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11783.48 15729 12482 10774 18011.33 10835 9643.41 37182.51 11877 16689.63 16744.03 23437 17778 10000 43858 22537.12 12434 32643 27830.92 23343 12256 11668.25 13063 18151 12448.78 18086.52 11241 11187 14915 10738.65 17133 12888 12575 17482 13537.86 11092.15 19194 15792 13678.59 31840.98 15236.38 15939.99 12989 12189.31 11738.76 17078 12620 19787.15 10625.39 10801 17880 31007.35 13817.04 14888 16389 11169 29302 14244.96 12224.6 13472 29775.08 12949.11 11607 12590.90 11354 14226 10000 10000 11629.1 13436.5 10810.94 28300 13874 17579 17220.64 18155.24 13547 19367.39 13314.73 31577.84 19402.44 12843 73360.86 18583 22404 12574.9 11813 58177.81 10000 39266 16256 12571.91 10768.85 13803 14474.5 10811 11807 26380 16121.69 20813 21502 37751 13144.07 21389 17401.08 27993 31042 14680.77 17159 15523 15616 13942.32 12740.85 18932 17148 46479 14321 21632 16897.99 14170.23 35468 16399 22792 12462 11708 10000 15588 25613.88 12486 17486 21577 19191.05 22882 13126.55 23809.95 17066 17343.83 18047.72 12974.09 16289.56 17850.47 30942 12156.15 16083 23404 10000 11199 20723 11341.34 13149 22803 10000 13135 10468.28 10000 12648.62 25587 44192.78 12096 22465.48 11970 12236 10000 12723 16283 19084 11416 10000 11328 30638 13436.32 10000 11355 15818 19490 19151.59 11753.98 18240.34 10000 19120 11841.09 10012.64 11769.11 11526.67 20287 27989 14548 11048 14505 13391 17281.30 11075 29285 10000 17607 11198 10000 9929 11370.79 10000 11634.68 22110 13515 11940 11736.5 14461.86 10821.72 22656.07 26245.98 17753 13879.74 9926.86 35414.41 12411.14 11576 10000 10157.85 10000 10000 11747.68 28532.63 21210 17801 17614.55 12022 20287.25 17643 11670.18 24285.29 10994 14178.36 29042.05 11650 12618 12048 14285.5 12915 27915.77 10000 13232.47 20708 10240.91 10000 14317.89 14608 14536 11101.42 16395.08 15849.27 10000 11161.59 27828.13 10237.18 11836.44 12238 17227.26 11026.34 11598 14972.99 10547.81 10000 13892 19006 13526 31723 11744 12613.92 22835.7 10000 22426 13182 13304.34 13811.4 11722 12254 34194 14962.2 12599 11970.93 10000 24472.64 18386.52 15725 10000 37300 10000 11694 13444.88 15286 21791 17023 11733.59 10255.4 40876.03 16895 20041 10000 15078 12043 12868 13549.08 10000 12402 18169 14861 11642 10000 12995.64 12384.51 17607 10000 17558 21757.32 22690 10253.26 15000.1 10000 15229 17101 0.001 0.002 0.005 0.034 0.020 0.029 -0.000 0.039 0.957 0.117 0.028 0.037 0.023 0.988 -0.016 0.028 0.052 0.037 0.011 0.028 0.004 0.030 0.004 0.001 0.010 0.094 0.002 -0.005 0.053 0.039 0.056 0.027 0.031 0.099 0.052 0.115 0.089 -0.001 0.089 0.975 0.111 0.010 0.020 0.035 0.027 0.069 0.104 0.015 0.018 0.044 -0.006 0.028 0.009 0.129 0.059 0.013 0.203 0.996 0.024 0.007 -0.012 0.980 0.011 -0.003 0.009 0.016 0.111 0.619 0.010 0.054 0.015 0.037 0.030 0.305 0.003 0.154 0.988 0.005 0.193 0.030 0.051 0.412 -0.000 0.085 0.022 0.612 0.065 0.051 0.019 0.974 0.548 0.065 0.001 0.991 0.005 0.267 0.087 0.014 0.990 0.000 0.034 0.097 0.072 0.008 0.419 0.003 -0.041 0.094 0.184 0.236 0.613 0.037 0.105 0.005 0.033 0.014 0.049 0.021 0.091 0.569 0.030 0.003 -0.011 0.181 0.987 0.024 0.021 0.013 -0.018 0.014 0.967 0.005 0.015 0.025 0.075 0.185 0.648 0.059 0.032 0.990 0.971 0.024 0.047 0.987 0.044 0.008 0.015 0.033 0.417 0.026 0.075 0.214 0.026 0.968 0.033 0.042 0.227 0.015 0.023 0.020 0.135 0.008 0.001 0.013 -0.013 0.079 0.578 0.015 0.042 0.036 0.035 0.974 0.205 -0.005 0.547 0.179 0.048 0.090 0.005 0.258 0.003 0.982 -0.002 0.159 0.967 0.156 0.045 0.080 -0.006 0.007 0.023 0.017 0.028 0.349 0.011 0.005 0.018 0.020 0.011 0.017 0.017 0.032 0.303 -0.006 0.002 0.011 0.233 0.046 -0.005 0.022 0.036 0.042 0.988 0.997 0.029 0.045 0.001 0.128 0.154 0.994 0.001 0.013 0.029 0.071 0.054 0.122 0.981 0.123 0.015 0.046 0.028 0.056 0.023 0.022 0.025 -0.024 0.029 0.018 0.058 0.051 0.005 0.205 0.068 -0.010 0.023 0.034 0.671 0.061 0.077 0.144 0.615 0.269 0.985 0.888 0.984 0.035 0.074 0.047 0.026 0.066 0.018 0.012 0.072 0.113 0.027 0.159 0.026 0.002 0.024 0.115 0.051 0.014 0.003 0.649 0.387 0.038 0.122 0.071 0.467 0.346 0.033 0.161 0.102 0.025 0.608 0.098 0.875 0.002 0.148 0.019 0000719423 false N-1A VALIC Co I N-CSR 2026-05-31 Aggressive Allocation Lifestyle Aggressive Allocation Lifestyle VLAGX This annual shareholder report contains important information about the VALIC Company I Aggressive Allocation Lifestyle Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Aggressive Allocation Lifestyle Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>11</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.10<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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.</div></td> </tr> </table> 11 0.0010 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Aggressive Allocation 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.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 21.58% for the year ended May 31, 2026, compared to 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 21.93% for the Blended Index (the "Performance Index") comprised of 56% Russell 3000<sup>®</sup> Index; 19% MSCI EAFE Index (net); 25% Bloomberg U.S. Aggregate Bond Index. Over the period, emerging market equities outperformed U.S. equities and international developed equities. Credit markets showed resilience, particularly in high yield segments.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following funds</b> | Core Bond Fund; High Yield Fund </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following funds</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Large Cap Core Fund; Small Cap Growth Fund; Systematic Value Fund </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1129007.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Aggressive Allocation Lifestyle Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">56% Russell 3000<sup>®</sup> Index; 19% MSCI EAFE Index (net); 25% Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.78<span>%</span></td> </tr> </table> Aggressive Allocation Lifestyle Fund 0.2158 0.0809 0.0994 S&P 500® Index 0.2978 0.1415 0.1565 56% Russell 3000® Index; 19% MSCI EAFE Index (net); 25% Bloomberg U.S. Aggregate Bond Index 0.2193 0.0905 0.1078 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>789M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>0.5M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">25<span>%</span></td> </tr> </table>

789000000

12 500000

0.25

149000000

634 700000

0.38

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Government & Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Other Asset Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Auto Loan Receivables</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Repurchase Agreements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.8<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128460.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.184 0.129 0.094 0.059 0.057 0.052 0.039 0.037 0.037 0.036 0.028 0.024 0.022 0.021 0.018 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Capital Appreciation Capital Appreciation VAPPX This annual shareholder report contains important information about the VALIC Company I Capital Appreciation Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; font-weight: bold;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;"><b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Fund*</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.68<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top; padding: 0;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top; padding: 0;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-style: italic; font-size: 7.5pt;">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. </div> </td> </tr> </table> 77 0.0068 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>Management’s Discussion of Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The Fund posted a return of 25.21% for the year ended May 31, 2026, compared to a return of 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 28.66% for the Russell 1000<sup>®</sup> Growth Index (the "Performance Index"). U.S. large cap stocks delivered strong gains of roughly ~25–28%, extending the large-cap rally driven by mega-cap and growth stocks. Performance remained highly concentrated in the largest companies, particularly technology-oriented firms tied to AI and innovation themes, although early 2026 saw increased volatility and some rotation toward value amid geopolitical and rate uncertainty.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE CONTRIBUTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allocations in the following sectors</b> | consumer staples; energy; real estate</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Security selection in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>financials; health care; communication services</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Position weightings</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Advanced Micro Devices, Inc.; Alphabet, Inc., Class C; Microsoft Corp.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE DETRACTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>In aggregate</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>sector allocations</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allocations in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>health care; financials; cash</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Security selection in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>information technology; industrials</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 14pt;"><b>Position weightings</b> <span style="white-space: nowrap;"> </span> |<span style="white-space: nowrap;"> </span>Adobe, Inc.; Alphabet, Inc., Class A; Apple, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1129015.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.08<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.65<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup>®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">28.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">18.86<span>%</span></td> </tr> </table> Capital Appreciation Fund 0.2521 0.1410 0.1608 S&P 500® Index 0.2978 0.1415 0.1565 Russell 1000® Growth Index 0.2866 0.1573 0.1886 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;"><b>Key Fund Statistics</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; page-break-after: avoid;">The following table outlines key fund statistics.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>458M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">65</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.0M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">62<span>%</span></td> </tr> </table>

458000000

65 2000000.0

0.62

<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Graphical Representation of Holdings</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Top Industries*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">20.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Auto Manufacturers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Healthcare-Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oil & Gas Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Portfolio Composition</b> <b> </b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1129018.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-indent: -6pt; padding-left: 6pt; margin-top: 4pt; margin-bottom: 0px;">* <span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.255 0.201 0.103 0.100 0.068 0.038 0.034 0.028 0.027 0.023 0.018 0.017 0.010 0.009 0.009 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 8pt;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space: nowrap;"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space: nowrap;"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space: nowrap;"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Effective September 29, 2025, the Fund’s investment strategies and techniques were revised to reflect the current investment strategies and techniques used by the Fund’s subadviser. As a result of these changes, ESG Investment Risk was removed 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, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space: nowrap;"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.</div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 Effective September 29, 2025, the Fund’s investment strategies and techniques were revised to reflect the current investment strategies and techniques used by the Fund’s subadviser. As a result of these changes, ESG Investment Risk was removed 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, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space: nowrap;"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;"><b>Changes in and Disagreements with Accountants</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">There were no changes in or<span style="white-space: nowrap;"> </span>disagreements with the accountants during the period.</div> Conservative Allocation Lifestyle Conservative Allocation Lifestyle VGCLX This annual shareholder report contains important information about the VALIC Company I Conservative Allocation Lifestyle Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Conservative Allocation Lifestyle Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>14</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.13<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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.</div></td> </tr> </table> 14 0.0013 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Conservative Allocation 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.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 13.07% for the year ended May 31, 2026, compared to 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 12.77% for the Blended Index (the "Performance Index") comprised of 26% Russell 3000<sup>®</sup> Index; 9% MSCI EAFE Index (net); 65% Bloomberg U.S. Aggregate Bond Index. Over the period, emerging market equities outperformed U.S. equities and international developed equities. Credit markets showed resilience, particularly in high yield segments.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following funds</b> | Core Bond Fund; High Yield Fund </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following funds</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Large Cap Core Fund; Small Cap Growth Fund; Systematic Value Fund </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1129052.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Conservative Allocation Lifestyle Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.92<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">26% Russell 3000<sup>®</sup> Index; 9% MSCI EAFE Index (net); 65% Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.98<span>%</span></td> </tr> </table> Conservative Allocation Lifestyle Fund 0.1307 0.0411 0.0592 S&P 500® Index 0.2978 0.1415 0.1565 26% Russell 3000® Index; 9% MSCI EAFE Index (net); 65% Bloomberg U.S. Aggregate Bond Index 0.1277 0.0433 0.0598 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>283M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>0.2M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">17<span>%</span></td> </tr> </table>

