beverages — 0.9%
PepsiCo, Inc.      32,142   4,225,066
Biotechnology — 5.2%
Amgen, Inc.      15,673   4,516,645
Exelixis, Inc.†      81,039   3,487,919
Gilead Sciences, Inc.      55,829   6,145,656
GRAIL, Inc.#†      21,610     830,040
Illumina, Inc.†      18,174   1,494,630
Incyte Corp.†      52,996   3,447,920
Moderna, Inc.†      18,560     492,954
United Therapeutics Corp.†      10,963   3,495,552
      23,911,316
Building Materials — 0.9%
Trane Technologies PLC       9,626   4,141,779
Chemicals — 1.8%
LyondellBasell Industries NV, Class A      11,374     642,517
Mosaic Co.      27,210     983,370
PPG Industries, Inc.      39,616   4,389,453
RPM International, Inc.      21,280   2,422,515
      8,437,855
Security Description   Shares or
Principal
Amount 		Value
Commercial Services — 1.7%
S&P Global, Inc.      14,704 $  7,541,093
Computers — 6.2%
Accenture PLC, Class A       8,528   2,701,841
Amdocs, Ltd.      23,838   2,187,375
Amentum Holdings, Inc.†      52,869   1,092,274
CACI International, Inc., Class A†       1,949     834,172
Cognizant Technology Solutions Corp., Class A      45,397   3,676,703
Crane NXT Co.#      20,686   1,108,976
Dell Technologies, Inc., Class C      25,715   2,861,308
Hewlett Packard Enterprise Co.      28,224     487,711
HP, Inc.      84,405   2,101,684
International Business Machines Corp.      22,210   5,753,723
Leidos Holdings, Inc.      27,533   4,089,201
Science Applications International Corp.      11,208   1,294,972
      28,189,940
Cosmetics/Personal Care — 1.5%
Colgate-Palmolive Co.       8,072     750,212
Procter & Gamble Co.      34,841   5,919,137
      6,669,349
Diversified Financial Services — 6.5%
American Express Co.       9,444   2,777,008
Blackrock, Inc.       1,540   1,509,031
CME Group, Inc.      22,559   6,519,551
Coinbase Global, Inc., Class A†       2,439     601,506
Janus Henderson Group PLC     108,882   3,955,683
Synchrony Financial      89,006   5,131,196
T. Rowe Price Group, Inc.      40,262   3,768,121
Tradeweb Markets, Inc., Class A       6,918     999,305
Virtu Financial, Inc., Class A      87,212   3,505,050
Western Union Co.     105,264     976,850
      29,743,301
Electric — 1.4%
Constellation Energy Corp.      10,995   3,366,119
NRG Energy, Inc.      20,022   3,121,430
      6,487,549
Electrical Components & Equipment — 2.8%
Acuity, Inc.      12,506   3,250,184
Eaton Corp. PLC      20,177   6,460,676
Emerson Electric Co.      24,414   2,914,543
      12,625,403
Electronics — 2.9%
Amphenol Corp., Class A      72,750   6,542,408
Arrow Electronics, Inc.†       4,179     494,710
Garmin, Ltd.       5,797   1,176,617
Honeywell International, Inc.      11,448   2,594,918
Hubbell, Inc.       1,828     712,152
TD SYNNEX Corp.      13,553   1,644,521
      13,165,326
Engineering & Construction — 1.4%
EMCOR Group, Inc.      11,480   5,416,953
TopBuild Corp.†       2,942     832,262
      6,249,215
Food — 1.8%
Albertsons Cos., Inc., Class A     139,154   3,093,393
Campbell's Co.      33,187   1,129,686
Flowers Foods, Inc.      42,878      724,638
 
200  
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Food (continued)
Hormel Foods Corp.      17,628 $    540,827
Pilgrim's Pride Corp.#      58,466   2,874,189
      8,362,733
Gas — 1.0%
National Fuel Gas Co.      54,960   4,536,398
Hand/Machine Tools — 1.1%
MSA Safety, Inc.       4,113     670,296
Snap-on, Inc.      13,584   4,357,068
      5,027,364
Healthcare-Products — 4.1%
Boston Scientific Corp.†      32,934   3,466,633
Globus Medical, Inc., Class A†       9,904     586,118
Hologic, Inc.†       7,468     464,285
Medtronic PLC      40,462   3,357,537
ResMed, Inc.      19,024   4,656,885
Stryker Corp.      16,709   6,393,532
      18,924,990
Healthcare-Services — 1.4%
Elevance Health, Inc.       2,377     912,388
UnitedHealth Group, Inc.      13,119   3,960,757
Universal Health Services, Inc., Class B       8,839   1,682,504
      6,555,649
Home Furnishings — 0.1%
SharkNinja, Inc.†       5,702     524,185
Household Products/Wares — 0.7%
Church & Dwight Co., Inc.       6,414     630,560
Kimberly-Clark Corp.      18,888   2,715,339
      3,345,899
Insurance — 9.9%
Aflac, Inc.       9,969   1,032,190
Aon PLC, Class A       5,406   2,011,465
Arthur J. Gallagher & Co.       1,593     553,472
Berkshire Hathaway, Inc., Class B†      41,191  20,758,616
Brighthouse Financial, Inc.†      33,334   1,993,707
Brown & Brown, Inc.      37,766   4,263,781
Fidelity National Financial, Inc.      26,026   1,425,444
Globe Life, Inc.      36,140   4,404,382
MGIC Investment Corp.     154,963   4,098,771
Progressive Corp.      16,922   4,821,585
      45,363,413
Internet — 0.7%
F5, Inc.†       5,715   1,630,947
IAC, Inc.†      40,451   1,454,618
      3,085,565
Machinery-Diversified — 0.4%
Westinghouse Air Brake Technologies Corp.       8,760   1,772,323
Media — 4.2%
Comcast Corp., Class A     190,452   6,583,926
Fox Corp., Class A      74,686   4,103,249
Paramount Global, Class B     177,204   2,144,168
Walt Disney Co.      54,138   6,119,759
      18,951,102
Mining — 0.8%
Newmont Corp.      70,915   3,738,639
Security Description   Shares or
Principal
Amount 		Value
Oil & Gas — 4.0%
APA Corp.      49,135 $    835,786
Chevron Corp.       4,764     651,239
Expand Energy Corp.      18,776   2,180,457
Exxon Mobil Corp.      87,593   8,960,764
Matador Resources Co.      46,935   2,018,674
Ovintiv, Inc.      99,780   3,574,120
      18,221,040
Packaging & Containers — 1.4%
AptarGroup, Inc.      15,037   2,381,861
Packaging Corp. of America      21,328   4,119,929
      6,501,790
Pharmaceuticals — 4.4%
BellRing Brands, Inc.†      30,700   1,932,565
Cardinal Health, Inc.       8,891   1,373,126
Jazz Pharmaceuticals PLC†      39,517   4,270,602
Johnson & Johnson      70,855  10,997,405
McKesson Corp.       1,963   1,412,398
      19,986,096
Pipelines — 0.2%
ONEOK, Inc.       8,698     703,146
REITS — 5.4%
Agree Realty Corp.      55,710   4,194,963
Brixmor Property Group, Inc.     102,286   2,599,087
Kimco Realty Corp.     135,812   2,887,363
Mid-America Apartment Communities, Inc.      29,399   4,605,354
Omega Healthcare Investors, Inc.      13,749     508,713
Realty Income Corp.      89,081   5,043,766
STAG Industrial, Inc.     132,450   4,712,571
      24,551,817
Retail — 3.7%
Genuine Parts Co.      13,945   1,764,321
Macy's, Inc.      53,464     635,687
McDonald's Corp.      12,250   3,844,663
Walmart, Inc.     108,554  10,716,451
      16,961,122
Semiconductors — 0.8%
Marvell Technology, Inc.       8,585     516,731
Micron Technology, Inc.      33,567   3,170,739
      3,687,470
Software — 1.4%
Concentrix Corp.#      24,231   1,356,088
Roper Technologies, Inc.       8,862   5,053,733
      6,409,821
Telecommunications — 0.7%
Cisco Systems, Inc.      49,022   3,090,347
Transportation — 0.4%
C.H. Robinson Worldwide, Inc.      16,978   1,629,379
Total Long-Term Investment Securities
(cost $389,927,857) 		    453,288,863
SHORT-TERM INVESTMENTS — 0.2%
Unaffiliated Investment Companies — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio
4.32%(1)(2)
(cost $874,314) 		    874,314     874,314
 
201
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		  Value
REPURCHASE AGREEMENTS — 1.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $4,692,805 and collateralized by $4,714,900 of United States Treasury Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $4,786,284
(cost $4,692,273) 		  $4,692,273   $  4,692,273
TOTAL INVESTMENTS
(cost $395,494,444)(3) 		  100.5%   458,855,450
Other assets less liabilities   (0.5)   (2,345,856)
NET ASSETS   100.0%   $456,509,594
† 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 May 31, 2025.
(2) At May 31, 2025, the Fund had loaned securities with a total value of $6,162,217. This was secured by collateral of $874,314, which was received in cash and subsequently invested in short-term investments currently valued at $874,314 as reported in the Portfolio of Investments. Additional collateral of $5,536,861 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
May 31, 2025
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 02/15/2055   $5,536,861
(3) See Note 4 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 May 31, 2025 (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 $453,288,863   $—   $—   $453,288,863
Short-Term Investments 874,314   —   —   874,314
Repurchase Agreements —   4,692,273   —   4,692,273
Total Investments at Value $454,163,177   $4,692,273   $—   $458,855,450
* For a detailed presentation of investments, please refer to the Portfolio of Investments.
See Notes to Financial Statements
202  
Table of Contents
VALIC Company I U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS — 99.9%
Aerospace/Defense — 0.6%
Howmet Aerospace, Inc.      19,031 $  3,233,177
Airlines — 0.9%
Delta Air Lines, Inc.      53,419   2,584,946
United Airlines Holdings, Inc.†      29,239   2,322,892
      4,907,838
Apparel — 0.1%
Deckers Outdoor Corp.†       4,929     520,108
Auto Parts & Equipment — 0.0%
Aptiv PLC†         144       9,621
Banks — 0.4%
Bank of New York Mellon Corp.      16,600   1,470,926
PNC Financial Services Group, Inc.       2,431     422,532
US Bancorp       6,434     280,458
      2,173,916
Beverages — 1.4%
Keurig Dr Pepper, Inc.     100,727   3,391,478
Monster Beverage Corp.†      66,389   4,245,577
      7,637,055
Biotechnology — 1.5%
Biogen, Inc.†       1,379     178,980
Incyte Corp.†       8,898     578,904
Moderna, Inc.†       9,617     255,428
Regeneron Pharmaceuticals, Inc.       4,459   2,186,159
Vertex Pharmaceuticals, Inc.†      11,366   5,024,340
      8,223,811
Building Materials — 0.2%
Trane Technologies PLC       2,215     953,048
Chemicals — 2.4%
Air Products & Chemicals, Inc.       5,755   1,605,127
Ecolab, Inc.       6,104   1,621,344
Linde PLC      17,356   8,115,318
Sherwin-Williams Co.       6,250   2,242,563
      13,584,352
Commercial Services — 4.3%
Automatic Data Processing, Inc.      21,497   6,997,918
Cintas Corp.      20,546   4,653,669
Moody's Corp.       5,230   2,506,844
PayPal Holdings, Inc.†      20,336   1,429,214
S&P Global, Inc.      15,694   8,048,825
Verisk Analytics, Inc.         752     236,233
      23,872,703
Computers — 7.5%
Accenture PLC, Class A      21,206   6,718,485
Cognizant Technology Solutions Corp., Class A      17,808   1,442,270
Crowdstrike Holdings, Inc., Class A†       8,584   4,046,240
Dell Technologies, Inc., Class C      27,644   3,075,948
EPAM Systems, Inc.†         761     132,787
Fortinet, Inc.†      36,709   3,736,242
Gartner, Inc.†       1,186     517,594
Hewlett Packard Enterprise Co.     180,867   3,125,382
HP, Inc.     192,153   4,784,610
NetApp, Inc.      57,922   5,743,545
Seagate Technology Holdings PLC      36,940    4,356,704
Security Description   Shares or
Principal
Amount 		Value
Computers (continued)
Super Micro Computer, Inc.#†      19,117 $    765,062
Western Digital Corp.      67,798   3,494,987
      41,939,856
Cosmetics/Personal Care — 0.3%
Kenvue, Inc.      80,501   1,921,559
Distribution/Wholesale — 0.3%
Copart, Inc.†      29,676   1,527,720
Diversified Financial Services — 9.6%
American Express Co.      20,387   5,994,797
Ameriprise Financial, Inc.       2,284   1,163,104
Blackrock, Inc.       7,096   6,953,300
Charles Schwab Corp.      38,791   3,426,797
CME Group, Inc.      13,533   3,911,037
Coinbase Global, Inc., Class A†       2,382     587,449
Intercontinental Exchange, Inc.      23,469   4,219,726
Mastercard, Inc., Class A      21,171  12,397,738
Nasdaq, Inc.       3,056     255,298
Visa, Inc., Class A      40,765  14,886,970
      53,796,216
Electric — 3.0%
Consolidated Edison, Inc.      28,656   2,994,265
Eversource Energy      28,826   1,868,213
Exelon Corp.     103,925   4,553,993
FirstEnergy Corp.      42,058   1,763,913
PPL Corp.     125,930   4,376,068
WEC Energy Group, Inc.      12,827   1,378,133
      16,934,585
Electrical Components & Equipment — 0.8%
Eaton Corp. PLC      12,078   3,867,376
Emerson Electric Co.       5,887     702,790
      4,570,166
Electronics — 0.8%
Amphenol Corp., Class A      45,068   4,052,965
TE Connectivity PLC       1,306     209,052
      4,262,017
Entertainment — 0.1%
Live Nation Entertainment, Inc.#†       6,015     825,198
Environmental Control — 1.4%
Republic Services, Inc.      13,480   3,468,269
Waste Management, Inc.      18,468   4,450,234
      7,918,503
Food — 0.7%
General Mills, Inc.      24,396   1,323,727
Kellanova       8,190     676,740
Kraft Heinz Co.      56,211   1,502,520
McCormick & Co., Inc.       4,661     338,994
Sysco Corp.       1,513     110,449
      3,952,430
Forest Products & Paper — 0.0%
International Paper Co.       5,781     276,390
Healthcare-Products — 3.6%
Danaher Corp.       9,319   1,769,678
Edwards Lifesciences Corp.†      16,291   1,274,282
GE HealthCare Technologies, Inc.      13,103     924,286
IDEXX Laboratories, Inc.†       2,507    1,286,994
 
203
Table of Contents
VALIC Company I U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Healthcare-Products (continued)
Insulet Corp.†       4,143 $  1,346,599
ResMed, Inc.       6,644   1,626,385
STERIS PLC       1,639     401,899
Stryker Corp.      20,136   7,704,839
Thermo Fisher Scientific, Inc.       8,686   3,498,894
Zimmer Biomet Holdings, Inc.         482      44,426
      19,878,282
Healthcare-Services — 1.0%
Centene Corp.†       8,244     465,291
Elevance Health, Inc.       7,424   2,849,628
HCA Healthcare, Inc.       4,764   1,816,942
Humana, Inc.       1,776     414,039
      5,545,900
Household Products/Wares — 1.0%
Church & Dwight Co., Inc.      20,212   1,987,042
Kimberly-Clark Corp.      26,864   3,861,968
      5,849,010
Insurance — 2.9%
Aflac, Inc.       4,092     423,686
Aon PLC, Class A       2,575     958,106
Arthur J. Gallagher & Co.       7,637   2,653,399
Chubb, Ltd.       9,998   2,971,405
Marsh & McLennan Cos., Inc.      13,777   3,219,134
Progressive Corp.      16,796   4,785,684
Travelers Cos., Inc.       3,528     972,670
      15,984,084
Internet — 6.5%
Booking Holdings, Inc.       1,356   7,483,669
DoorDash, Inc., Class A†      15,318   3,196,101
eBay, Inc.      78,462   5,741,065
Expedia Group, Inc.       5,610     935,467
Netflix, Inc.†      10,575  12,766,457
Palo Alto Networks, Inc.†      33,387   6,424,327
      36,547,086
Iron/Steel — 0.0%
Nucor Corp.         471      51,508
Lodging — 0.8%
Hilton Worldwide Holdings, Inc.      18,364   4,562,352
Machinery-Construction & Mining — 0.6%
Caterpillar, Inc.       9,794   3,408,606
Machinery-Diversified — 0.4%
Deere & Co.       4,606   2,331,833
Media — 2.2%
Charter Communications, Inc., Class A#†       2,885   1,143,239
Comcast Corp., Class A     124,974   4,320,351
Walt Disney Co.      50,411   5,698,460
Warner Bros. Discovery, Inc.†     126,262   1,258,832
      12,420,882
Mining — 0.2%
Newmont Corp.      20,908   1,102,270
Oil & Gas — 1.5%
Diamondback Energy, Inc.       7,529   1,013,027
EOG Resources, Inc.      29,222   3,172,632
EQT Corp.      15,237     840,016
Hess Corp.       9,639    1,274,179
Security Description   Shares or
Principal
Amount 		Value
Oil & Gas (continued)
Occidental Petroleum Corp.       4,955 $    202,065
Texas Pacific Land Corp.       1,252   1,394,766
Valero Energy Corp.       4,781     616,606
      8,513,291
Pharmaceuticals — 1.4%
Dexcom, Inc.†       8,965     769,197
McKesson Corp.       3,500   2,518,285
Zoetis, Inc.      25,760   4,343,909
      7,631,391
Pipelines — 1.7%
Kinder Morgan, Inc.      83,645   2,345,406
ONEOK, Inc.      22,506   1,819,385
Targa Resources Corp.      13,070   2,064,145
Williams Cos., Inc.      53,898   3,261,368
      9,490,304
Private Equity — 0.7%
Blackstone, Inc.      26,545   3,683,384
Real Estate — 0.0%
CBRE Group, Inc., Class A†       2,258     282,295
REITS — 3.7%
American Tower Corp.      11,933   2,561,419
Digital Realty Trust, Inc.       5,085     872,179
Equinix, Inc.       2,986   2,654,017
Extra Space Storage, Inc.       3,623     547,616
Prologis, Inc.      33,547   3,643,204
Public Storage       3,596   1,109,042
Realty Income Corp.      40,939   2,317,966
Welltower, Inc.      44,074   6,799,737
      20,505,180
Retail — 5.0%
AutoZone, Inc.†         335   1,250,568
Chipotle Mexican Grill, Inc.†      47,416   2,374,593
Darden Restaurants, Inc.       2,233     478,331
Dollar General Corp.       4,040     392,890
Dollar Tree, Inc.†       2,343     211,479
Home Depot, Inc.      21,974   8,092,804
Lowe's Cos., Inc.      16,994   3,836,056
Lululemon Athletica, Inc.†       3,582   1,134,312
O'Reilly Automotive, Inc.†       1,820   2,488,850
Ross Stores, Inc.       4,521     633,347
TJX Cos., Inc.      45,317   5,750,727
Walgreens Boots Alliance, Inc.      63,410     713,363
Yum! Brands, Inc.       4,936     710,488
      28,067,808
Semiconductors — 15.4%
Advanced Micro Devices, Inc.†      32,280   3,574,365
Analog Devices, Inc.      14,941   3,197,075
Applied Materials, Inc.      17,159   2,689,673
Broadcom, Inc.      70,373  17,035,192
Intel Corp.      63,504   1,241,503
KLA Corp.       3,371   2,551,443
Lam Research Corp.      30,697   2,480,011
Micron Technology, Inc.      18,716   1,767,913
Monolithic Power Systems, Inc.         338     223,722
NVIDIA Corp.     321,306  43,418,080
NXP Semiconductors NV       1,318      251,909
 
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VALIC Company I U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
Security Description   Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)
Semiconductors (continued)
QUALCOMM, Inc.      25,757 $  3,739,917
Texas Instruments, Inc.      23,638   4,322,208
      86,493,011
Software — 11.3%
Adobe, Inc.†      13,590   5,641,073
ANSYS, Inc.†       1,154     381,766
Autodesk, Inc.†      12,176   3,605,557
Cadence Design Systems, Inc.†       8,533   2,449,568
Electronic Arts, Inc.       7,566   1,087,840
Fair Isaac Corp.†         751   1,296,436
Fiserv, Inc.†      16,647   2,709,965
Intuit, Inc.       9,892   7,453,325
Oracle Corp.      41,693   6,901,442
Paychex, Inc.      17,518   2,766,268
Roper Technologies, Inc.       6,544   3,731,847
Salesforce, Inc.      29,067   7,713,510
ServiceNow, Inc.†       8,462   8,555,844
Synopsys, Inc.†       5,941   2,756,505
Take-Two Interactive Software, Inc.†       9,807   2,219,128
Tyler Technologies, Inc.†       2,205   1,272,263
Workday, Inc., Class A†      11,585   2,869,720
      63,412,057
Telecommunications — 3.2%
Arista Networks, Inc.†      40,759   3,531,360
Cisco Systems, Inc.     151,189   9,530,954
Corning, Inc.      14,585     723,270
Motorola Solutions, Inc.       2,103     873,544
Verizon Communications, Inc.      71,253   3,132,282
      17,791,410
Transportation — 0.5%
CSX Corp.      15,975     504,650
Old Dominion Freight Line, Inc.       1,549     248,104
Union Pacific Corp.       8,544   1,893,863
      2,646,617
Total Long-Term Investment Securities
(cost $382,978,503) 		    559,238,830
Security Description   Shares or
Principal
Amount 		  Value
SHORT-TERM INVESTMENTS — 0.3%
Unaffiliated Investment Companies — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.27%(1)
(cost $1,676,301) 		  1,676,301   $  1,676,301
TOTAL INVESTMENTS
(cost $384,654,804)(2) 		  100.2%   560,915,131
Other assets less liabilities   (0.2)   (1,052,436)
NET ASSETS   100.0%   $559,862,695
† Non-income producing security
# The security or a portion thereof is out on loan.
At May 31, 2025, the Fund had loaned securities with a total value of $2,071,768. This was secured by collateral of $2,129,856 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
May 31, 2025
Federal Farm Credit Bank   0.55% to 0.78%   06/16/2025 to 09/16/2025   $37,562
Federal Home Loan Bank   0.55% to 1.10%   01/20/2026 to 10/13/2026   242,765
Federal Home Loan Mtg. Corp.   0.55%   09/29/2025   18,639
Federal National Mtg. Assoc.   0.58% to 0.64%   09/25/2025 to 12/30/2025   102,236
United States Treasury Bills   0.00%   11/28/2025   240
United States Treasury Notes/Bonds   0.00% to 5.50%   06/15/2025 to 05/15/2054   1,728,414
(1) The rate shown is the 7-day yield as of May 31, 2025.
(2) See Note 4 for cost of investments on a tax basis.
 