283000000

12 200000

0.17

2612000000

1843 10200000

0.30

<div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 2.7pt;"><b>Graphical Representation of Holdings</b></div> <div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 9pt;">The information below represents the composition of the Fund as of the end of the period.</div> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; font-weight: bold; padding-bottom: 4.5pt; margin: 4.5pt 0px 4.5pt 0px;"><b>Top Industries*<br/>(% of net assets)</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">54.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Asset Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Auto Loan Receivables</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Foreign Government Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pipelines</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Healthcare-Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> </table> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; font-weight: bold; padding-bottom: 4.5pt; margin: 4.5pt 0px 4.5pt 0px;"><b>Portfolio Composition<br/></b> <b>(% of net assets)</b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1129062.jpg" style="width: 172.8pt;"/> </div> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; font-weight: bold; padding-bottom: 4.5pt; margin: 4.5pt 0px 4.5pt 0px;"><b>Credit Quality</b> <b> <sup>**</sup> </b> <b> <br/>(% of total debt issues)</b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1129066.jpg" style="width: 172.8pt;"/> </div> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-indent: -6pt; padding-left: 6pt; margin-top: 4pt; margin-bottom: 0px;">* <span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-indent: -6pt; padding-left: 6pt; margin-top: 4pt; margin-bottom: 0px;">** 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.<span style="white-space: nowrap;"> </span> Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.</div> 0.548 0.087 0.045 0.037 0.036 0.032 0.028 0.013 0.013 0.012 0.012 0.009 0.009 0.008 0.008 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.<span style="white-space: nowrap;"> </span> Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities. 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. <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 2.7pt; margin-top: 10pt;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 6.75pt; line-height: 9.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space: nowrap;"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space: nowrap;"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space: nowrap;"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.</div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 2.7pt; margin-top: 3.6pt;"><b>Changes in and Disagreements with Accountants</b></div> <div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 9pt;">There were no changes in or<span style="white-space: nowrap;"> </span>disagreements with the accountants during the period.</div> Dividend Value Dividend Value VCIGX This annual shareholder report contains important information about the VALIC Company I Dividend Value Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Dividend Value Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>75</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.68<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 75 0.0068 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 21.89% for the year ended May 31, 2026, 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 28.55% for the Russell 1000<sup>®</sup> Value Index (the "Performance Index"). A resilient U.S. economy, moderate inflation, continued enthusiasm for AI-related stocks and a Fed cutting interest rates helped markets make gains despite concerns over tariffs and war in the Middle East, which raised the specter of energy-driven inflation.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>BlackRock Investment Management, LLC</b> | In aggregate: sector allocations. Allocations in the following sectors: information technology; financials; consumer staples. Security selection in the following sectors: consumer discretionary; consumer staples; utilities. Position weightings: Samsung Electronics Co., Ltd.; Western Digital Corp.; lack of position in Berkshire Hathaway, Inc., Class B </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>ClearBridge Investments, LLC</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: sector allocations. Allocations in the following sectors: information technology; financials; consumer discretionary. Security selection in the following sectors: health care; utilities. Position weightings: Broadcom, Inc.; Texas Instruments Inc.; lack of position in Berkshire Hathaway Inc., Class B </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>BlackRock Investment Management, LLC</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: position weightings. Allocations in the following sectors: cash; health care; energy. Security selection in the following sectors: communication services; information technology; health care. Position weightings: lack of position in Micron Technology, Inc.; Baxter International, Inc.; Fidelity National Information Services, Inc. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>ClearBridge Investments, LLC</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: position weightings. Allocations in the following sectors: cash; consumer staples; industrials. Security selection in the following sectors: information technology; communication services; energy. Position weightings: lack of position in Micron Technology, Inc.; lack of position in Intel Corp.; Microsoft Corp. </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128493.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Dividend Value Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.71<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell 1000<sup>®</sup> Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.37<span>%</span></td> </tr> </table> Dividend Value Fund 0.2189 0.0975 0.1071 S&P 500® Index 0.2978 0.1415 0.1565 Russell 1000® Value Index 0.2855 0.1042 0.1137 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>915M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">120</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>3.8M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">95<span>%</span></td> </tr> </table>

915000000

120 3800000

0.95

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Transportation</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Aerospace/Defense</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.9<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128496.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.088 0.086 0.077 0.071 0.043 0.041 0.038 0.037 0.035 0.035 0.034 0.034 0.034 0.032 0.029 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Dynamic Allocation Dynamic Allocation VDAFX This annual shareholder report contains important information about the VALIC Company I Dynamic Allocation Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;line-height:normal;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:2.7pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:9pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Dynamic Allocation Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>38</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.35<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;line-height:normal;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 38 0.0035 <div style="line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:2.7pt;margin-top:12.6pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;line-height:normal;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:2.7pt;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6.75pt;line-height:9.5pt;">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.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6.75pt;line-height:9.5pt;">The Fund posted a return of 16.62% for the year ended May 31, 2026, compared to a return of 29.78% S&P 500<sup>®</sup> Index (a broad-based securities market index) and 19.53% for the Blended Index (the "Performance Index") comprised of 60% S&P 500<sup>®</sup> Index; 40% Bloomberg U.S. Aggregate Bond Index. Equity markets surged during the period, helped by easing trade concerns, optimism around AI, and expectations for rate cuts by the Federal Reserve. Stocks were broadly higher, led by small-cap companies. Heightened geopolitical tensions, particularly surrounding Iran and broader Middle East instability, contributed to intermittent market volatility, while the Federal Reserve held rates steady amid mixed inflation signals.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6.75pt;line-height:9.5pt;">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.</div><div style="line-height:normal;margin-top:9pt;margin-right:0px;margin-bottom:2.7pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6.75pt;line-height:9.5pt;"> <b>AllianceBernstein, L.P. (overlay)</b> | Allocations in the following strategies: tactical equity; equity futures contracts used to adjust exposures and manage risk of the Fund </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6.75pt;line-height:9.5pt;"> <b>AllianceBernstein, L.P. (fund of funds)- see Material Fund Changes for the time period covered</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: growth equities; value equities . Allocation to the following funds: Stock Index Fund; Systematic Value Fund; Nasdaq-100 Index Fund </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6.75pt;line-height:9.5pt;"> <b>SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: small cap equity. Allocation to the following funds: Systematic Growth Fund; Core Bond Fund; Capital Appreciation Fund </div><div style="line-height:normal;margin-top:9pt;margin-right:0px;margin-bottom:2.7pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6.75pt;line-height:9.5pt;"> <b>AllianceBernstein, L.P. (overlay)</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following strategies: option overlay; fixed income </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6.75pt;line-height:9.5pt;"> <b>AllianceBernstein, L.P. (fund of funds)- see Material Fund Changes for the time period covered</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: core equities. Allocation to the following funds: None </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:12.6pt;line-height:9.5pt;"> <b>SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: international equity; mid-cap equity; global real estate. Allocation to the following funds: Systematic Value Fund; Dividend Value Fund; Large Cap Core Fund (formerly Large Capital Growth Fund) </div> <div style="margin-top:0px;line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:2.7pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:9pt;">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. </div><div style="margin-top:0px;line-height:normal;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:2.7pt;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:18pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128532.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Dynamic Allocation Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">16.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.97<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">60% S&P 500<sup>®</sup> Index; 40% Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">19.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.13<span>%</span></td> </tr> </table> Dynamic Allocation Fund 0.1662 0.0577 0.0797 S&P 500® Index 0.2978 0.1415 0.1565 60% S&P 500® Index; 40% Bloomberg U.S. Aggregate Bond Index 0.1953 0.0857 0.1013 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:2.7pt;margin-top:9pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>124M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">48</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>0.3M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">58<span>%</span></td> </tr> </table>

124000000

48 300000

0.58

<div style="margin-top:0px;line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:2.7pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:9pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="line-height:normal;margin-top:4.5pt;margin-right:0px;margin-bottom:4.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;font-weight:bold;padding-bottom:4.5pt;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128526.jpg" style="width: 172.8pt;"/> </div> <div style="line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:2.7pt;margin-top:10pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6.75pt;line-height:9.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space:nowrap"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6.75pt;line-height:9.5pt;">Effective September 29, 2025, AllianceBernstein L.P. (“AllianceBernstein“), an existing subadviser to the Fund, replaced SunAmerica Asset Management, LLC as the subadviser to the Fund’s Fund-of-Funds Component, making AllianceBernstein the sole subadviser to the Fund. In connection with AllianceBernstein’s appointment, the Fund’s investment strategies and techniques were revised to reflect the current investment strategies and techniques used by AllianceBernstein. As a result, Affiliated Fund Risk was removed as a principal risk of the Fund. In addition, the Fund entered into a voluntary advisory fee waiver agreement with VALIC to lower the advisory fee rate payable by the Fund to VALIC in connection with the Fund’s investment in an AllianceBernstein-advised money market fund. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 In connection with AllianceBernstein’s appointment, the Fund’s investment strategies and techniques were revised to reflect the current investment strategies and techniques used by AllianceBernstein. As a result, Affiliated Fund Risk was removed 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, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:2.7pt;margin-top:3.6pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;line-height:normal;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:9pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Emerging Economies Emerging Economies VCGEX This annual shareholder report contains important information about the VALIC Company I Emerging Economies Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Emerging Economies Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>126</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.99<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 126 0.0099 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 54.26% for the year ended May 31, 2026, compared to a return of 32.77% for the MSCI ACWI ex USA Index (net) (a broad-based securities market index) and 54.31% for the MSCI Emerging Markets Index (net) (the "Performance Index"). The dominant driver of emerging markets strong performance over the period was the AI and semiconductor cycle, which reshaped emerging market leadership around Taiwan and Korea. This gave emerging markets unusually direct exposure to the AI hardware supply chain, including semiconductor, memory, server, and computer-equipment beneficiaries. Performance was also supported by improving investor appetite toward emerging market assets, helped by better earnings momentum, attractive valuations, and expectations for easier policy in several markets. Geopolitics added to volatility.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>In aggregate</b> | sector allocations; country allocations </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>information technology; consumer staples; utilities </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>financials; information technology </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Samsung Electronics Co., Ltd. GDR; Samsung Electronics Co., Ltd.; SK Hynix, Inc. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Exposure to the following countries</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Taiwan; Kuwait; India </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>In aggregate</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>position weightings </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>energy; communication services; materials </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>materials; communication services; consumer discretionary </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span> |<span style="white-space:nowrap"> </span>Samsung Electronics Co., Ltd. (Preference Shares); Tencent Holdings, Ltd.; SK Square Co., Ltd. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:14pt;"> <b>Exposure to the following countries</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>China; Thailand; Brazil </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128538.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Emerging Economies Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">54.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">MSCI ACWI ex USA Index (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">32.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.82<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">MSCI Emerging Markets Index (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">54.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.66<span>%</span></td> </tr> </table> Emerging Economies Fund 0.5426 0.0742 0.1053 MSCI ACWI ex USA Index (net) 0.3277 0.0877 0.0982 MSCI Emerging Markets Index (net) 0.5431 0.0754 0.1066 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>949M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">577</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>6.4M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">127<span>%</span></td> </tr> </table>

949000000

577 6400000

1.27

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">34.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electrical Components & Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Auto Manufacturers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Iron/Steel</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.3<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128541.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Country</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1128545.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.340 0.112 0.069 0.056 0.043 0.033 0.030 0.030 0.025 0.021 0.020 0.017 0.017 0.015 0.013 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space:nowrap"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">Effective September 29, 2025, Quantitative Investing 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, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 Effective September 29, 2025, Quantitative Investing 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, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Global Real Estate Global Real Estate VGREX This annual shareholder report contains important information about the VALIC Company I Global Real Estate Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Global Real Estate Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>96</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.91<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 96 0.0091 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 11.35% for the year ended May 31, 2026, compared to a return of 30.27% for the MSCI ACWI Index (net) (a broad-based securities market index) and 13.28% for the FTSE EPRA/NAREIT Developed Index (the "Performance Index"). Global real estate markets delivered positive but uneven returns amid elevated interest rates, moderating inflation, and episodic geopolitical volatility. Performance favored secular growth sectors such as data centers and health care, while rate-sensitive areas like residential and certain office segments lagged.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Duff & Phelps Investment Management Company</b> | Allocations in the following industries: data centers; specialty; health care. Security selection in the following industries: diversified; data centers; specialty. Position weightings: Merlin Properties Socimi SA; Welltower, Inc.; Mitsubishi Estate Co., Ltd. Exposure to the following countries: Australia; Spain; Japan </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Massachusetts Financial Services Company</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following industries: real estate operating companies; other specialized REITS; asset management & custody banks. Security selection in the following industries: Health care REITS; single-family residential REITS; other specialized REITS. Position weightings: Healthcare Realty Trust, Inc.; lack of position in AvalonBay Communities, Inc.; Ventas, Inc. Exposure to the following countries: lack of exposure to Sweden; France; Germany </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Duff & Phelps Investment Management Company</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: residential; telecommunication REITs; diversified. Security selection in the following sectors: residential; lodging/resorts; health care. Position weightings: UNITE Group PLC; American Homes 4 Rent, Class A; American Tower Corp. Exposure to the following countries: United Kingdom; United States; Singapore </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Massachusetts Financial Services Company</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: country allocations; position weightings; sector allocations. Allocations in the following industries: health care REITS; single-family residential REITS; office REITS. Security selection in the following industries: industrial REITS; self-storage REITS; multi-family residential REITS. Position weightings: lack of position in Welltower, Inc.; Shurgard Self Storage, Ltd.; Grainger PLC. Exposure to the following countries: Hong Kong; United Kingdom; United States </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128572.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Global Real Estate Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.86<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">MSCI ACWI Index (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">30.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.81<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">FTSE EPRA /NAREIT Developed Index (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.60<span>%</span></td> </tr> </table> Global Real Estate Fund 0.1135 0.0104 0.0386 MSCI ACWI Index (net) 0.3027 0.1145 0.1281 FTSE EPRA /NAREIT Developed Index (net) 0.1328 0.0168 0.0360 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>324M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">89</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>2.0M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">26<span>%</span></td> </tr> </table>

324000000

89 2000000.0

0.26

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">19.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Warehouse/Industrial REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Health Care REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Shopping Centers REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Apartment REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Storage REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Office Property REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Regional Malls REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Hotel REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Single Tenant REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Manufactured Homes REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Healthcare-Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.7<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128569.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Country</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1128563.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.190 0.147 0.134 0.099 0.094 0.088 0.059 0.046 0.045 0.025 0.024 0.015 0.012 0.010 0.007 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space:nowrap"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">Effective September 28, 2026, Duff & Phelps Investment Management Co. (“Duff & Phelps”), an existing subadviser to the Fund, will replace Massachusetts Financial Services Company as a subadviser to a portion of the Fund, making Duff & Phelps the sole subadviser to the Fund. In connection with Duff & Phelps’s appointment, the Fund’s investment strategies and techniques will be revised to reflect the current investment strategies and techniques used by Duff & Phelps. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.Effective September 28, 2026, Duff & Phelps Investment Management Co. (“Duff & Phelps”), an existing subadviser to the Fund, will replace Massachusetts Financial Services Company as a subadviser to a portion of the Fund, making Duff & Phelps the sole subadviser to the Fund. 2026-01-01 In connection with Duff & Phelps’s appointment, the Fund’s investment strategies and techniques will be revised to reflect the current investment strategies and techniques used by Duff & Phelps. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Global Strategy Global Strategy VGLSX This annual shareholder report contains important information about the VALIC Company I Global Strategy Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Global Strategy Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>71</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.63<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 71 0.0063 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 26.24% for the year ended May 31, 2026, compared to a return of 30.27% for the MSCI ACWI Index (net) (a broad-based securities market index) and 19.19% 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 underperformed emerging markets equities. The global fixed income market posted broadly positive results over the one-year period, supported by strong performance in 2025 driven by declining yields, tighter credit spreads, and higher starting income levels. However, returns became more uneven in early 2026 as persistent inflation, geopolitical risks, and shifting expectations for central bank policy led to higher volatility and upward pressure on yields. Overall, the environment transitioned from broad, rate-driven gains to a more selective, income-oriented market with greater dispersion across sectors and regions.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Brandywine Global Investments, LLC - Global Debt portion</b> | In aggregate: yield curve. Allocations in the following sectors: U.S. corporate credit; U.S. agency mortgage-backed securities; emerging markets sovereign debt. Exposure to the following countries: United States; Brazil; Mexico </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Franklin Advisers, Inc. - Global Equity portion</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: country allocations; position weightings. Allocations in the following sectors: Information technology; financials; consumer discretionary. Security selection in the following sectors: Information technology; communication services; materials. Position weightings: Micron Technology, Inc.; SK Hynix, Inc.; Samsung Electronics Co., Ltd. Exposure to the following countries: South Korea; United States; Germany </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Brandywine Global Investments, LLC - Global Debt portion</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: UK bond futures. Exposure to the following countries: China; Japan; United Kingdom </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Franklin Advisers, Inc. - Global Equity portion</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: health care; cash; energy. Security selection in the following sectors: real estate. Position weightings: Adobe, Inc.; Booking Holdings, Inc.; 3i Group PLC. Exposure to the following countries: Netherlands; United Kingdom; United Arab Emirates </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128579.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Global Strategy Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">26.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.01<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">MSCI ACWI Index (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">30.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.81<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">60% MSCI ACWI Index (net); 40% Bloomberg Global Aggregate Index (USD hedged)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">19.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.63<span>%</span></td> </tr> </table> Global Strategy Fund 0.2624 0.0800 0.0701 MSCI ACWI Index (net) 0.3027 0.1145 0.1281 60% MSCI ACWI Index (net); 40% Bloomberg Global Aggregate Index (USD hedged) 0.1919 0.0730 0.0863 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>247M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">612</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>1.0M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">55<span>%</span></td> </tr> </table>

247000000

612 1000000.0

0.55

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Foreign Government Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Other Asset Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.0<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128583.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Country</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1128587.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.133 0.076 0.071 0.065 0.056 0.051 0.044 0.042 0.041 0.037 0.034 0.034 0.034 0.022 0.020 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space:nowrap"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">Effective September 29, 2025, the subadviser to the Fund made certain changes to the Fund’s investment strategies with respect to the subadviser’s multi-factor selection process. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 Effective September 29, 2025, the subadviser to the Fund made certain changes to the Fund’s investment strategies with respect to the subadviser’s multi-factor selection process. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Government Securities Government Securities VCGSX This annual shareholder report contains important information about the VALIC Company I Government Securities Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; font-weight: bold;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;"><b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Government Securities Fund*</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>58</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.57<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top; padding: 0;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top; padding: 0;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-style: italic; font-size: 7.5pt;">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. </div> </td> </tr> </table> 58 0.0057 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>Management’s Discussion of Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The Fund posted a return of 4.23% for the year ended May 31, 2026, compared to a return of 5.13% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 3.71% for the Bloomberg U.S. Government Bond Index (the "Performance Index"). During the period, the U.S. Treasury curve flattened as intermediate yields rose more than the long end. The two-year yield increased 11 bps to 4.00%, the five-year yield rose 18 bps to 4.14%, the ten-year yield edged up 3 bps to 4.44%, and the thirty-year yield increased 4 bps to 4.97%. In contrast, the front end rallied - the three-month yield fell 66 bps to 3.67% and the one-year yield declined 33 bps to 3.77%. Mortgage-backed securities outperformed U.S. Treasury and agency securities.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE CONTRIBUTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>In aggregate</b> | sector allocations</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allocations in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>agency mortgage-backed securities; commercial mortgage-backed securities; corporate credit</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Security selection in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>U.S. Treasuries; U.S agency debt securities</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE DETRACTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allocations in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>U.S. agency debt securities</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1128613.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Government Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(0.02<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Government Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(0.31<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.08<span>%</span></td> </tr> </table> Government Securities Fund 0.0423 -0.0002 0.0113 Bloomberg U.S. Aggregate Bond Index 0.0513 0.0017 0.0170 Bloomberg U.S. Government Bond Index 0.0371 -0.0031 0.0108 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;"><b>Key Fund Statistics</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; page-break-after: avoid;">The following table outlines key fund statistics.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>199M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">265</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.7M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">59<span>%</span></td> </tr> </table>

199000000

265 700000

0.59

<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Graphical Representation of Holdings</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The information below represents the composition of the Fund as of the end of the period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Portfolio Composition<br/></b> <b>(% of net assets)</b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128609.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Credit Quality</b> <b> <sup>**</sup> </b> <b> <br/>(% of total debt issues)</b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1128606.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-indent: -6pt; padding-left: 6pt; margin-top: 4pt; margin-bottom: 0px;">** 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.<span style="white-space: nowrap;"> </span> Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.</div> 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.<span style="white-space: nowrap;"> </span> Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities. 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. <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 8pt;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space: nowrap;"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space: nowrap;"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space: nowrap;"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Effective September 29, 2025, the Fund’s contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.385% of the Fund’s average daily net assets on the first $250 million, 0.335% of the Fund’s average daily net assets on the next $250 million, 0.285% of the Fund’s average daily net assets on the next $500 million, and 0.235% of the Fund’s average daily net assets over $1 billion. Effective January 29, 2026, the Fund made certain changes to its investment strategies with respect to derivatives. As a result, 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, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space: nowrap;"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.</div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 Effective September 29, 2025, the Fund’s contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.385% of the Fund’s average daily net assets on the first $250 million, 0.335% of the Fund’s average daily net assets on the next $250 million, 0.285% of the Fund’s average daily net assets on the next $500 million, and 0.235% of the Fund’s average daily net assets over $1 billion. Effective January 29, 2026, the Fund made certain changes to its investment strategies with respect to derivatives. As a result, 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, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space: nowrap;"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;"><b>Changes in and Disagreements with Accountants</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">There were no changes in or<span style="white-space: nowrap;"> </span>disagreements with the accountants during the period.</div> Growth Growth VCULX This annual shareholder report contains important information about the VALIC Company I Growth Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Growth Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>70</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.61<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 70 0.0061 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 28.81% for the year ended May 31, 2026, compared to a return of 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 28.66% for the Russell 1000<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. equities advanced, with technology-heavy and growth-oriented benchmarks leading the market. Smaller-cap equities also rose, while mid-cap growth lagged value-oriented benchmarks. Growth-oriented stocks modestly outperformed value overall, though leadership broadened over time, and rising macro uncertainty and higher rates drove rotations into value and defensive sectors at times.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>BlackRock Investment Management, LLC (active)</b> | In aggregate: sector allocations. Allocations in the following sectors: consumer staples; financials; industrials. Security selection in the following sectors: information technology; consumer discretionary. Position weightings: Intel Corp.; Datadog, Inc., Class A; Lam Research Corp. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>BlackRock Investment Management, LLC (passive)</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: information technology; communication services; consumer discretionary. Position weightings: NVIDIA Corp.; Apple, Inc.; Broadcom, Inc. </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>BlackRock Investment Management, LLC (active)</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: real estate; materials; cash. Security selection in the following sectors: communication services; industrials; financials. Position weightings: Alphabet, Inc., Class C; Advanced Micro Devices, Inc.; Apple, Inc. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>BlackRock Investment Management, LLC (passive)</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: financials; utilities; materials. Position weightings: Netflix, Inc.; Intuit, Inc.; ServiceNow, Inc. </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128623.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Growth Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">16.99<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell 1000<sup>®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18.86<span>%</span></td> </tr> </table> Growth Fund 0.2881 0.1309 0.1699 S&P 500® Index 0.2978 0.1415 0.1565 Russell 1000® Growth Index 0.2866 0.1573 0.1886 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>1,682M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">390</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>9.0M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">88<span>%</span></td> </tr> </table>