Futures Contracts
Number
of
Contracts 		Type Description Expiration
Month 		Notional
Basis* 		Notional
Value* 		Unrealized
(Depreciation)
7 Long S&P 500 E-Mini Index June 2025 $2,072,498 $2,070,600 $(1,898)
* 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.
205
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VALIC Company I U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2025 (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 $559,238,830   $—   $—   $559,238,830
Short-Term Investments 1,676,301   —   —   1,676,301
Total Investments at Value $560,915,131   $—   $—   $560,915,131
LIABILITIES:              
Other Financial Instruments:†              
Futures Contracts $1,898   $—   $—   $1,898
* 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
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VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025
  Aggressive
Growth
Lifestyle Fund 		  Asset
Allocation
Fund 		  Capital
Appreciation
Fund 		  Conservative
Growth
Lifestyle Fund 		  Core Bond
Fund 		  Dividend
Value Fund
ASSETS:                      
Investment securities, at value (unaffiliated)*‡
$4,641,625   $142,724,253   $326,407,096   $1,246,086   $2,689,308,520   $678,877,089
Investment securities, at value (affiliated)*‡
706,657,887   —   —   277,433,690   —   —
Repurchase agreements (cost approximates value)
—   2,523,468   —   —   —   —
Cash
—   —   2   —   820,751   246,700
Foreign cash*
—   —   —   —   42   74
Cash collateral on futures contracts
—   —   —   —   2,322,200   —
Cash collateral on centrally cleared swap contracts
—   —   —   —   —   —
Cash collateral for over-the-counter derivative contracts
—   —   —   —   —   —
Receivable for variation margin on futures contracts
—   —   —   —   408,947   —
Receivable for variation margin on centrally cleared swap contracts
—   —   —   —   —   —
Receivable for:                      
Fund shares sold
12,487   4,194   1,534,011   4,978   23,963,279   14,369
Dividends and interest
19,880   437,585   154,297   8,159   18,775,293   2,043,706
Investments sold
8,879,422   183,246   —   4,477,985   208,736   327,682
Securities lending income
—   474   —   —   12,047   10,588
Receipts on swap contracts
—   —   —   —   —   —
Prepaid expenses and other assets
20,458   7,260   6,832   12,823   91,694   17,693
Due from investment adviser for expense reimbursements/fee waivers
17,923   6,065   —   7,082   66,494   87,728
Unrealized appreciation on forward foreign currency contracts
—   —   —   —   —   —
Unrealized appreciation on over-the-counter swap contracts
—   —   —   —   —   —
Total assets
720,249,682   145,886,545   328,102,238   283,190,803   2,735,978,003   681,625,629
LIABILITIES:                      
Payable for:                      
Fund shares redeemed
213,881   5,740   2,844   282,865   961,328   208,097
Investments purchased
6,925,922   398,101   —   3,051,377   9,308,211   —
Payments on swap contracts
—   —   —   —   —   —
Investment advisory and management fees
59,743   60,647   140,616   23,605   916,318   419,452
Administrative service fee
—   8,091   17,053   —   147,839   39,010
Transfer agent fees and expenses
283   210   323   259   773   292
Directors’ fees and expenses
23,874   7,847   8,023   14,287   101,635   21,860
Other accrued expenses
80,745   114,252   116,312   69,107   243,852   123,902
Line of credit
—   —   —   —   —   —
Accrued foreign tax on capital gains
—   —   —   —   —   —
Premiums received on over-the-counter swap contracts
—   —   —   —   —   —
Collateral upon return of securities loaned
—   202,580   —   —   17,482,408   105,780
Due to custodian
—   1,542   —   —   —   —
Payable for variation margin on futures contracts
—   —   —   —   —   —
Payable for collateral on over-the-counter derivative contracts
—   —   —   —   —   —
Unrealized depreciation on forward foreign currency contracts
—   —   —   —   —   —
Unrealized depreciation on over-the-counter swap contracts
—   —   —   —   —   —
Total liabilities
7,304,448   799,010   285,171   3,441,500   29,162,364   918,393
Commitments and contingent liabilities (Note 5)                      
Net assets
$712,945,234   $145,087,535   $327,817,067   $279,749,303   $2,706,815,639   $680,707,236
NET ASSETS REPRESENTED BY:                      
Capital shares at par value of $0.01 per share
$629,423   $125,095   $160,366   $242,628   $2,798,615   $553,089
Additional paid-in-capital
589,785,855   122,502,369   252,856,666   277,518,471   3,029,499,058   551,484,356
Total accumulated earnings (loss)
122,529,956   22,460,071   74,800,035   1,988,204   (325,482,034)   128,669,791
Net assets
$712,945,234   $145,087,535   $327,817,067   $279,749,303   $2,706,815,639   $680,707,236
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
Outstanding
62,942,265   12,509,460   16,036,585   24,262,813   279,861,508   55,308,931
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
$11.33   $11.60   $20.44   $11.53   $9.67   $12.31
* Cost 		                     
Investment securities (unaffiliated)
$4,641,625   $130,946,511   $270,432,481   $1,246,085   $2,849,899,316   $602,938,168
Investment securities (affiliated)
$616,516,770   $—   $—   $271,830,795   $—   $—
Foreign cash
$—   $—   $—   $—   $39   $84
‡ Including securities on loan
$—   $4,872,513   $—   $—   $28,129,869   $7,755,836
See Notes to Financial Statements
207
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VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025 — (continued)
  Dynamic
Allocation
Fund 		  Emerging
Economies
Fund 		  Global Real
Estate Fund 		  Global
Strategy
Fund 		  Government
Securities
Fund 		  Growth Fund
ASSETS:                      
Investment securities, at value (unaffiliated)*‡
$25,774,652   $710,849,908   $245,403,035   $226,169,467   $152,280,563   $1,721,046,714
Investment securities, at value (affiliated)*‡
106,067,471   —   —   —   —   —
Repurchase agreements (cost approximates value)
—   —   —   —   3,489,529   —
Cash
6,188   —   1,067,206   7,634   7   1,013
Foreign cash*
—   1,371,609   173,962   20,282   —   18,491
Cash collateral on futures contracts
—   388,915   —   1,022,886   —   244,066
Cash collateral on centrally cleared swap contracts
—   —   —   —   —   —
Cash collateral for over-the-counter derivative contracts
—   —   —   131,057   —   —
Receivable for variation margin on futures contracts
—   339,583   —   154,728   —   376
Receivable for variation margin on centrally cleared swap contracts
—   —   —   —   —   —
Receivable for:                      
Fund shares sold
7,043   18,503   29,481   97,734   428,583   16,542
Dividends and interest
170,500   1,160,937   839,269   1,522,597   716,775   720,659
Investments sold
1,188,220   15,110,127   —   —   —   435,999
Securities lending income
—   1,779   1,490   1,609   —   597
Receipts on swap contracts
—   —   —   994   —   —
Prepaid expenses and other assets
3,058   15,365   8,879   24,392   6,393   33,455
Due from investment adviser for expense reimbursements/fee waivers
6,964   —   2,276   11,288   10,269   229,354
Unrealized appreciation on forward foreign currency contracts
—   —   —   23,470   —   —
Unrealized appreciation on over-the-counter swap contracts
—   —   —   656   —   —
Total assets
133,224,096   729,256,726   247,525,598   229,188,794   156,932,119   1,722,747,266
LIABILITIES:                      
Payable for:                      
Fund shares redeemed
55,528   140,560   17,776   59,123   20,711   496,296
Investments purchased
1,294,708   21,576,616   594,518   —   —   432,613
Payments on swap contracts
—   —   —   —   —   —
Investment advisory and management fees
27,643   455,995   169,843   94,066   64,181   963,592
Administrative service fee
1,418   39,846   15,183   12,548   8,562   95,612
Transfer agent fees and expenses
210   683   294   210   466   375
Directors’ fees and expenses
3,795   18,931   10,497   13,924   7,014   42,658
Other accrued expenses
74,129   579,285   141,231   144,561   81,385   140,224
Line of credit
—   —   —   —   —   —
Accrued foreign tax on capital gains
—   315,830   —   5,531   —   —
Premiums received on over-the-counter swap contracts
—   —   —   9,610   —   —
Collateral upon return of securities loaned
—   730,032   13,884   2,549,423   —   100,151
Due to custodian
—   182,365   —   —   —   —
Payable for variation margin on futures contracts
10,125   —   —   —   —   —
Payable for collateral on over-the-counter derivative contracts
1,058,500   —   —   —   —   —
Unrealized depreciation on forward foreign currency contracts
—   —   —   236,929   —   —
Unrealized depreciation on over-the-counter swap contracts
—   —   —   —   —   —
Total liabilities
2,526,056   24,040,143   963,226   3,125,925   182,319   2,271,521
Commitments and contingent liabilities (Note 5)                      
Net assets
$130,698,040   $705,216,583   $246,562,372   $226,062,869   $156,749,800   $1,720,475,745
NET ASSETS REPRESENTED BY:                      
Capital shares at par value of $0.01 per share
$125,963   $1,067,010   $356,694   $219,841   $169,577   $1,017,481
Additional paid-in-capital
127,300,278   705,916,201   320,797,943   206,566,612   180,717,967   963,396,063
Total accumulated earnings (loss)
3,271,799   (1,766,628)   (74,592,265)   19,276,416   (24,137,744)   756,062,201
Net assets
$130,698,040   $705,216,583   $246,562,372   $226,062,869   $156,749,800   $1,720,475,745
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
Outstanding
12,596,305   106,700,954   35,669,447   21,984,059   16,957,723   101,748,102
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
$10.38   $6.61   $6.91   $10.28   $9.24   $16.91
* Cost 		                     
Investment securities (unaffiliated)
$26,484,695   $658,644,485   $237,469,395   $200,052,628   $164,191,520   $1,156,786,556
Investment securities (affiliated)
$97,687,123   $—   $—   $—   $—   $—
Foreign cash
$—   $1,367,100   $174,147   $20,190   $—   $18,340
‡ Including securities on loan
$—   $18,781,530   $4,437,607   $4,881,476   $—   $3,540,788
See Notes to Financial Statements
208  
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025 — (continued)
  High Yield
Bond Fund 		  Inflation
Protected
Fund 		  International
Equities
Index Fund 		  International
Government
Bond Fund 		  International
Growth Fund 		  International
Opportunities
Fund
ASSETS:                      
Investment securities, at value (unaffiliated)*‡
$434,835,022   $383,567,091   $1,744,568,368   $54,141,157   $381,892,467   $334,214,431
Investment securities, at value (affiliated)*‡
—   —   —   —   —   —
Repurchase agreements (cost approximates value)
20,982,650   13,480,721   —   —   —   —
Cash
273   —   —   539,659   1,255,676   —
Foreign cash*
714,583   33,653   2,103,314   362,427   1,700,806   957,231
Cash collateral on futures contracts
—   —   531,296   —   —   —
Cash collateral on centrally cleared swap contracts
—   550,000   —   —   —   —
Cash collateral for over-the-counter derivative contracts
—   —   10,000   —   —   —
Receivable for variation margin on futures contracts
—   —   —   —   —   —
Receivable for variation margin on centrally cleared swap contracts
—   164,652   —   —   —   —
Receivable for:                      
Fund shares sold
100,425   9,022   3,712,962   427   5,114   5,745
Dividends and interest
6,405,963   1,585,319   15,181,198   573,920   912,992   2,444,059
Investments sold
2,414,319   8,742,633   16,895,661   —   1,190,333   8,911,838
Securities lending income
32,166   —   1,229   221   4,824   32,210
Receipts on swap contracts
—   21,754   —   —   —   —
Prepaid expenses and other assets
24,371   11,612   34,004   7,323   21,542   42,538
Due from investment adviser for expense reimbursements/fee waivers
25,417   9,229   —   1,055   83,378   8,608
Unrealized appreciation on forward foreign currency contracts
—   250,963   —   —   —   —
Unrealized appreciation on over-the-counter swap contracts
—   150,206   10,292   —   —   —
Total assets
465,535,189   408,576,855   1,783,048,324   55,626,189   387,067,132   346,616,660
LIABILITIES:                      
Payable for:                      
Fund shares redeemed
116,238   160,762   7,393,336   11,162   157,183   1,551,229
Investments purchased
2,640,435   35,812,337   10,516,773   —   —   1,731,648
Payments on swap contracts
—   18,847   438   —   —   —
Investment advisory and management fees
209,900   149,048   391,598   26,366   299,234   238,032
Administrative service fee
22,627   20,519   94,669   3,517   21,390   19,138
Transfer agent fees and expenses
82   292   1,514   289   292   265
Directors’ fees and expenses
26,117   13,628   43,200   7,639   23,085   44,256
Other accrued expenses
119,696   160,321   509,889   91,116   140,465   279,861
Line of credit
—   —   3,750,000   —   —   3,500,000
Accrued foreign tax on capital gains
—   —   —   —   843,838   90,365
Premiums received on over-the-counter swap contracts
—   —   —   —   —   —
Collateral upon return of securities loaned
46,769,203   —   53,352,381   —   4,801,513   10,558,352
Due to custodian
—   —   16,669   —   —   12,663
Payable for variation margin on futures contracts
—   26,031   357,395   —   —   —
Payable for collateral on over-the-counter derivative contracts
—   —   —   —   —   —
Unrealized depreciation on forward foreign currency contracts
32,798   5,538,382   —   —   —   —
Unrealized depreciation on over-the-counter swap contracts
—   —   13,791   —   —   —
Total liabilities
49,937,096   41,900,167   76,441,653   140,089   6,287,000   18,025,809
Commitments and contingent liabilities (Note 5)                      
Net assets
$415,598,093   $366,676,688   $1,706,606,671   $55,486,100   $380,780,132   $328,590,851
NET ASSETS REPRESENTED BY:                      
Capital shares at par value of $0.01 per share
$598,318   $426,733   $1,889,259   $53,533   $282,363   $203,355
Additional paid-in-capital
444,965,144   483,584,295   1,124,799,696   79,647,728   246,554,677   299,041,478
Total accumulated earnings (loss)
(29,965,369)   (117,334,340)   579,917,716   (24,215,161)   133,943,092   29,346,018
Net assets
$415,598,093   $366,676,688   $1,706,606,671   $55,486,100   $380,780,132   $328,590,851
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
Outstanding
59,831,752   42,673,304   188,925,906   5,353,271   28,236,330   20,335,462
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
$6.95   $8.59   $9.03   $10.36   $13.49   $16.16
* Cost 		                     
Investment securities (unaffiliated)
$435,132,255   $419,753,193   $1,257,599,602   $56,502,336   $252,160,858   $291,432,798
Investment securities (affiliated)
$—   $—   $—   $—   $—   $—
Foreign cash
$714,164   $33,200   $2,101,975   $358,323   $1,691,724   $953,661
‡ Including securities on loan
$47,289,279   $—   $63,781,440   $1,977,129   $5,710,683   $23,739,607
See Notes to Financial Statements
209
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025 — (continued)
  International
Socially
Responsible Fund 		  International
Value Fund 		  Large Capital
Growth Fund 		  Mid Cap
Index Fund 		  Mid Cap
Strategic
Growth Fund 		  Mid Cap
Value Fund
ASSETS:                      
Investment securities, at value (unaffiliated)*‡
$548,629,931   $391,870,526   $587,584,681   $2,561,092,008   $1,171,425,496   $594,353,906
Investment securities, at value (affiliated)*‡
—   —   —   —   —   —
Repurchase agreements (cost approximates value)
—   —   —   —   —   2,835,989
Cash
774   30,690   1,792   —   27,969,513   30
Foreign cash*
5,143,790   156,504   94,177   —   69   50
Cash collateral on futures contracts
452,926   —   —   595,576   —   —
Cash collateral on centrally cleared swap contracts
—   —   —   —   —   —
Cash collateral for over-the-counter derivative contracts
—   —   —   —   —   —
Receivable for variation margin on futures contracts
—   —   —   32,451   —   —
Receivable for variation margin on centrally cleared swap contracts
—   —   —   —   —   —
Receivable for:                      
Fund shares sold
775,149   6,266   7,545   49,489   717,841   553,479
Dividends and interest
3,880,575   3,414,696   551,525   2,035,537   323,409   796,664
Investments sold
14,853,494   5,253,692   —   —   136,585   204,827
Securities lending income
—   1,662   328   2,916   58,502   19,122
Receipts on swap contracts
—   —   —   —   —   —
Prepaid expenses and other assets
16,183   25,141   12,748   102,726   109,427   56,278
Due from investment adviser for expense reimbursements/fee waivers
41,358   24,299   24,744   21,867   —   —
Unrealized appreciation on forward foreign currency contracts
—   372,733   —   —   —   —
Unrealized appreciation on over-the-counter swap contracts
4,009   —   —   250,489   —   —
Total assets
573,798,189   401,156,209   588,277,540   2,564,183,059   1,200,740,842   598,820,345
LIABILITIES:                      
Payable for:                      
Fund shares redeemed
131,892   1,714,389   317,915   1,061,301   61,697   175,489
Investments purchased
15,953,252   1,746,965   —   —   137,203   657,982
Payments on swap contracts
141   —   —   7,882   —   —
Investment advisory and management fees
228,897   246,664   316,730   589,142   609,201   393,184
Administrative service fee
30,651   23,154   33,009   145,853   64,182   37,069
Transfer agent fees and expenses
466   382   378   1,703   377   388
Directors’ fees and expenses
18,188   27,016   16,207   119,352   28,426   57,650
Other accrued expenses
141,676   161,894   108,681   236,242   144,608   165,896
Line of credit
—   —   —   —   —   —
Accrued foreign tax on capital gains
—   —   —   —   —   —
Premiums received on over-the-counter swap contracts
—   —   —   —   —   —
Collateral upon return of securities loaned
—   136,718   —   11,729,819   9,370,913   2,896,790
Due to custodian
—   —   —   94,170   —   —
Payable for variation margin on futures contracts
7,330   —   —   —   —   —
Payable for collateral on over-the-counter derivative contracts
—   —   —   —   —   —
Unrealized depreciation on forward foreign currency contracts
—   218,783   —   —   —   —
Unrealized depreciation on over-the-counter swap contracts
4,309   —   —   166,102   —   —
Total liabilities
16,516,802   4,275,965   792,920   14,151,566   10,416,607   4,384,448
Commitments and contingent liabilities (Note 5)                      
Net assets
$557,281,387   $396,880,244   $587,484,620   $2,550,031,493   $1,190,324,235   $594,435,897
NET ASSETS REPRESENTED BY:                      
Capital shares at par value of $0.01 per share
$205,682   $346,442   $355,488   $1,091,995   $563,082   $368,851
Additional paid-in-capital
411,932,115   311,379,937   377,268,016   1,664,105,262   919,246,245   514,759,890
Total accumulated earnings (loss)
145,143,590   85,153,865   209,861,116   884,834,236   270,514,908   79,307,156
Net assets
$557,281,387   $396,880,244   $587,484,620   $2,550,031,493   $1,190,324,235   $594,435,897
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
Outstanding
20,568,163   34,644,234   35,548,814   109,199,453   56,308,247   36,885,145
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
$27.09   $11.46   $16.53   $23.35   $21.14   $16.12
* Cost 		                     
Investment securities (unaffiliated)
$426,305,951   $340,921,430   $450,000,425   $1,958,973,540   $974,735,103   $568,877,139
Investment securities (affiliated)
$—   $—   $—   $—   $—   $—
Foreign cash
$5,141,245   $155,278   $94,166   $—   $69   $49
‡ Including securities on loan
$—   $12,140,821   $5,313,830   $70,593,953   $24,110,588   $18,328,178
See Notes to Financial Statements
210  
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025 — (continued)
  Moderate
Growth
Lifestyle Fund 		  Nasdaq-100®
Index Fund 		  Science &
Technology
Fund 		  Small Cap
Growth Fund 		  Small Cap
Index Fund 		  Small Cap
Special
Values Fund
ASSETS:                      
Investment securities, at value (unaffiliated)*‡
$6,513,372   $1,017,374,051   $2,801,878,411   $542,761,349   $1,081,971,549   $173,745,095
Investment securities, at value (affiliated)*‡
987,307,839   —   —   —   —   —
Repurchase agreements (cost approximates value)
—   —   —   —   —   —
Cash
—   4   14,048,594   177,588   —   —
Foreign cash*
—   —   1,074   494   —   —
Cash collateral on futures contracts
—   253,164   —   —   1,086,223   —
Cash collateral on centrally cleared swap contracts
—   —   —   —   —   —
Cash collateral for over-the-counter derivative contracts
—   —   —   —   —   —
Receivable for variation margin on futures contracts
—   —   —   —   —   —
Receivable for variation margin on centrally cleared swap contracts
—   —   —   —   —   —
Receivable for:                      
Fund shares sold
16,675   52,216   42,661   276,820   802,684   8,704
Dividends and interest
26,920   570,105   1,151,814   142,849   819,899   175,372
Investments sold
17,400,827   —   —   3,161,105   140,524   180,166
Securities lending income
—   672   5,300   4,995   19,219   1,189
Receipts on swap contracts
—   —   —   —   38,847   —
Prepaid expenses and other assets
32,236   8,710   95,998   44,934   36,388   10,951
Due from investment adviser for expense reimbursements/fee waivers
25,147   67,307   114,877   21,985   52,974   —
Unrealized appreciation on forward foreign currency contracts
—   —   —   162,645   —   —
Unrealized appreciation on over-the-counter swap contracts
—   —   —   —   253,968   —
Total assets
1,011,323,016   1,018,326,229   2,817,338,729   546,754,764   1,085,222,275   174,121,477
LIABILITIES:                      
Payable for:                      
Fund shares redeemed
364,849   121,953   672,863   24,844   30,583   138,853
Investments purchased
13,946,152   —   —   3,064,306   —   60,392
Payments on swap contracts
—   —   —   —   69,977   —
Investment advisory and management fees
83,823   315,617   1,974,145   355,999   263,192   112,117
Administrative service fee
—   56,116   153,246   29,328   58,890   9,971
Transfer agent fees and expenses
282   996   1,001   538   1,250   292
Directors’ fees and expenses
37,328   13,809   77,147   32,284   41,619   8,171
Other accrued expenses
86,260   188,058   234,832   119,210   353,891   78,108
Line of credit
—   —   —   —   —   —
Accrued foreign tax on capital gains
—   —   —   —   —   —
Premiums received on over-the-counter swap contracts
—   —   —   —   —   —
Collateral upon return of securities loaned
—   9,228   36,411,214   4,147,388   29,085,892   253,203
Due to custodian
—   —   —   —   9,990   —
Payable for variation margin on futures contracts
—   1,253   —   —   181,365   —
Payable for collateral on over-the-counter derivative contracts
—   —   —   —   —   —
Unrealized depreciation on forward foreign currency contracts
—   —   —   642,226   —   —
Unrealized depreciation on over-the-counter swap contracts
—   —   —   —   139,744   —
Total liabilities
14,518,694   707,030   39,524,448   8,416,123   30,236,393   661,107
Commitments and contingent liabilities (Note 5)                      
Net assets
$996,804,322   $1,017,619,199   $2,777,814,281   $538,338,641   $1,054,985,882   $173,460,370
NET ASSETS REPRESENTED BY:                      
Capital shares at par value of $0.01 per share
$685,498   $441,349   $840,180   $342,363   $724,926   $168,730
Additional paid-in-capital
877,298,937   377,504,270   1,859,976,936   614,125,889   871,361,812   160,085,458
Total accumulated earnings (loss)
118,819,887   639,673,580   916,997,165   (76,129,611)   182,899,144   13,206,182
Net assets
$996,804,322   $1,017,619,199   $2,777,814,281   $538,338,641   $1,054,985,882   $173,460,370
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
Outstanding
68,549,845   44,134,889   84,017,976   34,236,268   72,492,595   16,872,955
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
$14.54   $23.06   $33.06   $15.72   $14.55   $10.28
* Cost 		                     
Investment securities (unaffiliated)
$6,513,372   $478,458,591   $2,070,505,814   $543,403,284   $941,141,007   $172,656,956
Investment securities (affiliated)
$899,154,651   $—   $—   $—   $—   $—
Foreign cash
$—   $—   $1,054   $490   $—   $—
‡ Including securities on loan
$—   $3,552,374   $34,703,466   $27,570,545   $64,029,082   $10,585,833
See Notes to Financial Statements
211
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025 — (continued)
  Small Cap
Value Fund 		  Stock Index
Fund 		  Systematic
Core Fund 		  Systematic
Growth Fund 		  Systematic
Value Fund 		  U.S. Socially
Responsible
Fund
ASSETS:                      
Investment securities, at value (unaffiliated)*‡
$245,107,171   $6,440,715,453   $688,906,928   $987,002,531   $454,163,177   $560,915,131
Investment securities, at value (affiliated)*‡
—   —   —   —   —   —
Repurchase agreements (cost approximates value)
3,896,247   —   —   —   4,692,273   —
Cash
—   88   10,041,226   4,007,910   —   5
Foreign cash*
—   —   —   —   —   —
Cash collateral on futures contracts
590,000   2,274,107   —   —   —   153,065
Cash collateral on centrally cleared swap contracts
—   —   —   —   —   —
Cash collateral for over-the-counter derivative contracts
—   —   —   —   —   —
Receivable for variation margin on futures contracts
—   176,300   —   —   —   100,002
Receivable for variation margin on centrally cleared swap contracts
—   —   —   —   —   —
Receivable for:                      
Fund shares sold
8,100   173,135   1,718,011   13,438   106,716   87,659
Dividends and interest
287,050   6,909,319   620,284   417,430   513,682   384,242
Investments sold
192,254   —   —   —   —   —
Securities lending income
4,823   1,466   2,585   405   687   214
Receipts on swap contracts
—   —   —   —   —   —
Prepaid expenses and other assets
56,189   180,254   26,066   15,915   22,442   47,749
Due from investment adviser for expense reimbursements/fee waivers
—   458,918   123,558   142,731   53,642   9,644
Unrealized appreciation on forward foreign currency contracts
—   —   —   —   —   —
Unrealized appreciation on over-the-counter swap contracts
—   —   —   —   —   —
Total assets
250,141,834   6,450,889,040   701,438,658   991,600,360   459,552,619   561,697,711
LIABILITIES:                      
Payable for:                      
Fund shares redeemed
1,433,869   18,411,190   6,547   5,288,799   1,770,993   1,504,147
Investments purchased
751,999   —   4,889,104   —   —   —
Payments on swap contracts
—   —   —   —   —   —
Investment advisory and management fees
159,880   1,192,047   417,797   589,270   259,669   120,545
Administrative service fee
15,970   360,116   37,461   54,631   25,557   32,161
Transfer agent fees and expenses
1,755   2,391   561   663   543   336
Directors’ fees and expenses
30,919   216,094   29,174   21,895   24,553   51,374
Other accrued expenses
179,639   365,307   101,841   123,161   87,396   126,453
Line of credit
—   —   —   —   —   —
Accrued foreign tax on capital gains
—   —   —   —   —   —
Premiums received on over-the-counter swap contracts
—   —   —   —   —   —
Collateral upon return of securities loaned
2,923,256   722,978   2,130,549   756   874,314   —
Due to custodian
39,202   —   —   —   —   —
Payable for variation margin on futures contracts
20,937   —   —   —   —   —
Payable for collateral on over-the-counter derivative contracts
—   —   —   —   —   —
Unrealized depreciation on forward foreign currency contracts
—   —   —   —   —   —
Unrealized depreciation on over-the-counter swap contracts
—   —   —   —   —   —
Total liabilities
5,557,426   21,270,123   7,613,034   6,079,175   3,043,025   1,835,016
Commitments and contingent liabilities (Note 5)                      
Net assets
$244,584,408   $6,429,618,917   $693,825,624   $985,521,185   $456,509,594   $559,862,695
NET ASSETS REPRESENTED BY:                      
Capital shares at par value of $0.01 per share
$223,522   $1,101,319   $213,905   $543,471   $308,746   $310,730
Additional paid-in-capital
213,443,859   1,295,475,018   433,619,890   518,134,596   347,754,377   313,119,599
Total accumulated earnings (loss)
30,917,027   5,133,042,580   259,991,829   466,843,118   108,446,471   246,432,366
Net assets
$244,584,408   $6,429,618,917   $693,825,624   $985,521,185   $456,509,594   $559,862,695
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
Outstanding
22,352,239   110,131,929   21,390,549   54,347,072   30,874,601   31,072,999
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
$10.94   $58.38   $32.44   $18.13   $14.79   $18.02
* Cost 		                     
Investment securities (unaffiliated)
$247,013,246   $2,025,629,771   $471,205,155   $648,028,072   $390,802,171   $384,654,804
Investment securities (affiliated)
$—   $—   $—   $—   $—   $—
Foreign cash
$—   $—   $—   $—   $—   $—
‡ Including securities on loan
$10,392,259   $19,225,588   $18,535,434   $4,109,802   $6,162,217   $2,071,768
See Notes to Financial Statements
212  
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025
  Aggressive
Growth
Lifestyle Fund 		  Asset
Allocation
Fund 		  Capital
Appreciation
Fund 		  Conservative
Growth
Lifestyle Fund 		  Core Bond
Fund 		  Dividend
Value Fund
INVESTMENT INCOME:                      
Dividends (unaffiliated)
$265,871   $1,034,418   $1,399,179   $106,760   $2,144,497   $18,102,665
Dividends (affiliated)
15,220,382   —   —   8,433,162   —   —
Securities lending income
—   6,253   —   —   83,035   53,242
Interest (unaffiliated)
—   2,239,773   24   —   109,957,248   1,160
Total investment income*
15,486,253   3,280,444   1,399,203   8,539,922   112,184,780   18,157,067
EXPENSES:                      
Investment advisory and management fees
710,504   746,675   1,285,745   288,846   10,698,944   5,243,807
Administration service fee
—   99,638   155,978   —   1,726,268   489,825
Transfer agent fees and expenses
1,811   1,473   2,372   1,898   5,249   1,877
Custodian fees
11,956   49,353   11,424   11,956   154,463   8,975
Reports to shareholders
35,457   15,743   83,217   20,449   196,790   56,757
Audit and tax fees
40,147   53,321   53,695   40,147   67,862   40,403
Legal fees
28,832   19,587   31,855   15,178   113,608   25,907
Directors’ fees and expenses
64,092   13,692   20,811   25,877   222,587   59,020
Interest expense
—   —   —   —   54,383   28
License fee
39,664   897   6,766   20,336   6,675   14,810
Other expenses
35,959   47,550   43,034   30,041   52,821   57,917
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly
968,422   1,047,929   1,694,897   454,728   13,299,650   5,999,326
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)
(213,151)   (74,668)   —   (86,654)   (776,171)   (1,004,217)
Fees paid indirectly (Note 2)
—   (885)   —   —   —   (1,142)
Net expenses
755,271   972,376   1,694,897   368,074   12,523,479   4,993,967
Net investment income (loss)
14,730,982   2,308,068   (295,694)   8,171,848   99,661,301   13,163,100
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:                      
Net realized gain (loss) on:                      
Investments (unaffiliated)**
—   9,094,353   19,214,660   —   (17,133,317)   61,466,655
Investments (affiliated)
10,288,316   —   —   1,380,506   —   —
Futures contracts
—   39,281   —   —   (543,429)   —
Forward contracts
—   —   —   —   —   —
Swap contracts
—   —   —   —   —   —
Net realized foreign exchange gain (loss) on other assets and liabilities
—   (155)   —   —   16   15,619
Net realized gain from capital gain distributions received from underlying funds (affiliated)
15,364,343   —   —   3,143,571   —   —
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)
—   —   —   —   —   —
Net increase from reimbursement of investment violation (Note 5)
—   —   —   —   —   —
Net realized gain (loss) on investments and foreign currencies
25,652,659   9,133,479   19,214,660   4,524,077   (17,676,730)   61,482,274
Change in unrealized appreciation (depreciation) on:                      
Investments (unaffiliated)
—   523,482   19,874,095   —   63,380,560   (6,215,058)
Investments (affiliated)
30,208,646   —   —   9,003,363   —   —
Futures contracts
—   —   —   —   1,056,749   —
Forward contracts
—   —   —   —   —   —
Swap contracts
—   —   —   —   —   —
Change in unrealized foreign exchange gain (loss) on other assets and liabilities
—   362   —   —   5   29,893
Change in accrued capital gains tax on unrealized appreciation (depreciation)
—   —   —   —   —   —
Net unrealized gain (loss) on investments and foreign currencies
30,208,646   523,844   19,874,095   9,003,363   64,437,314   (6,185,165)
Net realized and unrealized gain (loss) on investments and foreign currencies
55,861,305   9,657,323   39,088,755   13,527,440   46,760,584   55,297,109
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$70,592,287   $11,965,391   $38,793,061   $21,699,288   $146,421,885   $68,460,209
* Net of foreign withholding taxes on interest and dividends of
$—   $5,106   $2,779   $—   $723   $315,623
** Net of foreign withholding taxes on capital gains of
$—   $—   $—   $—   $—   $—
See Notes to Financial Statements
213
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025 — (continued)
  Dynamic
Allocation
Fund 		  Emerging
Economies
Fund 		  Global Real
Estate Fund 		  Global
Strategy
Fund 		  Government
Securities
Fund 		  Growth Fund
INVESTMENT INCOME:                      
Dividends (unaffiliated)
$265,392   $20,262,243   $10,691,458   $3,096,420   $—   $8,219,831
Dividends (affiliated)
1,872,178   —   —   —   —   —
Securities lending income
—   39,573   19,035   52,436   933   11,442
Interest (unaffiliated)
812,275   27,439   174,076   5,737,899   4,439,087   11,472
Total investment income*
2,949,845   20,329,255   10,884,569   8,886,755   4,440,020   8,242,745
EXPENSES:                      
Investment advisory and management fees
346,032   5,575,674   2,523,231   1,096,993   664,601   11,405,725
Administration service fee
17,633   488,729   228,628   146,384   88,684   1,132,796
Transfer agent fees and expenses
1,473   4,636   1,758   1,473   3,095   2,538
Custodian fees
23,081   823,721   37,505   57,749   15,086   69,002
Reports to shareholders
12,134   181,042   101,366   27,495   22,212   82,813
Audit and tax fees
41,164   67,137   41,896   55,670   47,442   40,402
Legal fees
12,742   48,960   19,021   17,075   21,088   58,817
Directors’ fees and expenses
12,579   63,820   30,577   19,826   11,377   153,872
Interest expense
62,058   33,520   42,749   3,243   —   13,428
License fee
8,345   9,692   19,250   29,191   897   40,632
Other expenses
35,025   166,859   63,217   65,797   41,354   76,280
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly
572,266   7,463,790   3,109,198   1,520,896   915,836   13,076,305
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)
(78,022)   —   (23,343)   (131,639)   (71,501)   (2,716,337)
Fees paid indirectly (Note 2)
—   —   (1,475)   —   —   —
Net expenses
494,244   7,463,790   3,084,380   1,389,257   844,335   10,359,968
Net investment income (loss)
2,455,601   12,865,465   7,800,189   7,497,498   3,595,685   (2,117,223)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:                      
Net realized gain (loss) on:                      
Investments (unaffiliated)**
(423,062)   7,663,407   8,849,811   14,870,312   (23,387)   192,971,893
Investments (affiliated)
(670,855)   —   —   —   —   —
Futures contracts
(381,195)   199,585   —   (973,566)   —   333,973
Forward contracts
—   —   —   (142,975)   —   —
Swap contracts
—   —   —   7,670   —   —
Net realized foreign exchange gain (loss) on other assets and liabilities
—   (1,140,149)   (122,705)   (49,790)   —   (6,898)
Net realized gain from capital gain distributions received from underlying funds (affiliated)
4,149,686   —   —   —   —   —
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)
—   —   —   —   —   (471,853)
Net increase from reimbursement of investment violation (Note 5)
—   —   —   —   —   471,853
Net realized gain (loss) on investments and foreign currencies
2,674,574   6,722,843   8,727,106   13,711,651   (23,387)   193,298,968
Change in unrealized appreciation (depreciation) on:                      
Investments (unaffiliated)
1,055,423   53,622,475   7,381,128   (773,703)   2,825,513   58,330,338
Investments (affiliated)
5,951,065   —   —   —   —   —
Futures contracts
(792,251)   51,397   —   164,486   —   (13,273)
Forward contracts
—   —   —   (18,933)   —   —
Swap contracts
—   —   —   83   —   —
Change in unrealized foreign exchange gain (loss) on other assets and liabilities
—   27,613   23,431   16,021   —   3,438
Change in accrued capital gains tax on unrealized appreciation (depreciation)
—   (196,624)   —   33,102   —   —
Net unrealized gain (loss) on investments and foreign currencies
6,214,237   53,504,861   7,404,559   (578,944)   2,825,513   58,320,503
Net realized and unrealized gain (loss) on investments and foreign currencies
8,888,811   60,227,704   16,131,665   13,132,707   2,802,126   251,619,471
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$11,344,412   $73,093,169   $23,931,854   $20,630,205   $6,397,811   $249,502,248
* Net of foreign withholding taxes on interest and dividends of
$—   $2,714,293   $400,379   $392,208   $—   $75,873
** Net of foreign withholding taxes on capital gains of
$—   $1,182,724   $—   $2,784   $—   $—
See Notes to Financial Statements
214  
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025 — (continued)
  High Yield
Bond Fund 		  Inflation
Protected
Fund 		  International
Equities
Index Fund 		  International
Government
Bond Fund 		  International
Growth Fund 		  International
Opportunities
Fund
INVESTMENT INCOME:                      
Dividends (unaffiliated)
$—   $—   $51,386,232   $—   $3,308,404   $8,765,666
Dividends (affiliated)
—   —   —   —   —   —
Securities lending income
295,808   773   177,205   3,681   81,276   114,737
Interest (unaffiliated)
25,591,533   12,167,799   676,587   2,628,851   73,263   90,188
Total investment income*
25,887,341   12,168,572   52,240,024   2,632,532   3,462,943   8,970,591
EXPENSES:                      
Investment advisory and management fees
2,292,941   1,906,233   4,949,802   311,168   3,479,895   3,190,870
Administration service fee
246,620   264,098   1,209,187   41,521   248,722   257,780
Transfer agent fees and expenses
2,453   1,877   8,860   1,996   1,878   1,746
Custodian fees
34,255   86,213   289,317   20,831   70,046   229,264
Reports to shareholders
63,633   62,332   142,421   18,172   35,625   84,930
Audit and tax fees
53,695   49,720   52,969   53,724   51,023   53,694
Legal fees
17,307   22,158   54,294   18,842   19,252   17,542
Directors’ fees and expenses
33,399   33,722   157,747   5,283   32,749   34,242
Interest expense
11,647   18,962   132,911   20   912   14,995
License fee
21,729   6,675   545,089   18,050   6,123   6,463
Other expenses
51,461   54,891   149,892   44,168   65,168   128,384
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly
2,829,140   2,506,881   7,692,489   533,775   4,011,393   4,019,910
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)
(303,321)   (118,749)   —   (8,157)   (894,647)   (115,908)
Fees paid indirectly (Note 2)
—   —   —   —   —   (43)
Net expenses
2,525,819   2,388,132   7,692,489   525,618   3,116,746   3,903,959
Net investment income (loss)
23,361,522   9,780,440   44,547,535   2,106,914   346,197   5,066,632
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:                      
Net realized gain (loss) on:                      
Investments (unaffiliated)**
(923,813)   (15,726,254)   76,316,447   (1,696,621)   20,953,275   27,834,951
Investments (affiliated)
—   —   —   —   —   —
Futures contracts
—   (1,468,453)   2,792,487   —   —   —
Forward contracts
(286,859)   9,771,818   —   —   —   —
Swap contracts
—   42,703   (439)   —   —   —
Net realized foreign exchange gain (loss) on other assets and liabilities
31,243   (5,131)   291,025   52,404   (29,137)   64,858
Net realized gain from capital gain distributions received from underlying funds (affiliated)
—   —   —   —   —   —
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)
—   —   —   —   —   —
Net increase from reimbursement of investment violation (Note 5)
—   —   —   —   —   —
Net realized gain (loss) on investments and foreign currencies
(1,179,429)   (7,385,317)   79,399,520   (1,644,217)   20,924,138   27,899,809
Change in unrealized appreciation (depreciation) on:                      
Investments (unaffiliated)
9,188,850   18,643,166   67,859,256   3,149,300   41,712,745   2,049,381
Investments (affiliated)
—   —   —   —   —   —
Futures contracts
—   (999,403)   (1,038,429)   —   —   —
Forward contracts
(37,971)   (6,376,695)   —   —   —   —
Swap contracts
—   178,355   (3,499)   —   —   —
Change in unrealized foreign exchange gain (loss) on other assets and liabilities
2,391   (147,618)   608,138   11,924   44,289   114,574
Change in accrued capital gains tax on unrealized appreciation (depreciation)
—   —   —   —   (430,845)   13,722
Net unrealized gain (loss) on investments and foreign currencies
9,153,270   11,297,805   67,425,466   3,161,224   41,326,189   2,177,677
Net realized and unrealized gain (loss) on investments and foreign currencies
7,973,841   3,912,488   146,824,986   1,517,007   62,250,327   30,077,486
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$31,335,363   $13,692,928   $191,372,521   $3,623,921   $62,596,524   $35,144,118
* Net of foreign withholding taxes on interest and dividends of
$—   $—   $4,850,702   $2,975   $467,258   $948,742
** Net of foreign withholding taxes on capital gains of
$—   $—   $—   $—   $72,025   $154,173
See Notes to Financial Statements
215
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025 — (continued)
  International
Socially
Responsible Fund 		  International
Value Fund 		  Large Capital
Growth Fund 		  Mid Cap
Index Fund 		  Mid Cap
Strategic
Growth Fund 		  Mid Cap
Value Fund
INVESTMENT INCOME:                      
Dividends (unaffiliated)
$14,202,899   $16,296,698   $6,311,631   $41,854,412   $6,895,629   $13,062,037
Dividends (affiliated)
—   —   —   —   —   —
Securities lending income
—   11,072   1,166   89,012   145,827   50,123
Interest (unaffiliated)
209,438   3,589   158,385   561,663   539,768   54,862
Total investment income*
14,412,337   16,311,359   6,471,182   42,505,087   7,581,224   13,167,022
EXPENSES:                      
Investment advisory and management fees
2,441,291   3,162,620   4,009,505   7,592,611   6,685,502   5,207,719
Administration service fee
325,909   298,050   418,000   1,893,552   701,732   494,637
Transfer agent fees and expenses
3,096   2,179   2,089   8,883   2,418   2,846
Custodian fees
68,608   43,750   28,370   102,254   42,240   48,701
Reports to shareholders
95,318   165,524   66,027   199,290   118,626   119,697
Audit and tax fees
56,623   65,191   40,399   42,347   40,401   53,694
Legal fees
21,554   45,005   26,881   81,966   38,638   29,213
Directors’ fees and expenses
43,542   39,431   56,043   259,200   95,501   67,917
Interest expense
3,162   4,228   51   22,088   356   3,502
License fee
7,413   7,064   14,155   31,992   27,633   15,342
Other expenses
53,261   87,762   53,053   109,447   56,532   61,517
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly
3,119,777   3,920,804   4,714,573   10,343,630   7,809,579   6,104,785
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)
(263,190)   (312,697)   (207,030)   (186,997)   —   —
Fees paid indirectly (Note 2)
—   (34)   —   —   (47,917)   (7,838)
Net expenses
2,856,587   3,608,073   4,507,543   10,156,633   7,761,662   6,096,947
Net investment income (loss)
11,555,750   12,703,286   1,963,639   32,348,454   (180,438)   7,070,075
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:                      
Net realized gain (loss) on:                      
Investments (unaffiliated)**
16,957,702   24,400,841   72,053,891   276,423,843   115,611,897   69,117,091
Investments (affiliated)
—   —   —   —   —   —
Futures contracts
99,574   —   —   (8,344,296)   —   —
Forward contracts
—   205,408   —   —   —   —
Swap contracts
(141)   —   —   (7,882)   —   —
Net realized foreign exchange gain (loss) on other assets and liabilities
520,405   (180,530)   (12,626)   —   6,958   57
Net realized gain from capital gain distributions received from underlying funds (affiliated)
—   —   —   —   —   —
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)
—   —   —   —   —   —
Net increase from reimbursement of investment violation (Note 5)
—   —   —   —   —   —
Net realized gain (loss) on investments and foreign currencies
17,577,540   24,425,719   72,041,265   268,071,665   115,618,855   69,117,148
Change in unrealized appreciation (depreciation) on:                      
Investments (unaffiliated)
26,650,624   29,583,240   (34,358,619)   (249,528,472)   29,959,730   (58,928,601)
Investments (affiliated)
—   —   —   —   —   —
Futures contracts
(365,519)   —   —   (20,180)   —   —
Forward contracts
—   25,770   —   —   —   —
Swap contracts
(300)   —   —   84,387   —   —
Change in unrealized foreign exchange gain (loss) on other assets and liabilities
139,823   151,619   2,710   —   11   2
Change in accrued capital gains tax on unrealized appreciation (depreciation)
—   —   —   —   —   —
Net unrealized gain (loss) on investments and foreign currencies
26,424,628   29,760,629   (34,355,909)   (249,464,265)   29,959,741   (58,928,599)
Net realized and unrealized gain (loss) on investments and foreign currencies
44,002,168   54,186,348   37,685,356   18,607,400   145,578,596   10,188,549
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$55,557,918   $66,889,634   $39,648,995   $50,955,854   $145,398,158   $17,258,624
* Net of foreign withholding taxes on interest and dividends of
$1,606,795   $1,397,910   $118,127   $23,309   $94,914   $30,365
** Net of foreign withholding taxes on capital gains of
$—   $—   $—   $—   $—   $—
See Notes to Financial Statements
216  
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025 — (continued)
  Moderate
Growth
Lifestyle Fund 		  Nasdaq-100®
Index Fund 		  Science &
Technology
Fund 		  Small Cap
Growth Fund 		  Small Cap
Index Fund 		  Small Cap
Special
Values Fund
INVESTMENT INCOME:                      
Dividends (unaffiliated)
$374,361   $7,744,276   $11,916,859   $1,933,796   $13,088,611   $4,204,867
Dividends (affiliated)
25,931,782   —   —   —   —   —
Securities lending income
—   14,139   34,193   28,039   767,784   16,352
Interest (unaffiliated)
—   276,849   213,852   48,201   647,162   24
Total investment income*
26,306,143   8,035,264   12,164,904   2,010,036   14,503,557   4,221,243
EXPENSES:                      
Investment advisory and management fees
1,023,598   3,765,424   24,046,455   4,225,544   3,186,184   1,508,913
Administration service fee
—   670,103   1,868,034   348,238   716,898   134,232
Transfer agent fees and expenses
1,888   6,132   5,812   3,862   7,182   1,878
Custodian fees
11,956   31,303   142,915   (50,399)   99,421   15,438
Reports to shareholders
42,688   45,163   109,141   85,911   156,896   25,033
Audit and tax fees
40,147   42,347   40,401   53,694   42,346   40,400
Legal fees
36,984   36,483   77,516   73,085   38,077   18,626
Directors’ fees and expenses
92,172   92,897   249,314   47,813   98,156   18,814
Interest expense
—   5,906   8,267   122   16,603   —
License fee
51,701   233,376   897   12,350   250,631   5,403
Other expenses
39,918   58,958   121,976   51,054   70,970   42,806
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly
1,341,052   4,988,092   26,670,728   4,851,274   4,683,364   1,811,543
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)
(307,079)   (803,428)   (1,399,792)   (224,970)   (608,446)   —
Fees paid indirectly (Note 2)
—   —   (68,370)   (14,646)   —   (8,392)
Net expenses
1,033,973   4,184,664   25,202,566   4,611,658   4,074,918   1,803,151
Net investment income (loss)
25,272,170   3,850,600   (13,037,662)   (2,601,622)   10,428,639   2,418,092
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:                      
Net realized gain (loss) on:                      
Investments (unaffiliated)**
—   96,780,577   556,986,282   51,028,329   55,512,805   13,093,919
Investments (affiliated)
16,543,079   —   —   —   —   —
Futures contracts
—   470,241   —   —   (12,905,133)   —
Forward contracts
—   —   —   486,930   —   —
Swap contracts
—   —   —   —   (31,130)   —
Net realized foreign exchange gain (loss) on other assets and liabilities
—   —   (205,672)   (1,475)   —   —
Net realized gain from capital gain distributions received from underlying funds (affiliated)
16,461,111   —   —   —   —   —
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)
—   —   —   —   —   —
Net increase from reimbursement of investment violation (Note 5)
—   —   —   —   —   —
Net realized gain (loss) on investments and foreign currencies
33,004,190   97,250,818   556,780,610   51,513,784   42,576,542   13,093,919
Change in unrealized appreciation (depreciation) on:                      
Investments (unaffiliated)
—   40,347,823   (128,699,566)   (33,118,405)   (35,509,525)   (30,173,880)
Investments (affiliated)
31,267,177   —   —   —   —   —
Futures contracts
—   410,847   —   —   (1,560,196)   —
Forward contracts
—   —   —   (479,581)   —   —
Swap contracts
—   —   —   —   114,224   —
Change in unrealized foreign exchange gain (loss) on other assets and liabilities
—   —   (11,735)   23   1   —
Change in accrued capital gains tax on unrealized appreciation (depreciation)
—   —   —   —   —   —
Net unrealized gain (loss) on investments and foreign currencies
31,267,177   40,758,670   (128,711,301)   (33,597,963)   (36,955,496)   (30,173,880)
Net realized and unrealized gain (loss) on investments and foreign currencies
64,271,367   138,009,488   428,069,309   17,915,821   5,621,046   (17,079,961)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$89,543,537   $141,860,088   $415,031,647   $15,314,199   $16,049,685   $(14,661,869)
* Net of foreign withholding taxes on interest and dividends of
$—   $16,241   $699,472   $8,007   $34,158   $14,657
** Net of foreign withholding taxes on capital gains of
$—   $—   $—   $—   $—   $—
See Notes to Financial Statements
217
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025 — (continued)
  Small Cap
Value Fund 		  Stock Index
Fund 		  Systematic
Core Fund 		  Systematic
Growth Fund 		  Systematic
Value Fund 		  U.S. Socially
Responsible
Fund
INVESTMENT INCOME:                      
Dividends (unaffiliated)
$5,760,050   $86,723,009   $8,157,183   $6,117,522   $9,219,674   $8,873,861
Dividends (affiliated)
—   145,570   —   —   —   —
Securities lending income
59,785   16,596   97,397   6,563   16,465   1,976
Interest (unaffiliated)
157,370   695,975   38,258   57,936   49,167   244,184
Total investment income*
5,977,205   87,581,150   8,292,838   6,182,021   9,285,306   9,120,021
EXPENSES:                      
Investment advisory and management fees
2,267,547   14,430,984   4,521,751   7,212,725   3,100,356   1,622,597
Administration service fee
227,622   4,417,479   404,634   669,634   305,416   433,047
Transfer agent fees and expenses
7,858   13,276   3,668   4,261   3,611   2,413
Custodian fees
146,659   198,276   27,008   38,795   19,632   23,206
Reports to shareholders
55,637   275,798   43,515   61,753   33,884   99,657
Audit and tax fees
54,230   42,346   42,348   40,446   40,403   67,969
Legal fees
16,704   167,633   21,697   37,559   19,304   27,065
Directors’ fees and expenses
34,286   587,295   54,244   91,145   41,689   59,472
Interest expense
2,770   33,516   556   —   807   6,912
License fee
9,442   69,240   13,796   897   10,943   897
Other expenses
51,628   197,373   53,494   70,546   46,302   56,209
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly
2,874,383   20,433,216   5,186,711   8,227,761   3,622,347   2,399,444
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)
—   (5,408,504)   (1,334,187)   (1,771,352)   (883,956)   (9,950)
Fees paid indirectly (Note 2)
(60,731)   —   —   —   —   —
Net expenses
2,813,652   15,024,712   3,852,524   6,456,409   2,738,391   2,389,494
Net investment income (loss)
3,163,553   72,556,438   4,440,314   (274,388)   6,546,915   6,730,527
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:                      
Net realized gain (loss) on:                      
Investments (unaffiliated)**
40,129,934   677,114,979   38,568,187   133,688,695   40,593,082   63,661,254
Investments (affiliated)
—   1,037,363   —   —   —   —
Futures contracts
350,359   5,048,820   —   —   —   1,498,678
Forward contracts
—   —   —   —   —   —
Swap contracts
—   —   —   —   —   —
Net realized foreign exchange gain (loss) on other assets and liabilities
—   —   —   —   —   —
Net realized gain from capital gain distributions received from underlying funds (affiliated)
—   —   —   —   —   —
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)
—   —   —   —   —   —
Net increase from reimbursement of investment violation (Note 5)
—   —   —   —   —   —
Net realized gain (loss) on investments and foreign currencies
40,480,293   683,201,162   38,568,187   133,688,695   40,593,082   65,159,932
Change in unrealized appreciation (depreciation) on:                      
Investments (unaffiliated)
(44,900,688)   64,881,093   29,190,507   10,733,109   7,796,827   (6,357,372)
Investments (affiliated)
—   (662,234)   —   —   —   —
Futures contracts
(18,351)   (294,343)   —   —   —   (819,480)
Forward contracts
—   —   —   —   —   —
Swap contracts
—   —   —   —   —   —
Change in unrealized foreign exchange gain (loss) on other assets and liabilities
—   —   —   —   —   —
Change in accrued capital gains tax on unrealized appreciation (depreciation)
—   —   —   —   —   —
Net unrealized gain (loss) on investments and foreign currencies
(44,919,039)   63,924,516   29,190,507   10,733,109   7,796,827   (7,176,852)
Net realized and unrealized gain (loss) on investments and foreign currencies
(4,438,746)   747,125,678   67,758,694   144,421,804   48,389,909   57,983,080
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$(1,275,193)   $819,682,116   $72,199,008   $144,147,416   $54,936,824   $64,713,607
* Net of foreign withholding taxes on interest and dividends of
$15,212   $19,313   $1,250   $1,348   $—   $654
** Net of foreign withholding taxes on capital gains of
$—   $—   $—   $—   $—   $—
See Notes to Financial Statements
218  
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS
  Aggressive Growth Lifestyle Fund   Asset Allocation
Fund 		  Capital Appreciation Fund   Conservative Growth
Lifestyle Fund
  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024
INCREASE (DECREASE) IN NET ASSETS                              
OPERATIONS:                              
Net investment income (loss)
$14,730,982   $11,701,542   $2,308,068   $2,152,337   $(295,694)   $(103,724)   $8,171,848   $7,624,871
Net realized gain (loss) on investments and foreign currencies
25,652,659   9,949,149   9,133,479   8,144,830   19,214,660   4,404,010   4,524,077   1,435,556
Net unrealized gain (loss) on investments and foreign currencies
30,208,646   95,431,637   523,844   12,896,382   19,874,095   21,946,171   9,003,363   20,289,495
Net increase (decrease) in net assets resulting from operations
70,592,287   117,082,328   11,965,391   23,193,549   38,793,061   26,246,457   21,699,288   29,349,922
DISTRIBUTIONS TO SHAREHOLDERS FROM:                              
Distributable earnings
(18,268,533)   (14,374,215)   (7,933,999)   (2,200,405)   (4,286,202)   (13,718,380)   (7,642,651)   (7,056,285)
CAPITAL SHARE TRANSACTIONS (Note 7)
(35,180,768)   (37,053,011)   (6,576,396)   (7,883,954)   80,147,540   139,123,790   (27,869,115)   (32,245,412)
TOTAL INCREASE (DECREASE) IN NET ASSETS
17,142,986   65,655,102   (2,545,004)   13,109,190   114,654,399   151,651,867   (13,812,478)   (9,951,775)
NET ASSETS:                              
Beginning of period
695,802,248   630,147,146   147,632,539   134,523,349   213,162,668   61,510,801   293,561,781   303,513,556
End of period
$712,945,234   $695,802,248   $145,087,535   $147,632,539   $327,817,067   $213,162,668   $279,749,303   $293,561,781
  Core Bond Fund   Dividend Value Fund   Dynamic
Allocation Fund 		  Emerging Economies
Fund
  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024
INCREASE (DECREASE) IN NET ASSETS                              
OPERATIONS:                              
Net investment income (loss)
$99,661,301   $98,925,537   $13,163,100   $14,837,202   $2,455,601   $2,790,046   $12,865,465   $16,679,446
Net realized gain (loss) on investments and foreign currencies
(17,676,730)   (96,164,450)   61,482,274   28,381,795   2,674,574   (1,383,538)   6,722,843   38,498,180
Net unrealized gain (loss) on investments and foreign currencies
64,437,314   62,820,806   (6,185,165)   101,227,914   6,214,237   19,792,003   53,504,861   53,794,426
Net increase (decrease) in net assets resulting from operations
146,421,885   65,581,893   68,460,209   144,446,911   11,344,412   21,198,511   73,093,169   108,972,052
DISTRIBUTIONS TO SHAREHOLDERS FROM:                              
Distributable earnings
(101,852,375)   (95,661,726)   (42,334,802)   (41,453,139)   (4,111,064)   (8,944,739)   (26,325,689)   (15,305,018)
CAPITAL SHARE TRANSACTIONS (Note 7)
85,342,413   (201,777,283)   (12,840,788)   (485,408,680)   (18,101,879)   (17,780,676)   14,112,125   (96,542,349)
TOTAL INCREASE (DECREASE) IN NET ASSETS
129,911,923   (231,857,116)   13,284,619   (382,414,908)   (10,868,531)   (5,526,904)   60,879,605   (2,875,315)
NET ASSETS:                              
Beginning of period
2,576,903,716   2,808,760,832   667,422,617   1,049,837,525   141,566,571   147,093,475   644,336,978   647,212,293
End of period
$2,706,815,639   $2,576,903,716   $680,707,236   $667,422,617   $130,698,040   $141,566,571   $705,216,583   $644,336,978
See Notes to Financial Statements
219
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
  Global Real
Estate Fund 		  Global Strategy
Fund 		  Government Securities
Fund 		  Growth Fund
  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024
INCREASE (DECREASE) IN NET ASSETS                              
OPERATIONS:                              
Net investment income (loss)
$7,800,189   $5,898,934   $7,497,498   $7,010,530   $3,595,685   $3,343,265   $(2,117,223)   $894,765
Net realized gain (loss) on investments and foreign currencies
8,727,106   (13,146,971)   13,711,651   1,340,201   (23,387)   (792,352)   193,298,968   95,641,979
Net unrealized gain (loss) on investments and foreign currencies
7,404,559   29,958,747   (578,944)   30,190,497   2,825,513   (2,089,468)   58,320,503   349,782,403
Net increase (decrease) in net assets resulting from operations
23,931,854   22,710,710   20,630,205   38,541,228   6,397,811   461,445   249,502,248   446,319,147
DISTRIBUTIONS TO SHAREHOLDERS FROM:                              
Distributable earnings
(6,623,573)   (7,143,934)   (8,347,100)   —   (3,794,637)   (4,723,224)   (53,217,747)   (1,517,258)
CAPITAL SHARE TRANSACTIONS (Note 7)
(117,357,384)   53,636,644   (7,647,182)   (24,309,333)   24,918,622   (16,665,901)   (132,379,260)   195,486,114
TOTAL INCREASE (DECREASE) IN NET ASSETS
(100,049,103)   69,203,420   4,635,923   14,231,895   27,521,796   (20,927,680)   63,905,241   640,288,003
NET ASSETS:                              
Beginning of period
346,611,475   277,408,055   221,426,946   207,195,051   129,228,004   150,155,684   1,656,570,504   1,016,282,501
End of period
$246,562,372   $346,611,475   $226,062,869   $221,426,946   $156,749,800   $129,228,004   $1,720,475,745   $1,656,570,504
  High Yield Bond Fund   Inflation Protected
Fund 		  International Equities
Index Fund 		  International Government
Bond Fund
  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024
INCREASE (DECREASE) IN NET ASSETS                              
OPERATIONS:                              
Net investment income (loss)
$23,361,522   $23,390,432   $9,780,440   $13,624,889   $44,547,535   $48,770,933   $2,106,914   $2,001,493
Net realized gain (loss) on investments and foreign currencies
(1,179,429)   (6,386,325)   (7,385,317)   (22,517,041)   79,399,520   43,501,005   (1,644,217)   (4,132,571)
Net unrealized gain (loss) on investments and foreign currencies
9,153,270   18,968,028   11,297,805   12,658,711   67,425,466   230,142,093   3,161,224   3,218,900
Net increase (decrease) in net assets resulting from operations
31,335,363   35,972,135   13,692,928   3,766,559   191,372,521   322,414,031   3,623,921   1,087,822
DISTRIBUTIONS TO SHAREHOLDERS FROM:                              
Distributable earnings
(22,356,353)   (23,745,472)   (6,616,286)   (47,722,963)   (81,110,488)   (44,308,254)   —   —
CAPITAL SHARE TRANSACTIONS (Note 7)
(6,191,821)   14,509,673   (31,588,373)   (48,002,709)   (330,261,754)   (329,424,021)   (12,596,917)   (6,094,685)
TOTAL INCREASE (DECREASE) IN NET ASSETS
2,787,189   26,736,336   (24,511,731)   (91,959,113)   (219,999,721)   (51,318,244)   (8,972,996)   (5,006,863)
NET ASSETS:                              
Beginning of period
412,810,904   386,074,568   391,188,419   483,147,532   1,926,606,392   1,977,924,636   64,459,096   69,465,959
End of period
$415,598,093   $412,810,904   $366,676,688   $391,188,419   $1,706,606,671   $1,926,606,392   $55,486,100   $64,459,096
See Notes to Financial Statements
220  
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
  International
Growth Fund 		  International
Opportunities Fund 		  International Socially
Responsible Fund 		  International Value
Fund
  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024
INCREASE (DECREASE) IN NET ASSETS                              
OPERATIONS:                              
Net investment income (loss)
$346,197   $527,551   $5,066,632   $5,331,313   $11,555,750   $10,227,860   $12,703,286   $14,941,533
Net realized gain (loss) on investments and foreign currencies
20,924,138   (10,705,411)   27,899,809   15,199,444   17,577,540   6,198,658   24,425,719   43,649,850
Net unrealized gain (loss) on investments and foreign currencies
41,326,189   26,914,891   2,177,677   45,890,189   26,424,628   54,072,336   29,760,629   41,646,297
Net increase (decrease) in net assets resulting from operations
62,596,524   16,737,031   35,144,118   66,420,946   55,557,918   70,498,854   66,889,634   100,237,680
DISTRIBUTIONS TO SHAREHOLDERS FROM:                              
Distributable earnings
—   —   (10,029,083)   (4,274,825)   (17,294,252)   (8,091,651)   (44,473,241)   (8,235,367)
CAPITAL SHARE TRANSACTIONS (Note 7)
(58,227,499)   (55,990,791)   (106,736,364)   (118,273,439)   19,569,864   36,390,486   (95,556,445)   (96,351,149)
TOTAL INCREASE (DECREASE) IN NET ASSETS
4,369,025   (39,253,760)   (81,621,329)   (56,127,318)   57,833,530   98,797,689   (73,140,052)   (4,348,836)
NET ASSETS:                              
Beginning of period
376,411,107   415,664,867   410,212,180   466,339,498   499,447,857   400,650,168   470,020,296   474,369,132
End of period
$380,780,132   $376,411,107   $328,590,851   $410,212,180   $557,281,387   $499,447,857   $396,880,244   $470,020,296
  Large Capital
Growth Fund 		  Mid Cap
Index Fund 		  Mid Cap Strategic
Growth Fund 		  Mid Cap Value Fund
  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024
INCREASE (DECREASE) IN NET ASSETS                              
OPERATIONS:                              
Net investment income (loss)
$1,963,639   $1,762,343   $32,348,454   $35,472,990   $(180,438)   $951,071   $7,070,075   $5,926,947
Net realized gain (loss) on investments and foreign currencies
72,041,265   131,035,487   268,071,665   312,230,063   115,618,855   44,999,898   69,117,148   60,331,009
Net unrealized gain (loss) on investments and foreign currencies
(34,355,909)   9,770,408   (249,464,265)   326,917,400   29,959,741   161,082,193   (58,928,599)   69,298,329
Net increase (decrease) in net assets resulting from operations
39,648,995   142,568,238   50,955,854   674,620,453   145,398,158   207,033,162   17,258,624   135,556,285
DISTRIBUTIONS TO SHAREHOLDERS FROM:                              
Distributable earnings
(130,629,161)   (42,379,434)   (350,985,209)   (159,151,537)   (954,220)   (158,955)   (67,031,458)   (84,125,102)
CAPITAL SHARE TRANSACTIONS (Note 7)
48,246,620   (184,420,034)   (137,712,543)   (422,785,463)   (72,917,086)   141,429,700   (41,132,980)   14,206,481
TOTAL INCREASE (DECREASE) IN NET ASSETS
(42,733,546)   (84,231,230)   (437,741,898)   92,683,453   71,526,852   348,303,907   (90,905,814)   65,637,664
NET ASSETS:                              
Beginning of period
630,218,166   714,449,396   2,987,773,391   2,895,089,938   1,118,797,383   770,493,476   685,341,711   619,704,047
End of period
$587,484,620   $630,218,166   $2,550,031,493   $2,987,773,391   $1,190,324,235   $1,118,797,383   $594,435,897   $685,341,711
See Notes to Financial Statements
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VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
  Moderate Growth Lifestyle Fund   Nasdaq-100®
Index Fund 		  Science & Technology Fund   Small Cap Growth Fund
  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024
INCREASE (DECREASE) IN NET ASSETS                              
OPERATIONS:                              
Net investment income (loss)
$25,272,170   $21,944,090   $3,850,600   $4,456,523   $(13,037,662)   $(11,650,329)   $(2,601,622)   $(2,129,724)
Net realized gain (loss) on investments and foreign currencies
33,004,190   (1,420,256)   97,250,818   183,714,495   556,780,610   149,143,314   51,513,784   (37,731,512)
Net unrealized gain (loss) on investments and foreign currencies
31,267,177   118,199,484   40,758,670   44,044,836   (128,711,301)   616,075,771   (33,597,963)   126,045,811
Net increase (decrease) in net assets resulting from operations
89,543,537   138,723,318   141,860,088   232,215,854   415,031,647   753,568,756   15,314,199   86,184,575
DISTRIBUTIONS TO SHAREHOLDERS FROM:                              
Distributable earnings
(22,050,761)   (22,957,106)   (186,693,827)   (40,346,335)   —   —   (896,724)   —
CAPITAL SHARE TRANSACTIONS (Note 7)
(96,625,979)   (76,872,175)   100,107,137   (184,075)   (328,181,190)   (228,735,737)   (9,116,308)   (94,063,507)
TOTAL INCREASE (DECREASE) IN NET ASSETS
(29,133,203)   38,894,037   55,273,398   191,685,444   86,850,457   524,833,019   5,301,167   (7,878,932)
NET ASSETS:                              
Beginning of period
1,025,937,525   987,043,488   962,345,801   770,660,357   2,690,963,824   2,166,130,805   533,037,474   540,916,406
End of period
$996,804,322   $1,025,937,525   $1,017,619,199   $962,345,801   $2,777,814,281   $2,690,963,824   $538,338,641   $533,037,474
  Small Cap Index Fund   Small Cap Special
Values Fund 		  Small Cap Value Fund   Stock Index Fund
  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024
INCREASE (DECREASE) IN NET ASSETS                              
OPERATIONS:                              
Net investment income (loss)
$10,428,639   $10,799,579   $2,418,092   $2,469,317   $3,163,553   $4,175,795   $72,556,438   $75,555,546
Net realized gain (loss) on investments and foreign currencies
42,576,542   35,195,293   13,093,919   16,303,147   40,480,293   22,721,198   683,201,162   114,439,929
Net unrealized gain (loss) on investments and foreign currencies
(36,955,496)   128,953,529   (30,173,880)   29,001,715   (44,919,039)   67,106,253   63,924,516   1,250,241,673
Net increase (decrease) in net assets resulting from operations
16,049,685   174,948,401   (14,661,869)   47,774,179   (1,275,193)   94,003,246   819,682,116   1,440,237,148
DISTRIBUTIONS TO SHAREHOLDERS FROM:                              
Distributable earnings
(46,742,863)   (12,701,686)   (18,601,622)   (9,440,906)   (21,283,530)   (16,746,692)   (178,246,666)   (431,109,681)
CAPITAL SHARE TRANSACTIONS (Note 7)
5,204,277   25,225,903   (8,663,011)   (11,693,140)   (109,003,157)   (134,586,122)   (654,998,453)   73,326,213
TOTAL INCREASE (DECREASE) IN NET ASSETS
(25,488,901)   187,472,618   (41,926,502)   26,640,133   (131,561,880)   (57,329,568)   (13,563,003)   1,082,453,680
NET ASSETS:                              
Beginning of period
1,080,474,783   893,002,165   215,386,872   188,746,739   376,146,288   433,475,856   6,443,181,920   5,360,728,240
End of period
$1,054,985,882   $1,080,474,783   $173,460,370   $215,386,872   $244,584,408   $376,146,288   $6,429,618,917   $6,443,181,920
See Notes to Financial Statements
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VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
  Systematic Core Fund   Systematic Growth Fund   Systematic Value Fund   U.S. Socially
Responsible Fund
  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024 		  For the
Year Ended
May 31,
2025 		  For the
Year Ended
May 31,
2024
INCREASE (DECREASE) IN NET ASSETS                              
OPERATIONS:                              
Net investment income (loss)
$4,440,314   $4,815,335   $(274,388)   $886,509   $6,546,915   $7,592,341   $6,730,527   $8,570,876
Net realized gain (loss) on investments and foreign currencies
38,568,187   22,019,843   133,688,695   84,742,897   40,593,082   24,773,067   65,159,932   104,149,669
Net unrealized gain (loss) on investments and foreign currencies
29,190,507   110,569,042   10,733,109   192,189,076   7,796,827   57,511,062   (7,176,852)   67,919,770
Net increase (decrease) in net assets resulting from operations
72,199,008   137,404,220   144,147,416   277,818,482   54,936,824   89,876,470   64,713,607   180,640,315
DISTRIBUTIONS TO SHAREHOLDERS FROM:                              
Distributable earnings
(26,840,231)   (11,328,023)   (80,524,325)   (111,024,774)   (26,986,609)   (7,983,557)   (108,333,269)   (64,793,249)
CAPITAL SHARE TRANSACTIONS (Note 7)
63,140,303   (71,881,104)   (51,257,512)   33,086,537   (24,058,505)   (31,030,009)   (57,950,450)   (139,752,924)
TOTAL INCREASE (DECREASE) IN NET ASSETS
108,499,080   54,195,093   12,365,579   199,880,245   3,891,710   50,862,904   (101,570,112)   (23,905,858)
NET ASSETS:                              
Beginning of period
585,326,544   531,131,451   973,155,606   773,275,361   452,617,884   401,754,980   661,432,807   685,338,665
End of period
$693,825,624   $585,326,544   $985,521,185   $973,155,606   $456,509,594   $452,617,884   $559,862,695   $661,432,807
See Notes to Financial Statements
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS
Note 1 — Organization
    VALIC Company I (the “Series" or "VC I"), a Maryland Corporation, is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The Series is comprised of 36 funds (each, a “Fund,” and collectively, the “Funds”). Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”), an indirect wholly owned subsidiary of Corebridge Financial, Inc. (“Corebridge”), serves as investment adviser for all the Funds of the Series.  Prior to January 13, 2025, for purposes of the Investment Advisers Act and the 1940 Act, American International Group, Inc.'s (“AIG”) share ownership of Corebridge, and the rights granted to AIG by Corebridge as part of a separation agreement between AIG and Corebridge, provided AIG with control over Corebridge's corporate and business activities.  Since January 13, 2025, for purposes of the Investment Advisers Act and the 1940 Act, AIG no longer has control over Corebridge’s corporate and business activities.
    Shares of the Funds are issued and redeemed in connection with investments in and payments under variable annuity contracts and variable life policies (collectively, the “Variable Contracts”) offered by life insurance companies affiliated with the Adviser (the “Life Companies”), and are also offered to certain employer-ponsored retirement plans and individual retirement accounts and certain affiliated mutual funds. All shares may be purchased or redeemed at net asset value without any sales or redemption charges.
    The Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund and Moderate Growth Lifestyle Fund (the “Lifestyle Funds”) are structured as fund-of-funds and invest in affiliated mutual funds (the “Underlying Funds”).  The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in Underlying Funds.
    Each Fund is diversified with the exception of Growth Fund, International Government Bond Fund, Nasdaq-100® Index Fund, Science & Technology Fund and Systematic Growth Fund, which are non-diversified as defined by the 1940 Act.
    Indemnifications: The Funds' organizational documents provide current and former officers and directors with a limited indemnification against liabilities arising out of the performance of their duties to the Funds. In addition, pursuant to Indemnification Agreements between the Funds and each of the current (and certain former) directors who is not an “interested person,” as defined in Section 2(a)(19) of the 1940 Act, of the Funds (collectively, the “Disinterested Directors”), the Funds provide the Disinterested Directors with a limited indemnification against liabilities arising out of the performance of their duties to the Funds, whether such liabilities are asserted during or after their service as directors. In addition, in the normal course of business the Funds enter into contracts that 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.  Each Fund is an investment company and accordingly, follows the investment company accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services  - Investment Companies.  The following is a summary of significant accounting policies consistently followed by the Series, in the preparation of its financial statements:
    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 adopted by the Board of Directors (the “Board”)
    Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)
    Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
    The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
    The summary of the Funds’ assets and liabilities classified in the fair value hierarchy as of May 31, 2025, is reported on a schedule at the end of each Fund’s Portfolio of Investments.
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NOTES TO FINANCIAL STATEMENTS — (continued)
    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 the 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 adopted 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, 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 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 an independent pricing service and are generally categorized as Level 2. The pricing services 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. Typically, these securities are valued assuming orderly transactions of institutional round lot sizes, but a Fund may hold or, from time to time, transact in such securities in smaller, odd lot sizes in which case they may be fair valued in accordance with pricing procedures adopted by the Board.
    Senior floating rate loans (“Loans”) are valued at the average of available bids in the market for such Loans, as provided by an independent loan pricing service, and are generally categorized as Level 2.
    Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level 1.
    Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by an independent pricing service, and are generally categorized as Level 1. Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using daily swap curves and models that incorporate market data and discounted cash flows and are generally categorized as Level 2. Total return and contracts for difference swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using models that incorporate market trades and fair value of the underlying reference instrument 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 an independent 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 over-the-counter (“OTC”) market are valued at the mid valuation provided by an independent 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. 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. Because there is no single standard for making fair value determinations, the Funds’ fair determinations may vary from fair value determinations made by other funds for the same securities.
    The Board must determine fair value in good faith for portfolio holdings for which market quotations are not readily available or are unreliable. The Board has designated VALIC as the valuation designee (“Valuation Designee”) to perform the fair valuation determinations relating to any or all fund investments. VALIC, as the Valuation Designee, has adopted policies and procedures and has established a pricing review committee to determine the fair value of the designated portfolio holdings on its behalf.
    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.
    Loans: Certain Funds invest in senior loans which generally consist of direct debt obligations of companies (collectively, “Borrowers”), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower’s business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis. 
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NOTES TO FINANCIAL STATEMENTS — (continued)
    Mortgage-Backed Dollar Rolls: Certain Funds may enter into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. 
    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 Trust’s 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.
    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.
    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 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 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.
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NOTES TO FINANCIAL STATEMENTS — (continued)
    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.  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 the 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 financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.  Distributions from income from underlying mutual fund investments, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from underlying mutual fund investments, 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. 
    In consideration of recent decisions rendered by the European courts, certain Funds filed reclaims to recover taxes withheld on dividends earned from certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the current fiscal year, such amounts recovered, excluding any foreign exchange gain (loss) and interest income amounted to $218,504 for the International Equities Index Fund, and are reflected as Dividends (unaffiliated) in the Statement of Operations. No other amounts for additional tax reclaims are disclosed in the financial statements due to the uncertainty as to the ultimate resolution of the proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
    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. The expenses included in the accompanying financial statements reflect the expenses of each of the respective funds and do not include indirect expenses associated with the investments in the Underlying Funds. “Fees paid indirectly” in the Statement of Operations represents expense reductions used to offset non-affiliated expenses resulting from participation in a commission recapture program. Custodian fees in the Statement of Operations include adjustments for the overbilling of fees in prior years for the Small Cap Growth Fund.
    Dividends from net investment income and capital gain distributions, if any, are paid annually. The Funds record dividends and distributions to their shareholders on the ex-dividend date.
    The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.
    Each Fund is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.
    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 recognized 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.
Recent Accounting and Regulatory Developments
    In June 2022, FASB issued Accounting Standards Update (“ASU”) No. 2022-03, “Fair Value Measurement”, which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASU 2022-03. The Rule became effective for fiscal years beginning after December 15, 2023.  Adoption of the Rule had no material impact on the Funds' financial statements.
    In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures”. ASU 2023-09 requires public entities to enhance the transparency and decision usefulness of income tax disclosures for investors. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption of ASU 2023-09 is permitted. Management is currently evaluating the impact, if any, of applying ASU 2023-09.
    In this reporting period, the Funds adopted FASB ASU 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures". Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of its operations. An operating segment is defined in Topic
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280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available.
    The Funds’ Administrator acts as the Funds’ CODM and has determined that the Funds have a single operating segment. The financial information provided to and reviewed by the CODM to assess segment performance and to make resource allocations is consistent with that presented within the Funds’ Portfolio of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.
Note 3 — Derivative Instruments
    Forward Foreign Currency Contracts: 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: A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by the Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statements of Assets and Liabilities as receivable/payable for variation margin on futures contracts and as cash collateral on futures contracts for the changes in the value of the initial margin requirement. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
    The primary risk to 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 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: 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 assets 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.
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    Swap Contracts: Certain Funds may enter into contract for difference, credit default, inflation, 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 on 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 Fund 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).
    Contracts for Difference: A contract for difference (“CFD”) is a privately negotiated over-the-counter derivative contract between two parties, buyer and seller, stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument’s value at the end of the contract. As an over-the-counter derivative contract, CFDs are not traded on an exchange. A CFD offers exposure to price changes in an underlying security without ownership of such security, typically by providing investors the ability to trade on margin. When entering into a CFD, the Fund attempts to predict either that the price of the underlying security will fall (taking a short position) or that the price of the security will rise (taking a long position). CFDs are subject to illiquidity risk because the liquidity of contracts for difference is based on the liquidity of the underlying instrument. CFDs are also subject to the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the Fund to deposit additional sums to maintain proper margin coverage, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss to the Fund. As is the case with owning any financial instrument, there is the risk of loss associated with buying a CFD. For example, if the Fund buys a long CFD and the underlying security is worth less at the end of the contract, the Fund would be required to make a payment to the seller and would suffer a loss.
    CFD 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.
    Credit Default Swap Agreements: Credit default swaps are generally contracts in which one party makes periodic fixed-rate payments or a one time premium payment (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified payment in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a buyer of protection on credit default swaps, a Fund will make periodic payments, similar to an insurance premium and the seller of protection agrees to compensate the Fund for future potential losses as a result of a credit event on the reference bond or other asset. A Fund effectively transfers the credit event risk of the reference bond or asset from it to the seller of protection. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
    Credit default swaps on credit indices are generally contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds which is less expensive than it would be to enter into many credit default swaps to achieve a similar effect. Credit-default swaps on indices are used for protecting investors owning bonds against default, and also to speculate on changes in credit quality.
    Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swaps on corporate issues or sovereign issues of an emerging market country as of period end are reported on a schedule at the end of each Fund’s Portfolio of Investments and serve as an indicator of the current status of the payment / performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-based securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could
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be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swaps outstanding at the end of the period, for which a Fund is the seller of protection, if any, are disclosed on a schedule following each Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swaps entered into by a Fund for the same referenced entity or entities.
    Credit default swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.
    Inflation Swap Agreements:  In an inflation swap, one party pays a fixed rate on a notional principal amount while the other party pays a floating rate linked to an inflation index on the same notional amount.  The party paying the floating rate pays the inflation adjusted rate multiplied by the notional principal amount.  If the average inflation rate over the term of the swap is the same as the fixed rate of the swap, the two legs will have the same value and the swap will break even.
    Inflation 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.
    Interest Rate Swap Agreements: 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 Fund 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 swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict  the underlying economic factors influencing the value of the swap, a Fund may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.
    Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when a Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in a Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause 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 May 31, 2025, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended May 31, 2025. For a detailed presentation of derivatives held as of May 31, 2025, please refer to the schedule at the end of each Fund’s Portfolio of Investments.
    Asset Derivatives   Liability Derivatives  
    Futures
Contracts(1) 		  Swaps
Contracts(2) 		  Purchased
Options
Contracts(3) 		  Foreign
Forward
Exchange
Contracts(4) 		  Futures
Contracts(1) 		  Swap
Contracts(2) 		  Options
Written
Contracts(5) 		  Foreign
Forward
Exchange
Contracts(6)
Fund   Inflation Contracts  
Inflation Protected   $—   $188,910   $—   $—   $—   $—   $—   $—
    Interest Rate Contracts  
Core Bond
  1,065,011   —   —   —   —   —   —   —
Global Strategy
  151,266   —   —   —   —   —   —   —
Inflation Protected
  353,567   16,887   —   —   620,655   —   —   —
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NOTES TO FINANCIAL STATEMENTS — (continued)
    Asset Derivatives   Liability Derivatives  
    Futures
Contracts(1) 		  Swaps
Contracts(2) 		  Purchased
Options
Contracts(3) 		  Foreign
Forward
Exchange
Contracts(4) 		  Futures
Contracts(1) 		  Swap
Contracts(2) 		  Options
Written
Contracts(5) 		  Foreign
Forward
Exchange
Contracts(6)
Fund   Equity Contracts  
Dynamic Allocation
  $20,024   $—   $895,967   $—   $390,995   $—   $—   $—
Emerging Economies
  —   —   —   —   106,985   —   —   —
Global Strategy
  921   —   —   —   —   —   —   —
Growth
  14,288   —   —   —   22,105   —   —   —
International Equities Index
  14,263   10,292   —   —   6,304   13,791   —   —
International Socially Responsible
  23,943   4,009   —   —   21,245   4,309   —   —
Mid Cap Index
  —   250,489   —   —   22,762   166,102   —   —
Nasdaq-100® Index
  45,393   —   —   —   —   —   —   —
Small Cap Index
  —   253,968   —   —   104,414   139,744   —   —
Small Cap Value
  —   —   —   —   18,827   —   —   —
Stock Index
  —   —   —   —   227,582   —   —   —
U.S. Socially Responsible
  —   —   —   —   1,898   —   —   —
    Credit Contracts  
Global Strategy
  —   656   —   —   —   —   —   —
    Foreign Exchange Contracts  
Global Strategy
  —   —   —   23,470   —   —   —   236,929
High Yield Bond
  —   —   —   —   —   —   —   32,798
Inflation Protected
  —   —   —   250,963   —   —   —   5,538,382
International Value
  —   —   —   372,733   —   —   —   218,783
Small Cap Growth
  —   —   —   162,645   —   —   —   642,226
(1) Amount represents cumulative appreciation/depreciation on futures contracts as disclosed in the Portfolio of Investments. Only the current day’s variation margin is separately disclosed within the Statements of Assets and Liabilities.
(2) For centrally cleared swaps, the amount represents cumulative appreciation/depreciation as disclosed in the Portfolio of Investments. Only the current day’s variation margin is separately disclosed within the Statements of Assets and Liabilities. For OTC swaps, the amount represents unrealized appreciation/depreciation on over-the-counter swap contracts as disclosed within the Statements of Assets and Liabilities.
(3) Investments at value (unaffiliated)
(4) Unrealized appreciation on forward foreign currency contracts
(5) Call and put options written, at value
(6) Unrealized depreciation on forward foreign currency contracts
    Realized Gain (Loss) on Derivatives Recognized in Statement of Operations  
    Futures
Contracts(1) 		  Swap
Contracts(2) 		  Written
Options(3) 		  Purchased
Options(4) 		  Foreign
Forward
Exchange
Contracts(5)
Fund   Inflation Contracts  
Inflation Protected
  $—   $73,500   $—   $—   $—
    Interest Rate Contracts  
Core Bond
  (543,429)   —   —   —   —
Global Strategy
  (240,942)   —   —   —   —
Inflation Protected
  (1,468,453)   (30,797)   —   —   —
Nasdaq-100® Index
  (34)   —   —   —   —
    Equity Contracts  
Asset Allocation
  39,281   —   —   —   —
Dynamic Allocation
  (381,195)   —   —   330,664   —
Emerging Economies
  199,585   —   —   —   —
Global Strategy
  (732,624)   —   —   —   —
Growth
  333,973   —   —   —   —
International Equities Index
  2,792,487   (439)   —   —   —
International Socially Responsible
  99,574   (141)   —   —   —
Mid Cap Index
  (8,344,296)   (7,882)   —   —   —
Nasdaq-100® Index
  470,275   —   —   —   —
Small Cap Index
  (12,905,133)   (31,130)   —   —   —
Small Cap Value
  350,359   —   —   —   —
Stock Index
  5,048,820   —   —   —   —
U.S. Socially Responsible
  1,498,678   —   —   —   —
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
    Realized Gain (Loss) on Derivatives Recognized in Statement of Operations  
    Futures
Contracts(1) 		  Swap
Contracts(2) 		  Written
Options(3) 		  Purchased
Options(4) 		  Foreign
Forward
Exchange
Contracts(5)
Fund   Credit Contracts  
Global Strategy
  $—   $7,670   $—   $—   $—
    Foreign Forward Exchange Contracts  
Global Strategy
  —   —   —   —   (142,975)
High Yield Bond
  —   —   —   —   (286,859)
Inflation Protected
  —   —   —   —   9,771,818
International Value
  —   —   —   —   205,408
Small Cap Growth
  —   —   —   —   486,930
    Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations  
    Futures
Contracts(6) 		  Swap
Contracts(7) 		  Written
Options(8) 		  Purchased
Options(9) 		  Foreign
Forward
Exchange
Contracts(10)
Fund   Inflation Contracts  
Inflation Protected
  $—   $161,468   $—   $—   $—
    Interest Rate Contracts  
Core Bond
  1,056,749   —   —   —   —
Global Strategy
  139,315   —   —   —   —
Inflation Protected
  (999,403)   16,887   —   —   —
    Equity Contracts  
Dynamic Allocation
  (792,251)   —   —   (122,575)   —
Emerging Economies
  51,397   —   —   —   —
Global Strategy
  25,171   —   —   —   —
Growth
  (13,273)   —   —   —   —
International Equities Index
  (1,038,429)   (3,499)   —   —   —
International Socially Responsible
  (365,519)   (300)   —   —   —
Mid Cap Index
  (20,180)   84,387   —   —   —
Nasdaq-100® Index
  410,847   —   —   —   —
Small Cap Index
  (1,560,196)   114,224   —   —   —
Small Cap Value
  (18,351)   —   —   —   —
Stock Index
  (294,343)   —   —   —   —
U.S. Socially Responsible
  (819,480)   —   —   —   —
    Credit Contracts  
Global Strategy
  —   83   —   —   —
    Foreign Forward Exchange Contracts  
Global Strategy
  —   —   —   —   (18,933)
High Yield Bond
  —   —   —   —   (37,971)
Inflation Protected
  —   —   —   —   (6,376,695)
International Value
  —   —   —   —   25,770
Small Cap Growth
  —   —   —   —   (479,581)
(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
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
    The following table represents the average monthly balances of derivatives held during the year ended May 31, 2025.
    Average Amount Outstanding During the Period
Fund   Futures
Contracts(1) 		  Forward
Foreign
Currency
Contracts(1) 		  Purchased
Put Options
Contracts(2) 		  Inflation
Swap
Contracts(1) 		  Interest
Rate Swap
Contracts(1) 		  Credit
Default
Swap
Contracts(1) 		  Equity
Swaps(2)
Asset Allocation
  $46,558   $—   $—   $—   $—   $—   $—
Core Bond
  135,597,183   —   —   —   —   —   —
Dynamic Allocation
  22,672,906   —   1,160,001   —   —   —   —
Emerging Economies
  14,075,012   —   —   —   —   —   —
Global Strategy
  17,716,510   26,457,280   —   —   —   490,000   —
Growth
  506,828   —   —   —   —   —   —
High Yield Bond
  —   14,150,557   —   —   —   —   —
Inflation Protected
  145,321,277   164,829,154   —   36,939,167   995,000   —   —
International Equities Index
  45,501,050   —   —   —   —   —   136,158
International Socially Responsible
  13,464,787   —   —   —   —   —   45,842
International Value
  —   85,038,076   —   —   —   —   —
Mid Cap Index
  37,482,578   —   —   —   —   —   1,876,099
Nasdaq-100® Index
  14,767,925   —   —   —   —   —   —
Small Cap Growth
  —   12,130,277   —   —   —   —   —
Small Cap Index
  31,430,408   —   —   —   —   —   1,926,230
Small Cap Value
  8,501,210   —   —   —   —   —   —
Stock Index
  44,624,519   —   —   —   —   —   —
U.S. Socially Responsible
  12,117,713   —   —   —   —   —   —
(1) Amounts represent notional amounts in US dollars.
(2) Amounts represent values in US dollars.
    The following table represents the Fund’s objectives for using derivative instruments for the year ended May 31, 2025:
    Objectives for Using Derivatives
Fund   Futures
Contracts 		  Forward
Foreign
Currency
Contracts 		  Options
Contracts 		  Inflation
Swap
Contracts 		  Interest
Rate Swap
Contracts 		  Credit
Default Swap
Contracts 		  Contracts For
Difference
Swap
Contracts
Asset Allocation
   1   -   -   -   -   -   -
Core Bond
  1, 2   -   -   -   -   -   -
Dynamic Allocation
   1   -    1   -   -   -   -
Emerging Economies
   1   -   -   -   -   -   -
Global Strategy
  1, 2    3   -   -   -   4, 5   -
Growth
   1   -   -   -   -   -   -
High Yield Bond
  -    3   -   -   -   -   -
Inflation Protected
  1, 2    3   -    6   2, 5, 6   -   -
International Equities Index
   1   -   -   -   -   -    1
International Socially Responsible
   1   -   -   -   -   -    1
International Value
  -    3   -   -   -   -   -
Mid Cap Index
   1   -   -   -   -   -    1
Nasdaq-100® Index
   1   -   -   -   -   -   -
Small Cap Growth
  -    3   -   -   -   -   -
Small Cap Index
   1   -   -   -   -   -    1
Small Cap Value
   1   -   -   -   -   -   -
Stock Index
   1   -   -   -   -   -   -
U.S. Socially Responsible
   1   -   -   -   -   -   -
(1) To manage exposures in certain securities markets.
(2) To manage interest rate risk and the duration of the portfolio.
(3) To manage foreign currency exchange rate risk.
(4) To manage credit risk.
(5) To manage against or gain exposure to certain securities and/or sectors.
(6) To manage inflation risk and the duration of the portfolio.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (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 May 31, 2025. The repurchase agreements held by the Funds as of May 31, 2025, 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.
    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.
  $—   $—   $516,608   $516,608   $—   $—   $—   $—   $516,608   $(470,000)   $46,608
Goldman Sachs International
  —   —   280,942   280,942   —   —   —   —   280,942   (280,942)   —
JP Morgan Chase Bank, N.A.
  —   —   65,567   65,567   —   —   —   —   65,567   (65,567)   —
UBS AG
  —   —   32,850   32,850   —   —   —   —   32,850   (32,850)   —
Total
  $—   $—   $895,967   $895,967   $—   $—   $—   $—   $895,967   $(849,359)   $46,608
(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.
    Global Strategy 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.
  $18,990   $—   $—   $18,990   $94,499   $—   $—   $94,499   $(75,509)   $75,509   $—
HSBC Bank PLC
  4,480   —   —   4,480   127,796   —   —   127,796   (123,316)   —   (123,316)
JPMorgan Chase Bank, N.A.
  —   656   —   656   14,634   —   —   14,634   (13,978)   —   (13,978)
Total
  $23,470   $656   $—   $24,126   $236,929   $—   $—   $236,929   $(212,803)   $75,509   $(137,294)
(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)
Deutsche Bank AG
  $—   $—   $—   $—   $14,005   $—   $—   $14,005   $(14,005)   $—   $(14,005)
JPMorgan Chase Bank, N.A.
  —   —   —   —   18,793   —   —   18,793   (18,793)   —   (18,793)
Total
  $—   $—   $—   $—   $32,798   $—   $—   $32,798   $(32,798)   $—   $(32,798)
(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)
Australia & New Zealand Banking Group
  $18,327   $—   $—   $18,327   $770,898   $—   $—   $770,898   $(752,571)   $—   $(752,571)
Bank of America, N.A.
  39,665   150,206   —   189,871   —   —   —   —   189,871   (189,871)   —
Barclays Bank PLC
  100,399   —   —   100,399   398   —   —   398   100,001   —   100,001
BNP Paribas SA
  2,423   —   —   2,423   —   —   —   —   2,423   —   2,423
Citibank, N.A.
  —   —   —   —   231,429   —   —   231,429   (231,429)   —   (231,429)
Credit Agricole SA
  2,377   —   —   2,377   —   —   —   —   2,377   —   2,377
Deutsche Bank AG
  —   —   —   —   1,857,238   —   —   1,857,238   (1,857,238)   —   (1,857,238)
Goldman Sachs International
  61,648   —   —   61,648   592,984   —   —   592,984   (531,336)   —   (531,336)
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
    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)
HSBC Bank PLC
  $—   $—   $—   $—   $1,930   $—   $—   $1,930   $(1,930)   $—   $(1,930)
JPMorgan Chase Bank, N.A.
  —   —   —   —   27,574   —   —   27,574   (27,574)   27,574   —
Morgan Stanley & Co. International PLC
  4,806   —   —   4,806   27,065   —   —   27,065   (22,259)   —   (22,259)
Natwest Markets PLC
  —   —   —   —   1,080,528   —   —   1,080,528   (1,080,528)   —   (1,080,528)
Standard Chartered Bank
  —   —   —   —   5,051   —   —   5,051   (5,051)   —   (5,051)
State Street Bank & Trust Company
  21,318   —   —   21,318   —   —   —   —   21,318   —   21,318
Wells Fargo & Co.
  —   —   —   —   943,287   —   —   943,287   (943,287)   —   (943,287)
Total
  $250,963   $150,206   $—   $401,169   $5,538,382   $—   $—   $5,538,382   $(5,137,213)   $(162,297)   $(5,299,510)
(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 Equities Index 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)
Goldman Sachs and Co. LLC
  $—   $—   $—   $—   $—   $13,791   $—   $13,791   $(13,791)   $—   $(13,791)
HSBC Holdings
  —   10,292   —   10,292   —   —   —   —   10,292   (10,000)   292
Total
  $—   $10,292   $—   $10,292   $—   $13,791   $—   $13,791   $(3,499)   $(10,000)   $(13,499)
(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 Socially Responsible 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
  $—   $665   $—   $665   $—   $—   $—   $—   $665   $—   $665
Goldman Sachs and Co. LLC
  —   3,344   —   3,344   —   —   —   —   3,344   (3,344)   —
HSBC Holdings
  —   —   —   —   —   4,309   —   4,309   (4,309)   4,309   —
Total
  $—   $4,009   $—   $4,009   $—   $4,309   $—   $4,309   $(300)   $965   $665
(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 Value 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)
Barclays Bank PLC
  $53,494   $—   $—   $53,494   $10,350   $—   $—   $10,350   $43,144   $—   $43,144
Citibank, N.A.
  144,847   —   —   144,847   2,113   —   —   2,113   142,734   —   142,734
Goldman Sachs and Co. LLC
  4,747   —   —   4,747   3,902   —   —   3,902   845   —   845
HSBC Bank PLC
  96,153   —   —   96,153   —   —   —   —   96,153   —   96,153
Morgan Stanley & Co. International PLC
  —   —   —   —   150,780   —   —   150,780   (150,780)   —   (150,780)
State Street Bank & Trust Co.
  —   —   —   —   45,550   —   —   45,550   (45,550)   —   (45,550)
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
    International Value Fund            
    Derivative Assets(1)   Derivative Liabilities(1)            
Counterparty   Forward
Foreign
Currency
Contracts 		  OTC
Swaps 		  Options
Purchased 		  Total   Forward
Foreign
Currency
Contracts 		  OTC
Swaps 		  Options
Written 		  Total   Net
Derivative
Assets
(Liabilities) 		  Collateral
Pledged/
(Received)(2) 		  Net
Amount(3)
UBS AG
  $70,513   $—   $—   $70,513   $—   $—   $—   $—   $70,513   $—   $70,513
Wells Fargo & Co.
  2,979   —   —   2,979   6,088   —   —   6,088   (3,109)   —   (3,109)
Total
  $372,733   $—   $—   $372,733   $218,783   $—   $—   $218,783   $153,950   $—   $153,950
(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.
    Mid Cap Index 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
  $—   $250,489   $—   $250,489   $—   $—   $—   $—   $250,489   $—   $250,489
HSBC Holdings
  —   —   —   —   —   166,102   —   166,102   (166,102)   —   (166,102)
Total
  $—   $250,489   $—   $250,489   $—   $166,102   $—   $166,102   $84,387   $—   $84,387
(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.
    Small Cap 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
Written 		  Total   Net
Derivative
Assets
(Liabilities) 		  Collateral
Pledged/
(Received)(2) 		  Net
Amount(3)
Citibank, N.A.
  $162,645   $—   $—   $162,645   $642,226   $—   $—   $642,226   $(479,581)   $—   $(479,581)
Total
  $162,645   $—   $—   $162,645   $642,226   $—   $—   $642,226   $(479,581)   $—   $(479,581)
(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.
    Small Cap Index 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 Merrill Lynch
  $—   $—   $—   $—   $—   $8,892   $—   $8,892   $(8,892)   $—   $(8,892)
BNP Paribas
  —   217,704   —   217,704   —   41,627   —   41,627   176,077   —   176,077
Goldman Sachs and Co. LLC
  —   3,255   —   3,255   —   45   —   45   3,210   —   3,210
HSBC Holdings
  —   16,777   —   16,777   —   83,453   —   83,453   (66,676)   —   (66,676)
JPMorgan Securities, LLC
  —   16,232   —   16,232   —   5,727   —   5,727   10,505   —   10,505
Total
  $—   $253,968   $—   $253,968   $—   $139,744   $—   $139,744   $114,224   $—   $114,224
(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.
Note 4 — 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 capital losses, investments in
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NOTES TO FINANCIAL STATEMENTS — (continued)
passive foreign investment companies,  investments in real estate investment trusts, investments in regulated investment companies, straddle loss deferrals, foreign taxes payable, contingent payment debt securities, inflation securities, late year ordinary losses, investments in partnerships, treatment of defaulted securities and derivative transactions.
    Distributable Earnings   Tax Distributions
    For the year ended May 31, 2025
Fund   Ordinary
Income 		  Long-term
Gains/Capital
Loss Carryover 		  Unrealized
Appreciation
(Depreciation)* 		  Ordinary
Income 		  Long-Term
Capital
Gains
Aggressive Growth Lifestyle
  $19,550,484   $23,308,724   $79,680,861   $11,802,505   $6,466,028
Asset Allocation
  2,781,121   8,368,754   11,313,557   2,854,149   5,079,850
Capital Appreciation
  3,449,708   15,563,051   55,790,055   825,165   3,461,037
Conservative Growth Lifestyle
  9,096,059   (4,200,889)   (2,900,817)   7,642,651   —
Core Bond
  92,633,478   (255,893,268)   (161,932,685)   101,852,375   —
Dividend Value
  17,817,361   51,369,594   59,498,036   22,887,153   19,447,649
Dynamic Allocation
  5,745,223   415,157   (892,694)   3,789,210   321,854
Emerging Economies
  15,224,659   (50,742,397)   33,854,018   26,325,689   —
Global Real Estate
  8,350,236   (86,904,835)   3,966,618   6,623,573   —
Global Strategy
  7,102,334   (12,242,113)   24,606,780   8,347,100   —
Government Securities
  3,499,756   (15,718,437)   (11,910,957)   3,794,637   —
Growth
  —   193,694,632   562,384,573   821,167   52,396,580
High Yield Bond
  21,002,817   (50,371,327)   (521,037)   22,356,353   —
Inflation Protected
  9,349,199   (82,266,617)   (36,344,855)   6,616,286   —
International Equities Index
  45,291,899   78,662,916   456,403,576   62,125,144   18,985,344
International Government Bond**,***
  —   (21,145,967)   (1,541,754)   —   —
International Growth
  436,017   8,495,869   125,043,734   —   —
International Opportunities
  12,907,031   (18,225,645)   34,816,261   10,029,083   —
International Socially Responsible
  13,687,610   15,556,465   116,048,883   13,674,793   3,619,459
International Value
  26,944,269   10,694,256   47,684,217   24,553,110   19,920,131
Large Capital Growth
  5,183,117   69,089,738   135,593,924   4,950,197   125,678,964
Mid Cap Index
  59,467,930   241,562,657   583,845,429   66,373,714   284,611,495
Mid Cap Strategic Growth
  —   79,831,288   190,693,883   954,220   —
Mid Cap Value
  24,413,360   58,827,729   (3,912,861)   24,700,391   42,331,067
Moderate Growth Lifestyle
  30,285,160   30,553,125   57,997,696   22,050,761   —
Nasdaq-100® Index
  3,476,221   97,753,434   538,450,337   5,052,206   181,641,621
Science & Technology
  —   208,797,690   708,225,812   —   —
Small Cap Growth
  12,758,808   (81,678,809)   (7,179,373)   896,724   —
Small Cap Index
  9,935,502   56,948,138   116,030,352   13,144,640   33,598,223
Small Cap Special Values
  3,545,499   11,184,739   (1,521,046)   3,288,087   15,313,535
Small Cap Value
  4,611,396   33,188,863   (6,871,860)   7,105,987   14,177,543
Stock Index
  71,275,704   674,666,306   4,388,449,417   88,228,718   90,017,948
Systematic Core
  6,618,387   35,970,057   217,430,188   6,409,005   20,431,226
Systematic Growth
  15,775,105   118,597,995   332,477,683   36,008,347   44,515,978
Systematic Value
  18,379,497   27,516,504   62,559,171   20,532,189   6,454,420
U.S. Socially Responsible
  6,040,966   65,089,997   175,319,325   8,351,348   99,981,921
* Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.
** The Fund's Long-term Gains/Capital Loss Carryover includes both Long-term Capital Capital Gains and Capital Loss Carryforward due to ownership change limitations.
*** The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2024.
    Tax Distributions
    For the year ended
May 31, 2024
Fund   Ordinary
Income 		  Long-Term
Capital Gains
Aggressive Growth Lifestyle
  $14,374,215   $—
Asset Allocation
  2,200,405   —
Capital Appreciation
  94,520   13,623,860
Conservative Growth Lifestyle
  7,056,285   —
Core Bond
  95,661,726   —
Dividend Value
  29,760,431   11,692,708
Dynamic Allocation
  4,141,294   4,803,445
Emerging Economies
  15,305,018   —
Global Real Estate
  7,143,934   —
Government Securities
  4,723,224   —
Growth
  1,517,258   —
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NOTES TO FINANCIAL STATEMENTS — (continued)
    Tax Distributions
    For the year ended
May 31, 2024
Fund   Ordinary
Income 		  Long-Term
Capital Gains
High Yield Bond
  $23,745,472   $—
Inflation Protected
  47,722,963   —
International Equities Index
  44,308,254   —
International Opportunities
  4,274,825   —
International Socially Responsible
  8,091,651   —
International Value
  8,235,367   —
Large Capital Growth
  2,443,228   39,936,206
Mid Cap Index
  43,953,689   115,197,848
Mid Cap Strategic Growth
  158,955   —
Mid Cap Value
  15,906,384   68,218,718
Moderate Growth Lifestyle
  22,957,106   —
Nasdaq-100® Index
  3,264,352   37,081,983
Small Cap Index
  12,701,686   —
Small Cap Special Values
  3,413,365   6,027,541
Small Cap Value
  7,767,609   8,979,083
Stock Index
  75,316,096   355,793,585
Systematic Core
  6,038,799   5,289,224
Systematic Growth
  —   111,024,774
Systematic Value
  7,983,557   —
U.S. Socially Responsible
  9,999,973   54,793,276
    As of May 31, 2025, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:
    Capital Loss
Carryforward
Unlimited
Fund   ST   LT
Conservative Growth Lifestyle*
  $3,582,790   $618,099
Core Bond*
  64,913,130   190,980,137
Emerging Economies*
  43,388,816   8,849,617
Global Real Estate
  15,737,738   71,167,097
Global Strategy*
  12,242,113   —
Government Securities
  4,712,052   11,006,385
High Yield Bond
  3,336,397   47,034,930
Inflation Protected*
  17,304,007   64,962,610
International Government Bond**
  6,402,108   14,743,859
International Opportunities*
  5,757,690   12,467,955
Small Cap Growth*
  3,216,820   78,461,989
* The Funds had a change in ownership as defined in the Internal Revenue Code section 382 during the fiscal year ended May 31, 2025. The capital loss carryforwards amounts may be subject to limitations pursuant to applicable federal income tax regulations.
** The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2024.
    The Funds indicated below, utilized capital loss carryforwards, which offset net realized taxable gains in the year ended May 31, 2025.
Fund   Capital Loss
Carryforward
Utilized
Conservative Growth Lifestyle
  $7,445,911
Emerging Economies
  9,194,928
Global Real Estate
  2,522,963
Global Strategy
  13,753,232
International Growth
  11,368,533
International Opportunities
  21,573,496
Mid Cap Strategic Growth
  35,972,978
Moderate Growth Lifestyle
  7,478,962
Science & Technology
  320,642,638
Small Cap Growth
  19,137,360
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NOTES TO FINANCIAL STATEMENTS — (continued)
    Under the current law, capital losses realized after October 31 and specified ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 2025, 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
International Government Bond*
  $1,014,330   $—   $—
* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2024.
    For the year ended May 31, 2025, the reclassifications between total accumulated earnings (loss) and paid-in capital resulting from book/tax differences were as follows:
Fund   Accumulated
Earnings(Loss) 		  Paid-In
Capital
Global Real Estate
  $11,370   $(11,370)
Growth
  2,124,121   (2,124,121)
International Government Bond*
  115,449   (115,449)
Mid Cap Strategic Growth
  173,480   (173,480)
Science & Technology
  18,297,142   (18,297,142)
Stock Index
  2,930   (2,930)
Systematic Value
  4,317   (4,317)
* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2024.
    The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities and repurchase agreements, were as follows:
Fund   Aggregate
Unrealized
Gain 		  Aggregate
Unrealized
Loss 		  Net
Unrealized
Gain
(Loss) 		  Cost of
Investments
Aggressive Growth Lifestyle
  $90,623,346   $(10,942,485)   $79,680,861   $631,618,651
Asset Allocation
  18,314,822   (7,001,217)   11,313,605   133,934,116
Capital Appreciation
  62,354,361   (6,564,306)   55,790,055   270,617,041
Conservative Growth Lifestyle
  12,517,875   (15,418,692)   (2,900,817)   281,580,593
Core Bond
  20,625,992   (182,558,680)   (161,932,688)   2,851,241,208
Dividend Value
  103,728,324   (44,245,010)   59,483,314   619,393,775
Dynamic Allocation
  10,231,445   (11,124,139)   (892,694)   132,734,817
Emerging Economies
  84,343,401   (50,178,593)   34,164,808   676,684,987
Global Real Estate
  14,405,176   (10,459,619)   3,945,557   241,457,478
Global Strategy
  32,444,857   (7,849,519)   24,595,338   201,574,129
Government Securities
  240,936   (12,151,893)   (11,910,957)   167,681,049
Growth
  576,501,185   (14,119,137)   562,382,048   1,158,664,666
High Yield Bond
  7,564,997   (8,089,853)   (524,856)   456,342,528
Inflation Protected
  8,035,334   (44,399,058)   (36,363,724)   433,986,247
International Equities Index
  539,599,864   (83,823,321)   455,776,543   1,288,805,393
International Government Bond*
  888,735   (3,268,740)   (2,380,005)   56,521,162
International Growth
  139,313,884   (13,480,627)   125,833,257   256,059,210
International Opportunities
  55,159,108   (20,308,741)   34,850,367   299,362,689
International Socially Responsible
  138,930,421   (23,048,832)   115,881,589   432,761,990
International Value
  65,472,718   (17,854,618)   47,618,100   344,217,858
Large Capital Growth
  163,629,536   (28,038,408)   135,591,128   451,993,553
Mid Cap Index
  775,716,218   (191,870,789)   583,845,429   1,977,246,579
Mid Cap Strategic Growth
  279,684,196   (88,990,324)   190,693,872   980,731,624
Mid Cap Value
  50,578,726   (54,491,588)   (3,912,862)   601,102,757
Moderate Growth Lifestyle
  88,360,285   (30,362,589)   57,997,696   935,823,515
Nasdaq-100® Index
  553,421,977   (14,971,640)   538,450,337   478,923,714
Science & Technology
  791,927,922   (83,711,232)   708,216,690   2,093,661,721
Small Cap Growth
  54,999,127   (62,178,523)   (7,179,396)   549,940,745
Small Cap Index
  282,216,806   (166,186,454)   116,030,352   965,941,194
Small Cap Special Values
  35,414,406   (36,935,452)   (1,521,046)   175,266,141
Small Cap Value
  19,990,319   (26,862,179)   (6,871,860)   255,875,278
Stock Index
  4,521,947,274   (133,497,857)   4,388,449,417   2,052,266,036
Systematic Core
  249,847,297   (32,417,109)   217,430,188   471,476,740
Systematic Growth
  357,587,196   (25,109,513)   332,477,683   654,524,848
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Fund   Aggregate
Unrealized
Gain 		  Aggregate
Unrealized
Loss 		  Net
Unrealized
Gain
(Loss) 		  Cost of
Investments
Systematic Value
  $80,549,541   $(17,990,370)   $62,559,171   $396,296,279
U.S. Socially Responsible
  192,801,393   (17,482,068)   175,319,325   385,595,806
* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2024.
Note 5 — Advisory Fees and Other Transactions with Affiliates
    VALIC serves as investment adviser to the Series and employs investment subadvisers that make investment decisions for the Funds. The Funds pay VALIC a monthly fee, calculated daily based on net assets at the annual rates set forth in the table below. VALIC has contractually (unless otherwise indicated) agreed to waive a portion of its advisory fee for certain Funds. The subadvisers are compensated for their services by VALIC.
Fund   Subadviser   Advisory Fee   Advisory Fee after Waiver
Aggressive Growth Lifestyle   J.P. Morgan Investment Management Inc.   0.10%   0.07%
Asset Allocation   J.P. Morgan Investment Management Inc.   0.500% on the first $300 million
0.475% on the next $200 million
0.450% on assets over $500 million 		  0.450% on the first $300 million
0.425% on the next $200 million
0.400% on assets over $500 million
Capital Appreciation   Columbia Management Investment Advisers, LLC   0.550% on the first $1 billion
0.525% on assets over $1 billion 		  No fee waiver
Conservative Growth Lifestyle   J.P. Morgan Investment Management Inc.   0.10%   0.07%
Core Bond   PineBridge Investments LLC
J.P. Morgan Investment Management Inc. 		  0.50% on the first $200 million
0.45% on the next $300 million
0.40% on assets over $500 million 		  0.47% on the first $200 million
0.42% on the next $300 million
0.37% on assets over $500 million
Dividend Value   BlackRock Investment Management, LLC
ClearBridge Investments, LLC 		  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 		  0.60% on the first $250 million
0.57% on the next $250 million
0.52% on the next $500 million
0.47% on assets over $1 billion(1)
Dynamic Allocation   SunAmerica Asset Management, LLC
AllianceBernstein LP 		  0.25% on the first $1 billion
0.22% on the next $1 billion
0.20% on assets over $2 billion 		  Voluntary Waiver(2)
Emerging Economies   BlackRock Investment Management, LLC   0.81% on the first $250 million
0.76% on the next $250 million
0.71% on assets over $500 million
0.66% on assets over $1 billion 		  No fee waiver
Global Real Estate   Duff & Phelps Investment Management Co.
Massachusetts Financial Services Company 		  0.75% on the first $250 million
0.70% on the next $250 million
0.65% on assets over $500 million 		  0.74% on the first $250 million
0.69% on the next $250 million
0.64% on assets over $500 million(3)
Global Strategy   Franklin Advisers, Inc.   0.50% on the first $500 million
0.46% on assets over $500 million 		  0.44% on the first $500 million
0.40% on assets over $500 million
Government Securities   J.P. Morgan Investment Management Inc.   0.50% on the first $250 million
0.45% on the next $250 million
0.40% on the next $500 million
0.35% on assets over $1 billion 		  0.42% on the first $250 million
0.37% on the next $250 million
0.32% on the next $500 million
0.27% on assets over $1 billion(4)
Growth   BlackRock Investment Management, LLC(5)   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 		  0.57% on the first $500 million
0.51% on the next $500 million
0.48% on the next $500 million
0.45% on assets over $1.5 billion
High Yield Bond   Wellington Management Company LLP   0.65% on the first $150 million
0.60% on the next $350 million
0.55% on assets over $500 million 		  No fee waiver
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NOTES TO FINANCIAL STATEMENTS — (continued)
Fund   Subadviser   Advisory Fee   Advisory Fee after Waiver
Inflation Protected   Wellington Management Company LLP   0.50% on the first $250 million
0.45% on the next $250 million
0.40% on assets over $500 million 		  0.47% on the first $250 million
0.42% on the next $250 million
0.37% on assets over $500 million
International Equities Index   BlackRock Investment Management, LLC(5)   0.35% on the first $500 million
0.25% on the next $500 million
0.24% on assets over $1 billion 		  No fee waiver
International Government Bond   PineBridge Investments LLC   0.50% on the first $250 million
0.45% on the next $250 million
0.40% on the next $500 million
0.35% on assets over $1 billion 		  0.48% on the first $250 million
0.43% on the next $250 million
0.38% on the next $500 million
0.33% on assets over $1 billion(6)
International Growth   Morgan Stanley Investment Management Inc.   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 		  0.69% on the first $250 million
0.64% on the next $250 million
0.59% on the next $500 million
0.54% on assets over $1 billion(7)
International Opportunities   Invesco Advisers, Inc.
Wellington Management Company LLP 		  0.90% on the first $100 million
0.80% on the next $650 million
0.75% on assets over $750 million 		  0.87% on the first $100 million
0.77% on the next $650 million
0.72% on assets over $750 million
International Socially Responsible   BlackRock Investment Management, LLC(5)   0.500% on the first $500 million
0.475% on the next $500 million
0.450% on assets over $1 billion 		  0.410% on the first $500 million
0.385% on the next $500 million
0.360% on assets over $1 billion(8)
International Value   Columbia Management Investment Advisers, LLC
Goldman Sachs Asset Management, L.P. 		  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 		  0.66% on the first $250 million
0.61% on the next $250 million
0.56% on the next $500 million
0.51% on assets over $1 billion
Large Capital Growth   Massachusetts Financial Services Company   0.64% on the first $750 million
0.59% on assets over $750 million 		  0.59% on the first $750 million
0.54% on assets over $750 million(9)
Mid Cap Index   BlackRock Investment Management, LLC(5)   0.35% on the first $500 million
0.25% on the next $2.5 billion
0.20% on the next $2 billion
0.15% on assets over $5 billion 		  0.34% on the first $500 million
0.24% on the next $2.5 billion
0.19% on the next $2 billion
0.14% on assets over $5 billion(10)
Mid Cap Strategic Growth   Voya Investment Management Co. LLC
Janus Henderson Investors US LLC 		  0.70% on the first $250 million
0.65% on the next $250 million
0.60% on assets over $500 million 		  No fee waiver
Mid Cap Value   Wellington Management Company LLP
Boston Partners Global Investors, Inc. d/b/a Boston Partners 		  0.750% on the first $100 million
0.725% on the next $150 million
0.700% on the next $250 million
0.675% on next $250 million
0.650% on assets over $750 million 		  No fee waiver
Moderate Growth Lifestyle   J.P. Morgan Investment Management Inc.   0.10%   0.07%
Nasdaq-100® Index   BlackRock Investment Management, LLC(5)   0.40% on the first $250 million
0.38% on the next $250 million
0.36% on assets over $500 million 		  0.32% on the first $250 million
0.30% on the next $250 million
0.28% on assets over $500 million
Science & Technology   BlackRock Investment Management, LLC(11)
Voya Investment Management Co. LLC(11) 		  0.90% on the first $500 million
0.85% on assets over $500 million 		  0.85% on the first $500 million
0.80% on assets over $500 million
Small Cap Growth   T. Rowe Price Associates, Inc.
American Century Investment Management, Inc.(12) 		  0.85% on the first $100 million
0.80% on assets over $100 million 		  0.80% on the first $100 million
0.75% on assets over $100 million(13)
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NOTES TO FINANCIAL STATEMENTS — (continued)
Fund   Subadviser   Advisory Fee   Advisory Fee after Waiver
Small Cap Index   BlackRock Investment Management, LLC(5)   0.35% on the first $500 million
0.25% on the next $2.5 billion
0.20% on the next $2 billion
0.15% on assets over $5 billion 		  0.29% on the first $500 million
0.19% on the next $2.5 billion
0.14% on the next $2 billion
0.09% on assets over $5 billion(14)
Small Cap Special Values   Allspring Global Investments, LLC   0.75% on the first $500 million
0.70% on assets over $500 million 		  No fee waiver
Small Cap Value   J.P. Morgan Investment Management Inc.   0.75% on the first $50 million
0.65% on assets over $50 million 		  No fee waiver
Stock Index   BlackRock Investment Management, LLC(5)   0.35% on the first $500 million
0.25% on the next $2.5 billion
0.20% on the next $2 billion
0.15% on assets over $5 billion 		  0.265% on the first $500 million
0.165% on the next $2.5 billion
0.115% on the next $2 billion
0.065% on assets over $5 billion(15)
Systematic Core   Goldman Sachs Asset Management, L.P.   0.750% on the first $500 million
0.725% on assets over $500 million 		  0.530% on the first $500 million
0.505% on assets over $500 million
Systematic Growth   Goldman Sachs Asset Management, L.P.
Wellington Management Company LLP 		  0.750% on the first $250 million
0.725% on the next $250 million
0.700% on assets over $500 million 		  0.580% on the first $250 million
0.555% on the next $250 million
0.530% on the next $300 million
0.505% on the next $200 million
0.450% on assets over $1 billion
Systematic Value   Wellington Management Company LLP   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 		  0.56% on the first $250 million
0.51% on the next $250 million
0.46% on the next $500 million
0.41% on assets over $1 billion(16)
U.S. Socially Responsible   BlackRock Investment Management, LLC(5)   0.25% on the first $1 billion
0.24% on assets over $1 billion 		  0.23% on the first $1 billion
0.22% on assets over $1 billion(17)
(1) The information presented represents the rates that became effective on September 30, 2024 for the Dividend Value Fund. Prior to that date, the Advisory Fee after Waiver was 0.64% 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.
(2) 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.
(3) The information presented represents the rates that became effective on September 30, 2024 for the Global Real Estate Fund. Prior to that date there was no advisory fee waiver.
(4) The information presented represents the rates that became effective on September 30, 2024 for the Government Securities Fund. Prior to that date there was no advisory fee waiver.
(5) Effective April 30, 2025, BlackRock Investment Management, LLC replaced SunAmerica Asset Management, LLC as subadviser for 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 and a portion of the Growth Fund.
(6) The information presented represents the rates that became effective on September 30, 2024 for the International Government Bond Fund. Prior to that date there was no advisory fee waiver.
(7) The information presented represents the rates that became effective on September 30, 2024 for International Growth Fund. Prior to that date, the Advisory Fee after Waiver was 0.75% on the first $250 million, 0.70% on the next $250 million, 0.65% on the next $500 million and 0.60% on assets over $1 billion.
(8) The information presented represents the rates that became effective on April 30, 2025 for the International Socially Responsible Fund.  Prior to that date, the Advisory Fee after Waiver was 0.450% on the first $500 million, 0.425% on the next $500 million and 0.400% on assets over $1 billion.
(9) The information presented represents the rates that became effective on September 30, 2024 for the Large Capital Growth Fund. Prior to that date there was no advisory fee waiver.
(10) The information presented represents the rates that became effective on September 30, 2024 for the Mid Cap Index Fund. Prior to that date there was no advisory fee waiver.
(11) Effective September 30, 2024, BlackRock Investment Management, LLC and Voya Investment Management Co. LLC replaced Wellington Management Company LLP as subadvisers for the Science & Technology Fund.
(12) Effective September 30, 2024, American Century Investment Management, Inc. replaced J.P. Morgan Investment Management, Inc. as subadviser for a portion of the Small Cap Growth Fund.
(13) The information presented represents the rates that became effective on September 30, 2024 for Small Cap Growth Fund. Prior to that date, the Advisory Fee after Waiver was 0.82% on the first $100 million and 0.77% on assets over $100 million.
(14) The information presented represents the rates that became effective on September 30, 2024 for Small Cap Index Fund. Prior to that date, the Advisory Fee after Waiver was 0.30% on the first $500 million, 0.20% on the next $2.5 billion, 0.15% on the next $2 billion and 0.10% on assets over $5 billion.
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NOTES TO FINANCIAL STATEMENTS — (continued)
(15) The information presented represents the rates that became effective on September 30, 2024 for Stock Index Fund. Prior to that date, the Advisory Fee after Waiver was 0.275% on the first $500 million, 0.175% on the next $2.5 billion ,0.125% on the next $2 billion and 0.075% on assets over $5 billion.
(16) The information presented represents the rates that became effective on September 30, 2024 for Systematic Value Fund. Prior to that date, the Advisory Fee after Waiver was 0.40% on the first $250 million, 0.35% on the next $250 million, 0.30% on the next $500 million and 0.25% on assets over $1 billion.
(17) The information presented represents the rates that became effective on April 30, 2025 for the U.S. Socially Responsible Fund. Prior to that date there was no advisory fee waiver.
    For the year ended May 31, 2025, advisory fees waived were as follows: 
Fund   Amount
Aggressive Growth Lifestyle
  $213,151
Asset Allocation
  74,668
Conservative Growth Lifestyle
  86,654
Core Bond
  776,171
Dividend Value
  1,004,217
Dynamic Allocation
  10,734
Global Real Estate
  23,343
Global Strategy
  131,639
Government Securities
  71,501
Growth
  2,716,337
Inflation Protected
  118,749
International Government Bond
  8,157
International Growth
  894,647
International Opportunities
  115,908
International Socially Responsible
  263,190
International Value
  312,697
Large Capital Growth
  207,030
Mid Cap Index
  186,997
Moderate Growth Lifestyle
  307,079
Nasdaq-100® Index
  803,428
Science & Technology
  1,399,792
Small Cap Growth
  224,970
Small Cap Index
  608,446
Stock Index
  5,408,504
Systematic Core
  1,334,187
Systematic Growth
  1,771,352
Systematic Value
  883,956
U.S. Socially Responsible
  9,950
    The Adviser has contractually agreed to waive its fees and/or reimburse expenses, if necessary, to keep annual operating expenses at or below certain percentages of the following Funds’ average net assets. This agreement may be modified or discontinued prior to September 30, 2026, only with the approval of the Board, including a majority of the trustees who are not “interested persons” of the Trust as defined in the 1940 Act. For purposes of the waived fees 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 Fund’s business. During the period ended May 31, 2025, the Adviser waived its fees and/or reimbursed expenses, if necessary, to keep annual operating expenses at or below the following percentages:
Fund   Maximum Expense
Limitation
Dynamic Allocation
  0.32%
High Yield Bond
  0.68%
    The expense limitation agreement with respect to the Stock Index Fund was terminated on September 30, 2024.  Prior to that date, the Fund’s maximum expense limitation was 0.26%.
    The Adviser may also voluntarily waive additional fees and/or reimburse additional expenses.  The Adviser may terminate all such voluntary waivers and/or reimbursements at any time.
    For the year ended May 31, 2025, expenses reimbursed were as follows:
Fund   Amount
Dynamic Allocation
  $67,288
High Yield Bond
  303,321
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NOTES TO FINANCIAL STATEMENTS — (continued)
    Waivers or reimbursements made by the Adviser with respect to a the Dynamic Allocation Fund, with the exception of advisory fee waivers, are subject to recoupment from that Fund within the following two years, provided that the Fund is able to effect such payment to the Adviser without exceeding the applicable expense limitations in effect at the time such waivers and/or reimbursements occurred or the current expense limitation of that share class. 
    At May 31, 2025, expenses previously reimbursed by the Adviser that are subject to recoupment and expire during the time period indicated below are as follows:
    Balance Subject to
Recoupment
Fund   May 31, 2026   May 31, 2027
Dynamic Allocation
  $60,854   $67,288
    VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica Asset Management, LLC (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. In determining the basis points for the Accounting Basis Point Fee,the average net assets for all registered management investment companies managed and/or administered by the Administrator and VALIC, other than “funds-of-funds” and “feeder funds”,are included. 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.  During the year ended May 31, 2025, SunAmerica earned fees as reflected in the Statement of Operations based on the aforementioned rates.
    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 year ended May 31, 2025, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned agreement. 
    On January 23, 2001, the Board ratified a Deferred Compensation Plan (the “Plan”) for its independent directors who are not officers, directors, or employees of VALIC, or anaffiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the Plan, Directors may elect to defer allor 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 year ended May 31, 2025, no amounts have been deferred under the Plan. 
    During the period, the Growth Fund had a trade error due to incorrect weightings for the S&P 500 Growth Index. The error was corrected resulting in a loss of $471,853 which was reimbursed by the Administrator.
    During the period, the International Socially Responsible Fund had a compliance violation due to the purchase of a security in excess of a Fund investment restriction. The violation was corrected resulting in a loss of $2,804 which will be reimbursed by the subadviser, BlackRock Investment Management, LLC.
Note 6 — Purchases and Sales of Investment Securities
    The cost of purchases and proceeds from sales and maturities of long—term investments during the year ended May 31, 2025 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
  $156,228,028   $210,406,607   $—   $—
Asset Allocation
  42,089,029   52,251,222   9,744,041   12,012,854
Capital Appreciation
  191,169,433   122,513,502   —   —
Conservative Growth Lifestyle
  56,348,325   91,598,829   —   —
Core Bond
  613,847,636   457,037,615   534,449,347   656,558,219
Dividend Value
  409,016,990   452,735,700   —   —
Dynamic Allocation
  14,758,256   35,853,410   12,244,765   13,193,956
Emerging Economies
  1,099,750,815   1,101,167,706   —   —
Global Real Estate
  182,386,765   295,646,543   —   —
Global Strategy
  105,766,679   119,947,300   4,027,180   3,053,868
Government Securities
  7,040,094   491,440   37,108,552   15,743,013
Growth
  738,445,040   927,523,761   —   —
High Yield Bond
  204,272,892   230,657,179   —   —
Inflation Protected
  41,110,777   60,240,680   33,637,105   52,476,496
International Equities Index
  218,597,101   521,736,197   —   —
International Government Bond
  47,856,638   54,993,143   17,284,780   20,460,153
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NOTES TO FINANCIAL STATEMENTS — (continued)
Fund   Purchases of
Investment
Securities
(excluding U.S.
Government
Securities) 		  Sales of
Investment
Securities
(excluding U.S.
Government
Securities) 		  Purchase of U.S.
Government
Securities 		  Sales of U.S.
Government
Securities
International Growth
  $60,911,059   $119,272,571   $—   $—
International Opportunities
  230,656,469   341,504,362   —   —
International Socially Responsible
  103,564,667   79,540,397   —   —
International Value
  209,915,229   335,459,537   —   —
Large Capital Growth
  110,450,365   190,395,840   —   —
Mid Cap Index
  518,285,311   974,906,074   —   —
Mid Cap Strategic Growth
  550,308,291   655,393,691   —   —
Mid Cap Value
  1,020,903,990   1,126,262,602   —   —
Moderate Growth Lifestyle
  216,355,263   335,564,112   —   —
Nasdaq-100® Index
  94,624,932   150,778,889   —   —
Science & Technology
  1,846,783,456   2,183,656,895   —   —
Small Cap Growth
  843,340,499   864,994,159   —   —
Small Cap Index
  298,529,238   294,101,374   —   —
Small Cap Special Values
  42,249,077   66,698,825   —   —
Small Cap Value
  266,589,771   380,431,598   —   —
Stock Index
  216,567,757   961,392,491   —   —
Systematic Core
  258,073,968   220,363,091   —   —
Systematic Growth
  456,581,420   583,491,672   —   —
Systematic Value
  250,522,794   296,946,632   —   —
U.S. Socially Responsible
  165,659,498   304,229,812   —   —
Note 7 — Capital Share Transactions
    Transactions in capital shares of each class of each Fund were as follows:
  Aggressive Growth Lifestyle   Asset Allocation
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
694,074   $7,733,591   1,055,802   $10,176,775   505,880   $5,979,490   444,367   $4,618,165
Reinvested dividends
1,657,762   18,268,533   1,386,135   14,374,215   695,965   7,933,999   196,816   2,200,405
Shares redeemed
(5,541,429)   (61,182,892)   (6,296,087)   (61,604,001)   (1,723,273)   (20,489,885)   (1,401,123)   (14,702,524)
Net increase (decrease)
(3,189,593)   $(35,180,768)   (3,854,150)   $(37,053,011)   (521,428)   $(6,576,396)   (759,940)   $(7,883,954)
  Capital Appreciation   Conservative Growth Lifestyle
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
5,543,469   105,231,906   7,280,499   133,988,903   677,137   7,723,640   534,308   5,621,563
Reinvested dividends
220,031   4,286,202   765,108   13,718,380   671,586   7,642,651   642,649   7,056,285
Shares redeemed
(1,437,200)   (29,370,568)   (512,078)   (8,583,493)   (3,771,239)   (43,235,406)   (4,239,647)   (44,923,260)
Net increase (decrease)
4,326,300   $80,147,540   7,533,529   $139,123,790   (2,422,516)   $(27,869,115)   (3,062,690)   $(32,245,412)
  Core Bond   Dividend Value
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
50,848,228   496,709,010   34,228,847   331,587,161   13,319,694   161,908,366   4,627,245   55,081,482
Reinvested dividends
10,543,724   101,852,375   9,964,763   95,661,726   3,510,348   42,334,802   3,576,630   41,453,139
Shares redeemed
(52,407,040)   (513,218,972)   (65,788,459)   (629,026,170)   (17,406,439)   (217,083,956)   (51,899,738)   (581,943,301)
Net increase (decrease)
8,984,912   $85,342,413   (21,594,849)   $(201,777,283)   (576,397)   $(12,840,788)   (43,695,863)   $(485,408,680)
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NOTES TO FINANCIAL STATEMENTS — (continued)
  Dynamic Allocation   Emerging Economies
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
1,205,270   $12,276,274   2,352,448   $22,455,674   31,754,064   $206,829,591   24,721,065   $141,423,539
Reinvested dividends
402,257   4,111,064   908,095   8,944,739   4,106,972   26,325,689   2,533,943   15,305,018
Shares redeemed
(3,317,455)   (34,489,217)   (5,105,374)   (49,181,089)   (34,182,458)   (219,043,155)   (43,274,877)   (253,270,906)
Net increase (decrease)
(1,709,928)   $(18,101,879)   (1,844,831)   $(17,780,676)   1,678,578   $14,112,125   (16,019,869)   $(96,542,349)
  Global Real Estate   Global Strategy
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
17,790,503   126,108,695   16,444,602   103,460,476   948,601   9,460,333   228,810   2,108,167
Reinvested dividends
997,526   6,623,573   1,104,163   7,143,934   837,222   8,347,100   —   —
Shares redeemed
(37,255,327)   (250,089,652)   (9,161,251)   (56,967,766)   (2,515,839)   (25,454,615)   (2,985,612)   (26,417,500)
Net increase (decrease)
(18,467,298)   $(117,357,384)   8,387,514   $53,636,644   (730,016)   $(7,647,182)   (2,756,802)   $(24,309,333)
  Government Securities   Growth
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
4,451,036   41,295,225   1,347,463   12,412,228   7,931,293   130,365,167   37,726,465   459,866,525
Reinvested dividends
411,120   3,794,637   515,636   4,723,224   3,391,826   53,217,747   102,241   1,517,258
Shares redeemed
(2,155,828)   (20,171,240)   (3,674,820)   (33,801,353)   (19,344,748)   (315,962,174)   (19,333,822)   (265,897,669)
Net increase (decrease)
2,706,328   $24,918,622   (1,811,721)   $(16,665,901)   (8,021,629)   $(132,379,260)   18,494,884   $195,486,114
  High Yield Bond   Inflation Protected
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
12,665,442   86,845,415   11,192,451   78,889,707   6,013,448   51,961,134   3,809,286   32,941,458
Reinvested dividends
3,249,470   22,356,353   3,466,492   23,745,472   771,129   6,616,286   5,647,688   47,722,963
Shares redeemed
(16,332,808)   (115,393,589)   (12,863,540)   (88,125,506)   (10,477,772)   (90,165,793)   (13,923,674)   (128,667,130)
Net increase (decrease)
(417,896)   $(6,191,821)   1,795,403   $14,509,673   (3,693,195)   $(31,588,373)   (4,466,700)   $(48,002,709)
  International Equities Index   International Government Bond
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
25,905,892   220,005,773   29,375,310   228,386,965   1,293,361   13,178,824   2,778,604   26,853,651
Reinvested dividends
9,508,850   81,110,488   5,364,195   44,308,254   —   —   —   —
Shares redeemed
(75,150,770)   (631,378,015)   (77,193,285)   (602,119,240)   (2,534,916)   (25,775,741)   (3,446,053)   (32,948,336)
Net increase (decrease)
(39,736,028)   $(330,261,754)   (42,453,780)   $(329,424,021)   (1,241,555)   $(12,596,917)   (667,449)   $(6,094,685)
  International Growth   International Opportunities
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
2,052,934   25,219,330   1,935,614   20,887,470   605,587   8,977,718   901,937   12,170,041
Reinvested dividends
—   —   —   —   674,451   10,029,083   284,420   4,274,825
Shares redeemed
(6,867,141)   (83,446,829)   (6,938,425)   (76,878,261)   (8,371,134)   (125,743,165)   (9,364,668)   (134,718,305)
Net increase (decrease)
(4,814,207)   $(58,227,499)   (5,002,811)   $(55,990,791)   (7,091,096)   $(106,736,364)   (8,178,311)   $(118,273,439)
  International Socially Responsible   International Value
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
3,488,899   88,673,475   4,071,778   96,536,281   2,798,652   30,571,320   3,626,497   35,735,248
Reinvested dividends
676,879   17,294,252   324,966   8,091,651   4,183,748   44,473,241   790,342   8,235,367
Shares redeemed
(3,377,077)   (86,397,863)   (2,955,305)   (68,237,446)   (15,686,637)   (170,601,006)   (13,943,176)   (140,321,764)
Net increase (decrease)
788,701   $19,569,864   1,441,439   $36,390,486   (8,704,237)   $(95,556,445)   (9,526,337)   $(96,351,149)
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NOTES TO FINANCIAL STATEMENTS — (continued)
  Large Capital Growth   Mid Cap Index
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
458,973   $9,133,123   350,787   $6,556,115   4,440,818   $125,378,692   4,970,312   $126,280,203
Reinvested dividends
7,955,491   130,629,161   2,181,134   42,379,434   15,227,124   350,985,209   6,060,607   159,151,537
Shares redeemed
(4,840,846)   (91,515,664)   (12,285,616)   (233,355,583)   (23,403,637)   (614,076,444)   (28,391,138)   (708,217,203)
Net increase (decrease)
3,573,618   $48,246,620   (9,753,695)   $(184,420,034)   (3,735,695)   $(137,712,543)   (17,360,219)   $(422,785,463)
  Mid Cap Strategic Growth   Mid Cap Value
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
13,589,277   275,417,691   14,409,651   240,661,169   12,181,180   216,940,664   6,424,207   110,273,416
Reinvested dividends
48,909   954,220   8,437   158,955   4,210,519   67,031,458   4,925,357   84,125,102
Shares redeemed
(17,261,500)   (349,288,997)   (5,869,810)   (99,390,424)   (19,539,651)   (325,105,102)   (10,194,225)   (180,192,037)
Net increase (decrease)
(3,623,314)   $(72,917,086)   8,548,278   $141,429,700   (3,147,952)   $(41,132,980)   1,155,339   $14,206,481
  Moderate Growth Lifestyle   Nasdaq-100® Index
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
565,174   8,118,808   1,215,359   15,498,307   1,300,150   34,395,858   2,179,135   48,670,493
Reinvested dividends
1,547,422   22,050,761   1,699,268   22,957,106   8,619,290   186,693,827   1,658,978   40,346,335
Shares redeemed
(8,876,467)   (126,795,548)   (8,947,733)   (115,327,588)   (4,812,717)   (120,982,548)   (3,914,807)   (89,200,903)
Net increase (decrease)
(6,763,871)   $(96,625,979)   (6,033,106)   $(76,872,175)   5,106,723   $100,107,137   (76,694)   $(184,075)
  Science & Technology   Small Cap Growth
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
612,155   19,116,411   832,067   20,317,341   6,957,376   110,294,321   7,599,431   105,868,731
Reinvested dividends
—   —   —   —   60,836   896,724   —   —
Shares redeemed
(11,194,759)   (347,297,601)   (10,232,058)   (249,053,078)   (7,439,807)   (120,307,353)   (13,338,613)   (199,932,238)
Net increase (decrease)
(10,582,604)   $(328,181,190)   (9,399,991)   $(228,735,737)   (421,595)   $(9,116,308)   (5,739,182)   $(94,063,507)
  Small Cap Index   Small Cap Special Values
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
9,144,046   139,309,163   16,061,934   231,349,171   397,752   4,851,502   369,935   4,369,740
Reinvested dividends
3,214,777   46,742,863   834,539   12,701,686   1,716,017   18,601,622   773,845   9,440,906
Shares redeemed
(11,182,013)   (180,847,749)   (15,241,418)   (218,824,954)   (2,696,530)   (32,116,135)   (2,196,160)   (25,503,786)
Net increase (decrease)
1,176,810   $5,204,277   1,655,055   $25,225,903   (582,761)   $(8,663,011)   (1,052,380)   $(11,693,140)
  Small Cap Value   Stock Index
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
4,681,485   53,898,711   16,984,034   195,049,666   3,095,411   177,896,782   8,443,834   426,210,915
Reinvested dividends
1,893,552   21,283,530   1,395,558   16,746,692   3,153,134   178,246,666   8,333,843   431,109,681
Shares redeemed
(15,300,914)   (184,185,398)   (29,393,910)   (346,382,480)   (17,538,586)   (1,011,141,901)   (15,723,414)   (783,994,383)
Net increase (decrease)
(8,725,877)   $(109,003,157)   (11,014,318)   $(134,586,122)   (11,290,041)   $(654,998,453)   1,054,263   $73,326,213
  Systematic Core   Systematic Growth
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
3,412,865   105,344,621   180,754   4,922,818   2,084,326   37,022,253   7,373,258   118,014,922
Reinvested dividends
848,837   26,840,231   379,117   11,328,023   4,695,296   80,524,325   6,708,446   111,024,774
Shares redeemed
(2,086,077)   (69,044,549)   (3,165,938)   (88,131,945)   (9,077,181)   (168,804,090)   (11,997,903)   (195,953,159)
Net increase (decrease)
2,175,625   $63,140,303   (2,606,067)   $(71,881,104)   (2,297,559)   $(51,257,512)   2,083,801   $33,086,537
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NOTES TO FINANCIAL STATEMENTS — (continued)
  Systematic Value   U.S. Socially Responsible
  Year Ended 5/31/25   Year Ended 5/31/24   Year Ended 5/31/25   Year Ended 5/31/24
  Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount
Shares sold
799,599   $11,709,171   2,896,340   $35,887,839   1,156,105   $23,726,251   929,099   $17,098,864
Reinvested dividends
1,872,770   26,986,609   584,448   7,983,557   6,342,697   108,333,269   3,357,163   64,793,249
Shares redeemed
(4,157,165)   (62,754,285)   (5,773,159)   (74,901,405)   (10,185,644)   (190,009,970)   (11,450,188)   (221,645,037)
Net increase (decrease)
(1,484,796)   $(24,058,505)   (2,292,371)   $(31,030,009)   (2,686,842)   $(57,950,450)   (7,163,926)   $(139,752,924)
Note 8 — Transactions with Affiliates
    Transactions in shares of Underlying Funds  and affiliated companies for the year ended May 31, 2025 are shown in the tables below. 
Aggressive Growth Lifestyle Fund
Security   Income   Capital Gain
Distribution
Received 		  Value at
May 31,
2024 		  Cost of
Purchases† 		  Proceeds
of Sales 		  Realized
Gain/(Loss) 		  Change in
Unrealized
Gain (Loss) 		  Value at
May 31,
2025
VALIC Company I
                               