1682000000

390 9000000.0

0.88

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">24.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">16.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Aerospace/Defense</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Machinery-Construction & Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electrical Components & Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Auto Manufacturers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.5<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128635.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.248 0.218 0.164 0.075 0.038 0.035 0.032 0.031 0.024 0.019 0.017 0.016 0.016 0.015 0.015 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> High Yield Bond High Yield Bond VHYLX This annual shareholder report contains important information about the VALIC Company I High Yield Bond Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; line-height: normal; font-family: 'arial'; font-size: 9pt; font-weight: bold;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div> <div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 2.7pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 9pt;"><b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">High Yield Bond Fund*</td> <td style="break-inside: avoid-page; text-align: right; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>71</td> <td style="break-inside: avoid-page; text-align: right; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.68<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top; padding: 0;">*</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top; padding: 0;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; line-height: normal; font-style: italic; font-size: 7.5pt;">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. </div> </td> </tr> </table> 71 0.0068 <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 2.7pt; margin-top: 12.6pt;"><b>Management’s Discussion of Fund Performance</b></div> <div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 2.7pt;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 6.75pt; line-height: 9.5pt;">The Fund posted a return of 8.53% for the year ended May 31, 2026, compared to a return of 5.50% for the Bloomberg U.S. Universal Index (a broad-based securities market index) and 7.44% for the FTSE US High-Yield Market Index (the "Performance Index"). Over the twelve-month period spreads tightened by 57 basis points (bps) to 258 bps. Yields decreased by 43 bps to 7.29% according to the Bloomberg U.S. Corporate High Yield index.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 6.75pt; line-height: 9.5pt;">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.</div> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 9pt 0px 2.7pt 0px;"><b>TOP PERFORMANCE CONTRIBUTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 6.75pt; line-height: 9.5pt;"><b>Allocations in the following industries</b> | consumer products; transportation; paper</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 6.75pt; line-height: 9.5pt;"><b>Security selection in the following industries</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>technology; financial institutions; retailers</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 6.75pt; line-height: 9.5pt;"><b>Position weightings</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Oracle Corp.; Hudson Pacific Properties LP; Terawulf, Inc.</div> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 9pt 0px 2.7pt 0px;"><b>TOP PERFORMANCE DETRACTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 6.75pt; line-height: 9.5pt;"><b>Allocations in the following industries</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>packaging; metal/mining, technology</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 6.75pt; line-height: 9.5pt;"><b>Security selection in the following industries</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>building materials; metal/mining; leisure</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 12.6pt; line-height: 9.5pt;"><b>Position weightings</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>lack of position in DISH Network Corp.; McAfee Corp.; KKR & Co., Inc.</div> <div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 2.7pt;"><b>Fund Performance</b></div> <div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 9pt;">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.</div> <div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 2.7pt;">GROWTH OF $10,000</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 18pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1129092.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">High Yield Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.49<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Universal Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">FTSE US High-Yield Market Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.82<span>%</span></td> </tr> </table> High Yield Bond Fund 0.0853 0.0420 0.0549 Bloomberg U.S. Universal Index 0.0550 0.0054 0.0210 FTSE US High-Yield Market Index 0.0744 0.0451 0.0582 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 2.7pt; margin-top: 9pt;"><b>Key Fund Statistics</b></div> <div style="margin-top: 0px; margin-bottom: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; page-break-after: avoid;">The following table outlines key fund statistics.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>365M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">352</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.3M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">56<span>%</span></td> </tr> </table>

365000000

352 2300000

0.56

<div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 2.7pt;"><b>Graphical Representation of Holdings</b></div> <div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 9pt;">The information below represents the composition of the Fund as of the end of the period.</div> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; font-weight: bold; padding-bottom: 4.5pt; margin: 4.5pt 0px 4.5pt 0px;"><b>Top Industries*<br/>(% of net assets)</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Media</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Food</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Packaging & Containers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pipelines</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Entertainment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Healthcare-Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; font-weight: bold; padding-bottom: 4.5pt; margin: 4.5pt 0px 4.5pt 0px;"><b>Portfolio Composition<br/></b> <b>(% of net assets)</b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1129089.jpg" style="width: 172.8pt;"/> </div> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; font-weight: bold; padding-bottom: 4.5pt; margin: 4.5pt 0px 4.5pt 0px;"><b>Credit Quality</b> <b> <sup>**</sup> </b> <b> <br/>(% of total debt issues)</b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1129085.jpg" style="width: 172.8pt;"/> </div> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-indent: -6pt; padding-left: 6pt; margin-top: 4pt; margin-bottom: 0px;">* <span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-indent: -6pt; padding-left: 6pt; margin-top: 4pt; margin-bottom: 0px;">** 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.<span style="white-space: nowrap;"> </span> Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.</div> 0.092 0.070 0.055 0.050 0.049 0.049 0.045 0.044 0.038 0.036 0.035 0.035 0.031 0.031 0.031 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.<span style="white-space: nowrap;"> </span> Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities. 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. <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 2.7pt; margin-top: 10pt;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 6.75pt; line-height: 9.5pt;">This is a summary of certain changes to the Fund since the beginning of the period. <span style="white-space: nowrap;"> </span>Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space: nowrap;"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction. <span style="white-space: nowrap;"> </span>For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.</div> <span style="white-space: nowrap;"> </span>Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 <span style="white-space: nowrap;"> </span>For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 2.7pt; margin-top: 3.6pt;"><b>Changes in and Disagreements with Accountants</b></div> <div style="margin-top: 0px; line-height: normal; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 9pt;">There were no changes in or<span style="white-space: nowrap;"> </span>disagreements with the accountants during the period.</div> Inflation Protected Inflation Protected VCTPX This annual shareholder report contains important information about the VALIC Company I Inflation Protected Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Inflation Protected Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>57</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.55<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 57 0.0055 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 5.80% for the year ended May 31, 2026, compared to a return of 5.13% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 4.90% for the Bloomberg U.S. Treasury Inflation-Protected Securities (“TIPS”) Index (the "Performance Index"). Global inflation linked bonds outperformed U.S. TIPS during the period according to the Bloomberg Global Inflation Linked Bond index and Bloomberg U.S. TIPS index.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> | developed non-U.S. dollar; emerging market debt; mortgage-backed securities </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>U.S. Government </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>U.S. Government TIPS </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128657.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Inflation Protected Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.74<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.70<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Bloomberg U.S. TIPS Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.84<span>%</span></td> </tr> </table> Inflation Protected Fund 0.0580 0.0144 0.0274 Bloomberg U.S. Aggregate Bond Index 0.0513 0.0017 0.0170 Bloomberg U.S. TIPS Index 0.0490 0.0123 0.0284 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>356M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">130</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>1.6M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">45<span>%</span></td> </tr> </table>

356000000

130 1600000

0.45

2180000000

685 5100000

0.29

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">16.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Aerospace/Defense</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Food</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Machinery-Construction & Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electrical Components & Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Auto Manufacturers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.0<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128670.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Country</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1128673.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.164 0.076 0.065 0.055 0.036 0.036 0.035 0.035 0.034 0.027 0.024 0.023 0.022 0.021 0.020 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space:nowrap"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">Effective September 29, 2025, the Fund entered into a contractual advisory fee waiver agreement with VALIC to lower the advisory fee rate payable by the Fund to VALIC to 0.315% of the Fund’s average daily net assets on the first $500 million, 0.215% of the Fund’s average daily net assets on the next $500 million, and 0.205% 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, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 Effective September 29, 2025, the Fund entered into a contractual advisory fee waiver agreement with VALIC to lower the advisory fee rate payable by the Fund to VALIC to 0.315% of the Fund’s average daily net assets on the first $500 million, 0.215% of the Fund’s average daily net assets on the next $500 million, and 0.205% 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, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> International Government Bond International Government Bond VCIFX This annual shareholder report contains important information about the VALIC Company I International Government Bond Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">International Government Bond Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.78<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 80 0.0078 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 4.75% for the year ended May 31, 2026, compared to 3.77% for the Bloomberg Global Aggregate Index (USD hedged) (a broad-based securities market index) and 5.76% 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 geopolitical volatility in global bond yields. Hard currency emerging market bonds outperformed.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>In aggregate</b> | position weightings </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Exposure to the following countries</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Angola; Zambia; Ecuador </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>In aggregate</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>country allocations; yield curve </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Exposure to the following countries</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>lack of exposure to Venezuela; United States; lack of exposure to Ukraine </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128701.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">International Government Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">(1.37<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.98<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Bloomberg Global Aggregate Index (USD hedged)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">70% FTSE WGBI Index (unhedged); 30% JPMorgan EMBI Global Diversified Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">(1.12<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.17<span>%</span></td> </tr> </table> International Government Bond Fund 0.0475 -0.0137 0.0098 Bloomberg Global Aggregate Index (USD hedged) 0.0377 0.0090 0.0208 70% FTSE WGBI Index (unhedged); 30% JPMorgan EMBI Global Diversified Index 0.0576 -0.0112 0.0117 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>55M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">146</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>0.3M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">186<span>%</span></td> </tr> </table>

55000000

146 300000

1.86

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*<br/> (% of net assets)</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Foreign Government Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">59.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">U.S. Government & Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">33.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.3<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Country<br/> (% of net assets)</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128698.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Credit Quality</b> <b> <sup>**</sup> </b> <b> <br/> (% of total debt issues)</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1128693.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">** 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.<span style="white-space:nowrap"> </span> Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.</div> 0.592 0.333 0.022 0.016 0.006 0.005 0.005 0.005 0.003 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.<span style="white-space:nowrap"> </span> Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities. 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. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space:nowrap"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">Effective September 29, 2025, the Fund’s contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.44% of the Fund’s average daily net assets on the first $250 million, 0.39% of the Fund’s average daily net assets on the next $250 million, 0.34% of the Fund’s average daily net assets on the next $500 million, and 0.29% 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, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 Effective September 29, 2025, the Fund’s contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.44% of the Fund’s average daily net assets on the first $250 million, 0.39% of the Fund’s average daily net assets on the next $250 million, 0.34% of the Fund’s average daily net assets on the next $500 million, and 0.29% 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, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> International Growth International Growth VCINX This annual shareholder report contains important information about the VALIC Company I International Growth Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">International Growth Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.82<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 83 0.0082 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 3.59% for the year ended May 31, 2026, compared to a return of 32.77% for the MSCI ACWI ex USA Index (net) (a broad-based securities market & "Performance Index"). International equities advanced during the 12-month period despite heightened geopolitical uncertainty. Equity markets were broadly supported by enthusiasm surrounding artificial intelligence advancements and expectations of more accommodative monetary policy.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> | information technology; health care; financials </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>consumer staples </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>ASML Holding NV; Taiwan Semiconductor Manufacturing Co., Ltd.; Keyence Corp. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Exposure to the following countries</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>lack of exposure to China; Netherlands; Taiwan </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>In aggregate</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>position weightings; country allocations; sector allocations </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>consumer discretionary; communication services; lack of allocation in materials </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>financials; information technology; consumer discretionary </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span> |<span style="white-space:nowrap"> </span>Hermes International S.C.A.; MercadoLibre, Inc.; Spotify Technology SA </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:14pt;"> <b>Exposure to the following countries</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>France; lack of exposure to South Korea; Sweden </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128709.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">International Growth Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.63<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">MSCI ACWI ex USA Index (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">32.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.82<span>%</span></td> </tr> </table> International Growth Fund 0.0359 0.0007 0.0863 MSCI ACWI ex USA Index (net) 0.3277 0.0877 0.0982 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>342M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">31</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>2.4M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15<span>%</span></td> </tr> </table>