Core Bond Fund
  $5,725,755   $—   $131,916,718   $75,464,664   $55,436,728   $(4,372,909)   $6,049,506   $153,621,251
Emerging Economies Fund
  —   —   —   14,174,476   13,783,916   (390,560)   —   —
High Yield Bond Fund
  —   —   —   7,074,714   —   —   145,442   7,220,156
International Equities Index Fund
  5,049,958   1,674,795   139,925,322   25,013,989   32,673,106   8,769,672   1,558,767   142,594,644
Mid Cap Index Fund
  130,585   1,169,832   —   19,892,788   16,398,169   (3,494,619)   —   —
Small Cap Growth Fund
  36,322   —   24,225,954   766,121   8,113,125   984,739   (98,605)   17,765,084
Small Cap Value Fund
  336,261   958,226   22,685,419   3,185,978   8,382,268   (38,011)   (1,409,160)   16,041,958
Stock Index Fund
  2,796,147   3,771,429   245,587,510   24,116,240   56,204,674   4,976,888   18,852,641   237,328,605
Systematic Growth Fund
  55,334   5,046,305   62,367,297   11,825,317   11,330,419   3,271,130   1,598,267   67,731,592
Systematic Value Fund
  1,090,020   2,743,756   63,046,559   5,298,466   8,084,202   581,986   3,511,788   64,354,597
    $15,220,382   $15,364,343   $689,754,779   $186,812,753   $210,406,607   $10,288,316   $30,208,646   $706,657,887
† Includes reinvestment of distributions paid.
Conservative Growth Lifestyle Fund
Security   Income   Capital Gain
Distribution
Received 		  Value at
May 31,
2024 		  Cost of
Purchases† 		  Proceeds
of Sales 		  Realized
Gain/(Loss) 		  Change in
Unrealized
Gain (Loss) 		  Value at
May 31,
2025
VALIC Company I
                               
Core Bond Fund
  $6,617,077   $—   $172,953,618   $31,761,489   $35,174,703   $(7,078,357)   $9,940,327   $172,402,374
Emerging Economies Fund
  —   —   —   5,837,229   5,676,002   (161,227)   —   —
High Yield Bond Fund
  —   —   —   2,812,518   —   —   57,820   2,870,338
International Equities Index Fund
  944,605   313,274   29,545,650   7,021,072   10,783,520   2,980,848   (801,812)   27,962,238
Mid Cap Index Fund
  51,565   461,941   —   7,924,526   6,537,363   (1,387,163)   —   —
Small Cap Growth Fund
  7,213   —   5,878,258   299,831   3,633,829   802,237   (515,609)   2,830,888
Small Cap Value Fund
  72,884   207,695   5,749,211   555,176   3,337,481   410,262   (619,189)   2,757,979
Stock Index Fund
  527,747   711,823   51,585,498   6,982,596   20,082,197   4,630,478   286,969   43,403,344
Systematic Growth Fund
  10,318   940,993   12,436,175   3,359,003   3,479,434   645,182   331,248   13,292,174
Systematic Value Fund
  201,753   507,845   12,575,182   1,371,618   2,894,300   538,246   323,609   11,914,355
    $8,433,162   $3,143,571   $290,723,592   $67,925,058   $91,598,829   $1,380,506   $9,003,363   $277,433,690
† Includes reinvestment of distributions paid.
Dynamic Allocation Fund
Security   Income   Capital Gain
Distribution
Received 		  Value at
May 31,
2024 		  Cost of
Purchases† 		  Proceeds
of Sales 		  Realized
Gain/(Loss) 		  Change in
Unrealized
Gain (Loss) 		  Value at
May 31,
2025
VALIC Company I
                               