342000000

31 2400000

0.15

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">17.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Apparel</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Transportation</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Machinery-Diversified</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electrical Components & Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Cosmetics/Personal Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Entertainment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Private Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.4<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128711.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Country</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1128715.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.175 0.146 0.105 0.086 0.069 0.065 0.063 0.051 0.048 0.041 0.030 0.027 0.015 0.015 0.014 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> International Opportunities International Opportunities VIOPX This annual shareholder report contains important information about the VALIC Company I International Opportunities Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">International Opportunities Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>115</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">1.05<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 115 0.0105 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 18.79% for the year ended May 31, 2026, compared to a return of 32.77% for the MSCI ACWI ex USA Index (net) (a broad-based securities market) and 29.74% 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 broader market leadership and currency tailwinds. Within international markets, growth stocks underperformed value stocks as performance was driven by strength in cyclical sectors such as financials and industrials sectors. Quality stocks rebounded during the period, though still lagged the broaderequity markets.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Invesco Advisers, Inc.</b> | Allocations in the following sectors: information technology; real estate; consumer discretionary. Security selection in the following sectors: consumer staples; real estate. Position weightings: Disco Corp.; Mycronic AB; Sprott, Inc. Exposure to the following countries: India; Brazil; Ireland </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Wellington Management Company, LLP</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: position weightings; country allocations. Allocations in the following sectors: consumer staples; health care; communication services. Security selection in the following sectors: information technology; materials; communication services. Position weightings: Chroma ATE, Inc.; Unimicron Technology Corp.; ASPEED Technology, Inc. Exposure to the following countries: India; Taiwan; Japan </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Invesco Advisers, Inc.</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: country allocations; position weightings. Allocations in the following sectors: materials; consumer staples; health care. Security selection in the following sectors: information technology; industrials; health care. Position weightings: Carl Zeiss Meditec AG; Partners Group Holding AG; CTS Eventim AG & Co. KGaA. Exposure to the following countries: Japan; Germany; Taiwan </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Wellington Management Company, LLP</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: real estate; consumer discretionary; cash. Security selection in the following sectors: industrials; consumer staples; consumer discretionary. Position weightings: Fiverr International, Ltd.; SimilarWeb, Ltd.; lack of position in Samsung Electro-Mechanics Co., Ltd. Exposure to the following countries: United Kingdom; lack of exposure to South Korea; Netherlands </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1129100.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">International Opportunities Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">MSCI ACWI ex USA Index (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">32.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.82<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">MSCI ACWI ex USA SMID Cap Index (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.94<span>%</span></td> </tr> </table> International Opportunities Fund 0.1879 0.0313 0.0733 MSCI ACWI ex USA Index (net) 0.3277 0.0877 0.0982 MSCI ACWI ex USA SMID Cap Index (net) 0.2974 0.0717 0.0894 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>298M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">315</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>2.7M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">105<span>%</span></td> </tr> </table>

298000000

315 2700000

1.05

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Machinery-Diversified</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Food</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Miscellaneous Manufacturing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Engineering & Construction</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1129103.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Country</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1129105.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.071 0.065 0.051 0.042 0.039 0.039 0.037 0.036 0.032 0.032 0.030 0.028 0.025 0.025 0.024 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space:nowrap"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">Effective September 29, 2025, European Investment 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, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 Effective September 29, 2025, European Investment 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, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> International Socially Responsible International Socially Responsible VCSOX This annual shareholder report contains important information about the VALIC Company I International Socially Responsible Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">International Socially Responsible Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>63</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.57<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 63 0.0057 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 21.53% for the year ended May 31, 2026, compared to a return of 22.80% for the MSCI EAFE Index (net) (a broad-based securities market & "Performance Index"). Over the period, developed international equities advanced but trailed the strongest U.S. growth-oriented and technology-heavy benchmarks. International equities outpaced weaker U.S. mid-cap growth benchmarks.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>In aggregate</b> | sector allocations </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>consumer staples; information technology; financials </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>industrials; information technology; energy </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>lack of position in Novo Nordisk A/S, Class B; lack of position in Nestle SA; lack of position in Antofagasta PLC </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Exposure to the following countries</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Netherlands; Denmark; France </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>In aggregate</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>position weightings </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>real estate; energy; industrials </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>financials; materials; consumer discretionary </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span> |<span style="white-space:nowrap"> </span>lack of position in HSBC Holdings PLC; lack of position in BHP Group, Ltd.; lack of position in Siemens Energy AG </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:14pt;"> <b>Exposure to the following countries</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Spain; Singapore; Switzerland </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128743.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">International Socially Responsible Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">MSCI EAFE Index (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.28<span>%</span></td> </tr> </table> International Socially Responsible Fund 0.2153 0.0772 0.0985 MSCI EAFE Index (net) 0.2280 0.0879 0.0928 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>511M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">464</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>2.3M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9<span>%</span></td> </tr> </table>

511000000

464 2300000

0.09

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electrical Components & Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Engineering & Construction</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Machinery-Diversified</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Food</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.0<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128738.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Country</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1128733.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.140 0.087 0.072 0.064 0.033 0.030 0.030 0.029 0.027 0.026 0.025 0.025 0.023 0.021 0.020 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> International Value International Value VCFVX This annual shareholder report contains important information about the VALIC Company I International Value Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">International Value Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>89</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.78<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 89 0.0078 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 28.45% for the year ended May 31, 2026, compared to a return of 32.77% for the MSCI ACWI ex USA Index (net) (a broad-based securities market) and 30.07% for the MSCI EAFE Value Index (net) (the "Performance Index"). Over the period, U.S. equities outperformed developed international equities, according to the Russell 1000 Index and MSCI EAFE Index (net). Within developed international, value-oriented stocks outperformed growth stocks, and small-cap stocks outperformed large- and mid-cap stocks, according to the MSCI EAFE family of indices.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Columbia Management Investments Advisers, LLC</b> | In aggregate: sector allocations. Allocations in the following sectors: energy; information technology; cash. Security selection in the following sectors: financials; consumer staples; energy. Position weightings: Energy Fuels, Inc.; Pan American Silver Corp.; Piraeus Bank SA. Exposure to the following countries: Canada; United States; Switzerland </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Goldman Sachs Asset Management, LLC</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: information technology; consumer staples; lack of allocation in real estate. Security selection in the following sectors: information technology; financials; materials. Position weightings: Murata Manufacturing Co., Ltd.; Taiwan Semiconductor Manufacturing Co., Ltd; Rio Tinto PLC. Exposure to the following countries: Japan; Taiwan; Singapore </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Columbia Management Investments Advisers, LLC</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: position weightings. Allocations in the following sectors: consumer staples; financials; real estate. Security selection in the following sectors: information technology; consumer discretionary; materials. Position weightings: Check Point Software Technologies, Ltd.; Sankyo Co., Ltd.; Burford Capital, Ltd. Exposure to the following countries: Japan; United Kingdom; Israel </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Goldman Sachs Asset Management, LLC</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: materials; consumer discretionary; health care. Security selection in the following sectors: industrials; communication services; consumer staples. Position weightings: Capgemini SE; Compass Group PLC; Coca-Cola Europacific Partners PLC. Exposure to the following countries: Switzerland; United States; Australia </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128751.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">International Value Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">MSCI ACWI ex USA Index (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">32.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.82<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">MSCI EAFE Value Index (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">30.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.97<span>%</span></td> </tr> </table> International Value Fund 0.2845 0.0987 0.0889 MSCI ACWI ex USA Index (net) 0.3277 0.0877 0.0982 MSCI EAFE Value Index (net) 0.3007 0.1278 0.0997 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>516M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">142</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>2.8M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">66<span>%</span></td> </tr> </table>

516000000

142 2800000

0.66

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Food</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Distribution/Wholesale</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Beverages</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Miscellaneous Manufacturing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.7<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128754.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Country</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1128757.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.220 0.075 0.063 0.060 0.050 0.050 0.044 0.044 0.035 0.024 0.024 0.023 0.021 0.019 0.017 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Large Cap Core Large Cap Core VLCGX This annual shareholder report contains important information about the VALIC Company I Large Cap Core Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; font-weight: bold;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;"><b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Large Cap Core Fund*</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>76</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top; padding: 0;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top; padding: 0;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-style: italic; font-size: 7.5pt;">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. </div> </td> </tr> </table> 76 0.0069 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>Management’s Discussion of Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The Fund posted a return of 20.29% for the year ended May 31, 2026, compared to a return of 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market & "Performance Index") and 28.66% for the Russell 1000<sup>®</sup> Growth Index (prior Performance Index). Over the period, U.S. large-cap equities underperformed small-cap equities significantly, according to the Russell<sup>®</sup> family of indices. In terms of style factors, value remained flat with respect to growth.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE CONTRIBUTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Massachusetts Financial Services Company - see Material Fund Changes for the time period covered</b> | Allocations in the following sectors: consumer discretionary; utilities; energy. Security selection in the following sectors: consumer staples, communication services; health care. Position weightings: Taiwan Semiconductor Manufacturing Co., Ltd.; lack of position in Costco Wholesale Corp.; Amphenol Corp., Class A</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>J.P. Morgan Investment Management, Inc. - see Material Fund Changes for the time period covered</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Allocations in the following sectors: consumer staples; real estate; materials. Security selection in the following sectors: utilities; real estate; consumer staples. Position weightings: Netflix, Inc.; NXP Semiconductors NV; Berkshire Hathaway, Inc., Class B</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>T. Rowe Price Associates, Inc. - see Material Fund Changes for the time period covered</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Allocations in the following sectors: information technology; real estate; consumer staples. Security selection in the following sectors: financials; industrials and business services; consumer discretionary. Position weightings: Seagate Technology Holdings PLC; Keysight Technologies, Inc.; Vertiv Holdings Co., Class A</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE DETRACTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Massachusetts Financial Services Company - see Material Fund Changes for the time period covered</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>In aggregate: sector allocations; position weightings. Allocations in the following sectors: financials; consumer staples; information technology. Security selection in the following sectors: information technology; financials; utilities. Position weightings: Accenture PLC, Class A; NVIDIA Corp.; lack of position in Broadcom, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>J.P. Morgan Investment Management, Inc. - see Material Fund Changes for the time period covered</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>In aggregate: position weightings; sector allocations. Allocations in the following sectors: financials; consumer discretionary; utilities. Security selection in the following sectors: information technology; financials; health care. Position weightings: Intuit, Inc.; Arthur J. Gallagher & Co.; Blackstone, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 14pt;"><b>T. Rowe Price Associates, Inc. - see Material Fund Changes for the time period covered</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Allocations in the following sectors: financials; communication services; health care. Security selection in the following sectors: information technology; health care; communication services. Position weightings: Microsoft Corp., T-Mobile US, Inc., Applied Materials, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1128785.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Large Cap Core Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">20.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.66<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.65<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup>®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">28.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">18.86<span>%</span></td> </tr> </table> Large Cap Core Fund 0.2029 0.0978 0.1466 S&P 500® Index 0.2978 0.1415 0.1565 Russell 1000® Growth Index 0.2866 0.1573 0.1886 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;"><b>Key Fund Statistics</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; page-break-after: avoid;">The following table outlines key fund statistics.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>819M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">319</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.0M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">112<span>%</span></td> </tr> </table>

819000000

319 4000000.0

1.12

<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Graphical Representation of Holdings</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Top Industries*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aerospace/Defense</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Auto Manufacturers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Portfolio Composition</b> <b> </b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128779.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-indent: -6pt; padding-left: 6pt; margin-top: 4pt; margin-bottom: 0px;">* <span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.198 0.142 0.089 0.078 0.050 0.045 0.042 0.039 0.028 0.026 0.024 0.020 0.018 0.017 0.015 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 8pt;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space: nowrap;"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space: nowrap;"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space: nowrap;"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Effective September 29, 2025, J.P. Morgan Investment Management, Inc. and T. Rowe Price Associates, Inc. were appointed as subadvisers to the Fund, replacing the existing subadviser, Massachusetts Financial Services Company. Additionally, the Fund’s investment strategies, techniques and benchmark index were revised to reflect the investment strategies and techniques used by the new subadvisers. As a result, Depositary Receipts Risk, Derivatives Risk, Futures Risk, Sector Risk, and Technology Risk were added as principal risks, and Currency Risk and Focused Fund Risk were removed as principal risks. Additionally, effective September 29, 2025, the Fund’s contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.55% of the Fund’s average daily net assets on the first $750 million and 0.50% of the Fund’s average daily net assets over $750 million. In addition, the Fund changed its name from the “Large Capital Growth Fund” to the “Large Cap Core Fund.” For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space: nowrap;"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.</div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 Additionally, the Fund’s investment strategies, techniques and benchmark index were revised to reflect the investment strategies and techniques used by the new subadvisers. As a result, Depositary Receipts Risk, Derivatives Risk, Futures Risk, Sector Risk, and Technology Risk were added as principal risks, and Currency Risk and Focused Fund Risk were removed as principal risks. Additionally, effective September 29, 2025, the Fund’s contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.55% of the Fund’s average daily net assets on the first $750 million and 0.50% of the Fund’s average daily net assets over $750 million. In addition, the Fund changed its name from the “Large Capital Growth Fund” to the “Large Cap Core Fund.” For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space: nowrap;"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;"><b>Changes in and Disagreements with Accountants</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">There were no changes in or<span style="white-space: nowrap;"> </span>disagreements with the accountants during the period.</div> Mid Cap Index Mid Cap Index VMIDX This annual shareholder report contains important information about the VALIC Company I Mid Cap Index Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Mid Cap Index Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>39</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.35<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 39 0.0035 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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".</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 25.52% for the year ended May 31, 2026, compared to a return of 29.45% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 25.88% for the S&P MidCap 400<sup>®</sup> Index (the "Performance Index"). Over the period, U.S. equities advanced, with technology-heavy and growth-oriented benchmarks leading the market. Smaller-cap equities also rose, while mid-cap growth lagged value-oriented benchmarks.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> | information technology; industrials; energy </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Lumentum Holdings, Inc.; Flex, Ltd.; Coherent Corp. </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>consumer staples </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Duolingo, Inc.; Sprouts Farmers Market, Inc.; DocuSign, Inc. </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128793.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Mid Cap Index Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">25.52<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell 3000<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.12<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P MidCap 400<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">25.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.30<span>%</span></td> </tr> </table> Mid Cap Index Fund 0.2552 0.0765 0.1091 Russell 3000® Index 0.2945 0.1292 0.1512 S&P MidCap 400® Index 0.2588 0.0808 0.1130 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>2,583M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">404</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>6.6M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">17<span>%</span></td> </tr> </table>

2583000000

404 6600000

0.17

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Machinery-Diversified</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Engineering & Construction</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Aerospace/Defense</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.6<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128794.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.069 0.058 0.054 0.048 0.048 0.040 0.040 0.035 0.034 0.031 0.030 0.027 0.027 0.026 0.026 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space:nowrap"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">Effective September 29, 2025, the Fund’s contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.335% of the Fund’s average daily net assets on the first $500 million, 0.235% of the Fund’s average daily net assets on the next $2.5 billion, 0.185% of the Fund’s average daily net assets on the next $2 billion, and 0.135% 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, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 Effective September 29, 2025, the Fund’s contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.335% of the Fund’s average daily net assets on the first $500 million, 0.235% of the Fund’s average daily net assets on the next $2.5 billion, 0.185% of the Fund’s average daily net assets on the next $2 billion, and 0.135% 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, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space:nowrap"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Mid Cap Strategic Growth Mid Cap Strategic Growth VMSGX 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, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; font-weight: bold;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;"><b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Strategic Growth Fund*</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top; padding: 0;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top; padding: 0;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-style: italic; font-size: 7.5pt;">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. </div> </td> </tr> </table> 80 0.0073 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>Management’s Discussion of Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The Fund posted a return of 19.00% for the year ended May 31, 2026, compared to a return of 29.45% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 7.88% for the Russell Midcap<sup>®</sup> Growth Index (the "Performance Index"). U.S. stocks rose over the period, fueled by healthy corporate earnings, enthusiasm around artificial intelligence (AI), and reduced tariff uncertainty. The economy was largely resilient, despite pockets of weakness and slowing employment growth. Markets experienced some volatility due to geopolitical tensions in the Middle East earlier in 2026, but this was followed by a recovery as risks of escalation eased and attention returned to company fundamentals.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE CONTRIBUTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Janus Henderson Investors US LLC</b> | In aggregate: sector allocations; position weightings. Allocations in the following sectors: consumer discretionary; communication services; information technology. Security selection in the following sectors: information technology; health care; consumer discretionary. Position weightings: Flex, Ltd.; ON Semiconductor Corp.; JB Hunt Transport Services, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Voya Investment Management Co. LLC</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>In aggregate: position weightings; sector allocations. Allocations in the following sectors: industrials; communication services; consumer discretionary. Security selection in the following sectors: information technology; industrials; health care. Position weightings: Sandisk Corp.; Celestica, Inc.; Astera Labs, Inc.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE DETRACTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Janus Henderson Investors US LLC</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Allocations in the following sectors: health care; energy; cash. Security selection in the following sectors: industrials; real estate; materials. Position weightings: lack of position in Vertiv Holdings Co., Class A; Constellation Software, Inc; lack of position in Rocket Lab Corp.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Voya Investment Management Co. LLC</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Allocations in the following sectors: health care; cash; energy. Security selection in the following sectors: consumer staples; materials; real estate. Position weightings: Datadog, Inc., Class A; Wingstop, Inc.; Arthur J. Gallagher & Co.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1128830.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Mid Cap Strategic Growth Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.21<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.12<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell Midcap<sup>®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.74<span>%</span></td> </tr> </table> Mid Cap Strategic Growth Fund 0.1900 0.0837 0.1421 Russell 3000® Index 0.2945 0.1292 0.1512 Russell Midcap® Growth Index 0.0788 0.0686 0.1274 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;"><b>Key Fund Statistics</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; page-break-after: avoid;">The following table outlines key fund statistics.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,158M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">156</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7.6M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">58<span>%</span></td> </tr> </table>

1158000000

156 7600000

0.58

<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Graphical Representation of Holdings</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Top Industries*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aerospace/Defense</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Transportation</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Portfolio Composition</b> <b> </b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128824.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-indent: -6pt; padding-left: 6pt; margin-top: 4pt; margin-bottom: 0px;">* <span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.074 0.069 0.067 0.066 0.061 0.055 0.053 0.040 0.035 0.033 0.031 0.030 0.028 0.026 0.025 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 8pt;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space: nowrap;"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space: nowrap;"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space: nowrap;"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Effective September 29, 2025, the Fund’s investment strategies and techniques were revised to reflect the current investment strategies and techniques used by the Fund’s subadviser. 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, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space: nowrap;"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.</div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 Effective September 29, 2025, the Fund’s investment strategies and techniques were revised to reflect the current investment strategies and techniques used by the Fund’s subadviser. 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, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space: nowrap;"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;"><b>Changes in and Disagreements with Accountants</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">There were no changes in or<span style="white-space: nowrap;"> </span>disagreements with the accountants during the period.</div> Mid Cap Value Mid Cap Value VVMCX This annual shareholder report contains important information about the VALIC Company I Mid Cap Value Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Mid Cap Value Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>91</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.83<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 91 0.0083 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 20.29% for the year ended May 31, 2026, compared to a return of 29.45% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 27.21% for the Russell Midcap<sup>®</sup> Value Index (the "Performance Index"). During the period value indices generally outperformed growth, and small company stocks outpaced larger capitalization names. The technology sector was the largest source of strength in the benchmark. During the period, mid cap value stocks outperformed mid cap growth stocks when measured using the Russell Midcap Value and Growth indices. Mid cap stocks underperformed both small cap and large cap stocks, as measured by the Russell Midcap, Russell 2000, and Russell 1000 indices respectively.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Boston Partners Global Investors, Inc.</b> | Allocations in the following sectors: real estate; utilities; communication services. Security selection in the following sectors: real estate; energy; materials. Position weightings: Flex, Ltd.; TechniPFMC PLC; Keysight Technologies, Inc. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Wellington Management Company, LLP</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: sector allocations. Allocations in the following sectors: information technology; consumer staples; utilities. Security selection in the following sectors: consumer discretionary; industrials; financials. Position weightings: MKS, Inc.; Flex, Ltd.; Viavi Solutions, Inc. </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Boston Partners Global Investors, Inc.</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: position weightings. Allocations in the following sectors: information technology; consumer discretionary; cash. Security selection in the following sectors: information technology; health care; consumer discretionary. Position weightings: LPL Financial Holdings, Inc.; Check Point Software Technologies, Ltd.; CDW Corp. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Wellington Management Company, LLP</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: position weightings. Allocations in the following sectors: consumer discretionary; financials; materials. Security selection in the following sectors: information technology; health care; materials. Position weightings: Sandisk Corp.; lack of position in Ciena Corp.; Lumentum Holdings, Inc. </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1129135.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Mid Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">20.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.92<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell 3000<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.12<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell Midcap<sup>®</sup> Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">27.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.40<span>%</span></td> </tr> </table> Mid Cap Value Fund 0.2029 0.0801 0.0992 Russell 3000® Index 0.2945 0.1292 0.1512 Russell Midcap® Value Index 0.2721 0.0857 0.1040 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>682M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">209</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>4.4M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">112<span>%</span></td> </tr> </table>

682000000

209 4400000

1.12

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Transportation</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Building Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Healthcare-Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Aerospace/Defense</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Machinery-Diversified</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1129132.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.078 0.067 0.063 0.047 0.041 0.040 0.038 0.036 0.033 0.031 0.030 0.028 0.027 0.027 0.025 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Moderate Allocation Lifestyle Moderate Allocation Lifestyle VLSMX This annual shareholder report contains important information about the VALIC Company I Moderate Allocation Lifestyle Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Moderate Allocation Lifestyle Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>11</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.10<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 11 0.0010 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Moderate Allocation 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.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 17.39% for the year ended May 31, 2026, compared to 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 17.29% for the Blended Index (the "Performance Index") comprised of 41% Russell 3000<sup>®</sup> Index; 14% MSCI EAFE Index (net); 45% Bloomberg U.S. Aggregate Bond Index. Over the period, emerging market equities outperformed U.S. equities and international developed equities. Credit markets showed resilience, particularly in high yield segments.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following funds</b> | Core Bond Fund; High Yield Fund </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following funds</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Large Cap Core Fund; Small Cap Growth Fund; Systematic Value Fund </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1129157.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Moderate Allocation Lifestyle Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">17.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.40<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">41% Russell 3000<sup>®</sup> Index; 14% MSCI EAFE Index (net); 45% Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">17.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.39<span>%</span></td> </tr> </table> Moderate Allocation Lifestyle Fund 0.1739 0.0644 0.0840 S&P 500® Index 0.2978 0.1415 0.1565 41% Russell 3000® Index; 14% MSCI EAFE Index (net); 45% Bloomberg U.S. Aggregate Bond Index 0.1729 0.0669 0.0839 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>1,042M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>0.7M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21<span>%</span></td> </tr> </table>

1042000000

12 700000

0.21

1295000000

105 3300000

0.11

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">32.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">20.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Auto Manufacturers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Beverages</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Media</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.7<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128839.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.327 0.201 0.117 0.102 0.055 0.037 0.030 0.026 0.016 0.012 0.010 0.010 0.010 0.009 0.007 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Science & Technology Science & Technology VCSTX This annual shareholder report contains important information about the VALIC Company I Science & Technology Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Science & Technology Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>117</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.90<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 117 0.0090 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 60.51% for the year ended May 31, 2026, compared to 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 66.24% for the S&P North American Technology Sector Index (the "Performance Index"). Over the annual period, global equity markets provided strong results across broad indices, particularly technology stocks which rallied thanks to favorable underlying fundamentals and earnings growth, particularly from AI-related stocks.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>BlackRock Investment Management, LLC</b> | 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; QUALCOMM, Inc.; SAP SE </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Voya Investment Management Co. LLC</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: position weightings; sector allocations. Allocations in the following industries: software; electrical equipment; semiconductors & semiconductor equipment. Security selection in the following industries: technology hardware storage & peripherals; semiconductors & semiconductor equipment; IT services. Position weightings: Micron Technology, Inc.; Sandisk Corp.; Lam Research Corp. </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>BlackRock Investment Management, LLC</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: sector allocations. Allocations in the following industries: IT services; semiconductor & 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 </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Voya Investment Management Co. LLC</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following industries: interactive media & services; cash; communications equipment. Security selection in the following industries: software; entertainment. Position weightings: lack of position in Intel Corp.; KraneShares CSI China Internet ETF; Zscaler, Inc. </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128877.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Science & Technology Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">60.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">16.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P North American Technology Sector Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">66.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">25.47<span>%</span></td> </tr> </table> Science & Technology Fund 0.6051 0.1689 0.2226 S&P 500® Index 0.2978 0.1415 0.1565 S&P North American Technology Sector Index 0.6624 0.2227 0.2547 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>3,865M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">94</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>25.4M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">45<span>%</span></td> </tr> </table>