Capital Appreciation Fund
  $—   $118,145   $5,354,127   $1,418,418   $1,500,185   $(19,794)   $714,912   $5,967,478
Core Bond Fund
  642,084   —   17,465,142   3,431,129   4,698,555   (989,664)   1,340,543   16,548,595
Dividend Value Fund
  182,438   323,954   7,885,050   2,341,611   2,170,530   (68,127)   320,622   8,308,626
Emerging Economies Fund
  10,812   —   717,423   34,537   488,011   (104,730)   142,856   302,075
Global Real Estate Fund
  24,619   —   1,594,029   143,243   430,051   (33,868)   162,471   1,435,824
Government Securities Fund
  150,401   —   5,314,303   1,193,263   1,596,191   (308,812)   419,513   5,022,076
Growth Fund
  2,382   151,991   5,407,226   502,514   1,581,043   78,001   567,552   4,974,250
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NOTES TO FINANCIAL STATEMENTS — (continued)
Dynamic Allocation Fund — (continued)
Security   Income   Capital Gain
Distribution
Received 		  Value at
May 31,
2024 		  Cost of
Purchases† 		  Proceeds
of Sales 		  Realized
Gain/(Loss) 		  Change in
Unrealized
Gain (Loss) 		  Value at
May 31,
2025
High Yield Bond Fund
  $61,012   $—   $1,060,830   $140,094   $290,034   $(7,448)   $29,777   $933,219
Inflation Protected Fund
  24,826   —   1,711,009   151,358   456,055   (184,289)   217,240   1,439,263
International Equities Index Fund
  78,343   25,982   2,510,182   274,353   619,074   158,640   (976)   2,323,125
International Government Bond Fund
  —   —   478,494   39,541   140,017   (35,278)   62,139   404,879
International Growth Fund
  —   —   2,370,529   166,073   606,071   (73,440)   463,293   2,320,384
International Opportunities Fund
  8,553   —   385,158   32,277   88,009   (48,339)   75,637   356,724
International Socially Responsible Fund
  48,087   13,351   1,958,272   191,925   479,056   (28,080)   155,360   1,798,421
International Value Fund
  127,324   191,597   4,138,692   552,215   1,357,100   206,125   (9,824)   3,530,108
Large Capital Growth Fund
  12,367   958,326   5,730,817   1,328,537   1,998,516   71,936   (662,058)   4,470,716
Mid Cap Index Fund
  17,157   153,695   1,516,252   269,704   365,042   55,137   (193,654)   1,282,397
Mid Cap Strategic Growth Fund
  1,521   —   1,551,891   312,236   414,048   (89,195)   294,566   1,655,450
Mid Cap Value Fund
  11,027   115,565   1,792,834   217,536   539,039   (129,893)   73,794   1,415,232
Small Cap Growth Fund
  1,686   —   965,094   168,906   251,028   (532)   24,877   907,317
Small Cap Index Fund
  6,694   17,111   596,807   63,347   150,017   (54,902)   42,349   497,584
Small Cap Special Values Fund
  8,688   57,561   845,967   109,745   213,019   (6,318)   (109,110)   627,265
Small Cap Value Fund
  4,053   11,549   300,661   27,465   99,005   (5,692)   (10,629)   212,800
Stock Index Fund
  164,849   222,348   12,655,981   3,644,115   3,568,967   683,171   624,528   14,038,828
Systematic Core Fund
  67,693   299,759   9,229,033   964,162   2,983,197   416,324   246,779   7,873,101
Systematic Growth Fund
  3,286   299,643   4,099,036   560,844   1,255,846   (111,455)   395,866   3,688,445
Systematic Value Fund
  143,023   360,011   10,572,737   1,163,366   4,045,008   645,536   44,289   8,380,920
U.S. Socially Responsible Fund
  69,253   829,098   7,652,975   1,337,606   3,470,696   (685,869)   518,353   5,352,369
    $1,872,178   $4,149,686   $115,860,551   $20,780,120   $35,853,410   $(670,855)   $5,951,065   $106,067,471
† Includes reinvestment of distributions paid.
Moderate Growth Lifestyle Fund
Security   Income   Capital Gain
Distribution
Received 		  Value at
May 31,
2024 		  Cost of
Purchases† 		  Proceeds
of Sales 		  Realized
Gain/(Loss) 		  Change in
Unrealized
Gain (Loss) 		  Value at
May 31,
2025
VALIC Company I
                               