3865000000

94 25400000

0.45

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">43.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Machinery-Construction & Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Auto Manufacturers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Aerospace/Defense</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electrical Components & Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Unaffiliated Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Automotive - Cars & Lt. Trucks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.1<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128869.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.432 0.154 0.130 0.121 0.069 0.031 0.020 0.010 0.010 0.008 0.005 0.004 0.003 0.002 0.001 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Small Cap Core Small Cap Core VSSVX This annual shareholder report contains important information about the VALIC Company I Small Cap Core Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; font-weight: bold;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;"><b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Core Fund*</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top; padding: 0;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top; padding: 0;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-style: italic; font-size: 7.5pt;">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. </div> </td> </tr> </table> 99 0.0091 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>Management’s Discussion of Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The Fund posted a return of 17.83% for the year ended May 31, 2026, compared to a return of 29.45% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 43.08% for Russell 2000<sup>®</sup> Index (the "Performance Index") and 44.36% for the Russell 2000<sup>®</sup> Value Index (prior Performance Index). Over the period, U.S. small-cap equities outperformed large- and mid-cap equities, according to the Russell<sup>®</sup> family of indices. Value-oriented stocks outperformed growth stocks across the market-cap spectrum.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE CONTRIBUTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allspring Global Investments, LLC - see Material Fund Changes for the time period covered</b> | In aggregate: sector allocations. Allocations in the following sectors: materials; real estate; utilities. Security selection in the following sectors: consumer discretionary; utilities. Position weightings: Mueller Industries, Inc.; Douglas Dynamics, Inc.; Chord Energy Corp.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Invesco Advisers, Inc. - see Material Fund Changes for the time period covered</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Allocations in the following sectors: utilities; health care; cash. Security selection in the following sectors: health care; consumer discretionary; utilities. Position weightings: Guardant Health, Inc.; Lattice Semiconductor Corp.; BrightSpring Health Services, Inc.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE DETRACTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allspring Global Investments, LLC - see Material Fund Changes for the time period covered</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>In aggregate: position weightings. Allocations in the following sectors: consumer staples; energy; cash. Security selection in the following sectors: materials; information technology; health care. Position weightings: J&J Snack Foods Corp.; Silgan Holdings, Inc.; Innospec, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Invesco Advisers, Inc. - see Material Fund Changes for the time period covered</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Allocations in the following sectors: consumer discretionary; information technology; financials. Security selection in the following sectors: industrials; real estate; financials. Position weightings: lack of position in IonQ, Inc.; Atmus Filtration Technologies, Inc.; Northern Oil & Gas, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1128918.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Small Cap Core Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.12<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 2000<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">43.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.21<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 2000<sup>®</sup> Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">44.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.50<span>%</span></td> </tr> </table> Small Cap Core Fund 0.1783 0.0380 0.0852 Russell 3000® Index 0.2945 0.1292 0.1512 Russell 2000® Index 0.4308 0.0661 0.1121 Russell 2000® Value Index 0.4436 0.0727 0.1050 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;"><b>Key Fund Statistics</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; page-break-after: avoid;">The following table outlines key fund statistics.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>173M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">104</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1.2M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">124<span>%</span></td> </tr> </table>

173000000

104 1200000

1.24

<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Graphical Representation of Holdings</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Top Industries*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Machinery-Diversified</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Auto Parts & Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Healthcare-Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Miscellaneous Manufacturing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Savings & Loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Portfolio Composition</b> <b> </b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128915.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-indent: -6pt; padding-left: 6pt; margin-top: 4pt; margin-bottom: 0px;">* <span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.090 0.085 0.063 0.057 0.054 0.046 0.046 0.040 0.039 0.037 0.035 0.035 0.029 0.027 0.026 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 8pt;"><b>Material Fund Changes</b></div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space: nowrap;"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space: nowrap;"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc.<span style="white-space: nowrap;"> </span>and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Effective September 29, 2025, the Fund entered into a contractual advisory fee waiver agreement with VALIC to lower the advisory fee rate payable by the Fund to VALIC to 0.72% of the Fund’s average daily net assets on the first $500 million and 0.67% of the Fund’s average daily net assets over $500 million. Effective April 30, 2026, Invesco Advisers, Inc. (“Invesco) was appointed as subadviser to the Fund, replacing the existing subadviser, Allspring Global Investments, LLC. In connection with Invesco’s appointment, the Fund’s investment objective, investment strategies and techniques were revised to reflect the investment strategies and techniques used by Invesco. As a result of these changes, Real Estate Investment Trusts Risk was added as a principal risk, and Value Style Risk was removed as a principal risk. Also effective April 30, 2026, the Fund’s contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.64% of the Fund’s average daily net assets on the first $500 million and 0.59% of the Fund’s average daily net assets over $500 million. In addition, the Fund changed its name from the “Small Cap Special Values Fund” to the “Small Cap Core Fund.” For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space: nowrap;"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.</div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 Effective September 29, 2025, the Fund entered into a contractual advisory fee waiver agreement with VALIC to lower the advisory fee rate payable by the Fund to VALIC to 0.72% of the Fund’s average daily net assets on the first $500 million and 0.67% of the Fund’s average daily net assets over $500 million. Effective April 30, 2026, Invesco Advisers, Inc. (“Invesco) was appointed as subadviser to the Fund, replacing the existing subadviser, Allspring Global Investments, LLC. In connection with Invesco’s appointment, the Fund’s investment objective, investment strategies and techniques were revised to reflect the investment strategies and techniques used by Invesco. As a result of these changes, Real Estate Investment Trusts Risk was added as a principal risk, and Value Style Risk was removed as a principal risk. Also effective April 30, 2026, the Fund’s contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.64% of the Fund’s average daily net assets on the first $500 million and 0.59% of the Fund’s average daily net assets over $500 million. In addition, the Fund changed its name from the “Small Cap Special Values Fund” to the “Small Cap Core Fund.” For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>.<span style="white-space: nowrap;"> </span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;"><b>Changes in and Disagreements with Accountants</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">There were no changes in or<span style="white-space: nowrap;"> </span>disagreements with the accountants during the period.</div> Small Cap Growth Small Cap Growth VVSGX This annual shareholder report contains important information about the VALIC Company I Small Cap Growth Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; font-weight: bold;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;"><b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Growth Fund*</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top; padding: 0;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top; padding: 0;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-style: italic; font-size: 7.5pt;">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. </div> </td> </tr> </table> 99 0.0088 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>Management’s Discussion of Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The Fund posted a return of 25.99% for the year ended May 31, 2026, compared to a return of 29.45% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 41.87% for the Russell 2000<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. small-cap equities outperformed large-cap equities. Value stocks outperformed growth in the small-cap space.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE CONTRIBUTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allocations in the following sectors</b> | financials; industrials; communication services</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Security selection in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>utilities; consumer staples; communication services</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Position weightings</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Sterling Infrastructure, Inc.; MACOM Technology Solutions Holdings, Inc.; MKS, Inc.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE DETRACTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>In aggregate</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>position weightings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allocations in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>utilities; cash; energy</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Security selection in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>industrials; financials; consumer discretionary</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 14pt;"><b>Position weightings</b> <span style="white-space: nowrap;"> </span> |<span style="white-space: nowrap;"> </span>lack of position in Bloom Energy Corp., Class A; Klaviyo, Inc., Class A; Q2 Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1129180.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Small Cap Growth Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.12<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 2000<sup>®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">41.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.53<span>%</span></td> </tr> </table> Small Cap Growth Fund 0.2599 0.0037 0.1276 Russell 3000® Index 0.2945 0.1292 0.1512 Russell 2000® Growth Index 0.4187 0.0580 0.1153 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;"><b>Key Fund Statistics</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; page-break-after: avoid;">The following table outlines key fund statistics.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>540M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">153</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3.9M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">99<span>%</span></td> </tr> </table>

540000000

153 3900000

0.99

<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Graphical Representation of Holdings</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Top Industries*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Engineering & Construction</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aerospace/Defense</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Healthcare-Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Machinery-Diversified</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Portfolio Composition</b> <b> </b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1129175.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-indent: -6pt; padding-left: 6pt; margin-top: 4pt; margin-bottom: 0px;">* <span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.103 0.080 0.061 0.051 0.051 0.048 0.041 0.034 0.033 0.033 0.032 0.030 0.029 0.028 0.028 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 8pt;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space: nowrap;"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space: nowrap;"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction. <span style="white-space: nowrap;"> </span>For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.</div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;"><b>Changes in and Disagreements with Accountants</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">There were no changes in or<span style="white-space: nowrap;"> </span>disagreements with the accountants during the period.</div> Small Cap Index Small Cap Index VCSLX This annual shareholder report contains important information about the VALIC Company I Small Cap Index Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; font-weight: bold;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;"><b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Index Fund*</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>44</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.36<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top; padding: 0;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top; padding: 0;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-style: italic; font-size: 7.5pt;">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. </div> </td> </tr> </table> 44 0.0036 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>Management’s Discussion of Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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".</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The Fund posted a return of 42.62% for the year ended May 31, 2026, compared to a return of 29.45% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 43.08% for the Russell 2000<sup>®</sup> Index (the "Performance Index"). Over the period, U.S. equities advanced, with technology-heavy and growth-oriented benchmarks leading the market. Smaller-cap equities also rose, while mid-cap growth lagged value-oriented benchmarks.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE CONTRIBUTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allocations in the following sectors</b> | information technology; industrials; health care</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Position weightings</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Bloom Energy Corp., Class A; Credo Technology Group Holding, Ltd.; Sterling Infrastructure, Inc.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE DETRACTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allocations in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>consumer staples</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Position weightings</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Hims & Hers Health, Inc.; Badger Meter, Inc.; SPS Commerce, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1128890.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Small Cap Index Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">42.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.12<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 2000<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">43.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.21<span>%</span></td> </tr> </table> Small Cap Index Fund 0.4262 0.0621 0.1084 Russell 3000® Index 0.2945 0.1292 0.1512 Russell 2000® Index 0.4308 0.0661 0.1121 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;"><b>Key Fund Statistics</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; page-break-after: avoid;">The following table outlines key fund statistics.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,368M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1,933</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.7M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">26<span>%</span></td> </tr> </table>

1368000000

1933 2700000

0.26

<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Graphical Representation of Holdings</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Top Industries*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Engineering & Construction</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 0px 0px 5pt 0px;"><b>Portfolio Composition</b> <b> </b></div> <div style="font-size: 9pt; color: rgb(0, 0, 0); padding-left: 1pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128895.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-indent: -6pt; padding-left: 6pt; margin-top: 4pt; margin-bottom: 0px;">* <span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.082 0.078 0.052 0.047 0.041 0.036 0.035 0.033 0.033 0.030 0.030 0.027 0.026 0.025 0.025 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 8pt;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space: nowrap;"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space: nowrap;"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space: nowrap;"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.</div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;"><b>Changes in and Disagreements with Accountants</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">There were no changes in or<span style="white-space: nowrap;"> </span>disagreements with the accountants during the period.</div> Small Cap Value Small Cap Value VVSCX This annual shareholder report contains important information about the VALIC Company I Small Cap Value Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Small Cap Value Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>103</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.85<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 103 0.0085 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 42.14% for the year ended May 31, 2026, compared to a return of 29.45% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 44.36% for the Russell 2000<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities underperformed small-cap equities.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> | software & services; basic materials; cash </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>basic materials; retail; finance </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Modine Manufacturing Co.; MYR Group, Inc.; Erasca, Inc. </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>In aggregate</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>position weightings </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>systems hardware; pharmaceuticals; telecommunications </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>pharmaceuticals; software & services; energy </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:14pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span> |<span style="white-space:nowrap"> </span>MaxLinear, Inc.; DNOW, Inc.; ABM Industries, Inc. </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1129198.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Small Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">42.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.63<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell 3000<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.12<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell 2000<sup>®</sup> Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">44.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.50<span>%</span></td> </tr> </table> Small Cap Value Fund 0.4214 0.0734 0.0963 Russell 3000® Index 0.2945 0.1292 0.1512 Russell 2000® Value Index 0.4436 0.0727 0.1050 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>252M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">473</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>1.6M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">80<span>%</span></td> </tr> </table>

252000000

473 1600000

0.80

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Repurchase Agreements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Auto Parts & Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Transportation</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.3<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1129187.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.150 0.097 0.053 0.043 0.038 0.034 0.033 0.028 0.028 0.027 0.025 0.024 0.024 0.024 0.023 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Stock Index Stock Index VSTIX This annual shareholder report contains important information about the VALIC Company I Stock Index Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Stock Index Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>25</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.22<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 25 0.0022 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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".</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 29.47% for the year ended May 31, 2026, compared to a return of 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market & "Performance Index"). Over the period, U.S. equities advanced, with technology-heavy and growth-oriented benchmarks leading the market. Smaller-cap equities also rose, while mid-cap growth lagged value-oriented benchmarks.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> | information technology; communication services; industrials </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>NVIDIA Corp.; Apple, Inc.; Alphabet, Inc., Class A </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>none </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Netflix, Inc.; Intuit, Inc.; Boston Scientific Corp. </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128926.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Stock Index Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.28<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.65<span>%</span></td> </tr> </table> Stock Index Fund 0.2947 0.1380 0.1528 S&P 500® Index 0.2978 0.1415 0.1565 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>7,158M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">508</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>8.8M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4<span>%</span></td> </tr> </table>

7158000000

508 8800000

0.04

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Auto Manufacturers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electric</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Aerospace/Defense</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.9<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128937.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.181 0.144 0.096 0.082 0.043 0.042 0.038 0.032 0.028 0.024 0.023 0.021 0.020 0.019 0.019 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Systematic Core Systematic Core VCGAX This annual shareholder report contains important information about the VALIC Company I Systematic Core Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Systematic Core Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>70</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.63<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 70 0.0063 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 22.73% for the year ended May 31, 2026, compared to a return of 28.85% for the Russell 1000<sup>®</sup> Index (a broad-based securities market & "Performance Index"). Over the period, U.S. large-cap equities underperformed small-cap equities significantly, according to the Russell<sup>®</sup> family of indices. In terms of style factors, value remained flat with respect to growth.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> | real estate; utilities; communication services </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>health care; financials; communication services </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Ciena Corp.; Millicom International Cellular SA; Jazz Pharmaceuticals PLC </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>In aggregate</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>position weightings; sector allocations </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>financials; information technology; consumer staples </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>information technology; industrials; consumer staples </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:14pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span> |<span style="white-space:nowrap"> </span>Micron Technology, Inc; Advanced Micro Devices, Inc; Intel Corp. </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128962.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Systematic Core Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.31<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell 1000<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.38<span>%</span></td> </tr> </table> Systematic Core Fund 0.2273 0.1124 0.1431 Russell 1000® Index 0.2885 0.1333 0.1538 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>680M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">347</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>3.7M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">58<span>%</span></td> </tr> </table>

680000000

347 3700000

0.58

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Unaffiliated Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Food</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Apparel</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.5<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128959.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.151 0.142 0.085 0.072 0.067 0.051 0.050 0.046 0.044 0.028 0.026 0.023 0.016 0.015 0.015 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Systematic Growth Systematic Growth VCBCX This annual shareholder report contains important information about the VALIC Company I Systematic Growth Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Systematic Growth Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>72</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.64<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 72 0.0064 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 26.47% for the year ended May 31, 2026, compared to a return of 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 28.66% for the Russell 1000<sup>®</sup> 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, stocks with positive fundamental trends and attractive pricing outperformed, while higher quality stocks generally underperformed.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Goldman Sachs Asset Management, LLC</b> | Allocations in the following sectors: communication services; real estate; utilities. Security selection in the following sectors: communication services; health care; materials. Position weightings: Alphabet, Inc., Class A; Netflix, Inc.; Comfort Systems USA, Inc. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Wellington Management Company, LLP</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: consumer staples; consumer discretionary; real estate. Security selection in the following sectors: industrials; communication services; materials. Position weightings: Comfort Systems USA, Inc.; Dell Technologies, Inc., Class C; ServiceNow, Inc. </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Goldman Sachs Asset Management, LLC</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>In aggregate: sector allocations. Allocations in the following sectors: cash; information technology; financials. Security selection in the following sectors: information technology; consumer discretionary; industrials. Position weightings: Advanced Micro Devices, Inc.; Broadcom, Inc.; Microsoft Corp. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Wellington Management Company, LLP</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Allocations in the following sectors: financials; cash; health care. Security selection in the following sectors: financials; information technology; health care. Position weightings: Advanced Micro Devices, Inc.; Fiserv, Inc.; Brown & Brown, Inc. </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128485.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Systematic Growth Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">26.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell 1000<sup>®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18.86<span>%</span></td> </tr> </table> Systematic Growth Fund 0.2647 0.1036 0.1593 S&P 500® Index 0.2978 0.1415 0.1565 Russell 1000® Growth Index 0.2866 0.1573 0.1886 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>1,066M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">183</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>5.6M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">41<span>%</span></td> </tr> </table>

1066000000

183 5600000

0.41

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">20.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Software</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Auto Manufacturers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Unaffiliated Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Apparel</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Engineering & Construction</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Distribution/Wholesale</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Beverages</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.9<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128478.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.229 0.203 0.137 0.127 0.046 0.042 0.032 0.024 0.018 0.016 0.014 0.012 0.010 0.009 0.009 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> Systematic Value Systematic Value VBCVX This annual shareholder report contains important information about the VALIC Company I Systematic Value Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;">Systematic Value Fund*</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom;"><span style="float:none">$</span>72</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom;">0.64<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top;"> <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-style:italic;font-size:7.5pt;">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. </div></td> </tr> </table> 72 0.0064 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;"> <b>Management’s Discussion of Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The Fund posted a return of 25.53% for the year ended May 31, 2026, compared to a return of 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 28.55% for the Russell 1000<sup>®</sup> 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, 2026. Against this backdrop, factor behavior was mixed, as investors reacted to ever evolving uncertainties. During the period, deeper value stocks and value stocks with positive fundamental trend generally outperformed, while higher quality value stocks generally underperformed.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">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.</div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE CONTRIBUTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> | information technology; utilities; consumer discretionary </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>health care; consumer discretionary; energy </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>Micron Technology, Inc.; Dell Technologies, Inc., Class C; APA Corp. </div><div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;"> <b>TOP PERFORMANCE DETRACTORS </b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>In aggregate</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>position weightings </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Allocations in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>financials; energy; cash </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;"> <b>Security selection in the following sectors</b> <span style="white-space:nowrap"> </span>|<span style="white-space:nowrap"> </span>information technology; communication services; consumer staples </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:14pt;"> <b>Position weightings</b> <span style="white-space:nowrap"> </span> |<span style="white-space:nowrap"> </span>Intel Corp.; Boston Scientific Corp.; Roper Technologies, Inc. </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Performance</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;margin-bottom:3pt;font-weight:bold;">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_1128970.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">10 Year</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Systematic Value Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.35<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell 1000<sup>®</sup> Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">28.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.37<span>%</span></td> </tr> </table> Systematic Value Fund 0.2553 0.1153 0.1135 S&P 500® Index 0.2978 0.1415 0.1565 Russell 1000® Value Index 0.2855 0.1042 0.1137 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;"> <b>Key Fund Statistics</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;page-break-after:avoid;">The following table outlines key fund statistics.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>653M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">162</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>2.7M</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">93<span>%</span></td> </tr> </table>

653000000

162 2700000

0.93

<div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;"> <b>Graphical Representation of Holdings</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The information below represents the composition of the Fund's net assets as of the end of the period.</div><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Industries*</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Semiconductors</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Internet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Computers</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Oil & Gas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Diversified Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">REITS</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Telecommunications</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Electronics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Retail</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Healthcare-Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Agriculture</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.1<span>%</span></td> </tr> </table><div style="margin-top:0px;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Portfolio Composition</b> <b> </b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-left:1pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1128981.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);font-size:7.5pt;font-style:italic;text-indent:-6pt;padding-left:6pt;margin-top:4pt;margin-bottom:0px;">* <span style="white-space:nowrap"> </span><span style="white-space:nowrap"> </span>Percentages exclude derivatives (other than purchased options), if any.</div> 0.096 0.086 0.084 0.068 0.060 0.051 0.048 0.047 0.041 0.031 0.028 0.026 0.026 0.023 0.021 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:8pt;"> <b>Material Fund Changes</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund since the beginning of the period.<span style="white-space:nowrap"> </span> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator.<span style="white-space:nowrap"> </span> Additionally, on March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. (“EQH”) announced that they have entered into a definitive agreement to merge (the “Transaction”). The Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of requisite regulatory approvals and approval of the shareholders of both Corebridge Financial, Inc. and EQH. Under the 1940 Act, an investment advisory agreement between a registered investment company, such as VC I, and its investment adviser must include a provision providing for its automatic termination upon its “assignment” (as defined in the 1940 Act). The closing of the Transaction may be deemed to cause an “assignment” of the Investment Advisory Agreement between VC I, on behalf of each Fund, and VALIC. As a result, the closing of the Transaction may cause the Investment Advisory Agreement to terminate automatically in accordance with its terms. It is anticipated that, prior to the closing of the Transaction, VC I’s Board of Directors (the “Board”) will consider a new investment advisory agreement between VC I, on behalf of each Fund, and VALIC. If approved by the Board, the new investment advisory agreement will be presented to the Funds’ shareholders for approval, and, if approved by shareholders, it will take effect upon the closing of the Transaction.<span style="white-space:nowrap"> </span> For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. </div> Effective January 1, 2026, The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to the Fund, replaced SunAmerica Asset Management, LLC (“SunAmerica”) as the administrator of VALIC Company I (“VC I”) and SunAmerica became VC I’s sub-administrator. 2026-01-01 For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.</span> You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;"> <b>Changes in and Disagreements with Accountants</b> </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span>disagreements with the accountants during the period.</div> U.S. Socially Responsible U.S. Socially Responsible VSRDX 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, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt;">corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds</span>. You can also request this information by contacting us at 1-800-448-2542. corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds 1-800-448-2542 <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; font-weight: bold;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;"><b>What were the </b> <b>Fund</b> <b> costs for the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">U.S. Socially Responsible Fund*</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 33.3%; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.36<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: initial; vertical-align: top; padding: 0;">*</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); margin-bottom: 0; font-style: italic; font-size: 7.5pt; text-align: left; width: 100%; vertical-align: top; padding: 0;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-style: italic; font-size: 7.5pt;">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. </div> </td> </tr> </table> 40 0.0036 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>Management’s Discussion of Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The Fund is an optimized portfolio which seeks to track the S&P 500<sup>®</sup> 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.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The Fund posted a return of 24.86% for the year ended May 31, 2026, compared to a return of 29.78% for the S&P 500<sup>®</sup> Index (a broad-based securities market & "Performance Index"). Over the period, U.S. equities advanced, with technology-heavy and growth-oriented benchmarks leading the market. Smaller-cap equities also rose, while mid-cap growth lagged value-oriented benchmarks.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE CONTRIBUTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>In aggregate</b> | sector allocations</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allocations in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>information technology; consumer staples; health care</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Security selection in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>information technology; real estate</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Position weightings</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>Western Digital Corp.; lack of position in Microsoft Corp.; Seagate Technology Holdings PLC</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>TOP PERFORMANCE DETRACTORS </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>In aggregate</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>position weightings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Allocations in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>financials; communication services; real estate</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;"><b>Security selection in the following sectors</b> <span style="white-space: nowrap;"> </span>|<span style="white-space: nowrap;"> </span>communication services; financials, health care</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 14pt;"><b>Position weightings</b> <span style="white-space: nowrap;"> </span> |<span style="white-space: nowrap;"> </span>lack of position in Alphabet, Inc., Class A; lack of position in Alphabet, Inc., Class C; Apple, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;"><b>Fund Performance</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1129224.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 50%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">U.S. Socially Responsible Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.00<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup>®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.65<span>%</span></td> </tr> </table> U.S. Socially Responsible Fund 0.2486 0.1181 0.1400 S&P 500® Index 0.2978 0.1415 0.1565 The Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;"><b>Key Fund Statistics</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; page-break-after: avoid;">The following table outlines key fund statistics.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>420M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">162</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total net advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1.2M</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate during the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">8<span>%</span></td> </tr> </table>

420000000

162 1200000

0.08