Core Bond Fund
  $15,935,607   $—   $399,363,538   $114,874,179   $106,187,810   $(17,660,836)   $23,802,158   $414,191,229
Emerging Economies Fund   —   —   —   20,592,059   20,024,062   (567,997)   —   —
High Yield Bond Fund
  —   —   —   10,000,020   —   —   205,580   10,205,600
International Equities Index Fund
  5,284,652   1,752,631   154,317,269   29,789,094   45,976,958   12,528,561   (1,310,687)   149,347,279
Mid Cap Index Fund   185,450   1,661,334   —   28,442,409   23,469,510   (4,972,899)   —   —
Small Cap Growth Fund
  38,849   —   27,654,921   38,849   11,300,848   1,827,085   (582,466)   17,637,541
Small Cap Value Fund
  392,460   1,118,373   28,794,752   2,771,308   12,861,926   549,513   (2,098,921)   17,154,726
Stock Index Fund
  2,919,979   3,938,454   273,061,572   33,595,998   89,065,850   19,469,699   7,112,146   244,173,565
Systematic Growth Fund
  56,757   5,176,062   65,790,988   13,922,476   15,150,677   3,057,056   2,098,103   69,717,946
Systematic Value Fund
  1,118,028   2,814,257   67,330,500   4,721,765   11,526,473   2,312,897   2,041,264   64,879,953
    $25,931,782   $16,461,111   $1,016,313,540   $258,748,157   $335,564,114   $16,543,079   $31,267,177   $987,307,839
† Includes reinvestment of distributions paid.                                
Stock Index Fund
Security   Income   Capital Gain
Distribution
Received 		  Value at
May 31,
2024 		  Cost of
Purchases 		  Proceeds
of Sales 		  Realized
Gain/(Loss) 		  Change in
Unrealized
Gain (Loss) 		  Value at
May 31,
2025
American International Group, Inc.- Common Stock
  $145,570   $—   $8,021,748   $—   $1,912,945   $1,037,363   $(662,234)   **
** See Note 1 related to AIG's change in control over Corebridge.
    The following Funds incurred brokerage commissions with affiliated brokers for the year ended May 31, 2025: 
Fund   Goldman
Sachs & Co.
Systematic Growth   $2,736
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NOTES TO FINANCIAL STATEMENTS — (continued)
    At May 31, 2025, 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   —   —   —   —
Capital Appreciation
  —   —   98.18   1.82   —   —   —
Conservative Growth Lifestyle
  —   —   100.00   —   —   —   —
Core Bond
  0.02   0.00   72.02   0.61   5.68   6.37   15.30
Dividend Value
  —   —   98.78   1.22   —   —   —
Dynamic Allocation
  8.49   —   91.51   —   —   —   —
Emerging Economies
  0.09   0.01   99.86   0.04   —   —   —
Global Real Estate
  —   —   99.42   0.58   —   —   —
Global Strategy
  —   —   100.00   —   —   —   —
Government Securities
  0.21   —   96.58   3.21   —   —   —
Growth
  —   —   99.71   0.29   —   —   —
High Yield Bond
  0.01   —   94.89   0.22   1.74   0.69   2.45
Inflation Protected
  —   —   99.61   0.39   —   —   —
International Equities Index
  1.18   0.01   79.92   0.14   8.36   1.64   8.75
International Government Bond
  —   —   99.27   0.73   —   —   —
International Growth
  —   —   99.39   0.61   —   —   —
International Opportunities
  —   —   99.89   0.11   —   —   —
International Socially Responsible
  0.21   —   99.47   0.32   —   —   —
International Value
  0.07   —   99.04   0.89   —   —   —
Large Capital Growth
  —   —   99.24   0.76   —   —   —
Mid Cap Index
  1.01   0.03   98.91   0.05   —   —   —
Mid Cap Strategic Growth
  —   —   99.86   0.14   —   —   —
Mid Cap Value
  0.28   —   99.48   0.24   —   —   —
Moderate Growth Lifestyle
  —   —   100.00   —   —   —   —
Nasdaq-100® Index
  2.72   0.03   97.25   —   —   —   —
Science & Technology
  0.59   0.00   99.41   —   —   —   —
Small Cap Growth
  —   —   92.72   0.17   3.30   0.53   3.28
Small Cap Index
  1.99   0.11   97.85   0.05   —   —   —
Small Cap Special Values
  —   —   99.64   0.36   —   —   —
Small Cap Value
  —   —   85.20   0.09   6.56   1.13   7.02
Stock Index
  1.82   0.02   89.61   0.22   3.69   0.68   3.80
Systematic Core
  0.40   —   98.47   1.13   —   —   —
Systematic Growth
  0.01   —   84.32   0.37   6.87   1.35   7.08
Systematic Value
  —   —   67.25   1.84   14.09   2.61   14.21
U.S. Socially Responsible
  0.05   —   98.99   0.96   —   —   —
    The fund-of-funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by these Funds within the set limits across their asset allocations may represent a significant portion of net assets of the Underlying Funds.
    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 1940 Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the year ended May 31, 2025, the following Funds engaged in security transactions with affiliated funds:
Fund   Cost of
Purchases 		  Proceeds
from Sales 		  Realized
Gain (Loss)
Global Real Estate
  $—   $106,400   $10,419
International Equities Index
  1,023,685   3,737,592   653,891
International Opportunities
  614,245   1,478,503   224,312
International Socially Responsible
  7,773,816   12,309,841   3,696,359
Large Capital Growth
  590,103   —   —
Mid Cap Value
  61,647   174,102   58,060
U.S. Socially Responsible
  —   568,431   474,628
Note 9 — Investment Concentration and Other Risks
    Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investment prices can fall or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments here or abroad; changes in investor psychology; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, disease/virus outbreaks and epidemics;
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NOTES TO FINANCIAL STATEMENTS — (continued)
recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. 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.  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.
    The Capital Appreciation Fund, Nasdaq-100® Index Fund, Science & Technology Fund and Systematic Growth 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 International Socially Responsible Fund and the U.S. Socially Responsible Fund invest in securities of companies meeting the Fund’ social criteria. The Fund’ adherence to their social criteria and application of related analyses when selecting investments may negatively impact the Fund’ performance, including relative to similar Funds that use different criteria, or to Funds that do not adhere to such criteria or apply such analyses. 
    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 Growth Fund, the International Opportunities 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 government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a portfolio 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 and the Government Securities Fund’s concentration in such investments, these funds may be subject to risks associated with the U.S. Government, its agencies or instrumentalities.
    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.
Note 10 — Line of Credit
    The Series, along with certain other funds managed by the Adviser, has access to a $135 million committed unsecured line of credit and a $90 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 Funds, has paid State Street, such Fund’s ratable portion of an upfront fee in an amount equal to $90,000 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 year ended May 31, 2025, the following Funds had borrowings:
Fund   Days
Outstanding 		  Interest
Charges 		  Average
Debt
Utilized 		  Weighted
Average
Interest 		  Balance
Outstanding
at 05/31/25
Core Bond
  10   $42,316   $22,805,000   6.68%   $—
Dividend Value
  1   28   175,000   5.68   —
Emerging Economies
  23   31,645   8,511,957   6.00   —
Global Real Estate
  34   42,749   7,364,706   5.92   —
Global Strategy
  4   442   600,000   6.43   —
Growth
  100   13,428   766,000   6.20   —
Inflation Protected
  1   931   5,650,000   5.93   —
International Equities Index
  39   122,982   19,968,590   5.71   3,750,000
International Government Bond
  1   20   125,000   5.68   —
International Growth
  9   912   575,000   6.35   —
251
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Fund   Days
Outstanding 		  Interest
Charges 		  Average
Debt
Utilized 		  Weighted
Average
Interest 		  Balance
Outstanding
at 05/31/25
International Opportunities
  76   $14,995   $1,248,026   5.73%   $3,500,000
International Socially Responsible
  2   296   937,500   5.68   —
International Value
  54   4,228   476,389   5.98   —
Large Capital Growth
  1   51   325,000   5.68   —
Mid Cap Index
  12   9,267   4,495,833   6.39   —
Mid Cap Strategic Growth
  6   356   333,333   6.39   —
Mid Cap Value
  5   3,502   3,950,000   6.33   —
Nasdaq-100® Index
  5   479   585,000   6.03   —
Science & Technology
  38   8,267   1,275,000   6.13   —
Small Cap Growth
  1   122   775,000   5.68   —
Stock Index
  20   18,498   5,550,000   6.16   —
Systematic Core
  8   556   434,375   5.90   —
Systematic Value
  2   807   2,450,000   5.93   —
U.S. Socially Responsible
  12   1,779   939,583   5.68   —
Note 11 — Interfund Lending Agreement
    Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the year ended May 31, 2025, none of the Funds participated in this program.
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VALIC Company I
FINANCIAL HIGHLIGHTS
Selected Data for a Share Outstanding Throughout each Period     Ratios and Supplemental Data
    Investment Operations   Distributions to
Shareholders From 		      Ratios to Average Net Assets  
Period ended Net Asset
Value
beginning
of period 		Net
investment
income
(loss)(1) 		Net realized
& unrealized
gain (loss)
on
investments 		Total from
investment
operations 		  Net
investment
income 		Net
realized
gain on
investments 		Total
distributions 		Net Asset
Value
end of
period 		Total
Return(2) 		Net Assets
end of
period (000’s) 		Total
expenses 		Total expenses
after waivers
and/or
reimburse-
ments 		Net
investment
income
(loss) 		Portfolio
turnover
Aggressive Growth Lifestyle Fund(3)
08/31/20 $10.09 $0.19 $0.77 $0.96   $(0.26) $(0.57) $(0.83) $10.22 9.91% $612,613 0.14% 0.10% 1.88% 48%
05/31/21(4) 10.22 0.17 2.32 2.49   (0.20) (0.40) (0.60) 12.11 24.54 732,829 0.14(5) 0.10(5) 1.98(5) 16
05/31/22 12.11 0.11 (1.01) (0.90)   (0.34) (0.60) (0.94) 10.27 (7.62) 659,059 0.13 0.09 0.89 40
05/31/23 10.27 0.17 (0.23) (0.06)   (0.22) (0.99) (1.21) 9.00 (0.41) 630,147 0.14 0.10 1.74 65
05/31/24 9.00 0.17 1.57 1.74   (0.22) — (0.22) 10.52 19.34 695,802 0.14 0.11 1.77 28
05/31/25 10.52 0.23 0.87 1.10   (0.19) (0.10) (0.29) 11.33 10.55 712,945 0.14 0.11 2.07 22
Asset Allocation Fund
05/31/21 9.45 0.08 2.97 3.05   (0.13) — (0.13) 12.37 32.34 154,023 0.87 0.85 0.74 199
05/31/22 12.37 0.12 (0.44) (0.32)   (0.25) (1.51) (1.76) 10.29 (3.16) 141,207 0.68 0.63 0.95 47
05/31/23 10.29 0.14 (0.05) 0.09   (0.12) (0.51) (0.63) 9.75 1.09 134,523 0.74 0.69 1.42 46
05/31/24 9.75 0.16 1.59 1.75   (0.17) — (0.17) 11.33 17.96 147,633 0.70 0.65 1.53 43
05/31/25 11.33 0.18 0.74 0.92   (0.18) (0.47) (0.65) 11.60 8.30 145,088 0.70 0.65 1.54 35
Capital Appreciation Fund
08/31/20 14.89 0.02 4.28 4.30   (0.06) (0.51) (0.57) 18.62 29.44 122,454 1.00 0.85 0.12 62
05/31/21(4) 18.62 (0.01) 3.53 3.52   (0.02) (0.44) (0.46) 21.68 18.97 141,163 0.99(5) 0.84(5) (0.09)(5) 27
05/31/22 21.68 0.02 (1.34) (1.32)   — (1.12) (1.12) 19.24 (6.38) 133,324 0.71 0.60 0.08 46
05/31/23 19.24 0.02 0.66 0.68   (0.03) (5.16) (5.19) 14.73 6.00 61,511 0.80 0.73 0.08 42
05/31/24 14.73 (0.02) 5.26 5.24   (0.01) (1.76) (1.77) 18.20 35.75 213,163 0.77 0.77 (0.10) 35
05/31/25 18.20 (0.03) 2.67 2.64   — (0.40) (0.40) 20.44 14.63 327,817 0.73 0.73 (0.13) 52
Conservative Growth Lifestyle Fund(3)
08/31/20 11.85 0.32 0.63 0.95   (0.31) (0.18) (0.49) 12.31 8.14 339,870 0.15 0.10 2.68 38
05/31/21(4) 12.31 0.31 1.29 1.60   (0.34) (0.18) (0.52) 13.39 13.05 371,617 0.15(5) 0.10(5) 3.13(5) 13
05/31/22 13.39 0.15 (1.17) (1.02)   (0.48) (0.53) (1.01) 11.36 (7.88) 330,697 0.14 0.13 1.14 38
05/31/23 11.36 0.22 (0.38) (0.16)   (0.23) (0.77) (1.00) 10.20 (1.30) 303,514 0.16 0.12 2.02 56
05/31/24 10.20 0.27 0.79 1.06   (0.26) — (0.26) 11.00 10.43 293,562 0.16 0.13 2.56 23
05/31/25 11.00 0.32 0.53 0.85   (0.32) — (0.32) 11.53 7.73 279,749 0.16 0.13 2.83 20
Core Bond Fund
08/31/20 11.53 0.28 0.52 0.80   (0.39) — (0.39) 11.94 7.05 1,784,179 0.78 0.77 2.39 93
05/31/21(4) 11.94 0.15 (0.12) 0.03   (0.29) (0.31) (0.60) 11.37 0.27 2,809,677 0.77(5) 0.76(5) 1.73(5) 39
05/31/22 11.37 0.21 (1.19) (0.98)   (0.13) (0.11) (0.24) 10.15 (8.75) 2,821,678 0.50 0.50 1.93 60
05/31/23 10.15 0.30 (0.61) (0.31)   (0.22) (0.02) (0.24) 9.60 (2.99) 2,808,761 0.50 0.50 3.05 43
05/31/24 9.60 0.35 (0.09) 0.26   (0.35) — (0.35) 9.51 2.69 2,576,904 0.51 0.51 3.71 58
05/31/25 9.51 0.38 0.16 0.54   (0.38) — (0.38) 9.67 5.68 2,706,816 0.51 0.48 3.85 44
Dividend Value Fund
05/31/21 9.98 0.25 3.54 3.79   (0.26) (0.34) (0.60) 13.17 38.46 1,361,703 0.80 0.69 2.18 64
05/31/22 13.17 0.20 0.10 0.30   (0.26) — (0.26) 13.21 2.28 1,256,796 0.79 0.68 1.53 86
05/31/23 13.21 0.24 (0.68) (0.44)   (0.22) (2.01) (2.23) 10.54 (3.49) 1,049,838 0.79 0.68 1.95 44
05/31/24 10.54 0.22 1.94 2.16   (0.40) (0.36) (0.76) 11.94 20.67 667,423 0.83 0.72 1.97 36
05/31/25 11.94 0.22 0.93 1.15   (0.28) (0.50) (0.78) 12.31 9.75 680,707 0.82 0.68 1.79 57
(1) Calculated based upon average shares outstanding.
(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.
(3) The expense ratios do not include underlying fund expenses that the Fund bears indirectly.  Additionally, recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.  Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds.
(4) The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.
(5) Annualized
See Notes to Financial Statements
253
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Selected Data for a Share Outstanding Throughout each Period     Ratios and Supplemental Data
    Investment Operations   Distributions to
Shareholders From 		      Ratios to Average Net Assets  
Period ended Net Asset
Value
beginning
of period 		Net
investment
income
(loss)(1) 		Net realized
& unrealized
gain (loss)
on
investments 		Total from
investment
operations 		  Net
investment
income 		Net
realized
gain on
investments 		Total
distributions 		Net Asset
Value
end of
period 		Total
Return(2) 		Net Assets
end of
period (000’s) 		Total
expenses 		Total expenses
after waivers
and/or
reimburse-
ments 		Net
investment
income
(loss) 		Portfolio
turnover
Dynamic Allocation Fund(3)
05/31/21 $11.93 $0.20 $1.94 $2.14   $(0.24) $(1.23) $(1.47) $12.60 18.42% $198,516 0.32% 0.32% 1.57% 24%
05/31/22 12.60 0.07 (0.92) (0.85)   (0.39) (1.22) (1.61) 10.14 (7.28) 169,371 0.33 0.32 0.60 25
05/31/23 10.14 0.14 (0.37) (0.23)   (0.17) (0.63) (0.80) 9.11 (2.18) 147,093 0.36 0.32 1.48 22
05/31/24 9.11 0.18 1.24 1.42   (0.26) (0.37) (0.63) 9.90 15.65 141,567 0.40(4) 0.36(4) 1.93(4) 26
05/31/25 9.90 0.18 0.63 0.81   (0.23) (0.10) (0.33) 10.38 8.22 130,698 0.41(4) 0.36(4) 1.77(4) 20
Emerging Economies Fund
05/31/21 7.23 0.16 3.66 3.82   (0.18) — (0.18) 10.87 52.91 1,065,405 0.88 0.88 1.68 82
05/31/22 10.87 0.31 (2.56) (2.25)   (0.30) (1.07) (1.37) 7.25 (20.87) 634,192 0.93 0.93 3.23 60
05/31/23 7.25 0.23 (1.04) (0.81)   (0.38) (0.71) (1.09) 5.35 (11.47) 647,212 0.96 0.96 3.72 71
05/31/24 5.35 0.14 0.79 0.93   (0.14) — (0.14) 6.14 17.43 644,337 0.95 0.95 2.39 141
05/31/25 6.14 0.11 0.60 0.71   (0.24) — (0.24) 6.61 11.67 705,217 1.02 1.02 1.76 154
Global Real Estate Fund
05/31/21 6.85 0.14 1.73 1.87   (0.34) (0.25) (0.59) 8.13 28.14 435,033 0.86 0.86 1.83 76
05/31/22 8.13 0.13 (0.57) (0.44)   (0.12) — (0.12) 7.57 (5.43) 545,132 0.86 0.86 1.61 47
05/31/23 7.57 0.16 (1.35) (1.19)   (0.17) (0.15) (0.32) 6.06 (15.96) 277,408 0.88 0.88 2.30 77
05/31/24 6.06 0.14 0.38 0.52   (0.18) — (0.18) 6.40 8.53 346,611 0.92 0.92 2.19 52
05/31/25 6.40 0.16 0.47 0.63   (0.12) — (0.12) 6.91 9.87 246,562 0.91 0.90 2.28 54
Global Strategy Fund
05/31/21 8.85 0.20 1.50 1.70   (0.42) — (0.42) 10.13 19.49 287,412 0.72 0.70 2.09 39
05/31/22 10.13 0.18 (1.15) (0.97)   (0.00) — (0.00) 9.16 (9.57) 235,176 0.84 0.80 1.83 140
05/31/23 9.16 0.24 (0.45) (0.21)   — (0.82) (0.82) 8.13 (2.16) 207,195 0.77 0.71 2.78 89
05/31/24 8.13 0.29 1.33 1.62   — — — 9.75 19.93 221,427 0.71 0.65 3.30 75
05/31/25 9.75 0.34 0.59 0.93   (0.40) — (0.40) 10.28 9.68 226,063 0.69 0.63 3.42 54
Government Securities Fund
05/31/21 11.22 0.20 (0.39) (0.19)   (0.25) — (0.25) 10.78 (1.70) 142,954 0.66 0.66 1.77 13
05/31/22 10.78 0.20 (1.00) (0.80)   (0.19) — (0.19) 9.79 (7.47) 159,888 0.65 0.65 1.90 11
05/31/23 9.79 0.23 (0.42) (0.19)   (0.25) — (0.25) 9.35 (1.93) 150,156 0.67 0.67 2.44 65
05/31/24 9.35 0.23 (0.17) 0.06   (0.34) — (0.34) 9.07 0.65 129,228 0.68 0.68 2.52 1
05/31/25 9.07 0.25 0.20 0.45   (0.28) — (0.28) 9.24 4.93 156,750 0.69 0.64 2.71 13
Growth Fund
05/31/21 18.82 (0.02) 6.65 6.63   (0.03) (3.23) (3.26) 22.19 36.58 1,430,327 0.80 0.64 (0.10) 40
05/31/22 22.19 (0.02) (2.84) (2.86)   — (4.76) (4.76) 14.57 (14.82) 1,005,830 0.77 0.61 (0.09) 60
05/31/23 14.57 0.02 0.49 0.51   — (3.95) (3.95) 11.13 7.39 1,016,283 0.81 0.65 0.17 43
05/31/24 11.13 0.01 3.96 3.97   (0.01) — (0.01) 15.09 35.70 1,656,571 0.78 0.62 0.06 44
05/31/25 15.09 (0.02) 2.37 2.35   (0.01) (0.52) (0.53) 16.91 15.84(5) 1,720,476 0.77 0.61 (0.12) 44
(1) Calculated based upon average shares outstanding.
(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.
(3) The expense ratios do not include underlying fund expenses that the Fund bears indirectly.  Additionally, recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.  Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds.
(4) Includes interest expense of 0.04% relating to derivative activity.
(5) The Fund’s performance figure was increased by 0.07% from reimbursement of an investment violation. (See Note 5)
See Notes to Financial Statements
254  
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Selected Data for a Share Outstanding Throughout each Period     Ratios and Supplemental Data
    Investment Operations   Distributions to
Shareholders From 		      Ratios to Average Net Assets  
Period ended Net Asset
Value
beginning
of period 		Net
investment
income
(loss)(1) 		Net realized
& unrealized
gain (loss)
on
investments 		Total from
investment
operations 		  Net
investment
income 		Net
realized
gain on
investments 		Total
distributions 		Net Asset
Value
end of
period 		Total
Return(2) 		Net Assets
end of
period (000’s) 		Total
expenses 		Total expenses
after waivers
and/or
reimburse-
ments 		Net
investment
income
(loss) 		Portfolio
turnover
High Yield Bond Fund
08/31/20 $7.66 $0.36 $(0.00) $0.36   $(0.55) $— $(0.55) $7.47 5.01% $538,716 0.98% 0.94% 4.79% 49%
05/31/21(3) 7.47 0.24 0.28 0.52   (0.31) — (0.31) 7.68 6.95 598,597 0.97(4) 0.92(4) 4.26(4) 33
05/31/22 7.68 0.32 (0.72) (0.40)   (0.25) — (0.25) 7.03 (5.34) 515,224 0.71 0.68 4.12 40
05/31/23 7.03 0.37 (0.35) 0.02   (0.45) — (0.45) 6.60 0.32 386,075 0.75 0.68 5.33 40
05/31/24 6.60 0.41 0.25 0.66   (0.41) — (0.41) 6.85 9.95 412,811 0.75 0.68 5.98 40
05/31/25 6.85 0.45 0.12 0.57   (0.47) — (0.47) 6.95 8.42 415,598 0.77 0.68 6.32 57
Inflation Protected Fund
05/31/21 11.34 0.18 0.68 0.86   (0.17) (0.06) (0.23) 11.97 7.66 800,186 0.56 0.54 1.55 71
05/31/22 11.97 0.60 (0.71) (0.11)   (0.28) (0.56) (0.84) 11.02 (1.25) 869,007 0.55 0.52 5.06 35
05/31/23 11.02 0.48 (0.71) (0.23)   (1.06) (0.23) (1.29) 9.50 (1.96) 483,148 0.58 0.55 4.48 26
05/31/24 9.50 0.30 (0.17) 0.13   (1.19) — (1.19) 8.44 1.38 391,188 0.62 0.59 3.24 14
05/31/25 8.44 0.21 0.09 0.30   (0.15) — (0.15) 8.59 3.51 366,677 0.63 0.60 2.47 18(5)
International Equities Index Fund
05/31/21 6.19 0.15 2.17 2.32   (0.10) (0.03) (0.13) 8.38 37.70 1,899,286 0.42 0.42 2.11 2
05/31/22 8.38 0.21 (1.09) (0.88)   (0.22) — (0.22) 7.28 (10.51) 1,563,302 0.41 0.41 2.58 6
05/31/23 7.28 0.19 0.02 0.21   (0.19) — (0.19) 7.30 2.91 1,977,925 0.42 0.42 2.82 9
05/31/24 7.30 0.19 1.14 1.33   (0.20) — (0.20) 8.43 18.21 1,926,606 0.42 0.42 2.49 6
05/31/25 8.43 0.21 0.80 1.01   (0.31) (0.10) (0.41) 9.03 12.32 1,706,607 0.42 0.42 2.46 12
International Government Bond Fund
05/31/21 12.14 0.24 0.55 0.79   (0.29) (0.19) (0.48) 12.45 6.58 193,496 0.65 0.65 1.89 71
05/31/22 12.45 0.20 (1.89) (1.69)   (0.22) (0.14) (0.36) 10.40 (13.78) 140,534 0.69 0.69 1.64 53
05/31/23 10.40 0.22 (0.70) (0.48)   (0.35) (0.00) (0.35) 9.57 (4.52) 69,466 0.76 0.76 2.14 60
05/31/24 9.57 0.30 (0.10) 0.20   — — — 9.77 2.09 64,459 0.83 0.83 3.07 89
05/31/25 9.77 0.34 0.25 0.59   — — — 10.36 6.04 55,486 0.86 0.84 3.39 108
International Growth Fund
05/31/21 12.47 (0.02) 6.75 6.73   — (0.07) (0.07) 19.13 53.98 642,915 1.03 0.83 (0.10) 18
05/31/22 19.13 — (5.20) (5.20)   — (2.09) (2.09) 11.84 (27.99) 425,568 1.05 0.85 (0.02) 25
05/31/23 11.84 0.02 0.96 0.98   — (1.90) (1.90) 10.92 9.01 415,665 1.08 0.88 0.19 7
05/31/24 10.92 0.01 0.46 0.47   — — — 11.39 4.30 376,411 1.07 0.87 0.13 38
05/31/25 11.39 0.01 2.09 2.10   — — — 13.49 18.44 380,780 1.08 0.84 0.09 17
International Opportunities Fund
08/31/20 18.44 0.09 2.64 2.73   (0.13) (0.31) (0.44) 20.73 15.03 610,424 1.22 1.13 0.45 45
05/31/21(3) 20.73 0.04 4.00 4.04   (0.11) (1.64) (1.75) 23.02 19.97 726,964 1.23(4) 1.19(4) 0.23(4) 48
05/31/22 23.02 0.16 (4.09) (3.93)   (0.05) (3.02) (3.07) 16.02 (17.48) 507,169 0.98 0.95 0.77 41
05/31/23 16.02 0.19 (1.21) (1.02)   (0.20) (1.70) (1.90) 13.10 (6.67) 466,339 1.02 0.95 1.33 66
05/31/24 13.10 0.16 1.84 2.00   (0.14) — (0.14) 14.96 15.27 410,212 1.03 0.99 1.15 129
05/31/25 14.96 0.20 1.39 1.59   (0.39) — (0.39) 16.16 10.84 328,591 1.04 1.01 1.31 61
(1) Calculated based upon average shares outstanding.
(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.
(3) The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.
(4) Annualized
(5) Excludes TBA transactions. Beginning with the period ended May 31, 2025, portfolio turnover rates including TBA transactions are being added as Supplemental Ratios in the table below.
Supplemental Ratios                    
Portfolio Turnover (including TBA transactions)   05/21   05/22   05/23   05/24   05/25
Inflation Protected Fund
  N/A   N/A   N/A   N/A   84%
See Notes to Financial Statements
255
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Selected Data for a Share Outstanding Throughout each Period     Ratios and Supplemental Data
    Investment Operations   Distributions to
Shareholders From 		      Ratios to Average Net Assets  
Period ended Net Asset
Value
beginning
of period 		Net
investment
income
(loss)(1) 		Net realized
& unrealized
gain (loss)
on
investments 		Total from
investment
operations 		  Net
investment
income 		Net
realized
gain on
investments 		Total
distributions 		Net Asset
Value
end of
period 		Total
Return(2) 		Net Assets
end of
period (000’s) 		Total
expenses 		Total expenses
after waivers
and/or
reimburse-
ments 		Net
investment
income
(loss) 		Portfolio
turnover
International Socially Responsible Fund
05/31/21 $23.97 $0.51 $8.18 $8.69   $(0.53) $(5.56) $(6.09) $26.57 37.84% $385,891 0.65% 0.65% 1.89% 9%
05/31/22 26.57 0.52 (3.38) (2.86)   (0.84) (0.93) (1.77) 21.94 (10.84) 317,599 0.64 0.64 2.03 11
05/31/23 21.94 0.51 0.13 0.64   (0.38) (0.35) (0.73) 21.85 2.98 400,650 0.66 0.66 2.43 13
05/31/24 21.85 0.56 3.27 3.83   (0.43) — (0.43) 25.25 17.57 499,448 0.63 0.60 2.39 11
05/31/25 25.25 0.60 2.17 2.77   (0.73) (0.20) (0.93) 27.09 11.22 557,281 0.64 0.58 2.37 17
International Value Fund
05/31/21 7.78 0.19 3.66 3.85   (0.17) — (0.17) 11.46 49.67 738,262 0.81 0.74 1.95 62
05/31/22 11.46 0.29 (1.67) (1.38)   (0.18) — (0.18) 9.90 (12.03) 609,239 0.81 0.74 2.66 70
05/31/23 9.90 0.20 (0.29) (0.09)   (0.40) (0.44) (0.84) 8.97 (1.25) 474,369 0.85 0.78 2.16 60
05/31/24 8.97 0.30 1.75 2.05   (0.18) — (0.18) 10.84 22.89 470,020 0.85 0.78 3.06 132
05/31/25 10.84 0.31 1.43 1.74   (0.45) (0.67) (1.12) 11.46 16.84 396,880 0.88 0.81 2.84 48
Large Capital Growth Fund
05/31/21 16.82 0.05 6.24 6.29   (0.08) (2.00) (2.08) 21.03 38.39 662,844 0.75 0.75 0.24 22
05/31/22 21.03 0.04 (0.36) (0.32)   (0.04) (2.25) (2.29) 18.42 (1.82) 710,547 0.74 0.74 0.19 18
05/31/23 18.42 0.06 0.42 0.48   (0.04) (1.74) (1.78) 17.12 3.20 714,449 0.75 0.75 0.35 27
05/31/24 17.12 0.05 3.82 3.87   (0.07) (1.21) (1.28) 19.71 22.75 630,218 0.75 0.75 0.26 19
05/31/25 19.71 0.06 1.20 1.26   (0.06) (4.38) (4.44) 16.53 6.55 587,485 0.75 0.72 0.31 18
Mid Cap Index Fund
05/31/21 20.75 0.35 11.29 11.64   (0.32) (0.87) (1.19) 31.20 56.39 3,864,639 0.35 0.35 1.33 18
05/31/22 31.20 0.30 (2.35) (2.05)   (0.38) (2.39) (2.77) 26.38 (6.84) 3,217,500 0.34 0.34 0.99 14
05/31/23 26.38 0.37 (0.93) (0.56)   (0.32) (3.28) (3.60) 22.22 (3.02) 2,895,090 0.36 0.36 1.46 14
05/31/24 22.22 0.30 5.35 5.65   (0.39) (1.02) (1.41) 26.46 25.47 2,987,773 0.36 0.36 1.19 21
05/31/25 26.46 0.30 0.08 0.38   (0.35) (3.14) (3.49) 23.35 1.60 2,550,031 0.36 0.36 1.14 18
Mid Cap Strategic Growth Fund
05/31/21 16.50 (0.03) 7.83 7.80   (0.02) (1.13) (1.15) 23.15 47.61 890,709 0.78 0.78 (0.13) 49
05/31/22 23.15 (0.03) (3.20) (3.23)   — (2.04) (2.04) 17.88 (14.32) 737,360 0.75 0.75 (0.14) 76
05/31/23 17.88 0.01 0.70 0.71   — (3.59) (3.59) 15.00 3.96 770,493 0.77 0.77 0.05 67
05/31/24 15.00 0.02 3.65 3.67   (0.00) — (0.00) 18.67 24.48 1,118,797 0.74 0.74 0.10 49
05/31/25 18.67 (0.00) 2.49 2.49   (0.02) — (0.02) 21.14 13.34 1,190,324 0.74 0.74 (0.02) 52
Mid Cap Value Fund
08/31/20 17.19 0.13 (0.81) (0.68)   (0.15) (0.98) (1.13) 15.38 (4.12) 724,100 1.07 1.05 0.82 63
05/31/21(3) 15.38 0.04 7.02 7.06   (0.13) (0.09) (0.22) 22.22 45.95 940,809 1.06(4) 1.04(4) 0.31(4) 31
05/31/22 22.22 0.13 (0.07) 0.06   (0.07) (1.57) (1.64) 20.64 0.18 871,131 0.79 0.79 0.61 51
05/31/23 20.64 0.18 (0.89) (0.71)   (0.16) (3.83) (3.99) 15.94 (4.87) 619,704 0.82 0.81 0.95 65
05/31/24 15.94 0.16 3.67 3.83   (0.24) (2.41) (2.65) 17.12 24.06 685,342 0.82 0.82 0.94 82
05/31/25 17.12 0.17 0.37 0.54   (0.13) (1.41) (1.54) 16.12 3.31 594,436 0.82 0.82 0.95 141
(1) Calculated based upon average shares outstanding.
(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.
(3) The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.
(4) Annualized
See Notes to Financial Statements
256  
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Selected Data for a Share Outstanding Throughout each Period     Ratios and Supplemental Data
    Investment Operations   Distributions to
Shareholders From 		      Ratios to Average Net Assets  
Period ended Net Asset
Value
beginning
of period 		Net
investment
income
(loss)(1) 		Net realized
& unrealized
gain (loss)
on
investments 		Total from
investment
operations 		  Net
investment
income 		Net
realized
gain on
investments 		Total
distributions 		Net Asset
Value
end of
period 		Total
Return(2) 		Net Assets
end of
period (000’s) 		Total
expenses 		Total expenses
after waivers
and/or
reimburse-
ments 		Net
investment
income
(loss) 		Portfolio
turnover
Moderate Growth Lifestyle Fund(3)
08/31/20 $13.88 $0.31 $0.93 $1.24   $(0.34) $(0.62) $(0.96) $14.16 9.26% $1,014,351 0.14% 0.10% 2.24% 49%
05/31/21(4) 14.16 0.28 2.49 2.77   (0.33) (0.47) (0.80) 16.13 19.65 1,172,232 0.13(5) 0.10(5) 2.39(5) 15
05/31/22 16.13 0.15 (1.15) (1.00)   (0.52) (0.78) (1.30) 13.83 (6.49) 1,045,238 0.12 0.12 0.97 37
05/31/23 13.83 0.25 (0.37) (0.12)   (0.27) (1.31) (1.58) 12.13 (0.69) 987,043 0.13 0.11 1.91 61
05/31/24 12.13 0.28 1.52 1.80   (0.31) — (0.31) 13.62 14.82 1,025,938 0.13 0.10 2.19 27
05/31/25 13.62 0.35 0.89 1.24   (0.32) — (0.32) 14.54 9.14 996,804 0.13 0.10 2.47 21
Nasdaq-100® Index Fund
05/31/21 18.29 0.06 7.74 7.80   (0.08) (2.01) (2.09) 24.00 43.47 833,580 0.51 0.51 0.25 8
05/31/22 24.00 0.06 (1.65) (1.59)   (0.06) (2.29) (2.35) 20.06 (7.42) 743,801 0.50 0.50 0.22 9
05/31/23 20.06 0.09 2.10 2.19   (0.06) (2.48) (2.54) 19.71 13.13 770,660 0.52 0.49 0.46 7
05/31/24 19.71 0.11 5.90 6.01   (0.09) (0.97) (1.06) 24.66 30.54 962,346 0.51 0.44 0.51 20
05/31/25 24.66 0.10 3.37 3.47   (0.12) (4.95) (5.07) 23.06 15.41 1,017,619 0.50 0.42 0.38 10
Science & Technology Fund
05/31/21 29.88 (0.22) 14.40 14.18   (0.02) (4.66) (4.68) 39.38 48.22 3,107,205 0.97 0.97 (0.60) 88
05/31/22 39.38 (0.21) (8.09) (8.30)   — (8.28) (8.28) 22.80 (23.50) 2,108,867 0.95 0.94 (0.58) 68
05/31/23 22.80 (0.07) 2.12 2.05   — (4.02) (4.02) 20.83 11.91 2,166,131 0.97 0.93 (0.34) 85
05/31/24 20.83 (0.12) 7.74 7.62   — — — 28.45 36.58 2,690,964 0.96 0.91 (0.49) 46
05/31/25 28.45 (0.15) 4.76 4.61   — — — 33.06 16.20 2,777,814 0.95 0.90 (0.47) 67
Small Cap Growth Fund
08/31/20 16.89 (0.11) 6.21 6.10   — (2.50) (2.50) 20.49 38.49 210,497 1.24 1.14 (0.61) 48
05/31/21(4) 20.49 (0.13) 5.23 5.10   — (2.74) (2.74) 22.85 25.62 827,215 1.19(5) 1.11(5) (0.84)(5) 40
05/31/22 22.85 (0.13) (6.53) (6.66)   — (1.42) (1.42) 14.77 (29.91) 499,878 0.92 0.88 (0.61) 34
05/31/23 14.77 (0.05) (0.20) (0.25)   — (1.13) (1.13) 13.39 (1.91) 540,916 0.94 0.89 (0.36) 41
05/31/24 13.39 (0.06) 2.05 1.99   — — — 15.38 14.86 533,037 0.92 0.89 (0.39) 54
05/31/25 15.38 (0.08) 0.45 0.37   (0.03) — (0.03) 15.72 2.41 538,339 0.93(6) 0.89(6) (0.50) 163
Small Cap Index Fund
05/31/21 15.08 0.12 9.54 9.66   (0.19) (1.07) (1.26) 23.48 63.99 1,448,543 0.42 0.42 0.61 14
05/31/22 23.48 0.15 (4.01) (3.86)   (0.15) (2.06) (2.21) 17.41 (17.14) 926,232 0.41 0.41 0.67 20
05/31/23 17.41 0.22 (0.85) (0.63)   (0.24) (3.72) (3.96) 12.82 (5.10) 893,002 0.45 0.41 1.40 13
05/31/24 12.82 0.16 2.36 2.52   (0.19) — (0.19) 15.15 19.67 1,080,475 0.43 0.38 1.11 11
05/31/25 15.15 0.15 (0.04) 0.11   (0.20) (0.51) (0.71) 14.55 0.73 1,054,986 0.44 0.38 0.97 28
Small Cap Special Values Fund
05/31/21 8.80 0.07 5.81 5.88   (0.15) (0.27) (0.42) 14.26 66.92 279,760 0.89 0.89 0.58 37
05/31/22 14.26 0.09 (0.80) (0.71)   (0.08) (0.76) (0.84) 12.71 (5.18) 236,013 0.87 0.87 0.64 20
05/31/23 12.71 0.17 (1.01) (0.84)   (0.10) (1.57) (1.67) 10.20 (7.65) 188,747 0.89 0.89 1.48 14
05/31/24 10.20 0.14 2.55 2.69   (0.20) (0.35) (0.55) 12.34 26.46 215,387 0.89 0.89 1.20 19
05/31/25 12.34 0.14 (1.03) (0.89)   (0.15) (1.02) (1.17) 10.28 (7.66) 173,460 0.90 0.90 1.20 21
(1) Calculated based upon average shares outstanding.
(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.
(3) The expense ratios do not include underlying fund expenses that the Fund bears indirectly.  Additionally, recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.  Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds.
(4) The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.
(5) Annualized
(6) Includes reimbursement for overbilling of custody fees in prior years of 0.02%.
See Notes to Financial Statements
257
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Selected Data for a Share Outstanding Throughout each Period     Ratios and Supplemental Data
    Investment Operations   Distributions to
Shareholders From 		      Ratios to Average Net Assets  
Period ended Net Asset
Value
beginning
of period 		Net
investment
income
(loss)(1) 		Net realized
& unrealized
gain (loss)
on
investments 		Total from
investment
operations 		  Net
investment
income 		Net
realized
gain on
investments 		Total
distributions 		Net Asset
Value
end of
period 		Total
Return(2) 		Net Assets
end of
period (000’s) 		Total
expenses 		Total expenses
after waivers
and/or
reimburse-
ments 		Net
investment
income
(loss) 		Portfolio
turnover
Small Cap Value Fund
08/31/20 $10.76 $0.10 $(0.92) $(0.82)   $(0.14) $(0.29) $(0.43) $9.51 (7.72)% $302,120 1.09% 0.99% 0.97% 69%
05/31/21(3) 9.51 0.05 6.11 6.16   (0.10) — (0.10) 15.57 64.80 501,758 1.06(4) 1.01(4) 0.53(4) 55
05/31/22 15.57 0.12 (0.93) (0.81)   (0.07) (1.15) (1.22) 13.54 (5.49) 523,983 0.79 0.77 0.78 67
05/31/23 13.54 0.17 (1.39) (1.22)   (0.13) (1.89) (2.02) 10.30 (10.53) 433,476 0.81 0.77 1.33 90
05/31/24 10.30 0.11 2.14 2.25   (0.21) (0.24) (0.45) 12.10 21.92 376,146 0.81 0.79 0.98 107
05/31/25 12.10 0.11 (0.42) (0.31)   (0.22) (0.63) (0.85) 10.94 (2.78) 244,584 0.84 0.84 0.91 80
Stock Index Fund
05/31/21 40.27 0.60 15.20 15.80   (0.83) (2.58) (3.41) 52.66 39.93 6,035,053 0.32 0.29 1.26 4
05/31/22 52.66 0.59 (0.72) (0.13)   (0.64) (4.40) (5.04) 47.49 (0.54) 5,543,586 0.31 0.29 1.09 2
05/31/23 47.49 0.64 0.38 1.02   (0.62) (3.35) (3.97) 44.54 2.58 5,360,728 0.33 0.29 1.42 2
05/31/24 44.54 0.63 11.61 12.24   (0.62) (3.10) (3.72) 53.06 27.70 6,443,182 0.32 0.26 1.28 2
05/31/25 53.06 0.63 6.31 6.94   (0.69) (0.93) (1.62) 58.38 13.17 6,429,619 0.31 0.23 1.10 3
Systematic Core Fund
05/31/21 20.57 0.15 8.62 8.77   (0.17) (2.56) (2.73) 26.61 43.72 693,185 0.90 0.68 0.67 20
05/31/22 26.61 0.20 (1.07) (0.87)   (0.06) (0.13) (0.19) 25.55 (3.30) 596,130 0.85 0.63 0.71 15
05/31/23 25.55 0.27 (0.12) 0.15   (0.24) (1.12) (1.36) 24.34 0.73 531,131 0.86 0.64 1.10 14
05/31/24 24.34 0.23 6.47 6.70   (0.31) (0.27) (0.58) 30.46 27.55 585,327 0.86 0.64 0.85 18
05/31/25 30.46 0.24 3.29 3.53   (0.29) (1.26) (1.55) 32.44 11.71 693,826 0.86 0.64 0.73 36
Systematic Growth Fund
05/31/21 20.80 (0.11) 6.96 6.85   — (2.48) (2.48) 25.17 33.74 1,001,518 0.82 0.82 (0.45) 28
05/31/22 25.17 (0.11) (4.98) (5.09)   — (3.63) (3.63) 16.45 (21.75) 711,659 0.82 0.79 (0.44) 25
05/31/23 16.45 (0.02) 0.52 0.50   — (2.78) (2.78) 14.17 5.27 773,275 0.85 0.83 (0.16) 88
05/31/24 14.17 0.02 5.04 5.06   — (2.05) (2.05) 17.18 36.24 973,156 0.83 0.65 0.10 56
05/31/25 17.18 (0.01) 2.55 2.54   (0.02) (1.57) (1.59) 18.13 15.29 985,521 0.82 0.64 (0.03) 46
Systematic Value Fund
05/31/21 11.79 0.14 3.94 4.08   (0.24) (2.51) (2.75) 13.12 36.90 563,185 0.87 0.57 1.39 197
05/31/22 13.12 0.21 0.24 0.45   (0.04) (0.52) (0.56) 13.01 3.54 486,821 0.78 0.48 1.54 32
05/31/23 13.01 0.23 (0.70) (0.47)   (0.27) (0.68) (0.95) 11.59 (3.89) 401,755 0.79 0.49 1.83 64
05/31/24 11.59 0.23 2.41 2.64   (0.24) — (0.24) 13.99 22.85 452,618 0.79 0.49 1.75 75
05/31/25 13.99 0.21 1.51 1.72   (0.26) (0.66) (0.92) 14.79 12.47 456,510 0.79 0.60 1.43 55
U.S. Socially Responsible Fund
08/31/20 22.03 0.26 3.15 3.41   (0.33) (4.20) (4.53) 20.91 17.06 745,440 0.61 0.60 1.20 14
05/31/21(3) 20.91 0.13 4.74 4.87   (0.25) (0.68) (0.93) 24.85 23.38 829,253 0.60(4) 0.60(4) 0.77(4) 18
05/31/22 24.85 0.26 (0.91) (0.65)   (0.17) (3.39) (3.56) 20.64 (2.90) 733,505 0.35 0.35 1.06 23
05/31/23 20.64 0.28 (0.15) 0.13   (0.27) (3.75) (4.02) 16.75 1.06 685,339 0.36 0.36 1.46 26
05/31/24 16.75 0.22 4.49 4.71   (0.29) (1.58) (1.87) 19.59 28.30 661,433 0.36 0.36 1.20 29
05/31/25 19.59 0.21 1.78 1.99   (0.27) (3.29) (3.56) 18.02 11.18 559,863 0.37 0.37 1.04 26
(1) Calculated based upon average shares outstanding.
(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.
(3) The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.
(4) Annualized
See Notes to Financial Statements
258  
Table of Contents
VALIC Company I
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of VALIC Company I and Shareholders of each of the funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting VALIC Company I, hereafter collectively referred to as the “Funds”) as of May 31, 2025, the related statements of operations for the year ended May 31, 2025, the statements of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2025 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
VALIC Company I
Aggressive Growth Lifestyle Fund
Asset Allocation Fund
Capital Appreciation Fund
Conservative Growth Lifestyle Fund
Core Bond Fund
Dividend Value Fund
Dynamic Allocation Fund
Emerging Economies Fund
Global Real Estate Fund
Global Strategy Fund
Government Securities Fund
Growth Fund
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
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
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
Systematic Growth Fund
Systematic Value Fund
U.S. Socially Responsible Fund
 
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, transfer agent, brokers, selling or agent banks and portfolio companies; when replies were not received from a broker, selling or agent bank or portfolio company, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Houston, Texas
July 25, 2025
We have served as the auditor of one or more investment companies in the VALIC family of funds since 2008.
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VALIC Company I
SHAREHOLDERS TAX INFORMATION (unaudited)
    Certain tax information regarding  VALIC Company I is required to be provided to the shareholders based upon each Fund’s income and distributions for the year ended May 31, 2025.
    During the year ended May 31, 2025, the Fund paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:
Fund   Net
Long-Term
Capital Gains 		  Foreign
Taxes Credit 		  Foreign
Source Income 		  Qualifying % for the
Dividends
Received Deduction
Aggressive Growth Lifestyle Fund
  $6,466,028   $342,159   $4,598,689   32.37%
Asset Allocation Fund
  5,079,850   —   —   35.67
Capital Appreciation Fund
  3,461,037   —   —   100.00
Conservative Growth Lifestyle Fund
  —   64,002   860,194   11.07
Core Bond Fund
  —   —   —   2.11
Dividend Value Fund
  19,447,649   —   —   57.68
Dynamic Allocation Fund
  321,854   21,663   276,380   24.60
Emerging Economies Fund
  —   2,909,229   12,505,808   0.06
Global Real Estate Fund
  —   —   —   0.38
Global Strategy Fund
  —   —   —   9.82
Government Securities Fund
  —   —   —   —
Growth Fund
  52,396,580   —   —   100.00
High Yield Bond Fund
  —   —   —   —
Inflation Protected Fund
  —   —   —   —
International Equities Index Fund
  18,985,344   3,843,665   112,444,803   —
International Government Bond Fund
  —   —   —   —
International Growth Fund
  —   294,614   1,433,690   —
International Opportunities Fund
  —   826,318   7,158,239   0.04
International Socially Responsible Fund
  3,619,459   1,337,475   12,936,537   —
International Value Fund
  19,920,131   1,002,004   13,864,471   0.89
Large Capital Growth Fund
  125,678,964   —   —   93.41
Mid Cap Index Fund
  284,611,495   —   —   49.00
Mid Cap Strategic Growth Fund
  —   —   —   100.00
Mid Cap Value Fund
  42,331,067   —   —   31.62
Moderate Growth Lifestyle Fund
  —   358,061   4,812,410   19.64
Nasdaq-100® Index Fund
  181,641,621   —   —   100.00
Science & Technology Fund
  —   —   —   —
Small Cap Growth Fund
  —   —   —   —
Small Cap Index Fund
  33,598,223   —   —   68.08
Small Cap Special Values Fund
  15,313,535   —   —   80.36
Small Cap Value Fund
  14,177,543   —   —   62.60
Stock Index Fund
  90,017,948   —   —   90.77
Systematic Core Fund
  20,431,226   —   —   99.85
Systematic Growth Fund
  44,515,978   —   —   16.71
Systematic Value Fund
  6,454,420   —   —   39.79
U.S. Socially Responsible Fund
  99,981,921   —   —   100.00
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VALIC Company I
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS (unaudited)
Item 8 (Form N-CSR) – Changes in and Disagreements with Accountants for Open-End Management Investment Companies
    Not applicable.
261
Table of Contents
VALIC Company I
RESULTS OF SPECIAL SHAREHOLDER MEETING (unaudited)
Item 9 (Form N-CSR) – Proxy Disclosure for Open-End Management Investment Companies
    Not applicable.
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VALIC Company I
REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS (unaudited)
Item 10 (Form N-CSR) – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
    Remuneration paid to Directors is included in the Statement of Operations.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
Item 11 (Form N-CSR) – Statement Regarding Basis for Approval of Investment Advisory Contract.
International Equities Index Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, International Socially Responsible Fund and U.S. Socially Responsible Fund (collectively, the “Funds”)
Approval of Sub-Advisory Agreements
    At a meeting held on January 22-23, 2025 (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 new investment sub-advisory agreement between Variable Annuity Life Insurance Company (“VALIC”) and BlackRock Investment Management, LLC (“BlackRock”), with respect to the Funds (the “BlackRock Sub-advisory Agreement”). 
    In connection with the approval of the BlackRock Sub-advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the BlackRock Sub-advisory Agreement. Those factors, included: (1) the nature, extent and quality of the services to be provided to the Fund by BlackRock; (2) the key personnel of BlackRock who will provide services to the Fund; (3) BlackRock’s compliance policies and procedures; (4) BlackRock’s brokerage and soft dollar practices; and (5) information relating to any economies of scale and other benefits to be realized by BlackRock as a result of the BlackRock Sub-advisory Agreement.
    In considering whether to approve the BlackRock Sub-advisory Agreement the Board also took into account a presentation made at the Meeting by members of management as well as by representatives from BlackRock.  The Board noted that in accordance with Section 15(c) of the 1940 Act, BlackRock furnished the Board with extensive information in connection with the consideration of the BlackRock Sub-advisory Agreement.  The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the BlackRock 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 BlackRock.  The Board reviewed information provided by BlackRock relating to their respective operations and personnel.  The Board also noted that BlackRock’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 considered information provided to them regarding the services to be provided by BlackRock, including a presentation from BlackRock, which discussed, among other things, BlackRock’s indexing capabilities. The Board noted that BlackRock will determine the securities to be purchased or sold on behalf of the Funds and will be responsible for providing VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and for rendering regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed information regarding the qualifications, background and responsibilities of BlackRock’s investment and compliance personnel who would provide services to the Funds. The Board also took into account the financial condition of BlackRock. The Board also reviewed BlackRock’s brokerage practices. The Board also considered BlackRock’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 BlackRock were expected to be satisfactory and that there was a reasonable basis to conclude that BlackRock would provide a high quality of investment services to the Funds.
    Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the fees proposed to be charged by BlackRock for sub-advisory services compared against the sub-advisory fees of the funds in each Fund’s Subadvisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with BlackRock at arm’s length. The Board also noted that the sub-advisory fee rate to be payable to BlackRock pursuant to the BlackRock Sub-Advisory Agreement is lower than the sub-advisory fee rate payable to SunAmerica Asset Management (“SunAmerica”) pursuant to the current sub-advisory agreement with SunAmerica, with respect to the International Equities Index Fund, the Mid Cap Index Fund, the Nasdaq-100® Index Fund, the Stock Index Fund and the Socially Responsible Funds. With respect to the Growth Fund, the Board noted that the sub-advisory fee would be lower than the current sub-advisory fee paid to SunAmerica on the first $1 billion and slightly above on assets above $1 billion. With respect to the Small Cap Index Fund, the Board noted that the sub-advisory fee would be lower than the current sub-advisory fee paid to SunAmerica on the first $150 million and the same on assets above $150 million. 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 engagement of BlackRock will not result in any change to the management fee paid by the Fund to VALIC. The Board also took into account the new Advisory Fee Waiver Agreement for the Socially Responsible Funds. The Board also considered the fees that BlackRock charges to certain similarly managed accounts.
    Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the BlackRock Sub-Advisory Agreement. The Board noted that the sub-advisory fee rate proposed to be paid by each Fund at its current asset levels pursuant to the BlackRock Sub-Advisory Agreement would be lower than the current sub-advisory fee and considered the impact of the sub-adviser change on VALIC’s profitability. The Board considered that the sub-advisory fee rates were negotiated with BlackRock at arm’s length. In considering the anticipated profitability to BlackRock in connection with its relationship to the Funds, the Directors noted that the fees under the BlackRock Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Funds. The Board determined that the profitability to BlackRock in connection with its relationship with the Funds is therefore not a material factor in its consideration of the Agreement.
    In view 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 BlackRock from its relationship with the Funds was not material to their deliberations with respect to consideration of approval of the BlackRock Sub-Advisory Agreement.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
    Economies of Scale. For similar reasons as stated above with respect to BlackRock’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in BlackRock’s management of the Fund is not a material factor to the approval of the BlackRock Sub-Advisory Agreement.
    Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the BlackRock Sub-Advisory Agreement, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the BlackRock Sub-Advisory Agreement were reasonable.
    Conclusions. In reaching its decisions to approve the BlackRock 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 BlackRock possesses the capability and resources to perform the duties required under the BlackRock Sub-Advisory Agreement.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
LARGE CAP GROWTH Fund (the “Fund”)
Approval of Sub-Advisory Agreements
    At a meeting held on April 22-23, 2025 (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 new investment sub-advisory agreements between Variable Annuity Life Insurance Company (“VALIC”) and each of T. Rowe Price Associates, Inc. (“T. Rowe”) and J.P. Morgan Investment Management Inc. (“JPMorgan”), with respect to the Fund (the “T. Rowe Sub-advisory Agreement” and the “JPMorgan Sub-advisory Agreement”, respectively).
    In connection with the approval of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Funds by each of T. Rowe and JP Morgan; (2) the key personnel of each of T. Rowe and JP Morgan who will provide services to the Fund; (3) T. Rowe’s and JPMorgan’s compliance policies and procedures; (4) T. Rowe’s and JP Morgan’s brokerage and soft dollar practices; and (5) information relating to any economies of scale and other benefits to be realized by T. Rowe and JPMorgan as a result of the Subadvisory Agreements.
    In considering whether to approve the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management as well as by representatives from each of T. Rowe and JPMorgan.  The Board noted that in accordance with Section 15(c) of the 1940 Act, T. Rowe and JPMorgan furnished the Board with extensive information in connection with the consideration of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the T. Rowe Sub-advisory Agreement and JPMorgan 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 each of T. Rowe and JPMorgan. The Board reviewed information provided by each of T. Rowe and JPMorgan relating to its operations and personnel.  The Board also noted that each of T. Rowe’s and JPMorgan’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 considered information provided to them regarding the services to be provided by each of T. Rowe and JPMorgan, including separate presentations from T. Rowe and JPMorgan. The Board noted that each of T. Rowe and JPMorgan will determine the securities to be purchased or sold on behalf of the Fund and will 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 reviewed information regarding the qualifications, background and responsibilities of T. Rowe’s and JPMorgan’s investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of each of T. Rowe and JPMorgan. The Board also reviewed T. Rowe’s and JPMorgan’s brokerage practices. The Board also considered T. Rowe’s and JPMorgan’s risk management processes and regulatory history, including information regarding whether either 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 each of T. Rowe and JPMorgan were expected to be satisfactory and that there was a reasonable basis to conclude that T. Rowe and JPMorgan 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 each of T. Rowe and JPMorgan 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 each of T. Rowe and JPMorgan at arm’s length.  The Board also noted that the sub-advisory fee rate to be payable to each of T. Rowe and JPMorgan pursuant to the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement is lower than the sub-advisory fee rate payable to Massachusetts Financial Services (“MFS”) pursuant to the current sub-advisory agreement with MFS.  The Board considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund and that the sub-advisory fees are not paid by the Fund. Therefore, the Board considered that the engagement of each of T. Rowe and JPMorgan will not result in any change to the management fee paid by the Fund to VALIC. The Board also took into account the new Advisory Fee Waiver Agreement. The Board also considered the fees that each of T. Rowe and JPMorgan charges to certain similarly managed accounts.
    Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement. The Board noted that the sub-advisory fee rate proposed to be paid by VALIC at its current asset levels pursuant to the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement would be lower than the current sub-advisory fee and considered the impact of the sub-adviser change on VALIC’s profitability. The Board considered that the sub-advisory fee rates were negotiated with each of T. Rowe and JPMorgan at arm’s length. In considering the anticipated profitability to each of T. Rowe and JPMorgan in connection with its relationship to the Fund, the Directors noted that the fees under the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.  The Board determined that the profitability to each of T. Rowe and JPMorgan in connection with its relationship with the Fund is therefore not a material factor in its consideration of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement.
    In view 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 each of T. Rowe and JPMorgan from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement.
    Economies of Scale. For similar reasons as stated above with respect to each of T. Rowe’s and JPMorgan’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in each of T. Rowe’s and JPMorgan’s management of the Fund is not a material factor to the approval of the . Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
    Terms of the Sub-Advisory Agreements. The Board reviewed the terms of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement were reasonable.
    Conclusions. In reaching its decisions to approve the T. Rowe Sub-advisory Agreement and JPMorgan 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 each of T. Rowe and JPMorgan possesses the capability and resources to perform the duties required under the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement.
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Table of Contents
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Annuities are issued by The Variable Annuity Life Insurance Company, Houston, TX. Variable annuities are distributed by Corebridge Capital Services, Inc., member FINRA. Securities and investment advisory services offered through VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment adviser. VALIC Retirement Services Company (VRSCO) provides retirement plan recordkeeping and related services and is the transfer agent for certain affiliated variable investment options. All companies above are wholly owned subsidiaries of Corebridge Financial, Inc. Corebridge Retirement Services, Corebridge Financial and Corebridge are marketing names used by these companies.
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VC 23800 (12/2025) J1026108 EE


Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Included in Item 7 above.


Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Included in Item 7 above.


Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included in Item 7 above.


Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included in Item 7 above.


Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.


Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.


Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.


Item 15. 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 15.


Item 16. 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 Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant's management, including the Principal Executive Officer and Principal Financial Officer, 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 270.30a-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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.


Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.


Item 19. Exhibits.

(a)(1) Code of Ethics (EX-99.CODE ETH)

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.

(a)(4) Not applicable. 

(a)(5) Not applicable. 

(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as EX-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

Principal Executive Officer

Date: August 8, 2025

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

Principal Executive Officer

Date: August 8, 2025

By: /s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

Date: August 8, 2025


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EX-99.CERT

EX-99.906 CERT

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